IRS to Continue Examining Unrelated Business Income
May 17, 2013
On May 8, the House Ways and Means Oversight Subcommittee held a hearing to review the audit findings of the recently released final report from the Internal Revenue Service on the College and University Compliance Project.
The sole witness appearing at the May 8 hearing was IRS Exempt Organization Director Lois G. Lerner. The questions to Ms. Lerner from subcommittee members sought clarity on the findings contained in the final report and on the nature and extent of noncompliance of the 34 examined institutions, with particular attention given to unrelated business income (UBI) and executive compensation practices.
Ms. Lerner, who will return to testify before the House Oversight and Government Reform Committee on May 22 on concerns with political targeting at the IRS, reported that a second IRS study of UBI in the nonprofit community is underway and will likely include some colleges and universities. Specifically, the study will look at organizations that appear to have reporting discrepancies on IRS Forms 990 990-T.
NACUBO and the Association of Governing Boards of Universities and Colleges (AGB) recently distributed perspectives on and a brief summary of the IRS final report and the hearing. In 2008, NACUBO and AGB collaborated on a project looking at initial analyses of IRS' data collected via a questionnaire sent out to 400 colleges and universities. Both AGB and NACUBO will continue to offer education opportunities for member institutions in these areas of tax compliance.
Director, Congressional Relations
Director, Tax Policy
- Federal Education Budget Limited by Spending Caps
- Lawmakers Ease 1098-T Penalty Enforcement
- EPA Announces Athletic Conferences With Most Green Power
- 2015 CAO and CBO Collaborations
August 3-4, 2015
- 2015 Planning and Budgeting Forum
September 28-29, 2015
- 2015 Tax Forum
October 25-27, 2015
- WEBCAST: Developing Your Campus Distance Learning Strategy
Wednesday, August 12, 2015 1:00PM ET
- WEBCAST: Legislative Lunchcast: A 30-Minute Washington Update from NACUBO
Wednesday, September 9, 2015 12:00PM ET
- ON-DEMAND: A Just-in-Time Webcast to Explain FASB’s NFP Reporting Proposal
- ON-DEMAND: Decoding ED's Cash Management Proposal
- ON-DEMAND: Corporate Sponsorships: Getting it Right
- ON-DEMAND: Analytics that Support Planning, Budgeting, and Results
- A Guide to College and University Budgeting: Foundations for Institutional Effectiveness, 4th ed. - by Larry Goldstein
- NACUBO's Guide to Unitizing Investment Pools - by Mary S. Wheeler
- Managing and Collecting Student Accounts and Loans - by David R. Glezerman and Dennis DeSantis