In all cases, you should first let your financial officer know what you are intending to purchase for budgeting purposes. Financial officers need to track expenditures and submit spreadsheets (.xls) documenting all expenses. If you are unsure about anything, ask your financial officer first. Remember the appropriate purchasing guidelines.
Don't forget to use a tax exempt forms for class purchases. Use of the MIT tax-exempt number for non-class purchases is against the law! Don't be the first 2.009 student to go to jail for tax fraud!
To pay for work done within MIT, you may use an internal requisition form.
For outside of MIT purchases, there are three ways to draw funds from the team budget.
A. Use the team credit card. Get one of the team financial officers to make the purchase for you using the team card. The financial officer will submit receipts to the course administrative assistant so they can approve the charge to the card.
B. Use your own cash (or credit card). Buy what you need, keep the receipts and submit them to your financial officer. The financial officer will fill a request for reimbursement, file it with the course administrative assistant, and then you will be reimbursed (typically within a week or two).
C. Request a purchase order so that MIT purchasing office will buy the items for you. The financial officer will fill out a requisition (internal or external), the course administrative assistant will process the requisition, MIT will issue a purchase order number, and then you place your order using this number.
All receipts must be turned in according to the instructions below no later than Monday, December 13, 2010. Receipts must be received by then to be reimbursed.
Your team will have two credit cards with a combined limit of $6500 (equal to the total team budget, which includes non-credit card purchases). The cards will be in your financial officer's names. The individual cards also have a maximum monthly limit of $3000. The cards should be ready roughly 2 weeks after your first lab, and the financial officers will need to participate in an MIT credit card training course before receiving the card. The course will take about an hour.
You can also use your own credit card or cash to buy items and then be reimbursed afterwards. If all stars align correctly, you might be reimbursed in as little as two weeks.
You can arrange to have MIT pay for the items directly. If you are purchasing within MIT see the internal requisition section below. You need to provide the vendor with a purchase order number.
This is the method of payment to use when purchasing items within MIT (such as the central machine shop) or selected vendors. A vendor list is available at: http://web.mit.edu/ecat/.