712.1 – University of North Carolina at Chapel Hill Procedure on Reporting Unrelated Business Income

Introduction

Purpose

The University is required to file an Exempt Organization Business Income Tax Return (Form 990-T) with the Internal Revenue Service reporting any unrelated business income generated by the activities of its academic and support units. The Internal Revenue Code states that a college or university is generally deemed to have unrelated business taxable income when it realizes gross income from any regularly conducted trade or business that is not substantially related to its educational and other exempt purposes. Unrelated business taxable income is also applicable to and reported for state tax purposes.

Procedure

If an activity is being conducted where sales to external customers exist (or otherwise an activity that may be subject to unrelated business income tax), please complete the Unrelated Business Income Tax Compliance Questionnaire and return to Financial Reporting and Management Services at financialreporting@unc.edu.

Related Requirements

External Regulations and Consequences

None.

University Policies, Standards, and Procedures

Contact Information

Primary Contacts
Subject Contact Telephone Fax E-Mail
UBI Dir., Financial Reporting and Management 919-843-2694 919-962-4140 financialreporting@unc.edu
UBI Financial Accountant 919-962-2710 919-962-4140 financialreporting@unc.edu

History

Revised:

  • December 22, 2011
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Details

Article ID: 131551
Created
Thu 4/8/21 9:11 PM
Modified
Mon 7/12/21 4:07 PM
Effective Date
If the date on which this document became/becomes enforceable differs from the Origination or Last Revision, this attribute reflects the date on which it is/was enforcable.
06/14/2019 12:00 AM
Issuing Officer
Name of the document Issuing Officer. This is the individual whose organizational authority covers the policy scope and who is primarily responsible for the policy.
Issuing Officer Title
Title of the person who is primarily responsible for issuing this policy.
Director Financial Reporting
Last Review
Date on which the most recent document review was completed.
06/14/2019 12:00 AM
Last Revised
Date on which the most recent changes to this document were approved.
06/14/2019 12:00 AM
Origination
Date on which the original version of this document was first made official.
12/22/2011 12:00 AM
Responsible Unit
School, Department, or other organizational unit issuing this document.
F&O-Finance