USU STUDENT PRIZES AND AWARDS
These are monetary payments paid to USU students for achievement, performance, or a competition based on academic criteria. USU Students are defined as those persons who are registered at Utah State University and are pursuing an undergraduate or graduate degree.
There are no restrictions on the use of the funds AND the prize or award is not related to a student's employment duties. The IRS considers these payments to be non-compensatory taxable income to the student. The University complies with IRS regulations by reporting the accumulation of payments that total $600 or more over the span of a calendar year on Form 1099-MISC. In addition, these payments may be considered a source of income when determining a student's financial aid package and therefore have an impact on other need-based financial aid the student may receive.
Note: Prizes and awards given to foreign national students must be processed through University Payroll. See Foreign National Students.
How to Process a USU Student Award or Prize:
Use the Student Award or Prize Direct Pay Form to make these types of payments to students.
Required information and Documentation to Process the Direct Pay:
- The name and A# of the student receiving the award/prize.
- The home mailing address of the student.
- A written description of the prize or award including the name of the prize/award and how the students (s) were selected.
- For all students a completed Taxable Gifts and Awards Form for Students.
- Use account code 714605
(Click on the link below to log into EZ-Buy for the Direct Pay Form)
USU Student Award or Prize Direct Pay Form