PRESS RELEASE
April 5, 2007
CHARLOTTE, NC — NASCUS was a faculty member of the Unrelated Business Income Tax (UBIT) Conference held in Charlotte, North Carolina on April 4, 2007. Representatives from state agencies, state credit unions and credit union leagues gathered in Charlotte for a comprehensive one-day educational event on the latest UBIT updates.
The Internal Revenue Service (IRS) has released five Technical Advice Memoranda (TAMs) on UBIT explaining IRS’ interpretation as to whether some state-chartered credit union activities are substantially related to the credit union’s tax exempt purposes. The April 4 event was designed as a hands-on event to help participants understand the IRS TAMs and identify activities that might bear closer scrutiny.
The event was hosted by the UBIT Steering Committee, North Carolina Credit Union League, South Carolina Credit Union League, Florida Credit Union League, Alabama Credit Union League, Georgia Credit Union Affiliates, Tennessee Credit Union League and Kentucky Credit Union League.
“Considering the release of the TAMs and expected further developments with UBIT, it is important that NASCUS, the UBIT Steering Committee, state regulators and leagues continue to provide education and guidance on this critical issue,” said NASCUS President and CEO Mary Martha Fortney. “NASCUS is committed to keeping the credit union system updated on UBIT.”
The Charlotte event is the second in a series of in-person UBIT educational seminars. NASCUS held a UBIT Workshop in Dallas, Texas on January 25 and the Connecticut Department of Banking and Connecticut Credit Union Association will host a UBIT conference on April 18 in Hartford. Further, the UBIT Steering Committee has held national teleconferences and webinars on UBIT.
The April 4 conference featured updates from the UBIT Steering Committee, of which NASCUS is a member along with the Credit Union National Association (CUNA), CUNA Mutual Group and the American Association of Credit Union Leagues (AACUL).
In addition, the workshop faculty reviewed the IRS UBIT filing requirements and presented an in-depth overview of UBIT from a historical and legal perspective. Presenters also demonstrated accepted accounting principles and strategies to calculate UBIT liability and provided guidance on using an accounting tool developed by CUNA.
The faculty for the workshop included: Larry Blanchard, senior vice president for corporate and legislative affairs, CUNA Mutual Group; Faye Patzner, chief legal officer, CUNA Mutual Group; Mike Lord, chief financial officer for State Employees’ Credit Union, Raleigh, North Carolina; Eric Richard, executive vice president and general counsel, CUNA; Jerrie Lattimore, administrator, North Carolina Credit Union Division; John Radebaugh, president and CEO of the North Carolina Credit Union League; and Mary Martha Fortney, president and CEO, NASCUS.
For more information on UBIT, visit the NASCUS Web site at www.nascus.org.
Information
Contact:
Kate Hartig, Director of Communications,
(703) 528-0669 or kate@nascus.org
The
NASCUS mission is to enhance state credit union
supervision and advocate a safe and sound state
credit union system. Founded in 1965, NASCUS
represents all 48 state and territorial credit
union supervisors and the NASCUS Credit Union
Advisory Council, which is made up of nearly
500 of the nation's more than 3,400 state-chartered
credit unions.
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