Well over a year has passed since the Financial Accounting Standards Board’s new revenue recognition standard kicked in for public companies while nonpublic companies are adopting the standard for December 31, 2019 fiscal year ends. As we have been evaluating the impact of this standard with our clients, we know...
The allowance for doubtful accounts related to student receivables is often the least precise measurement on a school’s balance sheet. Few items on a financial statement can have a greater influence on profitability. As an estimate of an institution’s expectation of what it will not collect from students’ accounts receivable,...
On Dec. 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), which is part of the Further Consolidated Appropriations Act, 2020 (P.L. 116-94). The SECURE Act was enacted to expand the opportunities for individuals to increase their retirement savings and simplify the retirement...
Some people make plans to read more. Others buy a gym membership with earnest (if not exactly honest) intention to go a couple times a week. At McClintock & Associates, our New Year’s resolution each year is one we know we can keep: help clients navigate the murky waters of...
Some people make plans to read more. Others buy a gym membership with earnest (if not exactly honest) intention to go a couple times a week. At McClintock & Associates, our New Year’s resolution each year is one we know we can keep: help clients navigate the murky waters of...
On Sept. 24, 2019, the Department of Labor (DOL) issued the final rule on overtime pay, providing guidelines to employers across the country on who should and should not be eligible for overtime pay. This ruling sets new earning thresholds for salaried employees in professional positions within an organization, making...
The Gramm-Leach-Bliley Act (Act or GLBA) requires schools that participate in Title IV to comply with the standards for safeguarding student information as set forth in 16 CFR Part 314. Student information is defined as any record containing nonpublic personal information whether in paper, electronic, or other form that is...
After committing two years ago to making significant changes to the borrower defense to repayment regulations, the Department of Education (ED) released finalized office rules on Sept. 20, clarifying existing pieces and overhauling many other facets. While these changes affect the nature of claims, procedural steps and items related to...