New University Policy and Procedure: Gifts, Prizes, Donations, and Awards
April 2nd, 2014
This new policy and procedure documents current practices and provides guidance for the proper accounting of gifts, prizes, and awards by University funding sources. The accompanying procedure outlines the tax implications as well as the process for documenting such gifts. It includes substantiation requirements, the recipient’s potential taxability, expenditure thresholds, and examples.
The complete Policy and Procedure documents can be found in the Policies and Procedures section of the Financial Services site by clicking the Faculty & Staff tab and navigating to the Payroll Services section. If you have questions regarding this new policy, please contact one of the following:
Director of Accounts Payable: 336.758.5183
Director of Payroll: 336.758.4861
Director of Tax: 336.758.3760