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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

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