Cases & Developments

Summary from the National Association of College and University Business Officers on legislative and regulatory actions that occurred December 3-9, 2024. This summary highlights: (1) an exposure draft issued from the Financial Accounting Standards Board (FASB) that offers a practical expedient for estimating the accounts receivable credit loss (CECL) allowance that private business entities and not-for-profits without public or conduit debt can use, for which comments are due January 17, 2025; (2) an exposure draft issued by the Governmental Accounting Standards Board (GASB) that addresses subsequent events disclosures, for which comments are due by February 21, 2025; and (3) NACUBO’s participation in the Charitable Giving Coalition’s (CGC) letter to the House Ways and Means Chairman and Ranking Member, as well as the Senate Finance Chairman and Ranking Member expressing support for the Charitable Act. 

Summary from the National Association of College and University Business Officers on legislative and regulatory actions that occurred from November 15 – December 2, 2024. This summary highlights: the recent report from the student loan ombudsman from the Consumer Financial Protection Bureau (CFPB); a notice from the Department of Veterans Affairs in response to the higher education community’s concerns, explaining there are no changes to the 35% exemption to its 85/15 rule; the Department of Education’s (the Department) publication of its 2024-25 Federal Student Aid Assessments; the announcement from the Department reminding colleges and universities of the general disbursement reporting, excess cash, and reconciliation requirements for all Title IV programs, including deadlines and information to be shared with the Department; and NACUBO’s participation in a letter sent by the American Council on Education (ACE) to the Senate in support of H.R. 8371, the Elizabeth Dole 21st Century Veterans Healthcare and Benefits Improvement Act. 

Members of NACUBO’s Accounting Principles Council met with the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) at their Norwalk, CT, offices on November 14, 2024, to discuss technical projects and higher education’s approach to standard compliance. The meeting with GASB was a public board meeting while talks with FASB were closed. At the GASB meeting, NACUBO presented its views and solicited feedback on topics, including (1) Statement No. 103, Financial Reporting Model Improvements, (2) Statement No. 101, Compensated Absences, (3) Preliminary Views, Infrastructure Assets, and (4) Preliminary Views, Revenue and Expense Recognition. The agenda for the closed-door meeting with FASB included gathering NACUBO’s feedback on current projects regarding software costs, environmental credit programs, and derivatives scope refinements. NACUBO reported that it surfaced issues including observations on liquidity and resource availability disclosures, current expected credit losses (CECL), the proliferation of non-GAAP disclosure requests, and codified simultaneous restriction release guidance for investments.  

Summary from the National Association of College and University Business Officers on legislative and regulatory actions that occurred from November 5-18, 2024. This summary highlights the recent office hour session with U.S. Department of Veteran Affairs stakeholders; the U.S. Department of Education’s announcement on expanding online beta testing of FAFSA to all students before the end of the month; and NACUBO’s participation in recent letters written by the American Council on Education (ACE) to the U.S. Department of Education asking for clarification on the financial value transparency (FVT) and gainful employment (GE) regulations; supporting legislation requiring FAFSA to be available on October 1 every year, instead of the current January 1 deadline; and requesting clearer definitions in the Stop Campus Hazing Act bill.