It’s the gift that keeps on being taxed — gift cards, prizes and cash given to students or employees using college-related funds.
The intent may be to recognize achievement, but Chief Business Officer Rich Seggerman states there are tax consequences. “The Internal Revenue Service,” he said, “views it as triggering a taxable event for both the individual and the college.”
The Business Office cites the tax situation for gifts as just one of the policies and procedures — old and new — that it wants faculty, staff and student organizations to review at www.wartburg.edu/controller/.
The website, said Sheila Kittleson, accounting manager, will help people make “informed decisions when using college resources.”
Some of the other items cited are:
— The cost of daily vehicle rental rates are changing slightly and weekly and monthly discounts are now available. The schedule concerning miles driven has changed. Also, reservations can be made two days in advance instead of five.
— Wright Express fuels cards are to be used when driving a college-related vehicle.
— Air travel should be booked through Best Travel.
— Office supplies should be purchased through the Bookstore or the online Staples program.
A summary of the information is at www.wartburg.edu/controller/summary.pdf