Tax Tips for Higher Education
CARES Act Section 18004(a)(3) – At least $500,000!
ISSUE: The most recent allocations from the Higher Education Emergency Relief Fund (from CARES Act Section 18004(a)(3)) has provided a “game changer” for a number of schools. SITUATION: Saltwater Christian College (SCC) is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(ii). They are required to file Form 990 annually…
PPP and Minister’s Housing Allowances
The SBA has clarified whether expenses paid for housing allowances could be included in “payroll costs” when figuring the amount of spending on covered costs during the 8-week period after receiving PPP funds. This can be important for applying for “PPP forgiveness.”
Virtual Fundraising Events
ISSUE In these interesting times of “social distancing,” is it possible to host a fundraising event for donors and stakeholders of your institution? SITUATION Marathon Bible College (MBC) is a private college exempt under Internal Revenue Code section 501(c)(3)...
Higher Education Emergency Relief Fund
Last week, the U.S. Department of Education began sending out letters and other information with regard to the CARES Act’s Higher Education Emergency Relief Fund (HEERF). Does your school qualify for some funding?
Paycheck Protection Program Loans/Grants
ISSUE: With the interesting opportunities for loans – that may turn into grants through forgiveness – what can I spend these funds on? SITUATION: Saltwater Christian College (SCC) is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(ii). They are required to file Form 990 annually. SCC’s leadership team is considering the opportunities (that abound) with regard to Coronavirus stimulus / relief packages. They have been looking at the Payroll Protection Program (PPP) loans/grants…