REIMBURSEMENT OF EXPENSES
I.
POLICY
The Credit Union reimburses employees for normal and reasonable expenses incurred while
traveling on Credit Union Business. The Credit Union will comply with all state or federal
regulations concerning reimbursement of expenses, and compensation of Board and
committee members and directors.
II. GUIDELINES
A. Expenses-General
1. The very nature of Credit Union work mandates that employees engaged in business
travel only incur expenses that are necessary to the business of the Credit Union and
seek to keep those expenses at a level which, while securing reasonable quality, are
not excessive.
2. All reimbursable expense items are subject to audit and review. The Credit Union
has the authority to request additional information, receipts or explanation from any
person who submits an expense voucher. The CEO can reject in whole or part any
request for reimbursement of expense items unless this authority is specifically
delegated in another manner by this policy manual.
B. Travel
1. Activities which normally justify the reimbursement of travel expenses include
calling on members and attending business meetings, conventions, and seminars or
other selected educational functions related to the employee's job. However, all
employees must obtain prior authorization from the CEO before embarking on such
travel.
2. All employees are normally expected to travel coach or economy class when flying
and to stay and eat in moderately priced establishments while traveling on Credit
Union business.
3. If necessary, an employee may get a cash advance for expenses of approved travel by
submitting a written request. Upon the completion of travel, the employee must fill
out an expense voucher and attach the necessary supporting receipts. The amounts
claimed, less the cash advance (unless it is a permanent travel advance) if any, must
be approved by the supervisor before submitting the travel voucher for payment.
4. Employees will not be reimbursed for the expenses of entertainment while on a
business trip unless the entertainment has a bona fide business purpose. Employees
will not be reimbursed for the travel expenses of their spouses unless the presence of
the spouse on the trip is deemed by the CEO to have a bona fide business purpose.
Employees planning to seek reimbursement for spouse's travel expenses must get the
approval of the CEO prior to the trip.
C. Meal Reimbursement
1. Employees required to travel on Credit Union business are eligible to be reimbursed
for the cost of meals during their travel.
2. Employees seeking reimbursement for meals must have their expense voucher
approved by their supervisor and sent for processing and/or payment.
3. A receipt must accompany all meals totaling more than $25.
D. Automobile Usage
1. Employees who drive automobiles on Credit Union business must possess a valid
driver's license and are responsible for making sure the automobile meets any Credit
Union or legal standards for insurance and driveability. Employees are also
responsible for any fines or parking violations incurred as a result of driving.
2. Employees may use personal automobiles for business purposes, but only with the
prior approval of their supervisor. Employees who use personal automobiles for
approved business purposes will receive a mileage allowance set at the Internal
Revenue Service approved rate for such usage. This allowance is to compensate for
the cost of gasoline, oil, depreciation and insurance. In addition, employees driving
on Credit Union business may claim reimbursement for parking fees and tolls
actually incurred. Claims for reimbursement must be approved by the employee's
supervisor and submitted on an expense voucher.
3. Employees are not permitted, under any circumstances, to operate a personal
automobile for Credit Union business, when any physical or mental impairment
causes the employee to be unable to drive safely. This prohibition includes, but is not
limited to, circumstances in which the employee is temporarily unable to operate an
automobile safely or legally because of illness, medication, or intoxication.
4. Employees must report any accident involving a personal automobile used on Credit
Union business to their supervisor.
E. A person assigned or driving an automobile in which members of his/her family are
riding shall assume responsibility for any liability to the family. The Credit Union
assumes no liability to the driver's family.
F. Entertainment
1. Employees will be reimbursed for authorized meal and entertainment expenses when
the expenses are directly related to or associated with the Credit Union's business.
2. Requests for reimbursement of entertainment expenses must be approved by the
employee's supervisor and then submitted on an expense voucher for payment. Each
voucher should contain a detailed itemization of expenses incurred and a statement of
the date, place, and business reason for the entertainment. Vouchers for expenditures
of $25 or more must be accompanied by receipts.