What is considered a gift, prize or award?
Gifts, prizes and awards are typically gifts of cash (including gift cards/certificates) or other tangible personal property given to Kettering University faculty, staff or students in recognition of outstanding achievement in teaching, research, academic performance, other performance-related activities, or for winnings in competitions, drawings or student events. In rare instances, Kettering University departments may also present gifts, prizes or awards to non-Kettering faculty, staff and students. • Are gifts, prizes and awards considered taxable income to the recipient? In general, gifts, prizes and awards are includible in the recipient’s gross income if the gift is paid for by Kettering University. This may include items directly charged to your budget for items purchased at the bookstore. Gifts, prizes and awards of tangible personal property (other than cash or cash equivalents, such as gift certificates) of $75 or less are excludable from gross income. Similarly, the value of
