Reimbursement for Expenditures

Purpose:

To establish clear guidelines and procedures for the authorization, documentation, and reimbursement of expenses incurred by Council Members while conducting business on behalf of the Condominium Corporation.

Policy Statement:

The Condominium Corporation recognizes that Council Members may incur reasonable expenses when performing their duties. This policy aims to ensure transparency, accountability, and fairness in the reimbursement process while safeguarding the Corporation's financial interests.

Authorization and Reimbursement Process:

  1. Pre-Approval: Before incurring any expense, Council Members must obtain pre-approval from the Board of Directors or a designated officer. Pre-approval requests should include a detailed description of the expense, its estimated cost, and its relevance to the Corporation's business.

  2. Receipts and Documentation: All expenses must be supported by original, itemized receipts or invoices. Credit card statements or bank statements alone are not sufficient. Receipts should clearly indicate the date, vendor, type of expense, and amount paid.

  3. Expense Report Submission: Within [Number] days of incurring the expense, Council Members must submit a completed Expense Report Form to the Corporation's [Designated Person/Department]. The form should include details of the expense, the date incurred, the amount, and a brief explanation of its purpose.

  4. Review and Approval: The [Designated Person/Department] will review the Expense Report Form and supporting documentation for accuracy, completeness, and compliance with this policy. If approved, reimbursement will be processed within [Number] days.

  5. Payment Method: Reimbursement will typically be made via [Specify Payment Method, e.g., cheque, direct deposit]. Cash reimbursements are discouraged.

Eligible Expenses:

  • Travel: Reasonable expenses for travel within [Specify Geographic Area] to attend meetings, conferences, or other events directly related to the Corporation's business. This may include airfare, mileage reimbursement for personal vehicle use (at the prescribed rate), public transportation, taxis, parking, and tolls.

  • Accommodation: Reasonable hotel or lodging expenses when travel requires an overnight stay.

  • Meals: Reasonable meal expenses when traveling on Corporation business or attending business-related events.

  • Other: Other expenses directly related to the performance of Council duties, as approved in advance by the Board or designated officer. This may include office supplies, professional development courses, or membership fees for relevant organizations.

Ineligible Expenses:

  • Personal Expenses: Expenses that are not directly related to the performance of Council duties, such as entertainment, gifts, or personal items.

  • Political Contributions: Expenses related to political activities or contributions.

  • Fines or Penalties: Fines, penalties, or legal fees incurred as a result of personal actions or negligence.

  • Alcohol: Expenses for alcoholic beverages, except in limited circumstances where it is customary and reasonable for business purposes.

Expense Limits:

  • The Corporation may establish specific expense limits for certain categories of expenses, such as meals or accommodation. These limits will be communicated to Council Members and may be reviewed periodically.

Policy Review:

This policy will be reviewed annually by the Board of Directors to ensure its continued relevance and effectiveness.

Effective Date:

This policy is effective as of [Date].

Disclaimer:

This is a sample policy. It is important to consult with legal counsel to ensure compliance with all applicable laws and regulations.