UNIVERSITY OF ILLINOIS SAVES 2017
In an effort to support a culture of saving and positive financial behaviors, the Student Money Management Center (SMMC), a unit of USFSCO, and University of Illinois Extension are coordinating events throughout the month of February that promote savings. Complete at least three of the following challenges during the campaign (Feb 1st-Mar 4th) to earn the Savings Badge and make your savings goal a reality!
Set or renew a savings goal at universityillinoissaves.org.
In 2016, UISAVERS set goals that include Vacations, Emergency Funds, Education, Special Events and More.
Need help re-evaluating your goals? Reach out to us!
Two Fun Opportunities:
1-Snap a photo at the UISaves photo-booth on your campus for a chance and share your #ImSavingFor photo on social media with your friends! Submit your photo or a video to the #imsavingfor contest to wint a grand prize of $1,000 sponsored by Clearpoint Credit Counseling.
2-Attend a Paint-the-Pig Party! Look for dates and locations for your campus on the UISAVES Blog.
Watch Steps Toward Investing & take the quiz.
Complete Spend Less Save More (module 2) in Love Your Money (access code 95b31a0e).
Register for and participate in the next Get Savvy webinar: Cover Your Assets, on March 3rd at 12pm
Participate in the UISAVES Online Scavenger Hunt via social media! Look for questions posted throughout the duration of the campaign--follow the links provided to submit your answer and enter to win a $50 Amazon giftcard!
Official Rules for Competitions
NO PURCHASE NECESSARY TO ENTER OR WIN.
Individuals affiliated with the University of Illinois (e.g., students, employees), have the opportunity to win prizes by participating in the UISAVES Online Scavenger Hunt sponsored by SMMC.
1. HOW TO ENTER: NO PURCHASE NECESSARY TO ENTER OR WIN. Submit your answer via links provided to any of the UISAVES Online Scavenger Hunt questions posted via Student Money Management Center social media. Answers posted directly to social media posts will NOT be accepted as entries and will be removed. Minors who enter must have the written consent of a parent or legal guardian in order to be eligible to receive any prizes. Individuals not affiliated with the University of Illinois and Student Money Management Center staff are ineligible to participate in this Drawing.
2. DRAWING PERIOD: The University of Illinois Saves campaign will last from February 1, 2017 until March 4, 2017 (“Drawing Period”). During that time, the University will conduct a final drawing from entrants who have submitted their answers to the links. At the end of the Drawing period, three winners will be randomly selected to win a $50 Amazon giftcard. All dates are subject to change.
3. Notification of Winners: The winner(s) will be selected and notified by the email address provided at the time he/she submitted the answer to a UISAVES Online Scavenger Hunt question via the link only. Answers posted directly to social media posts will NOT be accepted as entries and will be removed. If a winner does not respond to the notification attempt within three (3) days from the first notification attempt, then such winner may be disqualified and an alternate winner will be selected.
Grand Prizes include: Three $50 Amazon Giftcards by the USFSCO Student Money Management Center
All prizes awarded to minors will be paid in the name of the parent or legal guardian for the benefit of the child. No transfer, substitution or cash equivalent for prizes is allowed, except at the University’s sole discretion. The University reserves the right to substitute a prize, in whole or in part, of equal or greater monetary value if a prize cannot be awarded, in whole or in part, as described for any reason. The winner shall bear all responsibility for use of the prize(s) in compliance with any conditions imposed by such manufacturer(s), and any additional costs associated with its use, service, or maintenance. The University has not made and is not responsible in any manner for any warranties, representations, or guarantees, express or implied, in fact or law, relating to the prize(s), regarding the use, value or enjoyment of the prize(s), including, without limitation, its quality, mechanical condition, merchantability, or fitness for a particular purpose, with the exception of any standard manufacturer's warranty that may apply to the prize or any components thereto.
5. TAXES and FINANCIAL AID: AWARDS OF PRIZES TO POTENTIAL WINNERS ARE SUBJECT TO THE EXPRESS REQUIREMENT THAT THEY SUBMIT TO THE UNIVERSITY ALL DOCUMENTATION REQUESTED BY THE UNIVERSITY TO PERMIT IT TO COMPLY WITH ALL APPLICABLE STATE, FEDERAL AND LOCAL TAX REPORTING ALL PRIZES WILL BE NET OF ANY TAXES THE UNIVERSITY IS REQUIRED BY LAW TO WITHHOLD. TO THE EXTENT PERMITTED BY LAW, ALL TAXES IMPOSED ON PRIZES ARE THE SOLE RESPONSIBILITY OF THE WINNERS. In order to receive a prize, potential winners must submit tax documentation requested by the University or otherwise required by applicable law, to the University or a representative for the University or the relevant tax authority, all as determined by applicable law. The potential winner and finalists, and if the winner/finalist is a minor, their parents or legal guardians, are responsible for ensuring that they comply with all the applicable tax laws and filing requirements. If a potential winner fails to provide such documentation or comply with such laws, the prize may be forfeited and the University may, in its sole discretion, select an alternate potential winner.
