Two new policies that affect faculty and staff were recently posted to the website.
The Awards, Gift/Gift Card and Prize Policy defines how employees must handle achievement awards, gifts, gift cards and prizes to assure compliance with IRS withholding and reporting obligations. Violations present substantial risk and audit exposure for the University and for the recipient. For gift cards and gift certificates, for instance, the value will be reported on the employee’s W2, the qualified non-employee’s 1099, or 1042-S tax form, whichever is applicable, in compliance with IRS reporting requirements.
The Business Meals and Hospitality Policy stipulates when NEOMED will pay for reasonable and necessary expenses for business meals and hospitality. This policy applies to all employees seeking reimbursement for, or departments seeking payment of such expenses. It also defines what is required to receive reimbursement. Numerous constituencies have an interest in how the University spends its funds. Accordingly, the University must ensure that funds are used judiciously and appropriately in support of its activities.