Turning Meal Stipend Into Cash
We receive roughly $8750 in stipends on a yearly basis if we each get $35 per day, Monday through Friday, 250 days per year.
Has someone found a way to convert our Grubhub/Seamless stipends into cash? If not, what are some of your tips and tricks for stipend spend?
Buy the meal then sell it to a homeless man
Step 1) Don't because that's a good way to get busted for fraud.
Step 2) See step 1
Step 3) Use the stipend as it's meant for actual food deliveries when you need it
Let’s say you were allowed to spend it at your discretion, what is the most efficient way you would turn it into cash?
Disclaimer, this is all just a thought experiment and in no way would I ever condone doing this (my job is kind of setting up systems to prevent this shit):
It'd depend on how it's set up as an earning code on your payroll. Tax considerations, how is it formulated on your earnings, etc. From there you'd have to find a way to grab it as a gift card if you can. Otherwise lots of Doordash orders that you then cancel to get receipts and then use that to charge on Confluence or whatever system you use.
Yeah fraud is legit dude - you could get fired for cause for $30 - is it worth it?
Glad to see you here, Isaiah. Heard and agreed. How would you do it if it wasn’t fraudulent?
Order via your own credit card, then you get miles/points. Those are worth cold, hard cash.
Are there no-fee cards you would recommend that offer 3-5x points on dining?
Unfortunately no, I myself get only 50 cts on the buck for every non-flight/car-related purchase. Sucks, but with enough volume pumping it can be done
Chase Freedom Unlimited, no fee 3% back on restaurants
I’ve heard stories of people (all got caught) using the meal stipends to buy household groceries, creating fake receipts by buying equipment stores use and using the names of superiors to be able to order more food and use those meals for breakfast and lunch.
But your question shows a complete lack of the topic of risk vs reward and I’m always shocked how greedy people really are.
You’re math said that at most you could “steal” 8k a year, which should be a rounding error compared to your total comp.
Why is groceries not allowed? Obviously the other examples are outright fraud.
As the kids say "you gotta have receipts". HR will dictate to payroll what is and what is not an allowed reimbursement item and require proof thereof.
Edit: We can go through the IRS tax codes if you want. Like I said earlier, a big part of my job is setting things up to prevent this kind of knee-jerk ripoff bullshit.
The point is for you to get dinner when you stay late, not stock your fridge for the week. Kind of a stupid rule but as mentioned above, it does start messing up taxable vs reimbursement stuff
You’re right about the disregard to risk/reward. Thanks for sharing that, good example of what not to do.
There have been at least 2 or 3 highly publicized incidents (and another which was a funny thread on here) which have made everyone worse off since you can't do receipts anymore, just ordering through portals. The stipends are pretty strictly controlled through the portals these days, i.e. they will notice if you go to the restaurant and cancel the order for a refund.
Just maximize spend to the extent possible (i.e. if your group allows WFH around dinner, stay until the Seamless and Uber cutoff times), get larger meals and save stuff for lunch, etc to lower your out of pocket food expenses. $8k is not enough to lose your job over
Know this analyst from Citi who got fired for trying to finesse the system - ordered from restaurant, called to cancel and get a cash refund. Not worth the risk.
entrepreneur. Yea i know that guy real hustler
Be friend a restaurant owner. Tell them to charge you for max amount on stipend (make it 34.92, 34.23, 33.92, 33.56 etc - so it seems like you're not scamming the bank). Then get the refunds in cash. Incentives for the restaurant owner to make more money by kicking back some cash to you.
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