August 10, 2015
NACUBO Preview: A Frustrating Fall Ahead in WashingtonNACUBO Preview: A Frustrating Fall Ahead in Washington
Capitol Hill will be quiet for the next four weeks as members of both the House and Senate have left Washington for their annual August recess. But when they return to business on September 8, lawmakers will be forced to contend with a confluence of budget, tax, and policy deadlines, including the expiration of the Higher Education Act on September 30, 2015.

FASB Comment Deadline Quickly Approaching

Comments on the Not-for-Profit (NFP) Financial Statement Proposal are due to the Financial Accounting Standards Board on August 20. Independent institutions may submit comments to FASB directly or provide feedback to NACUBO for inclusion in the industry comment letter.

IRS Publishes Additional Guidance on Affordable Care Act Excise Tax

The Internal Revenue Service has issued Notice 2015-52 on the excise tax on high-cost employer-sponsored health care coverage. It addresses more foundational issues related to payment of the tax: who pays it, how it is paid, and how to determine the employer. Also covered is the treatment of contributions to account-based plans and possible approaches for age and gender adjustments.

FCC Clarifies Rules on Calls to Cell Phones

Against the backdrop of a steadily increasing number of lucrative lawsuits seeking damages, a recent Federal Communications Commission ruling provides additional guidance for entities contacting cell phone users through mass-texting systems and using automatic dialers and prerecorded messages. The ruling has specific implications for colleges and universities that attempt to contact students on their cell phones.

Labor Department Issues Guidance on Misclassification of Workers

As growing numbers of employers rely on contract workers to meet operational needs, worker misclassification has come under increased scrutiny. New guidance from the Department of Labor establishes a broad definition of "employee" under the Fair Labor Standards Act, aimed at making it harder for employers to classify workers as independent contractors.

NACUBO Archives & Library

The NACUBO Archives and Library grants members the ability to search rich archives of higher education financial literature published by NACUBO, even though many of these documents and products are out of print. Explore historical data, studies, articles and products on topics such as endowments, facilities management, accounting ratios, and much more.



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