Proof of Cost vs. Proof of Payment

Proof of cost is a document that proves how much an item/equipment is. This may be in the form of a website printout, invoice, bill, letter or e-mail from the vendor, past proof of cost, etc. As long as a price is mentioned in a document, it is legitimate. This document is used during Marathon and ER Meetings as well as requests for checks to be made out directly to vendors/companies. Proof of cost is not sufficient for reimbursement requests or any checks being issued to a club member.

Proof of payment is a document that proves that a certain amount of money has been paid and transacted completely. This may be in the form of an official receipt, internet receipt, written receipts with complete contact information, name, and signature of a cashier, bank statement, and cancelled check. It is mostly used for reimbursements requests.