|House VA Committee Holds Hearing to Review IT Systems and GI Bill Claims|
On February 14, the Economic Opportunity subcommittee of the House Committee on Veterans’ Affairs held a hearing to review VA’s Long Term Solution, the system developed to handle the complex Post-9/11 GI Bill claims process. NACUBO submitted written testimony for the record.
DOD MOU Deadline ApproachingIn December, the Department of Defense released a new version of the Memorandum of Understanding (MOU) for institutions participating in the Tuition Assistance and other service-related tuition support programs. Institutions that have signed the original MOU have the option of signing the revised version, but are not required to do so. Any institution that did not previously sign the original MOU will need to sign the new one by March 1 if it wishes to participate in the DoD programs.
GASB Improves Reporting for Government CombinationsThe Governmental Accounting Standards Board has issued a new standard that guides accounting and reporting for state and local government mergers, acquisitions, and transfers or disposals of operations. The standard is effective FY15, but earlier application is permitted if needed.
Help Get the Word Out Many government programs that benefit college and university students are underutilized. Colleges and universities can help the Internal Revenue Service, Department of Education, and Department of Veterans Affairs bring these benefits to students’ attention.
New and Enhanced IRC Web Site The International Resource Center (IRC) Web site has been redesigned with enhanced content organization and quicker navigation. The IRC provides information on key areas for institutions conducting activities abroad. The new site includes a section on potential foreign compliance risks associated with study abroad programs for both small and large institutions.
Obama Again Presses for Value and Affordability From CollegesDuring his 2013 State of the Union address, President Obama again put colleges in the limelight with a focus on affordability and accountability.
FASB Proposes New Model for Credit LossesThe Financial Accounting Standards Board has issued a proposed Accounting Standards Update (ASU) that includes a new model for accounting for credit losses on financial assets. While aimed at the financial services industry, the ASU would be applicable to all entities and contains some potentially onerous disclosure requirements.
Federal Auditing Information Service (FAIS)
Financial Accounting and Reporting Manual (FARM)