Unrelated Business Income: A Framework for Governance. Chief Business Officers Meeting July , 2009 Ron Maples, Controller. UBIT.
Chief Business Officers Meeting
July , 2009
Ron Maples, Controller
Common UBI areas include bookstore operations, dormitory rentals, advertising income, travel tours, parking lots, etc.
-Provides framework for reporting unrelated business taxable income
-Provides in-depth discussion of UBI and gives statutory authority of each provision
-Visual depiction of the UBI identification process
-To be completed by each department that has revenue generating activities. The form is your support/defense on the position you take regarding whether or not the activity is related. The form will also assist us to gauge compliance in sales tax, foreign activities and nexus areas.
-To verify that the CBOs are aware of and agree with the tax positions taken by their units/departments.
-To report unrelated business income and expenses for inclusion on the annual consolidated 990-T
FY2010 Schedule(subsequent questionnaires due by date on form)
December 31, 2009February 28, 2010May 31, 2010
-Visit www.irs.gov Publication 598
-Bertrand Harding’s The Tax Law of Colleges and Universities, 3rd Edition
-Melissa Johnson, Controller’s Office, firstname.lastname@example.org, 974-2493
-Ron Maples, Controller’s Office, email@example.com, 974-2493