KU Endowment Loan
In the event that an employee would miss their regularly scheduled pay check due to an administrative error out of their control, the KU Endowment Association will grant a payroll loan. The loan will not exceed 60% of the gross wages due to the employee for that specific pay check. The Payroll office is the only authorized department at the University who may initiate and sign for a payroll endowment loan. Loans will not be granted in cases where the employee themselves caused the delay due to untimely submission of documents, such as late timesheets.
Effective Friday, 11/30/12, based on an agreement with KU Endowment and Financial Services, payroll loans will not be granted unless the employee is not receiving their pay because of an administrator error out of their control; reporting their time late does not constitute approval for a loan.
The department must provide to Payroll, at the time of the loan request, documentation that the time and leave, for which the loan is being requested, has been entered and approved within the HR Pay system. The payroll office will not approve and process the loan documents unless this information is provided by the departmental personnel.
Payroll and KU Endowment will not authorize any loans when the payment of wages is within 5 days of the request. If an emergency would arise Payroll would consult with KU Endowment as an exception to the policy.