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Accounting Policies and Forms Summary

Please read each new policy in depth as they include many more details than the summarizations below. 

The Employee Expense Reimbursement Policy, similar to the Credit Card Policy, highlights the College’s accountable plan for reimbursing expenses.   All reimbursement requests, either by Expense Report or Requisition Form, are to be submitted within the guidelines listed below.  For foreign travel, submit reimbursements in US Dollars and provide support for conversion rates.  Sales tax will not be reimbursed unless is it unavoidable.

All cash advance expenses and reimbursements must be submitted within 45 days from the latter of (a) incurring the cost or (b) the conclusion of a business trip.  All submissions for any fiscal year must in be the Accounting Office no later than June 15.  Anything submitted after 60 days, will require a Late Reimbursement Request Form and a signature from the Vice President of Finance and Planning. 

Submissions require full documentation of original itemized receipts, business purpose/explanation and appropriate signatures.  Missing or non-itemized receipts require a Missing Receipt Affidavit Form for any expenses over $5.  Lodging costs and costs of $75 or more for gifts, meals, entertainment, and travel (excluding mileage) are taxable without an itemized receipt.

The Cash Advance Policy states that cash advances will be issued within 14 days of travel or the incurring expense for $150 or more and will be processed based on the check run schedule.  They are intended to be used for business expenses during travel and student group activities that cannot be paid in advance.  Each individual is personally responsible for the funds.

The Credit Card Policy addresses obtaining a corporate credit card and recording the expenses.  All individualized Payment Distribution Forms are to be submitted to the Accounting office on the first day of the month following the statement (ex. Statement Date of October 4 is due on November 1) with proper signatures and original itemized expense documentation.  If itemized documentation is unobtainable, please use the Missing Receipt Affidavit Form for transactions over $5.  Payment Distribution forms submitted 30 days after the original due date will require submission of the Late Credit Card Form and a signature from the Vice President of Finance and Planning.

The Candidate Expense Reimbursement Policy covers the process for reimbursing candidates that come to campus for interviews.  Expenses may only be reimbursed for the candidate tax-free.  The request should include the name of the candidate and the position they interviewed for.

The Travel Policy Statement more clearly defines reasonable expenses incurred by faculty and staff.  The topics discussed are air travel, meals, business entertainment, telephone, vehicle rental, non-reimbursable expenses and student groups and athletic teams.  There are also more specifics about acceptable receipts and what to do in situations where something goes wrong.  One change covered in this statement and referenced in other policies are taxable versus non-taxable reimbursements.

The Unallowable Expenses Policy defines allowable and unallowable expenses.  Personal expenses are not to be charged to the College to be paid later by the individual.  There are more restrictive policies for grants and restricted accounts.  The policy also includes several bullet pointed lists that clarify specific questions.

The Cost Policy Statement covers general College accounting practices and addresses grant costs associated with grants.  It defines allowable and unallowable expenses in general and by direct and indirect.

The Contracts Policy discusses the legality and details of contracts entered into between the College and outside vendors.  This includes specific information about what should and should not be included in all contracts.  It also discusses the standard contract developed for lecturers and performers.  All contracts over $5,000 must be reviewed and signed by the Vice President of Finance and Planning.

The Bid Threshold Policy is intended to increase efficiency and cost savings when making larger purchases.  The policy calls for three bids on all purchases over $5,000 and strongly suggests bids for purchases over $1,000.  This excludes consortia agreements and negotiated contracts previously run through the bidding process within the current contract period.  All contracts over $5,000 resulting from this process must be submitted to the Vice President for Finance and Planning for review and signature.  For situations requiring the use of a specific vendor, please see the Sole Source Procurement Form on the “Forms” page of the Accounting website.

All of these forms are fillable, either in pdf or excel.  They can be completed on your computer and printed off for signatures.

The new Expense Report is a replacement to the gold Expense Report that had a space for credit card information on the bottom.  The new form prompts the user for the new requirements laid out in the Employee Expense Reimbursement Policy.  It will also do the calculations and has a place to put any cash advance received.

The Late Credit Card Form and Late Reimbursement Request Form are to be used in cases when submission is beyond the due date.  Credit cards are due the first of the month following the statement date (ex. 10/4 Statement Date, 11/1 Due Date).  Credit cards are late 30 days after the due date.  Reimbursements are due 45 days from the latter of (a) incurring the cost or (b) the conclusion of a business trip.  They are late at 60 days.  Both the late form and the corresponding documents need to be submitted to the Vice President of Finance and Planning for approval before they are submitted to Accounting for processing.

The Missing Receipt Affidavit Form replaces the Affidavit Form.  This form details specific expense categories and prompts from information that follows the new travel and allowable expense categories.  This form is to be used in cases where an itemized receipt is not available to document an expense over $5.  It is used in conjunction with the Expense Report and Requisition Form

The Sole Source Procurement Form is to be used in cases where a specific vendor is being requested for large purchases that fall into the bid process.  This form is mentioned in the Bid Threshold Policy.

The Journal Entry/Budget Transfer Form is the replacement to the Journal Entry Form for journal entries and budget transfers.  There is a check box under each transaction to indicate the intent of the transaction.

The Capital Project/Equipment Request Form should be completed as information as part of the data collection for a capital planning project for Senior Staff. Tom Viel, the new Facilities Director is assessing the condition of our campus building and physical plant equipment. We are asking that faculty and staff assist us in gathering data by completing this form with information about renovation, furnishings and equipment needs of which you are aware. Send the completed form to your Division Head by February 28, 2014.