UVAFinance Moves to Encourage Professional Development with new Ed Benefit Policy

About the Policy 

UVAFinance leadership desires to improve employee work skills, retain valued employees, increase innovation/productivity, and enhance employee satisfaction by providing funds for professional development in addition to the UVA Education Benefit program.  Our aim is to encourage a learning environment by supplementing the central pool of funds.  

Some Background about UVA's Ed Benefit

The University of Virginia’s Education Benefit, managed by University Human Resources, offers financial support for tuition and professional development. The tuition benefit is available for use on for-credit coursework toward a degree or academic certificate program. The professional development benefit is available for use for job- or career-growth related offerings, relevant to an employee’s current role. Up to $2,000 may be used for professional development, and a maximum of $4,360 is available for use between the two benefits. Additional information about the University of Virginia’s Education Benefit can be found at this link: http://www.hr.virginia.edu/hr-for-you/university-staff/university-staff-benefits/education-benefits/.

Policy Statement 

UVAFinance is a learning organization and encourages continuous learning for team members. If an employee has expended all funds provided by the UVA Education Benefit, she/he can submit a request to fund additional coursework or professional development. Approval must be attained through the use of a form (UVAFinance Professional Development Benefit Request), will be granted at management’s discretion, and is based on available funds, job relevance, and eligibility. Any costs related to travel will be paid by the department, and expenses for books and fees are not reimbursable. Eligibility: Eligibility is determined based on the same requirements as the UVA Education Benefit Policy. The employee must have an appropriate performance review on file.

Expectations

• The employee has already expended all available UVA Education Benefit funds during the calendar year of request.
• The employee will remain at UVA or an affiliate organization for a period of 12 months (unless involuntarily separated).
• The employee will maintain or exceed the current performance level with no decrease in workload. Arrangements for alternate work schedules, if needed, must be documented and approved by the employee’s manager and recorded in the employee’s HR record.

Note: The Internal Revenue Code (IRC) requires reporting and withholding of income and FICA taxes for Tuition and Professional Development Benefits whenever those payments exceed $5,250 annually for each employee. Tuition reimbursements, exceeding $5,250 will be considered taxable income and reported to the Internal Revenue Service. Federal, state and FICA taxes will be withheld on any amount in excess of $5,250.