Staff Emergency Loan Fund (SELF)

Overview

• Purpose:  The Staff Emergency Loan Fund (SELF) provides interest free loans on an emergency basis to University of Vermont permanent full time or part time staff members who have successfully completed their probationary period. SELF is supported through funds raised by the Staff Council and individual contributions from members of the University of Vermont community. SELF is overseen by the Staff Council through the Staff Council Office. The Administrator of the Staff Council Office is responsible for making determinations regarding the approval or denial of loans. Appeals on denied loans can be sent to the Staff Council President for review by the Staff Council Executive Board in a timely manner. All personal information regarding staff members found on loan applications remain confidential. The security of information is maintained at all times by the Staff Council Office.

SELF Loan Applications and information regarding SELF Procedures can be found on this page and in the Staff Council Office. All completed Loan Applications must be submitted to the Staff Council Office, 313 Waterman. If you have any questions or concerns, please contact the Staff Council Office at 802-656-4493 or by email at Staff.Council@uvm.edu

For printable versions of the information found on this page as well as a SELF Loan Application, please refer to the following links:

• SELF Procedures (.pdf)
• SELF Loan Application (.pdf)

Staff Emergency Loan Fund Procedures

Eligibility

• University of Vermont permanent full time or part time staff members who have successfully completed their probationary period may apply for Staff Emergency Loans. Those staff members who meet the above criteria but are also members of Collective Bargaining Units may apply for Staff Emergency Loans as well.

• At any time, only one loan may remain outstanding for an individual staff member.        Note: In unusual and extraordinary circumstances , an additional loan application may be approved by the Staff Council Executive Board after further review of the application. Please refer to VII. Staff Council Executive Board Review of Appeals for Denied Loans & Additional Loans.

• A staff member must wait at least six months after paying off one loan before applying for another.

• No more than three loan applications within a three year period will be approved.               

Note: As an Emergency Loan Fund, it is not expected that staff will make frequent requests of this program. Exceptions will be considered on an individual basis, and in those instances staff members may be recommended to seek personal financial planning assistance. The University of Vermont’s Employee Assistance Program (EAP) provides confidential counseling on financial matters. To make an appointment please call the EAP office Monday – Friday, 8am-4:30pm at 802-656-2100. For more information please visit their website: http://www.uvm.edu/~uvmeap/?Page=finance.html&SM=counselmenu.html

 Loan Amount and Repayment

• The loan amount is to be limited to no more than $350.00, with consideration for special circumstances. Other funding sources, such as credit unions and credit cards, should be exhausted prior to applying for a Staff Emergency Loan.

• At least 10% of the original total loan amount will be repaid per pay period until the balance is paid in full.

Procurement of Loan

• A Staff Emergency Loan Fund Application is completed (including signature) and delivered to the Staff Council Office Administrator or his/her designee, 313 Waterman. Requests to meet with the Administrator or his/her designee to discuss Applications and/or questions about the loan procedure are welcomed and encouraged. Applications can be found in the Staff Council Office, 313 Waterman or electronically here: SELF Loan Application (.pdf)

• Available money in the Emergency Loan Fund will be reviewed by the Staff Council Office Administrator to determine if a loan can be made. If money is not available, the applicant will be notified that the loan was denied due to insufficient funds.

• If money is available for a loan, the Loan Application will be reviewed by the Staff Council Office Administrator or his/her designee to determine whether a loan should be approved or denied based on eligibility qualifications.

• The applicant is notified by the Staff Council Office Administrator or his/her designee as to whether the Application has been approved or denied.

