Comptroller's Office
 Policies and Procedures Manual

Effective: 01/01/10
Revised: 02/21/2012 

CMP 134: Build America Bonds Subsidy Procedure


Purpose

To establish a procedure for requesting the Build America Bonds subsidy payment under 54AA of the Internal Revenue Code (“Code”) for the refundable credit payment.
 


Procedure

Procedure for Build America Bond Subsidy Application

    1) The University Comptroller’s Office will file, within 90 but not less than 45 days of the debt payment due date, an IRS for 8038CP.
        a. This form is available online from the Internal Revenue Service
        b. This form must be completed accurately and timely
        c. The form should be signed by the University Comptroller or designee
    2) The 8038CP should be accompanied by a schedule of all CUSIPS related to the Build America bond issuance
    3) A debt repayment schedule for the Bond issuance should be included
    4) A copy of the 8038G for the bond issuance should be attached. This form is typically provided by the university bond counsel.
    5) The completed form should be copied and mailed to: Internal Revenue Service Ogden, UT 84201-0020
    6) The check or wire from the IRS for the subsidy payment should be deposited/recorded according to University policy for cash handling.

The current due dates for NAU Build America bond payments are:

BABS Series 2009, June 1st and December 1st and BABS Series 2010 (SPEED Bonds) February 1st August 1st. The subsidy form should be filed 45-90 days prior to this debt service payment date.


Cross Reference

NAU Debt Policy CMP 132

Form 8038CP Filing Instructions

Internal Revenue Service Build America Bonds and Direct Payment Subsidy Implementation
 

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