EPIC Advantage Virtual Internship Budget Guidelines
Note: These guidelines apply to the 2020-2021 EPIC Advantage Program and are subject to change in subsequent years.
The EPIC Advantage Program allows students to receive funding for a single (1) career-discerning activity during their time at Earlham. Students who elect to utilize the funding for an Independent Student Experience are required to develop and submit a budget that reflects actual expenses associated with completing the career-discerning experience. Budgets will be reviewed, as part of the overall application, by the Center for Global and Career Education.
The approved funding will be dispersed to students in the form of a Non-Service Fellowship Award.
- Please note that this non-service fellowship award is taxable income. The amount of the award will be reported to you and to the IRS at the end of the calendar year on a form 1099-MISC for domestic students or on a form 1042-S for international students. It will be your responsibility to include this income on your state and federal individual tax returns and to pay any additional taxes owed at the time you file your returns. For international students, we may be required to withhold fourteen-percent for federal income taxes from award payments upfront, depending on the student’s situation and tax treaty. We are unable to withhold any Indiana state income tax, so you should consider saving 4.8% of your award to cover that cost when you file your state tax return.
After funding has been approved students will be required to set up direct deposit information with the College’s partner Paymerang.
- If you have previously set up this process for student employment or other awards you will not need to do it again, though it is the student’s responsibility to ensure all banking and contact information is up to date. If you have questions about a previously created account please direct them to Mary Scott (email@example.com).
- If you have not yet set up a Paymerang account you will receive an email from Paymerang, initiated by the Accounting Office, asking you to verify and complete your account set up. It is important that you follow these steps within 24 hours of receiving the email.
- You will need access to a US mobile (cell phone) number to complete the account set up. If you do not have one we recommend using the cell phone number of a trusted friend.
- It is important that you follow these steps within 24 hours of receiving the email.
- Please note that you will need to have a United States-based bank account to utilize this service.
Award amounts will be dispersed to you via direct deposit.
- If the College is making any purchases on your behalf they will be deducted from the total award amount and you will receive the remainder. The full amount of the award, however, will still be reported as taxable income.
The maximum award amount is $5000.00, though many experiences (e.g., remote internships) will not require the full amount of funding due to the reduced costs associated with completing the internship.
- The most common and largest expense for completing a remote internship will likely be the fee paid to a third-party provider that helps students identify remote internships such as Campus B, CEA Virtual Internships, Connect 123, etc.
Savings goals can be requested as part of the total budget for internships that occur during winter and summer breaks (i.e. are not conducted during an academic term when financial aid is available due to implications with financial aid policies).
- Savings goals can be requested at the rate of $250.00/week, with a maximum request of $2000.00
- To be eligible, the experience must include at least 4 weeks and at least 30 hours per week.
|Length (assuming 30+ hours per week)||Savings goal amount|
|8+ (max savings goal)||2000.00|
Please review the following lists of allowable expenses before submitting your request for funding.
|Third-Party Internship Provider Fee||All|
|Earlham College Housing Fee||Summer|
|Internet and/or Phone Service Fee||Winter, Summer|
|Communication service fee (Skype or similar)||All|
|Earlham College Credit Overload (that occurs as a result of the EA internship)||All|
|Savings Goal||Winter, Summer|
EPIC Advantage funding may not be used for any political campaign, or to support attempts to influence legislation by any governmental body, other than through making available the results of nonpartisan analysis, study or research.