Accountable Reimbursement Plans The IRS is looking closely at substantiation of employee expenses and reimbursements. Does your institution have proper policies/procedures in place?
Donation Receipting The IRS has become increasingly persnickety about donation receipts – and the verbiage therein.
Donations of Labor or Services Here is a question we’ve received several times – Are donated services/labor tax deductible on the “donors” tax return per IRS rules?
Holiday Gift Cards for Employees Although actual turkeys and hams given to employees are generally non-taxable, holiday gift cards are another story.
IRS Charitable Rollover Made Permanent **DEVELOPMENT DIRECTOR ALERT** The PATH Act of 2015 made the “IRA Charitable Rollover” a permanent law. This can be very beneficial to your institution and some major donors.
Is Coach’s Apparel – Provided by School – Taxable? In a recent case, the IRS found coaches’ “golf shirts”, etc. – provided by the college – to be taxable to the coaches.
Minister’s Housing Allowances The IRS looks for “assignment letters” when non-churches engage in the MHA process.
State Charitable Registrations Charitable solicitation registration requirements with states are a large area of noncompliance for Christian colleges, seminaries, and universities. Is your institution in compliance with regard to “state charitable registrations?
The Admission Benchmarking Study This is the 26th annual Admission Benchmarking Study (ABS). The purpose of the study is to help institutions compare their budget resources, staffing, return on investment and admission funnel ratios to similar institutions for the recruitment of traditional undergraduate students. This content is only available to site subscribers and ABHE Members, Affiliates & Associates. Please LOG IN or SUBSCRIBE.
UBIT and the Christmas Cantata Situation Troas Bible College (TBC), a private college that is exempt under I.R.C. section 501(c)(3), is planning a “Christmas Cantata” by a renowned symphony orchestra from a European capital. The College “hosts” several of these events during the year (so the activity would be considered “regularly carried on”). TBC advertises these performances and supervises advance ticket sales at various places, including such college facilities as the cafeteria and the college bookstore. They call to ask us whether this event would be and unrelated business activity and whether this – and the other events of its type – would require separate accounting and Form 990-T filing. We respond that it is a management best practice to account for events such as this separately, but the event – nor those like it – would be unrelated because the activity appears to have a “direct, causal” relationship to TBC’s exempt purpose. Another good management practice is to document how/why these activities are related to TBC’s exempt purpose.