Unrelated Business Income Tax (UBIT)

As an educational institution, UNL is exempt from paying income tax on activities that relate to its educational and research missions. However, there are income generating activities that are unrelated to education or research that must be tracked for tax reporting purposes. An example of an activity that generates unrelated business income is summer conferences run by Housing. Click here for more information on unrelated business income.

The University of Nebraska submits a consolidated tax report that combines unrelated business income for all four campuses. Tax is assessed based on this consolidated report and historically no tax has been owed. UNL's process for collecting unrelated business income information to include in the consolidated report is as follows:

When Who What
As Needed Department Inform Accounting when new UBI operation is started
Early January Accounting Sends letter to departments with UBI requesting necessary information for tax filing for the previous fiscal year. This information varies based on the type of operation but typically includes revenue, expenses, space information, FTE's, etc.
January 31 Departments Submit requested information to Accounting.
March Central Administration Consolidated UBI tax return is submitted.

 

For additional questions, please contact Lacey Rohe, Director of Accounting & Finance, via email or at 472-1934.