The Federal Income Tax Act can have unique implications for universities and colleges, their employees, students, donors and research partners. Although not taxable enterprises, universities and colleges enter into numerous transactions the tax treatment of which can impact positively or negatively on their stakeholders and on the institution’s reputation.
Turnover in personnel, changes in tax law, and the university’s distributed processing of certain transactions all expose the university to serious risks in the tax treatment of transactions. It is for that reason that CAUBO has always assisted universities in tax matters through the development and update of a comprehensive tax guide since 1986.
To further assist university and college staff, CAUBO is introducing a six-part web-based tax series which will focus on the higher risk areas of federal taxation for universities and colleges. Each part will target a different audience in addition to the central financial professionals. It is important that individuals who process transactions or interpret policies which are affected by tax law understand why a process or particular documentation is important for eligible tax treatment. A better understanding of how the institution’s policy or process fits into a broader legal requirement can lessen the chance of errors or of procedural changes which can impact tax treatment. Participants will be introduced to the applicable sections of the web-based CAUBO Tax Guide and university tax rulings that can be helpful when faced with particular issues or requests for exceptions.
The series includes the following: