File and Report UBI

Now you know what activities generate UBI and what exceptions, exclusions, and deductions you can make, but how do you report UBI?  

There are six key things you need to know. Let’s walk through each one.

1. What to File
   Report UBI using Form 990-T, Exempt Organization Business Income Tax Return.
   
   Form 990-T is required in addition to the regular Form 990, 990-EZ, or 990-PF (for private foundations).
   
   
2. Who Must File
   Any tax-exempt organization with a gross income of $1,000 or more for any tax year from the conduct of unrelated trade or business must file.
   
   
3. When to File
   File Form 990-T no later than the 15th day of the 5th month following the end of the organization’s accounting period. For example, a calendar year end of December 31 would require you to file form 990-T by May 15 of the following year.