The following is the official policy of Davidson College regarding the tax treatment of gifts and awards to college employees: 

Cash, check, direct deposit, gift cards and gift certificates:
Gifts and awards, of any amount, made by cash, check, direct deposit, gift cards and gift certificates are always taxable income to the employee under IRS guidelines.

Gifts of all other tangible items:
All gifts of tangible items over $35 are considered taxable income to the employee in accordance with IRS regulations.