July 29, 2013
New Report Updates National Profile of CBOsNew Report Updates National Profile of CBOs
What are the responsibilities, reporting relationships, and career plans of the typical CBO? Find out in the 2013 CBO Profile, recently released by NACUBO.

ED Proposes Revisions to Student Loan Program Rules

The Department of Education published a notice of proposed rulemaking on July 29 that would update its regulations governing the Federal Direct Loan, the Federal Family Education Loan, and the Perkins Loan programs. The proposed rules would implement statutory changes including the elimination of new FFEL loans in 2010, conform the regulations across programs and to match current practice, and address several loan collection and rehabilitation issues. Comments are due August 28.

Final Approval Expected this Week on Student Loan Deal

Later this week, the House of Representatives is expected to approve a long-term student loan compromise that will include a rate cap but set the interest rate for federally subsidized and unsubsidized loans at market rates. If the law changes, ED will adjust rates for borrowers for all loans disbursed after June 30.

ED Releases 2011 Financial Responsibility Scores

While the number of institutions running afoul of the Department of Education’s financial responsibility standard continues to decline from the peak following the recession, ED’s calculations remain faulty.

OMB Publishes 2013 A-133 Compliance Supplement

On July 10, the Office of Management and Budget released the annual Compliance Supplement to Circular A-133, providing detailed guidance for the single audits of states, local governments, and nonprofit organizations, including higher education institutions.

IRS Rolls Out Compliance Project Focused on 457(b) Deferred Compensation Plans

The IRS recently launched “compliance checks” of Section 457(b) plans of nongovernmental, tax-exempt employers, including colleges and universities. Institutions sponsoring 457(b) plans that receive questionnaires can expect the IRS to request extensive information related to plan documentation and operational compliance.

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