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.
Public University Students Spending More in Tuition than the Government
According to the State Higher Education Executive Officers Association’s latest report, students in most U.S. states are now covering more of their tuition than the government. The report marks the first time that students are paying more than state governments for education costs. Reasons for the change include lower educational appropriations due to the 2008 recession, and states having trouble funding Medicaid programs and public-employee health and retirement plans. Additionally, such costs are outpacing state tax revenue growth. More on the State Higher Education Executive Officers Association’s report is available on WSJ.com. A subscription is required to access the article.
Knowledge Commons a Hit at Hampshire College
Centralizing academic services to increase student use is paying off at Hampshire College in Massachusetts. Dubbed the “Knowledge Commons,” the center is located on the first floor of the school’s library and features academic support programs like public speaking, library research and media, art gallery student exhibition support, and teaching and learning. Hampshire College says that since moving to the library, several of these programs have experienced an increase in attendance. In addition to the knowledge commons, the library plans to create a new technology and art commons and community commons. More on Hampshire College’s knowledge commons is available on the Inside Higher Ed. Read More.