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Multiple transactions to the same vendor on the same day when the combined total of the orders exceed the Purchasing Card transaction limit of $2,500 is considered splitting purchase transactions. Whether the action is intentional or not, it is a violation of the SC Procurement Code.
As a result, one party to the split dollar arrangement is responsible for. the cost of insurance and the other party pays the balance of the premium. This type of. arrangement may be desirable in situations in which the term cost is very low, today and. in the near future. Under âeconomic benefitâ private split dollar, t he premium payorâs. 2 This is not a split ownership arrangement in which rights are equally divided proportionate to ownership.