- Why Colby?
- Request Information
- College Profile
- Student Perspectives
- Alumni Success
- For Counselors
- Contact Admissions
The College will provide cash advances up to $250 for faculty and staff traveling on authorized business to cover reasonable miscellaneous costs, such as taxi fares, tips, and other expenses which cannot readily be charged to a credit card. Cash advances in excess of $250 require the submission of a detailed approved budget supporting the need for the advance. The Cash Advance Voucher Form may be used to document requests (including the required budget information) for cash advances in excess of $250. The use of a credit card greatly reduces or eliminates the need for most travel advances. Cash advances should not be used to cover personal expenses or any activity that is the sole responsibility of the traveler. The size of the advance must be a reasonable estimate of the amount of cash necessary to conduct College business, bearing in mind that the bulk of a traveler’s expenses may be charged to a corporate card or, if desired, to a personal credit card.
Each cash advance is the personal obligation of the traveler until discharged by completion and submission of a properly supported Travel and Entertainment Expense Voucher. Thus, the traveler is responsible for any lost or stolen cash advances. Employees are responsible for the proper record keeping of expenses incurred while traveling and for settling any unused advance owed to the College. Unused cash advances must be returned to the College within 30 working days of returning from a trip.
PROCEDURES FOR OBTAINING A CASH ADVANCE - Requests for cash advances must be submitted to Accounts Payable. All requests made must include appropriate departmental approval for the advance. Payment of advances will be made to employees by Ach Direct Deposit only. The ACH process means that the advance will be electronically deposited to a bank account designated by the employee. Note: If the amount of the travel advance is $75 or less, cash may be obtained from the Office of Financial Services cashier. All advance requests must include the dates of expected travel and the business purpose of the travel.
Advances will generally not be provided earlier than 30 working days before the planned departure date of the trip. Electronic deposits will occur twice weekly. Properly supported requests received by 12:00 noon Monday (Wednesday) will be disbursed to a designated bank account on Wednesday (Friday).
CASH ADVANCE SETTLEMENT - Travel and Entertainment Expense Voucher with attached receipts must be properly authorized and submitted to the Accounts Payable Office for settlement of cash advances. Once the Travel and Entertainment Expense Voucher is submitted, approved, and processed, the College will reimburse the traveler for expenses that exceed cash advances (by ACH deposit). Reimbursement requests of $75 or less may be obtained in cash from the Office of Financial Services cashier. If cash advances are greater than the expenses incurred, the traveler must return the remaining balance (by personal check or cash) within 30 days of returning from the trip. Cash advances may not be carried over to future trips.
UNSETTLED CASH ADVANCES (INCLUDING PAYROLL REPORTING)
Travelers who have not submitted an accounting of their cash advances within 30 days of completing their trip will be notified that the settlement is overdue. The President or the appropriate Vice President or Dean will also be notified of any outstanding advances. If the advance is not settled 30 days henceforth, the individual will then receive a notification that the amount has been forwarded to Payroll for appropriate payroll reporting and tax withholding. Without providing adequate documentation to substantiate the business expenses covered by the cash advance (i.e. settling the advance), the College is required, by IRS regulations, to report these payments as taxable income to the employee.
Travel and Entertainment Expense Vouchers must be signed by the traveler before submission. Approval of the form must follow existing departmental policies.