Skip to content Menu

NACUBO highlighted last fall that the Department of Education planned to pursue an annual audit mandate of Student Financial Assistance programs for FY17 as part of the Office of Management and Budget's (OMB) 2017 Compliance Supplement.

Following the announcement, NACUBO and other higher education associations expressed concern to ED that such a requirement would be in direct conflict with both the Single Audit Act Amendments of 1996 and the more recent Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards.

ED now has announced that no such guidance made it into the FY17 Compliance Supplement but plans to include it in the FY18 guidance. ED’s August 2016 announcement indicated that institutions should contact their School Participation Division if their auditor, in following previous OMB guidance, made a determination that their Student Financial Assistance Program Cluster was low risk. This guidance will now stand for FY17 audits as well.

Contact

Liz Clark

Vice President, Policy and Research

202.861.2553


Related Content

NACUBO Raises Concerns With Proposed Rules on Financial Responsibility, Transcript Holds, and More

In a letter to the Department of Education, we highlighted proposals that go beyond generally accepted accounting principles, concerns regarding new reporting mandates, and more.

ED Shares FAFSA Simplification Guidance for 2024-25 Award Year

The Department of Education plans to make “significant and extensive changes” to the FAFSA form and process, following other important changes over the past few years.

ED Publishes Final Gainful Employment, Financial Value Transparency Regulations

The final rules, which take effect on July 1, 2024, contain some notable differences from ED’s proposal.