Emeritus Parking Options

Emeritus Parking

The University of Iowa offers approved Emeritus free parking privileges in a wide range of university parking facilities. Emeritus status is determined by the Provost Office. Those privileges are defined here and are provided in the form of a free parking permit/hangtag, or parking permit/hangtag and access card depending which of two options chosen. The parking permit/hangtag is renewed every two years and is not transferrable to any other individuals including family members. There is no charge for the parking permit/hangtag.

Overview and New Option for 2016

Parking and Transportation now offers two different campus parking options for qualified University of Iowa Emeriti; the traditional Emeritus Permit (designated as an EM permit) and the new Emeritus NW Permit (designated as EM-NW permit), or Night/Weekend Permit. Both options consist of a parking permit//hangtag which is to be displayed from the vehicle’s rear view mirror when in use. The Emeritus-NW will also require the use of a parking access card to enter and exit cashiered parking facilities.

A recent review determined that the value of the University’s traditional Emeritus (EM) parking permit is equivalent to the annual cost of a Parking and Transportation Surface Reserved Rate A permit.  The current value is $744 (the $62/month permit cost multiplied by twelve months). That value exceeds the IRS reporting threshold of $600 and the University is required to report the full $744 value to the IRS as taxable income.

In response to this determination Parking and Transportation created the Emeritus NW as a way to continue to provide Emeriti with on-campus access without requiring IRS reporting. Please review the following two options and use this information to decide if you would like to keep your existing Emeritus (EM) permit or exchange it for the Emeritus-NW (EM-NW). If you select the Emeritus-NW permit, please review the exchange plan below.

 

Traditional Emeritus (EM) Permit: Option 1

The current, or traditional, Emeritus (EM) permit provides two types of campus parking privileges:

Free access to any of the university’s fourteen cashiered parking facilities during business hours (except during special events). These include Hospital Parking Ramps 1, 2, 3, 4; the Family Care Center Parking Lot; Newton Road Parking Ramp; Dental Patients and Visitors Parking Lot; Field House Parking Lot; Parking Lot 13, evenings and weekends only; Parking Lot 14; Recreation Center Parking Lot; IMU Parking Ramp; North Campus Parking Ramp and the Library Parking Lot.

-Free access to any ungated University faculty/staff parking lot on campus including Lots 2, 7, 15 25, 26, 28, 29, 31, 35, 36, 41, 42, 43, 45, 46, 47, 48, 49, 64 and the Hancher, Finkbine, Arena and Hawkeye commuter lots (55, 65, 75 and 85). Consult a UI parking map for reference.

If an Emeritus selects this option and currently has a University of Iowa Emeritus parking permit, they will not need to exchange their permit. In the near future the Parking services office will be contacting Emeritus (EM) permit-holders to distribute a parking access card and explain its use.

Emeritus (EM) Permit Taxable Value

The 2016 annual value of the Emeritus (EM) permit is $744, determined by multiplying the $62/month cost of a University Surface A parking permit by twelve months. This value is independent of the level of usage within University facilities. The full $744 will be reported to the IRS at the end of each tax year. The taxable value may change from year to year with changes in regular faculty/staff permit parking rates.

 

Emeritus NW (EM-NW) Permit: Option 2

The new Emeritus NW (EM-NW) parking permit is similar to the traditional Emeritus (EM) permit in that it also provides free access to University cashiered parking facilities. It differs in that it does NOT provide access to any un-gated faculty/staff parking lot. The Emeritus (EM-NW) permit provides:

Free access to any of the university’s fourteen cashiered parking facilities during business hours (except during special events). These include Hospital Parking Ramps 1, 2, 3, 4; the Family Care Center Parking Lot; Newton Road Parking Ramp; Dental Patients and Visitors Parking Lot; Field House Parking Lot; Parking Lot 13, evenings and weekends only; Parking Lot 14; Recreation Center Parking Lot; IMU Parking Ramp; North Campus Parking Ramp and the Library Parking Lot.

The Emeritus NW does NOT provide access to any University un-gated faculty/staff parking lots. This is different from the standard Emeritus permit.

Emeritus NW (EM-NW) Permit Parking Access Card

Individuals who elect the Emeritus-NW permit will also be issued a parking access card. Emeritus NW permit-holders are required to use the access card to enter and exit all university cashiered facilities.

Do not take a ticket from the machine when entering.  Instead present your access card to the access card reader located next to the ticket machine. Present one flat side of the access card to within one inch of the target located on the access card reader and hold it still for a second. Do not wave or move the access card over the target. When exiting follow the same procedure and present the access card to the access card reader in the exiting lane.

