« on: April 01, 2009, 11:28:16 PM »
This is something that's been bothering me for a while, I'm hoping one of you accounting/tax-nerds might have an answer.
Are there any tax-advantages given to schools that have religious foundations over those who do not? Since churches are tax exempt, whereas private organizations are typically not unless given charitable tax-exempt status, does this extend to private educational institutions? Or are secular private schools also given tax-exempt status? For instance, Chicago has six law schools: Loyola, DePaul, NW, UofC, Kent, & JMLS. The first two both have Roman Catholic affiliations, whereas the latter four have no religious affiliations. Does this status provide DePaul/Loyola any sort of tax advantage over the other four? Or is it the case that although the latter (and even former) schools are private, they are also given non-profit charitable status due to their educational objective so that they have the same tax status regardless of any religious affiliations.
And I'm not referring to tax-advantages to the consumer/students, but rather to the organization itself in terms of having to pay taxes on property owned, monies received, or 'profits' earned.