The leaders of the Senate Finance Committee have urged the U.S. treasury secretary to change the federal tax form that many tax-exempt entities file each year, with the goal of ramping up scrutiny of the complex financial operations of private nonprofit colleges and hospitals. The letter from Sens. Max Baucus (D-Mont.) and Charles Grassley (R-Iowa) offers some new insights -- worrisome to college tax experts -- into the senators' interest in the possibility of penalizing institutions that are perceived as spending too small a proportion of their endowment assets.
Submitted by Doug Lederman on December 21, 2007 - 4:00am
Smart Title:
As IRS releases new tax form for nonprofits, agency plans survey of how institutions compensate presidents, spend from endowments, and pay (or don't pay) unrelated business tax.
Submitted by Doug Lederman on January 25, 2008 - 4:00am
Smart Title:
Lawmakers ask 136 institutions with endowments of at least $500 million for information about how they set tuition, award financial aid, and spend from their funds.