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June 22, 2022

GASB Releases Statement 101 on Compensated Absences

In an effort to bring all types of compensated absences under a unified model, the Governmental Accounting Standards Board recently issued Statement No. 101, Compensated Absences. The new guidance will lead to recognition of a liability in more circumstances, most notably for nonvested sick leave.

May 20, 2022

Department of Education Encourages Using HEERF for Mental Health Needs

During Mental Health Awareness Month, the Department of Education released an FAQ that strongly encourages institutions to use HEERF funds to meet mental health and substance abuse disorder needs of students. Additional information can be found at NACUBO’s HEERF Resource Center.

May 16, 2022

GASB Releases Omnibus Standard

Statement No. 99, Omnibus 2022, clarifies various technical issues. Topics include financial guarantees, derivative instruments, right-to-use assets, replacing LIBOR, and nonmonetary transaction disclosures.

April 25, 2022

NACUBO Recommends Improvements to HEERF Quarterly Reporting

NACUBO asked the Department of Education not to separate institutional and student HEERF funding sources when reporting emergency student aid information and to only associate lost revenue funds received with current or planned use, among other recommendations.

March 18, 2022

NACUBO Comments on HEERF Quarterly Reporting

Citing lack of preparatory time as well as issues with certain reporting assumptions, NACUBO has asked the Department of Education to hold off on emergency clearance for April Institutional HEERF quarterly reporting.

February 11, 2022

Explore and Submit FY21 Audited Financial Statements

Many institutions have provided their fiscal year 2021 financial statements, which offer examples of new FASB and GASB formats and disclosures, as well as examples of HEERF fund reporting.