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 ...
McClintock Minute
Featured Insights
Sign Up For Our Newsletter 
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
Small Business Administration – Paycheck Protection Program (PPP) Summary and Best Practices
April 17, 2020
The CARES Act created the Paycheck Protection Program (PPP), which provides loans to small businesses with fewer than 500 employees, or a maximum tangible net worth of $15 million as of March 27, 2020, and an average net income of $5 million or less over the previous two fiscal years….
Best Practices for Accounting and Disbursing Allocations from the Higher Education Emergency Relief Fund
April 15, 2020
Co-authored by Audrey Kaplan. Since the U.S. Department of Education’s April 9, 2020, announcement of the forthcoming release of the student emergency funds as noted in Section 18004(c) of the Coronavirus Aid, Relief and Economic Security Act (CARES Act), we have had numerous discussions with clients in regard to the…
How to Submit for Higher Education Emergency Relief Funds
April 13, 2020
Following last week’s announcement of the $6 billion Higher Education Emergency Relief Fund to aid students amid the COVID-19 pandemic, the Department of Education (ED) has provided a set of resources as it prepares to disburse funds to institutions. We recommend visiting ED’s relief fund web page here. It includes:…
More than $6 billion in emergency cash grants is being distributed to colleges and universities, the Department of Education announced Thursday afternoon, with the funds meant for students who have had their education disrupted by the COVID-19 outbreak. Part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, schools…
CARES Act Impact on Employee Benefit Plans
April 6, 2020
As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), there are several provisions that impact both 401(k) and 403(b) employee benefit plans. These changes are designed to provide much-needed relief with respect to the COVID-19 crisis. Here are the key provisions that employers and plan administrators…
The Small Business Administration has provided additional guidance regarding the Paycheck Protection Program. In addition, they have made revisions to the Borrower Application Form. Reference our Loan Application Checklist for additional information on what to prepare prior to completing the form. The Department of the Treasury website provides a copy…
CARES Act Impact on Tax
April 2, 2020
In response to the growing COVID-19 pandemic and its effects on the country’s economy, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law on March 27, 2020. The Act is filled with multiple efforts to support the economy while the country deals with job furloughs,…
Updated April 3, 2020 The updated SBA loan application instructions indicate payroll information should be based upon the 2019 calendar year. We believe the documents listed below will be needed for the loan application process: Payroll Reports – These should be available to download from your payroll provider’s website:…