Advisories

Stay current and compliant with guidance from NACUBO. Listed below under topic area headers and cross-listed when necessary, these advisories provide direction on a variety of complex topics.

Members Only

Unless otherwise noted, the advisories listed below are exclusive to NACUBO members. Login using your NACUBO credentials to gain access.

Accounting

• Defining an Operating Measure for Independent Colleges and Universities: AR 21-01
  • Considers FASB ASU 2016-14 and revises guidance from 2011 and 2007
• Fiduciary Activities and Defined Contribution Plans: AR 20-01
  •  Clarifying implementation guide Q&As: 4.1, 4.2, 4.3, 4.5, and 4.6
• Composite Financial Index Ratios Post FASB ASU 2106-14: AR 19-05
  • In light of Not-for-Profit financial reporting changes resulting from FASB ASU 2016-14, this Advisory maps out composite financial index ratio formula using new required terminology . The report also highlights information needed to properly compute each ratio and explains common calculation missteps.
• Financial Responsibility Standards: AR 19-04 (Available to Public)
  • Guidance on the revised financial responsibility standards included in the September 2019 borrower defense rules
• Topic 606: Disclosures: AR 19-03
  • Examples of the disclosures required by Topic 606
• Topic 606: Education and Residential Contracts: AR 19-02
  • Guidance on FASB Topic 606 for recognizing and reporting education (tuition) and residential services (housing and dining) student contract revenue
• FASB ASC 606, Revenue From Contracts with Customers: Tuition Revenue: AR 19-01
  • The Advisory guidance focuses on tuition agreements with students, but the concepts are equally applicable to all revenues from contract with customers (FASB ASC 606)
• Borrower Defense Advisory: AR 2018-05
  • Documents changes to the Department of Education's Financial Responsibility Standards for Nonprofit Institutions as they apply to Obama-era borrower defense rules, especially having to do with triggering recalculations of an institution’s composite score
• Implementing FASB ASU 2016-14, Not-for-Profit Entities: AR 18-02
  • Guidance for implementation of FASB ASU 2016-14
• Credit Quality Disclosures: AR 2011-02
  • Sample disclosures to help independent institutions understand the ASU 2010-20, “Disclosures about the Credit Quality of Financing Receivables and Allowance for Credit Losses”
• Defining an Operating Measure for Independent Colleges and Universities: AR 2011-02
  • Recommendations to independent colleges and universities on items that should be classified as operating and nonoperating
• Variable Uncommitted Cost Sharing: AR 2011-1
  • Preferred industry practice for colleges and universities reporting research as a functional class of expenses
• Sarbanes-Oxley: AR 2003-03
  • Recommendations on how institutions deal with issues raised by the Sarbanes-Oxley Act of 2002, such as auditor independence, corporate responsibility, enhanced financial disclosures, accountability, and certification of financial results
• Institutional Aid: Discounting: Public Institutions: AR 2000-05
  • Defines scholarship allowances for purposes of accounting for and reporting revenues net of discounts for public institutions
• Expense Cross-Walk: Public Institutions: AR 2000-08
  • Suggested natural and functional expense footnote disclosure for information reported on the statement of revenues, expenses, and changes in net assets
• Financial Responsibility: Title IV, Private Institutions: AR 1998-01
  • Overview of financial responsibility standards at independent nonprofit institutions
• Financial Responsibility: Title IV, Public Institutions Exempt: AT 1998-02
  • Overview of financial responsibility standards and public nonprofit institutions
• Institutional Aid: Discounting: Private Institutions: AR 1997-1
  • Defines scholarship allowances for purposes of accounting for and reporting revenues net of discounts for private institutions

Accounting and Student Financial Services

• Borrower Defense Advisory: AR 2018-05
  • Documents changes to the Department of Education’s Financial Responsibility Standards for Nonprofit Institutions as they apply to Obama-era borrower defense rules, especially having to do with triggering recalculations of an institution’s composite score
• Perkins Loan Program Close-Out Guidance: AR 2018-03
  • Guidance on close-out of the Perkins Loan Program, with additional resources and an Excel workbook available here
• Financial Responsibility: Title IV, Private Institutions: AR 1998-01
  • Overview of financial responsibility standards at independent nonprofit institutions
• Financial Responsibility: Title IV, Public Institutions Exempt: AT 1998-02
  • Overview of financial responsibility standards and public nonprofit institutions

Privacy and Data Security

• FTC Regulations on Safeguarding Consumer Information: AR 2003-01
  • Guidance for safeguarding  consumer information as required by the Gramm-Leach-Bliley Act, with additional resources available here

Student Financial Services

• Best Practices for Student Financial Responsibility Agreements: AR 21-02
  • Includes sample language and text for agreements with students 
• FAQ Regarding Overpayments by International Students: AR 18-04
  • FAQ regarding overpayments by international students and considerations in determining how to handle them
• Perkins Loan Program Close-Out Guidance: AR 2018-03
  • Guidance on close-out of the Perkins Loan Program
• Establishing Student Account Policy Manuals: AR 2016-01
  • Provides bursars and student accounts staff with a comprehensive outline of topics to consider when drafting policy and procedure manuals.
• Financial Responsibility: Title IV, Private Institutions: AR 1998-01
  • Overview of financial responsibility standards at independent nonprofit institutions
• Financial Responsibility: Title IV, Public Institutions Exempt: AT 1998-02
  • Overview of financial responsibility standards and public nonprofit institutions

Student Financial Services and Tax

• Guide to Form 1098-T Information Reporting: AR 18-06
  • 1098-T guidance that consolidates and refreshes three previous advisory reports (2013-1, 2013-2, and 2014-1) into a comprehensive reference and road map for all aspects of 1098-T reporting

Tax

• Opportunity Zones: A Primer for Colleges and Universities: AR 20-02
  • Explanation of how the opportunity zone program works and outlines the benefits available to institutions that invest in the program to support their local communities.
• Guide to Form 1098-T Information Reporting: AR 18-06
  • 1098-T guidance that consolidates and refreshes three previous advisory reports (2013-1, 2013-2, and 2014-1) into a comprehensive reference and road map for all aspects of 1098-T reporting