Financial Reporting
The Financial Reporting section of the Controller's Office is responsible for preparing the University's annual audited financial statements, the 990-T Exempt Organizations Business Income Tax Return (UBIT), the National Science Foundation Report of research expenditures, the Schedule of Federal Assistance, and various other reports and surveys as required by University management, by federal and state reporting requirements, and by other external parties. Financial Reporting is also responsible for establishing organization and account codes in the Banner finance system and for the maintenance of other reporting attributes.
Financial Reporting is responsible for the maintenance of Banner financial data structures to ensure correct reporting of financial data.
If needing to request a new Department or Organization code, please reference Financial Reporting Forms.
Please contact finrpt@vt.edu if you need assistance with Banner attribute changes (i.e., changes to fund titles, fund source, financial managers, etc.).
As a corporate agency of the Commonwealth of Virginia, the University is exempt from income tax under Section 115 of the Internal Revenue Code. However, this exemption applies only to activities that are substantially related to its nonprofit missions, including education, research, and public service. If the University engages in trade or business activities unrelated to these exempt purposes, the net profit from such activities is classified as Unrelated Business Taxable Income (UBTI) under Section 513 of the Internal Revenue Code and is subject to Unrelated Business Income Tax (UBIT).
The Financial Reporting unit of the Controller's Office is responsible for identifying and reporting Unrelated Business Income Tax (UBIT) to ensure compliance with federal regulations. This includes analyzing university activities to determine whether they generate unrelated business income, calculating the associated tax liability, and filing the required tax returns. If you think you have, or plan to start, an activity that may result in a tax liability for the university (see below summary), please contact the Controller’s Office at finrpt@vt.edu to discuss the matter.
Please reference Procedures for Unrelated Business Income reporting guidelines.
Virginia Tech is committed to complying with federal foreign gifts and contracts reporting requirements, including but not limited to those created by §117 of the Higher Education Act of 1965 (as amended) and §10339B of the CHIPS and Science Act. The Office of the University Controller compiles and submits the required reports consistent with legal requirements on behalf of the university. Pursuant to federal reporting requirements, all university units, subsidiaries, and covered intermediaries must identify and submit reporting information on all gifts and contracts received from foreign sources that benefit the university to the Office of the University Controller.
Please contact ForeignFinancialSupport@vt.edu if you have any questions.
For more information or if you have questions related to Financial Reporting visit our Contact Information. |