Virtual Card Issuing Policy: Updated November 13th, 2023

Requirements:

Cards are only issued to collectives who have employment and can only be assigned to employees. No exceptions will be made;
All spending must comply with with normal usage and IRS charitable compliance;
No physical card will be issued, and as such, these cards may not be used for in-store purchases;
Cards may not be linked to PayPal or other 3rd party application;
Cards may not be used for paying individuals or contractors (LLC’s or otherwise);
Receipts are required to be submitted within 30 days;
Cards may not be used for purchasing gift cards;
Cards may not be used to pay rent;

Any violations of these requirements will lead to immediate deletion of the collectives card.

Only one card will be issued per collective. Card’s will only be issued with a monthly spending not to exceed $8,000.

Please submit your request in the following format, including estimated monthly expenses and vendor information (when applicable), along with the total dollar amount at the bottom.

For example:

- Zoom subscription, $50/month

- Target Cleaning Supplies, $100/month

- Amazon AWS, $250/month

- Walmart Groceries, $100/month

Total: $500

How it Works:

Funds are only spent as transactions occur.

Initiative admins request the card from OCF (Requests should be formatted as described above)
OCF will assign the card
Once assigned, the card assignee will be notified via email. The card's details will appear in the initiative's Settings for admins to use, in accordance with this policy.

After a purchase is made:

The funds will be withdrawn from your collective’s balance;
An "Invitation to submit an expense" will be sent to your collective’s admins;
Admins will be asked to submit your receipt via email. (If the receipt is not submitted within 30 days, the card access will be paused until you do submit the receipt).

If you need to input Cardholder Contact Details, please use the following:

Name - You can use yours or Open Collective Foundation

Address - 440 N. Barranca Avenue, #3717, Covina, CA 91723

If the transaction requires a shipping address, use your own.
Please save the above information for reference when using the card.

Your application is an acknowledgment of the above requirements and statements made by Open Collective Foundation.

For questions please submit all queries to: contact@opencollective.foundation

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Support through Techstars Foundation Fund

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