What is UBIT? UBIT is a tax imposed on the unrelated business income generated by tax-exempt organizations.

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Presentation transcript:

Unrelated Business Income Tax © 2016 Brigham Young University–Idaho

What is UBIT? UBIT is a tax imposed on the unrelated business income generated by tax-exempt organizations.

What qualifies as Unrelated Business Income (UBI)? An activity results in UBI if it meets all 3: Qualifies as a trade or business Regularly carried on Not substantially related to exempt purpose

Catering to outside groups Bookstore sales to non-University members Examples BYUI’s UBI includes: Cell Phones Catering to outside groups Bookstore sales to non-University members ???

Other Universities’ UBI includes: Examples Other Universities’ UBI includes: Sale of computers to other non-profits Career services offered to alumni for a fee Rental of stadium to San Diego Chargers Sale of recreational membership cards to the general public

Why should you care? IRS scrutiny https://www.cbiz.com/insights-resources/details/articleid/3474/3-targets-of-ubit-scrutiny-article

Qualtrics survey (coming soon) What we’re asking for Qualtrics survey (coming soon) List potential activity with short description Department account (6 digits) Revenue category code (4 digits)