Professional Development Fund Policy
Allocations (additions) to the faculty member's professional development fund must be assigned at the time the contract is executed and prior to the performance of any services by the faculty member pursuant to the provisions of the contract.
Amounts assigned to the faculty member's professional development fund will be disbursed from the fund only with the joint consent of the faculty member and his or her department head.
There is no option to transfer amounts allocated to the professional development fund to overload pay or any other personal distribution to the faculty member once the contract is executed.
The professional development fund will remain in existence until fully expended or forfeited. Amounts in the fund that are unexpended at the end of each fiscal year (June 30) will be carried over to the next fiscal year. If the faculty member's employment is terminated for any reason, voluntarily or involuntarily, any balance remaining in the professional development fund will be forfeited and added to the faculty services fund.
- To purchase tangible personal property, such as equipment, in which case title to the equipment would be vested in Kettering, although in many cases it would be used by the faculty member to assist him or her to carry out his or her duties and responsibilities as an instructor
- To pay directly or to reimburse the faculty member for professional society dues
- To pay directly or to reimburse the faculty member for travel and lodging expenses associated with attending conferences or seminars which relate to the faculty member's profession
With regard to reimbursements for professional society dues and travel and lodging expenses so as not to include in the faculty member's gross income for federal income tax purposes, Kettering maintains an "accountable plan" pursuant to Treasury Regulation 1.62-2 (c) (2), defined as one which meets the following three requirements:
- The amount reimbursed must be for business expenses that are allowable as deductions for expenses paid or incurred by the faculty member in connection with the performance of his or her services as an employee. Examples include refresher courses, courses dealing with current developments, and academic courses that maintain or improve one's skills;
- The faculty member must substantiate the expense that is to be reimbursed. The substantiation must be in writing and must be completed within a reasonable period of time (within 60 days after the expense is paid or incurred). Substantiation requires that evidence be submitted to support the amount of the expenditure, the date it was incurred and the business purpose for the same;
- If an advance is granted, the faculty member must return to Kettering amounts in excess of what he or she is able to substantiate within a reasonable period of time (within 120 days after the expense is paid or incurred).
The Professional Development Fund agreement form is available at the Kettering Web site under Business Office - Forms.
You need Adobe Reader to view, fill in or print the form. If you don't have Adobe Reader, you can download it (free!) at www.adobe.com/products/acrobat/readstep.html.