Notice 2007-45 Explains New 990-T Disclosure Requirement
May 15, 2007
IRS has published Notice 2007-45, outlining interim guidance on the new requirement for 501(c)(3) organizations to disclose the Form 990-T, Exempt Organization Business Income Return.
The requirement for 990-T disclosure was added to the Code by the Pension Protection Act of 2006. Higher education institutions that are exempt under section 501(c)(3) must make available for public inspection the annual Form 990-T in its entirety, along with all supporting documents, schedules, and attachments. If requested, organizations must provide copies without charge other than a reasonable fee to cover copying and mailing.
The notice also explains that the new requirement does not extend to colleges and universities that have not been recognized by the IRS as exempt under section 501(c)(3). If a public college or university has what is commonly called "dual status" -- meaning its tax-exempt status derives from its existence as an instrumentality of the state and the institution has also obtained 501(c)(3) status from the IRS---it must disclose the Form 990-T.
Public comments on the notice are due by June 30, 2007. Please share with us any comments submitted to IRS by your institution (send a copy to firstname.lastname@example.org).
- Tuition Discount Rates Reach New Record Level in 2015-16
- ED Offers Supplemental Cash Management Guidance
- Federal Agencies Release Guidance on Civil Rights Protections for Transgender Students
- 2016 CAO and CBO Collaborations
August 1-2, 2016
- 2016 Planning and Budgeting Forum
September 19-20, 2016
- 2016 Managerial Analysis and Decision Support
November 17-18, 2016
- ON-DEMAND: The Clery Act: Strategic Planning to Mitigate Institutional Risk
- ON-DEMAND: Title IX: Key Issues Surrounding Institutional Compliance
- ON-DEMAND: Containing Cost and Risk with Renewables – the Power Purchase Agreement Story
- ON-DEMAND: NACUBO Live! Higher Education Accounting Forum
- ON-DEMAND: Are Hedge Funds and Private Equity Right for You? An Analysis of Alternative Investments
- ON-DEMAND: Responsibility Center Management: Two Different Perspectives