The emergency loan fund was established through a generous gift in the name of Leah Karpen and other donors. The purpose of the fund is to provide UNC Asheville permanent employees with a low interest alternative to borrow small amounts for emergency situations. This policy establishes the guidelines for requesting and approving emergency loans granted through this fund.
Faculty and staff members in permanent positions who have been employed by UNC Asheville for at least nine (9) months are eligible to apply for emergency loans. Emergency loans are not available to probationary, temporary or student employees. Emergency loans also are not available to any employee with one or more active written warnings, or to employees who have given or received notice of separation from employment at UNC Asheville.
Permanent faculty and staff members may apply for a loan for emergency situations where small amounts of money are needed to pay unplanned, unexpected expenses.
Some examples of emergency situations may include, but are not limited to, the following: unexpected doctor or dentist bills, travel expenses due to a death in the family, unexpected repairs such as a furnace, air conditioner, utility payments, etc. Documentation will be required to substantiate requests for an emergency loan. Denial of a loan is not grievable.
A peer review committee of seven members, representative of the campus community (i.e. SPA, EPA Non-Faculty, Faculty, and the divisions), is appointed to review loan requests greater than $250 and/or second loan requests. A Human Resources staff member chairs the committee and the paperwork associated with the loans will be coordinated by Human Resources. When a vacancy or extended absence on the committee occurs, the Vice Chancellor of the division represented by the vacating member recommends a new appointee.
1. Employees wishing to utilize the emergency loan fund must complete a request form. The request forms are available through Human Resources and are also available on the HR website.
2. The completed request form must be returned to Human Resources for approval and processing. Human Resources staff will be available to assist employees with completing the request form.
1. Second requests and/or loans greater than $250 are reviewed by the anonymous peer committee for approval if the loan request meets the following guidelines:
2. A majority (4 out of 7 members) of the committee must approve requests for loans between $251 and $1,000.
3. For loans requiring review by the committee, the review process will generally require up to five (5) working days from the date the written request is received by the Human Resources office.
4. The Human Resources office will notify the individual regarding the committee’s decision.
5. The check for an approved loan will be available the next working day following approval of the loan.
6. A loan of more than $250 must be repaid in 12 months or less.
7. Loan payments will be rounded up to the next five dollar increment.
8. Interest will be calculated on the monthly outstanding balance and will be collected with the final loan payment.
9. If a second loan is granted to an employee with an outstanding loan:
10. Repayment will be made through payroll deductions.
11. Additional payments can be accepted outside of payroll deductions.
Emergency loans to employees in time-limited positions can be made under the same conditions as loans to other employees except for the repayment period, which will be determined as follows:
Below is an example of the interest calculation:
All requests for loans from the Emergency Loan Fund will be kept confidential. No record of these loans will be placed in the employee’s file unless special circumstances arise with regards to the lack of payment during repayment periods.
This policy is subject to periodic review and updates.
Employees with questions regarding the Emergency Loan Fund should contact Human Resources by calling (828) 251-6605 or by writing to:
Phillips Hall - Room 116, CPO# 1450
One University Heights
Asheville, NC 28804-8503
The University of North Carolina at Asheville reserves the rights to change or modify terms and conditions, and/or request any relevant information that pertains to this policy at any time. If the university experiences a large volume of outstanding loans, funds may not be available to grant loan requests.
1For example: an employee is granted a $300 emergency loan in March. In August the employee requests another emergency loan. The maximum amount of the second loan request can be only $700. This will get the employee to the $1,000 maximum that can be requested within a 12 month period. The current outstanding balance of the first emergency loan is not relevant to this determination. Rather it is the total of the requests within the last 12 months that must not exceed $1,000.