Procedure No. 804.2
Salary Advance
Area: Human Resources
Adopted: 8/25/2020
The college may grant a salary advance to any full time employee who has been employed by the college for a minimum of two (2) years and who demonstrates an emergent need. Presentation of a "good reason" for a salary advance should not necessarily constitute an emergent need. Determination of what constitutes an “emergent need” will be at the sole discretion of the college.
Approval for salary advances must be signed by the appropriate Cabinet member, the Executive Director of Human Resources, and the Chief Financial Officer. If the requester is a Cabinet member, the President’s approval will be required.
Salary advances may not exceed one week’s net pay and will also be limited by the amount of the employee's earned and available vacation or comp time, which shall serve as collateral. All salary advances must be reimbursed to the college within a four-month period. .
Before pursuing a salary advance, the employee must pursue similar options available through the Public Employees Retirement System or the ABCO Public Employees Federal Credit Union.
| Actor: | Action: |
|---|---|
| Employee | 1. Provides evidence of having pursued funds through PERS and/or ABCO 2. Demonstrates emergent need |
| Human Resources | 3. Verifies vacation/comp time accrual |
| Employee | 4. Signs Promissory note agreeing to the pay back terms of the advance |
| Human Resources | 5. Processes gold form and payroll deduction form 6. Secures approval signature of Executive Director of Human Resources, Cabinet member and Chief Financial Officer and/or Chief Business Officer on the request 7. Signs Promissory note for pay back |
| Accounting | 8. Processes check |
| Human Resources |
9. Release check |
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