Higher Education Act of 1965 and Higher Education Amendments of 1998
20 USC 1011f
By January 31st or July 31st of each year, whichever is sooner depending on the time of the gift, a postsecondary institution must file a disclosure report about ownership or control by, or contracts with or gifts from foreign sources. The institution shall file a disclosure report with the Department of Education for gifts and contracts of $250,000 or more received within a calendar year.
NCAA Financial Report
Report must be submitted by January 15th to the NCAA. The report accounts for all revenues provided/raised and expenditures incurred by the ICA for the fiscal year ending June 30.
Internal Revenue Code: W-2 Forms
26 CFR 31.6051-1
By January 31st of the year succeeding the calendar year in which wages were paid to an employee, the employer must furnish the tax return copy and the employee's copy of Form W-2.
Internal Revenue Code
20 USC 6041; 26 USC 6050N
Annual reporting is required for payments:
- Of $400 or more made for non-payroll purposes
- Of $10 or more made for royalties
- Made to attorneys not performing services under a contract with the university
Reporting is done on Form 1099-MISC. Deadline to recipients is January 31st. Deadline for reporting to the IRS is February 28th.
1098 Forms and 1099 Forms
26 CFR 1.6041-1
By January 31st of each year, shall make an information return for the previous calendar year with respect to payments made of fixed or determinable income in excess of $600.00.
Transmit Federal Tax and FICA Tax (monthly) (Payroll)
941 Reconciliation to Internal Revenue Services (quarterly) (Payroll)
403(b) Universal Availability Notice (Benefits)
Internal Revenue Code
26 CFR 31.6011(a)-4
Any organization which withholds federal income tax (including backup withholding) from nonpayroll payments must file Form 945, Annual Return Withheld Federal Income Tax. Deadline for filing is January 31st of the year following the calendar year being reported on.
Tuition Payment Credit Reporting Requirements
26 USC 6050S; 26 CFR 1.6050S-2
An institution or insurer must furnish a statement to each individual for whom it is required to file a Form 1098-T, on or before January 31st of the year following the calendar year in which payments were received, or amounts were billed, for qualified tuition and related expenses, or reimbursements, refunds, or reductions of such amounts were made.
Continuing Disclosure Obligation
Securities and Exchange Commission Rule 15c2-12
By the end of January each year, the audited financial statement for the preceding fiscal year along with specific financial and statistical data agreed to in each bond issue must be provided to the MSRB (Municipal Securities Rulemaking Board).
Student Loan Interest Reporting
26 USC 6050S; 26 CFR 1.6050S-3; and 26 CFR 1.6050S-4 (see 67 FR 20901 final and temporary regulations)
Under IRC 6050S lenders, including most colleges and universities that participate in the Perkins Loan Program or operate institutional loan programs, must report student loan interest payments to the IRS. This is done by filing Form 1098-E, which must be filed with the IRS on or before February 28th, or March 31st if filed electronically. The required statement to all persons who made student loan interest payments must be sent to the payor on or before January 31st of the year following the calendar year in which the interest payments were received. The statement may simply be a copy of Form 1098-E.
Job Openings and Labor Turnover Report (Monthly)
29 USC 2
A monthly report sent to the Department of Labor providing information concerning the Total Employment for the month; Number of Job Openings on the last business day of the month; Hires and Recalls for the entire month; Quits, Layoffs and Discharges, and Other Separations.
Current Employment Statistics Report (Monthly)
29 USC 2
A monthly report sent to the Department of Labor providing information concerning Employee Count, Female Employee Count, Faculty Member Count, and coded response to any reason for late changes.
Social Security Number Verification Report
26 USC 6721
To avoid penalty for reporting incorrect SSN on W-2 file/forms of $50/bad SSN, transmit data file, electronically, to the Social Security Administration (SSA). Report all employees hired in the quarter ending 12/31/YYYY listing name (as it appears in HR System), SSN, gender, and date of birth. After information is queried against SSA's database, mismatches are sent back for resolution.