Creating a Recurring Stipend (Company Administrators)
1. Access the Stipend Tab on Compt
2. Click Create a Recurring Stipend
Recurring Stipends should be created when you would like to provide funds to employees regularly at one of the below frequencies:
- Monthly
- Quarterly
- Semi-Annually
- Annually
Follow the below steps to Create a Recurring Stipend:
- Name your stipend
- Add a description
Select the frequency in which you want the employee to receive their funds
- If you are selecting a Quarterly, Semi-Annually, or Annually frequency choose the appropriate budget accrual option.
Budget Accrual Options
Upfront: Employees get the full stipend amount at the beginning of the cycle.
Example: For a $300/quarter stipend, they would get $300 on the first day of the quarter. If a new employee joins in the middle of the quarter, they would still get $300.
Upfront with Prorating: New employees get a proportional amount if they join after the cycle starts. When launching this type of stipend, all existing, eligible employees will get the full amount of the stipend.
Example 1: For a $300/quarter stipend starting on January 1st all employees who are eligible will receive $300 on January 1st. An employee who joins February 1st would get $200 for that quarter.
Example 2: For a $1,200/year annual stipend starting on July 1st, all employees who are eligible will receive $600 on July 1st. An employee who joins on August 1st will receive $500.
Monthly Accrual: Employees accrue their stipend balance as each month passes.
Example: For a $300/quarter stipend starting January 1st, they would get $100 on January 1st and then get an additional $100 added to their balance on February 1st and March 1st.
1. Select if you'd like all team members to receive the stipend or the appropriate grouping option in the Group Employee By drop-down. For more detail on this feature, please see our article on setting up eligibility and amount rules for multiple groups.
- Check off the Specify stipend eligibility days check-box if you would like to override the general funding eligibility setting. Specify the number of days you would like between the hire date and the employee receiving the stipend funds. For example, if you turn this feature on and set it to 30 days, someone hired on June 1st will receive their stipend on July 1st.
- Select the Perk Categories you would like to be eligible for the stipend.
- Click Save Draft
When your draft is finalized and ready to launch Click Schedule Launch and select the appropriate date before clicking the Confirm Launch button.
