If so, you may be generating unrelated business income (UBI) and be subject to an annual reporting requirement and potential taxes.
An unrelated business activity must meet all three of these 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 at 1:30 p.m. on Thursday, Aug. 18, in the L. Vernon Voyles Room, 201 Criser Hall. The session is scheduled for approximately two hours. Registration is not required, but you may email Ron Shultz (firstname.lastname@example.org) if you plan to attend. 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 see http://www.fa.ufl.edu/departments/payroll-tax-services/tax-resources-for-departments/unrelated-business-income-tax/ or contact University Payroll and Tax Services at (352) 392-1231.