Private Business Use
The University of Vermont is subject to post-issuance bond
compliance requirements as a result of its outstanding tax-exempt
bond issues. One such requirement is Private Business Use (PBU)
compliance. Facilities financed with tax-exempt financing must be
monitored on a consistent and regular basis throughout the life of
the financing to ensure compliance with the limitations on
tax-exempt private business use. For each tax-exempt debt issuance,
the University is required to record, update and retain private
business use activity documentation to substantiate compliance.
In brief, private business use means:
- Use (directly or indirectly)
- Of the “facilities” (facilities financed by, or the proceeds of, a tax-exempt financing)
- In a “trade or business” (any activity carried on by a person other than a natural person)
- Carried on by a “nonqualified user.” (Qualified users are limited to state or local government units. Note: the federal government and its agencies are NOT considered qualified users.)
Completion of an annual questionnaire and bi-annual training are required for all administrators of units that benefit from tax-exempt bond proceeds and bond-financed property to ensure compliance with University policy.
2017 PBU QuestionnairesYour FY2017 PBU Compliance Questionnaire is available on SharePoint.
There you will find your College/School/Division folder, which contains an individualized questionnaire. Please contact Cindy Lee if you do not have access.
Questionnaires are due on November 15th, 2017.
2017 PBU Training
To access the 2017-2018 training through Blackboard:
- Log into bb.uvm.edu using your netid and password
- Under "My Courses" on the right-hand side, click on "HRS_COMPLIANCE_100_201511112: HRS100: Private Business Use Compliance Training"
- Click "My Courses" in the top left of the banner
- Course Search for HRS100: Private Business Use Compliance Training
- Click on the down triangle that appears to the right of the course name when you hover over it
- Click Enroll from the menu that appears when you click the arrow
- Click Submit in lower right corner
- Click OK and you should be in.
For more information on Private Business Use, see:
President Cate's 10/5/17 memo to Deans, Vice Provost, and Vice
- Private Business Use Primer
- Post-issuance Compliance Policy for Tax-exempt and Tax-credit Bonds
IRS Private Business Use references:
- Revenue Procedure 97-13
- Revenue Procedure 2007-47
- Treasury Regulation Section 1.141-3
If you have questions, please contact Treasury Management Professional Michelle Dudley, (802) 656-5850
Last modified November 08 2017 02:34 PM