Policy on gifts, awards and prizes revised

University Policy 602.11, Gifts, Awards and Prizes was revised as follows.

Changing the University Policy chapter designation from Chapter 101 (University Policy 101.18) to Chapter 602 (University Policy 602.11). Chapter 101 is related to personnel only, while this policy applies to both employee and non-employee gifts, awards and prizes. This policy is more appropriately organized under Chapter 600 (Property, Finances, Services and Records). Specifically, Chapter 602 relates to Finances and Gifts; the new policy number is University Policy 602.11.

Adding as subsection II.A.1, a definition of “tangible personal property” 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.

Moved procedural guidance related to advance quantities of gift certificates/cards to Gift Cards/Gift Certificates, How to Pay procedures (on Financial Services website).

Consolidating “examples” of tangible personal property that were previously scattered throughout the document, under subsection II.A.1.

Increasing the reporting threshold for sympathy/congratulatory gifts to employees from $100 to $125 to account for inflation, combined with the nature of these gifts (subsection IV.A.5).