What You Should Know
The IRS has loosely defined an activity to include any form of work that benefits the University, faculty, staff, or students. Examples include program services (study, research, conferences, meetings), fundraising, grantmaking, investments, and any form of trade or business. Form 990, Schedule F, is used to report information about activities conducted outside the United States by Princeton University at any time during the tax year.
New For FY13 and FY14
Due to several new PeopleSoft queries (reports) that we recently developed, we are now able to extract from the financial system a substantial amount of financial data about Princeton’s foreign activities for the purposes of completing IRS Form Schedule F. Because the information we are collecting from these reports is so substantial, as well as more efficient for everyone, there will be no formal foreign activity information requests for FYE 13 and FYE 14. Please note that we may reach out to certain departments to help us better understand and clarify some of the data that we have extracted, and also to help identify any offices maintained in foreign regions and the number of employees/contractors in the region.
With the improved reporting in Princeton Prime, we will be able to generate even better central electronic reporting on foreign activities. Our goal in FY14 is to move in this direction by completing as much of the reporting as possible centrally, reducing the workload on departments during this transitional year.
If you maintain an office in a foreign region, please provide this information to the Tax Department.