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Index > Operations Policies > Faculty/Staff Computer Loan Policy

Faculty/Staff Computer Loan Policy

Purpose

Employees of Rhode Island School of Design (“RISD”) may request a loan for the purpose of purchasing a computer, computer peripherals and/or software through the Computer Loan Program overseen by the Controller’s Office.

Scope

All faculty and staff, whether full time or part time, are eligible to access this benefit in accordance with the criteria set out within the policy.

Policy

Eligibility Criteria

  • A computer loan is available to eligible full-time and part-time regular employees, as follows:
    - Eligible full-time employees must have a minimum of one year of continuous service.
    - Eligible part-time employees must have a minimum of three years of continuous service and be employed at least 20 hours per week.
    - Eligible part-time faculty must be in the part-time faculty bargaining unit and have three years of service.
  • The loan must be used for the purchase of a computer, computer peripherals and/or software from any vendor that the employee chooses.
  • The computer purchase must be, or have been, made within 30 days of the date of the promissory note.

Procedures

Employees seeking a computer purchase loan should submit their application via the task “Create Expense Report” within the Workday system and by selecting the expense item “Computer Loan Program”. The following information is required for processing an application and must be included, as indicated in the expense report form:

Loan and Repayment Terms:

  • The maximum amount of the loan is $2,000, and the minimum amount is $500. Loans are interest free and will be rounded up to the nearest one hundred dollars ($100).
  • The repayment of the loan is payable only through payroll deduction.
  • The repayment period for all loans is one year.
  • Within 30 days of signing the promissory note, a copy of the actual receipt (if not previously submitted) must be submitted to the Controller’s office. The balance of the promissory note will be deducted from any available earnings. Should a balance still remain on the note at the end of the payment term, this amount is due immediately and in full and is payable in the form of a check, cash or credit card.
  • Employees who are on leave or sabbatical from the College and are no longer on the payroll will be responsible to pay the amount that has been established on the payment due dates of the promissory note.
  • Employees will authorize RISD to deduct the full amount of any remaining balance on the loan from the next and/or final paycheck, in the event employment with RISD is terminated. If for any reason that paycheck is insufficient to cover the remaining balance, the balance is due immediately and in full and is payable in the form of a check, cash or credit card.
  • The College may deny a subsequent computer loan if the employee did not follow this policy or the terms of their Promissory Note for a previous computer loan.
  • In the event of breach of the Promissory Note, the account may be turned over to a collection agency. The debtor will be responsible for all collection and legal fees, as well as the principal remaining on the loan.

Revision history

This policy was last reviewed/modified on: 3/3/2022

This policy was approved as of: 5/3/2022

Next scheduled review will be on the following date or as needed: 3/3/2024

Responsibilities

Issuing Office

Controller's Office

Responsible Officer

Senior Vice President of Finance and Administration

Individuals/offices required for review and changes

Controller

General Counsel

Human Resources