DATE: September 14, 1999
TO: Senior Financial Officers and Senior Full-time Financial Officers
SUBJECT: Acquisition Cards
The Acquisition Cards program has been very successful since its implementation. The number of cards in circulation now exceeds 25,000 and monthly purchases amount to more than $29.5 million. The direct savings realized by departments in 1998 amounted to approximately $1 million dollars.
We have made some minor modifications to the existing policy in order to clarify the payment process and to introduce a downloadable version of the MasterCard and Visa application forms to obtain a new acquisition card.
The following are a few reminders on how to get the most value from your acquisition cards. Payments to the acquisition card company should be processed in a timely manner to avoid interest as a minimum but more importantly to maximize the rebates payable to the government. Settling accounts according to the terms of the card payment option selected by the department will ensure this.
It is also important to note that when rebates are available, payments can be made before the regular payment terms as indicated under paragraph 5h) of the Policy on Payment Requisitioning and Payment on Due Date. By paying the invoices earlier, departments will have access to greater rebates.
We have also now completed the second version of the Acquisition Card Program, Management Guide (or Best Practices). You will find useful information in that document on the history, utilisation and benefits of acquisition cards and on recommended internal controls that will assist managers in monitoring the activities related to the cards.
The revised policy, Management Guide and the card application forms are available at the following address: /pubs_pol/dcgpubs/TBM_142/siglist_e.asp
Should you have any questions concerning this policy or would like to receive an electronic copy of the document, please have a member of your staff contact Robert Berniquez at 613-957-9672.
J. Colin Potts
Deputy Comptroller General
- Date modified: