Administration and Finance

Steinhardt Guideline: 60 Day Deadline for Reimbursement Requests and Advance Reconciliations

Expenses incurred in the conduct of University business generally should be accounted for within 60 days after the date of expenditure, completion of event, or (when expenses are related to overnight travel) return from a trip in accordance with IRS regulations. All cash advances should be cleared within 60 [calendar] days from the 'end date' indicated on the Request for Advance....

— New York University’s Expense Reimbursement Policy, Revised June 27, 2016, p. 7

In order to meet this hard and fast University deadline, your advance reconciliation or reimbursement request—with required documentation—should be submitted as soon as possible. Some transactions require additional processing (such as approvals within Steinhardt's Office of Administration and Finance)  and should be submitted in advance of the 60-calendar day deadline.

There are three exceptions to be aware of. In these cases, the deadline will be whichever comes first, the end of the 60 day period following the transaction or:

    1. The grant or contract end date. The new extended deadline does not change grant or contract end dates. All purchases and reimbursements must be filed and posted to the University's financial system in sufficient time to be accurately reflected on the financial report for the grant or contract.
    2. August 31st (the end of the fiscal year). All fund 10 purchases and reimbursements must be filed and posted to the University's financial system by August 31st or an accrual form must be completed.
    3. The departmental deadline. Individual departments within Steinhardt may establish a shorter time frame if needed to ensure adequate time for review and processing. You must observe the shorter time frame if implemented by your department.

Please keep in mind that the establishment and adherence to these deadlines is a central element of the University's accountable plan. This plan, as required by IRS regulations, allows the University to provide tax free reimbursements and advances when spent for business purposes. Without the accountable plan, each reimbursement and advance would lose its tax free status and would be considered taxable income to you. Therefore, it is absolutely essential for the benefit of all that we adhere closely to the accountable plan standards.

Last Reviewed October 6, 2016