Policy Update: UP 602.11, Gifts, Awards, and Prizes

Friday, May 11, 2018

University Policy 602.11 (formerly 101.18), Gifts, Awards, and Prizes, related guidance, and forms were recently updated as follows:

  • Added a definition of "tangible personal property" (subsection II.A.1) to clarify IRS law and the references to this term throughout the policy.

    • Corrected guidance regarding gift certificates and gift cards, emphasizing that the IRS is clear that gift cards of any kind are considered cash equivalents.

    • Updated Gift Cards/Gift Certificates, How to Pay procedures.

    • Removed examples of tangible personal property that were previously scattered throughout the document, as they are now consolidated in subsection II.A.1.

  • Clarified that gifts to employees must not be given under conditions and circumstances that create significant likelihood of disguised pay.

  • Increased the reporting threshold for sympathy gifts to employees from $100 to $200 to account for inflation, combined with the nature of these gifts (subsection IV.A.6).

  • Clarified subsection IV.C and revised accompanying Human Subjects Payments, How to Pay procedures.

  • Revised Appendix A, Non-reportable limits for Allowable Gifts, Awards, and Prizes chart, in accordance with all of the above changes.

  • Updated Appendices B and C (forms for reportable and non-reportable gifts, awards, and prizes).

Email the Tax Office at TaxOffice@uncc.edu with questions related to this policy, related guidance, and forms.