For higher education professionals, the annual audit process can feel like an intense period of juggling responsibilities, complying with evolving regulations, and making sure everything is in order. Under these conditions, even a dependable team can feel stretched. It’s understandable, then, that many institutions occasionally wonder if their auditor is...
Nonprofit institutions that manage Federal Student Aid funds are familiar with the Single Audit process that is required annually. These annual reviews are typically the only method institutions have to evaluate whether federal funds are being awarded appropriately and that a school’s processes comply with federal rules. Audits are essential. However,...
In two separate Electronic Announcements, the U.S. Department of Education (ED) detailed significant changes in the Federal Student Aid identity verification process. These changes affect how schools handle verification for those students who are already selected, or who should be selected, for V4 or V5 verification. While temporary, they will...
As proprietary schools continue to navigate evolving issues in regulatory compliance, one critical regulatory change warrants your attention: the Corporate Transparency Act (CTA), which takes effect on January 1, 2024. At McClintock and Associates, we recognize that institutions like yours may be affected by this new law, which requires certain...
One of the final pieces of the FAFSA Simplification Act has arrived, and with it, changes to Pell Grant processes beginning in the 2024/25 academic year. As the new award year unfolds, it’s crucial that your financial aid office is prepared to implement new compliance processes and updated calculations. McClintock’s...
The U.S. Department of Education (ED) has been calculating an institution’s Composite Score as part of its annual assessment of Financial Responsibility. However, new Financial Triggers can cause ED to require a school to recalculate its Composite Score making it more important than ever to really understand how it is...
Understanding Gainful Employment Reporting Requirements: An Overview Gainful Employment (GE) reporting requirements have been a focal point of compliance challenges for postsecondary institutions since their introduction by the Department of Education (ED) in 2010. This is especially the case for those offering vocational and career-oriented programs. This article will delve into...
Navigating the financial aid process can be overwhelming, especially when it comes to decoding the myriad of ISIR (Institutional Student Information Record) Comment Codes that accompany the Free Application for Federal Student Aid (FAFSA). These codes, which are essential for processing financial aid, often contain critical information that requires further...