NMU's Compliance Database - Northern Michigan University

The actual value of fringe benefits provided during a calendar year (or other period as explained under Special accounting rule) must be determined by January 31 of the following year.  This is provided by HR as the W-2 form.  The reason that this is in the controllers section as a requirement is that the controller's office reviews to ensure that things that qualify as fringe are not excluded from the annual report.  

Any property or service (or cash under certain circumstances) provided to an employee in addition to or in lieu of regular wages will be a taxable fringe benefit to the employee, unless specifically excluded by statute. Any fringe benefit is taxable and must be included in the recipient's pay unless the law specifically excludes it. Must report the actual value on Forms 941 (or Form 944) and W-2. The employer can use a separate Form W-2 for fringe benefits and any other benefit information.