Understanding Your Composite Score: 3 Key Drivers
August 22, 2024
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...
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Why is ED Requiring Fiscal Year to Match Tax Year?
May 29, 2024
The U.S. Department of Education’s (ED) Dear Colleague Letter issued May 16, 2024 (Implementation of Regulations Related to Financial Responsibility, Administrative Capability, Certification Procedures, and...
Recent Articles
Breaking Down ED’s GEN-24-11 Announcement: Essential Insights for Financial Responsibility Compliance
January 31, 2025
The U.S. Department of Education’s (ED) recent Dear Colleague Letter (GEN-24-11) offers critical guidance on the treatment of long-term debt and property, plant, and equipment (PP&E) in calculating an institution’s composite score for financial responsibility under Title IV. This update replaces the 2020 Electronic Announcement (except LTD Q&A 10) and...
The U.S. Department of Education has updated the Return to Title IV (R2T4) regulations (34 CFR 668.22), effective July 1, 2026, with an option for early implementation starting February 3, 2025 on certain regulations. These changes aim to provide more flexibility for institutions while maintaining compliance with federal guidelines. Let’s break...
Single Audit vs. ED Program Review – What’s Different?
January 30, 2025
Nonprofit institutions that manage Federal Student Aid funds often focus solely on navigating the annual Single Audit. However, a more significant threat looms: the U.S. Department of Education’s (ED) Program Review. This in-depth examination delves into your institution’s administration of Title IV federal financial aid programs, uncovering compliance issues that...
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...
ED Updates V4 and V5 Student Verification Process for the 2024/25 Award Year
September 24, 2024
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...
The Corporate Transparency Act: What Your School Needs to Know
September 24, 2024
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...
Explaining 2024-2025 Pell Grant Changes
August 27, 2024
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...
Understanding Your Composite Score: 3 Key Drivers
August 22, 2024
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...