Fun Filings
The informational return filed annually by non-profits to the IRS
Form 990
- Sch. A - Public Charity Status and Public Support
-Sch. J contains Compensation Information for officers, directors, trustees, etc.
-Sch. F reports on Activities outside of the US
BC and other MA schools must file an MA PC annually. What does "PC" stand for in this case?
Public Charities
Is it possible for employees to receive tuition remission tax free at BC?
Yes - the education should be related to the employee's position, but not required to perform the job.
President Trump has ordered the closure of this Federal Department
The Department of Education
Revenue generated NOT from tuition or supporting education
Unrelated Business Income (UBI)
- 990-T and NOL
An out-of-state band comes to BC and is paid more than $10,000. BC must withhold 5% for this tax.
Performers tax.
-BC also files monthly to remit the 6.25% Meal, Food & Beverage Sales tax charged at our food facilities.
Can employees be reimbursed for their daily commute mileage?
No
What does NOL stand for? Boston College uses these to offset Unrelated Business Income
Net Operating Losses (NOLs)
-We are starting to exhaust our NOLs
What non-continental US state required BC to file a tax return for FY24?
Hawaii - BC filed with 19 different states for FY24
-talk about all states we file in
Other filings:
-3ABCs - Property (Held for Charitable Purposes)
-2HF -Personal Property
BC files this form to report income paid and tax withheld from foreign persons or entities
1042-S
-This area can be complicated due to an influx in categorizations (eg. Undocumented students, asylees, humanitarian parolees)
What is the maximum BC pays Human Subjects for Research Studies in the form of gift cards?
$75 - all payments exceeding this must be paid via Voucher
The Endowment Tax Rate is currently 1.4%. By what factor have House Republicans proposed to raise the rate?
10 times (14%)
-Current floor for Net Investment Income (NII) is $500,000/student in endowment
-Proposals include lowering floor to 200-250k per student