http://www.grantthornton.com Grant Thornton LLP Copyright Grant Thornton LLP. webmaster@GrantThornton.com http://www.grantthornton.com/gtlogo.gif http://www.grantthornton.com <p>From high-profile scandals to the emergence of massive open online courses to sustainable business models, the higher education industry has witnessed many tumultuous events over the past year. Our latest state of higher education annual report highlights key trends to watch in 2013 and beyond, and arms you with actionable best practices that you can take back to the boardroom.</p> Fri, 03 May 2013 <p>On April 25, 2013, the IRS issued the final report (the report) on its Colleges and Universities Compliance Project (the project). Although the report is based on the 400 questionnaires sent out at the launch of the project in 2008, as well as the 34 examinations that followed, the results are applicable to all exempt organizations since the issues identified permeate all types of exempt organizations — particularly 501(c)(3) entities.</p> Tue, 30 Apr 2013 <p>As the keeper of a higher education institution’s financial health, today’s CFO responsibilities include risk and IT management. Read the latest OnCourse for 15 effective leadership tips and more.</p> Wed, 10 Apr 2013 <p>At its March 14, 2013, meeting, the EITF reached a final Consensus affirming its 2012 proposed Consensus on Issue No. 12-B, "Not-for-Profit Entities: Services Received from Personnel of an Affiliate for Which the Affiliate Does Not Seek Compensation." Under the new final consensus for Issue 12-B, an NFP should recognize personnel services that are performed by employees of an affiliate generally at the affiliate’s cost of such services.</p> Fri, 22 Mar 2013 <p>Today’s higher education CFO wears many hats — truth teller, resource maximize and sheriff, to name just a few. Learn what are the job’s new expectations in the new OnCourse issue, written by Larry Ladd, Director, National National Higher Education Practice, Not-for-Profit.</p> Tue, 19 Mar 2013 <p>Not-for-profits are choosing not to charge administrative fees on restricted donor gifts, according to 69.5% of the respondents who participated in the latest national <i>Not-for-Profit Pulse Survey</i>.</p> Mon, 11 Mar 2013 <p>This Washington Update - a Grant Thornton newsletter discussing current policy developments on Capitol Hill with insights - weighs in on topics covered in the President's State of the Union address, and what his proposed policies mean to key sectors.</p> Wed, 20 Feb 2013 <p>On Dec. 28, 2012, the Treasury Department and the IRS released (1) final regulations that put into effect the changes to the law made by the proposed regulations issued in September 2009, and (2) proposed temporary regulations on the annual distribution requirements for nonfunctionally integrated Type III supporting organizations operated in connection with a supported organization.</p> Thu, 07 Feb 2013 <p>On Feb. 1, 2013, the U.S. Office of Management and Budget (OMB) issued for comment the Proposed OMB Uniform Guidance: Cost Principles, Audit, and Administrative Requirements for Federal Awards. The publication includes broad revisions to OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, (Circular A-133), as well as a number of other key grant reforms. This proposal, which is a follow-up to a 2012 OMB Advance Notice, is the next step in the OMB's federal grants improvement initiative. A Federal Register notice was also issued and it details how OMB came to some of the conclusions reached in developing Proposed OMB Uniform Guidance.</p> Thu, 07 Feb 2013 <p><b>Date:</b> Thursday, October 17, 2013 <b>&#160; Time:</b> 3:00 p.m. - 4:30 p.m. EST <b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Recommended CPE Credits</b>: 1.5 hours</p> <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Executive webcast series</p> <p>Maintaining adequate reserves is essential to establishing financial stability. These reserves provide a cushion to deal with operating deficits that may arise due to ... Wed, 30 Jan 2013 <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Ethics webcast series</p> <p><b>Setting the Tone: The role of the nonprofit CEO</b> will identify the skills and experiences a nonprofit CEO needs in order to be successful. Specific topics will include the most effective styles of leadership; how to adapt a leadership style to manage challenging circumstances; effective ways to play to a CEO's strengths; and tools to compensate for weaknesses.