All full-time faculty and staff employed at the University for six months or more are eligible to participate in the Bicycle Loan Program. Bicycles, for the purpose of this program, are a two wheeled, non-motorized conveyance powered by a pedal and gear system. One (1) helmet will be allowed as part of the total loan amount. Items excluded from the program include all other separately purchased pieces of equipment or accessories. Used equipment cannot be included in the program.
The Bicycle Loan Program will provide 80 percent of the cost of the bike and helmet up to a maximum outstanding balance of $2,000.00. If the bicycle cost is $2,500.00, the employee will receive 80% X $2,500.00 = $2,000.00. As interest-free loans are paid off or paid down, employees may apply for additional funding for other bicycles. As long as funds are available in the pool, there is no upper limit to the total amount an employee may borrow to purchase bicycles. However, the current outstanding loan amount cannot exceed $2,000.00.
Loans are to be repaid within one calendar year, in equal monthly payments. The payments will be made through automatic payroll deduction. Funds that are repaid stay in the loan pool and are made available to other eligible faculty/staff. Purchases may be made from any vendor for any brand selected by the employee. If it is determined that this program constitutes a taxable fringe benefit, the employee is responsible for the income taxes. Written requests should be submitted to Accounting Specialist, 200 Sparks Hall.
If an employee terminates employment with the University, the outstanding balance on all bicycle loans will be deducted from their last payroll check. If their last payroll check is not sufficient to cover the remaining loan balance, the individual will be required to pay the balance prior to the final clearance from the University.