Financial Reporting & Corporate Taxes
Federal unrelated business income taxes
Certain activities that are regularly carried on and not substantially related to our mission are subject to unrelated business income. For example, tuition and fees that are related to our mission are not taxable. However, rental revenue from personal property such as a radio tower is not related to our mission and therefore is taxable.
State of MI sales and use taxes
These are collected on certain goods and services provided by departments. Examples include meals, except to bona fide enrolled students, and books, pamphlets and duplicated materials sold at retail to generate a profit. Use tax should be collected from the rental of tangible personal property (to Michigan renters) such as equipment, films, audio, video tape recordings, and certain overnight lodgings lasting up to a month.
To review general purpose Financial Statements and OMB Circular A133 Audit of Federal funds produced each year, run a report on demand, log into Banner or Finance portion of my.emich, and see your monthly account statements, check out Business Resources at the bottom of the page.