2015 Unrelated Business Income Tax
February 25-27, 2015
Sheraton New Orleans
New Orleans, LA
OverviewHaving 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
- Tax Counsel
- Tax Managers
What You'll Learn
- 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
- Discuss how to engage colleagues around campus to help limit your institution's exposure
No prerequisites and/or advance preparation required.
Participants will be awarded up to 16 CPE credits for this group live event. CPE credits can be earned in the following categories:
Wednesday, February 25
|12:00 pm||Registration Open|
|1:00 pm||Welcome and Introductions|
|1:15 pm||UBIT Fundamentals and Recent Developments|
|2:45 pm||Refreshment Break|
|3:00 pm||Expense Allocations|
|4:15 pm||Net Operating Losses|
|5:15 pm||Welcome Reception|
Thursday, February 26
|8:00 am||Continental Breakfast|
|8:30 am||Joint Ventures: An Overview|
|9:45 am||Refreshment Break|
|10:00 am||UBIT Issues Arising from Tax-Exempt Bonds|
|11:15 am||Qualified Sponsorship Payments vs Advertising: Distinguishing Permissible Acknowledgements from Substantial Return Benefits|
|1:45 pm||Alternative Investments: Best Practices for Unrelated Business Income and Information Reporting|
|1:45 pm||Understanding the Tax and Operational Pitfalls Related to Research|
|2:45 pm||Refreshment Break|
|3:00 pm||Alternative Investments: Best Practices for Unrelated Business Income and Information Reporting (Repeat)|
|3:00 pm||Tackling the New Tangible Property Regulations|
|4:15 pm||Identifying and Tracking Athletics-Related UBIT|
Friday, February 27
|8:00 am||Continental BreakfastCasual Friday - Wear Your School Colors |
we encourage you to wear something from your current college or university or your alma mater. This is a great way to get to know other attendees and show your school spirit! (Sportswear is ok)
|8:30 am||Small Group Case Studies|
|10:30 am||Refreshment/Check-Out Break|
|11:00 am||UBIT-Related Tax Reform Proposals and the Potential Impact on Your Institution|
|12:00 pm||Program Adjourns|
Sheraton New Orleans
444 Common Street
New Orleans, LA 70130
Distance to Sheraton: .2 miles
Room Rate Range: $154-$169
523 Gravier Street
New Orleans, LA 70130
Distance to Sheraton: .5 miles
Room Rate: $199
525 Gravier Street
New Orleans, LA 70130
Distance to Sheraton: .5 miles
Room Rate: $179
Visit the Sheraton New Orleans website for details, including restaurants, amenities, and nearby attractions.
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.
Assistant Director of Finance -Tax Compliance
California Institute of Technology
SHOW FULL BIO » California Institute of Technology Assistant Director of Finance - Tax Compliance
University of California Office of the President
SHOW FULL BIO » John Barrett is the Tax Services Manager for the University of California System. He is responsible for preparing tax related enhancements to the payroll system and for establishing University-wide tax policies and procedures. He is also responsible for the preparation of the University’s consolidated unrelated business income tax return and coordinates policy development in tax, business, and accounting areas. John has been with the University system since 2005. Before joining the University, John worked for over twenty years in various areas of corporate taxation in the telecommunications, food processing/beverages, and automobile manufacturing industries. He also worked with high tech clients in public accounting. Mr. Barrett has a B.A. in Economics from the University of Michigan, a Master of Science in Taxation from DePaul University, and is a Certified Public Accountant
Crowe Horwath LLP
SHOW FULL BIO » Nicole Bencik has over sixteen 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. Nicole has consulted on a significant number of issues affecting not-for-profit organizations such as unrelated business income tax, employment tax, sales & use tax and alternative investments issues. Nicole has presented at numerous conferences and webinars on both general taxation and specific tax-exemption issues.
Grant Thornton LLP
SHOW FULL BIO » Rob Butler, Managing Director, Higher Education and Not-for-Profit Tax Services Rob recently joined Grant Thornton after more than twenty years working with higher education and not-for-profit institutions. Prior to joining Grant Thornton, Rob served as Controller of Brandeis University overseeing the general accounting office, accounts payable, payroll, and sponsored programs accounting, working closely with the audit committee, financial systems and reporting, and all departments throughout the University. Prior to Brandeis, Rob led a Big Four exempt organizations tax team that provided compliance and regulatory services to higher education institutions and healthcare organizations throughout New England and upstate New York. Rob has also worked with the Massachusetts Attorney General’s Office focusing on public oversight and proper governance of public charities and corporate entities. The combination of Rob’s experiences working within an administration of a higher education institution, providing professional services to not-for-profit organizations, and enforcing regulatory compliance enables him to provide extensive and well-rounded perspectives to higher education and not-for-profit clients. Rob has been on different sides of the boardroom table. Rob contributes to the Grant Thornton audit and tax practice by focusing on quality and excellent service. Rob achieves high integrity by reporting issues to clients and dealing with their sensitive disclosures open to public inspection. Rob researches and advises on technical issues with respect to tax exempt status, foreign activity, public disclosure, governance, transparency, and the consequences of making investments in debt-financed securities. Rob has spoken at several not-for-profit seminars and has developed many tax, accounting and finance presentations. Rob received his Masters in Taxation from Northeastern University and his Bachelor of Science degree in Accounting from Merrimack College. He is a member of the American Institute of Certified Public Accountants and the Massachusetts Society of Certified Public Accountants.
