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#1475761 - 12/03/10 03:46 PM Income Expense Policy
Brandywine Offline
Joined: Jun 2005
Posts: 86
I was wondering if anyone had an Income and Expense policy they would be willing to share. I am looking for some ideas about what expenses require approval, dollar limits for an officer to sign for versus what would require CEO or Board approval, accounts payable procedures, etc. Any input would be appreciated!

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#1477302 - 12/07/10 08:37 PM Re: Income Expense Policy Brandywine
Auditjg Offline
Joined: Sep 2004
Posts: 67
We just use the IRS guidelines for receipts required. Their threshold is anything over $25 should be accompanied with a receipt. We also allow a credit card stmt in the abscence of a recipt. All employees (Officers included) must have expense reports signed off by their supervisor.

We require expenses over $1,000 that are capital expenditures be approved as part of the budget requests approved by the board. Those obviously must also have been approved by the employee's supervisor before it goes to the CFO.

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