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The University of Georgia Foundation follows the Internal Revenue Service’s guidelines for issuance of 1099 Miscellaneous (MISC) Income Forms to individuals/corporations who receive payment for rents, contract services, honoraria, legal fees, consulting fees, prizes or awards, reimbursable expenses for which original receipts are not provided, and other income payments during the course of a calendar year. For definitive examples of reportable income and the minimums that apply each year, consult the IRS’s website at www.irs.gov. Social Security Numbers and taxpayer identification numbers are required on any check requests submitted for payment of these type expenditures. For this reason, an IRS W-9 form is required for all vendors, companies and individuals who are non-UGA employees.
Form 1099-MISC Income forms are completed and mailed to recipients by January 31 for the previous calendar year.