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Expense approval and reimbursement policy

LAKE FOREST LOT OWNERS ASSOCIATION EXPENSE APPROVAL AND REIMBURSEMENT POLICY

Effective Date: March 12, 2017

PURPOSE:

To define the circumstances under which expenses incurred for the Lake Forest Lot Owners Association must be approved and/or are eligible for reimbursement.

POLICY GUIDELINES:
  1. 1) All purchases made on behalf of the Lake Forest Lot Owners Association that exceed $100 must receive prior authorization by the board of directors. On an exception basis, the board may reimburse expenses that have not been approved in advance pursuant to this policy. However, association members should not have an expectation that the board will do so.
  2. Persons making purchases or traveling for the benefit of the Lake Forest Lot Owners Association are entitled to reimbursement of their expenses. To receive reimbursement, the association member must complete the Lake Forest check request form and submit it to the Treasurer, along with receipts if applicable, within 30 days of incurring the expenses.
  3. At times, members may be required to use their personal cars for association business purposes. Reimbursement for the operating expenses of the car will be calculated by multiplying the number of miles traveled by the IRS standard mileage rate, currently $0.535. Mileage amounts must be verifiable through the use of commercially available websites (e.g., MapQuest, Google Maps) using the “shortest route” option.
  4. The President and the Treasurer are responsible for reviewing and approving reimbursement requests that exceed $100. The signatures of both the President and Treasurer, signifying approval, must be on such reimbursement request forms prior to disbursement of funds. If the President or the Treasurer submits a reimbursement request that exceeds $100, the Vice President must also review, approve, and sign the form.
  5. Reimbursement requests of $100 or less may be approved by the Treasurer alone. However, if the Treasurer submits such a reimbursement request, the President must also review, approve, and sign the form.
  6. The Treasurer is responsible for paying reimbursement requests in a timely manner, not to exceed 14 days from the date of receipt. If the Treasurer is out of town when the request is made, the “date of receipt” shall be considered the date the Treasurer returns.
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