Moss Adams LLP
SHOW FULL BIO » Wendy Campos is a Tax Partner with Moss Adams LLP's Portland, Oregon office. She has practiced in public accounting for over 14 years as a trusted advisor to tax-exempt organizations, including, colleges and universities, foundations, hospitals, social service organizations, and their taxable subsidiaries. She has experience providing compliance and consulting in the areas of unrelated business income, alternative investments, excess benefit transactions, the Forms 990 and 990-T, compensation reporting, payroll compliance and reporting, charitable giving, 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 the tax leader of Moss Adams’ Government, Not-For-Profit, and Regulated Industry Group 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 UBI Conference, NACUBO Tax Forum, the Philanthropy Northwest Annual Conference, and hosted in-person UBI events throughout the Northwest in 2012.
SHOW FULL BIO » Erin is a tax director in PwC’s Exempt Organizations Practice with over ten 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).
Director, Internal Audit & Tax Compliance
University of San Francisco
SHOW FULL BIO » Dominic L. Daher is the Director of Internal Audit and Tax Compliance for the University of San Francisco. Mr. Daher also serves as an Adjunct Professor of Law in the University of San Francisco’s School of Law where he teaches Federal Income Taxation, Nonprofit Taxation, Tax Policy, Accounting for Lawyers, and Law Practice Management: A Pathway to Success. In May 2005, Mr. Daher garnered the Outstanding Faculty of the Year Award. Mr. Daher is a member of the NACUBO Tax Council, and he regularly presents at the annual NACUBO Tax Forum. Mr. Daher serves on the editorial advisory boards for the some of the leading tax and accounting publications in the country, including: THE M&A TAX REPORT (CCH), TAXATION OF EXEMPTS (WG&L), THE EXEMPT ORGANIZATION TAX REVIEW (TAX ANALYSTS), THE TAX ADVISOR (AICPA), CORPORATE BUSINESS TAXATION MONTHLY (CCH), INTERNAL AUDITOR (THE IIA), INTERNAL AUDITING (WG&L); and A GUIDE TO FEDERAL TAX ISSUES FOR COLLEGES AND UNIVERSITIES (NACUBO). Additionally, Mr. Daher serves as a member of the Financial Accounting Standards Board's (FASB) Not-for-Profit Resource Group. Mr. Daher is the author of over 40 published articles which deal with various aspects of federal tax law and accounting issues, including one which has been cited in a report to the United States Congress by the National Taxpayer Advocate and quoted in Forbes. Among his many other accolades, Mr. Daher is the co-author of a leading treatise on federal tax law, The Hornbook on the Law of Federal Income Taxation (Thomson West 2008), which has been cited in numerous decisions by various Federal Circuit Courts of Appeals and in a variety of law review articles. Mr. Daher’s other books include: Accounting for Not-For-Profit Organizations (BNA 2006), Accounting for Mergers and Acquisitions of Not-For-Profit Organizations (BNA 2009, revised 2012), Interest Expense Deductions (BNA 2007, revised 2012), Accounting for Business Combinations (WG&L 2008-2013); A Practical Guide to Corporate Taxation (CCH March 2012). Mr. Daher holds a Master of Laws in Taxation from New York University School of Law (where he served as the Graduate Editor of the Environmental Law Review); a Juris Doctor from Washington University School of Law (where he was he was the Judge Myron D. Mills Scholar); and both Master and Bachelor of Accountancy degrees from the University of Missouri-Columbia (where he was a merit scholar and graduated with honors).
University Tax Director
University of Minnesota-Twin Cities
SHOW FULL BIO » Kelly D. Farmer is the University Tax Director at the University of Minnesota and has served in that position since 2001. From 1995 to 2001, Kelly was at Arizona State University achieving the title of Senior Tax Manager. He started his career with the former “big eight” firm of Arthur Young & Co and later became a partner in a local CPA firm in Phoenix, Arizona. Kelly has a BS from Brigham Young University School of Accountancy. He is a Certified Public Accountant and is a member of the American Institute of Certified Public Accountants. Kelly specializes in higher education and exempt organization tax issues and is an instructor at numerous national seminars each year. He has also represented the higher education sector in hearings with the Internal Revenue Service regarding tax regulatory matters. Kelly served on the NACUBO Tax Council for eleven years through 2007 and as chair of the Tax Council for 2004 – 2005. Under the direction of Kelly, the University Tax Management Office (TMO) is responsible for advising and consulting on significant tax issues impacting a very large, decentralized, complex exempt organization. All tax matters of the University are addressed by the TMO and significant tax issues range from those dealing with tax-exempt debt, employment and fringe benefits, scholarships, state and local sales taxes, unrelated business income, and international tax issues, to representing the University in controversies involving federal and state tax authorities.
