As we move forward into the new academic year we'd like to note some changes to our Travel Policy. Please see the following communication from Dean Tivadar Szegletes.
NEW TRAVEL EXPENSE POLICY AND PROCEDURES - effective July 1 - from Division of Financial Services (DFS)
On July 1, 2024, a newly revised University Policy 3.2, Travel Expenses , will go into effect with new rules impacting expense reporting. This revision aligns with the new policy framework requirements issued by the Chief Compliance and Privacy Officer, encourages cost-conscious travel practices, and abides by the Internal Revenue Service's Accountable Plan rules for business expenses.
The updated policy now focuses on the core principles or overarching, enduring tenets, while detailed procedures are available on the newly revised Travel website. This separation allows for a more concise policy document and easier access to specific procedural information.
Read more about these changes and access resources here: https://finance.cornell.edu/travel/news/new-travel-expenses-policy-and-procedures-effective-july-1-2024
If you have questions about the new policy or procedures, the Shared Services Center (SSC) can help. You can contact them directly or attend one of their Virtual office hours on Zoom.
TAXABILTY OF EXPENSES: - effective July 1 - from Division of Financial Services.
- Travel expenses must be submitted within 60 days of the travel end date.
- After 60 days:
- Late submissions beyond 60 days require approval by dean, vice provost, vice president, provost, president or direct designee and, if approved, will be taxable.
- After 365 days:
- Late submissions beyond 365 days will be taxable and out-of-pocket expenses will not be reimbursed.
- Prepaid expenses will be reported as taxable income to the IRS and applicable taxes will be withheld where required.
- Reporting and Repaying Advances:
- Advance amounts must be reported within 60 days or returning from your trip.
- You must repay Cornell within 120 days after return from travel when the amount advanced exceeds your incurred expenses.
- After 120 days, the amount due will be reported as taxable income to the IRS and applicable taxes will be withheld where required.
- When amounts are reported as taxable income, units must not increase(i.e., gross-up) the net amount.
If you have questions about the new policy or procedures, the Shared Services Center (SSC) can help. You can contact them directly or attend one of their Virtual office hours on Zoom.