Business Expense Reimbursement Policy - Examples
[Pages:1]Business Expense Reimbursement Policy - Examples
According to Oxy's Expense Reimbursement Policy, and the IRS, the business purpose of all reimbursable expenses must be documented on the expense reports. The business purpose of an expense needs to include all necessary information so as a third-party reviewer is informed of the business purpose. All expenses must be for a valid business purpose that is necessary and reasonable in order to conduct College business.
Business purpose must be specific. Good > "Jet Blue, LAX to Boston, MA to speak at Boston College Geometry and Topology Seminar" Incomplete >"Travel to Boston for conference"
The following information is required to document business meal expenses: date of business meal, name of restaurant/city list of attendees and their affiliation (e.g. professor, graduate student, guest speaker from ABC University) business purpose of event
Business Trip with Meals, Expense Report Description Example:
Date 10/6/10
10/6/10 10/6/10 10/7/10 10/7/10
10/8/10 10/8/10
Description 10/6/10 thru 10/8/10 To Las Vegas, Nevada to attend annual meeting of the Western Society of Professors of XYZ Conference : Jet Blue, LAX - Las Vegas roundtrip return 10/8/10 Ace Cab, Las Vegas, taxi to Hilton Suzy's Hotel Caf?, Las Vegas, breakfast, self Pearl, Las Vegas, dinner with self, John Jay, Professor of XYZ at Oxy, and Andrew Martin, Professor of XYZ at ABC University , to compare & contrast XYZ programs between ABC and Oxy. The Egg House, Las Vegas, breakfast, self Ace Cab, Las Vegas, taxi to airport
Business Expense supported by Endowment or Grant, Description Example:
For an expense supported by an endowment or grant, the business purpose is the intent of the endowment fund or grant. An example of this documentation would be:
Date 10/4/10
Description John's Scientific Equipment, Long Beach, CA, Digital scale item AB1234. Paid by LMN Endowment for Chemical Research, for which the intent is the purchase of scientific equipment for the chemistry department.
Drive versus Fly:
According to Oxy's Expense Reimbursement Policy, reimbursement will be made for coach travel, or lowest possible available fare. Amounts in excess of the lowest available fare will not be reimbursed. If an employee chooses to drive rather than fly, the employee will be reimbursed up to the lowest possible available fare for coach travel.
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