October 7, 2013
NACUBO Report Provides Advice on Responding to IRS Penalty NoticesNACUBO Report Provides Advice on Responding to IRS Penalty Notices
Since August, colleges and universities have been receiving notices proposing significant fines for submitting Forms 1098-T with missing or mismatched taxpayer identification numbers. NACUBO Advisory Report 2013-1 provides background information, advice on drafting a waiver request, best practices for collecting Social Security numbers from students, and a sample response letter to the IRS.

Higher Education Associations Comment on Proposed Changes to DOD MOU

NACUBO, along with ACE and several other higher education associations, recently submitted comments to the Department of Defense on proposed changes to its Tuition Assistance program and its new version of the Memorandum of Understanding.

NACUBO Responds to FASB's Lease Proposal

NACUBO comments to the Financial Accounting Standards Board question whether proposed changes will help explain leasing transactions.

Understanding the Federal Budget Crisis and Government Shutdown

Rather than compromise, leaders of both parties believe they can succeed in protecting their priorities by winning over public sentiment during the federal government shutdown. NACUBO presents six questions and answers to help explain how Washington reached the current impasse.

Government Shutdown Resources

How long the federal government shutdown will last remains unclear; some now believe the impasse in Washington will run up to the October 17 debt ceiling deadline. Here are some resources to help you navigate the federal government during the shutdown.

NACUBO Responds to GASB's Views on Fair Value

NACUBO draws from the higher education industry’s experience with complex endowment investment instruments to advise GASB.

NACUBO Participates in CFPB Banking on Campus Forum

At a recent forum hosted by the Consumer Financial Protection Bureau, NACUBO reiterated its recommendation to put students’ interests first and emphasized that colleges and universities strive to enhance student services and meet the needs of students while keeping administrative expenses low. Members are advised to review the debit card guidance offered by NACUBO.

IRS Announces FY14 Build America Bond Subsidy Reduction

On September 30, the Internal Revenue Service announced that FY 2014 subsidy payments on Build America Bonds will be reduced 7.2 percent. The reduction is a result of sequestration, the across-the-board federal budget cuts triggered earlier this year. Build America Bond subsidy payments during FY 2013 were reduced 8.7 percent. 

2013 SFS Benchmarking Tool and Report Now Available

The newly released 2013 Student Financial Services Benchmarking Tool and Report provides comparative data on a number of key measures of the student financial services operations at higher education institutions.

International Panel on Climate Change Issues New Findings

On September 27, the International Panel on Climate Change issued its Fifth Assessment Report on Climate Change, noting that the atmosphere and oceans have warmed, snow and ice have diminished, sea level has risen, and the concentration of greenhouse gasses has increased.

White House Circulates ACA Toolkit for Colleges

The White House recently distributed a “Health Insurance Marketplace Outreach and Enrollment Toolkit for Colleges, Universities, and Community Colleges.” The toolkit, designed for the higher education community, provides information about the Marketplace; FAQs; and additional resources for students, staff and faculty, and community members.

Federal Student Loan Default Rate Rises to 10 Percent

The percentage of borrowers who defaulted on their federal student loan repayments rose from 9.1 percent in FY 2010 to 10 percent in FY 2011, according to the U.S. Department of Education. Default rates have risen for six consecutive years.

Call for Proposals

BE A CONTENT LEADER. Take advantage of the opportunity to showcase solutions, initiate discussions, and share effective strategies to manage the many challenges facing campus administrators by submitting a proposal to present at an upcoming NACUBO professional development program. The NACUBO 2014 Annual Meeting, the 2014 Student Financial Services Conference, and the 2014 Higher Education Accounting Forum are all currently accepting proposal submissions. Visit the individual program pages for more information and submission guidelines. The call for submissions deadline is October 15 for the Annual Meeting, October 21 for the SFS Conference, and November 4 for the Accounting Forum. 

 

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