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Prepare for Financial Responsibility Changes

On-Demand | Originally Broadcast on February 26, 2020

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Final Department of Education Borrower Defense rules revise financial responsibility requirements and establish reporting requirements for legal settlements against institutions. Although financial responsibility revisions accommodate recent Financial Accounting Standards Board (FASB) accounting changes (defined benefit pension liabilities, leases, and Not-for-Profit reporting), there are significant new requirements that will impact audited financial statements and require auditor attestation.
This webcast will provide an overview of the new requirements, examples of disclosures that support supplemental schedule requirements, an auditor’s perspective on the upcoming changes, and more. Tune in to hear from a panel of experts who all participated in the financial responsibility negotiations and leave better prepared to meet the new expectations.
Note: This session is being recorded; the recording will be available to all registrants 1-2 weeks after the broadcast and will remain available for one year after the air date.

Accounting Webcast

What You Will Learn

NACUBO’s professional development programs are designed to deliver the skills, concepts, and best practices for success to individuals in the business of higher education. After participating in this program, you will be able to:

  • Correctly calculated ratios that comprise the financial responsibility composite score.
  • Prepare for auditor expectations.
  • Produce the supplemental schedule that must be included with audited financial statements.

Who Should Attend

  • Accountants
  • Accounting Team Members
  • Associate Vice Presidents
  • Chief Business Officers
  • Chief Financial Officers
  • College and Central Business Managers
  • Controllers
  • Financial Reporting Managers

Meet The Presenters

  • Dale Larson, vice president for business and finance, Dallas Theological Seminary
  • Kelli Hudson Perry, assistant vice president for finance and controller, Rensselaer Polytechnic Institute
  • David Armstrong, director, higher education services group, BKD CPAs and Advisors
  • Sue Menditto, senior director, accounting policy, NACUBO

CPE Information

There are no CPEs offered for this event.

CPEs are only available for live programs at this time.

NACUBO is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website


Registration assistance: 877.797.7698 or

Cancellation Policies

Member Standard Ends February 26, 2022


Non-Member Standard Ends February 26, 2022



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