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College & Universities News


Focus on Colleges & Universities: Significant Changes to SFA Verification Requirements

On July 13, 2021, the Department of Education (ED) published a Dear Colleague Letter (GEN-21-05) changing the verification requirements for the 2021-2022 FAFSA processing and verification cycle, including eliminating the requirement for “V1” verification requirements by all higher education institutions.


Focus on Colleges & Universities: New Proposed Data Collection Form Released for HEERF I, II and III

On June 23, 2021, the Department of Education posted a proposed new data collection form for HEERF I, II and III.


Focus on College & Universities: Department of Education Releases FAQs Clarifying Lost Revenues and Timing of Expenditures For HEERF Funds

A significant change for HEERF II funds compared to the HEERF I funds is that lost revenues are now specifically considered to be allowable costs.


Focus on Public Sector, Not-For-Profit, Colleges and Universities: 2020 OMB Compliance Supplement Addendum Update

On December 22, 2020, the Office of Management and Budget (OMB) released the 2020 OMB Supplement Addendum (Addendum) to address the largest new federal programs established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.


Focus on Public Sector, Not-For-Profit, and Colleges and Universities: 2020 OMB Compliance Supplement Update

On August 18, 2020, the Office of Management and Budget (OMB) released the 2020 OMB Single Audit Compliance Supplement (Supplement).


COVID-19: New Data Collection Form For HEERF Grant Funding Proposed by The Department of Education

The Department of Education (ED) released a proposed data collection form for the Higher Education Emergency Relief Fund (HEERF) on July 29, 2020.


COVID-19: Extension of Certain Department of Education Due Dates

Due to the impact of the coronavirus (COVID-19) pandemic, the Department of Education extended due dates for certain reports to be submitted or disclosures made available to the public required by institutions of higher education via their Electronic Announcement 2020-07-10.


COVID-19: PPP Loan Funding is Not Federal Assistance

There are certainly more questions than answers related to the CARES Act funding being issued as of late.


COVID-19: CARES Act Impact on Student Financial Aid

On March 27, 2020, the President signed the CARES Act into law. The CARES Act includes a number of provisions to assist in providing financial stability for individuals and higher education institutions through assistance payments expected to be made; however, the CARES Act also provides for some changes to compliance requirements for higher education institutions and students.


COVID-19: Colleges & Universities and the CARES Act

With institutions of higher education being some of the earliest organizations impacted by the pandemic, the CARES Act provides some relief to institutions as well as students.


COVID-19: Department of Education COVID-19 Updates

The Department of Education has created a Coronavirus webpage, which will be updated frequently and can be found here.


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.


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.


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.


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).


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).


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.  


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.   


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.


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


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.


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.