IRS looks into universities’ money records
Written by The Flat Hat|
September 19, 2008
The Internal Revenue Service plans to question nearly 400 colleges and universities in order to better understand their endowment and unrelated business incomes. According to The Chronicle of Higher Education, the IRS intends to send out a questionnaire to gather the desired fiscal information. The specific institutions to be questioned have not yet been announced.
The decision comes as a response to the agency’s plan to investigate whether colleges and universities have reported financial data with discrepancies.