No Gift-Tax for the UofA
By: Melissa Bollero
Updated: January 13, 2013
Officials at the University of Arkansas have decided against implementing a gift-tax fee on donations made to the school. The tax would have helped pay down a projected 4.3 million dollar shortfall in the budget for its advancement division. Chancellor David Gearhart says the UofA will work to cover the deficit in other ways, including budget cuts, hiring freezes and transferring money from within the University. School officials discovered a shortfall in June; the advancement division overspent by more than three million dollars in the 2011-2012 school year.
