Congress Increases Spending for Higher Education Programs
Congress’ latest budget bill offers spending increases for several programs imperative to higher education. Programs that will have higher appropriations in 2018 include Supplemental Educational Opportunity Grants (14.6 percent increase), the National Technical Institute for the Deaf (4.4 percent increase) and Historically Black Colleges and Universities Capital Financing (47.1 percent increase). A full list of the amounts appropriated to higher education is available on the Inside Higher Ed website.
Studies Show Slight Increases in College Faculty Pay
According to the College and University Professional Association for Human Resources (“CUPA-HR”), college faculty salaries are up 1.7 percent from 2017. The number is a slight drop from last year’s reported increase, with off the track faculty members experiencing greater gains than those on the tenure track. A study to be released this month by the American Association of University Professors (“AAUP”), however, is likely to reveal a slightly larger increase in pay among college faculty members. More on the CUPA-HR and AAUP studies regarding college faculty pay is available on the Inside Higher Ed website.
Topics: College Faculty Pay
AICPA Releases 2018 Not-for-Profit Entity Guide
This year’s edition of the Audit and Accounting Guides (“AAG”) Not-for-Profit Entities is now available. Issued last month by the American Institute of Certified Public Accountants, the 2018 guide features information about Accounting Standards Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. The Not-for-Profit, AAG also highlights the amended guidance and compares the changes to previous guidance.
GASB Chairman Discusses Ongoing Projects
In his latest “From the Chairman” article, Governmental Accounting Standards Board (“GASB”) chairman David Vaudt opens up about three projects the board is working on this year. The efforts cover the financial reporting model, revenue and expense recognition, and pre-agenda research on existing note disclosures. Vaudt says these projects will help reshape accounting and financial reporting for state and local governments, impact how revenue and expense are recognized in governments’ financial statements, and enable financial statement users to understand such statements better. Read Vaudt’s “From the Chairman” article on GASB.org.
TEACH Grants Becoming Loans for Most Recipients
A Department of Education study has found that 63 percent of TEACH Grant recipients saw their grants become loans. Based on the report’s findings, teachers whose grants converted to loans failed to meet the program’s eligibility requirements due to being unqualified in a certain field or recertification paperwork issues. The report also discovered that some colleges use the grant to meet students’ financial aid needs rather than to achieve the program’s intended purpose. One key finding revealed that colleges are more likely to use TEACH Grants to make a degree more affordable instead of guiding graduates toward high-need fields at. Read More.
GASB Offers Implementation Guidance on Leases Standard
The Governmental Accounting Standards Board’s (“GASB”) leases standard goes into effect late next year, but the board urges state and local governments to start the implementation planning process now. Issued last June, GASB Statement No. 87, Leases, significantly changes how governments report leases on their financial statements. To assist governments, the GASB has published implementation guidance concerning GASB Statement No. 87. Read all about it at GASB.org.