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
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:…
Update on Higher Education Emergency Relief Fund
April 1, 2020
McClintock & Associates has begun to review the Higher Education Emergency Relief Fund which was included in the CARES Act. Within the Act, under Section 18004(a)(1), the U.S. Department of Education (ED) will distribute these funds to all institutions based upon the relative share of full-time equivalent enrollment of Federal…
Application for SBA’s Paycheck Protection Program
April 1, 2020
The Department of Treasury has released the Paycheck Protection Program application and supplemental information, all available on their website. We strongly recommend that clients immediately: Review and download the Paycheck Protection Program application Review and download the accompanying borrower guide Contact your local banker to discuss the lender guide to ensure they are aware of…
Note: The U.S. Department of Education (ED) has not issued any guidance related to provisions in the CARES Act. We anticipate ED will issue further guidance. This summary is for general guidance and informational purposes only, and should not be relied upon for regulatory compliance. Situations specific for your institution…
CARES Act Analysis Summary
March 31, 2020
Higher Ed Colleagues: As we continue to work to understand the impact that the stimulus bills will have on Title IV and businesses, we want to help you do the same. In an effort to keep you informed, we’ve compiled a list of resources that expound on the CARES…
More Tax Relief Clarity Arrives
March 24, 2020
The IRS and State of Pennsylvania have both issued updates to their 2019 tax return filing dates as well as the estimated tax payments due for tax year 2020. The IRS has issued further guidance on the filing deadline. A majority of Individual and Corporate taxpayers that had an original…
As you have probably heard, the IRS has granted an automatic extension to the payment due datefor individuals and corporations. This extension now allows any individual who owes less than $1 million or any corporation that owes less than $10 million to pay the tax owed by July 15th without incurring…
ED’s COVID-19 Guidance and FAQ
March 24, 2020
Hello friends, As we begin another week, we hope you are all doing well and successfully transitioning to new circumstances. We also would like to direct your attention to the Department of Education’s (ED) updated guidance related to Title IV compliance and interruptions of study caused by the COVID-19…