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
The latest negotiated rulemaking session featuring the Department of Education’s (ED) Institutional and Programmatic Eligibility Committee concluded March 18 — and I appreciated the chance to be a part of it. As a committee advisor representing compliance auditors who work with institutions that participate in Title IV, I was able…
Practice makes perfect, right? With year two of the Higher Education Emergency Relief Funding (HEERF) audits in process, we want to share some best practice points before the next HEERF Annual Performance Report (APR) submission period opens. As a reminder the HEERF APR for the January 1, 2021, to December…
Less than two weeks before it was set to end, the COVID-19 national emergency was extended by President Joe Biden. Citing ongoing public health and safety risks presented by the pandemic, the declaration published in the Federal Register on February 18, 2022, continues the emergency beyond its March 1, 2022,…
ED Opens Application Periods for Additional HEERF III and SSARP Funds
February 15, 2022
As postsecondary institutions nationwide continue to contend with hardships caused by the COVID-19 pandemic and seek to assist their students, the Department of Education (ED) is reopening the application period for Higher Education Emergency Relief Funds, as well as a supplementary program. According to an ED notice, eligible institutions have…
Breaking Down SAS 136 and its impact on Employee Benefit Plan Audits
February 2, 2022
Statement on Auditing Standards (SAS) 136 was issued by the AICPA’s Auditing Standards Board to address changes to audits of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). The purpose of this new standard is to improve auditor performance, enhance the quality of employee…
New opinions: What to know about the latest auditor report changes
January 31, 2022
It’s a fact: auditor reports continue to change — even the opinions. For entities with a December 31, 2021, year-end or later, there are notable changes to reports’ “Opinion” section and other areas that must be implemented. Read on for why and what the changes look like. In May of…
McClintock & Associates Honored with Partner of Distinction Award
January 25, 2022
Recognition Rasmussen University (Rasmussen), a private college with 23 campuses in Florida, Illinois, Kansas, Minnesota, North Dakota and Wisconsin, has established itself as a pioneer in career-focused education. Rasmussen has an annual Partner of Distinction award which recognizes a company that has met the four following criteria and the selection…
Even half a year after new rules for Return to Title IV (R2T4) exemptions went into effect — and as we consider specific scenarios stemming from the changes — we continue to learn more and fill in the gaps in knowledge to assist institutions. Recently, we contacted the Department of…