There are specific rules for achievement awards, gifts, and prizes provided to employees that must be followed to ensure the University’s compliance with IRS regulations. In addition, de minimis gifts to employees are only permitted from University of Florida Foundation and Academic Enrichment Funds within their prescribed policies.
The purpose of this directive is to comply with University of Florida Policies and Internal Revenue Code (IRC) Section 132(a)(4), which allows for an exclusion of specific de minimis fringe benefits from an employee’s taxable income.
All university departments.