Corporate Credit Card POLICY by wanghonghx


									                                 Corporate Credit Card


          I.        INTRODUCTION                         2

          II.       WHO IS ELIGIBLE                      2

          III.      PROPER USE                           2

          IV.       LOST/STOLEN CARD                     2

          V.        COMPANY BENEFITS                     3

          VI.       APPLICATION PROCESS                  3

          VII.      PAYING THE BILL                      3

          VIII.     ADDRESS CHANGES                      3

          IX.       REWARDS                              3

          X.        DELINQUENCY                          3

          XI.       UPON TERMINATION                     4

Kimberly Elsasser Corporation             Page 1

Costs related to reimbursable travel and business expenses continue to be a significant expense item for
SPX. We want traveling associates to experience minimum levels of inconvenience and maximum levels
of service, comfort and efficiency at a cost-effective price. We expect that all associates will exercise the
same care in incurring business expenses as they would when traveling for personal reasons. It is with this
in mind that we have a Corporate Credit Card program utilizing GE as our agent.

This policy contains a general description of some of the terms and conditions relating to the use of SPX
corporate credit cards. The company reserves the right to amend or modify this and other SPX policies and
to handle individual circumstances, as it deems appropriate. This policy supplements and does not replace
the additional associate obligations, conditions and restrictions set forth in other corporate and company-
specific policies, such as the SPX Code of Business Conduct and policies relating to travel and
entertainment reimbursement, personal and company property, and at-will employment.


The GE Corporate Card is available at no cost to SPX associates who are required to travel and with their
respective supervisor’s or manager’s approval. Business expenses charged to this card will be reimbursed
per policy with an approved expense report.
      Cards will be issued to full time salaried associates, managers, supervisors, sales personnel, and
         professionals employed by SPX who are required to travel and have been approved by their
         respective business unit.
      Associates with very infrequent travel (ultimately determined by the President or CFO of each unit
         or division) will not be issued a card and, accordingly, will not be held accountable to the GE
         MasterCard Policy.
      Contractors, consultants and independent contractors are not eligible for a card.
      Part-time associates and administrative staff would only be eligible for a card under unusual
         circumstances requiring regular travel.


Use of this credit card for personal, non-business expenses is prohibited!
The GE Travel MasterCard is the ONLY acceptable card for SPX travel and expenses. (Except for
infrequent travelers) Additionally, only expenses incurred while traveling on business for SPX are allowed
as charges on the GE Travel MasterCard. Personal expenses are not allowed under any circumstances. In
the unusual situation where a merchant does not accept the card, any other personal credit card can be used
and “SPX card not accepted,” noted on the original receipt.

It is required that all business expenses including airfare, hotels, rental cars, entertainment and meals, when
using a credit card, be charged to the GE Corporate Card.


In the event of a lost or stolen card, the following steps should be followed:
      Immediately report the card lost/stolen to GE by calling customer service at 1-800-359-9227. If
         you cannot locate the phone number, contact Carlson Wagonlit Travel at 1-800-215-2762 or your
         local card administrator to obtain.
      Request a new card from GE. You should receive the new card within 10 business days.
      If fraudulent charges have been placed on your GE card, once the card has been cancelled, GE will
         transfer you to their Fraud Department, where a case will be opened.
      Contact your local card administrator to keep them aware of the situation.

Kimberly Elsasser Corporation                       Page 2

SPX Corporation earns a rebate from the credit card company on dollar volumes processed on the card and
this rebate reduces our overall cost.

Spending data obtained from corporate card charges are considered Company, not associate, data and can
be used by the Company to analyze spending trends.


Your unit’s Credit Card Administrator will provide you with an online link to apply for the GE travel card
at the company’s sole discretion. All associates eligible to receive a GE Credit Card are provided with an
online link, logon and password to apply online for the GE travel card. You will need to enter your
manager’s name and email address in the online application. Your manager will receive your online
application for approval then will enter your Unit’s designated HR representative for approval, then the
online application will be sent to your Unit’s Credit Card Administrator for processing. Credit cards are
issued by GE and mailed directly to the address provided on the application.

You may be asked to sign an agreement that the company has a right to deduct money owed to GE from
payroll and that you understand the procedures for reimbursement and travel compliance.


The credit card holder will be billed directly and is ultimately responsible for remitting any amounts due to
the credit card company. The outstanding balance must be paid in full in 25 days from the date of the
statement. The card does not allow for a perpetual balance rollover. GE will begin assessing fees (that
are the associate’s personal expense), on any balance that is not paid in full each month. The cardholder is
responsible for the reconciliation of all charges to their account and any interest or penalties associated with
late payment is the responsibility of the associate.


The associate should report any change in either their personal address or the SPX Unit for which they
work directly to GE credit card services at the number printed on the back of your card or provide the
information to their local administrator.


GE does offer a Rewards program with several levels of incentives. Associates who wish to be eligible for
GE Rewards programs may enroll by requesting an application from your program administrator. You will
be personally responsible for any fees associated with the program. SPX does not reimburse for
Rewards program fees as it is deemed a personal expense.


The associate, ensuring all business related charges have been submitted for payment on an expense report,
must reconcile GE statements monthly. It is imperative that associates keep their accounts up to date. GE
and SPX Corporation monitor account status on a monthly basis. Delinquent notifications are sent to
associates whose accounts are not maintained in a current status. Associates who are 60 days delinquent
will be notified in writing and your supervisor will be copied. The supervisor will be responsible for
discussing the issue with you to help determine a resolution. Your GE card is automatically suspended at
61 days and will be cancelled if this situation occurs a second time. Once an account is in suspension
status, the entire past due balance must be remitted. An account over 90 days delinquent will be cancelled.

Kimberly Elsasser Corporation                        Page 3
Associate and supervisor will be notified and appropriate disciplinary action taken.        Any seriously
delinquent accounts will be reported to supervisors and area vice presidents. If critically delinquent
accounts are not returned to a current status, administrative action will be taken and may include payroll
      Delinquency fees, penalties and interest for late payment are an associate’s responsibility and are
        not reimbursable.
      Late submission of expense reports is not considered justification for late payment of invoices.
      Once an account is in suspension status, the entire past due amount must be remitted to remove the
        suspension status.
      Department Supervisors will be notified of delinquent accounts and will be required to counsel
        associates on payment policies.


If you are no longer employed by SPX Corporation, it is imperative that the account be paid to a zero
balance immediately. Human Resources will notify your unit’s Credit Card Administrator to close the
account and will require you to return your Corporate Credit Card.

Kimberly Elsasser Corporation                     Page 4

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