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Sales Tax:
Even though organized as a not for profit, Duke is required to collect and remit sales tax on certain items sold. Refer to GAP 200.230, Sales and Use Tax for details. -
Payments Over $10,000:
The Internal Revenue Service tracks cash payments over $10,000 made in the ordinary course of business. A separate IRS filing is required when Duke receives such a payment. -
Length of Service Awards:
This section discusses and reviews taxability of retirement gifts. -
Unclaimed Property:
Unclaimed property held by Duke University is generally in the form of outstanding vendor checks, payroll checks, and student refunds. This section explains how Duke handles these situations. -
Unrelated Business Income:
Unrelated business income is income from a trade or business not substantially related to the performance of the organization, its exempt purpose, or function.