For University of Illinois Employees (all Staff and Faculty), ALL prizes are considered a taxable benefit and would be assessed taxes at the supplemental rate. For more information on how prizes could be affected by tax-reporting, please reference OBFS policy: http://www.obfs.uillinois.edu/bfpp/section-8-accounts-payable/section_8_13/
For University of Illinois Students, taxes may apply to all accepted prizes. Additional information for international students that are nonresident aliens can be found at the following link, http://www.obfs.uillinois.edu/bfpp/section-8-accounts-payable/section_8_13/ (excerpt below):
Gifts and Prizes to Nonresident Aliens - Gifts and prizes given to non-University employees who are classified for tax purposes as non-resident aliens must be processed through OBFS, University Payroll to ensure proper reporting and or withholding. For additional information, OBFS, University Payroll can be contacted via phone at Chicago (312) 996-7200, Urbana (217) 265-6363, Springfield (217) 206-7211 or via email at email@example.com.
Prizes may impact a student’s financial aid eligibility, http://www.obfs.uillinois.edu/payments-vendors-students/payments-students/:
Financial Aid Eligibility - ...all prizes and awards must be reported to Financial Aid to be included in the student’s financial aid package and may reduce other financial aid the student may receive.
University Policy on Prizes and Awards taken from http://www.obfs.uillinois.edu/payments-vendors-students/payments-students/
Prizes and Awards - Prizes and awards are amounts received primarily in recognition of charitable, scientific, educational, artistic, literary, or civic achievement, or are received as the result of entering a contest. Recipients are selected based on their actions to enter a contest, competition or proceeding.
A prize or award is generally taxable income to the recipient regardless of the funding source. Typically, unless otherwise stated in the prize or award documentation, no restrictions are placed on how the student can use the award money; it is not limited strictly to educational expenses. If restrictions are imposed, such as for travel or room and board, then it is no longer considered a prize or award (see the definition for scholarships.) If the source of the prize or award is gift funds, the donor of the prize or award may set the criteria for recipient selection, but may not select the recipient.
Prizes and awards are generally processed through University Payables, typically via a direct payment to the student, and are not related to employment services. However, all prizes and awards must be reported to Financial Aid to be included in the student’s financial aid package and may reduce other financial aid the student may receive. If required, the University will report the prize or award to the IRS and the student on IRSForm 1099-MISC, Miscellaneous Income. The Banner account code used on prizes and awards should generally be 181700, and the program code should generally roll up to NACUBO function 1789.
The University’s reporting responsibility is outlined in the document found at the following website (specifically, page 2-122, section entitled "Coordinating Official"):http://www.ifap.ed.gov/fsahandbook/attachments/0910FSAHbkVol2Ch10Administrative.pdf
6. PRIVACY: Entrants agree that personal data submitted when he/she submits their answer via the links provided, including UIN, name, and email address may be collected, processed, stored and otherwise used by the University and its affiliates for the purposes of conducting and administering the Drawing.
7. PUBLICITY. By entering the Drawing, Entrants agree to participate in any media or promotional activity resulting from the Drawing as reasonably requested by the University at the University’s expense and agree and consent to use of their name and/or likeness by the University. The University will contact Entrants in advance of any University-sponsored media request for interviews.
8. INTERNET AND DISCLAIMER. The University is not responsible for any malfunction of the entire Drawing Site or any late, lost, damaged, misdirected, incomplete, illegible, undeliverable, or destroyed entries due to system errors, failed, incomplete or garbled computer or other telecommunication transmission malfunctions, hardware or software failures of any kind, lost or unavailable network connections, typographical or system/human errors and failures, technical malfunction(s) of any telephone network or lines, cable connections, satellite transmissions, servers or providers, or computer equipment, traffic congestion on the Internet or at the Drawing Site, or any combination thereof, including other telecommunication, cable, digital or satellite malfunctions which may limit Entrant’s/consumer’s ability to participate respectively. The University is not responsible for the policies, actions, or inactions of others, which might prevent Entrant from entering, participating, and/or claiming a prize in this Drawing. The University reserves the right to disqualify Entrants who violate the rules or interfere with this Drawing in any manner.
9. FORUM AND RECOURSE TO JUDICIAL PROCEDURES: These Rules shall be governed by, subject to, and construed in accordance with the laws of the State of Illinois, United States of America, excluding all conflict of law rules. If any provision(s) of these Rules are held to be invalid or unenforceable, all remaining provisions hereof will remain in full force and effect. To the extent permitted by law, the rights to litigate, seek injunctive relief or make any other recourse to judicial or any other procedure in case of disputes or claims resulting from or in connection with this Drawing are hereby excluded, and Entrants expressly waive any and all such rights.