New Financial Responsibility Standards
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 ...
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Audit Guide Updates
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 ...
Recent Articles
PPP update: Where do we stand after application deadline passes?
August 13, 2020
The Aug. 8 deadline to submit a Paycheck Protection Program (PPP) loan application has come and gone, making this a good time for an update on where the program stands. As borrowers begin to focus on the forgiveness process, they should pay particular attention to the following items: On Aug….
Amid COVID-19, ED Provides Regulatory Flexibility
July 14, 2020
As the coronavirus crisis continues and an uncertain new school year approaches, the U.S. Department of Education (ED) recently announced some leniency on certain regulatory reporting and disclosures. ED extended the deadlines for the following: Campus and Fire Safety: Institutions must distribute their Annual Security Reports (ASRs) and Annual Fire…
Unintended Consequences of an Audit Deadline Extension and Your Financial Responsibility ratios.
June 29, 2020
On May 15, 2020 the Department of Education (ED) officially extended the audit deadline by 6 months, giving schools added flexibility for audit submissions. Schools with fiscal years ending on December 31, 2019, will now be able to submit their audits as late as December 31, 2020. This comes as…
Does Your Institution “Act CAREfully” When it Comes to Accounting, Recording Keeping and Documentation of Federal Funds?
June 24, 2020
This article was original published in the May 2020 Career Education Review and reproduced here with permission. Article originally posted at careereducationreview.net. Co-authored by Dave McClintock, CPA. The American political satirist P.J. O’Rourke once opined, “giving government power and money is like giving a 16-year old keys to the car…
On June 23, 2020, the U.S. Department of Education’s Office of Postsecondary Education provided a technical assistance webinar related to the Higher Education Emergency Relief Funding (HEERF) provided by the Coronavirus Aid, Relief and Economic Security (CARES) Act. This webinar provided guidance to institutions which mainly focused on the institutional…
Year-End Financial Responsibility Planning
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An institution with a June 30 year-end should ensure a check of their financial responsibility is performed before the month of June is over. Once an institution is past its year-end, very limited options are available. At this point in time, the Department of Education (ED) has not waived any financial…
Updated Covid-19 Return to Title IV Funds Relief
June 19, 2020
On June 16, 2020, the U.S. Department of Education (ED) issued updated information related to their May 15, 2020 Guidance for interruptions of study related to Coronavirus (COVID-19). The revised guidance can be found here: The updated information was solely related to the Return to Title IV (R2T4) Relief and…
On the heels of legislation that makes the Small Business Administration loans provided through the Paycheck Protection Program easier to be fully forgiven, updated, borrower-friendly forgiveness applications are now available. Along with the new, shorter form to be submitted through participating businesses’ lenders, the SBA released an EZ version primarily…