QuestBridge Fiscal Responsibility Guidelines

QuestBridge Scholars who plan to use their chapter’s Prepaid Expense (PEX) card during this academic year must carefully read the following information.

Fiscal Responsibility:

1.1 The chapter will follow QuestBridge guidelines when spending QuestBridge Scholars Network (QSN) funds for chapter-related materials or events. 

1.2 If the chapter makes any purchases that are determined by QuestBridge Staff to be non-QuestBridge-related, the buyer(s) will either return the item(s) or cover the full cost out-of-pocket.

1.3 Requests for funds shall be made at least five (5) business days before the funds are needed by submitting a Funds Request form. The chapter is to spend no more than the amount specified in their form.

1.4 The chapter will submit receipts for all expenditures made with QSN funds within three (3) business days after the event, also via the PEX platform. 

1.5 Reimbursements must be pre-approved and are reserved to be a last resort during instances where no other funding option is available, such as if the business does not accept credit cards, or the PEX card is unavailable. 

1.6 If the chapter fails to do any of the above, the chapter's PEX account will be temporarily suspended, pending corrective action steps. If the chapter has additional problems with the use of chapter funds and reporting, the chapter will be moved to a zero-funding status for a time period determined by QuestBridge Staff. 

Procedures:

2.1 Pre-paid credit cards may be requested from the bank for approved QSN Chapter members by QuestBridge Staff. Approval by the CEO is required before cards will be issued. After approval, the pre-paid credit card holder will be required to sign this agreement indicating their acceptance of company terms of Policy and Procedures.

2.2 The College Programs Director and the CEO will be principal users on the administrator account for the pre-paid credit card program with Prepaid Expense Card Solutions, Inc. [dba PEX card]. As principal users, they will be responsible for initiating and authorizing the transfer of funds into the PEX administrator account.

2.3 QuestBridge Staff will be responsible for authorizing and allocating funds to the individual PEX card accounts.

2.4 QuestBridge Staff and the Controller shall have online banking access to all accounts and will monitor expenditures to ensure proper use.

2.5 QuestBridge Staff will regularly review the cardholder's account balance and compare these to the submitted documentation. Delinquent submissions of pre-paid credit card purchase information will be grounds for inactivating the pre-paid credit card.

2.6 A card holder may authorize a QuestBridge Scholar within their program to use their pre-paid credit card for pre-authorized purchases within the program's budget. The chapter member must first complete this agreement form. The card holder retains full responsibility for all charges made using their card and for the submission of documentation per 2.5 above.

2.7 No pre-paid credit card information shall be stored in a non-secure manner or shared without authorization.

2.8 No unauthorized individual shall use the pre-paid credit cards for purchases.

Policy:

3.1 QuestBridge may issue company pre-paid credit cards to QSN Presidents or other approved chapter leadership team members for approved chapter purposes only. The card is to be used for expenditures corresponding to the approved budget of the card holder's program. The card will be funded on an as-needed basis as authorized by QuestBridge Staff. It is the sole responsibility of the cardholder to adhere to the policies and procedures set forth here. Cardholders will be required to sign this agreement indicating their acceptance of policy terms.

3.2 Chapters are not to use pre-paid credit cards for personal, non-authorized purchases or to make cash advances. If such a purchase is made in error, a member of the chapter leadership team must notify QuestBridge Staff immediately and reimburse QuestBridge within five (5) business days. Chapter purchases that are not reported and documented, or are not pre-approved by QuestBridge Staff, may, upon review, be deemed a personal purchase. QuestBridge considers any such personal purchase or cash advance to be an unauthorized personal loan which must be repaid immediately. Continuous unreported, undocumented, or personal use of the card will lead to forfeiture of the card.

3.3 Lost or stolen pre-paid credit cards shall be reported immediately to QuestBridge Staff and the QuestBridge CEO. After receiving notification, the pre-paid credit card will be canceled by QuestBridge Staff.