Federal and State laws can affect how the university conducts business. Here you will find guidance on how tax laws affect stipends available to NC State and its employees.
The University Controller’s Office has created seven new stipend accounts to help in providing a more accurate description of the stipend expenses the University distributes. Since the word “stipend” is not actually a term recognized by the Internal Revenue Service, these better-defined stipend accounts will help the Controller’s Office, and Contracts and Grants properly categorize these payments for tax reporting and budgeting purposes.
The new stipend accounts are below:
- 56964-(Student Aid) Stipends-Scholarship/Fellowship (Non-Compensatory) NCSU Students
- 56972-(Non-Student Aid) Stipends-Scholarship/Fellowship (Non-Compensatory) Non-NCSU Students
- 56973-(Non-Student Aid) Stipends-Participation Support-Non-NCSU Student
- 56967-(Student Aid) Stipends-Participation Support-NCSU Student
- 56974-(Non-Student Aid) Stipend-School Systems (External Entities)
- 56975-(Non-Student Aid) Stipends-Kenan Fellowship
- 56971-(Non-Student Aid) Stipend-Supplies
These new accounts should better categorize the type of payment going through the stipend accounts and, in theory, reduce the number of stipend payments processed through stipend account 56962.
These accounts are live as of July 2019. Account Descriptions are found here: New Stipend Accounts-Descriptions.
Chart of Accounts is also being updated to reflect these new changes. All Stipend descriptions from Chart of Accounts are found here: Chart of Accounts-Stipend Descriptions.