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 email@example.com).
- NACUBO Provides Input on Tax Reform
- FASB Considers Delaying Revenue Recognition Standard
- Push for Resolution to 1098-T Fines Continues
- 2015 CAO and CBO Collaborations
August 3-4, 2015
- 2015 Planning and Budgeting Forum
September 28-29, 2015
- WEBCAST: NACUBO LIVE!: The Future Chief Business Officer
Tuesday, April 28, 2015 11:00AM ET
- WEBCAST: Analytics that Support Planning, Budgeting, and Results
Thursday, April 30, 2015 1:00PM ET
- WEBCAST: Corporate Sponsorships: Getting it Right
Thursday, May 14, 2015 1:00PM ET
- WEBCAST: Lessons Learned in Communicating Financial Information Effectively
Monday, May 18, 2015 1:00PM ET
- ON-DEMAND: Looking Under the Hood: Using Web-based Tools for Evaluating Institutional Financial Aid Policy
- ON-DEMAND: VIRTUAL: 2014 Annual Meeting
- 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