Every year or two, in order to comply with IRS guidelines, Accounting reviews each cardholder’s credit card statements and receipts.

Each cardholder is required to keep his monthly statements. Each monthly statement should have all of the receipts related to that statement attached to it in the same order as the charges are displayed on the statement. If a receipt is missing, a written statement must be attached to the monthly statement detailing the purpose of the charge and explaining why the receipt is missing. Any receipt that was attached to an expense report will be pulled from Accounting records, if the cardholder doesn’t have a copy available. Please note on the monthly statement that the receipt is attached to a submitted expense report.  

When your turn comes up for audit, please send all statements with attached receipts to the Accounting department through interoffice mail.  All receipts will be returned to your department for storage once the audit is complete and must be retained for seven years in case they need to be reviewed by the Internal Revenue Service.

Please direct any audit questions to Sara Thorndike at ext. 3103.