Snow College as an institution of High Education is obligated, by statute, to report any financial assistance given to a student from the Institution. All funding must to be considered as financial aid and must be included as part of their federal aid package.
It is the obligation of any institutional entity, Department, or Club, to inform the Financial Aid Office anytime they are giving cash prizes, awards, scholarships, or gift cards to any student that is enrolled.
(Section 668.16(b)(3) of the administrative capability regulations requires all campus offices to report to the financial aid office any information which may have bearing on a student's receipt of Title IV federal student aid. [34 CFR 668.16(b)(3); 673.5; 685.201])
If you are going to give a student any type of award you need to disclaim that funds received as a cash prize may affect his /her financial aid package. The award may be used to reduce unmet need, replace federal direct student loans or reduce eligibility with federal work study. All awards will be reported to the Financial Aid Office prior to notification of the student.