Stipend vs Reimbursement

Stipend vs Reimbursement

This information is intended to help Hayek Fund for Scholars recipients understand the difference between receiving their award as a stipend or as a reimbursement. If you still have questions after reviewing this information, please contact us at HayekFund@TheIHS.org.

Overview

StipendReimbursement
AmountEntirety of the awardEither the sum of the receipts or the total award amount, whichever is less
TimingPayment processed immediately• Payment processed after project has been completed
• Receipts must be submitted within 30 days after expenses are incurred
Receipt GuidelinesNo receipts needed• All receipts should include, at the very least, vendor name, date purchased, amount, method of payment and what was purchased
• Some expense types may require more information
Tax FormsW-9 (citizens and resident aliens), OR W-8 BEN (non-resident aliens)No tax form needed
Tax ReportingIHS reports award as income to the IRSIHS does not report award as income to the IRS
Tax WithholdingRecipients filling out a W-8 BEN are subject to 30% tax withholdingNo tax withholding

Stipends: Additional Information

The Institute for Humane Studies cannot provide guidance on which tax form is appropriate for any particular recipient’s specific circumstances, but we can provide instructions on how to complete tax forms to meet our standards. We ask that you review our tax form guidelines to learn more. If you have questions about which form to fill out or how to file taxes, we encourage you to consult with a qualified tax professional, relevant university department, or international student office.

If you still have questions after reviewing this additional information, please contact us at HayekFund@TheIHS.org.

Reimbursements: Additional Information

As a non-profit organization that must raise its operating funds annually, we take our duty to spend our donors’ funds very seriously. Accordingly, we have a set of guidelines that outline what the Institute for Humane Studies considers to be reasonable reimbursable expenses for travel and research. If you choose to have your award paid out as a reimbursement, we ask that you review these guidelines before making any expenditures to avoid any issues or confusion.

If you still have questions after reviewing this additional information, please contact us at HayekFund@theIHS.org.