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QUB Art Loan Scheme
QUB Art Loan Scheme
As part of Queen’s ongoing commitment to the visual arts, members of staff are now being offered interest free loans to buy artwork on sale in the Naughton Gallery. The Gallery hosts up to eight shows throughout the year and works offered for sale include paintings, sculpture, prints and photography, jewellery and furniture by leading local and international artists and designers.
How it Works
The member of staff chooses the work in the Gallery and completes the necessary paperwork including an application to borrow an amount equivalent to the cost of the artwork, interest free. Once approved, a monthly deduction is made from the employee’s annual net salary (ie after tax and national insurance), over a maximum of 10 months.
Members of staff can purchase work up to 10% in value of their net income up to a maximum of £2,000. Under the scheme it is possible to purchase more than one piece of art, as long as the total that is borrowed does not exceed £2,000 at any one time. Art pieces over the value of £2,000 may be purchased under the scheme, but the amount borrowed at any one time from the University (including other loan schemes) cannot exceed £2,000.
It is also possible to commission artworks from artists through the Gallery under this scheme.
Purchasers can take their purchase home as soon as the loan agreement has been approved or at the end of an exhibition, as appropriate.
Loans cannot be cancelled once the paperwork has been signed but purchasers will have the option of settling their loans early without penalty.
Any member of staff wishing to purchase a work of art outright from the Naughton Gallery is eligible for a 5% discount on the selling price. Those availing of the Art Loan Scheme are not eligible for this discount.
For further information or an Art Loan Scheme application form please contact extension 3580 or 5353 or email firstname.lastname@example.org.
Terms and Conditions
1.1 The art loan scheme is open to any full or part-time member of Queen’s University Belfast staff who has completed their probationary period and has been confirmed in post.
1.2 Staff on temporary contracts are ineligible for the scheme.
2 Maximum Amount of Loan
2.1 The loan must be between £100 and £2,000 and NOT exceed 10% of the annual net salary.
3.1 In the event of the applicant leaving the employment of the University before the full loan has been repaid any outstanding balance must be settled immediately in full.
3.2 Any amounts due to the University may be withheld from any final salary payment that would otherwise be due to an employee leaving the University.
3.3 In the event that the final balance is unable to be deducted from the final salary payment any outstanding balance must be settled immediately via the Naughton Gallery.
3.4 The applicant must notify the Naughton Gallery of any relevant changes in the terms and conditions of his/her employment or in his/her circumstances which might affect the repayment of the loan.
3.5 In the event of the applicant taking an extended period of unpaid leave (of more than 14 days) e.g. Career Break, any outstanding balance must be settled immediately in full.
3.6 In the event of the applicant defaulting on any other loan agreement with the University, any outstanding balance becomes immediately repayable in full.
3.7 In the event of the applicant becoming bankrupt, any outstanding balance becomes immediately repayable in full.
4.1 Title for the work remains with the Naughton Gallery until the loan has been repaid in full. Title will be transferred to the applicant once the loan has been repaid in full.
4.2 Applicants may take possession of the work once the loan has been approved and any exhibition commitments have finished.
4.3 Once the applicant takes possession of the art work it is his/her responsibility to arrange adequate insurance. In the event of the artwork being damaged, stolen or destroyed the loan remains repayable in full.
The Naughton Gallery is open from Tuesday to Sunday 11am to 4pm. Information on current and future exhibitions can be found at www.naughtongallery.org. For further information or an Art Loan Scheme application form please contact extension 3580 or 5353 or email email@example.com.