Nonprofits Slow to Implement Enterprise Risk Management
Based on a recent survey by the North Carolina State University’s ERM Initiative for the American Institute of CPAs, only 13 percent of nonprofits have implemented a formal enterprise risk management (ERM) process. Conversely, 52 percent of public companies and 43 percent of financial services companies surveyed have employed an ERM. Addressing the low rate at a nonprofit conference last month, WeiserMazars consulting partner Bob Cummings identified six ways nonprofits can execute and maintain ERM: Have a risk management governance structure; Follow a risk management framework; Continuously identify risk and the risk event universe; Create and manage a risk profile;. Read More.
SASB Releases Exposure Drafts for Services Sector
Aligned with its efforts to create sustainability accounting standards for ten sectors by the end of 2015, the Sustainability Accounting Standards Board (“SASB”) has issued exposure drafts of proposed standards for the services sector. Addressing material sustainability topics such as environmental, social, and governance issues, the services sector exposure drafts impact companies in industries like education, media, casinos, hospitality and professional services. SASB hopes to finalize the services sector standards and release provisional standards in December. Comments on the exposure drafts are due October 14th. To view the exposure drafts or assistance on submitting comments, click here .
Delaware Tops States with Highest Average Student Debt
Through statistics gathered from Credit Karma, the U.S. Census Bureau, the Bureau of Labor Statistics and the U.S. Department of Education, the website 24/7 Wall St. recently announced its findings on student debt among ten states with the highest average student debt. Entitled “Student Debt and the Class of 2012,” the report reviewed the proportion of students with student debt in 2012 and the previous decade, and data on educational achievement, median annual incomes, and student loan default and unemployment rates. Based on the class of 2012, graduates from colleges in Delaware had the country’s highest average student debt. The. Read More.
Overall College Enrollment Dropping
After a six-year rise, colleges overall are experiencing their second consecutive year of decreased student enrollments. Although traditional universities experienced slight increases last year, at for-profit colleges like University of Phoenix and Strayer University had the largest enrollment drops. A major factor many contribute to the decrease is an improving economy. With more job openings that don’t require a four-year degree, some high school graduates are taking jobs in construction or manufacturing, or attending technical schools. For the full story, click here .
Report on Fraud Protection Available for Download
Currently available on its website, the Journal of Accountancy offers a special report for not-for-profits (“NFPs”). The report, “How to Reduce Fraud Risk at Not-for-Profits,” features practical tips NFPs can use to protect themselves from fraud vulnerability. To receive a free copy, click here and complete the required portions of the form.
Writer Examines Validity of PayScale’s College ROI Report
After the release of PayScale’s annual college return on investment (ROI) report, Forbes writer Susan Adams questioned the website’s methods of measuring a higher institution’s ROI. Despite PayScale stating its approach is transparent, Adams followed up with six schools ranked in the report’s bottom ten. Per Adams’ discovery, the colleges reported that PayScale’s efforts in collecting data were outdated and skewed. For instance, PayScale takes into consideration alumni who graduated in 1994 and beyond, uses the median salaries the graduates currently earn and calculates the numbers for the 20-year ROI in today’s dollars. Those figures are then projected for 20. Read More.