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Reporting Requirements Impact Private Colleges and Universities
Posted by Mike Burns on Thu, Jul 9, 2020 @ 09:29 AM

New requirements will affect private college and university entities in 2020. All entities will be required this year to include in their financial statements additional supplemental information that will allow the United States Department of Education (DOE) to link the support for the various elements that go into the so-called “Composite Score,” which is used to establish the financial health of private colleges and universities. We expect most organizations to include this information in the Uniform Grant Guidance version of their reports as an additional supplemental schedule. It is expected there will be some impact on the level of detail in the footnotes of the basic financial statements to ensure that every element can be tied directly to the financial statements.

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Topics: reporting requirements, not-for-profit, NFP, Department of Education, Uniform Grant Guidance, DOE, Financial Statement, COVID-19, NACUBO, higher education, private university

Highlights from the Department of Education Federal Student Aid Conference
Posted by Jimmy Hanson on Thu, Feb 28, 2019 @ 12:01 PM

As part of our commitment to keeping you informed with the latest regulatory developments, members of our Student Financial Aid Specialty Group recently attended the Department of Education’s Federal Student Aid (FSA) conference in Atlanta, GA. Among many topics discussed during the conference, the following are the key matters higher education institutions need to focus on in the near term.

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Topics: not-for-profit, Department of Education, Federal Student Aid administration, single audit, FSA, Federal Student Aid, Perkins Loan, Pell Grant Funds

Top 5 Financial Aid Audit and Program Review Findings for Colleges and Universities
Posted by Terri Albertson on Mon, Jul 31, 2017 @ 06:07 PM

Colleges and universities play a vital role in facilitating federal student loans and financial aid to their student body. Enrollment changes make the role a difficult one. Administrators need thorough recordkeeping that monitors changes and provides the U.S. Department of Education (ED) the information it needs.

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Topics: Not-for-Profits, NFP, Department of Education, FSA, FAFSA

Highlights from the Department of Education Federal Student Aid Training Conference
Posted by Joel LaSalle on Mon, Jan 30, 2017 @ 02:39 PM

The U.S. Department of Education (ED) recently held its 2016 Federal Student Aid Training Conference in Atlanta. Among many topics discussed during the conference, the following items are the key takeaways to consider for the upcoming award year.

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Topics: not-for-profit, Michelle Spriggs, NFP, Department of Education, Federal Student Aid administration, Joel LaSalle, nonprofit, ED, FAFSA, Free Application for Federal Student Aid

Department of Education Provides Additional Guidance about the Wind Down of the Perkins Program
Posted by Kevin Guerra on Thu, Feb 18, 2016 @ 01:30 PM

As part of our commitment to keep you informed with the latest regulatory developments, we recently attended the Department of Education’s (DOE) 2016 Federal Student Aid (FSA) Training Conference in Las Vegas.  A major focus of the FSA conference was related to the Federal Perkins Loan Program (Perkins Program). Subsequent to the FSA conference, the Federal Perkins Loan Program Extension Act of 2015 (the Extension Act) was enacted on December 18, 2015. The Extension Act extends the Perkins Program through September 30, 2017 as noted in the DOE Dear Colleague Letter GEN 16-05.

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Topics: Non-profits, Not-for-Profits, NFP, Department of Education, FSA, DOE, HE Act, Kevin Guerra

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