PURPOSE / SCOPE:
ICOM provides tuition reimbursement to eligible employees as a means of encouraging an employee’s professional growth and development. Tuition reimbursement is a discretionary benefit in which eligible employees may seek reimbursement of certain expenses from an accredited educational institution for undergraduate, graduate, or post-graduate courses so long as such coursework has relevancy to ICOM.
PROCEDURE:
Employee Eligibility
To be eligible for the Tuition Reimbursement program, an employee must be regularly scheduled for at least 32 hours per week (0.8 FTE), be employed for at least one year, and be in good standing. Employees on a leave of absence are not eligible to participate until they return.
Course Eligibility
Courses or degree programs eligible for tuition reimbursement must meet the following guidelines:
- Must be related to an employee’s current position or to other positions within the College
- Must be offered through an accredited institution
- Must not be in conflict with an employee’s regularly scheduled hours
ICOM retains sole discretion in determining course or program eligibility.
Reimbursement of Expenses
- An employee seeking tuition reimbursement must complete the Tuition Reimbursement Application and submit it to the Office of Human Resources at least 30 days prior to the commencement of any coursework for which the employee seeks to be reimbursed.
- Reimbursement is contingent upon the successful completion of the course/program. The employee must provide evidence of a passing grade, which is defined as a grade of a ‘C’ or higher or a ‘pass’ rating. If an employee receives an incomplete in the class, they will have until the following semester to complete work and have the incomplete removed.
- Eligible expenses include tuition, lab fees, course fees, and books.
- The employee must provide an itemized receipt documenting expenses to be reimbursed.
- The amount to be reimbursed is agreed upon in the application but shall not exceed $5,250.
Exclusions
ICOM reserves the right to limit the number of employees eligible and/or resources available under this policy. Such decisions are typically made during annual budget process.
Educational expenses, such as licenses and certifications are not covered through the Tuition Reimbursement program but may be reimbursed through ICOM’s Continuing Education program. Continuing Education benefits may not be combined with Tuition Reimbursement.
Taxability
Tuition Reimbursement is not considered taxable income for most eligible employees. Any amount that exceeds $5,250 in a calendar year will be taxable in accordance with IRS regulations. Taxability is determined based on the date the reimbursed payment is issued. There may be instances where reimbursements are issued in a different tax year from which the courses were taken. Consult a tax professional for more details.
Repayment
Employees are expected to work a minimum of one year from the time of the tuition reimbursement. Should an employee voluntarily terminate their employment within that one-year time frame, the employee must repay ICOM 100% of the tuition reimbursement monies paid.
Though the achievement of an advanced degree is commendable, it does not qualify the employee for an adjustment in compensation.
PROCEDURE OWNER:
AVP of Human Resources
APPROVAL:
Effective: 5/15/23
Last Reviewed: 5/15/23
Review Requirement: 5 Years