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HomeMy WebLinkAbout05. Computer Loan Status Update5, Central Contra Costa Sanitary District August 1, 2014 TO: FINANCE COMMITTEE VIA: ROGER BAILEY, GENERAL MANAGE DAVID HEATH, DIRECTOR OF ADMINI ATIONb}( FROM: THEA VASSALLO, FINANCE MANAGER SUBJECT: COMPUTER LOAN STATUS UPDATE The District currently has an Employee Computer Purchase Assistance Program that provides employees with a low cost resource to purchase a personal computer and /or other authorized hardware for the purpose of improving computer skills. Board Policy (BP) 001, was made effective on July 1, 1995 and most recently amended on January 24, 2013. The policy states that staff shall provide the Board with an annual report including the status of participation and outstanding loans under the program. This memo serves as that annual report. Program Overview The District charges employee participants at the Local Agency Investment Fund (LAIF) interest rate, so the money earns the same rate of return as it would if the loan amount were invested, rather than extended to employees. Other program highlights are as follows: • The annual funding limit is $30,000. • Allowable purchases under the program include desktops, laptops, tablets, printers, software, and /or related equipment of any brand. • Purchases must meet current District standards and be pre- approved by the IT Administrator. • The minimum loan amount is $600; the maximum loan amount is $2,000. • Only one loan can be outstanding at any one time per employee. • The program is administered by the Accounting Department. A copy of BP 001 is attached for your convenience. This report will be discussed with the Finance Committee on August 1, 2014. Status of Participation and Outstanding Loans As of June 30, 2014, the revolving loan fund had $13,144 in outstanding loans, with a $16,856 balance available for new loans. Since its inception, 134 employees have taken advantage of the program. In the past year, 10 loans have been extended for a total dollar amount of $14,719. Attachment Number: BP 001 Authority: Board of Directors Effective: July 1, 1995 Revised: January 24, 2013 Reviewed: August 4, 2011 Initiating Dept. /Div.: Administration BOARD POLICY it r EMPLOYEE COMPUTER PURCHASE ASSISTANCE PROGRAM PURPOSE This policy will provide employees with a low cost resource to purchase a personal computer and /or other authorized hardware or software for the purpose of improving employee computer skills. POLICY 1. The District will provide loans to District employees under the Employee Computer Purchase Assistance Program to purchase a personal computer and /or other authorized hardware or software in accordance with the parameters set forth in this policy. 2. The annual funding limit for the program is $30,000. 3. The maximum computer loan per employee under the program is $2,000, with a minimum of $600. 4. Staff shall provide the Board of Directors with an annual report including the status of participation and outstanding loans under the program. 5. The program shall be administered by the Accounting Department. PROCEDURES Below are the conditions and necessary steps to receive a computer loan. (These steps also appear on the District's intranet.) BP 001 Page 2 of 2 Employee Computer Loan Program 1. The program is administered by the Accounting Department ( "Program Administrator"). 2. The employee must be non - probationary. 3. The employee must contact Accounting to initiate the loan process. 4. The computer system /technology being purchased must be pre- approved by the Information Technology (IT) Administrator to ensure it meets the District's current standards. This approval process is accomplished by submitting a quote from the vendor to the IT Administrator. 5. Allowable purchases under the program include desktops, laptops, tablets, printers, software, and /or related equipment of any brand. 6. An employee may borrow up to $2000, with a minimum of $600. 7. Only one loan can be outstanding at any one time per employee. 8. Once the quote from a vendor has been approved, Accounts Payable will produce a check to the employee. 9. Upon receiving the check from the District, the employee must sign a promissory note, which allows the District to deduct $100 from their monthly paycheck to reimburse the District for the loan. The interest rate the employee pays the District is tied to that of the most current Local Agency Investment Fund (LAIF). 10. The original purchase receipt must be submitted to the Program Administrator and will be kept in the Accounting Department. 11. The loan must be repaid to the District in full. Should an employee terminate before the loan is paid, any outstanding amount will be withheld from the employee's final paycheck. When inquiring about a computer loan, please contact Accounting, extension 325.