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September 12, 2008
IRS Prepares to Ask Colleges About Compensation, Other Issues
An Internal Revenue Service official announced yesterday that the agency would soon be sending a questionnaire to roughly 400 colleges and universities to collect information on their executive compensation, endowments, and unrelated business income.
The survey had been scheduled as part of the agency’s fiscal year 2008 work plan, and is meant to identify how higher-education institutions are currently reporting financial data and if there are gaps in information that need to be filled in, said Steven J. Pyrek, an IRS spokesman.
The announcement comes less than a week after a spokesman for Sen. Charles E. Grassley, an Iowa Republican, told The Chronicle that he would like to see a new Form 990 tax schedule that would be specifically geared to colleges and universities and would require more reporting of colleges’ costs and student populations.
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I agree the 990 form is not designed,nor could it ever be designed , to report all non-profits.Colleges and universities have,in many cases, have taken advantage of their tax exempt status and charging the university for their lifestyle enhancements. Free meals every day and calling them all meetings,parties for “donors” with expensive catered meals and pricey wines,traveling first class to Europe for “meetings”,having their wives appointed as “special assistants” so their bill is paid as well, traveling to the places where their relatives are over and over using meeting as a reason, lobbying for state budgets and charging the costs back to the university,and so much more.I applaud Sen. Grassley’s efforts. Perhaps the other elected officials have a vested interest in their state’s universities and refuse to make a serious review of their expenses. Sadly,the presidents have the internal auditors report to them and never report the abuses because they would lose their jobs…
— Jack Sep 13, 07:40 PM #