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 ...
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Understanding the Department of Education Composite Score for Proprietary Institutions
April 26, 2024
Institutions of higher education, whether traditional universities or proprietary trade schools, are well familiar with U.S. Department of Education (ED) oversight. Annual filings and notification triggers are par for the course. For precisely this reason, it’s critical that we understand how the department assesses your finances so that you can…
In October 2023, the Department announced an amendment to § 668.23(a) to require that audit reports are timely submitted, by the earlier of 30 days after the completion of the report or six months after the end of the institution’s fiscal year. Furthermore, when the regulations go into effect on July…
In case you missed it, the Department of Education’s recent announcement on February 13, 2024 introduced additional measures aimed at improving the efficiency of student record processing for colleges. This is a significant stride towards facilitating access to financial aid for millions of students across the nation. These steps include…
The New McClintock 90/10 Calculation Model is Now Available
February 20, 2024
The U.S. Department of Education’s 2023 changes to the longstanding 90/10 rule introduces new hurdles for proprietary schools. Not only do the changes require schools to adopt a new model for calculating their 90/10, but they also make it more difficult to pass. Use Our Model to Stay Compliant At…
While exhibiting at NASFAA’s 2024 Leadership & Legislative Conference & Expo, Parker Charlton, FAAC® and I had the opportunity to attend sessions featuring both the Secretary of Education, Miguel Cardona, and a panel of Department of Education (ED) officials. They acknowledged the challenges posed by the 2024-2025 FAFSA and subsequent…
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 submit an audited financial statement to ED each year. Recently, the conditions for meeting these important requirements changed in ways that may add complexity…
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 rolling out, and an updated audit guide, institutions have a unique opportunity to make 2024 a season of growth and a refresher on best practices….
What to Expect from the Updated CECL Accounting Standard
January 11, 2024
In response to the financial crisis in 2008, the Financial Accounting Standards Board (FASB) took action for revisiting the methodology for recognizing credit losses as the existing approach to estimating credit losses was determining whether such losses met the threshold of being “probable”, regardless of whether or not they were…