This question has long been answered by Paper 92 of the Urantia
Papers. In particular, the first Urantia Book did not exist when
the words of 92:4.4 were written:
"There have been many events of religious revelation but only
five of epochal significance":
1. The Dalamatian teachings. (early humans)
2. The Edenic teachings. (Adam and Eve)
3. Melchizedek of Salem.
4. Jesus of Nazareth. (Christ Michael)
5. The Urantia Papers.
So, Urantia Book can only be "the human compilation of the
Urantia Papers into book format." Seemingly, an insignificant point
unless in the future the Book becomes sacred to some readers, since
as "Papers" that sacredness is not easily assigned (and perhaps why
the revelators chose "Papers" for 92:4.4 knowing that "Book" would
be the first published format).