orientation for new grant recipients - ncsu

Orientation for New Grant Recipients

NC Tobacco TrustFund Commission

AGENDA

1. Contract

2. W9 Tax Form

3. ACH Vendor (Direct Deposit Form)

4. State Certification Form (This one must be

Notarized!)

5. Reports and Documentation

W9 Tax Form

• Remember the grant

money is taxable income

and you will receive a

Misc. Income statement

next year from the

University.

• The W9 form designates

the tax payer

• Most farmers do one of

the following….

Option 1

1. Personal name on line 1

2. Mailing Address

3. Social Security Number

4. Sign and Date

Do NOT do this:

Jim and Mary Brown or

Lucy Smith and Bobby Jones

Example:

1. Jim Brown

2. Mailing address

3. Jim’s social security number

4. Sign and Date

Option 2: Use this option if you have an EIN number and you

want the business to pay the tax liability.

• Business name on line 1

• Business Mailing Address

• EIN number

• Sign and Date

Example:

• Sunshine Strawberries

• Business address

• EIN number

• (NO social security number)

• Sign and Date

No EIN Number?

• If you have a business name on your bank account, but

no EIN number.

• Write your personal name on line 1, followed by DBA

(doing business as)

• For Example:

• Jane Smith (DBA Jane’s vegetable farm)

• Mailing Address

• Jane Smith personal Social Security number

• Don’t forget your signature and date!!

Tax Advisor

If you are unsure how to complete the W9

please take a moment to check with your

accountant or business advisor.

ACH Vendor Formfor Direct Deposit into

your bank account.

A void check or deposit slip

that shows your account

numbers must be provided

with the ACH form

If you do not use checks,

ask the bank to provide a

printed form with your

account numbers.

ACH Vendor forms without a bank printed

document to confirm the account will NOT be

accepted.

This is to make sure the funds

are deposited into the correct

account.

Wait! Do You Have a Vendor Number???

• Have you taken a class at NC State?

• Have you received one paycheck from NC

State?

If you answered yes to either question then you

probably have a vendor number. Write a note at

the top of the Vendor ACH form: I believe I have

vendor number please update with the current

information provided on this form.

State Grant CertificationThis form is required by the funder

This document asks two

questions:

1. Do you owe

Delinquent Taxes to the

State?

2. Are you related to any

person on the NC

Tobacco Trust Fund

Commission Board?

If the answer to both questions is NO,

take the form to a Notary Public and

sign it in front of the notary.

• Bring you driver’s license or form of ID

• Most banks have a Notary and many Extension offices

have a Notary.

• If you are unsure about either question, or have

questions about any of the forms please send me an

email or phone. (Jackie Miller 919-628-0163)

Return the Forms by Mail to Me

Return all four forms by mail to me.

Addressed envelope in your packet.

NC AgVentures

North Carolina State University

College of Agriculture and Life Sciences

NCSU Box 7602

Raleigh, NC 27695

Year-end report: Inside your packet you will also find a

copy of the Year-End report that is due next Jan. Your

reports will be online and similar to the application, but I

provided the hard copy so you know what to expect.

Tax Exempt farm number: Also, I provided an article

about applying for a tax exempt farm number. A tax

exempt number can SAVE money throughout the year. We

suggest you talk to your tax accountant or business advisor

to see if it could help you save money too!

Contract Overview

• The contract states that you will use the

grant funds for the project described in

your grant application.

• The contract lists your total award amount

and payment schedule.

Online Project Reports

1) June Project Update

2) Year-end Report

3) Copies of Receipts

4) Photos

Receipts

Handwritten is okay

Save original receipts for taxes

Receipts dated Feb. 18,

or later

Handwritten receipts are

okay

Save your original

receipts for taxes

Scans or photo copies

AUDIT!

Promote the Tobacco Trust Fund Commission

SITE VISITS

www.ncagventures.org

Many Thanks to Our Sponsor

NC Tobacco Trust Fund Commission