Linsmeier Defends Proposed FASB’s Not-for-Profit Accounting Changes
Attended by Cherry Bekaert’s Russell Coleman , Melisa Galasso and Karen Walker , the American Institute of Certified Public Accountants’ Not-for-Profit Conference provided the Financial Accounting Standards Board (“FASB”) a platform to further discuss its proposal for updating nonprofit financial reporting requirements. While nonprofit organizations generally support Proposed Accounting Standards Update (ASU) No. 2015-230, Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities, several attendees at the June 15th conference were underwhelmed at the FASB’s lack of attention to criticism concerning parts of the proposal. Particularly, FASB Chairman Russell Golden and Vice Chairman James Kroeker disagreed on changes. Read More.
Proposed Overtime Pay Changes to Impact Colleges & Universities
This week, the Department of Labor (“DoL”) released proposed changes to the Fair Labor Standards Act (FLSA) overtime pay rules, which may significantly impact higher education employers. Also issued was an FAQ document that clarifies that there is no exemption for nonprofit organizations under the proposed rules. The FLSA rules generally apply to all organizations with an annual dollar volume of sales or business of at least $500,000. Under current regulations, a white collar employee may be exempt from overtime rules if they are paid at least $455 per week (equivalent to $23,660 annually for a full-year employee) and have. Read More.
The History of Tenure in Education
Previously discussed in our June 18th blog , a proposed bill by Wisconsin Governor Scott Walker eliminates the concept of tenure in the state’s university system. Dating back to medieval times, tenure guarantees professors lifetime job security and was later adopted by American education systems to provide religious schools academic freedom. In the 1800s, protection from such freedom was reinforced after university donors or legislators attempted to get rid of professors with viewpoints they did not like. As part of a cost-cutting move in the late 1980s, British Prime Minister Margaret Thatcher ended the country’s practice of tenure. This caused many British scholars. Read More.
Lawmaker Introduces Course Requirements for UNC Professors
Addressing complaints regarding the lack of credentialed professors, Senator Tom McInnis (Rep-N.C.) last month introduced a bill that would require all professors within the University of North Carolina system to teach a minimum of eight courses each school year. The bill, entitled Improve Professor Quality/UNC System, proposes professors complete a 4/4 course curriculum with four courses each semester. Per Senator McInnis, the objective is to “…generate legitimate debate about the role of professors in the classroom.” Since being introduced, the bill has unsurprisingly drawn criticism from professors throughout North Carolina. Based on concerns voiced by faculty members, parents and school. Read More.