External reporting

To legitimately conduct business, an organization must be aware of its obligations and comply with the requirements of the federal, state, and local jurisdictions. These may include, but are not limited to, filing annual reports for corporations, income and sales tax returns, information reports for retirement benefits or charitable organizations, and payroll withholding tax returns.

Policy

KSU complies with all requirements, reports, filings, and the payment of taxes on a timely basis. The CFO and legal counsel ensure all legal filings are submitted on time and in accordance with the government and other relevant agencies.

Procedures

Tax Filing IRS forms 990 and 990T

These reports are typically filed after the completion of the annual financial audit.

Responsible position(s):

• Controller

Required documents and access:

• Banner

Frequency and timing:

• Annually, November 15^{th} (fifth month following fiscal year end); automatic 6-month extension granted upon request

Steps:

• Prepare schedules for data not included in audited financial statements:
• Submit audited financial statements and supplementary schedules to tax account to prepare Forms 990 and 990T.
• Provide Finance Committee and/or board with a draft prior to filing.
• Request the tax accountant to file the approved forms with the IRS.
• oCompensation of officers and key employees
• oList of Board Regents
• o5 highest compensated independent contractors – typically includes food service provider and staffing agencies
• oSchedule of functional expenses by IRS category
• oLargest donors (may be reported by Foundation)
• oEndowment funds