Do your allocation disclosures withstand LP and regulator scrutiny—or do they leave room for ambiguity and drift? By the end of this lesson, you’ll draft expense‑allocation policies that are clear, specific, fair, consistent, and auditable, using a simple Scope → Method → Controls/Exceptions framework. You’ll find concise explanations, precise wording do/don’ts, scenario‑based examples, and short exercises that convert ILPA‑grade expectations into repeatable language investors trust.