This is a friendly reminder that all 1099 reportable purchases made by any cardholder on their US Bank credit card for the calendar year 2019 must be reported to the Disbursement Center by December 31st.
The definition of reportable purchases on the US Bank credit cards are gift cards, gifts, awards, giveaways, research study/stipend incentives, etc.
UVM is required to report the appropriate transactions to the IRS with a cumulative dollar amount of $600.00 or more per the IRS Regulations. The cumulative amount of $600.00 or more is campuswide and not restricted to just your study or department payments.
The purpose of this email is to assure that the Disbursement Center is current with any purchases that have been distributed to a recipient from January 1st 2019 to present that had not been previously reported to us.
We also request your assistance in coding your PurCard Journals properly to reflect that incentives, gift cards and alike are identifiable to enable the accurate record keeping and reporting of this expenditure.
Please submit to the Disbursement Center those Payment Acknowledgement forms with your next journal. If you are submitting the forms separately, please label the cardholder's name and the purchase date on the forms. If you have individuals helping you with obtaining the Payment Acknowledgement Forms, please reach out to them to submit the forms as soon as they are distributed to the recipients.