Posted on Friday, April 30th, 2010 at 8:49 pm.
Texas’ largest university system released its federal tax return even though it said that it wouldn’t release any information because they are undergoing an audit from the Internal Revenue System.
A local newspaper requested the statements from the University of Texas System, which includes 15 academic and health campuses. The records show that the UT system received $23.1 million in such income during the fiscal year.
The largest source of unrelated business income was UT-Austin’s Erwin Center, which accounted for $9.5 million. The Erwin center is rented out for various concerts, shows and events. The IRS is auditing a number of public and private colleges and univerisities around the nation and focusing on unrelated business income, executive compensation and endowments.
If you would like to protect your financial security, contact Austin Accounting by calling 800-267-1704 today.