Master/Professional Certification Funding
EXECUTIVE DIRECTOR POLICY & PROCEDURE MANUAL
MASTERS/PROFESSIONAL CERTIFICATION FUNDING
Table of Contents
MASTERS/PROFESSIONAL CERTIFICATION FUNDING
The following document contains a proposal for funding Executive Directors in their pursuit of a Masters degree and/or a Professional certification:
The University of Lethbridge will establish an Executive Director Educational Development Fund to encourage employees to pursue advanced education that will enhance their abilities to perform their duties at the University of Lethbridge.
1. An Executive Director occupying a Full-time continuing position and who has successfully completed the probation period is eligible to apply for Masters/Professional Certification funding.
2. Application is to be made to the Vice-President (Finance and Administration) for approval. Upon approval of the Vice-President (Finance and Administration), the application will be forwarded to the President for final approval. Administration of the plan will be the responsibility of the Vice-President (Finance and Administration).
Application to include:
i) Description of the program
ii) Length of the program
iv) Benefits to be derived from degree/certification
3. Executive Directors who apply and are approved to participate in the program may apply again after the expiration of five (5) years from the completion date of their educational development activity.
4. Reimbursement will be two thirds (2/3) of the amount of tuition and related registration expenditures (e.g. travel, books) up to a maximum of $12,000.00 over a period of five (5) years. Successful completion of the course(s) is necessary for reimbursement.
5. Until adjusted by the Board through the President, the Board of Governors’ annual contribution to the Executive Director Educational Development Fund shall be $12,000 (July 1st - June 30th). Amounts not used in a particular year will be allowed to accumulate until the value of the fund reaches 2.5 times the annual contribution level for that year.
6. Reimbursement of expenses may also be claimed under the normal professional supplement funds available.
7. Funding arrangement to be effective July 1, 1999.
8. If the Executive Director voluntarily leaves the service of the University of Lethbridge within twenty-four (24) months of receiving funding under this program, they will be required to refund a portion of the funding on the following basis:
The full amount of the tuition paid by the University less an amount equal to 1/24 for each full month employed less than the two (2) years from the funding date.
9. A loan may be requested from the University to assist in the payment of tuition prior to successful completion of the course(s).
If the Executive Director leaves the service of the University of Lethbridge prior to completion of the course for which a loan has been granted, the Executive Director will repay to the University of Lethbridge the amount of the loan. If the Executive Director has not repaid the University prior to the last day of employment, the University will deduct the amount of the loan from any salary, wages, overtime pay or any other entitlements owed to the Executive Director.
10. The designation of Executive Director is in accordance with the Executive Director Designation as described in the Executive Directors’ Policy and Procedure Manual.
11. Applications must be submitted by May 1 for the following year (July 1 – June 30) to be eligible for reimbursement. If the allocation of funds is insufficient to cover the eligible expenses, the available funds will be allocated proportionately to the eligible applicants.
12. In accordance with Revenue Canada regulations, employment related training and education will generally be considered non-taxable. Employees who have their eligible tuition fees paid for or reimbursed by their employer and have not received a taxable benefit are not entitled to claim the tuition tax credit or the education amount on their personal income tax return.
If it is determined that the tuition fees paid or reimbursed on behalf of an Executive Director is considered a taxable benefit, the amount will be included on the employee’s T4. The Executive Director may then claim the tuition fees as a deduction in computing taxable income.