This article was original published in the May 2019 Career Education Review and reproduced here with permission. Article originally posted at careereducationreview.net. As Herb Brooks famously told the U.S. Olympic hockey team late in the 1980 game against the USSR – “Play Your Game” – these words ring true today. Herb...
Making an acquisition in a highly regulated industry like postsecondary education means following required procedures and obtaining approvals from multiple agencies. Often, the most significant approval comes from the U.S. Department of Education (ED) because the approval can include a requirement to post a letter of credit with ED as...
The new audit guidelines have brought about a multitude of obstacles for secondary education leaders and auditors alike. McClintock & Associates Director, Mike Wherry recently co-presented a webinar on the “Calculating Your Institution’s 90/10 Rate” alongside Dennis Cariello of Hogan Marren Babbo & Rose. The webinar provides the need to...
Originally published in the January 2018 issue of Career Education Review, and reproduced here with permission. Article originally posted at careereducationreview.net If I had one word to sum up the Financial Accounting Standards Board’s (FASB) new revenue recognition accounting standard, it would be judgment. That’s what it requires, a well thought...
By Jennifer Debor, CPA The Financial Accounting Standards Board (FASB) issued two accounting standard updates (ASU), ASU 2016-15 and ASU 2016-18, that impact the presentation of an organization’s statement of cash flows. Both ASU’s are effective in 2019 for non-public entities, or in FASB’s terminology ‘for fiscal years beginning after December...
Revisions in the new Audit Guide for proprietary schools and Title IV third party services that was released on September 27, 2016 are officially in effect (effective for fiscal years beginning after June 30, 2016). One audit area that may potentially impact an institution is the audit requirements for Bonuses,...
By Michael T. Wherry, CPA, Director/Shareholder and Ted Blendermann, CPA Director/Shareholder, McClintock & Associates, PC Originally published in the June 2017 issue of Career Education Review, and reproduced here with permission. Article originally posted at careereducationreview.net Remember in the movie the Perfect Storm, how three independent storms collided to create disaster for...
On September 27, 2016, the Department of Education released the much anticipated new Audit Guide for proprietary schools and Title IV third party servicers. The newly revised guide will be effective for fiscal years beginning after June 30, 2016 and contains several important changes that impact the 90/10 calculation. The first...