(A)Not later than three months after the effective date of this section, the board of trustees of a college-preparatory boarding school that holds a credit card account on the effective date of this section shall adopt a written policy for the use of credit card accounts. Otherwise, a board shall adopt a written policy before first holding a credit card account.
The policy shall include provisions addressing all of the following:
(1)The officers or positions authorized to use credit card accounts;
(2)The types of expenses for which a credit card account may be used;
(3)The procedure for acquisition, use, and management of a credit card account and presentation instruments related to the account including cards and checks;
(4)The procedure for submitting itemized receipts to the
Free access — add to your briefcase to read the full text and ask questions with AI
(A) Not later than three months after the effective date of this section, the board of trustees of a college-preparatory boarding school that holds a credit card account on the effective date of this section shall adopt a written policy for the use of credit card accounts. Otherwise, a board shall adopt a written policy before first holding a credit card account.
The policy shall include provisions addressing all of the following:
(1) The officers or positions authorized to use credit card accounts;
(2) The types of expenses for which a credit card account may be used;
(3) The procedure for acquisition, use, and management of a credit card account and presentation instruments related to the account including cards and checks;
(4) The procedure for submitting itemized receipts to the fiscal officer or the fiscal officer's designee;
(5) The procedure for credit card issuance, credit card reissuance, credit card cancellation, and the process for reporting lost or stolen credit cards;
(6) The school's credit card account's maximum credit limit or limits;
(7) The actions or omissions by an officer or employee that qualify as misuse of a credit card account.
(B) The name of the college-preparatory boarding school shall appear on each presentation instrument related to the account including cards and checks.
(C) If the fiscal officer of the college-preparatory boarding school does not retain general possession and control of the credit card account and presentation instruments related to the account including cards and checks, the board shall appoint a compliance officer to perform the duties enumerated under division (D) of this section. Except a chief administrator of college-preparatory boarding school serving as compliance officer, the compliance officer may not use a credit card account. The compliance officer may not authorize an officer or employee to use a credit card account. If the chief administrator acting as compliance officer has authority to use a credit card account, the board monthly shall review the credit card account transaction detail and shall sign an attestation stating the board reviewed the credit card account transaction detail. The fiscal officer is not eligible for appointment as compliance officer. The chief administrator is eligible for appointment as compliance officer.
(D) The compliance officer, if applicable, and the board at least quarterly shall review the number of cards and accounts issued, the number of active cards and accounts issued, the cards' and accounts' expiration dates, and the cards' and accounts' credit limits.
(E) If the fiscal officer retains general possession and control of the credit card account and presentation instruments related to the account including cards and checks, and the board authorizes an officer or employee to use a credit card, the fiscal officer may use a system to sign out credit cards to the authorized users. The officer or employee is liable in person and upon any official bond the officer or employee has given to the school to reimburse the school treasury the amount for which the officer or employee does not provide itemized receipts in accordance with the policy described in division (A) of this section.
(F) The use of a credit card account for expenses beyond those authorized by the board constitutes misuse of a credit card account. An officer or employee of a college-preparatory boarding school or a public servant as defined under section2921.01of the Revised Code who knowingly misuses a credit card account held by the board violates section2913.21of the Revised Code.
(G) The fiscal officer or the fiscal officer's designee annually shall file a report with the board detailing all rewards received based on the use of the college-preparatory boarding school's credit card account.
(H) As used in this section, "credit card account" means any bank-issued credit card account, store-issued credit card account, financial institution-issued credit card account, financial depository-issued credit card account, affinity credit card account, or any other card account allowing the holder to purchase goods or services on credit or to transact with the account, and any debit or gift card account related to the receipt of grant moneys. "Credit card account" does not include a procurement card account, gasoline or telephone credit card account, or any other card account where merchant category codes are in place as a system of control for use of the card account.