Coastal Carolina Investigating Possible Phishing Scam
An investigation is underway to help Coastal Carolina University (“CCU”) recover money stolen through a possible phishing scam. The university discovered that scam artists masqueraded as vendors under contract with Coastal Carolina to pocket more than $1 million over two incidents. During the first incident, an individual claiming to be a vendor representative emailed CCU financial services and asked to change the vendor’s bank account information, and had around $839,000 wired to their account. Per the investigation, the scam artists are highly skilled and could be located in the U.S. and internationally. Click here for more about Coastal Carolina University’s investigation.
Harvard Ordered to Release Donor’s Financial Information
A federal judge has ordered Harvard University to release any financial information it possesses on entrepreneur Charles Spackman. The decision is in response to a lawsuit filed by investor Sang Cheol Woo to collect a judgment from Spackman, one of Harvard’s wealthiest donors. The Woo ruling could impact the money Harvard previously received from Spackman, and the school could be sued if a fraudulent transfer took place. More on the Harvard ruling is available at the Nonprofit Quarterly website.
FASB Addresses General Expenditure Questions for Nonprofit Standard
With the 2018 effective date approaching for Accounting Standards Update (“ASU”) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, a project manager with the Financial Accounting Standards Board’s (“FASB”) research team has advised nonprofit groups not to overthink the concept of “general expenditure.” Addressing concerns over the disclosure of funds for general expenditure at last week’s FASB Not-for-Profit Advisory Committee meeting, Rick Cole said donor restrictions on certain funds would not be exempt from general expenditures. He remarked that many of the illustrations should be taken as they are, not as absolute law. FASB Assistant Director. Read More.
Topics: Accounting Standards Update "ASU", FASB, FASB Nonprofit Standard, FASB Not-for-Profit Advisory Committee, Financial Accounting Standards Board "FASB", Financial Statement Disclosures, Not-for-Profit Entities (Topic 958)
Blackbaud Institute Issues Charitable Giving Report
Blackbaud Institute has released its fifth-annual Charitable Giving Report, which offers the most up-to-date insight and trends on nonprofit fundraising. The latest edition covers how nonprofit fundraising performed in 2016, and includes information on the overall and online fundraising trends, the impact of mobile giving, and how #GivingTuesday shapes year-end fundraising efforts. Download Blackbaud Institute’s Charitable Giving Report here. An email is required for downloading the report.
2016 AP Program Participation Results Released
More students are taking advantage of Advanced Placement courses. According to the 2016 AP Program results from College Board, participation in the program has almost doubled to 1.1 million students since 2006. In that same span, the number of U.S. public high school graduates that passed AP exams increased from 14.3 percent to 21.9 percent. College Board CEO David Coleman contributes the 2016 results to students’ expanded access to the AP Program. More on the 2016 AP Program results is available on Inside Higher Ed.
Modest Gains in Charitable Giving to Colleges
Colleges and universities experienced a modest rise in charitable donations last year. According to an annual report by the Council for Aid to Education, charitable giving to higher institutions in fiscal year 2016 increased from $40.3 billion to $41 billion (1.7 percent). Compared to the growth rate from 2014 to 2015 (7.6 percent), the increase was much less than expected. A significant drop in personal giving is being contributed to the flat growth rate. More on the Council for Aid to Education’s latest report is available at Inside Higher Ed.