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An expense reimbursement policy is a set of guidelines that dictate what out-of-pocket purchases employees can make on behalf of their company, and how and when they will be paid back for work-related expenses.

Princeton University is a not-for-profit, tax-exempt institution, chartered to fulfill certain educational, research, and public service missions.

Princeton's Policy: A spending Rule The rule says that the amount of spending per unit of endowment will increase each year by a stipulated percentage. (The endowment can be thought of as a mutual fund in which each endowed program owns a certain number of units.) Currently the annual increase is 5% per year.

An expense policy is a set of rules that define what the employees of a company can do with their employer's money. They're often laid out in a document which workers are asked to comply with when they sign their contract.

Princeton University prohibits acts of discrimination or harassment based on protected characteristics such as race, color, sex, sexual orientation, gender identity or expression, age, national origin, religion, disability, veteran status or other characteristic protected by law.

An employee expense reimbursement policy is the process an employee must follow in order to be paid back by their employer when incurring business-related expenses. Typically, a reimbursement policy is related to an employee traveling for work, engaging in business dinners, or purchasing work-related supplies or tools.

It's often overlooked, but having a formal expense policy for your business is essential. For starters, it helps the senior leadership team figure out how team members should spend company money. As the experts at Abacus explain, "policies are the best way to set expectations and eliminate grey areas for employees.