My NacuboWhy Join: Benefits of Membership

E-mail:   Password:   

 Remember Me? | Forgot password? | Need an online account?

Business and Policy Areas
Business and Policy Areas

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