October 2, 2008 | Read Time: 1 minute
The Internal Revenue Service has announced that it will soon be sending a questionnaire to roughly 400 colleges and universities to collect information on their executive compensation, endowments, and income from unrelated businesses.
The survey results will be used to identify how higher-education institutions are currently reporting financial data and if gaps in information exist that need to be filled in, said Steven J. Pyrek, an IRS spokesman.
Sen. Charles E. Grassley, of Iowa, recently called on the IRS to develop a new schedule for the Form 990 tax return that would be specifically geared to colleges and universities and would require more reporting of colleges’ costs and student populations.
