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October 06, 2020

ED Releases New HEERF FAQ →

Following months of calls for additional Higher Education Emergency Relief Fund spending guidance, the Department of Education has released a sizeable, new FAQ, with numerous important clarifications for business officers and others.

September 25, 2020

FASB Releases Guidance on In-Kind Gifts →

A new Accounting Standards Update addresses non-financial gifts to shed light on how they are used and valued. The ASU requires new presentation and disclosure requirements effective in FY22 or FY23 reporting periods.

September 18, 2020

FASB’s NAC Discusses HEERF and Revenue Recognition →

During a recent meeting, members of FASB’s Not-For-Profit Advisory Committee discussed the conditional nature of CARES Act Higher Education Emergency Relief Fund grants and whether “deemed spent” principles are applicable to HEERF conditions.

August 28, 2020

ED Releases New eZ-Audit Reporting Templates →

The Department of Education has finished revising the eZ-Audit System for reporting audited financial information to calculate financial responsibility composite scores under the new regulation.

August 28, 2020

OMB Releases 2020 Compliance Supplement →

The recently released Compliance Supplement acknowledges the Coronavirus Aid, Relief, and Economic Security Act, and an addendum expected later in the fall will address all CARES Act programs.

August 24, 2020

GASB To Review OPEB Guidance →

The Governmental Accounting Standards Board wants to hear from public colleges and universities on the burden and cost of implementing Other Postemployment Benefits requirements.

August 17, 2020

FASB Proposes New Financial Statement Concepts →

The Financial Accounting Standards Board has issued an exposure draft for public comment that will impact definitions of financial statement elements, such as assets, liabilities, revenues, and expenses, in its conceptual framework. We encourage private institutions to comment.