FASB Could Require Direct Method Cash Flow StatementThe Financial Accounting Standards Board has tentatively decided to require not-for-profits to prepare the statement of cash flows using the direct method. It would eliminate the requirement to provide a reconciliation of operating cash flows using the indirect method.
ED Seeks Innovations in Student Aid DeliveryAs a part of President Obama’s agenda to combat rising college costs, the Department of Education is seeking suggestions for alternative approaches to the delivery of student aid as part of the Experimental Sites Initiative. The deadline for submissions is January 31.
NCES Releases New Data Showing the Impact of Student GrantsDuring academic year 2011-12, grant aid reduced the average price undergraduate students at private nonprofit institutions paid by 33 percent, and by about 20 percent at four- and two-year public schools, according to new data released by the National Center for Education Statistics. The data and report are part of the 2012 National Postsecondary Student Aid Study, a national survey of college students.
Calling All Bursars
NACUBO's new Student Financial Services Policies and Procedures Survey launched December 5 and will remain open until December 23. Conducted every few years, this initiative provides bursars, student financial services directors, and other business office personnel with an overview of the types of activities, systems, and practices in student financial services offices at NACUBO-member institutions. Additionally, this survey—which differs from the Benchmarking Survey—collects data on tuition structures, collections procedures, and financial literacy programs. Please contact Natalie Pullaro Davis or James D. Ward if you have not received your institution's unique survey link or have any questions.
How Are Public Institutions Handling Asset Retirement Obligations?The Governmental Accounting Standards Board has begun researching the prevalence of asset retirement obligations and current financial accounting and reporting practice by governmental entities, such as public colleges and universities. NACUBO would like to help the GASB understand how public institutions deal with retiring long-lived assets that may require significant environmental remediation to restore a property.
Dozens of Tax Provisions Expire December 31Fifty-five temporary tax measures are scheduled to expire December 31. Lawmakers in Washington have dimmed any hopes of passage of temporary extensions before the new year. The provisions expiring include the IRA charitable rollover; the research and development tax credit; the above-the-line deduction for qualified tuition and related expenses; and Sec. 512(b)(13)(E), which modifies tax treatment of certain payments to controlling exempt organizations.
Campus Events Remain Most Effective Recruitment ToolA new report documents the most and least effective strategies for contacting and recruiting perspective students.
IRS Issues Publication on Section 403(b) PlansThe newly released Tax-Sheltered Annuity Plan for Sponsors explains common 403(b) mistakes made by plan sponsors.