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.)
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. Please contact Cindy Lee if you do not have access.
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"
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.