Bank of America (BoA) has notified the University that the prepaid card program and the prepaid administration tool (PAT) serviced by BoA will terminate effective June 30, 2023. UNC Finance and Operations and the Office of Sponsored Programs (OSP) are evaluating new platforms to continue the prepaid card program. Once a new platform has been determined, the prepaid card program website will be updated with instructions on how to utilize the new program and platform.
Guidance regarding this closure of the BoA prepaid card program was announced in the Finance memo. Below are specifics pertaining to sponsored programs.
Requesting Cash Advances in the Interim
Departments can obtain cash advances to purchase gift cards to provide to study subjects. To ensure continuity of research activities, please submit cash advance requests with adequate time for processing and taking into consideration fiscal year-end deadlines.
- Advances funded on sponsored projects, follow OSP Operating Standard and Procedure 500.14 and use the forms located on the OSP Forms and Tools webpage.
Departments do not immediately need to begin the reconsent process through the UNC Institutional Review Board (IRB) to allow study subjects to accept gift cards purchased using cash advances. Reconsent should be planned during modifications or renewals of IRB protocols.
Timeline for Closure of BoA Prepaid Card Program
Effective immediately
- Accounting Services will not add any new locations in the PAT.
- Only existing departments or projects in the PAT can continue to use the prepaid card program.
Friday, April 21
- Last day to submit Prepaid Card requests to add funds to projects in the PAT.
- Departments should only request amounts that can be reconciled before the end of the fiscal year.
Wednesday, May 31
- Last day to issue remaining prepaid cards to study subjects in the PAT.
- Departments should shred their inventory of unloaded prepaid cards.
Friday, June 30
- Reconciliations must be fully completed and posted in ConnectCarolina.
- Prepaid cards issued to study subjects continue to be valid for three years from the date of issuance.
Reconciling Prepaid Cards
Funds must be reconciled per the current prepaid card process. Prepaid cards funded on sponsored projects must be reconciled using Form 307.2.4f. Importantly, all prepaid card loads must be reconciled to the appropriate expense ledger account by the end of this fiscal year, June 30, 2023.
Departments can run InfoPorte or ledger inquiry reports to determine their balances on general ledger accounts on 559520. Refer to the Quick Reference Guide to Finance Reports or for additional assistance, contact Cash_Management@unc.edu.
For questions regarding the existing prepaid card program or the PAT, please contact prepaidcards@unc.edu. For broad questions on cash advances, please contact Cash_Management@unc.edu. For specific questions on prepaid cards or cash advances funded on sponsored projects, please contact SponsoredPrograms@unc.edu.