Expenses

Expenses and Reimbursement

OCV has a three types of corporate credit cards, a shared Accounting Card, a shared Pre-launch Card, and each employee receives an Individual Card.

1. The Accounting Card should be used for general business expenses not attributable to an individual including paying for any broad business services or software, or purchasing equipment for new employees.

2. The Pre-Launch Card should be used as a placeholder for payments related to portfolio companies before their own Brex cards are set up.

3. The Individual Card is intended for business expenses that are directly attributable to a specific employee, such as travel or other reimbursable costs incurred in the course of their work.

💳 Individual Corporate Credit Card

Corporate credit cards are intended for limited, business-related expenses that are small in value or one-time in nature. They should not be used as a substitute for the standard vendor onboarding and procurement process. The firm expects employees to exercise sound judgment and discretion when using corporate credit cards.

In general, individual cards may be used for:

• Low-dollar purchases

• One-time or infrequent transactions

• Urgent operational needs where standard processing is not practical

• Travel-related expenses, where applicable under company policy

Corporate cards should not be used for:

• High-value purchases

• Engaging new vendors that should be formally onboarded

• Circumventing established procurement or approval workflows

Reporting Requirements:

• The IRS requires a receipt for all transactions over $75.

• Make sure to submit an itemized receipt, not the credit card payment total

• All transactions require a memo to document the business case (for accounting / expense classification purposes)

• For business meals or client meetings,

  • List the business purpose and the names of all participants in the memo

  • The most senior colleague should pay for the bill

• Employees are responsible for adding the receipt and memo in the corporate card system by each month-end

🪙 Out-of-Pocket Expense Reimbursement

For out-of-pocket expense reimbursement, employees can submit an expense report through OCV’s payroll system. Employees must submit their receipts within 90 days of receipt date to receive reimbursement. WSTCs Accounting Team will process expense reimbursement after Management review and approval. Expenses approved prior to the upcoming payroll processing date will be reimbursed on the following pay cycle.

✈️ Travel Expense Policy

All business travel needs to be pre-approved by the COO. Employees are expected to complete a pre-travel approval form with estimated total cost of the trip.

Travel expense guidelines

1. OCV will cover work-related travel expenses. This includes lodging and meals during the part of the trip that is work-related. Depending on the distance of your travel, this may include the day before and the day after work-related business.

2. OCV will cover costs related to commuting to and from a destination or airport which is work-related. This includes public transit, ride-sharing services (Lyft, Uber, etc.), or personal vehicle mileage between one's home and airport, bus/rail station, or work-related meeting.

3. Always bring a personal credit card and your corporate card with you when traveling for company business.

4. If you incur any work-travel related expenses (on your personal card or company card), save the original receipt.

5. When your trip is complete, please file out of pocket expenses for reimbursements within Brex. For company cards, please upload memos and receipts in the purchasing card dashboard.

6. OCV will accommodate reasonable custom travel requests. You may extend your trip for personal reasons if you choose. Any additional costs associated with extended stays are your responsibility.

Expense Allocation

There are many entities within the organization. As a default practice, we ask our vendors to bill the appropriate entity for which services/goods were rendered.

Company Pre-Launch Expenses

OCV has a designated payment method for standard pre-launch systems. These systems and accounts are expected to transfer to the company's own business credit card upon activation. As a general practice, OCV would minimize expenses incurred on behalf on the company during the formation phase. For each company, OCV would not seek reimbursements for total expenses below $500. Once total expenses exceed $500 (potentially driven by domain purchases), OCV would invoice the company for all direct expenses incurred.When founding team members need to purchase equipment or services before their company's financial systems are set up, the preferred method is to pay for these personally and later submit expense reimbursements to their company's accounting team. (See also Corporate Credit Card).

Reimbursements Across Entities

Occasionally, OCV may need to cover payments on behalf of another entity. These payments are recorded as receivables on OCV’s balance sheet. Once the entity can process invoices, OCV will request reimbursement at actual cost by submitting receipts to the entity's accounting department.Table below highlights typical expense categories by entity type.

Management Company	OCV Funds	OCV Companies
Operating costs (i.e. payroll for OCV team, systems, etc.)	Deal-specific expenses (primarily legal, travel, etc.)	Company operating costs (payroll, fixed assets, systems subscriptions, etc.)
Content production for OCV blog posts including new company launch announcements	Fund admin fees	Company-specific legal fees (including entity formation)
OCV-specific legal & accounting needs and non-company specific work that benefit all OCV companies	Tax services for funds (GP and LP entities)	Outsourced HR & recruiting services
Catalyst program sponsorship payments	ㅤ	Marketing (including contract content writers, etc.)
ㅤ	ㅤ	Outsourced accounting & tax services
ㅤ	ㅤ	Corporate taxes and statutory filings

Guardrails on Unusual Activity

The Accounting and Finance team conducts ongoing reviews of company accounts to identify unusual activity. Transactions that appear inconsistent with policy or business purpose may be reviewed more closely.

We operate in a high trust environment and expect employees to exercise sound judgment, diligence, and integrity when incurring and submitting business expenses.