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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.
Here's an example: 1. Gross commission amount of a transaction = $12,000. 2. Broker/Agent split of 50% broker/50% agent = $6000 to the agent. 3. The percentage split is an amount agreed to by the broker and the agent and usually reflects the amount of services and support the broker provides. It can also reflect the volume of business the agent brings in.