|Higher Education Act Reauthorization Process Begins|
Last reauthorized in 2008 after a lengthy process, the Higher Education Act is again up for reauthorization. NACUBO joined the American Council on Education and 37 other higher education associations in a letter presenting initial thoughts on the developing legislation.
Quarterly Meeting with VA Yields Reminders, RecommendationsVA recently reported to NACUBO that it will provide institutions with a new monthly report with school debt listings. VA officials also shared tips for increasing the speed and accuracy of processing Chapter 33 claims.
FASB Proposes Changing Public Entity DefinitionOn August 7, the Financial Accounting Standards Board issued for public comment a proposal that recommends one definition for a public business entity. The new definition does not apply to not-for-profit entities and is a significant step toward remedying the current public and nonpublic distinction that applies to NFPs in FASB’s literature.
IRS Sending Penalty Notices for 1098-Ts Without Taxpayer Identification NumbersIn the past two weeks, some institutions have received 972CG notices from the Internal Revenue Service, penalizing them for submitting Forms 1098-T that do not include the students’ TIN. If your institution has received an IRS penalty notice and can demonstrate reasonable efforts to solicit TINs from students, a waiver may be obtained.
Court Issues Ruling on Debit Card “Swipe Fees”A federal court recently ruled that the Federal Reserve set interchange fees for debit card transactions higher than intended in the authorizing legislation. After new rules are issued, retailers—including campus stores—should see lower “swipe fees.”
2013 E-Expectations Report Contains a Few Surprises The 2013 E-Expectations report, recently released by Noel-Levitz, highlights how colleges and universities can best market themselves to current and prospective students.
Tax-Exempt Bond Compliance Workshop
September 16-18, 2013
NACUBO has collaborated with the Treasury Institute for Higher Education in designing the second annual Tax-Exempt Bond Compliance Workshop, being held September 16-18 at the Crown Plaza Chicago O'Hare Hotel & Conference Center. This year's program offers an optional primer session to review the basic concepts, components, and vocabulary of tax-exempt financing and tax compliance.