1. Purpose
The purpose of this policy is to establish guidelines and procedures for the reimbursement of expenses incurred by trustees of Esharelife Foundation in carrying out their duties and responsibilities on behalf of the organization. This policy aims to ensure transparency, accountability, and responsible stewardship of charitable funds.
2. Eligibility
Trustees of Esharelife Foundation may be reimbursed for reasonable and necessary expenses incurred in connection with their official duties and activities on behalf of the organization.
3. Reimbursable Expenses
Travel: Trustees may be reimbursed for reasonable travel expenses incurred while attending board meetings, committee meetings, conferences, workshops, training sessions, and other events directly related to their role as trustees.
Accommodation: Reasonable accommodation expenses incurred during travel for official board-related activities may be reimbursed.
Meals and Refreshments: Trustees may be reimbursed for reasonable meal and refreshment expenses incurred while attending board meetings, committee meetings, and other official events, as appropriate.
Other Expenses: Other reasonable and necessary expenses directly related to trustees’ official duties, such as communication expenses, postage, printing, and supplies, may be reimbursed with proper documentation and approval.
4. Documentation and Approval
Receipts: Trustees must submit receipts or other appropriate documentation for all reimbursable expenses, clearly indicating the date, amount, purpose, and business nature of the expense.
Approval: Reimbursement requests must be approved by the Chair of the Board or another designated officer before payment can be processed.
5. Limits and Restrictions
Reasonableness: Reimbursement will be made for expenses that are deemed reasonable and necessary for carrying out the trustee’s official duties, considering factors such as location, duration, and purpose of the activity.
Budgetary Constraints: Reimbursement requests will be subject to budgetary constraints and the availability of funds allocated for trustee expenses.
Prohibited Expenses: Certain expenses may not be reimbursed, including personal expenses unrelated to official board duties, fines or penalties, alcoholic beverages, and expenses incurred without proper authorization.
6. Reporting and Transparency
Record Keeping: Esharelife Foundation will maintain accurate records of all trustee expenses, including receipts, reimbursement requests, and approvals, in accordance with applicable accounting standards and regulatory requirements.
Reporting: Trustees’ expenses will be reported periodically to the Board of Trustees and may be disclosed in the organization’s financial statements or annual report, as required by law and best practices.
7. Review and Revision
This trustees’ expenses policy and procedures will be reviewed annually by the Board of Trustees to ensure its effectiveness and compliance with applicable laws, regulations, and best practices. Any proposed changes to the policy will require approval by the Board.
8. Compliance
Compliance with this policy is mandatory for all trustees of Esharelife Foundation.
9. Enforcement
Violation of this policy may result in disciplinary action, up to and including removal from the Board of Trustees, depending on the severity of the infraction.