IRS Releases Interim Report on Nonprofit Colleges and Universities Compliance Project

IRS Releases Interim Report on Nonprofit Colleges and Universities Compliance Project

News story posted in Information Release on 12 May 2010| comments
audience: National Publication | last updated: 18 May 2011
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Summary

The Internal Revenue Service today released an interim report summarizing responses to compliance questionnaires sent to 400 public and private colleges and universities in October 2008. The IRS has opened examinations of more than 30 organizations that were selected based on responses to the questionnaire. These examinations focus primarily on unrelated business income and executive compensation issues.

IR-2010-058

Full Text:

WASHINGTON — The Internal Revenue Service today released an interim report summarizing responses to compliance questionnaires sent to 400 public and private colleges and universities in October 2008. Colleges and universities make up one of the largest nonprofit segments in terms of revenue and assets.

The interim report contains preliminary information on the respondents’ organizational structures, demographics, exempt and unrelated business activities, endowments, executive compensation as well as governance practices. Respondents are divided into three groups based on size of student population.

“This compliance project, like our previous one on nonprofit hospitals, gives us a lot of valuable information on activities conducted by those organizations that will help us in our enforcement and services efforts,” said Lois Lerner, Director of the IRS Exempt Organizations. “Our findings will be reported in a final report after we have completed our analysis of all of the data.”

The IRS continues to analyze the data. Responses to most questions are included in the interim report. Responses to certain questions are not included because the IRS has not yet completed compiling the information. Additional information will be included in a final report.

The IRS has opened examinations of more than 30 organizations that were selected based on responses to the questionnaire. These examinations focus primarily on unrelated business income and executive compensation issues.  A summary of findings and information learned from the examinations will also be included in the final report.

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