- Accounts Payable
- Allowability and Appropriateness
- Document Retrieval and Retention
- Non-Travel Reimbursements
- Payment Status / Posting of Accounting Entries
- Petty Cash Funds
- Tax Reporting and Withholding
- Travel Information
Signatures are Required
As cash, gift certificates, or other property are distributed, the recipients must sign a form to acknowledge receiving the distributed property.
For recipients not participating in research studies, please use the Property Receipt Form.
Gift certificates are considered a cash equivalent, and must be handled and accounted for in the same method required for petty cash.
Retaining and Submitting Documentation - Property Purchased by Intramurals or Purchasing Cards
If the cash, gift certificates, or other property were purchased by intramurals or Purchasing cards, the RPRFs or Property Receipt forms must be retained by the department as supporting documentation for those charges. The form must also be attached to the P-card transaction in Workday.
Exception: Amounts of $100.00 and above require making a photocopy to be submitted to Matt Devick in the Accounting Office, 1520 ASB, for tax reporting. Please include the Worktag, reference number, and date, so that we can trace each RPRF or Property Receipt Form to the original accounting transaction.
Retaining and Submitting Documentation - Property Purchased by Petty Cash Advances
If the cash, gift certificates, or other property were purchased by means of a petty cash advance, the RPRFs or Property Receipt Forms must be attached to the electronic document used to clear the advance. For amounts $100 or more, same procedure as exception above.
Tax Reporting and Withholding
Distributed cash, gift certificates, and other property of $100.00 or above must be recorded as taxable income, which requires obtaining a Social Security Number and a permanent address on the form.
Non-resident aliens who receive taxable distributions of cash, gift certificates, or other property may be subject to 30% withholding for federal taxes, unless the recipient qualifies for a tax treaty. Please contact Matt Devick (294-0457) or Jane Houk (294-5180) before distributing property to non-resident aliens, as your department's funds will be responsible for any required withholding.
For ISU Employees
If the employee has already received the property (gift card, prize, etc.), attach the original form to the expense transaction, such as the P-card purchase. If the value is $100 or more, then forward a copy of the Property Receipt form to either Matt Devick in the Accounting Office at 1520 Administrative Services Building or to Payroll via email at firstname.lastname@example.org or via campus mail at 1560 Administrative Services Building.
If you wish to make a cash payment to the employee for a prize or award that is related to their work, route the form to email@example.com to be entered into the payroll system as a one-time payment.
This page was last updated on April 7, 2021.
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