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
Even half a year after new rules for Return to Title IV (R2T4) exemptions went into effect — and as we consider specific scenarios stemming from the changes — we continue to learn more and fill in the gaps in knowledge to assist institutions. Recently, we contacted the Department of Education...
Analyzing the Revised HEERF Annual Performance Reporting Form
January 20, 2022
As initially proposed in June of 2021 and subject to two comment periods, the U.S. Department of Education (ED) has released the revised Annual Performance Reporting (APR) form to capture the use and application of the Higher Education Emergency Relief Fund (HEERF) grants. As a reminder, the APR filing is based upon...
6 Things to Know About a 1098-T Form
January 13, 2022
We’re getting deep into tax preparation season, and during a year that the Internal Revenue Service expects to be busier than most, institutions and students are encouraged to organize and submit documentation as promptly as possible. Among the most important items for institutions to prepare is Form 1098-T, Tuition Statement. This...
Key Points from the OIG’s Annual Plan: M&A’s Analysis
January 6, 2022
The chief responsibility of the Department of Education’s (ED) Office of the Inspector General (OIG) is to detect waste, fraud and abuse — intentional or not — within ED and the institutions under its purview. Its recently released 2022 Annual Plan provides a roadmap and points of emphasis regarding that...
Ready for 2022? Mark Up Your Calendars with These Dates to Know
January 3, 2022
Got a fresh 2022 daily planner? As nice as it is to see the blank pages, it’s time to start filling them. With the new year comes a new set of financial reporting due dates and notable milestones to mark. Each month brings different challenges, and we know how difficult it...
Don’t Miss Out on the Employee Retention Tax Credit
November 8, 2021
If they have yet to do so this year, qualifying employers can still take advantage of one of the CARES Act’s major benefits — the employee retention tax credit (ERTC). Enacted with the 2020 coronavirus relief legislation and since extended through 2021, it is meant to help businesses that retained employees...
Financial Student Aid Regulation Changes: Determining the R2T4 Denominator (Updated)
October 22, 2021
Update (10/19/21): The department of Education (ED) has issued additional guidance effective 10/6/21 for Institutions not using an R2T4 Freeze Date: If the student is only eligible for Pell Grant, Iraq-Afghanistan Service Grant, and/or TEACH Grant funds during the period and the institution does NOT use an R2T4 Freeze Date, the...
Institutions have one last chance to comment on the Department of Education’s (ED) proposed changes to the annual reporting form for Higher Education Emergency Relief Fund (HEERF) grants. ED released its response to the first round of public comments earlier this month, adopting some changes after commenters’ input and declining others....