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Question for experts out there. Should I update the ad-com about the following situation or not?
I submitted my FT MBA application for Haas R2 and Kellogg MMM program. A week ago I received "Going Above and Beyond Award" at work. It was the result of my last 4 months of hard-work. I had been going out of my way to help other team-mate to keep her/his project on time and to find solutions with my technical, project management and cultural understanding. I worked 4 to 5 hrs/ week extra on top of my own project work. My name was nominated by someone in my team and award committee receives around 30 nomination and they select 4 people for the award. 4 people receive this award annually out of 800 ppl on my company campus.
I am taking a guess here for reason I won this award because nomination is anonymous and award is for people who go beyond their defined roles for the growth of the company.
This award doesn't come with any financial prize. It is more of an acknowledgement of hard-work and excellent teamwork.

So should I mention it to ad-com or it is not significant enough? If you suggest that I should update the ad-com about it, then what is the best way to do so. An email or a statement with my managers endorsement?

You may put a professional email to them stating that this is something that you believe is a current achievement that significantly adds to your profile. Then describe the achievement in brief and let them know that you can get a proof for it if the school requires. Do not push it but just put it as a for-your-info kind of email.