Annual training program addresses university-generated “unrelated business income”
Does your department sell goods or advertising, provide services, and/or rent equipment or space to students, alumni or the public? These are some of the most common activities that can generate unrelated business income for UF. Conducting these activities may require annual reporting and potential taxation of the income generated.
Unrelated business activities must meet all three of the following criteria:
- Be conducted as a trade or business
- Be regularly carried on
- Be substantially unrelated to the tax-exempt mission of the university
This year’s Unrelated Business Income Training will be held from 1:30 to 3:30 p.m. on Thursday, Aug. 17, in the Bryan Hall Auditorium (Room 130—see map below). Registration is not required, but you may email Ron Shultz (firstname.lastname@example.org) if you are planning to attend. The training materials will be posted to the University Payroll and Tax Services website soon after the session.
For a brief introduction to Unrelated Business Income, please visit the University Payroll and Tax Services section of Finance and Accounting’s website or call (352) 392-1231.