Harvard Reported to Be Among the Audited

Harvard University said in financial filings that it is among 40 colleges that will undergo Internal Revenue Service audits stemming from the agency's broad compliance review in higher education, Bloomberg reported. The news agency, citing statements the university made in papers filed as part of a bond offering, quoted Harvard officials as saying that they have "no reason to believe that the examination will have an adverse effect on the tax-exempt status of the university or any other aspect of the university’s operations.” Harvard and IRS officials both declined to comment to Bloomberg. The IRS sent long questionnaires to 400 colleges last fall.