PRESS RELEASE
April 19, 2007
HARTFORD, CT — NASCUS participated in the Unrelated Business Income Tax (UBIT) Conference held in Hartford, Connecticut on April 18, 2007. More than 70 attendees gathered for the comprehensive one-day educational event on the latest UBIT updates.
Representatives from state and federal credit unions, state agencies and the National Credit Union Administration (NCUA) attended the event hosted by the Connecticut Department of Banking and the Connecticut Credit Union Association.
The seminar served as an interactive educational opportunity to help credit unions understand implications from the five Technical Advice Memoranda (TAMs) recently released by the Internal Revenue Service (IRS). The TAMs detail IRS’ interpretation as to whether some state-chartered credit union activities are substantially related to the credit union’s tax exempt purposes.
“Education on UBIT is very important as the IRS continues to publish TAMs on the issue,” said NASCUS President and CEO Mary Martha Fortney. “NASCUS and the UBIT Steering Committee are committed to providing UBIT resources and education and to continue hosting and participating in these valuable in-person workshops.”
The Hartford event is the third in a series of in-person UBIT educational seminars. Credit union leagues in the Southeast along with the UBIT Steering Committee held an event on April 4 in Charlotte, North Carolina and NASCUS held a UBIT Workshop in Dallas, Texas on January 25. In addition, the UBIT Steering Committee has held national teleconferences and webinars on UBIT and sent numerous memos to state-chartered credit unions, leagues and state regulators.
The April 18 event 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.
In addition, the workshop featured updates from the UBIT Steering Committee presented by NASCUS President and CEO Mary Martha Fortney. NASCUS is a member of the UBIT Steering Committee with the Credit Union National Association (CUNA), CUNA Mutual Group and the American Association of Credit Union Leagues (AACUL).
The faculty for the workshop included: Faye Patzner, chief legal officer, CUNA Mutual Group; Kevin Fincher, CPA, Clifton Gunderson LLP; Eric Richard, executive vice president and general counsel, CUNA; Howard Pitkin, commissioner, and Ed Kenefick, principal examiner, Connecticut Department of Banking; Kevin Chandler, president and CEO, Connecticut Credit Union Association; 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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