I hope this finds everyone enjoying the warmer weather and looking forward to spring time!

 

It is the goal of the Business Office to enhance our roles as fiduciaries of the College?s funds while also trying to balance that responsibility with a certain reasonable expectation of keeping up with smaller receipts and having our faculty/staff spend College funds in a responsible manner.  Listed below are new policies that will go into effect today concerning documentation requirements for various types of purchases.

 

1.	Tipping on meals ? cap reimbursable amount to 20% of the total cost of meal 

 

2.	Include the itemized meal receipt (as opposed to just the signed credit card receipt/credit card statement) for any meal over $25. 

 

3.	All meal receipts need to include the reason for the meal/meeting and who attended the meal/meeting (if a group of people, then just group name and number of people is sufficient ? e.g. Senior Majors dinner ? 7 students and 3 faculty) 

 

4.	For credit card charges LESS THAN $50 that have no receipt ? we will now allow a statement signed/approved by the supervisor explaining the details of the charge ? an ITEMIZED receipt is always best ? this policy is put in place for the rare instances that obtaining the receipt is impossible/very difficult.  Any charge OVER $50 MUST have the original receipt.  If there is no receipt for a charge over $50, the cardholder will continue to be responsible for that charge.  This policy will pertain to both Hendrix VISA credit cards as well as reimbursements for charges on a personal credit card 

 

5.	If we suspect someone is taking advantage of policy #4, we reserve the right to contact the supervisor or human resources to discuss possible disciplinary actions.  We may also return to requiring that ALL charges MUST have the original receipt or it is the responsibility of the cardholder.  

 

6.	It appears that sometimes people with a Hendrix VISA use this card to pay for lunch around town (Conway).  There is no indication that the meal charge is for a Hendrix event or meeting, just one single lunch for one person.  If these are indeed meals for recruiting/prospect student/donor lunch, etc., it is very important that they indicate the purpose of the meal on the receipt.  

 

All the area administrative assitants have been trained on these new requirements.  They can help with compling with the enhanced documentation needed.

 

Please let us know if you have any questions.

 

Thank you for your assistance in maintaining the financial intergrity of Hendrix College.

 

Business Office

 

