Home > Events and Programs > 2013 Unrelated Business Income Tax
2013 Unrelated Business Income Tax
February 20-22, 2013
Renaissance Orlando at Sea World
Orlando, FL
Overview
Having trouble getting your arms around the federal tax rules on unrelated business income (UBI)? Our team of campus tax experts will teach you how to understand and apply the fundamental concepts of UBI as well as easily identify potential UBI-generating activities. Discover how to engage colleagues around campus in helping to limit your institution’s UBIT exposure and set up practical tools such as checklists and forms to streamline processes.
You’ll walk away with a better understanding of this often misunderstood, but critical area of tax compliance.
Who Should Attend
- Assistant Controllers
- Auxiliary Services Managers
- Chief Financial Officers
- Controllers
- Tax Counsel
- Tax Managers
What You'll Learn
- Discuss how to engage colleagues around campus to help limit your institution's exposure
- Discover how to identify and manage UBIT and apply your knowledge in small group case studies
- Hear the latest IRS developments and interpretations on UBI matters
Prerequisites
No prerequisites and/or advance preparation required.
Course Level
Intermediate
Estimated CPEs
Participants will be awarded up to 17 CPE credits. CPE credits can be earned in the following categories:
Tax
Fees
Member Early Registration: $675.00
Non-Member Early Registration: $825.00
(Early bird ends 1/20/2013)
Wednesday, February 20
| 12:00 pm | Registration Opens |
| 1:00 pm | Welcome and Introductions |
| 1:15 pm | UBI Basics and Update Speaker(s):
Joe Irvine, The Ohio State University
Ed Jennings, University of Michigan
Join us for a basic session reviewing the statutory framework definition of unrelated business income, the exceptions, and the modifications. This session is a good refresher for veterans or a foundational overview for those new to higher education. |
| 2:45 pm | Refreshment Break |
| 3:00 pm | Qualified Sponsorship Payments Speaker(s):
Joe Irvine, The Ohio State University
Corporate sponsorship or advertising? This session will examine the IRS rules in this area and illustrate their application with campus examples and a case study. |
| 4:15 pm | General Session |
Thursday, February 21
| 8:00 am | Continental Breakfast |
| 8:30 am | State and Local Tax Issues Speaker(s):
Erin Couture, PricewaterhouseCoopers LLP
Paul Tanis, PricewaterhouseCoopers LLP
This session will address how institutions approach state and local unrelated business income tax filings including: compilation of information from UBI activities (endowment investments, out of state programs, etc.); reviewing state filing requirements; methods used to report income on tax returns (allocation and apportionment); and the impact on other types of tax filings and state registrations. Also covered will be state voluntary disclosure agreements and amnesty programs, when voluntary disclosure or amnesty should be pursued. |
| 9:45 am | Refreshment Break |
| 10:00 am | Advanced UBIT Issues Speaker(s):
Wendy Campos, Moss Adams, LLP
Tracy Paglia, Moss Adams, LLP
Carol Summers, Moss Adams, LLP
This session will go deeper into transactions between related parties, management services provided to other organizations, services provided in conjunction with camps or conference, third-party contracts, and expense allocations. |
| 11:15 am | Athletic Department UBI Activities Speaker(s):
Joe Irvine, The Ohio State University
Jodi Kessler, Harvard University
This presentation is designed to help tax professionals communicate effectively with college and university athletic departments in order to get the information needed to file an accurate and complete return. The main activities to be discussed relating to athletic departments includes; sponsorships vs. advertising, parking fees, facility rentals, summer camps, and concerts. |
| 12:30 pm | Lunch |
| 1:30 pm | Concurrent Session: Alternative Investments Working Session Speaker(s):
Nicole Bencik, Crowe Horwath LLP
Geralyn Hurd, Crowe Horwath LLP
This session will be a hands-on working session where institutions will have the opportunity to ask real-life questions with respect to tax compliance issues resulting from alternative investments. The presenters will begin with a brief case study identifying some of the most difficult schedules K-1 that they’ve seen. Participants will have the chance to bring examples of their own so the group can brainstorm best practice approaches. |
| 1:30 pm | Concurrent Session: Managing UBIT at a Small Institution Speaker(s):
Dave Moja, Capin Crouse, LLP
Small institutions have numerous questions regarding the unrelated business activities arena. Many wonder whether or not some of the activities they carry on should be considered as unrelated business activities and reported on the Form 990-T. This session will look at methods to track, analyze, and account for potential areas of UBIT. |
