Steinhardt IDA Enhancements

Administration and Finance

Steinhardt IDA Enhancements

  • Individual Development Account budget for the 2014/15 academic year has been increased to $2,500.
  • The IDA funds are distinct from “start-up funds” made available to some new faculty hires.
  • The work flow for most requests has been abbreviated as it goes to Accounts Payable. What does that mean?
    • When your AP Workflow request for an advance or reimbursement leaves your department it will be expedited to the University’s Accounts Payable.
    • Documentation requirements have been simplified (see below).
    • Steinhardt’s Office of Administration and Finance now will only track expenditures against IDA balances.
Process

Refer to “How do I…use my IDA funds?” for guidance on how to make specific expenditures. Your departmental administrator is your most valuable resource.

The University’s Expense Reimbursement Policy (rev. September 15, 2014) spells out updated documentation requirements.

Documentation Requirements

In order to ensure that reimbursements can be excluded from the individual’s taxable income, the IRS requires that the University complies with an “accountable plan.” Thus, expenses incurred by employees or independent contractors:

  • must have a documented business connection to the mission of the university;
  • must adequately document and account to the University for these expenses within 60 days; and
  • must return any excess reimbursement or allowance within 60 days.

All three conditions must be met.

Questions?

Contact your departmental administrator.

Appropriate Documentation for Common Business Expenses (University Policies)

The University prefers to have receipts for all expenses submitted for reimbursement. It will, however, reimburse approved non-meal* expenses under $75 without receipts, but with an explanation.

Expense Type Documentation Requirement
Airline/Rail Passenger’s ticket or valid receipt that confirms the trip details as well as the method and price paid.
Car Rental Receipt for payment made.
Conference /Seminar Registration receipt, which should show name, date, venue, and registration cost for conference or seminar.
Foreign Currency All expenses paid in foreign currency should be reported in U.S. dollars with the conversion calculation included in the supporting materials. Any fee paid for currency conversion is reimbursable and should be supported by the receipt provided by the establishment that processed the conversion.
Hotel/Lodging The final hotel folio or itemized bill for lodging and expenses charged to the room. When hotels do not include charges for a room in the hotel folio, as in cases when hotel accommodations were not arranged directly with the hotel but purchased online through another website, the printout of your online transaction will serve as appropriate documentation.
Internet Connection Vendor statement.
Private Vehicles Receipts for expenses related to the use of private vehicles for University business such as those issued by toll stations or parking facilities. Reimbursement requests should include the mileage calculation. For the current mileage rate, see the Standard Mileage Rate. This is the rate used by the IRS and is adjusted when updated by the IRS. AP workflow calculates it automatically.
Office Supplies (Incidental Purchases) Request for reimbursement must include the original vendor receipt as well as an explanation why office supplies were purchased outside of the University’s regular procurement methods.
Online Purchases Printout of the page confirming the purchase or a printout of the page summarizing the type of purchase made, the date, and the amount.
*Meals Original itemized receipts showing detailed list of food and beverages purchased are required by the University for all business meals. If you choose the per diem rate method please see the guideline Per Diem Meal Reimbursements for a full description of the per diem travel meal option.

 

October 20, 2014