Providing “Services” May Result in UBIT

Providing “Services” May Result in UBIT

Issue As Christian colleges look for alternative revenue sources, it is important to know the intricate workings of the UBIT rules. Situation Troas Bible College (TBS), a private college that is a public charity under I.R.C. section 501(c)(3), is paid $3,000 by a the...
Does My School Need to File Form 5578?

Does My School Need to File Form 5578?

Issue Questions have been posed regarding whether a college/seminary that does not file Form 990 would be required to file Form 5578, Annual Certification of Racial Nondiscrimination for a Private School Exempt From Federal Income Tax. Situation Sheila, the CFO at...
Update on Employee Birthday Gift Cards

Update on Employee Birthday Gift Cards

Issue Herein we revisit the “employee birthday gift card” issue that we’ve talked about before – whether de minimis gift cards must be included in an employee’s compensation and reported on Form W-2 each year. Situation Saltwater Christian College (SCC), a private...