- About Financial Affairs
- Policies + Procedures
Loyola University will reimburse university employees for authorized, reasonable and necessary expenses incurred while conducting business on behalf of the uinversity. Reimbursement requests must adhere to all Travel, Accounts Payable, Purchasing or other applicable procedures. Loyola University segregates reimbursement expenditures into the following 2 categories:
In accordance with IRS accountable plan regulations, reimbursements must be submitted within 60 calendar days after business related expenses are paid to avoid being included as wages for tax purposes. Reimbursements processed after 60 days from the date the expense was paid will be added to W-2 taxable earnings and appropriate taxes will be withheld from the employee's next regular paycheck. The University will no longer process reimbursement requests that are submitted to the Financial Affairs Office more than 90 calendar days after an expense is paid. Additional information regarding these timelines is located in the Required Documentation and Receipts / Timeline for Submission section of these policies.