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July 08, 2020

Homeland Security Restricts Fall International Student Enrollment →

As colleges and universities struggle with how to safely reopen their campuses, the Trump administration has announced a series of new restrictions on international students that would force schools to reopen in order to retain these students. Reporting deadlines for institutions begin July 15.

June 26, 2020

NACUBO Offers Recommendations to IRS on UBIT Basketing Proposed Rules →

NACUBO, joined by 10 other higher education associations, submitted recommendations to the IRS on proposed regulations for calculating unrelated business taxable income. The comments focused chiefly on the reporting of investments, asking the Service to adopt a greater than 50 percent ownership threshold for the control test and that a tax-exempt organization be allowed to look through any directly or indirectly held partnership interest.

June 26, 2020

NACUBO Pushes Back on GASB’s Coronavirus Accounting Proposal →

In a letter to the Governmental Accounting Standards Board, NACUBO supported GASB’s accounting interpretation of CARES Act relief funds but disagreed with its assertion that a global pandemic is neither an unusual nor infrequent occurrence for financial reporting.

June 24, 2020

ED Unveils New Foreign Gift Reporting Portal →

The Department of Education is moving ahead with expanded foreign gift reporting requirements, despite higher ed requests to postpone the new rules amidst the COVID-19 crisis. The new portal must be used for reporting due by July 31.

June 22, 2020

Proposed Main Street Loan Program Expansion Includes Some Nonprofits →

The Federal Reserve Board is seeking public comments on a proposal to expand the Main Street Loan Program to include certain small and mid-sized nonprofit organizations. NACUBO joined several higher education associations in submitting recommendations to expand eligibility to all public colleges as well.