Cash advances are funds paid directly to an individual prior to College approved travel. They are recorded as a loan to that individual until documentation substantiating their use is returned to Accounts Payable. All requests for advances must be submitted on the Cash Advance Payment Order.
IRS regulations require all travel expenses to adhere to an "Accountable Plan". In circumstances in which they do not, reimbursed amounts must be treated as taxable income to the employee. An "Accountable Plan" requires that expenses have a legitimate business purpose and be substantiated with sufficient records. Any amount in excess of the cash advance must be returned.
*All advances not complete by fiscal year end (June 30), should have any expenses prior to that date submitted to Accounts Payable no later than July 15.
Please read Kenyon's Travel and Entertainment Expense Policy for further information. As discussed in the Remittance Procedures, the College requires all expenses to be properly documented in order to comply with IRS regulations.