|Charitable Deduction Threatened Despite Widespread Public Favor|
Proposals to limit the tax deduction for charitable donations have garnered significant attention as politicians seek to avoid the looming fiscal cliff. Yet a post-election poll for the NACUBO and the Council for Advancement and Support of Education reveals that most U.S. voters have a favorable opinion of the charitable giving tax deduction.
Federal Student Loan Balances Rise, Delinquencies Hit Record HighA new report from the Federal Reserve Bank of New York shows that the total amount of outstanding student loans increased by $42 billion between the second and third quarters of calendar year 2012. In addition, the percentage of borrowers who were delinquent 90 days or more on their student loan payments jumped more than 2 percentage points to reach a new record high.
Health Care Reform Update: Changes to Rules on Incentives for Wellness Programs ProposedGroup health plans would be able to offer greater rewards for participation in certain types of wellness programs under rules proposed on November 26. Comments on the proposal, made jointly by the three agencies primarily charged with implementing the Affordable Care Act, are due January 25.
IACLEA’s Campus Public Safety Accreditation ProgramSince 2007 the International Association of Campus Law Enforcement Administrators (IACLEA) has offered campus public safety accreditation to college and university public safety agencies. This past summer the program adopted new standards and a modified structure to enhance the value of the program. Visit the IACLEA web site for more information.
GASB Survey Evaluates Statement 33 EffectivenessThe Governmental Accounting Standards Board (GASB) is conducting a survey designed for public college and university preparers to evaluate the effectiveness of GASB Statement No. 33, “Accounting and Financial Reporting for Nonexchange Transactions.” The survey includes questions about endowments, pledges, and voluntary nonexchange transactions.
Benefits of American Opportunity Tax Credit Set to ExpireThe American Opportunity Tax Credit significantly enhances and broadens the permanent Hope Scholarship Credit. However, without congressional action, it is set to expire at the end of 2012.
ED Confirms Bookstore Arrangements In order to clear up some confusion that arose last spring, the Department of Education has issued guidance confirming that institutions may use Title IV funds, with proper authorization, to pay bookstore charges for students.
New ITIN Application Procedures from IRSIRS announced final modifications to procedures and requirements aimed at strengthening the Individual Taxpayer Identification Number program. The final rules include changes made in October related to colleges and universities. The new procedures take effect January 1, 2013.
NAICU Report Addresses Financial Responsibility RegulationsNACUBO has been part of a task force organized by the National Association of Independent Colleges and Universities (NAICU) to review issues with ED’s financial responsibility calculations. On November 28, NAICU released the task force’s final report, which contains a number of recommendations to both ED and Congress to overcome identified issues.