NACUBO Town Hall: Financial Responsibility Rules and Clarifications

The Department of Education’s Borrower Defense to Repayment rules establish guidelines for federal student loan borrowers to be released from their loan obligations in cases of fraud or misrepresentation on the part of a college or university. Importantly, these rules also contain a series of financial responsibility rules and requirements for both proprietary and nonprofit institutions.

Recent revisions to financial responsibility guidelines have been made to accommodate FASB guidance (leases and Not-for-Profit reporting) and to correct known issues with endowments and defined benefits plans. There are also new requirements concerning a supplemental schedule, mandatory non-GAAP information, and eZ-Audit reporting. Join us to hear what’s most pressing in these regulations and have your questions answered by our NACUBO experts. Access the following resources from the town hall on demand:

• NACUBO Advisory Report: Financial Responsibility Standards
• Financial Responsibility Accounting Tutorials
• Town Hall Slide Deck

 

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