COLLEAGUE EMERGENCY FUND DESCRIPTION
The purpose of the Colleague Emergency Fund is to provide limited financial assistance to eligible colleagues who are experiencing unforeseeable economic hardship due to certain emergency situations.
Situations do not need to have occurred during business hours or have any relation to work. Situations should be temporary or short-term in nature and not chronic. Colleagues will be referred to an appropriate source (i.e., Convergint EAP, community agency, Consumer Credit Counseling Service, etc.) if their circumstances do not apply to this program.
Examples of economic hardship considered as qualified under this program include a personal or family crisis involving an emergency financial need, unexpected medical expenses which exceed insurance provisions resulting in economic hardship, or an uninsured loss due to fire which results in economic hardship.
Review and Approval Committee
A committee of five (5) colleagues (Colleague Emergency Fund Committee or CEFC) will review each request and make a determination within two weeks or less depending on the circumstances. The colleague will then be notified of the decision by the Program Administrator. All requests shall be kept confidential. The CEFC will not be given information pertaining to the applicant’s identity to ensure confidentiality.
Amount and Duration
The maximum amount allowed may be up to $4,000.00. Under no circumstance will the financial assistance exceed the cost of the expense being considered. Any approved amount will be deducted from the Fund. Eligible colleagues can apply once within a 12 month period. This is a tax exempt grant and is not considered taxable income subject to IRS or Revenue Canada taxation.
Approval of an application can be either partially or fully funded depending on the situation. Colleagues are not required to pay back a grant as this is not a loan; however, they are encouraged to do so, since this will help replenish the fund for future requests. If the grant is paid back, it is considered a charitable contribution and may be deductible for tax purposes (U.S. only or Canadian citizens with U.S. source income and then the exemption is limited to 75% of that amount).
Ken LaChance Fund, Inc. has been created as a 501(c)(3) tax exempt nonprofit organization; it holds all funds and is the source of all grants. Ken LaChance Fund, Inc. will be funded through a combination of sources including but not limited to colleague contributions (by cash, check or automatic payroll deduction), fundraisers, technology partner donations, Convergint endowment or donation matching, and from other entities outside the company who wish to contribute. All donations to the fund shall be treated as charitable contributions and may be deductible for tax purposes (U.S. only or Canadian citizens with U.S. source income and then the exemption is limited to 75% of that amount). At this time there is no specific dollar limit for annual grants. However, because the fund is completely financed through donations, there is no guarantee that money will always be available.
Eligibility criteria includes but may not be limited to:
- Colleagues must have worked at Convergint for six months or longer
- Full-time or part-time colleagues paid on a salaried or hourly basis, including those on an approved leave of absence.
- Retirees (retired within the previous six months or less)
- Former colleagues (separated from employment within the previous six months or less except if separation was for reason of misconduct)
- Surviving dependents or family members of an eligible colleague (if death occurred within the previous six months or less)
- The person or persons who select recipients of grants should not be in a position to receive a private benefit, directly or indirectly. Therefore, the following colleagues or persons may not apply for or receive monies from the fund; Ken LaChance Fund, Inc. board members, Program Administrator, or CEFC members.
A grant application must be completed to be considered for financial assistance. Incomplete applications will be returned, which can cause delays. Documentation which clearly identifies the expense associated with the request shall accompany the application. Please be aware that the Colleague Emergency Fund Committee may request additional information to verify financial need and access to other financial resources prior to grant approval.
The completed application and attached documentation should be sent to the Program Administrator, marked “Confidential.” Applications and documentation, without the applicant’s identity, will be forwarded to the CEFC for review.
Approval Process and Timing
The CEFC will review the application and make a determination within two weeks or less upon receiving the application. In cases of dire emergencies, the CEFC will try to make a decision within 72 hours. Approval need not be unanimous by all CEFC members but shall be a majority quorum. If additional information is required, the colleague will be contacted by the Program Administrator. Once a decision has been reached, the colleague will be notified as soon as possible; first by phone, then email and finally by letter.
If the application has been approved, a check will be mailed to the grant recipient or designate as soon as possible. If the application has not been approved, the colleague will have the option of appealing the decision, but must do so by contacting the Program Administrator within 5 working days upon notification of the decision. If there is no response from the colleague, it will be considered closed.
If the colleague chooses to appeal, it is the colleague’s responsibility to contact the Program Administrator for information on the appeal process and to submit other documentation which would help support the request for financial assistance.
If the CEFC does not approve the application the second time, then the matter will be closed.
Documentation to verify the emergency expense may include:
- Specific bill(s) for which the colleague is requesting funds
- Death certificate (deceased employee/dependent)
- Police/fire reports
- Eviction notice
- Utility shut-off notice
- Notice of delinquency
Designated by the Ken LaChance Fund, Inc. board of directors.