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IRS just sent “compliance questionnaires” to 400 tax-exempt organizations in the education field. The Service is looking for info on how the colleges and universities handle key areas like unrelated business income, executive compensation and endowments.
The questionnaires went to a cross-section of schools: public and private four-year schools of all sizes.
IRS said it will use the information to identify areas that “need more outreach and education or further scrutiny,” according to a IRS Commissioner Doug Shulman.
IRS’ report on the information will come out sometime in ’09.