Senator Requests New Disclosure Requirement for Colleges

Washington

Sen. Charles E. Grassley Tuesday called on officials at the Internal Revenue Service and the U.S. Treasury Department to develop an addition to the Form 990 tax return that would be specifically geared to colleges and universities.

The new tax form, which he requested during a Capitol Hill briefing on college costs and endowment spending, would require institutions to report information about their student populations and costs, he said in his remarks.

The current Form 990, which applies to all nonprofit institutions, just received an overhaul that goes into effect for the 2008 tax year.

But Mr. Grassley said colleges should receive an additional schedule of disclosure requirements, which he said would be similar to a form recently devised for nonprofit hospitals.