- What is the Stored Value Card program?
- Can the stored value cards be used for things other than meals?
- Can U-M faculty and staff be given stored value cards to pay for their per diem when traveling on university business?
- Can the cards be used at an ATM?
- What happens if the card recipient doesn’t use all the money loaded on the card?
- Do the cards expire?
- Can the cards be reloaded?
- When are the cards loaded?
- How is the unit notified when the loading of the cards has been completed?
- What happens to cards that have been distributed and no funds remain?
- Who do I contact if I have questions about the stored value card program?
- How do we use the Stored Value Card program with Sponsored Funds?
What is the Stored Value Card program?
The Stored Value Card program offers units a safer alternative to distributing cash to students for per diem travel meals. Under a per diem program, receipts are not required and units do not need to process reimbursements to students for meals they incur while on university travel. The daily meal allowances under this program may not exceed the GSA per diem rates for meals only (the $5 allowance for incidentals cannot be included in the daily allowance).
Can the stored value cards be used for things other than meals?
No. The program allows the issuance of stored value cards for per diem meals only. Under a per diem program, receipts are not required and units do not need to process reimbursements to students for meals they incur while on university travel. It is recommended that units use the GSA meal per diem rates as a guide for meal limits, but lower amounts may be used at the discretion of the unit.
Can U-M faculty and staff be given stored value cards to pay for their per diem when traveling on university business?
No. University faculty and staff traveling on university business must claim a per diem through the university’s travel and expense management system (Concur) at the conclusion of their trip. Per diems are not paid in advance to U-M faculty and staff. Reimbursement of business-related travel expenses and payment of per diem for travel meals usually occurs within three business days or less following submission, approval and audit of the Concur expense report.
Can the cards be used at an ATM?
Yes, the cards have ATM capability.
What happens if the card recipient doesn’t use all the money loaded on the card?
The cards are treated as a meal allowance, which means no funds are returned to the unit. Once the recipient has the card, its use is not monitored.
Do the cards expire?
Yes, the cards expire 48 months from the date the card was initially produced. The expiration date is printed on the card. When the card expires, a new one will be automatically mailed to the address on file if the card is still being actively used. It must have been used for a payment transaction or had funds loaded on it within the 6 months prior to expiration for a replacement card to be sent.
Can the cards be reloaded?
Yes. A recipient’s card can be reloaded if approved and funded by a university unit and used for the same program or another approved program. For example, a student band member may keep a card for the years s/he is a student, and the unit can reload the card as needed for band travel.
When are the cards loaded?
The unit identifies the required load date when submitting the load file. The loading occurs on that date. All requirements must be completed prior to loading the cards. A card must be activated by the student in order to have funds loaded to it.
How is the unit notified when the loading of the cards has been completed?
The Load Requester receives an email notification when the cards are loaded.
What happens to cards that have been distributed and no funds remain?
No action is required by the unit. Cards may be disposed of by the recipient, or retained by the student if they may be eligible for reloading of the card through unit approval and funding (for the same or a different purpose).
Who do I contact if I have questions about the stored value card program?
For questions about the Stored Value Card program, email ps.specialprograms@umich.edu.
How do we use the Stored Value Card program with Sponsored Funds?
Stored Value Cards cannot be requested or loaded with Sponsored Funds chartfields. Discretionary chartfields need to be used with ordering cards or requesting card loads. The SSC re-bills monthly to the chartfields provided on the SVC Excel Loader Form. This journal entry will expense each load performed throughout the month. When appropriate, please request a journal entry to move the charges to the Sponsored Project. This can be completed after all required documentation has been gathered, specific to the Sponsored Project. Please reach out to your Sponsored Program’s contact with any additional questions.
