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Policy

This policy outlines the guidelines for Wake Forest University when providing gifts, prizes, donations, and awards, emphasizing their taxable nature for recipients in accordance with federal and state regulations. It clarifies procedures for documentation and tax implications, highlighting the need for cooperation across departments due to the various spending methods involved and to ensure the proper tax treatment and reporting of gifts for tax purposes. The policy and accompany procedures also designate responsible offices and provide contact information for further inquiries.

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