Annual Unrelated Business Income Tax (UBIT) Training
Does your department sell goods or advertising, provide services or rent equipment/space to students, alumni or the general public? These are some of the most common activities that can generate unrelated business income (UBI) at UF. Conducting these activities may require annual reporting and potential taxation of the generated net income.
Unrelated business activities must meet all three of the following criteria:
- Be conducted as a trade or business (e.g. with a profit motive)
- Be regularly carried on (not just periodic or a few times per year)
- Be substantially unrelated to the tax-exempt mission of the university
This year’s training will be held at 1:30 p.m. on Thursday, August 16, in the L. Vernon Voyles Room, 201 Criser Hall. The training will take approximately two hours.
Registration is not required, but you may email Brian Kuhl (bkuhl@ufl.edu) if you plan to attend. Please include your name, UFID# and department. The training materials will be posted to the University Payroll and Tax Services website after the session.
Learn more about UBI here, or contact University Payroll and Tax Services at (352) 392-1231 for more information.