Reimbursements for legitimate business expenses are subject to pre-approval by your immediate supervisor. To receive reimbursement, employees must submit all relevant receipts evidencing payment as well as a summary of the legitimate business purpose for the expense. Reimbursements will be issued within 30 days by the Site Employee Resource Center accounting department unless other arrangements are approved by a Site Employee Resource Center Property Supervisor or the CFO of Cambridge. All expenses need to be submitted within 10 days after incurred or after corporate credit card statement is received. In certain circumstances, employees may be issued a credit card by the company. Any and all charges made on the credit card must be for a legitimate business purpose. Evidence of personal use of a company credit card, regardless of circumstances or reimbursement, may be grounds for termination.
Managers are provided a Petty Cash Fund for managing small expenditures. It is their responsibility to follow policy and procedure for controlling the cash fund and reporting expenses. Under no circumstance may any site employee open a checking or bank account using 18 08/12 the property name to manage the Petty Cash Fund or any other funds that belongs to the property. Opening a bank account using the property name, will subject the employee to immediate termination.
Although bank accounts shall not be opened in the name of the property, managers who elect to establish a Petty Cash Checking Account for use in managing their petty cash fund are authorized to do so. Such bank accounts shall be in the name and social security number of the site manager, and shall include the site manager as the only signer. Such bank accounts may not reflect the name of the property managed. In the event the manager elects to establish a Petty Cash Checking Account, regular and customary bank account maintenance fees are a reimbursable expense provided it is properly documented as a petty cash expense and receives approval from a property supervisor. An NSF fee is not a reimbursable expense.
If a Petty Cash Checking Account is opened to manage the petty cash fund, the name on the account should include “Petty Cash Fund” under your name. A copy of the statement must be included with the petty cash reimbursement request. At a minimum the statement must be forwarded to the Site Employee Resource Center on a monthly basis.
All employees shall take particular caution in engaging vendors who provide goods or services to the company or properties managed by the company. Spending limitations and restrictions are most clearly conveyed in the operating budget for each individual property. Unauthorized spending by employees may be grounds for termination. Furthermore, the company reserves the right to dishonor unauthorized spending decisions made by its employees.