News

Congress passes PPP application extension, NACUBO joins a court filing to delay Title IX implementation, and more.

A Technical Bulletin released by GASB on July 2 clarifies the accounting, reporting, and recognition criteria for various program resources under the CARES Act.

The IRS has specified reporting requirements for amounts of sick and family leave wages paid to employees under the Families First Coronavirus Response Act.

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.

GASB’s Statement 97 exempts defined contribution benefit plans from financial burden and accountability criteria that would lead to reporting in fiduciary fund financial statements.

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.

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.

The Department of Education issues a deadline to apply for CARES Act funds, NACUBO calls for student broadband support, and more.

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.

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.