More Institutions Affected by Treasury Offset ProgramRecently, more colleges and universities have been hit with federal debt offsets following the Department of Veterans Affairs’ move to collect debts stemming from new GI Bill payments. Institutions may sign up to receive regular reports on their debts referred for offset.
ACE and NACUBO Submit Comments on Proposed Student Health Insurance ChangesThe American Council on Education, along with NACUBO and six other higher education associations, submitted comments to the Department of Health and Human Services to express concern regarding a proposed regulation that would require student health insurance coverage to be rated and priced as part of each state's individual market single risk pool. This new regulation has the potential to undermine the ability of colleges and universities to continue to offer such student health insurance coverage.
FASB Clarifies Fair Value Disclosure for Nonpublic Entities On January 7 the Financial Accounting Standards Board (FASB) issued an accounting standards update that clarifies the scope and applicability of a fair value disclosure exemption specific to private companies and non-public not-for-profit organizations. Comments are due to FASB by January 22.
College Spending in a Turbulent Decade A Delta Cost Project report on enrollment, revenue, spending, subsidies, and degree production for the 2000-2010 decade shows spending on academics fell in 2010 and degree productivity slightly declined or remained flat at public and private non-profit institutions.
Maximum Post-9/11 GI Bill Tuition and Fee Benefit IncreasesFor the 2013-14 academic year, eligible veterans will receive up to $19,198.31 for tuition and fees at independent institutions. VA will continue to pay net cost up to the amount of in-state tuition and fees for students attending public institutions.
Fighting Tax Fraud, IRS Proposes Use of Truncated Tax ID NumbersIn response to the growing problem of identity theft-related tax fraud, the IRS has proposed regulations to create a new taxpayer identifying number, known as the Truncated Taxpayer Identification Number, that can be used instead of a Social Security number.
NACUBO Workgroup Meets with VA Staff, Expresses ConcernsMembers of NACUBO’s VA Payments and Processes Workgroup recently met with Department of Veterans Affairs staff responsible for administering Chapter 33 benefits to discuss a myriad of issues, including customer service, electronic funds transfer, and Treasury offsets.