| 2:45 pm | Refreshment Break |
| 3:00 pm | Concurrent Session: Focusing on UBI from Debt-Financed Income, Royalties, and Controlled Entities etc. Speaker(s):
Jeff Frank, Deloitte Tax, LLC
Kristina Rasmussen, Deloitte & Touche LLP
|
| 3:00 pm | Concurrent Session: Managing UBIT at a Small Institution (Repeat) Speaker(s):
Dave Moja, Capin Crouse, LLP
Small institutions have numerous questions regarding the unrelated business activities arena. Many wonder whether or not some of the activities they carry on should be considered as unrelated business activities and reported on the Form 990-T. This session will look at methods to track, analyze, and account for potential areas of UBIT. |
| 4:15 pm | Conducting a Mock Audit of UBIT at your Institution Speaker(s):
Ed Jennings, University of Michigan
Rick Klee, University of Notre Dame
Joel Levenson, University of Central Florida
Help ensure your institution is prepared for an IRS audit. The presenters will discuss best practices to identify and quantify UBIT as well as managing risks, which will include planning strategies to avoid or and, in some cases, minimize UBIT. |
Friday, February 22
| 8:00 am | Continental Breakfast |
| 8:30 am | Case StudiesParticipants will move into small groups to resolve hypothetical campus scenarios illustrating various concepts and issues related to UBI. |
| 10:30 am | Refreshment/Check-out Break |
| 10:50 am | Case Study Report Outs and Wrap Up |
| 12:00 pm | Program Adjourns |
Hotel
Renaissance Orlando at Sea World
Discover a stunning Orlando, Florida resort hotel, boasting a prime location across from SeaWorld Orlando and near Aquatica, Discovery Cove, Walt Disney World, and Universal Studios. The Renaissance Orlando, Florida SeaWorld Hotel combines the enchantment of America's favorite playground with imaginative style in an ocean-themed setting. Experience a beautiful SeaWorld Orlando hotel providing a winning blend of location, fine amenities and oversized guest rooms offering contemporary retreats that blend seamlessly with modern conveniences. Indulge in delectable dining at one of the fabulous restaurants or enjoy an invigorating Starbucks coffee. Boasting the lavish nèu lotus spa, this hotel in Orlando offers a superb, tranquil venue for complete relaxation. Events come alive at this SeaWorld Orlando resort hotel in 185,000 square feet of innovative meeting space and a scenic outdoor reception area. Embark on your personal journey of discovery at the Renaissance SeaWorld Orlando Hotel.
To make your reservations online please click
here to visit the NACUBO Room Block. You may also call 1-888-789-3090.
Visit the Renaissance Orlando at Sea World website
for details, including restaurants, amenities, and nearby attractions.
Room Rate
Single:
$179.00
Double:
$179.00
For reservations, call 888.789.3090.
Rates are guaranteed until 1/23/2013, subject to availability.
Please review our registration policies.
Please Note: NACUBO professional development programs are often sell-outs. Please secure air and hotel reservations only after confirmation of registration.
Speakers
Nicole BencikTax Partner
Crowe Horwath LLP
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Professional Summary
Ms. Bencik has over fifteen years of tax experience concentrating in services to the not-for-profit sector. She has served colleges and universities, healthcare, trade associations, private foundations, cultural arts organizations, governmental entities and other not-for-profit organizations.
Experience
Ms. Bencik has served not-for-profit organizations in both a tax reporting and consulting role and has significant experience in the following areas:
- Tax compliance. Ms. Bencik has managed all tax compliance aspects for many 501(c) organizations and private foundations. She is well versed in the recent changes in IRS Form 990 as well as electronic filing.
-Tax controversies. Ms. Bencik has acted as liaison between the IRS and her clients on numerous occasions handling notices, compliance checks and audits.
-Tax consulting. Ms. Bencik has researched a significant number of issues affecting not-for-profit organizations such as unrelated business income tax, employment tax, sales & use tax and self-dealing issues.
-Educational seminars. Ms. Bencik has conducted numerous training seminars in both general taxation and specific tax-exemption issues. Nicole continues to monitor pending legislative changes, Senate Finance Committee recommendations, States' Attorneys General and enforcement initiatives conducted by the IRS in order to better inform her clients about upcoming changes in the not-for-profit sector.
