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FASB Proposes Changes to the Definitions of Financial Statement Elements

On July 16, the Financial Accounting Standards Board (FASB) issued exposure draft Concepts Statement No. 8, Conceptual Framework for Financial Reporting,

Does Your Institution Offer the Correct Number of Courses?

During this unprecedented time, navigating the uncertainty of the upcoming semesters for higher education institutions is essential for student, faculty

New FISAP Instructions Under the CARES Act

On August 3, 2020, the Fiscal Operations Report for 2019-20 and the Application to Participate for 2021-22 (FISAP) instructions became available. The reporting

Changes to Spending from Restricted Funds in Pennsylvania

On July 23, the governor of Pennsylvania signed into law PA 2020 Act 71, which provides not-for-profit organizations additional flexibility with their
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Final Regulations Clarify Exempt Organization Filing Requirements

After waiting nearly eight months, exempt organizations finally have clarity on the reporting requirements of Form 990, Schedule B, Schedule of Contributors.

SBA Clarifies Single Audit Requirements

Learn whether the funds provided under the PPP or the EIDL are, in fact, federal awards for not-for-profit entities.

Pennsylvania Education Tax Credits and COVID-19

The contribution deadline for Pennsylvania’s popular Educational Improvement Tax Credit (EITC) program has been extended due to the COVID-19 pandemic.

DOE releases information for the Institutional Portion of the Higher Education Emergency Relief Fund

On Tuesday, April 21, 2020, U.S. Secretary of Education Betsy DeVos issued a communication announcing the release of information and funding available
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Allocations of Relief Funds for Higher Education Institutions Released by Department of Education

Institutions of Higher Education were allocated approximately $14 billion as part of the Higher Education Emergency Relief Fund that was included in the

OMB Relief for Recipients of Federal Financial Assistance Due to COVID-19

Learn more about the OMB relief for recipients of federal financial assistance due to COVID-19.
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