May 4, 2015
FASB Issues Proposal to Improve Not-For-Profit Financial ReportingFASB Issues Proposal to Improve Not-For-Profit Financial Reporting
The Financial Accounting Standards Board has issued a proposed Accounting Standards Update (ASU) intended to improve the information provided in not-for-profit financial statements. Comments on the proposed ASU are due by August 20.

New Report Tracks Socially Responsible Investment Practices

Approximately 26.5 percent of 200 college and university endowment managers who participated in a newly released Commonfund Institute survey say their institution has adopted investment policies that permit or refer to at least one socially responsible investing practice. The report covers four types of social investment strategies: socially responsible investing; environmental, social and governance investing; impact investing; and divestment of fossil fuels.

Senate Committee Passes 529 Legislation, Discusses 1098-T Issues

Before passing legislation to modify 529 college savings plans, the Senate Finance Committee acknowledged problems regarding penalty notices sent to colleges and universities related to missing or inaccurate taxpayer identification numbers on Forms 1098-T.

FASB Seeks Comments on Revenue Recognition Deferral

The Financial Accounting Standards Board has issued a proposed Accounting Standards Update, "Revenue from Contracts with Customers, Deferral of the Effective Date," for public comment. The proposal would defer the effective date by one year, to FY19, for the vast majority of independent colleges and universities. The most significant impact for higher education concerns sponsored research grants. Comments are due by May 29.

Nine Campuses Named Green Ribbon Schools

The U.S. Department of Education has selected nine colleges and universities as recipients of its Green Ribbon Schools award for achievements in the areas of sustainability and health.

VIRTUAL: 2015 Higher Education Accounting Forum

Wednesday, May 13, 2015 9:00AM ET

Catch up on the latest higher education accounting news via NACUBO's online platform. The VIRTUAL: 2015 Higher Education Accounting Forum allows participants the opportunity to watch sessions and access presentations from this year's meeting. Once one person on your campus registers at the full price, everyone on your campus can register for free. In order to gain full access to the virtual event, each additional registrant must complete the online registration process.



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