We have been fielding questions from several clients in regard to the guidance surrounding when a student who withdraws can be treated as a COVID-19 drop and be eligible for the R2T4 relief provided as part of the CARES Act. Thus, we felt a reminder was in order of the...
After years of debate, the U.S. Department of Education’s (ED) new Title IX regulations took effect in August. ED’s final rule details the responsibilities of schools that receive federal funds in responding to allegations of sexual assault and harassment. Along with Title IX coordinators, all leaders at postsecondary education institutions should...
Based upon the electronic announcements issued by the U.S. Department of Education (ED) and the relief provisions in the CARES Act, we have been receiving numerous questions from institutions on implementing and interpreting this guidance. As a result, we have compiled this Questions and Answer for institutions to utilize as...
The FASB Accounting Standards Update (ASU) 2018-08, Not-For-Profit Entities (Topic 958), Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, is now effective for fiscal years ending June 30, 2020. Affected organizations must fully understand the update, including some potential challenges created by it. While the FASB...
As difficult as this year has been for many of us, there are still some positive opportunities for individuals to take advantage of, particularly regarding financial planning. In a notable development created by the CARES Act — which was enacted earlier this year in an effort to stem the financial...
The Aug. 8 deadline to submit a Paycheck Protection Program (PPP) loan application has come and gone, making this a good time for an update on where the program stands. As borrowers begin to focus on the forgiveness process, they should pay particular attention to the following items: On Aug....
As the coronavirus crisis continues and an uncertain new school year approaches, the U.S. Department of Education (ED) recently announced some leniency on certain regulatory reporting and disclosures. ED extended the deadlines for the following: Campus and Fire Safety: Institutions must distribute their Annual Security Reports (ASRs) and Annual Fire Safety...
On May 15, 2020 the Department of Education (ED) officially extended the audit deadline by 6 months, giving schools added flexibility for audit submissions. Schools with fiscal years ending on December 31, 2019, will now be able to submit their audits as late as December 31, 2020. This comes as...