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
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 outbreak. The update...
McClintock & Associates Operations Update
March 24, 2020
Hello friends, Our entire staff at McClintock & Associates hope you, your families, friends and students are well during these trying times. We also want to pass along a message regarding our operations during the COVID-19 outbreak. Like nearly all businesses in the U.S., we are doing our part to practice social...
What to Know About Title IV Aid During COVID-19 Outbreak
March 24, 2020
As the novel coronavirus (COVID-19) outbreak continues, the headlines probably have been piling up faster than you can read them. As experts in Title IV compliance, we wanted to share with you some recent developments that you’ll find useful. As shared by our friends at NASFAA, bills were introduced in...
Coronavirus (COVID-19) Update
March 24, 2020
The growing coronavirus (COVID-19) outbreak may have already or could affect your students and your institution’s operations, potentially impacting Title IV compliance. In response, the Department of Education (ED) has developed guidance for leaders of postsecondary institutions. We recommend reviewing the guidance, which addresses a number of circumstances and questions raised...
This article was original published in the February 2020 Career Education Review and reproduced here with permission. Article originally posted at careereducationreview.net. Remember the scene from the movie “2001: A Space Odyssey” in which it takes an astronaut what seems like forever to move across the scene? As a CPA, the...
Two McClintock Auditors Achieve CFAA Certifications
March 2, 2020
Further highlighting McClintock & Associates’ expertise in the higher-education sector, two members of our team, Luke Hoey and Cathy Demchak, became the only auditors to achieve a new certification designed for financial aid administrators at postsecondary institutions. Offered by the National Association of Student Financial Aid Administrators (NASFAA), the Certified Financial...
A Revenue Recognition Standard Refresher
February 27, 2020
Well over a year has passed since the Financial Accounting Standards Board’s new revenue recognition standard kicked in for public companies while nonpublic companies are adopting the standard for December 31, 2019 fiscal year ends. As we have been evaluating the impact of this standard with our clients, we know...
Allowance Accounting and the Biggest Issues Institutions Face
February 7, 2020
The allowance for doubtful accounts related to student receivables is often the least precise measurement on a school’s balance sheet. Few items on a financial statement can have a greater influence on profitability. As an estimate of an institution’s expectation of what it will not collect from students’ accounts receivable,...