Chapter Five:  Fiscal Affairs

Procedure Title:  Employee and Emergency Revolving Loan
Based on:  Board Policies Nos. 3, 4 and 7
Procedure Number:  5.16
Date Adopted/Revised:  June 25, 2001; November 21, 2006; May 15, 2007; May 5, 2015

  1. The College has established an Employee Revolving Loan Fund with the provision that all monies for the fund will be by private donation or interest collected from loans made.

      1. The institution requires that participants, as a condition of participation in the loan program, agree to allow the institution to deduct repayment for such loans from the employee’s paycheck.

      2. The Chief Fiscal Officer is responsible for establishing and revising reasonable rules for operation of the fund.

  2. Emergency loans are available to regular employees, student employees, and extra help employees on the following basis:

      1. The employee must have earned during the current pay period an amount equal to or greater than 1.25 times the amount of the loan.

      2. An employee with accrued vacation of the equivalent dollar value of 1.25 times the amount of the loan is also eligible.

      3. The Employee must agree to repay the loan by a payroll deduction from his/her next paycheck.

      4. Interest and/or a handling charge may be added to the loan.

      5. An employee may borrow up to $400.00 per fiscal year.

      6. An employee may have a maximum of four loans per fiscal year but the $400 limit may not be exceeded on a cumulative basis.

      7. An employee must have written proof of hours worked in the month such as a memo or time sheet from his or her supervisor.

  3. The loans will be made in the payroll/personnel office.