Moving Expense Policy
New Mexico Tech (NMT) recognizes that payment or reimbursement of the costs associated with the relocating of new employees may be an important consideration in the recruitment process. Moving expenses may be paid or reimbursed to benefit the recruitment effort when funds are available. All commitments to reimburse moving expenses must be agreed upon with the appropriate vice president. This policy is intended to establish maximum reimbursement levels and procedures and allow NMT to make use of Internal Revenue Code (IRC) by allowing the benefit of tax deductibility.
“Moving expenses,” as used in this policy, are defined as the actual expenses of transporting immediate household effects, furnishings, and personal effects of the employee and members of his or her household, as well as expenses of packing, crating, and insurance for such goods and effects. “Household goods” is construed to include the employee’s professional library and, in some cases, professional collections. Moving expenses may also include the travel expenses of the employee and his or her dependents one way to the employment location, based on current NMT Daily Expense Allowance Table. NMT does not normally pay or reimburse expenses for moving animals (except household pets) camper trailers, boats or other non-household items. Also, NMT does not pay or reimburse expenses incurred in any real estate transactions associated with the move. “Employee”, as used in this policy, is defined as the new employee.
The responsibility for administration of the policy rests with the appropriate vice president. Any guidance necessary for policy interpretation and procedural issues may be addressed with the federal compliance manager.
Professional moving services and shipping costs require three bids for reimbursement, the lowest of which will be paid by NMT. If the professional moving service is a “self-serve”, e.g., U-HAUL, bids are not required. Note: NMT maintains a contract with a professional moving service. If this service is used additional bids are not required. If you would like to inquire about this service, please contact the appropriate vice president’s office for assistance.
Mileage may be reimbursed, but will be based on the most direct route. Mileage is reimbursed at a rate stated in the “Business Office Travel Policy” . Currently the rate is 25 cents a mile.
Storage of household goods and personal effects in Socorro is allowable when necessary for up to 60 days.
Daily expense allowance is used for the employee and dependents to relocate. The intention of this allowance is to cover part of the costs of traveling to the new job location. These expenses generally include meals and lodging. Allowable expenses will follow the limits and guidelines outlined in the Daily Expense Allowance Table.
Temporary housing/lodging expenses are incurred when a relocating employee is unable to obtain use of permanent housing upon arrival at the new job location. This expense may be limited by the vice president’s office. If you need to use this benefit in excess of seven days, please obtain prior approval. Traveling expenses incurred when an employee has not traveled 350 miles in a 24-hour period and those in excess of two nights will also be applied to this seven-day maximum. Allowable reimbursement follows the limits and guidelines of the Daily Expense Allowance Table.
Air or ground transportation costs may be reimbursed from the employee’s current residence to the new job location.
Temporary transportation such as a rental car, may be reimbursed if the new employee will be without transportation due to relocation. This expense will require the prior approval of the appropriate vice president.
One house-hunting trip maybe reimbursed. Reimbursement of expenses follow the limits and guidelines of the Daily Expense Allowance Table
This is not intended to be all-inclusive. New Mexico Tech may at any time determine that an expense submitted is excessive or unallowable.
Amounts in excess of the maximum agreed upon with the appropriate vice president
Expenses incurred prior to the date on the offer of employment
All requests for reimbursement of moving expenses must be submitted using a Direct Payment Form and a Moving Expense Reimbursement Form. All required receipts must be attached. Claims should only include receipts where required.
The new employee is responsible for reading the Tax Implications document. Further information about the reporting of reimbursed moving expenses should be directed to a qualified tax specialist or the employee should obtain IRS Publication 521.