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College & Universities News


12/21/2017

Focus on Not-For-Profit Organizations and Colleges & Universities: Tax Cuts and Jobs Act – Highlights from an Exempt Organization View


As this summary is being written, the Tax Cuts and Jobs Act (the Act) is approaching passage by Congress and signature by the President. The changes in the Act will affect organizations in a variety of ways. The following highlights are based on the drafts of the bill and of the conference report.

05/17/2017

Focus on Public Sector, Not-For-Profit and Colleges & Universities: Extension of Grace Period for Uniform Guidance Procurement Rules


On May 17, 2017, the Office of Management and Budget (OMB) published a notice in the Federal Register which provides an additional one-year extension of the grace period permitting recipients of federal funds to delay implementation of the procurement requirements found in the OMB’s Uniform Guidance.

05/10/2017

Focus on Public Sector and Colleges & Universities: Time to Plan for Recently Issued GASB Statements


In early 2017, the Governmental Accounting Standards Board (GASB) issued two new accounting standards in order to clarify how governmental entities report fiduciary activities and to address various miscellaneous accounting issues related to blending component units, goodwill, fair value measurement and postemployment benefits.

07/19/2016

Focus on Public Sector, Not-For-Profit and Colleges & Universities: New DCF Changes and Related Filing Extensions


On July 19, 2016, the U.S. Office of Management and Budget (OMB) released the newest version of the Data Collection Form (DCF) which incorporates changes that were needed to conform to the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards included in 2 CFR 200 (Uniform Guidance).

12/08/2015

Focus on Colleges & Universities: Cloud Computing Fees Impact on Higher Education


On April 15, 2015, FASB issued Accounting Standards Update 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, as part of its simplification initiative to reduce the diversity in practice, and to reduce the costs and complexity of assessing fees paid in a cloud computing arrangement (CCA).

04/01/2014

Focus on Public Sector, Colleges & Universities:  GASB Votes Not to Delay the Implementation of Statement No. 68


On March 24, 2014, the Governmental Accounting Standards Board (GASB) voted unanimously not to delay the implementation of GASB Statement No. 68, Accounting and Financial Reporting for Pensions.  

03/27/2014

Focus on Colleges & Universities:  Student Athletes Allowed To Unionize


In a landmark decision yesterday, the National Labor Relations Board concluded that student athletes receiving football grant-in-aid scholarships are considered employees of Northwestern University, and thereby have the right to hold an election to choose representation to collectively bargain with the university.   

02/17/2012

Focus on Colleges & Universities: Changes to Student Financial Aid Provisions


The President’s Federal budget request for the 2013 fiscal year was released earlier this week. It contained several important provisions that are expected to encompass the Student Financial Aid program, Federal research grants, and the overall higher education landscape.

01/18/2012

Focus on Colleges & Universities: Governor’s 2013 Budget Proposes Reduction of Funding for Higher Education


The Governor’s budget contained provisions to maintain relatively level funding for several crucial State Scholarship programs, including Bright Flight, Access Missouri and A+. In terms of core funding to the State’s Community Colleges and Four-Year Colleges and Universities, the Governor’s budget for 2013 proposes the following reductions from the 2012 appropriation levels

06/23/2010

Focus on Colleges & Universities: Proposed Federal Student Aid Rules


Designed to protect college students and taxpayers from abusive and fraudulent practices, the Department of Education has released a set of proposed rules related to federal student aid.

06/15/2010

Focus on Colleges & Universities: IRS Report on Compliance Project


The IRS recently issued an interim report on their findings from questionnaires received in late 2008 from 344 organizations. The subjects covered in the questionnaire dealt with a wide variety of topics as discussed below.