Awards and Prizes
Award and prize payees must have a Georgetown Management System (GMS) Supplier ID (SUP-XXXXXXX).
Use GMS spend category S0171 for academic prizes and awards when requesting payment through Accounts Payable. If the award or prize is not processed through Accounts Payable, the FA 162-B Gift Award Prize Policy Form must be completed and submitted to the Tax Department for proper tax reporting.
It is important that the payee understands that if Form 1099-Misc reporting thresholds are met within the calendar year, the payee will receive Form 1099-Misc with income reported in box 3 from the University’s Tax Department.
The following tax language should be in your award or prize letter:
This award represents taxable income to you and will be reported to the relevant taxing authorities as required by the IRS. For U.S. persons, if the $600 Form 1099-Misc reporting threshold is met within the calendar year, you will receive a Form 1099-Misc from the University’s Tax Department. Georgetown will not deduct any amounts from this payment or otherwise withhold any amounts on your behalf. Please note that payments made to foreign persons do not have a reporting threshold to the IRS and may be subject to tax withholding. The Tax Department encourages you to seek the advice of your tax advisor. Please review the Supplier Setup web page. If you have questions e-mail firstname.lastname@example.org.