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This policy is applicable to anyone who is involved with the expenditure of and accounting for tax exempt bond proceeds as well as those that are involved with any aspects of private business use.
IV. DEFINITIONS
- CCIA - Camden County Investment Authority
- GCIA - Gloucester County Investment Authority
- IRS - Internal Revenue Service
- NJEFA - New Jersey Educational Facilities Authority
- PBU - Private Business Use - use in a trade or business carried on by or for the benefit of any Non-Exempt Person. Private business use does not include the use of a facility by a member of the general public where the facility is open to the public and the user has no special legal entitlement to the use of the facility.
- Sponsored Programs - those projects and/or activities which are originated and conducted by members of the faculty or, in some instances, by staff members. Such programs are supported wholly or in part by external restricted funds awarded to the University.
- TEB - Tax Exempt Bonds - A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax.
- Trade or Business – any activity carried on by a Non-Exempt Person other than an individual acting as a member of the general public.
- UBTI - Unrelated Business Taxable Income - the tax placed on the income derived from unrelated business activities of an otherwise tax-exempt entity.
- UTB - Unrelated Trade or Business - any trade or business the conduct of which is not substantially related to the exercise or performance by such organization of its charitable, educational, or other purpose or function constituting the basis for its exemption under section 501.
- VCAP - Voluntary Closing Agreement Program – program to assist governmental issuers in resolving violations of the federal tax laws applicable to their tax-exempt bonds, tax credit bonds, or direct pay bonds (tax-advantaged bonds).
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