Most events at MIT Sloan require making payments, whether for food, facilities, decorations, or other items. Below, you'll find detailed information on the four options you have for making payments. Additionally, you'll find MIT's tax exempt forms, so you can ensure you are taking advantage of MIT's tax exempt status, and information on navigating travel expenses, contracts, prize payments, and non-profit donations.
MIT's procurement system
Pros: Shop, buy, pay and view transactions, direct invoicing. (Easy to purchase)
Cons: It's slow! We recommend starting the payment process at least two weeks in advance.
Pay with SLO credit card
Pros: Relatively quick and easy
Cons: Under $500 only, limitations on use
Pay out of pocket for small dollar purchases and request a refund
Pros: Quick (no advanced paperwork)
Cons: You are gambling that you will be reimbursed; some reimbursements may take a while to process
Transferring money between accounts
Pros: quick, easy, no limit to amount of money, doesn't require a form
Cons: only for moving money between MIT accounts
A travel expense is any expense incurred while traveling on MIT business. This may include hotels, airfare, restaurants, gas, reimbursement of personal vehicle mileage, etc. While "traveling" and "trip" may sometimes difficult to define, there are some expenses that will ALWAYS be defined as a travel expense: airfare, hotel, rental cars, gas for rental cars, personal vehicle mileage, or interstate train or bus fare, for example.
For more detailed information on the Institute Travel Policies, please visit the VPF Website.
Prize money is awarded to people individually, not as a group, is taxable income, and therefore follows certain rules. As a tax exempt institution, there are some people MIT cannot pay at all and others to whom MIT can only pay a percentage. It is important that you set and manage the expectations of all entrants in your competition - they are competing for the prestige of winning an MIT Sloan competition; prize money will be paid if legally possible