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New Financial Responsibility Standards

New Financial Responsibility Standards

By Michael T. Wherry, CPA February 8, 2024

Introduction Financial Responsibility, as defined by the U.S. Department of Education, is a condition of eligibility for a school participating in FSA programs, requiring that schools submit an audited financial statement to ED each year. Recently, the conditions for meeting these important requirements changed in ways that may add complexity…

Audit Guide Updates

Audit Guide Updates

By Stephanie Roland, MBA January 19, 2024

Looking back, 2023 was a dynamic year marked by growth and new challenges facing institutions. With the national emergency coming to an end, FAFSA simplification rolling out, and an updated audit guide, institutions have a unique opportunity to make 2024 a season of growth and a refresher on best practices….

What to Expect from the Updated CECL Accounting Standard

What to Expect from the Updated CECL Accounting Standard

By Cheyenne Burke, CPA January 11, 2024

In response to the financial crisis in 2008, the Financial Accounting Standards Board (FASB) took action for revisiting the methodology for recognizing credit losses as the existing approach to estimating credit losses was determining whether such losses met the threshold of being “probable”, regardless of whether or not they were…

GLBA Safeguards: Protecting Your School Against Cyber Threats

GLBA Safeguards: Protecting Your School Against Cyber Threats

By James Ference November 15, 2023

The 2023 updates to the Gramm-Leach-Bliley Act introduce several new requirements for schools when it comes to protecting student financial records from cyber threats. Here are key recommendations for safeguarding your data, which fall under three overarching strategies. When implemented properly, these can help higher education institutions address systemic cybersecurity…

GLBA Compliance Issues to Watch

GLBA Compliance Issues to Watch

By James Ference November 2, 2023

On June 9, 2023, the Federal Trade Commission (FTC) rolled out significant updates to the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule, requiring financial institutions and organizations to take immediate action to ensure compliance. Since this summer update, the team at McClintock has been working with institutions to review compliance risks and…

Financial Responsibility Standards Proposed Regulations — How Stable Is Your Institution?

Financial Responsibility Standards Proposed Regulations — How Stable Is Your Institution?

By Michael T. Wherry, CPA June 16, 2023

The U.S. Department of Education (ED) recently released proposed rule changes for strengthening monitoring and oversight of colleges and universities. These changes cover general standards of financial responsibility, and add new reporting requirements, among other updates reviewed below. We recommend that institutions review these changes to identify any potential issues….