3.19 | Expense Reports and Reimbursements

CTC reimburses Entrepreneurs for all expenses that they reasonably incur in the performance of their job duties.  An example of such an expense would include mileage. In order to receive expense reimbursements, the Entrepreneur is responsible for submitting all expenses through Divvy with detailed line item receipts.  In efforts to timely reimburse entrepreneurs, Common Thread Collective requires that entrepreneurs link their personal banking account to their Divvy account so that direct deposits may be made through ACH. To get reimbursed quickly, please follow the submission deadlines outlined on the Payroll Calendar (found on Asana). Please allow up to two weeks of processing before you are reimbursed. 

If given a Company Credit Card (CCC), the Entrepreneur is expected to only make purchases that align with set budgets in collaboration with the Director of Finance and Administration. If purchases above the set budget are required, approval from the Director of Finance and Administration must be obtained prior to purchase. It is the entrepreneur’s responsibility to track and keep on budget. Additionally, CCCs may be used within reasonable limits while traveling for food. The Entrepreneur will need to track and submit all detailed line item receipts for purchases made on their CCC via Divvy for formal review and approval in accordance with dates outlined on the Payroll Calendar.

Personal Expense Reports and CCC reports will be submitted separately. CCC reports are not subject to reimbursement. See below for general rules regarding dates for accounting and company auditing purposes. 

Expenses must be submitted in accordance with the dates outlined on the payroll calendar using the general rules below, unless otherwise instructed by the Finance Department:

Expense Reports: (both Personal and CCC) due by the final day of every month

1. Reimbursements take approximately 5-7 business days to hit personal bank accounts via ACH

If an Entrepreneur  is off when an expense report is due, it is the entrepreneur’s responsibility to turn in their expense report before their time off to be reimbursed accordingly.

NOTE: If you’re a new full time Entrepreneur  at CTC (aka a Rookie), you qualify for Health & Wellness and Phone (for specific positions only) reimbursements as follows:

• Start date is between the 1st and 14th of a month: you qualify for reimbursement beginning the month you’re in! 
  • EXAMPLE:
    • Start Date: August 8
    • Submit for August reimbursement by August 31st
• Start date is between 15th and 31st of a month: you will qualify for reimbursements the FOLLOWING month
  • EXAMPLE:
  • Start Date: August 15 
  • You don’t qualify for some reimbursements in August, so you begin the following month, September
• Submit for SEPTEMBER  reimbursement by September 30th

Should you have any questions or concerns regarding this policy, please contact Human Resources in the Differentiation Department.

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