Updated Maximum Limits for Allowable Expenses
Business Meal Limits
Meal | Dollar Limit |
---|---|
Breakfast | $22.50 |
Lunch | $37.50 |
Dinner | $70.00 |
Contributions, Gifts, and Awards Limits
Contribution / Gift Type | Dollar Limit |
---|---|
Door & Raffle Prizes | $100 (change from $250) |
Human Research Subjects | $100 (no change) |
Tangible Sympathy Gifts | $100 (no change) |
Employee Recognition Gifts | $100 (no change) |
Employee Retirement Gifts | $400 (no change) |
Business Meetings with Alcohol
-
Alcohol can not exceed 25% of the business meal OR a single beverage per person
Updates on What’s an Allowable Business/Travel Expense
Now Allowable
- Laundry for business trips of 7+ days
No Longer Allowable
- Gifts in lieu of employee compensation
- Gifts associated with occasions of a personal nature (birthdays, baby showers, etc.)
- Gift cards as vendor payments
- Purchase of alcoholic beverages with "to-go" meals, without the purchase of food, and through any source other than a licensed vendor
Other Updates
- Increased information surrounding the topics of human subject research study participants, sympathy/memorial gifts, and employee recognition awards
- Details on regularly scheduled functions that get blanket approval (pertains to Advancement only)
- Subsection to describe further non-allowable expenses related to gifts/awards
Updated Approval & Documentation Requirements (Receipts)
- New approval matrix sorted by type of business expense and an additional section within the matrix details approval exceptions
- The new standards provide a comprehensive table containing various expense types and their corresponding documentation requirements
- All receipts, including restaurant receipts must be detailed and provide itemization
- Receipt requirements are consistent across all spending mechanisms. If a receipt is lost, the traveler/cardholder must make every possible attempt to contact the vendor and obtain a copy. If a copy cannot be obtained, a Missing Receipt Form must be completed and attached to the Expense Report
- The only exception to the missing receipt requirement would be receipts for travel related items (parking, tolls, taxi, etc.) that are under $25.00
- Refer to the Approvals, Documentation Requirements, and Exceptions page for applicable matrices, tables, and guidelines
Receipt Validity
- The name of the company providing the goods/services
- Date(s) when the specific expenses were incurred
- Unit price of goods/service
- Restaurant receipts must itemize food/beverage consumed, tip and tax
- Goods/services purchased should include detail on the items consumed
- Total amount due and acknowledgement that amount due was paid
Tax Compliance
- The value of non-cash gifts provided to employees which exceed the $100 de minimus limit is taxable, with the exception of retirement gifts, which are taxable when they exceed $400.
- All Gift Cards, regardless of value, are considered cash or a cash equivalent gift or award and will be reported as taxable compensation to the employee