Nearly 400 colleges across the United States are about to be asked to disclose intimate financial details of their operations to the Internal Revenue Service. This article reports on a highly detailed financial questionnaire designed by the IRS for the first phase of its Colleges and Universities Compliance Project, which is part of a continuing effort by the IRS to learn more about the finances of tax-exempt organizations. The questionnaire requires the colleges to report a wide variety of financial data, including what they spend on perks like housekeeping services for executives, and their income and losses on business activities like catering services and travel tours. The questionnaire is meant to take an in-depth look at potential discrepancies between the way institutions operate and how they report their activities to the IRS. While the IRS will not publicly report the data from individual institutions, the information could trigger audits and even penalties for colleges, as well as lesser actions alerting the institutions to their errors. As it has done with other compliance questionnaires, the IRS plans to report its findings.