In accordance with Internal Revenue Service (IRS) regulations, Cornell University, which is considered an exempt 501 (c)(3) organization, files the 990 and the 990-T tax returns each year. The 990 form is a public informational document used to describe an exempt business's missions, accomplishments, and to report revenue and expenses. The 990-T form is used to report business income that falls outside of the university's mission, and may therefore be taxable.
Cornell University is considered an exempt 501(c)(3) organization by the IRS. As exempt organizations are exempt from federal income taxes, they are required to file a 990 form on an annual basis. 990s are information returns, and unlike most tax returns, are public documents. Each 990 describes the missions and accomplishments of the filing organization and provides revenue and expense data as well.
Exempt organizations that generate business income unrelated to the organization's mission must file a federal income tax return. The 990-T form is used to report the net taxable income from those unrelated activities. New York State also requires exempt organizations to file income tax returns reporting unrelated business income.
The IRS requires Cornell to issue year-end tax reporting forms for specific types of payments. See the table below for detailed information on each of these forms.
|Form||Used to Report||Issued|
|1042-S||Most payments to foreign nationals||on or before March 15|
|1098-E||Interest received on student loans||on or before February 1|
|1098-T||Student tuition and financial aid||on or before February 1|
|1099||Prizes, awards, royalties, and non-employee compensation||on or before February 1|
|W-2||Salaries and wages||on or before February 1|