Taxpayer Identification Number Form (W-9) Requirement
This policy helps the University with its compliance with IRS regulations concerning the issuance and accuracy of annual tax statements to vendors.
This policy formalizes the existing requirement for U.S. vendors doing business with the University to provide a completed and signed form W-9 to Accounts Payable. Vendor types include Individual/Sole proprietors, Corporations, Partnerships, Limited Liability Corporations, and Others specified by the IRS. This form must be received before payment will be issued to such entities.
This policy ensures that we have on file an accurate certification from vendors regarding their U.S. legal name and address, incorporation status, and taxpayer identification number. This information is vital in determining the eligibility of certain vendors for annual income tax reporting via Form 1099. The integrity and accuracy of our vendor file is based upon the receipt of a completed and signed W-9 form from each vendor and serves as the data source for annual tax form issuance.
Reason for Policy
This policy helps the University with its compliance with IRS regulations concerning the issuance and accuracy of annual tax statements to vendors. Additionally, two purposes are served:
- IRS reporting requirements are facilitated. Certain types of payments made to vendors must be reported to the IRS. Having a signed W-9 on file allows the University to report the correct combination of Tax Identification Number (TIN) and name, thus avoiding IRS penalties.
- Evidence of validity is documented. Having a signed W-9 on file is considered evidence that the payee is a valid individual or business. This helps the University to avoid making inappropriate payments to fraudulent entities.
Who Is Governed by this Policy
Faculty and Staff
All U.S. based entities doing business with Adelphi University must have a completed and signed W-9 form on file with Accounts Payable. These entities include Individual/Sole Proprietor, Corporations, Partnerships, Limited Liability Corporations, and others specified by the IRS. The W-9 form must be received prior to any payment for goods and/or services. The only exceptions where a W-9 is not required are for University employees including students receiving expense reimbursements, nonresident aliens / foreign entities, patient refunds, and petty cash reimbursements.
Adelphi University employees and departments are expected to review the completed/signed form to ensure that the payee name, address and SSN / EIN match the vendor request and/or system and the form is otherwise complete prior to submitting to Vendor Maintenance. If the form is not signed or the payee name, address or SSN/EIN does not match the new vendor request and/or the system, the request will not be processed.
Depending upon the nature of the payment and the incorporation status of the vendor, the University may issue a form 1099-MISC at the end of the calendar year in which the payment was made. Additionally, the IRS requires the University to transmit an electronic file annually that details all taxable vendor payments made during that calendar year.
This policy does not have definitions associated with it at this time. Upon periodic policy review this area will be evaluated to determine if additional information is needed to supplement the policy.
This policy does not have related information at this time. Upon periodic policy review this area will be evaluated to determine if additional information is needed to supplement the policy.
- Last Reviewed Date: October 13, 2017
- Last Revised Date: October 13, 2017
- Policy Origination Date: Not known
Who Approved This Policy
Robert DeCarlo, Chief Financial Officer & Associate Vice President
Michael J. McLeod, Director of Financial Operations and Associate Vice President