IMPORTANT: The FinPro Help Desk is transitioning to a PSC Service Desk. Learn how the OUC and PSC are reorganizing help desk and training functions. During the transition (Sept 7-Oct 31), hours for phone service are 10:00 a.m.-noon and 1:00-3:00 p.m., Mon-Fri. Voicemail will not be monitored. Email us anytime at FinProHelp@cu.edu.
Does Your Department Owe UBIT ... and what is UBIT, anyway?
UBIT is unrelated business income tax. If you think your department receives income that is unrelated to the University's tax-exempt mission, tell us about it.
CU needs to make quarterly estimated tax payments (first one this fiscal year is in October) on such income. With recent changes in the tax code, we may need to adjust how we calculate our payments. That's why it's important for us to learn about potential UBIT-incurring activities as soon as possible this year.
Please take a few minutes (strictly speaking, only 1 minute 38 seconds!) to watch our UBIT video.
You'll find out what UBIT is, and how to report your UBIT activities.