Use of the access card enables Parking and Transportation to track hourly use in cashiered facilities and to determine taxable values. Failure to use the access card when entering or exiting university cashiered parking facilities is prohibited, and will result in loss of the Emeritus discount and possible termination of all free access privileges.

Individuals may choose to enter and exit university cashiered facilities and pay the cashier for the cost of parking, but cannot receive either the free Emeritus parking privileges nor the discounted rates in this manner.

Emeritus NW (EM-NW) Permit Taxable Value

The taxable value, if any, of the Emeritus-NW permit can vary with its usage. The base annual value is $204-determined by multiplying the $17/month value of a standard NW permit by twelve months. If all hourly usage within University cashiered facilities occurs after-hours and on weekends (entering after 4:30 p.m. and exiting before 8:30 a.m. the next morning, M-F; or entering after 4:30 p.m. Friday and exiting before 8:30 a.m. the following Monday), the value will remain as $204 and it will not be reported to the IRS.

Use of the Emeritus NW permit in cashiered facilities during daytime weekday hours is still free to the permit-holder, but the value of the parking will be calculated for tax purposes at the current published rate for each facility. The annual dollar value of any weekday usage (parked at any time between 8:30 a.m. and 4:30 p.m. M-F in any of the fourteen cashiered facilities) will be added to the base value. If at the end of the year, the combined value of the base and weekday hourly use exceeds $600, the total will be reported to the IRS for tax purposes. The taxable value may change from year to year with changes in regular faculty/staff permit parking rates and in hourly rates for cashiered facilities.

At current rates there should be at least 330 free hours per year of weekday usage before reaching the IRS threshold for reporting. After-hours and weekend use does not result in a change of the taxable value.

Each Emeritus-NW permit-holder will have a website they can view to see an up-to-date calendar year history of use and the cumulative dollar value of their use of the permit and card. This website is private and only accessible to the permit-holder and Parking and Transportation. To access the website, go to the university’s Employee Self-Service website and look at the lower left corner under My Parking and click on Emeritus Night Weekend Program.  If you need assistance with you HawkID or password you can visit http://hawkid.uiowa.edu/ to look up your HawkID, reset your password, and more.

Emeritus NW (EM-NW) Permit Exchange Plan

The IRS reporting requirement will first be implemented on September 1, 2016 for all of tax year 2016. The value of the Emeritus (EM) Permit will be calculated at $62/month from January 1 through December 31, 2016, or through the last date the permit was active.

The Emeritus NW will become available on September 1, 2016 and its value will be calculated at $17/month plus weekday hourly use from that date forward until December 31. For permit-holders who exchange an Emeritus Permit for an Emeritus NW Permit, the partial values will be combined for the calendar year depending upon the date of the exchange.

As of August 31, the 2016 accumulated value of the traditional Emeritus permit will be $496. By exchanging your existing Emeritus permit for an Emeritus NW permit by September 15 and eliminating your daytime use of UI Cashiered parking facilities for the remainder of the calendar year it would be possible to keep the 2016 value just below $600 and avoid the tax altogether.

Eg: Combining the $527 year-to-date value of the EM permit as of September 1st thru the 15th, 2016 with the monthly base value of the EM-NW permit for the remainder of the year (3-1/2 months at $17/month = $59.50) the annual value would be $586.50. That value would not be reported to the IRS.

In this example there would only be about thirty (10) hours of use available in cashiered parking facilities for the remaining months of 2016.

Current Emeritus permit-holders who wish to exchange permits can do so at either Parking and Transportation office; the West Campus Transportation Center (WCTC) directly north of Kinnick Stadium or at the IMU Parking Ramp office.

Please bring your current Emeritus (EM) hangtag/permit in order to complete the exchange or call the Parking Services office at (319) 335-1475 to make other arrangements.

The exchange must be completed by September 15, 2016.

 

Future Mid-Year Exchanges prohibited

For each new tax year, Emeriti will need to decide which permit they wish to utilize, and make the exchange if necessary, no later than January 15. Each year after that date mid-year exchanges will not be permitted.

For example: an individual may come in this year between September 1st and 15th, 2016 for a one-time mid-year exchange of their Emeritus EM permit for an Emeritus NW (EM-NW) permit.  They may also return in January and exchange it back for an Emeritus (EM) permit. But, then they are committed to keeping that permit for the remainder of the calendar year, or until the next January.

Individuals who wish to retain the same permit from year to year do not need to do anything.