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
HEERF Annual Reporting Primer
January 20, 2021
During 2020, the Higher Education Emergency Relief Fund (HEERF), included as part of the wide-ranging CARES Act, provided a lifeline to institutions of higher education and their students. As the policy and requirements for both the student and institutional grants evolved over the year, schools were required to post regular...
Five 2021 New Year’s Resolutions for CFOs in Higher Ed
January 15, 2021
If you had any personal New Year’s resolutions a year ago, it’s possible you tossed them out the window not all that long into a 2020 that veered wildly off-course. We can’t blame you for it, but from an institutional standpoint, it’s important to stay on track during a challenging...
On December 27, 2020, the Consolidated Appropriation Act, 2021 (Act) was signed into law which includes relief funds for the COVID-19 pandemic. This Act is hopefully going to provide continued relief to individuals and our economy. The Act’s relief provisions included $81.88 billion for the Education Stabilization Fund and $23...
New COVID-19 Relief Includes PPP ‘Second Draw’: What to Know
December 23, 2020
Just in time for the holidays, Congress passed a new $900 billion stimulus bill in response to the ongoing COVID-19 pandemic. Of particular note is the $284 billion set aside for a second round of funding for the popular Paycheck Protection Program (PPP), which provided forgivable Small Business Administration (SBA)...
Takeaways from ED’s Updated Waivers & Modifications to Federal Student Aid Provisions
December 22, 2020
On December 11, the U.S. Department of Education (ED) issued a Federal Register notice updating waivers and modifications of statutory and regulatory provisions governing the Federal student financial aid programs. We have reviewed these provisions and identified the items that will have the greatest impact on our audit procedures. Read on...
Stay on Top of Potential PPP Tax Concerns & Solutions
December 7, 2020
This year’s Paycheck Protection Program (PPP) was a life preserver for many companies and for-profit organizations, as well as their employees, as the COVID-19 pandemic ramped up and businesses were forced to close. But there are some potential tax considerations for business owners and pass-through entities regarding the loan program...
Learn if You Qualify for a Coronavirus-Related Distribution
November 11, 2020
The coronavirus pandemic has caused many hardships throughout 2020, with health and the economic effects being felt by almost every family in the country. As a result, the government has issued many new aid-providing bills in this timeframe. The most significant of these to date is the CARES Act. While most...
Newly Online Schools May Be Caught in a Nexus Web
November 2, 2020
Now that we are months since the beginning of the COVID-19 pandemic, postsecondary education institutions have had ample time to adjust and adapt to a new reality. The work has not been easy and will remain a challenge, but to paraphrase a cliché we’re hearing a lot this year, there...