Under rare circumstances, employees may receive an advance against future earnings in the form of emergency advances. All pay advances are taxable wages at the time of the advance. The following guidelines govern advances when they occur:
- The employee must have an emergency situation or a financial need that cannot be met by other sources. Emergency situations do not include regular monthly expenses and are subject to the approval of the Payroll Manager.
- Requests for advances may not exceed the net amount of the employee’s next two paychecks.
- The employee must authorize in writing that the advance will be paid back through a payroll deduction within a two-month period of time.
- All emergency requests require the approval of the Payroll Manager.
- Employees who have outstanding debts to the College are not eligible to receive a pay advance.
- Due to the rare nature of such advances, only one advance (regardless of the kind of advance) is granted in a fiscal year.
Requests for advances that are larger than two months salary, requests to pay back advances over a longer period of time, or more than one request in a fiscal year, must have the approval of the appropriate vice president or dean, as well as the approval of the Vice President for Finance. Such requests should be submitted to the Payroll Manager before being submitted to the appropriate vice president or dean.