Controller's Office
1505 N Boulder Avenue
Browning Hall, 3rd Floor
Russellville, AR 72801
Phone: 479-964-0898
http://www.atu.edu/controller
Student Gifts,Prizes & Awards Procedures
Will you be hosting an event, meeting, or program where prizes will be given or a competition where someone will win
a prize? If so, it is important that you follow the procedures outlined here and that you are aware of the policies
associated with distributing prizes, before advertising or purchasing the item for your event.
Please be sure to inform all individuals that the value of a prize awarded, through a drawing or program, is considered
taxable income to the recipient and may need to be reported to the IRS.
Non-US citizens may be subject to additional taxes. In some cases, 30% of the value of the prize must be withheld or
paid before the prize can be claimed. Please contact the Controller's Office before awarding the prize if the recipient is
a non-US citizen.
Gift Cards
Gift cards may be purchased for prizes to ATU students only, according to the following guidelines:
1.
The total amount for any gift card cannot exceed $100 and must be pre-approved.
2.
3.
Notify the Controller's Office when a gift card has been awarded, by turning in the Gift/Prize/Award
Reporting form within five business days. *Contact the Controller before
awarding the card if the
recipient is a non-US citizen.*LIWFDUGVPXVWQRWEHSXUFKDVHGZLWKD8QLYHUVLW\3&DUG
The recipient of the gift card must personally pick up the card by presenting a student id, and
completing the gift/prize/award form.
**If the above policy isn’t followed the individual that purchased the gift card, on behalf of their department or
organization, will be documented as the recipient of the gift card, and will be held responsible for any taxable income
reported to the IRS.
Prizes—Cash (in the form of a check from the university)
Cash can be awarded to winners of competitions sponsored by student organizations or departments.
Prizes can only be awarded to ATU students unless prior approval is given for a non-student recipient. In order to
award a cash prize, the student organization or department should follow this procedure:
1.
Complete the Gift/Prize/Award Pre-Approval form and await approval.
2.
Deliver the Gift/Prize/Award Reporting form to the Controller's Office
within five business days
of
choosing the recipient. *Contact the Controller immediately if the recipient is a non-US citizen.
3.
Once the Controller's Office receives all necessary documentation a check request will be
completed and the check will be picked up personally by the recipient.
Prizes—Goods Valued at $50 or more (Gift cards & cash are not goods) Goods can
be awarded to winners of competitions sponsored by student organizations or departments. The student organization
or department is responsible for submitting the appropriate documentation to the recipient and the Controller's Office.
Goods less than $50 are considered de minimis and do not require the reporting form. In order to award a noncash
prize, please follow the procedures below:
1.
Complete the Gift/Prize/Award Pre-Approval form and await approval.
2.
Submit the completed Gift/Prize/Award Reporting form to the Controller's Office within five
business days of awarding the prize. *Contact the Controller before awarding the prize if the
recipient is a non-US citizen.
