Effective date: 12/16/2022
CORPORATE CREDIT CARD POLICY
OVERVIEW
This Corporate Credit Card Policy sets forth the Company guidelines that will be applied to all employees who are issued a corporate credit card. This policy conveys company expectations and procedures for the issuance, application, use, safeguarding, payment, and termination of the corporate credit card issued to Tag Lending Group, LLC's employees. This policy will be effective as of Oct 1, 2022. Cardholders and their supervisors are responsible for ensuring that they adhere to this Corporate Credit Card Policy, thereby taking appropriate measures to minimize the risk of fraudulent or corrupt credit card use. The corporate credit card is meant to allow employees access to efficient, flexible, and alternative means of payment for approved expenses.
ELIGIBILITY & APPROVAL
1. ELIGIBILITY. Tag Lending Group, LLC maintains a corporate credit card program for full-time employees who will regularly incur business expenses. In order to be eligible, the employee must travel frequently in the course of his/her duties, travel overseas in the course of his/her duties, purchase significant volumes of minor goods and services for use by the company, or frequently incur other business-related expenses of a kind appropriately paid by credit card.
2. Eligible employees as designated by Tag Lending Group, LLC, should contact Anthony Angelillo, the Plan Administrator, who will handle all arrangements for obtaining corporate credit cards. Based on the needs of the business, Tag Lending Group, LLC will offer eligible employees a corporate credit card to use for approved expenses.
PROCEDURES & POLICY
USE AND FINANCIAL RESPONSIBILITIES. The employee agrees to comply with all the applicable policies and procedures of Tag Lending Group, LLC, and this Corporate Credit Card Policy. The corporate credit card is to be used ONLY for official business expenditures, not personal expenses. The cardholder is responsible for ensuring that the credit card purchases are within budget and properly approved. Tag Lending Group, LLC will pay for the total balance by the payment due date each month for each company-approved charge by the cardholder.
CREDIT SPENDING LIMITS. Each credit card has a pre-set spending limit that may not be exceeded unless there is a prior written authorization from the proper agent at Tag Lending Group, LLC. Employees who are issued a corporate credit card will strictly adhere to a credit limit see section 5 below for a breakdown.
ALTERNATE CREDIT SPENDING PROFILES. Tag Lending Group, LLC will have alternate credit spending profiles for certain positions within the company.
MLOs have a credit limit of $2,400.00 per year (Must Close 2 Loans Per Month in order to use the card. Lunch and Learns, Realtor meetings, Cell Phone, Open houses, Gas, to events. Must provide receipts)
CREDIT CARD STATEMENTS. Corporate credit card statements and expenditures must be sent to the appropriate agent at Tag Lending Group, LLC for review. If the credit card expenditures are not received within one (1) month of the statement due date, a reminder will be sent of their obligations under this policy. Continued or repeated non-conformance to this Policy can result in the cancellation of the Card and/or such other actions as appropriate.
RECEIPTS AND EXPENSE REPORTS. Cardholders must maintain physical proof of each credit transaction with the corporate card and provide an itemized receipt when practicable. A failure to provide receipts or a credible explanation for any transactions could result in a debit from the Cardholder's salary, forfeiture of the right of reimbursement, and other disciplinary action. Credible transactions should contain the following information when appropriate: date of purchase, vendor name, and address, quantity, unit price, grand total of expenditures. When applicable, a written notation should supplement the receipts with the following information: the business purpose and names of persons in attendance, including their professional titles or affiliation. Expenses must be submitted to Anthony Angelillo within thirty (30) days from the time expense was incurred. Expense reports submitted outside of this time frame will not be reimbursed.
CREDIT CARD VIOLATIONS AND CONSEQUENCES. Credit Card Violations may include, but are not limited to, obtaining cash advances or for other expenses than those incurred by the assigned employee named on the card, charging personal transactions to the corporate credit card, allowing unauthorized users to use the corporate credit card, exceeding the credit card limit, failing to promptly return the credit card when a cardholder is reassigned, terminated or any terms determined at the discretion of Tag Lending Group, LLC. Cardholder transactions will be scrutinized to ensure compliance with this policy. Infractions of the conditions of this policy, or to any Tag Lending Group, LLC policy that may apply to this Corporate Credit Card policy, could result in cancellation of the card and withdrawal of corporate credit card privileges. Breaching this policy may result in disciplinary action against the employee up to and including termination. In all cases of breach, Tag Lending Group, LLC will consider the facts and circumstances of each incident and will take action as deemed appropriate. Tag Lending Group, LLC reserves the right to recover any monetary considerations from the cardholder. Internal and external audits of cardholder purchases may be carried out from time to time at the discretion of Tag Lending Group, LLC.
OWNERSHIP AND CANCELLATION OF THE CREDIT CARD. The corporate credit card may not be transferred, assigned to, or used by anyone other than the designated cardholder. The cardholder is accountable for all activity on the corporate credit card. Tag Lending Group, LLC may suspend or cancel cardholder privileges at any time for any reason. The cardholder will forfeit the credit card upon request to Tag Lending Group, LLC, or any authorized agent of the card issuer. The credit card will be returned to Tag Lending Group, LLC upon any notification of resignation and the cardholder must reconcile all expenditures on the credit card since the last credit card Statement. It is the responsibility of the departing cardholder to ensure that the account is settled prior to departure.
DISPUTED ITEMS. It is the cardholder's responsibility to follow up on any erroneous charges, returns, or adjustments to ensure proper credit is given on subsequent statements. Disputed transactions must be resolved with the card issuer and the bank by the cardholder. The Cardholder must notify the bank immediately for resolution and the appropriate agent at Tag Lending Group, LLC should be informed as well.
PROTECTING THE CREDIT CARD. Lost or stolen cards must be reported immediately to the appropriate agent at Tag Lending Group, LLC. The appropriate agent must be notified within two (2) business days of this activity, or in the instance of loss or theft while conducting business overseas, must be notified within two (2) business days of returning to the official place of business.
SAFEKEEPING. Newly issued cards should be signed immediately by the cardholder upon receipt. When using the card for approved internet transactions, care should be taken that the site utilizes recognized encryption technology. Card numbers should not be saved or stored in online accounts. When the corporate credit card has expired and/or the cardholder has received a new corporate credit card, the cardholder should cut the card in half and discard it. The cardholder should make certain that the card is returned after each charge and verify the name on the back of the card.
CONTACT INFORMATION. For any issues, comments, or questions regarding this Corporate Credit Card Policy, please contact Tag Lending Group, LLC at 335 S Biscayne Blvd Suite 2809 Miami, FL 33131 at aangelillo@TagLendingGroup.com.
I have read, understand, and acknowledge receipt of the Corporate Credit Policy. I will comply with the guidelines set out in this policy and understand that failure to do so might result in disciplinary action up to termination of employment and potential legal action.
