Congratulations on your award. As you may know, the honor includes a cash award. The Internal Revenue Service requires WSU to collect and report payroll taxes on awards.
There are three options open to you:
||WSU can issue you a
check for the award minus payroll taxes. **
Taxes required to be withheld from the gross award payment are:
|2.||WSU can deposit the
award in an account in the Foundation for your
professional development. As you incur
professional expenses, you can submit the receipts to
the Foundation and they will reimburse you up to the
amount of the award. These funds are to be used by the
end of the next Academic Year. You do not pay payroll
taxes if you expend the award in this manner.
|3.||WSU can transfer the award to your college or department for its use. You do not pay payroll taxes if you use the award in this manner and, per IRS regulations, the transfer is not a charitable contribution.|
Please circle which option you choose and sign this form
I select option # 1 2 3
Congratulations once again on your honor.
Director of Financial Operations and Business Technology
Wichita State University
||Amount of Award|
|Department Name||Date||Department Head Approval|
Department responsibilities & copy distribution:
Keep one copy of this letter for your files, give recipient of award one copy, return one copy to the Office of Academic Affairs, Box 13, and one copy to Gayla Shrank in Payroll, Box 38.
** If Option 1 (payment) is selected, an
OHR 210 form for additional compensation with departmental
signatures and identification of the funding source should be
routed for appropriate signatures. If the funding source is the
Foundation or the Board of Trustees, obtain a check from them
and deposit the check to the appropriate WSU RU funding source
of the payment. This will reimburse the fund with the outside