Loans for Purchase of Personal Computer

Loans are made on approval of the Assistant Controller to regular employees who are expected to continue their employment during the repayment period of the loan. After the loan has been approved, a note will be signed and executed by the employee.

In applying for a loan, an eligible employee must sign an agreement providing for payroll deduction in the amount calculated to repay the principal in 50 pay periods. No interest will be charged on these loans. If the employee leaves the Institution for any reason, the loan becomes due and payable immediately. Any loan outstanding to an employee at the time of death will be forgiven by the Institution. Based on tax rules issued by the IRS, if the employer forgives a loan, the unearned amount becomes wages subject to employment taxes and wage reporting.

The loan may not exceed $2,500, nor be less than $300. The employee is responsible for purchasing the personal computer. Procurement can provide a list of vendors. A loan will not be granted while an outstanding loan is in effect.

Once the personal computer has been purchased, original receipts are to be submitted to the Assistant Controller. A check will be processed for the appropriate amount and payroll deductions will begin the following pay period.

To request an exception of the above provision, attach to your loan application a memo from your supervisor endorsing your request and stating the reasons why an exception is in the best interest of Woods Hole Oceanographic Institution.

Loan applications are available from the Controller’s Office website.