August 13, 2012
Expired (and Expiring) Higher Education Tax Provisions Concern NACUBOExpired (and Expiring) Higher Education Tax Provisions Concern NACUBO
NACUBO and several other higher education associations joined the American Council on Education in a letter to congressional leaders calling for the reinstatement and extension of higher education-related tax provisions that have already expired or will expire soon.

New Report Shows Effects of Grant Aid on Undergraduates’ Price of Attendance

On average, grant aid in academic year 2010-11 lowered students’ price to attend public and private nonprofit colleges and universities by roughly 40 percent, according to a new report from the National Center for Education Statistics. Grants had a much smaller effect on students who attended proprietary institutions.

FASB Issues Proposed Guidance on Personnel Services Received from an Affiliate

A proposed Accounting Standards Update would require not-for-profit organizations that receive personnel services from affiliates to recognize the value of those services in their standalone financial statements.

ED Provides Q&As on State Authorization

The Department of Education published a Dear Colleague letter with more details on how to comply with state authorization requirements.

IRS Allows Deductions for Charitable Contributions to Disregarded Entities

Notice 2012-52 provides guidance and clarifies that contributions made to a single-member, limited liability company that is wholly owned by a section 501(c)(3) organization and disregarded for federal tax purposes will be eligible for the charitable deduction.

OMB Releases 2012 A-133 Compliance Supplement

In the newly published 2012 Compliance Supplement to Circular A-133, the Office of Management and Budget provides guidance on single audits of states, local governments, and nonprofit organizations.



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