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Thu, 7 Jan 1999 17:06:55 -0500 |
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Mount Ida College |
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On Thu, 7 Jan 1999 13:28:57 -0700 greenie wrote:
> For example, both Boston College and Boston University do receive *some*
> funding from the state -- but it's barely accountable compared to the
> private funding, and relatively nonexistent when it comes to hockey or
> other sports programs.
One could argue that those schools in fact receive more funding from the state
than certain land-grant schools do, in that most of BC's and BU's real estate
holdings are exempt from tax. Likewise, except for what the IRS deems to be
unrelated business income, all surpluses that those schools generate are exempt
from federal and state income taxes. And no, athletic programs, along with the
licensing of the athletic program's trademarks, are considered to be related to
the institution's core business.
Take it from your friendly CPA on this list who works for an independent college
in a very high real estate market. And please spare me the requests for tax
advice.
--
Edward N. Moller
Controller
Mount Ida College
Newton Centre, MA 02459-3323
[log in to unmask]
Tel (617) 928-4515
Fax (617) 928-4706
HOCKEY-L is for discussion of college ice hockey; send information to
[log in to unmask], The College Hockey Information List.
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