This program is established to facilitate the College in meeting its objective of increasing faculty and staff computer literacy by assisting continuing full- and part-time employees with their purchase and financing of computer and computer-related equipment for personal and professional home use.
Purchasing and Financing Procedure
Lakeland Community College will set aside funds through which continuing full-and part-time employees (employed by the college for at least six months and not on probationary status) may finance computer and computer-related equipment for personal and professional home use and subsequently repay the College without interest through payroll deduction.
Employees are solely responsible for the procurement, delivery, maintenance, warranty, and repair of eligible computer and computer-related equipment. To obtain financing through the College on their purchase, eligible employees have two options:
Employees can purchase eligible computer and computer-related equipment directly from an outside vendor and submit paid receipts and supporting documentation to the Controller's Office. The Controller's Office will prepare the appropriate collateralized installment note and have it signed by that employee. Upon receipt, review and approval by the College Controller, the College will forward funds payable to the employee for the amount financed and commence automatic payroll deductions on the amount financed.
Employees can submit an authorized sales order from an outside vendor with supporting documentation to the Controller's Office. The Controller's Office will prepare the appropriate collateralized installment note and have it signed by that employee. Upon receipt, review and approval by the College Controller, the College will forward funds payable to the outside vendor for the amount financed (a check will be prepared payable to the outside vendor and given to the employee who is responsible to forward it to the outside vendor) and commence automatic payroll deductions on the amount financed.
Purchase of the following items are eligible for College financing:
computer hardware and peripheral devices;
extended warranty agreements on microcomputer hardware/peripheral devices;
applicable installation, freight and delivery charges; and
related sales tax.
Items not eligible for College financing are:
equipment repairs and maintenance.
Fully supported sales order or sales receipt documentation is required to be submitted to the Controller's Office, including a list of items purchased along with related serial identification numbers. The amount financed will be the sales price and applicable sales tax for eligible items purchased.
The minimum purchase amount that can be financed by an eligible employee is $250.00. The maximum outstanding balance allowed at any time for an employee's financed purchases is (a) $3,000.00 if that individual is continuing full-time, or (b) $2,000.00 if that individual is continuing part-time. Eligible employees can obtain College financing of their computer and computer-related equipment purchases no more than once each fiscal year and separate collateralized installment notes will be prepared for each financing transaction. The maximum period allowed for an employee to repay each collateralized installment note (through automatic payroll deduction) is thirty (30) months from the date the employee signs each note. If an employee does not have sufficient payroll funds to complete a scheduled installment payment against their note through automatic payroll deduction (i.e., uncompensated leave of absence, insufficient hours worked for that pay period), then that employee is obligated to complete that scheduled installment remittance through direct payment to the College within seven (7) days of the scheduled remittance date.
The collateralized installment note may be prepaid, in whole or in part, without penalty. If an employee leaves employment on a voluntary or involuntary basis before the note is fully paid, the outstanding balance is required to be paid in full as of the last day of employment.
A security interest is held by Lakeland Community College on the goods financed by the employee's purchase. A listing of collateral will be attached to the signed collateralized installment note.
The employee is solely responsible for procurement, delivery, maintenance, warranty and repair of computer and computer-related equipment financed by the College and is fully bound to repay the collateralized installment note through automatic payroll deduction should there by any problem in these areas. The College takes no responsibility in these areas.
A separate account will be established in the auxiliary fund to control each employee's executed collateralized installment note(s). The original note, including its collateralized security listing and related documents, will be retained in the Controller's Office. When complete payment is made on the note, it will be returned to the employee.
Truth in Lending Law
The College is not compelled to comply with the truth in lending law since:
no interest is charged; and
no charge in lieu of interest is made.
The College reserves the right to expand, alter, modify or terminate this plan when it determines it is appropriate.