Private Colleges Offering Two-Year Programs
Two four-year private universities recently introduced two-year associate degree programs for prospective students. Starting next fall, the University of St. Thomas in Minnesota will offer a liberal arts associate degree for financially-strapped students carrying a 2.5 high school grade point average. Applications for the program will be accepted once the university receives approval from the accreditor. Also, New York City’s Yeshiva University will launch an associate of science degree program for students that failed to meet the requirements for its bachelor’s programs but still want to attend the school. More on the private institutions’ two-year programs can be read on the Inside Higher Ed website.
Topics: Private Colleges & Universities
FASB Working to Address Revenue Standard Guidance for Nonprofit Grants
Before nonprofits implement the Financial Accounting Standards Board’s (“FASB”) revenue recognition standard, the board needs to decide how and when such organizations should disclose revenues from conditional grants. In particular, the FASB needs to resolve whether grants and contracts with government agencies should be characterized as exchanges or contributions, and how to distinguish between conditions and restrictions on such contributions. Some progress on the matter was made during the FASB’s December 14 meeting. The FASB approved adding illustrative examples to its nonprofit guidance, which will help differentiate between grants and related contracts that must be disclosed as contributions, as opposed. Read More.
FASB Makes Technical Corrections to Accounting Guidance
Amendments to key parts of U.S. GAAP were announced this week by the Financial Accounting Standards Board (“FASB”). Issued as Accounting Standards Update (“ASU”) No. 2016-19, Technical Corrections and Improvements, the amendments relate to several topics in the FASB Accounting Standards Codification. FASB Chairman Russell Golden says the changes are narrow in scope and should be easy for reporting entities to understand and implement. The following amendments in ASU No. 2016-19 impact all reporting entities: Subtopic 715-30, Compensation—Retirement Benefits—Defined Benefit Plans—Pension, and Subtopic 715-60, Compensation—Retirement Benefits—Defined Benefit Plans—Other Postretirement, and Topic 944, Financial Services—Insurance. ASU No. 2016-19 advises uniform use. Read More.
Topics: Accounting Standards Codification, Debt Restructuring, Defined Benefit Plans, Fair Value Measurement (Topic 820), FASB Technical Corrections, Financial Accounting Standards Board "FASB", Financial Instruments (Topic 825), Goodwill, Insurance (Topic 944), Intangibles, Liability Arrangements, Not-for-Profit Entities (Topic 958), Other Postretirement Employee Benefit Plans, Real Estate, Transfers & Servicing
Will the Overtime Rule Delay Impact College Salaries?
Despite the November 22 injunction delaying the Department of Labor’s final overtime rule , numerous college employees are still getting raises. Issued earlier this year, the final rule increases the salary threshold for overtime pay and offered a teaching exemption for non-faculty employees and postdoctoral fellows that primarily conduct research. The injunction shelved the rule’s December 1 effective date, but some higher institutions have already implemented their payroll changes and want to avoid damaging employee relations. Other colleges and universities still plan to postpone salary changes due to the injunction. More on the final overtime rule injunction and its impact on colleges can be accessed on Inside Higher Ed.
SACS Commission Puts Ten Colleges on Probation
At its meeting this month, the Commission on Colleges of the Southern Association of Colleges and Schools placed ten colleges and universities on probation. The affected institutions were cited mostly for financial reasons and governing board issues. Most notable on the list was the University of Louisville, which was warned that it would be out of compliance for replacing its Board of Trustees without due process. The full list of colleges can be seen on Inside Higher Ed.
Topics: Colleges & Universities
How Nonprofits Use Videos to Advance Mission
Cisco predicts video streaming will account for 69 percent of the world’s Internet traffic next year. Part of the reason can be attributed to several nonprofits incorporating video production into their marketing strategies. Nonprofits like Breaking the Waves, for instance, produce video content to advance programs, tell a story about who or what they serve, and drive website traffic. In turn, website visitors will likely seek details about a nonprofit’s mission, and possibly make a donation. Some options for nonprofits to get started on video marketing include hiring young filmmakers, having a professional volunteer, and using the YouTube Nonprofit Program . More on this topic is available at the Nonprofit Quarterly website.