ISSUE

There is a lot going on in the higher education tax and accounting arena!  How can you stay up-to-date and be ready for all that 2019 is bringing your way?

 

SITUATION

Troas Bible College (TBC) 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.

TBC’s Controller calls us and says, “Oh my goodness, how am I supposed to navigate the “Parking Tax,” going from three net assets classes to two, dealing with whether the Schedule K-1’s we receive from investments represent more than one trade or business, allocating functional expenses based on new rules, writing the narrative for the methodologies of our expense allocations, putting together our liquidity disclosures, tracking executive compensation, Form 990 changes?  And… I’m sure I’m forgetting something!”

“Well,” we say, “a good way to get a handle on all of this is to register for the session at ABHE’s Annual Meeting next month that is designed to provide guidance and real life examples on all of those changes – and more.  You’ll get 3.5 hours of information – with ample coffee breaks – on how an example Bible College is handling all of the 2019 – and beyond – changes.  It should be a lot of fun.  And, February in Orlando…”

“Who’s leading the workshop?” asks TBC’s Controller.

We smile.  “We are!”

 

RULES

From ABHE Annual Meeting, Convention Workshops:

Implications of the Recent and Upcoming Tax & Accounting Rule Changes for Your Institution

Overview: What should you know about the recent changes in the Tax and Accounting rules? How will this new legislation and required rule changes affect your institution? Operating in the dark is too dangerous! Allow an expert to shed light on what you should know and how you should prepare.

  • Consider the implications of these changes and how they can impact your institutional operations
  • Drill into the recent tax and accounting rule changes to make sure your operation is compliant
  • Explore opportunities these changes present for your institution

For more information and to register, check out:

https://www.abhe.org/annual-meeting/workshops-at-a-glance/

 

BOTTOM LINE

  • Have you done the analysis and written the narrative for the new functional expense reporting requirements?
  • Does your organization owe the IRS taxes with regard to the “Parking Tax?”
  • What about the new Liquidity and Availability disclosures required to be in your financial statements in 2019?
  • Did you know there are three big changes to the rules for accounting for investments that may affect your school this year?

Specific questions? Email Dave Moja

The information provided herein presents general information and should not be relied on as accounting, tax, or legal advice when analyzing and resolving a specific tax issue. If you have specific questions regarding a particular fact situation, please consult with competent accounting, tax, and/or legal counsel about the facts and laws that apply. 

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