IRS looks into universities’ money records

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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.

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