Lake Superior State University
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Section: Business and Support Operations Section Number: 3.19.2
Subject: Salaries and Wages: Compensation in Kind Date of Present Issue: 05/25/00
  Date of Previous Issues:
07/67, 07/71, 06/79, 12/79

POLICY:

All employees who receive meals when the normal meal hour falls within their work time will consider these meals to be reported as "Compensation in Kind," at a variable rate per meal. As of January 1, 2000, this amount is not subject to retirement, social security, or income tax.

The maximum value for all in-kind compensation is annually equivalent to the amounts reportable as compensation to the Internal Revenue Service and included on the employee's form W2 Wage and Tax Statement.

Housing furnished to employees shall be reported as "Compensation in Kind" at variable rates.

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