A non-cash gift/award is any benefit, prize or award which is given to an employee or non-employee. This includes, but is not limited to, airline vouchers or miles, tickets to UA or community events, art work, clothing, parking passes, UAF logo items, mugs, etc.
Non-cash benefits, prizes or awards with a fair market value exceeding $50 that are given to NON-EMPLOYEES must be reported to the Office of Finance & Accounting quarterly. Current calendar year reporting due dates may be found in the non-cash transactions reporting schedule. To avoid duplicate entries into Banner finance, each quarterly report should include non-cash transactions occurring during that particular quarter and/or transactions that have not been previously reported.
Non-cash benefits, prizes or awards that are given to EMPLOYEES must be reported directly to UAF Human Resources at the time of the award, see http://www.alaska.edu/files/hr/payroll.taxable_benefits.gifts_and_awards.pdf for further information.
The required report contains sensitive personal information, the file should be password encrypted and emailed to Lynn Wrightsman. Your email transmission should include your phone number so OFA may contact you to obtain the file password. DO NOT include the file password in your email transmission.
The University of Alaska holds a gaming permit issued by the State of Alaska which allows university departments, entities, and organizations to conduct raffles as fundraising events. A raffle is a game of chance in which a player pays something of value to purchase a medium (typically a numbered ticket) through which he/she may win something of value through a drawing or other method based on an element of chance. All raffles must be coordinated through Wood Center staff and conducted in accordance with State of Alaska Charitable Gaming Statutes and Administrative Code.
The value of a prize awarded through a raffle is considered taxable income to the recipient and may require the university to report the value of the prize to federal and state revenue agencies, and to collect identity information about the winner. Prizes won as a result of the purchase of a raffle ticket must be reported to the Office of Finance and Accounting by Wood Center staff when the prize is valued at $600 or more and the prize value is more than 300 times the cost of a raffle ticket.
For complete information regarding UA raffles, please visit the Wood Center Raffle site.