Cash Payments to Students BYU-Idaho Controller’s Conference – 29 May 2008.

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Presentation transcript:

Cash Payments to Students BYU-Idaho Controller’s Conference – 29 May 2008

Cash Payments to Students  Three approved disbursements to students  Payroll (Form W-2)  Federal Financial Aid, Scholarships, and Grants (Form 1098-T)  Cash Awards for Academic Competitions (Form 1098-T)

Cash Payments to Students  Payroll  Must go through Student Employment  For services rendered to the University while under the direction of University employees  Payments Not allowed  Payments for one-time services performed  Appropriate alternative: Volunteerism or enhance educational experience  Cash Bonuses  Appropriate alternative: Occasional social to recognize employees  Gift Cards and other cash equivalents  Appropriate alternative: Modest gift to recognize extraordinary service

Cash Payments to Students  Federal Financial Aid, Scholarships, and Grants  Federal Financial Aid  Students must meet federal aid eligibility requirements  Scholarships  Students must meet academic eligibility requirements (Merit)  Must be for past, not prospective performance  No expectation of quid pro quo  Grants  Students must meet financial eligibility requirements (Need)

Cash Payments to Students  Cash Awards for Academic Competitions  New policy approved by President’s Council 10 Mar 2008  Encourage students to participate in:  Essay Contests  Business Competitions  Art Competitions  Project Competitions  Etc.  Contest or competition must be pre-approved  Generally awards should be $250 or less

Cash Payments to Students  Cash Awards for Academic Competitions  Awards Not Allowed  Course-related performance  Employment or commissioned sales  Practicum disbursements  Mentorships

Cash Payments to Students  Impact  IRS wage and earnings regulations  Federal Aid regulations  Financial Aid Packaging

Cash Payments to Students Questions