IRS sends compliance questionnaires to 400 colleges and universities
The IRS sent compliance questionnaires to approximately 400 colleges and universities to study key areas in the tax-exempt community.
The questionnaire focuses on unrelated business income, endowments and executive compensation practices.
The IRS is sending the questionnaires to a cross-section of small, mid-sized and large private and public four-year colleges and institutions. Private nonprofit universities are generally exempt from tax under Internal Revenue Code section 501(c)(3) and like state universities are subject to unrelated business income tax.
The questionnaire will gather information from the schools about how they:
- Report revenues and expenses from their trade or business activities
- Classify their activities as exempt or taxable activities calculate
- Report income or losses on taxable activities
- Invest and use its endowment funds
- Determine compensation of certain highly paid individuals
The IRS plans to issue a report in 2009.
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