Payroll Advances (HR2)

Payroll Advances (HR2)

Subject:
Payroll Advances

PURPOSE:
Provide guidance on employee payroll advances

Policy:
Graceland University discourages any advancement of pay but realizes that emergencies do occur where employees would need to have some payroll funds available before paydate.

Employees need to contact the Human Resources Office in the event that they would like to request a payroll advance. The Director of Human Resources will determine if the need is justified and explore other possible options before approving the advance.

Advances will not exceed two week’s net pay. Repayment terms will not exceed three months. Repayment will automatically be deducted from the employee’s paycheck according to the agreed upon repayment schedule. Payroll advances will be limited to two per year. Any exceptions to this policy will need to be approved by the Vice President for Business Services. Procedure:
Employee will need to fill out and sign the payroll advance form obtained from the Human Resources Office. This form specifies the dollar amount of the advance and the repayment terms. Payroll advances under $50 can be given in cash at InfoCentral or the Accounting Services Cashier’s Office. Any payroll advances over $50 will need to be requested by Tuesday at 5 pm for a Friday check. Any exceptions to this amount will need to be approved by the Director of Accounting Services to ensure sufficient cash is available.