• If a Loan Application is approved, the following procedure will occur:
  • The Staff Council Office Administrator will review the responsibilities and restrictions associated with the use of the Staff Emergency Loan Fund with the applicant.
  • The Promissory Note and Salary/Wage Deduction Authorization included on the Loan Application will be signed by the applicant and the Staff Council Office Administrator or his/her designee. The Loan Application outlines the repayment amount and schedule.
  • A copy of the signed Loan Application (which outlines the repayment amount and schedule) and instructions on responsibilities and restrictions to the Fund will be given to the applicant approved for a loan. One copy will be sent to Human Resource Services – Payroll to set up payroll deduction for repayment of the loan. One copy will be sent to Financial Services to make a check request. The original Loan Application will be securely filed with the Staff Council Office.
  • Financial Services will make a check request with Procurement Services for the agreed upon loan amount and set up payroll deduction for repayment of the loan. The check will be drawn and presented to the staff member in a timely manner to occur on the next day of disbursement. Checks are drawn on Tuesdays and Fridays and are available for pick up in the Cashier’s Office, 220 Waterman after1pm on those days. In order to receive a check on Tuesday or Friday, all paperwork must be completed, processed and submitted to Procurement Services no later than 3:30 pm on Monday or Thursday.
  • Should an employee leave the university, the entire balance due will be deducted from the last check paid to the employee.

• If a Loan Application is denied, an appeal can be addressed to the Staff Council President for review by the Staff Council Executive Board to occur in a timely manner. Information regarding the Executive Board can be found at http://www.uvm.edu/~stffcncl/?Page=exec.html

Staff Council Salary & Budget Committee Review of Appeals for Denied Loans & Additional Loans

• The Staff Council Executive Board will review all appeals for denied Loan Applications addressed to its Chair, the Staff Council President and approve or deny an additional Loan Application for the staff member with extraordinary circumstances* that would require a second loan to be disbursed prior to the full repayment of the original outstanding loan.

Appeals to Denied Loans

• The Staff Council Office Administrator or his/her designee denies a loan application.

• The emergency loan applicant makes an appeal to the Staff Council President, Chair of the Executive Board.

• The Staff Council President organizes an impromptu Board meeting with the Staff Council Office Administrator to review why the loan application was denied.

• The Board determines whether to approve or deny the loan.

• If the loan is approved the steps for procurement of a loan are followed.

• If the loan is denied,  the Staff Council Office Administrator or his/her designee notifies the applicant and the matter is closed.

Additional Loans

• An emergency loan application is submitted to the Staff Council Office Administrator or his/her designee by an individual who already has an outstanding loan balance but is experiencing unusual or extraordinary circumstances.

• The Staff Council Administrator contacts the Staff Council President, Chair of the Staff Council Executive Board to organize an impromptu Board meeting with the Staff Council Office Administrator to review the circumstances for an additional loan.

• The Board determines whether to approve or deny the loan based on the application.

• If the loan is approved, the steps for procurement of a loan are followed.

• If the loan is denied, the Staff Council Office Administrator or his/her designee notifies the applicant and the matter is closed.

Contributions

• The Staff Emergency Loan Fund is supported through funds raised by the Staff Council and individual contributions from members of the University of Vermont community. All donations are tax deductible and those who contribute will receive an Official Gift Receipt from UVM Development and Alumni Relations for IRS purposes. This is information is found at: http://www.uvm.edu/~stffcncl/?Page=selfdonations.html

Voluntary Payroll Deduction through Peoplesoft

1. Go to the PeopleSoft Portal page: https://www.uvm.edu/~erp/portal/

2. Login to the Human Resources site

3. Select the Self-Service

4. Under Payroll and Compensation, Select Voluntary Deductions

5. Click on the yellow button, Add Deduction

6. To the Right of the Type of Deduction, click on the magnifying glass to Search... one of the options will be,  "Staff Emergency Loan Donation"

7. Enter the amount you want to have deducted, as a percentage or flat amount, the start and stop dates, etc.

One Time Donation 

Simply send a check payable to UVM-Staff Emergency Loan Fund to:

University of Vermont
Gift Records
Grasse Mount Bldg
411 Main Street
Burlington, VT 05405

For information regarding any of these procedures or requirements, please contact the Staff Council Office at 802-656-4493 or Staff.Council@uvm.edu

 

Last modified March 05 2013 01:58 PM