Education
Masters in Tax
University of Illinois
Urbana, Illinois
Bachelor of Science, Accounting
DePaul University
Chicago, Illinois
Publications and Speaking Engagements
Articles & Other Publications
-NACUBO Form 990 Electronic Manual, June 2009
-IRS Loses St. David’s Case; Court Clears Joint Ventures, Exempt, May 2004
External Presentations
-ACPEN National Satellite Program
-Florida Hospice and Palliative Care
-Healthcare Financial Managers Association – Florida Chapter
-Indiana Association of Homes & Services for the Aging
-Illinois CPA Society
-Indiana CPA Society
-LeadingAge
-Life Services Network
-National Association of Black Accountants
-National Hospice & Palliative Care Organization
-Ohio Health Care Association
Professional Affiliations
-American Institute of Certified Public Accountants
-Illinois CPA Society, Not-For-Profit Committee, Tax Subcommittee - Chairperson Wendy CamposSenior Manager
Moss Adams, LLP
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Wendy Campos is a Tax Senior Manager with Moss Adams LLP's Portland, Oregon office. She has practiced in public accounting for over 12 years as a trusted advisor to tax-exempt organizations, including, higher education institutions, public and private foundations, hospitals, social service organizations, credit unions, and their taxable subsidiaries.
She has experience providing compliance and consulting in the areas of unrelated business income, alternative investments, excess benefit transactions, the Form 990, compensation reporting, payroll tax reporting, self-dealing, distribution and grant-making and excise tax planning.
She earned her Bachelors Degree in Accounting at Linfield College and worked at a not-for-profit organization for five years before joining Moss Adams LLP.
Wendy is a member of Moss Adams’ Government and Not-For-Profit Industry Group, a member of the Group’s Tax Committee, and the tax leader of the Northwest area not-for-profit practice.
Her professional affiliations & certifications include membership in the Oregon Society of CPA's, AICPA, and NACUBO.
She has attended training programs given by NACUBO, Georgetown Law Center, Loyola Law School, and the Internal Revenue Service and she has presented at the NACUBO Tax Forum, the Philanthropy Northwest Conference, and hosted in-person UBI events throughout the Northwest in 2012. Erin Patricia CoutureDirector
PricewaterhouseCoopers LLP
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Erin is a tax director in PwC’s Exempt Organizations Practice with over eight years of experience providing specialized tax consulting and compliance services to nonprofit clients. She has expertise and experience in alternative investments, unrelated business taxable income, controversy resolution, tax-exempt bonds private use, intermediate sanctions, obtaining exempt status, compensation, fundraising disclosures, reporting requirements, as well as general compliance matters. She has experience serving various types of tax-exempt organizations including hospitals and educational institutions.
Erin is the co-author of “Recent GAO Report reconfirms variations in measuring and reporting community benefit” in ABA Health ESource, April 2009. In addition, she contributes annually to the Summary of Emerging Issues for Nonprofit Organizations, published by PwC. Erin has presented on issues of importance to tax-exempt organizations to various groups including the American Bar Association and Boston Bar Association.
Erin received her B.A from Smith College, and Juris Doctor from Suffolk University. She is a member of the Massachusetts Bar and the Boston Bar Association (Section of Taxation, Exempt Organizations). Jeff D. Frank
Director
Deloitte Tax, LLC
Geralyn Rakers HurdTax Partner
Crowe Horwath LLP
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Geralyn Hurd has been a tax exempt specialist for more than 20 years and leads Crowe’s Tax Exempt team nationally. This national team serves some of the largest higher education institutions, academic medical centers, foundations and healthcare systems in the country. In 2008, she designed and developed the only IRS-approved software of its kind – the patent-pending Crowe Tax Risk Assessment & Control (C-TRAC®) solution. She is also a frequent author and speaker on topics relevant to the tax exempt community, including the NACUBO Form 990 Manual. In June 2012, Geralyn was named one of Consulting Magazine’s Top 25 Consultants with an Award for Excellence in the Public Sector. Joe R. Irvine
Development & Tax Counsel
The Ohio State University
Ed J. Jennings
Tax Director
University of Michigan
Anne W. JetmundsenTax Advisor
University of South Florida
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Anne Jetmundsen is the Tax Advisor for the University of South Florida (USF) in Tampa, Florida and serves on the NACUBO Tax Council and the IRS Information Reporting Program Advisory Committee (IRPAC). Ms. Jetmundsen has been instrumental in implementing tax compliance programs at USF for areas including unrelated business income tax, sales tax, fringe benefits, independent contractor and scholarship classification. Prior to assuming the Tax Manager position in January 1996, Ms. Jetmundsen was employed in the tax departments of TECO Energy, Inc. and KPMG Peat Marwick.
