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