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Madison Metropolitan School District

Employee Handbook 2021-2022

5.5 Marcus Johnson Loan

The Marcus Johnson Fund was established to assist employees who are experiencing temporary financial difficulty. A loan from this fund is available to any employee who is actively working for the District and who has the ability to repay the loan through payroll deduction.

Conditions

In order to receive a Marcus Johnson Fund loan, an employee must:

  1. Be actively at work,

  2. Currently have no other active loan outstanding,

  3. Currently have no payroll advance outstanding.

Rules

  1. The maximum loan amount is $200.00.

  2. Repayment will normally be $41.00 per month for five (5) months ($205.00 total).

  3. Accelerated repayment may be requested. The decision to grant an accelerated repayment rests exclusively with the Payroll Supervisor whose decision is final.

  4. A maximum of two (2) loans will be allowed per school year (July 1 through June 30).