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UBIT and Functional Expenses for Nonprofits
For the first episode of Weaver’s “Not-For-Profit” podcast series, the company’s Tax Partner, Kirby Ross, and Assurance Partner, Jackie Gonzalez, discussed unrelated business income tax (UBIT) and functional expenses in the context of nonprofit organizations. Kirby explained that a UBIT is a tax levied on income generated by a nonprofit through activities unrelated to its exempt purpose. The goal of UBIT is to create a level playing field between nonprofits and for-profit businesses, preventing unfair competition.
Ross and Gonzalez also focused on …
• UBIT explained: Tax on nonprofits for…
The skinny
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