News

NACUBO policy experts weigh in on how a Biden administration could change federal rules, policies, and priorities that affect the business of higher education.

In response to confusion over the Department of Education’s revised eZ-Audit templates and new financial responsibility requirements, NACUBO has developed a crosswalk and tutorial to help our members navigate compliance.

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.

Despite months of incomplete compliance guidance, the Department of Education announced and immediately implemented new reporting requirements for CARES Act Higher Education Emergency Relief Fund allocations.

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.

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.

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.

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.

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

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.