Business Affairs
Glossary
GlossaryGlossary
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- UBIT (Unrelated Business Income Tax)
- A tax imposed on a nonprofit exempt organization on income derived from an activity of a trade or business, regularly carried on, that is not substantially related to the organization's tax exempt purpose. For more information, see section 501 on Unrelated Business Income Tax.
- Undistributed/Unearned Income
- Represents cash received from a third-party in advance of earning the funds as revenue. Examples include such things as:
* 4-H summer camp fees received in one fiscal year for a camp being held the next fiscal year.
* Deposits from customers participating in the Master Gardener program. The deposit portion of the fees received may be refundable to the customer.
These receipts should be recorded as a balance sheet liability. - Unrestricted Air Travel
- Airline travel for which there are no restrictions on ticket purchase (e.g., seven- or fourteen-day advance purchase, Saturday night stay or non-refundable provisions).
- Unrestricted Funds
- Used to identify resources with no specific limitations imposed by donors or external agencies. These types of funds represent the resources available for the general operations of the University. Included in this category is the general fund, with revenues primarily from state appropriations and student fees for tuition; income/expense funds, with revenues from student fees and/or departmental sales and services; and unrestricted gift funds.