Awards may be made to University of Kentucky faculty and staff for the purpose of recognizing outstanding work-related achievement, a significant contribution, or a major milestone such as length of service or retirement. The University’s policy aligns with IRS guidelines to ensure appropriate tax treatment of the award.
Award or
Gift Type
Tax
Treatment
$150* for tangible property
$3,000 for payment through Payroll
Unrestricted
General Funds and Self-Supporting units unrestricted general funds. Not allowed on sponsored project.
Property-nontaxable
Cash- taxable
$10,000 for payment through Payroll
Cash-taxable
$50 for tangible property
No payments allowed through Payroll
* Amount not including shipping and engraving costs