Reporting on Business Activity

Reporting Sales Activity

1. Departments will make a brief reporting of their external sales activities to the Office of External Sales on an annual basis. The External Sales Annual Reporting Form should be used for annual reporting. The information requested will address several institutional needs. First, the data base information will enable the University to track, understand, and appreciate departmental relationships with the general public, business, and industry, and other external parties not currently tracked as gifts through the foundations or as sponsored projects through SPA. Also, the reporting will establish basic external sales activity information to facilitate the University's compliance with federal and state income tax law and state sales tax law.

2. Departments are responsible for completing the reporting form and transmitting it to the External Sales Coordinator as part of fiscal year end financial reporting activity.

3. Departments that fail to report, and that conduct sales which are subsequently discovered and determined to generate UBIT or Minnesota sales tax will be required to pay all taxes plus any penalties, fines, or interest assessed by the Internal Revenue Service or the Department of Revenue.