January 13, 2014
Education Spending Uncertain, FY14 Federal Budget Still UnfinishedEducation Spending Uncertain, FY14 Federal Budget Still Unfinished
The current stopgap budget measure keeping federal government agencies operating will expire on Wednesday, January 15. Although Congress agreed to a top-level spending number of $1.012 trillion in a much-lauded budget deal in December, appropriators were left to sort out the details. Congressional leaders remain cautiously optimistic that they can reach agreement, but details remain tightly held. Education spending decisions are expected to be among the most contentious.

OMB Issues Final Guidance on Grant Reforms

The 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 More

On 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.

2014 Intermediate Accounting and Reporting - Winter

January 27-28, 2014
Orlando, FL

This program is a fantastic introduction for new professionals moving into higher education accounting as well as those individuals seeking to learn more about other areas of accounting. This accounting and financial reporting workshop covers net asset classes, restrictions, endowments, investment pool utilization, split interest agreements, capital assets, debt, and operating activities.


 

Learn

Upcoming Event

Upcoming Webcasts

Read

Business Officer

October 2014

Read More:

Pattern-Perfect Process

Connect

Web Resources

International Resource CenterInternational Resource Center
Your Resource for International Activities

HR Horizons HR Horizons
Strategic Human Resource Issues in Higher Education

Campus ERC LogoCampus ERC
The Environmental Resource Center for Education

1110 Vermont Ave NW, Suite 800, Washington, DC 20005
Phone 202.861.2500 • Toll Free 1.800.462.4916 • Fax 202.861.2583

Copyright © National Association of College and University Business Officers. All rights reserved.