RFP – Payments
An RFP Payment is a function of the Atlas system that sends payment to an individual or business that provided goods or services to an MIT student group. An itemized bill or invoice, indicating an outstanding balance owed, must accompany the RFP payment as an attachment. Payments up to $5,000 may be sent using an RFP-Payment (see Requisition/Purchase Orders for >$5000.)
RFP Payments to businesses require a W9 form to be attached to both the digital and physical copy of the submission.
RFP Payments to individuals require SSN/TIN and citizenship/visa status confirmation. Never attach a social security number digitally or physically; have the individual contact SAO via telephone to remit this information.
In order to successfully submit an RFP-Payment, attach the bill or invoice and W9 (if applicable) and forward to a treasurer or financial signatory for your student group. The treasurer or signatory then forwards the item onto Student Activities Office via Atlas.
An RFP-Reimbursement is a function of the Atlas system that sends payment to an individual who paid for services or goods to a vendor or merchant on behalf of the student group. In short, someone shouldered the cost of an expense for an MIT student group.
RFP-Reimbursements send checks or direct deposits (MIT affiliates only) to cover the expense shouldered by another party. Reimbursements over $5,000 require Requisition/Purchase Order. Please see Restricted Items for more limits on reimbursement amounts and items.
RFP-Reimbursements require proof of payment and an itemized receipt for the goods/services purchased. Proof of payment is expressed as a zero balance owed along with notation of the method of payment (cash, debit/credit card, personal check, PayPal) on the receipt. Itemized receipts are required for any purchase, but most especially food purchases. To ensure compliance, please ask your server or restaurant BEFORE the meal is ordered to record an itemized receipt.
In order to successfully submit an RFP-Reimbursement, electronically attach the itemized receipt showing proof of payment, and forward to a treasurer or financial signatory for your student group. The treasurer or signatory then forwards the electronic RFP onto Student Activities Office via Atlas.
Purchase Orders (POs) & Requisitions
Purchase Orders and Requisitions are required for items that fit the following criteria:
- Individual computer in excess of $1,000
- Individual piece of equipment in excess of $3,000
- Total payment in excess of $5,000
- Calendar year total purchase from one vendor in excess of $5,000 (usually applies to service providers such as coaches)
This process is a required step for all goods and services, which meets any one or more of the standards listed above. POs are not requests for a check, which must be requested through a separate process.
Grants, Scholarships, & Prizes
Used to incur educational expenses only.
Not taxable for US citizens if the following conditions are met:
- You are a full-time or part-time candidate for a degree at a primary, secondary, or accredited post-secondary institution (proof needed)
- The award covers tuition and fees to enroll in or attend an educational institution (proof/receipt needed)
- The award covers fees, books, supplies, and equipment required for your courses (receipt needed)
Taxable for US citizens if used to fund:
- Room and board
- Clerical help
(Taxable at 13% withholding rate for non-US citizens.)
Considered taxable for US citizens as income:
- 1099-M Income Statement mailed to recipient in January of next year to declare on personal tax return
- Tax rates depend on personal situation
- Taxable at 30% withholding rate for non-US citizens
- Requires a form
- Gift Cards prohibited
Donations from an MIT Student Group to another Non-Profit Organization
Generally, donations from MIT student groups to private organizations are not permitted, but if your student group does wish to make a charitable donation, please contact SAO before you collect the funds to discuss the process of donating to a charity.