Monday, July 14, 2014
ATHENS, Ohio (AP) — Trustees at Ohio University have stepped in after the Internal Revenue Service said the school's president must pay taxes on the free, on-campus lodging provided for him.
An ongoing IRS audit of OU found that President Roderick McDavis should pay taxes on his free residency in the 7,000 square-foot university-owned house in the heart of the Athens campus.
The university's board of trustees voted last month to cover the unexpected cost of about $19,000 in federal, state and local taxes for this year. The university is also going to cover the taxes on McDavis' term life insurance, which the audit also said was taxable.
The Columbus Dispatch (http://bit.ly/1yg9zeu) reports that Ohio State and at least five other universities own their presidents' residences, and their leaders are still living tax-free.
Information from: The Columbus Dispatch, http://www.dispatch.com