Our auditors have informed us that there is a risk that employees who do not properly substantiate their claims for payments or reimbursements from the school may incur tax penalties from the IRS. This is because if the employee does not adequately document the purpose(s) of the funds being received, the IRS could treat the payment as extra income. At the same time, Pomfret School could also be penalized for failing to withhold taxes from those payments.
- Travel & Entertainment / Reimbursement Policy
- Student Entertainment Reimbursement Form
- Purchases on School Credit Cards, and miscellaneous Out of Pocket Expenses
- Professional Development
This document provides detailed guidelines on the sorts of expenses that are reimbursable, and those that are not. It also summarizes the school’s policy – which is based on IRS requirements – for the documentation that must accompany any request for reimbursement or payment of credit card charges.
For credit cards, we need your help in organizing the documentation (receipts) you submit. Specifically, receipts should be stapled to the reimbursement form, in the order in which they appear on the credit card statement. While this may be a hassle, please understand that it is important in helping us link your reimbursement claim to your actual expenses. Some companies have gotten into trouble for not having sufficient oversight of their money in areas like this.
|Expense Report – School Credit Card|
Out-of-pocket expenses might include office supplies, a book or lamp purchased for your classroom, an airport run, mileage reimbursement for use of your car for a school trip, etc...
|Expense Report – Out of Pocket Costs|
Due to the taxable nature of some professional development expenses, items in this category must be tracked in somewhat more detail than other expenses. Therefore, this form should be used for summer study, graduate study, conferences, travel grants, and other professional development.