UF owes IRS $71,000 in taxes
Published: Thursday, December 1, 2011 at 6:18 p.m.
Last Modified: Thursday, December 1, 2011 at 6:18 p.m.
A two-year Internal Revenue Service audit at the University of Florida has turned up $71,000 the university owed in taxes, the audit committee of the Board of Trustees was told Thursday.
The missing money was primarily the result of a disagreement between the government and UF on two fronts, said Matthew Fajack, UF vice president and chief financial officer. First, there was some discrepancy on the methodology to calculate depreciation of property, and then the two sides disagreed on how much the university could write off for a transportation study group's loss.
Fajack told the committee that the IRS had been investigating UF for about two years — from November 2009 to this past August.
The IRS "lost money on this one," he told the committee.
The results of the audit review appeared to please committee chairman Al Warrington.
"In five or six years, we've gone from a nominal amount of grants coming in to $600 million," Warrington said. "If we weren't performing, the funding wouldn't be coming in."
The committee did not take up UF's plans to repay more than $192,000 in grant funding owed to the National Institutes of Health that was discovered earlier this fall. An audit found that the money needed to be repaid because of prematurely destroyed records, possibly falsified overtime hours and questionable charges.
Warrington said the details of the National Institutes of Health repayment are still being worked out.
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