Timezones are fun, right?
Currently, timezone's are not supported in any decent way form or shape. Files imported to MS Outlook shift in time and say that it's been created in UTC land.
Here is what is currently generated:
BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Student Run Computing and Technology//Schedules//EN
NAME:GMU Class Schedule Fall 2016
X-WR-CALNAME:GMU Class Schedule Fall 2016
BEGIN:VEVENT
UID:GMU2016SP-10664@schedules.gmu.edu
SEQUENCE:0
DTSTAMP:20161231T095526Z
DTSTART:20160118T103000Z
DTEND:20160118T114500Z
RRULE:FREQ=WEEKLY;UNTIL=20160511T000000Z;BYDAY=MO
SUMMARY:ACCT 311
DESCRIPTION:ACCT 311: Managerial and Cost Accounting (Lecture)\nSection: 0
01\nInstructors: Edward Douthett
ORGANIZER;CN="Mason SRCT":mailto:schedules@lists.srct.gmu.edu
URL;VALUE=URI:https://schedules.gmu.edu
END:VEVENT
END:VCALENDAR
And here is what Outlook itself generates from another event being exported (I assume this works for them on import)
PRODID:-//Microsoft Corporation//Outlook 16.0 MIMEDIR//EN
VERSION:2.0
METHOD:PUBLISH
X-MS-OLK-FORCEINSPECTOROPEN:TRUE
BEGIN:VEVENT
CLASS:PUBLIC
CREATED:20161231T200029Z
DESCRIPTION:\n
DTEND:20161231T040000Z
DTSTAMP:20161231T200029Z
DTSTART:20161231T010000Z
LAST-MODIFIED:20161231T200029Z
LOCATION:Eagle Bank Arena\n4500 Patriot Cir\, Fairfax\, VA 22030\, United
States
PRIORITY:5
SEQUENCE:0
SUMMARY;LANGUAGE=en-us:MBB vs. VCU
TRANSP:TRANSPARENT
UID:F206A026-666F-4FFE-BFD4-7F07E3BCFC55
X-ALT-DESC;FMTTYPE=text/html:<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2//E
N">\n<HTML>\n<HEAD>\n<META NAME="Generator" CONTENT="MS Exchange Server ve
rsion rmj.rmm.rup.rpr">\n<TITLE></TITLE>\n</HEAD>\n<BODY>\n<!-- Converted
from text/plain format -->\n\n<P><A NAME=""></A>\n</P>\n\n</BODY>\n</HTML>
X-MICROSOFT-CDO-BUSYSTATUS:FREE
X-MICROSOFT-CDO-IMPORTANCE:1
END:VEVENT
END:VCALENDAR