Common use of Professional Development Leave Fund Clause in Contracts

Professional Development Leave Fund. Indexing Formula 10.4.1 For the Institute’s 2007/2008 fiscal year, the Institute’s total contribution to the Professional Development Leave fund will be $1,537,017.41 and allocated in accordance with Memorandum of Agreement 07FSA55. 10.4.2 For subsequent Institute fiscal years, the annual contribution to the Professional Development Leave Fund will be calculated as follows: Faculty Step 12 annual salary in effect on April 1 times an index factor of twenty-two (22). 10.4.3 The Institute’s annual contribution to the Professional Development Leave Fund shall occur on April 1 of each year. 10.4.4 The amount determined in Article 10.4.2 will be allocated on a pro-rata basis between the Other Staff SuperCommittee and Teaching Faculty Committees as set out in Article 10.5, based on the number of eligible regular full-time equivalent employees in each group on April 1 of each year. 10.4.5 Any funds generated under Article 10.4 which remain unspent at the end of a fiscal year will be carried over for use in subsequent fiscal years.

Professional Development Leave Fund. Indexing Formula 10.4.1 For the Institute’s 2007/2008 fiscal year, the Institute’s total contribution to the Professional Development Leave fund will be $1,537,017.41 and allocated in accordance with Memorandum of Agreement 07FSA55. 10.4.2 For subsequent Institute fiscal years, the annual contribution to the Professional Development Leave Fund will be calculated as follows: Faculty Step 12 annual salary in effect on April 1 times an index factor of twenty-two (22). 10.4.3 The Institute’s annual contribution to the Professional Development Leave Fund shall occur on April 1 of each year. 10.4.4 The amount determined in Article 10.4.2 will be allocated on a pro-rata basis between the Other Staff SuperCommittee and Teaching Faculty Committees as set out in Article 10.5, based on the number of eligible regular full-time equivalent employees in each group on April 1 of each year. 10.4.5 Any funds generated under Article 10.4 which remain unspent at the end of a fiscal year will be carried over for use in subsequent fiscal years.

Professional Development Leave Fund. Indexing Formula 10.4.1 For the Institute’s 2007/2008 fiscal year, the Institute’s total contribution to the Professional Development Leave fund will be $1,537,017.41 and allocated in accordance with Memorandum of Agreement 07FSA55. 10.4.2 For subsequent Institute fiscal years, the annual contribution to the Professional Development Leave Fund will be calculated as follows: Faculty Step 12 annual salary in effect on April 1 times an index Index factor of twenty-two (22). 10.4.3 The Institute’s annual contribution to the Professional Development Leave Fund shall occur on April 1 of each year. 10.4.4 The amount determined in Article 10.4.2 will be allocated on a pro-rata basis between the Other Staff SuperCommittee and Teaching Faculty Committees as set out in Article 10.5, based on the number of eligible regular full-time equivalent employees in each group on April 1 of each year. 10.4.5 Any funds generated under Article 10.4 which remain unspent at the end of a fiscal year will be carried over for use in subsequent fiscal years.