Workers with College Degrees Hold Majority of Well-Paying Jobs
Here’s some positive news for recent college graduates on the job hunt. According to Georgetown University’s Center on Education and the Workforce, workers with a bachelor’s degree held 55 percent of the country’s well-paying jobs in 2015. The number marks a 15 percent increase from 1991 when only 40 percent of jobs were held by workers with four-year degrees. The study also found that good jobs for workers with some college experience increased by 11 percent, and jumped 83 percent for workers with associate degrees. More on the Georgetown study is available on the Inside Higher Ed website.
Gift Acceptance Policy Tips for Nonprofits
In a recent blog on the American Institute of Certified Public Accountants’ (“AICPA”) website, Foundation of the Carolinas Vice President Alyssa Federico shares her insights on developing a gift acceptance policy for a nonprofit organization. According to Federico, a well-developed policy can protect a nonprofit from potential risks and educate staff members on when to decline gifts. Some of the guidance Federico outlines concerns handling non-cash gifts, the process for deciding whether or not to accept a gift, and determining what is required prior to acceptance. Federico’s blog can be read in its entirety on the AICPA website.
SACUBO Meeting Keynote Speaker Discusses Issues Facing Higher Education
Last month, Jim Ratchford , Industry Leader of Cherry Bekaert’s Education Industry Group , attended the Southern Association of College and University Business Officers’ (“SACUBO”) Annual Meeting. While at the meeting Ratchford listened to the keynote speech from Scott Jaschik of Inside Higher Education. Mr. Jaschik shared with attendees various issues currently facing higher education, some of which included the following: The Trump administration is proposing cuts to education programs, including research and work study. International students are choosing higher institutions in countries other than the U.S. Forty (40) percent of U.S. colleges and universities are reporting declines in international applications. Everyone realizes that these students are. Read More.
Private Colleges Operating at Deficits
New research by Moody’s Investors Service has revealed that small private universities face increased financial pressure. According to Moody’s, one-third of small private universities operated at deficits during the 2016 fiscal year. The number marks a 20-percent rise from 2013. Conversely, the number of large private colleges operating at deficits dropped to 13 percent in 2016 (20 percent in 2013). More on Moody’s research is available on the Inside Higher Ed website.
Topics: Private Colleges & Universities
Forthcoming Revenue Standard Proposal to Help Nonprofits
New Financial Accounting Standards Board (“FASB”) guidance could make it easier for nonprofits to record revenue from grants and donations with restrictions. On June 7, the FASB unanimously agreed on a proposal to help nonprofits differentiate between a condition and a restriction in U.S. GAAP for received grants and donations. Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606) removed guidance on “exchange” transactions. Furthermore, many nonprofit organizations have had trouble distinguishing between a condition and restrictions. To address the matter, the FASB will clarify that when a gift comes with a donor-imposed condition, the agreement must. Read More.
Topics: Accounting Standards Update "ASU", Charitable Giving, FASB, Financial Accounting Standards Board "FASB", Nonprofits, Revenue from Contracts with Customers (Topic 606), Revenue Recognition, U.S. GAAP
2017 Compliance Supplement Draft Issued
Due to delays, the Office of Management and Budget recently issued a final draft of the 2017 Compliance Supplement . The final draft allows auditors to plan their 2017 Single Audit engagements. Substantial revisions are not expected, but the draft 2017 compliance supplement might change in the final clearance phase.