Awards and Prizes
VCU’s Policy for Monetary Awards and Prizes 
is to provide the University general rules, guidelines, and limitation when making payments as Monetary Awards and Prizes.
Prizes for random drawings or contests for students and non-employees may be processed through Travel and Reimbursement Services. However, payments to employees must be reported to HR for tax purposes.
All other types of prizes or awards to students must be processed through Financial Aid.
Except for random drawings, awards and prizes require full details and documentation to support the issuance of the award and determining factors as to the recipient. Payments for awards and prizes processed through Travel and Reimbursement Services require a purchase order and the use of the Awards and Prizes form. Awards and prizes may be approved by a fiscal administrator, Dean Designee, or a Dean Level Approver as appropriate and when appropriate. The department is responsible for providing the Social Security number and home address of the individual to be paid. The check will be made payable to the vendor listed on the purchase order, and will be direct-deposited or sent to the recipient’s home address, as appropriate. The IRS Form 1099-MISC will also be mailed to the recipient’s home address. For more information: Summary of Payment Methods for Non-Employees and Employees
Non-Monetary Prizes for non-employees for items value greater than $75 must be reported to Procurement Services for tax purposes utilizing the Non–Monetary Prize Reporting Form 
.