Tax Tips for Higher Education
Could Donor Receipting Technicalities “Bite” Your Institution and Your Donors?
Situation A married couple, Charles and Kathy, committed to give $200 a month to their alma mater, Saltwater Christian College (SCC). SCC is a public charity under Internal Revenue Code section 501(c)(3) and section 170(b)(1)(A)(ii). For the 2014 tax year, their...
Has Your College Considered “Revenue Enhancement Opportunities”?
Happy Canada Day! Happy 4th of July!! Situation Sami, the CFO at Marathon Bible College (MBC), a private college and public charity under Internal Revenue Code section 501(c)(3), called to say that at MBC’s next board meeting they were having an emergency session on...
Might Laundry Operations Result in Taxes Owed to the IRS?
Situation Troas Bible College (TBC) a tax-exempt private college, runs a Laundromat in the basement of Jenny Murphy Hall, a women’s dormitory. The coin-operated washing machines and dryers are used by resident students to wash linens, clothing, etc. Do the revenues...
Executive Compensation
Does Your Institution Utilize the Proper Process for Determining Executive Compensation? Situation Troas Bible College (TBC) is a private university. TBC has a procedure for determining executive compensation each year. The finance committee of the board of trustees...
Affordable Care Act
Affordable Care Act: Is Your School in Danger of Paying $100 Per Day in Penalties? Situation Troas Bible College (TBC), a private university under Internal Revenue Code section 501(c)(3 and section 170(b)(1)(A)(ii), has been lured by a vendor who is marketing a...