Grant Thornton LLP
SHOW FULL BIO » Frank D. Giardini Principal, Tax, Not-for-Profit/Healthcare Industry Practice - Grant Thornton LLP Frank Giardini is a principal with more than 28 years of experience with clients in the healthcare and higher education industries advising on business and tax matters. Frank focuses on providing transactional planning and tax consulting including merger and consolidation planning to his exempt and for-profit clients. Experience Frank leads the Mid-Atlantic Non Profit/Healthcare Tax Group from Philadelphia and has been actively involved in speaking to various industry groups including HFMA and the PICPA on tax matters affecting the healthcare industry. Frank has also assisted in the development of tax policies and procedures as well as the structural tax aspects of constructed agreements. He has consulted clients on the tax implications related to: • Intermediate sanctions planning & compliance • Corporate Reorganizations • IRS/state tax audit representation • Executive compensation • Unrelated business tax planning • Fundraising • Taxable subsidiaries • Community Benefit rules of Form 990 Schedule H • Corporate Governance Industry experience His clients include private foundations; colleges and universities; healthcare organizations; governmental and quasi-governmental entities; public charities; unions; trade associations; and other types of exempt organizations. A representative list of clients served includes: Highmark Health; John Templeton Foundation, Annenberg Foundation, Annenberg Foundation at Sunnylands, University of Maryland Medical System; The Freedom Forum, Inc.; Sarah Scaife Foundation; Scaife Family Foundation; Carthage Foundation; Allegheny Foundation; Immaculata University; University of Scranton; Commonwealth Medical College; La Speranza Foundation; Philadelphia College of Osteopathic Medicine; University of the Sciences in Philadelphia; and The American University. Professional qualifications and memberships • American Health Lawyers Association • Healthcare Financial Management Association • Eastern Association of College and University Business Officers Education Frank received his B.S. in accounting from LaSalle University and his M.S. in Taxation from Villanova University. He is licensed to practice before the IRS and other taxing jurisdiction. Contact details 2001 Market Street, Suite 700 Philadelphia, PA 19103 T: 215.656.3060 F: 215.561.1066 E: Frank.Giardini@us.gt.comJim:
The Ohio State University
SHOW FULL BIO » Joseph R. Irvine is a faculty member and former Development and Tax Counsel at The Ohio State University, Columbus, Ohio. His practice included tax planning and compliance as well as resolving conflicts with the IRS and state and local tax agencies. He handled charitable gift planning, donor tax issues as well as issues regarding UBIT, compensation and benefit matters, and state and local tax matters. He was an attorney with a multistate law firm prior to joining the University. He also has experience with one of the Big Four accounting firms. He is past Chair of the Tax Council of the National Association of College and University Business Officers and the past co-chair of the Taxation Section of the National Association of College and University Attorneys. He is also a member of the Ohio State Bar Association and the past Tax Lead of the Steering Committee for the AICPA Not-For-Profit Industry Conference. He is a recipient of the NACUBO Tax Award. Mr. Irvine is a graduate of Kent State University (BBA, summa cum laude), the University of Cincinnati (MS, taxation) and Duke University Law School (JD, high honors). He is admitted to practice in Ohio and the Federal Court for the Southern District of Ohio. He is also a certified public accountant and a frequent speaker on tax issues.
Senior Tax Analyst
SHOW FULL BIO » 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).
Associate Director: Tax Compliance
University of Central Florida
SHOW FULL BIO » Joel Levenson is currently the associate director for tax compliance at the University of Central Florida located in Orlando, Florida. His primary responsibilities include coordination of audits, review of UBIT methodologies, 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 spend their time watching their first child, Felicity, establish herself as a formidable ruler of the house.
