|Clock Runs Out on Student Loans|
Last week, Congress and the White House failed to come to an agreement on averting a scheduled interest rate hike on federally subsidized student loans. Today, Monday, July 1, the rates will double from 3.4% to 6.8% for students signing for new federal loans. A retroactive fix is possible and a number of legislative proposals exist, but chances for an imminent deal are slim.
GASB Issues Preliminary Views on Fair Value MeasurementLast week the Governmental Accounting Standards Board issued a “Preliminary Views” document that focuses on issues and applications surrounding fair value measurement, including note disclosures. Public institutions with alternative endowment investments are encouraged to submit comments by September 30. Institutions willing to participate in a field test related to this project should contact NACUBO.
Financial Contributions to Education Rose 5.6 Percent in 2012American educational institutions and related nonprofits at all levels received $41.1 billion in donations in 2012, a 5.6 percent increase in current dollars over amounts received in 2011, according to Giving USA 2013. Total charitable contributions in the U.S. reached $316.2 billion in 2012, a 3.5 percent increase over 2011.
Wellness Program Rules FinalizedWellness programs may offer employees incentives of up to 30 percent of the total cost of group health insurance coverage under new rules issued in June under the Affordable Care Act. For programs targeted at smoking cessation, the maximum reward (or penalty) may be as high as 50 percent.
Campus Conservation Contest Shows ResultsThe National Wildlife Foundation, along with the Alliance to Save Energy, the Lucid Foundation, and the U.S. Green Building Council, challenged campuses to reduce energy consumption and conserve water in its annual Campus Conservation Nationals. In the contest’s third year, over 300,000 students at 120 colleges and universities competed between February and April.
GASB Proposes Measurement ConceptsA recent Exposure Draft from the Governmental Accounting Standards Board proposes concepts to be considered when measuring assets and liabilities. The proposal outlines two approaches: (1) initial amounts recorded when an asset is acquired or a liability is incurred, and (2) remeasured amounts as of the date of each year’s financial statements. Comments are due September 30.
Senate Passes Immigration Reform BillLast week, the Senate passed a comprehensive immigration reform bill. The legislation includes a path to citizenship for DREAM Act students, new rules for student visas, and an increase in the number of H1-B visas for highly skilled workers.
NACUBO 2013 Annual Meeting
NACUBO 2013 Annual Meeting
Attend this dynamic event to improve your skills, enhance your knowledge, and expand your professional network. This premier event features professional development specific to the business of higher education, extensive networking opportunities, innovative speakers, and vendors committed to higher education. Visit www.nacuboannualmeeting.org for more information, a complete list of educational sessions, and to register.
Federal Auditing Information Service (FAIS)
Financial Accounting and Reporting Manual (FARM)