The University of Michigan accepts payments and gifts from students, faculty, staff, alumni, donors and others in various forms including cash, checks and electronic fund transfers. University units (Merchants) may also choose to accept credit card payments under a centralized and standardized policy. The University Treasurer’s Office/Card Services is responsible for the coordination of any E-Commerce projects with the various internal departments and the University’s Merchant Acquirer Processor. The Treasurer’s Office/Card Services is also authorized to negotiate a single-source, University-wide contract for these Merchant credit card services. The Treasurer’s Office and Financial Operations are charged with the administration of this contract, and must ensure compliance with all policies governing the acceptance of payments of this nature. Costs associated with the Merchants’ acceptance of these payments, e.g., discount and authorization fees, are to be charged to the Merchants.
Definitions and general procedures are detailed in the APPENDIX following.
Fiscal Controls Policies
The University Treasurer’s Office/Card Services is authorized to administer the program. It will review and approve Merchant Registration Forms and Merchant Card Credit/Debit Policy, which are signed jointly by the Merchant and by the Treasurer’s Office/Card Services. Merchants are required to report changes in their status by completing a Merchant Change/Termination Form.
Merchants are required to perform daily reconciliations of transactions, and monthly reconciliations of their Statement of Activity on a timely basis. All discrepancies must then be reported to Financial Operations/Transaction Services, or alternatively to the Treasurer’s Office/Card Services.
Merchants are responsible for safeguarding cardholder data at all times and in all formats. This is also applicable to information on all networks and external vendors and service providers. This responsibility includes compliance with requirements and policies made by the Payment Card Industry, banks, and similar internal or external governing bodies. See the Treasurer’s Office Web site (http://www.umich.edu/~treasury/) for details on the current security requirements.
- Michigan Sales and Use Tax – Standard Practice Guide (SPG) section 502.03 at http://spg.umich.edu/pdf/502.03.pdf
- Federal Unrelated Business Income – SPG section 502.04 at http://spg.umich.edu/pdf/502.04.pdf
- Fiscal Responsibilities – SPG section 500.01 at http://spg.umich.edu/pdf/500.01.pdf
- Contract negotiations and signature – Regents Bylaws 3.07 2(b) at http://www.umich.edu/~regents/bylaws/
- Incident Reporting Policy – SPG 601.25 at http://spg.umich.edu/pdf/601.25.pdf
|SPG 501.06 Appendix (pdf)||23.11 KB|
|Printable PDF of SPG 501.06||25.25 KB|
Hard copies of this document are considered uncontrolled. If you have a printed version, please refer to the University SPG website (spg.umich.edu) for the official, most recent version.