{"id":11,"date":"2025-01-16T19:32:12","date_gmt":"2025-01-16T19:32:12","guid":{"rendered":"https:\/\/www.golive.clarku.edu\/student-accounts\/?page_id=11"},"modified":"2025-07-08T15:07:22","modified_gmt":"2025-07-08T15:07:22","slug":"awards","status":"publish","type":"page","link":"https:\/\/www.clarku.edu\/student-accounts\/billing\/awards\/","title":{"rendered":"Awards"},"content":{"rendered":"\n<div class=\"wp-block-columns sidebar is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:45rem\">\n<h2 class=\"wp-block-heading\">Process for payments to students who win awards<\/h2>\n\n\n\n<p>We often receive questions from departments regarding payments to students who win awards from Clark departments. Below is information that departments need to handle these payments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-definition-of-an-award\">Definition of an award<\/h3>\n\n\n\n<p>An award is different from a prize in that students do not submit a formal application. Instead, departments present awards to students they deem to have general merit: for instance, a high GPA or a student\u2019s efforts on a department project.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-tax-policies-regarding-awards\">Tax policies regarding awards<\/h3>\n\n\n\n<p>Here\u2019s what you need to know about tax policies regarding student awards:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Internal Revenue Service (IRS) considers awards in the same category as student scholarships.<\/li>\n\n\n\n<li>Awards are not taxable as long as they are used to pay tuition, required fees, books, and equipment. They are not reportable unless the total award amount exceeds these academically related costs.<\/li>\n\n\n\n<li>Non-resident alien students (a definition used by the IRS) must report scholarships and awards on Form 1042-S if the scholarship is used for non-required fees such as room and board. Any award amount&nbsp;<em>not<\/em>&nbsp;used for academic costs may be withheld at 14 percent.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-general-policies\">General policies<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Awards are processed through Student Accounts.<\/li>\n\n\n\n<li>Departments must submit award requests on a&nbsp;<a href=\"https:\/\/sites.clarku.edu\/business-docs\/download\/fellowship-scholarship-payment-request-form-and-determination-chart-xls\/?preview_id=433&amp;preview_nonce=81f2784f70&amp;_thumbnail_id=-1&amp;preview=true\" target=\"_blank\" rel=\"noreferrer noopener\">form<\/a>. In the section that indicates which department account should be charged, use the account code 5119 for student scholarships\/awards.<\/li>\n\n\n\n<li>If a student has an outstanding balance on their account, the funds from the awards may be used to satisfy the balance.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-100\"><a class=\"wp-block-button__link wp-element-button\" href=\"\/student-accounts\/tuition-and-fees\/health-insurance\/\">Health Insurance<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Process for payments to students who win awards We often receive questions from departments regarding payments to students who win awards from Clark departments. Below is information that departments need to handle these payments. Definition of an award An award is different from a prize in that students do not submit a formal application. Instead, [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"parent":13,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-11","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Awards | Student Accounts | Clark University<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.clarku.edu\/student-accounts\/billing\/awards\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Awards\" \/>\n<meta property=\"og:description\" content=\"Process for payments to students who win awards We often receive questions from departments regarding payments to students who win awards from Clark departments. Below is information that departments need to handle these payments. Definition of an award An award is different from a prize in that students do not submit a formal application. 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Below is information that departments need to handle these payments. Definition of an award An award is different from a prize in that students do not submit a formal application. 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