Prizes and Awards
Prizes, awards, & raffle prizes received by employees are taxable and must be reported as additional earnings if their value exceeds the following dollar thresholds:
- Cash or gift certificates/gift cards of any amount (the IRS considers gift certificates to be equivalent to cash). The Controller's Office requires that any request for reimbursement for these items include the name, home address, and social security number of the recipient.
- Tangible personal property with a value greater than $100 (Tangible personal property less than $100 is considered "de minimus").
The source of funds for purchase of the above described prizes and awards should be general unrestricted departmental funds, used only at the discretion of the department head. Restricted funds (grants, contracts, and gifts) must not be used for such purpose.