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Tax Compliance Reporting for Financed Facilities

Tax Compliance Reporting for Financed Facilities. Rosa H. Renaud, Financing and Treasury Year-End Legal Training May 2010. Tax Compliance Reporting for Financed Facilities.

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Tax Compliance Reporting for Financed Facilities

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  1. Tax Compliance Reporting for Financed Facilities Rosa H. Renaud, Financing and Treasury Year-End Legal Training May 2010

  2. Tax Compliance Reporting for Financed Facilities • Since 2008, the State Treasurer’s Office has increased reporting requirements to the CSU due to pressure from the IRS. In 2009, the Treasurer’s Office withheld funds. • A Chancellor’s Office task force has been created to develop guidelines for campuses to meet IRS requirements for all State and Non-State tax-exempt funded facilities. • The task force worked together to outline the requirements and disseminated the information under a memo issued by Elvyra San Juan, Assistant Vice Chancellor, Capital Planning, Design and Construction, on April 29, 2010. Year-End Legal Training

  3. Tax Compliance Reporting for Financed Facilities • The memo outlines a four step process for compliance with IRS private use reporting procedures: • 1) Identify all campus State and Non-State Tax-Exempt Bond Funded Facilities that have external research funding and/or areas subleased to Non-CSU entities, considered private use. • 2) Complete the Private Use Checklist and all appropriate forms. Year-End Legal Training

  4. Tax Compliance Reporting for Financed Facilities • 3) Report the space as part of the annual Space and Facilities Database (SFDB). • 4) Maintain records for the life of the Tax-Exempt Bonds issued to finance the facility. The campus Vice President for Administration has been requested to assure compliance and will rely on many departments within the CSU. Year-End Legal Training

  5. Tax Compliance Reporting for Financed Facilities • Please note: Campuses must maintain records for financed projects for the duration of the bond life, plus five years, approximately for 35 years. • Typical records that are required are: • Accounting records for all invoices paid for the construction of the facility. • Contracts and subleases identifying usage of the financed facility. • Private usage analyses summarizing the annual use for the facility. Year-End Legal Training

  6. Tax Compliance Reporting for Financed Facilities Summary: • These tax requirements are not new, however, only until the past few years has the IRS been emphasizing them and making them more stringent. • The CSU is not alone in its development of guidelines and needs the campuses’ assistance to meet IRS requirements. It is a collaborative effort that will involve Accounting, Contracts & Procurement, CPDC, Financing & Treasury, Auxiliary Organizations, Budget Offices, Sponsored Programs, and Administration. Year-End Legal Training

  7. Tax Compliance Reporting for Financed Facilities • Contacts are noted on the April 29th memo. • Should you have general questions, feel free to contact: • Rosa Renaud, Finance and Treasury, at • (562) 951-4566. • rrenaud@calstate.edu Year-End Legal Training

  8. www.calstate.edu Year-End Legal Training

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