Liquidity and Availability Disclosures

Liquidity and Availability Disclosures

ISSUE New financial statement reporting requirements are upon us.  Is your institution prepared for the “liquidity and availability” disclosures?  You should be.   SITUATION Troas Bible College (TBC) is a private college exempt under Internal Revenue Code section...
Form 990-T and the “Other” Schedule M

Form 990-T and the “Other” Schedule M

ISSUEFor institutions with more than one unrelated business activity – don’t count “parking/transportation fringes” – there is a new reporting regime for Form 990-T that involves a NEW Schedule M (Form 990-T).  SITUATIONDenali Christian College (DCC) is a private...
The “Parking Tax” – Circa April 2019

The “Parking Tax” – Circa April 2019

ISSUE At this point, if your institution has any parking spots that are reserved for employees, you will have an “increase in UBTI under § 512(a)(7)” and likely be required to file Form 990-T and pay some tax – even if you do not have any unrelated business...
403(b) Plan Relief – Have You Seen This?

403(b) Plan Relief – Have You Seen This?

ISSUE Many of our institutions have established retirement plans under I.R.C. Section 403(b).  Back in 2007, Treasury and the IRS issued final regulations that required a re-write (or original writing) of many institutions’ retirement plan documents.  Recently,...