Expenses and budgets

Decide on fund manager expenses above SLE 100,000 and on their expense budgets.

The fund manager pays costs such as management fees, brokerage and audit from the trust’s cash. These costs reduce what is left for employees’ benefits, so they are controlled.

Where: Expenses in the menu.

Two things wait for you under Expenses:

• Pending expense approvals — any single expense above SLE 100,000.
• Pending budget approvals — every expense budget. The fund manager can only spend within an approved budget.

Expenses and budgets waiting

Each expense shows what it is for (with its reference underneath), the trust by name, the amount, type, payee, invoice reference and status. Each budget shows its description and the trust by name.

Approve or reject an expense

1. Select Approve expense (1) or Reject expense (2)
2. Add a note

   An approval note is optional. A Rejection reason is required.

   

   Rejecting an expense

3. Confirm

   An approved expense is debited from the fund manager’s cash for the trust; a rejected one is not paid.

Approve or reject a budget

Select Approve budget (3) or Reject budget, add a note (required to reject) and confirm.

Approving a budget

Approving a new budget replaces the fund manager’s current approved budget for that trust, and the approval window says so. Only the new budget’s lines authorise spending, and expenses already posted count against it. Before approving a small supplementary budget, check it still covers every category the fund manager needs.

Budgets also appear in the employer’s workspace. One decision settles a budget: whichever of you — trustee or employer — decides first, the budget is approved or rejected and leaves the other’s list. See Approve fund manager budgets.

Next: portfolio oversight.