Forms serve the function very similar to the timesheet in most companies. They are an assertion by the instructor that they have taught the class on the date and at the pricing and financials stated on the form. The individual forms and any receipts submitted are inserted into the instructors' account statement in Nova Labs bookkeeping application and may be presented during an audit. Payments are issued twice a month, at a minimum.

Per Jim Sweeney, Treasurer, The Formbot shall be the primary means of submission of class reimbursements (exceptions approved by Treasurer)

Per Jim and validated by Sam Aparicio (president), Nova Labs does not reimburse for materials. Materials cost should be added to the pricing of the class so the instructor portion of the class includes the portion for materials claimed. Materials cost is subtracted from Gross Revenue prior to calculating the reimbursement. The result is that the taxable income is decreased.

Currently, as with other organizations and per our bookkeeper, an exact receipt for the cost of materials MUST be attached in a jpg or png file to the Formbot. The Materials receipt must match exactly and have no other items on the receipt or any alterations. The receipt is filed as part of the IRS requirements.

The calculation used by the Formbot was approved by Jim and Sam. The following is an illustration of the approved calculation by the app.

To calculate the Nova Labs portion of the profit from this sample class.

• 30% of the $90 = $27
• Subtract the materials cost = 27 - 10 = $17
• Subtract bank transaction fee of 2.9% + $.30 per transaction (3.5% + $.30 per transaction when using American Express) $17 - $3 - 1.20 = $12.80
• Subtract the estimated NL overhead costs for the class period for tools, building, mortgage, and other incidental overhead costs (this is unknown).

As of Feb 2019, the following workflow is in effect:

• Cutoff days: Forms must be submitted and received before the 1st and 15th of each month
• Formbot Instructor Forms are error checked, verified, and validated within 2 days of the cutoff days
• If validation errors are found on the form, this may delay the processing of that individual form pending correction by the instructor.
• Forms are sent to the Bookkeeper for payment via Paypal
• Instructors receive Paypal payment within 10 days after the form cut-off dates.

Instructor reimbursement submission timeline with the financial expense submission policy

<aside> 💡 Forms are an assertion by the instructor so if it needs to be corrected, the instructor needs to redo the form and resubmit it with corrections

</aside>

In April 2021, Jim Sweeney (treasurer) and the Board approved a motion to align the instructor reimbursement submission timeline with the financial expense submission policy.