Tracking COVID-19 Expenses
Business Services has developed procedures that will allow the college to capture the true cost of COVID-19, which likely will be a significant sum. The goal is to reimburse all departmental COVID-19-related expenses so that operating budgets and other funds are not having to absorb the unexpected shock.
- Recoup whatever costs you can. If COVID-19 forces the cancellation of business plans, please try to recoup costs by seeking refunds on items such as canceled flights, accommodations and registrations. If you are unable to receive a full refund, please contact Alicia Lockhart.
- Describe the expense as “COVID.” In Certify, please use the description field to mark the expense as related by writing “COVID” as the first word in the field. Please clearly mark payment requests and invoices with similar language.
- Track intangible losses. Please do your best to record intangible losses such as lost revenue or hours dedicated to COVID-19 management. Once you think your records are complete and you will have no more additional losses, you can report them to Business Services (more instruction on this to come later).
- Be a good steward. Please keep the best interest of the college in mind when making purchases for the rest of the semester. It is possible that remote operations may actually “save money” in some areas. If you find this to be the case, please do not use those savings to make non-essential purchases. This is a good opportunity to contribute to the financial health of the college as a whole.
- Be cautious. Vendors may attempt to entice you with “emergency purchase” language. Be wary of any vendor attempting to instill urgency or fear. Per the Expense & Resource Stewardship Policy, the definition of “Emergency Purchase” is a purchase required to protect life and/or property or to prevent substantial economic loss or the interruption of service.
Forms must be printed, signed and submitted to Business Services for processing.
- Advance Reconciliation Report
- Credit Card Dispute Form
- Deposit Slip
- Inter/Intra Departmental Charge Form
- Faculty Travel Authorization and Funding Form
- Expense and Resource Stewardship Policy
- Red Flag Policy
- Record Retention Policy
- Faculty Professional Development Fund Guidelines
Click Table to Expand
|Operating Budgets||Endowed Professorship Funds||Departmental Discretionary Funds||Professional Development Funds|
|Fund Number Structure||18NNN
|Where does this money come from?||Student tuition, gifts to Hope fund, Room & Board||Endowment draw||Endowment draw and/or gifts from donors, support from departments/deans||As designated by the Provost's Office from general operating budgets of the college and, in some instances, endowment draws or transfers from other restricted funds.|
|Does this fund roll over from year to year?||No||Yes, until the end of term||Yes||Yes (until faculty member leaves Hope)|
|If so, when should I expect to see the endowment draw?||Beginning of Fiscal Year (July 1)||Each July after first year of appointment||Endowment draw-May
Other funding- throughout the year
|As the Provost's office designates (typically during the fall) and other transfers throughout the year|
|Can funds be used for student wages?||Yes, if budgeted||Yes||Yes||No|
|Can the funds be used for stipends?||Yes, if budgeted||Yes||Yes||No|
|What guidance is available?||Expense & Resource Stewardship Policy||Expense & Resource Stewardship Policy||Expense & Resource Stewardship Policy||Expense & Resource Stewardship Policy
Professional Development Fund Guidelines
|Who is the primary approver?||Various||Endowed professor||Department chair||Faculty member|
|Who is the secondary approver?||Various||Endowed professor's supervisor||Dean||Dean|
Anderson-Werkman Center100 East 8th StreetSuite 280Holland, MI 49423