Southern Oregon University Departments may wish to honor employees for outstanding achievements, length of service, and/or retirement. The university may expend instituional funds for these purposes, as noted on the SOU Human Resources "Employee Recognition" webpage.
These official SOU Employee Recognition award programs represent "Qualified Plan", as noted in IRS Guidelines. As a result, these programs adhere to the following tax reporting guidelines:
- Cash awards, or gift certificates, represent taxable income to the employee.
- Tangible awards equal to, or greater than, the fair market value of $1,600, represent taxable income to the employee.
Taxable portions of awards must be conveyed to the SOU Payroll Office. The amounts will be included as part of the employee's W-2 reported earning for the year in which the award was received by employee.
Questions? Contact Business Services Office, Accounting Manager or Payroll Manager.
