Division of Finance

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.)

Annual Questionnaire

To ensure compliance with University policy, all administrators of units that benefit from tax-exempt bond proceeds and bond-financed property are required to complete an annual questionnaire, and bi-annual training.

PBU compliance questionnaires are available on SharePoint to PBU administrators only.

There you will find your College/School/Division folder, which contains an individualized questionnaire and instructions.

PBU Biennial 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"

If you do not see the training listed here you will need to register for the course:

Search for HRS100: Private Business Use Compliance Training in the Course Search box
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 and you should be in.