All employee requests for loans or advances shall be submitted in writing and must be approved by the Director of Finance and Operations. Employees must pay FIS the minimum interest rate stipulated by the tax authorities.

The general limitation on the amount of loan or advance shall be the employee’s net pay for one month. Employees in their first year of employment shall be allowed to repay loans over a twelve-month period. Thereafter, employees may secure a general loan for three months. Only one loan may be in effect at any one time, per person. Should an employee terminate employment prior to full repayment of an advanced loan, the loan shall then become due in full. The number of loans and the total sum shall be reported to the Finance Committee when requested but at least once a year.