Updated at 6:15 p.m.: pokesman Tom Jackson called this afternoon to point out that the University of Georgia is one of 30 or so universities systematically targeted by the IRS.
The taxman is chasing the Bulldog for income generated from non-educational activities such as golf courses, parking and such.
Which, if you’re a Tech fan, makes it extremely difficult to decide who to root for.
This from today’s Athens Banner-Herald:
The IRS has asked University of Georgia officials for detailed financial records about income the university receives from activities not related to the university’s main mission – raising the possibility that the university might have to pay income tax on some of its activities….
[In response to a] request for documents under state open records law, UGA officials released a Sept. 10 letter from the IRS to UGA comptroller Holley Schramski, along with the university’s responses to an earlier IRS questionnaire.
“As we discussed on August 12, 2009, the Form 990-T for the year ended June 30, 2008, for your organization, the University of Georgia, has been selected for large case examination,” according to the letter.
Form 990-T is paperwork that agencies like UGA are required to fill out detailing income they receive from subsidiary operations like golf courses, food services, catering, parking and running conference centers like the Georgia Center for Continuing Education.
Even state agencies can be required to pay tax on the income from such activities, said Bertrand M. Harding Jr., an Alexandria, Va., tax lawyer who works with colleges and other nonprofit organizations.
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