OMB Issues Final Guidance on Grant ReformsThe Office of Management and Budget has issued final guidance that combines eight existing grants management circulars into a single document. The “Super Circular,” as it is known, is effective for entities with fiscal years beginning on or after December 26, 2014.
FASB Considers Statement of Functional Expense Requirement The Financial Accounting Standards Board has tentatively decided to require Not-for-Profit entities to present expenses by both functional and natural classifications in their financial statements. The Board, however, stopped short of mandating the format for presenting that information.
CFPB Releases Data on Card Deals, Asks for MoreOn the same day that the Consumer Financial Protection Bureau released a report showing a decline in the number of agreements between higher education institutions and credit card issuers, the agency’s director called on financial institutions to publicly disclose agreements with colleges and universities related to debit and prepaid cards and other products marketed to students.
Help the GASB Research Asset Retirement Obligations
The Governmental Accounting Standards Board (GASB) has begun researching asset retirement obligations (ARO). The initial objectives of this research include identifying the various types of AROs currently encountered in practice and determining the need for additional accounting and reporting guidance. Please email GASB staff or NACUBO if you would like to assist with this important project.
UC Irvine Smart Labs Wins State's Highest Environmental Honor California’s highest environmental award was given to the University of California Irvine campus for its Smart Labs program, which reduced laboratory energy consumption by more than 50 percent.
ED Encourages Monthly Pell Reconciliations A new Q&A from the Department of Education provides advice on reconciling disbursement and related cash transactions for institutions participating in Title IV student aid programs.