{"id":2414,"date":"2025-02-21T09:51:27","date_gmt":"2025-02-21T14:51:27","guid":{"rendered":"https:\/\/rossweb.bus.umich.edu\/act\/?page_id=2414"},"modified":"2025-05-14T14:05:53","modified_gmt":"2025-05-14T18:05:53","slug":"giving-gifts-awards","status":"publish","type":"page","link":"https:\/\/rossweb.bus.umich.edu\/act\/services\/giving-gifts-awards\/","title":{"rendered":"Giving Gifts &amp; Awards"},"content":{"rendered":"\n<p>A gift, prize, or award may be given to a person in two different ways:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cash payment (e.g., student awards and gift cards)<\/li>\n\n\n\n<li>Non-cash item ( e.g., merchandise valued at $25 or above)<\/li>\n<\/ul>\n\n\n\n<p>There are important tax and\/or financial aid implications for guests, students, faculty, and staff receiving a gift\/award from the university. Please discuss any gifts\/awards with <strong><a href=\"https:\/\/rossweb.bus.umich.edu\/ross-finance-office\/\">Ross Finance<\/a><\/strong>.<\/p>\n\n\n\n<p><strong>Faculty and staff recipients<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Departments must assess whether the award, gift, or prize being given to a faculty or staff member is taxable, by referencing the&nbsp;<a href=\"https:\/\/finance.umich.edu\/resource\/policy-taxation-gifts-prizes-and-awards-employees\"><strong>Policy on Taxation of Gifts, Prizes and Awards<\/strong><\/a>. If it is taxable, payment must either be made through payroll or PeoplePay, to ensure that tax is withheld and the payment is included in the employee\u2019s Form W-2 in the calendar year in which it is received.<\/li>\n<\/ul>\n\n\n\n<p><strong>Student recipients<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Awards <em>relating to a student\u2019s academic pursuit or achievements <\/em>must be reported to the Office of Financial Aid (see&nbsp;<a href=\"http:\/\/spg.umich.edu\/policy\/601.30\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>SPG 601.30<\/strong><\/a>). All other awards, gifts, and prizes received by students are treated the same as staff recipients (if the student is also an employee) or as non-university recipients (if the student is not an employee).<\/li>\n\n\n\n<li>Gifts, awards, or prizes of any value given to students&nbsp;<em>may affect their financial aid package<\/em>. Please have students contact the <a href=\"https:\/\/finaid.umich.edu\/\"><strong>OFA<\/strong><\/a> to see if the gift will affect their financial aid package.\n<ul class=\"wp-block-list\">\n<li>Any international student or guest student (non-resident alien) who does not have a tax agreement on file with payroll will be taxed 14% on any funds they receive.<\/li>\n\n\n\n<li>Any award given to a non-U.S. citizen is taxed at 34.25% (30% Federal and 4.25% Michigan).&nbsp;<em>Exception<\/em>: Awards given to non-U.S. citizens who did not enter the U.S. are not taxed.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p><strong>Non-UM-affiliated recipients<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The university is not required to withhold income tax on gifts and prizes given to individuals who are not affiliated with the U-M. However, if an individual receives $600 in gifts and prizes from the university in aggregate throughout the calendar year, the university will issue the recipient a 1099, and they will pay taxes on the gifts\/prizes when filing their tax return.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A gift, prize, or award may be given to a person in two different ways: There are important tax and\/or financial aid implications for guests, students, faculty, and staff receiving a gift\/award from the university. Please discuss any gifts\/awards with Ross Finance. Faculty and staff recipients Student recipients Non-UM-affiliated recipients<\/p>\n","protected":false},"author":4819,"featured_media":0,"parent":2354,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_lmt_disableupdate":"","_lmt_disable":"","advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","ep_exclude_from_search":false,"footnotes":"","advanced-sidebar-menu\/link-title":"","advanced-sidebar-menu\/exclude-page":false},"categories":[],"tags":[],"ep_post_type":[15],"class_list":["post-2414","page","type-page","status-publish","hentry","ep_post_type-page"],"acf":[],"taxonomy_info":[],"featured_image_src_large":false,"author_info":{"display_name":"Don DuChateau II","author_link":"https:\/\/rossweb.bus.umich.edu\/act\/author\/duck\/"},"comment_info":"","coauthors":[],"author_meta":{"author_link":"https:\/\/rossweb.bus.umich.edu\/act\/author\/duck\/","display_name":"Don DuChateau II"},"relative_dates":{"created":"Posted 1 year ago","modified":"Updated 11 months ago"},"absolute_dates":{"created":"Posted on February 21, 2025","modified":"Updated on May 14, 2025"},"absolute_dates_time":{"created":"Posted on February 21, 2025 9:51 am","modified":"Updated on May 14, 2025 2:05 pm"},"featured_img_caption":"","featured_img":false,"series_order":"","_links":{"self":[{"href":"https:\/\/rossweb.bus.umich.edu\/act\/wp-json\/wp\/v2\/pages\/2414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rossweb.bus.umich.edu\/act\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/rossweb.bus.umich.edu\/act\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/rossweb.bus.umich.edu\/act\/wp-json\/wp\/v2\/users\/4819"}],"replies":[{"embeddable":true,"href":"https:\/\/rossweb.bus.umich.edu\/act\/wp-json\/wp\/v2\/comments?post=2414"}],"version-history":[{"count":15,"href":"https:\/\/rossweb.bus.umich.edu\/act\/wp-json\/wp\/v2\/pages\/2414\/revisions"}],"predecessor-version":[{"id":3110,"href":"https:\/\/rossweb.bus.umich.edu\/act\/wp-json\/wp\/v2\/pages\/2414\/revisions\/3110"}],"up":[{"embeddable":true,"href":"https:\/\/rossweb.bus.umich.edu\/act\/wp-json\/wp\/v2\/pages\/2354"}],"wp:attachment":[{"href":"https:\/\/rossweb.bus.umich.edu\/act\/wp-json\/wp\/v2\/media?parent=2414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rossweb.bus.umich.edu\/act\/wp-json\/wp\/v2\/categories?post=2414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rossweb.bus.umich.edu\/act\/wp-json\/wp\/v2\/tags?post=2414"},{"taxonomy":"ep_post_type","embeddable":true,"href":"https:\/\/rossweb.bus.umich.edu\/act\/wp-json\/wp\/v2\/ep_post_type?post=2414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}