Does your department sell goods or advertising, provide services, or rent equipment/space to customers?
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.