Recently Updated BPM's
January 16, 2019
This new policy provides the guidelines and procedures for the establishment of revenue producing activities by University departments, units and individuals, to be consistent with the University’s mission and that of the unit generating the revenue. Departments need to evaluate their revenue producing activities to determine if the revenue is subject to sales tax and/or unrelated business income tax.
January 16, 2019
This new policy defines unrelated business income tax (UBIT), provides guidance to all University of Kentucky departments, and discusses a department’s responsibility in identifying new or current activities that may be subject to unrelated business income tax. Activities subject to unrelated business income tax are a trade or business with the intent of realizing a profit, regularly carried on, and not substantially related to the tax-exempt mission of the University. The tax-exempt mission of the University relates to education, research, and public service.
January 2, 2019
This new policy is to establish policies and procedures to assist the University of Kentucky (the “University”) in complying with the post issuance requirements of federal income tax law in order to preserve the tax-advantaged status of its bonds. Under federal income tax rules, there are several requirements which must be met in order for the University’s bonds to be considered tax-advantaged. The restrictions apply to the date of issuance and for the life of the bond issue, including any refundings.
January 1, 2019
This policy has been updated to show the new personal vehicle mileage reimbursement rate of 58 cents that went into effect January 1, 2019.
December 7, 2018
Removed Sam's Club from Dues/Memberships section, Sam's Club memberships are allowable.