Word: taxed
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...mail sent to student group leaders on Sept. 7, Assistant Dean of the College Paul J. McLoughlin II wrote that a 15-percent tax on group gift accounts—which enable groups to solicit tax-deductible donations—will be phased in during the next three years...
...tax starts at 5 percent this fiscal year, which lasts until June 30, 2007, and will increase to 10 percent next year and 15 percent in Fiscal Year 2009. Student groups must pay the tax whenever they withdraw funds from these accounts...
...tax applies to all gift funds within the FAS and is thus not levied solely on student groups...
...added that she did not know why student groups were required to pay the tax...
...reason for the levy of the tax on all of FAS starting this year was not immediately made clear...