Page 110 - Team Member Handbook Aug 2020.docx

POLICY: EMERGENCY LOAN Policy # 74
CREATION DATE: September 2018

REVISION DATE:
EFFECTIVE DATE: February 2019

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Jack & Jill recognizes the unexpected need that team members may encounter for
emergency funds in cases of grave personal crisis. As such, this policy defines the authority
of the Chief Executive Officer to issue short-term emergency loans to all eligible team
members that are experiencing unusual financial hardship. “Eligible team members” refers
to all permanent full-time and part-time team members who have worked for the Center at
least 6 months.

Discretionary Authority

The office of the Chief Executive Officer by way of Human Resources.

Legal Obligation

All team members who are issued an emergency loan must sign a Team Member
Emergency Loan Agreement and authorize payroll deductions for its repayment. The Team
Member Emergency Loan Agreement shall be a legal, binding obligation of the employee.

Any change in the terms of the loan must be approved by the Chief Executive Officer.
Limits

An eligible team member may borrow up to (a maximum) one week of their regular salary
based on a 40 hour week for full-time team members and a 15 hour work week for part-time
team members. Team member loans will be issued at a minimum amount of $100. Team
members are limited to one loan per year and three loans during their career at the
Center. In addition, any team member that has been issued an emergency loan is not
eligible to request a subsequent loan until one (1) year has elapsed between the final
payment of the previous loan and the new loan request.

Loan Payment Schedule

Loans are expected to be paid in full within three pay periods immediately following the
date of the loan. These terms will be outlined in the signed Team Member Emergency Loan
Agreement.

Defaults

If employment ends prior to full repayment, the remaining balance will be deducted from
the final paycheck. If necessary, the Center may, at its option, seek legal action.