An award is typically for recognition of outstanding achievement in teaching, research, academic performance, or other performance-related activities.
Monies given to students that are for recognition of performance must be part of a documented campus program that includes guidelines, selection criteria, and procedures and published on the CSUSM website.
Students in programs not eligible for financial aid (i.e., non-matriculated students) fall under the "Award" category. The award would be processed via Accounts Payable as they cannot be processed through the student information system.
A prize is typically cash or cash equivalent that is a result of winning a contest or competition. A prize can be labeled and processed as long as the prize monies are not 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 monies are restricted towards the student's educational costs, it must be considered a Financial Aid payment and processed via the Financial Aid Office.
Prizes are generally taxable and reported by CSUSM on Form 1099-MISC if they meet the reporting threshold ($500 or more in a calendar year). IRS 1099-MISC guidelines can be found at www.irs.gov/instructions/i1099msc.
