Prize/Award
Based on the information you provided, the payment is considered a Prize or Award. If the transaction is to be supported by campus funds it should be paid through the Accounts Payable(opens in new window) Department.
If your funding source is not state funds (i.e., CSE/UF), it should be paid through the CSE/UF Accounts Payable(opens in new window) Department.
Notes Regarding Awards/Prizes
Students in programs not eligible for financial aid (i.e., non-matriculated students) may fall under the "Award" category. The award would be processed through the Accounts Payable office as they cannot be processed through the student financials system.
A prize is typically cash or cash equivalent that is the result of winning a contest or competition. In order for a payment to a student to be considered a prize, it must have been possible for a non-student to have won the contest or competition. A prize cannot be required to be spent on the costs associated with the student’s pursuit of a degree (tuition, fees, books, equipment required for a course, or room and board). If the prize is restricted towards the student’s educational costs it must be considered a Financial Aid payment and processed via the Financial Aid Office.
Prizes are taxable income to the recipient and reported to the IRS according to the current reporting threshold(opens in new window).
*This is only a tool, the determination may change based on additional information.