Ms. Jetmundsen is a CPA and holds Bachelor of Science in Commerce and Business Administration (accounting major) and Master of Tax Accounting degrees from the University of Alabama. Jodi R. KesslerSenior Tax Analyst
Harvard University
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Jodi R. Kessler is the Senior Tax Analyst for Harvard University. Her responsibilities include tracking and reporting unrelated business income and various aspects of the Forms 990. She ensures compliance with Federal, State and Local tax rules for the University and aids in special projects for various departments. Previously she worked at The Ohio State University as Tax Manager and operated her own law firm specializing in tax consultation, business planning, and criminal defense. Ms. Kessler is a graduate of The Ohio State University (BA and JD), and Capital University (LLM in Taxation). Rick F. KleeTax Director
University of Notre Dame
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Rick Klee has served as the Tax Director for the University of Notre Dame since 1998. As Tax Director, Rick coordinates the University's response to unrelated business income, property, sales, trust and payroll tax issues, as well as information return, benefit plan and other tax compliance services. He is a member of the NACUBO Tax Council and has participated as a speaker at the NACUBO Tax Forum, the Tax Institute for Colleges and Universities and other not-for profit conferences.
Previously, Rick worked for 15 years as the CFO for a 65 physician multispecialty group, where part of his responsibilities included providing tax and financial planning services to the physicians. He also had more than seven year’s tax experience with Ernst & Young, the international public accounting firm. A CPA, he holds two degrees from the University of Notre Dame, a B.B.A. in Accounting and an M.A. in Theology. Rick is a member of the American Institute of Certified Public Accountants and the Indiana CPA Society. Dale C. LarsonVice President for Business and Finance
Dallas Theological Seminary
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Dale Larson joined Dallas Theological Seminary in 2009 and serves as its vice president for Business and Finance/CFO. He is responsible for all financial matters regarding budgets, audit, tax, investments, debt management, and general accounting services. Previously he worked for thirteen years at the University of Dallas as their associate vice president for finance.
A graduate of the University of Nebraska in business administration and certified in managerial accounting (CMA), Dale is a member of the Financial Accounting Standards Board’s (FASB) Not-for-Profit Resource Group which supports the FASB and Not-for-Profit Advisory Committee. Dale also served on NACUBO’s Accounting Principles Council from 2004 to 2010 and was chair in 2008. He presently serves as a member of NACUBO’s Tax Council. He has served as a speaker at NACUBO’s Higher Education Accounting Forums and has been on the forum’s planning committee since 2003. He has presented on endowment management and other higher education accounting issues at the 2008 and 2010 AICPA national Not-For-Profit Conference and also served on the AICPA Taskforce on Alternative Investments in 2006.
Dale was the 2007 recipient of NACUBO’s Daniel D. Robinson Award, which recognizes individual excellence and leadership in the advancement of college and university accounting and reporting. Joel LevensonAssistant Controller
University of Central Florida
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Joel Levenson is currently the assistant controller for tax compliance at the University of Central Florida located in Orlando, Florida. His primary responsibilities include coordination of the IRS audit, prepare & review UBIT workpapers & methods, opine on Employee v Independent Contractor decisions and ensure compliance with other Federal & State taxing authorities.
Prior to joining UCF in 2009, he worked as a tax supervisor at McGladrey focusing on FAS109, FIN48, C & S Corps, IRS audit response and international compliance. He was heavily involved with recruiting & training.
Joel graduated from the University of Central Florida with a B.S. in Accounting and an MST. Joel and his wife just recently welcomed their first child to their family with the birth of their daughter, Felicity. Dave Moja
Tax Partner
Capin Crouse, LLP
Tracy Paglia
Senior Manager, Tax
Moss Adams, LLP
Kristina Rasmussen
Tax Senior Manager
Deloitte & Touche LLP
Carol Summers
Marketing Manager
Moss Adams, LLP
Paul Tanis
Manager
PricewaterhouseCoopers LLP
