Purchasing cards (P-cards) are potentially an excellent way for organizations to save money and manage their finances with greater ease – but this is only possible with the proper oversight and controls.
According to WTSP-TV, it appears that a former University of South Florida (USF) Health librarian who was accused of making numerous unauthorized purchases with her P-card between 2010 and 2012 will not be criminally charged. The source reported that AP audits showed Beverly Shattuck had misused the payment method – as well as a Publix card belonging to her department – to buy gift cards, groceries, iPads and more. However, a deal has been struck in which she will pay back $7,785 in restitution to cover most of the purchases in exchange for no criminal charges being filed.
In a previous report, WTSP-TV asserted that a state audit committee pointed to lacking oversight as one factor that may have contributed to the incident. As a result, experts recommended that USF Health begin addressing these deficits to prevent future problems. The news provider added that in 2012 alone, USF made $42 million worth of purchases using P-cards.
Fortunately, enterprises can still leverage P-cards effectively. All financial processes carry their own unique risks, but using AP audits can minimize threats to ensure businesses reap only the benefits.