Reporting: Gifts
Gifts, prizes, awards, rewards, and incentives are considered taxable income. The University must track and report this income given to recipients as is required of any taxable income. The Gift Reporting Workflow is the mechanism the University utilizes for tracking.
| For purposes of the below instructions and corresponding guides, the blanket term "gifts" will refer to any and all gifts, prizes, awards, rewards, incentives, and the like. |
| All recipients of gifts, prizes, awards, rewards, and incentives must complete a Gift, Prize, and Award Acknowledgement form. |
| Completed Gift, Prize, and Award Acknowledgement forms must be reported by a university employee via the electronic gift reporting workflow by the last business day of the month in which gifts are given. |