The purpose of the course is to describe the University’s tax exemption status and sales tax applicability, how to determine Unrelated Business Income activity, how to properly handle sponsorship payments to the University or CU Foundation, and to provide guidance for compliance with University policies and procedures, and Internal Revenue Service regulations.
Program Level: Basic
Advanced Preparation: N/A
Instructional Method: Group-Live
Recommended CPE Credit: 1.5 Hours
Field of Study: Taxes
At the end of the course, participants will be able to:
- Determine when the University can use its tax exempt status and when sales tax liability may apply to the Organizational Unit’s activities;
- Define Unrelated Business Income Tax (UBIT);
- Identify activities that may incur UBIT for their organizational units;
- Define qualified sponsorship payment;
- Identify the procedures for accepting and acknowledging sponsorship payments to the University or the CU Foundation.
The University of Colorado is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.