Wednesday, October 1, 2008
The IRS announced today, IR-2008-112, that it will be sending compliance questionnaires to approximately 400 colleges and universities. The group surveyed includes public and private, small, mid-sized and large colleges and univeristies with four-year programs. The questionnaires will, not surprisingly, address issues of executive compensation, endowments, and unrelated business income. The IRS says the project will help it better understand this sector, and decide what areas need additional outreach, education - and scrutiny. The IRS expects to receive the responses in the next several months. It will then analyze the results and examine a sample of organizations before preparing a report sometime in 2009.