Colleges and Universities Compliance Project |
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Exempt Organizations has begun a compliance project of colleges and universities, one of the largest components of the tax-exempt sector. The compliance project begins with a compliance questionnaire to 400 colleges and universities. The information gained from these questionnaires will give us a better understanding of how colleges and universities:
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Report revenues and expenses from taxable trade or business activities on Form 990-T, Exempt Organization Business Income Tax Return;
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Classify activities as exempt or taxable activities;
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Calculate and report income or losses on Form 990-T;
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Allocate revenues and expenses between exempt and taxable activities;
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Invest and use endowment funds; and
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Determine types and amounts of executive compensation.
To allow adequate time for all respondents to complete the questionnaire, we are extending the deadline to February 6, 2009.
The following are answers to some general questions the IRS has received about completing the College and University Questionnaire.
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Additional information:
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Page Last Reviewed or Updated: January 05, 2009