Capin Crouse, LLP
SHOW FULL BIO » Dave is dedicated to meeting client needs in the exempt organization tax arena through review of client returns, consulting engagements, training, and the compilation of our annual "Higher Education Tax Reporting Trends" project. He works with colleges, churches, associations, missions organizations, and private foundations, among other entities. Dave conducts workshops and delivers products on Form 990, executive compensation, political issues, and unrelated business activities. He has also spoken extensively at accounting and tax seminars across the country, including the Florida Association of Chamber Professionals, Christian Leadership Alliance National Conference, National Association of College and University Business Officers annual Tax Forum, and the Florida Institute of CPAs Annual Not-for-Profit Conference. He also hosts a quarterly Not-for-Profit Tax Webcast. He serves as a member of the IRS Advisory Committee on Tax Exempt and Govermental Entities (Exempt Organization subcommittee) and the AICPA Not-for-Profit Advisory Council. He is a member of the AICPA, the FICPA, and serves on the 2013 Religious Organizations Accounting Committee sponsored by the ECFA. Dave is a CPA in Florida, Colorado, and Georgia.
Associate Provost for Research Administration
SHOW FULL BIO » Paul F. O’Keefe has been involved in academic research and research administration for more than thirty-five years. Paul is currently the Associate Provost for Research Administration at Brandeis University, where he is responsible for pre-award research administration, research integrity and compliance, and oversight of the animal-research facility. Before coming to Brandeis, he was Director of Research Administration for Gene Regulation Laboratories, Inc. Prior to that, he served as Assistant Vice Provost for Research and Director of the Office of Research and Sponsored Programs at the University of Massachusetts Boston. Paul has co-authored several peer-reviewed articles in professional journals including Pediatrics, the Journal of Pediatrics, the Journal of Marriage and the Family, and the American Journal on Mental Retardation. He has also made numerous presentations and led full-day and half-day workshops on a variety of research administration and compliance topics at national and regional meetings of professional organizations such as the National Council of Research Administrators (NCURA), the Society of Research Administrators International (SRA), and the Association of Small Institution Sponsored Programs Administrators (ASISPA). From 2008 - 2013, he served on the Journal Review Board of SRA’s Journal of Research Administration. Paul is a member of a number of professional research administration organizations, including NCURA, SRA, Public Responsibility in Research & Medicine (PRIM&R), the Association of University Technology Managers (AUTM), and the National Organization of Research Development Professionals (NORDP). Paul has a B.A. in Economics from the University of Massachusetts Boston.
Moss Adams LLP
SHOW FULL BIO » Tracy Paglia, CPA, is a partner with Moss Adams LLP. She has over 18 years of public accounting experience as a tax and consulting team member for Not-for-Profit clients, including extensive experience with higher education clients and their foundations. Her expertise includes areas such as attaining, maintaining and termination of tax exempt status, preparing and analyzing the Form 990, state registration and filing requirements, intermediate sanctions, compensation issues, forming and operation in joint ventures and for-profit subsidiaries, and charitable planning options for donors. Tracy is a highly-rated national speaker on tax exempt issues. Her teaching and speaking experience includes sessions for the National Association of College and University Business Officers, the American Institute of CPAs, Council on Foundations, LeadingAge and several state CPA societies. Tracy is based in the California Central Valley office. She is the leader of the firm’s Government, Not-for-Profit and Regulated Entities Tax Committee and a member of the GNR Technical Committee. Tracy has a bachelor degree in accounting from the University of Idaho, is a member of the American Institute of CPAs and the California State CPA Society, and holds CPA licenses in Oregon and California.
Ernst & Young LLP
University of Washington
SHOW FULL BIO » Julia Shanahan is the Tax Director, and Associate Director of Payroll, at the University of Washington. Julia is responsible for international, federal, state and local tax matters including unrelated business income, foreign entity taxes, sales tax and property tax. Her payroll duties include issues related to state and federal income tax withholding, withholding for employees in other countries, issuance of W-2s and other non-tax matters. Her other responsibilities include providing advice to all campus departments and also include assuring that the University is compliant in tax filings both domestically and internationally. Julia also provides tax assistance to healthcare affiliates of the University of Washington. Prior to joining the University, Julia worked for PricewaterhouseCoopers in Tokyo, London and Seattle addressing individual cross border tax issues, and domestic and international payroll matters. Julia holds a B.A. degree in International Business from Manhattanville College in Purchase, New York, a J.D. from Seattle University and an L.L.M. in taxation from the University of Washington. She is a member of the Washington State Bar.
Ropes & Gray, LLP
SHOW FULL BIO » Lorry's practice focuses on the taxation of nonprofit organizations, especially colleges, universities and health-care organizations. Lorry previously worked for the Office of Tax Policy of the U.S. Treasury in Washington, D.C., where he dealt primarily with issues involving tax-exempt organizations and partnership taxation. Lorry is a member of the Exempt Organizations committee of the Tax Section of the American Bar Association and is co-chair of the college and university subcommittee. He has written and spoken extensively regarding tax-exempt organizations and has taught courses as an adjunct professor at Boston College Law School and Harvard Law School on tax-exempt organizations and on tax policy. He is a graduate of Yale College and Boston College Law School.
2015 Unrelated Business Income Tax
February 25-27, 2015
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