</p> <p><b>Learning ... Tue, 29 Jan 2013 <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Executive webcast series.</p> <p>The New Markets Tax Credit (NMTC) Program was established in 2000 and was recently extended through December 31, 2014 - what could that mean for your organization? The NMTC program was created to spur new or increased investments into businesses and real estate projects located in low-income communities.<br /> <br /> <b>New Market Tax Credits: What not-for-profits need ... Tue, 29 Jan 2013 <p><b>Date:</b> Wednesday, May 29, 2013 <b>&#160;Time:</b> 3:00 p.m. - 4:30 p.m. EST <b>Recommended CPE Credits</b>: 1.5 hours</p> <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Executive webcast series</p> <p>This <b>Accounting update</b> webcast will provide an overview of recently released standards and trends in accounting and financial reporting. Discussion topics will include implementation recommendations for recent accounting pronouncements; ... Mon, 28 Jan 2013 <p><b>Date:</b> Wednesday, November 13, 2013 <b>&#160;Time:</b> 1:00 p.m. - 2:30 p.m. EST <b>Recommended CPE Credits</b>: 1.5 hours</p> <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Board Member webcast series</p> <p><b>How to manage not-for-profit finances through interim financial reporting</b> will focus on the key concepts an organization should consider when communicating interim financial data to various stakeholders including the board of ... Fri, 25 Jan 2013 <p><b>Date:</b> Tuesday, June 18, 2013 <b>&#160;Time:</b> 1:00 p.m. - 2:30 p.m. EST <b>Recommended CPE Credits</b>: 1.5 hours</p> <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Board Member webcast series</p> <p><b>The changing role of the nonprofit audit committee</b> will present an overview of the changing roles and responsibilities of not-for-profit audit committee members. The presentation will include examples of specific action steps audit ... Thu, 24 Jan 2013 <p><b>Date:</b> Thursday, September 19, 2013 <b>&#160; Time:</b> 3:00 p.m. - 4:30 p.m. EST <b>&#160;&#160;Recommended CPE Credits</b>: 1.5 hours</p> <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Executive webcast series.<br /> <br /> <b>So You Think You’re Tax Exempt: Trends and the future of tax oversight</b> will highlight the regulatory world over the last few years and inform you of what we see as the reactions in the industry to various oversight. ... Wed, 23 Jan 2013 <p><b>Date:</b> Tuesday, October 29, 2013 <b>&#160;Time:</b> 2:00 p.m. - 3:30 p.m. EST <b>Recommended CPE Credits</b>: 1.5 hours</p> <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Ethics webcast series.</p> <p>We continue to hear about instances where individuals who have been entrusted with the governance of a nonprofit organization, either through board participation or as a member of management, have exploited their positions of authority and influence ... Wed, 23 Jan 2013 <p><b>Date:</b> Thursday, June 27, 2013 <b>&#160;Time:</b> 3:00 p.m. - 4:30 p.m. EST <b>Recommended CPE Credits</b>: 1.5 hours</p> <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Executive webcast series.</p> <p>The rapid pace of technology innovation continues to change the way not-for-profit organizations operate. Emerging technologies such as cloud computing, social media and mobility present opportunities as well as risks. <b>Emerging technology ... Tue, 22 Jan 2013 <p><b>Date:</b> Wednesday, July 24, 2013 <b>&#160;Time:</b> 3:00 p.m. - 4:30 p.m. EST <b>Recommended CPE Credits</b>: 1.5 hours</p> <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Executive webcast series.</p> <p><b>Reputational risk: Managing conflicts of interest and whistleblower activities at an organization</b> will cover proactive steps an organization can take to safeguard its good name and reputation. The presenters will review the latest trends ... Mon, 21 Jan 2013 <p><b>Date:</b> Thursday, November 21, 2013 <b>&#160;Time:</b> 3:00 p.m. - 4:30 p.m. EST <b>Recommended CPE Credits</b>: 1.5 hours</p> <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Executive webcast series</p> <p><b>So You Think You’re Tax Exempt: Associations</b> will cover the rules and issues facing IRC 501(c)(6) organizations. Topics will include: membership, include types of memberships, services and benefits members may receive; Unrelated Business ... Mon, 21 Jan 2013 <p><b>Date:</b> Tuesday, August 20, 2013 <b>&#160;Time:</b> 3:00 p.m. - 4:30 p.m. EST <b>Recommended CPE Credits</b>: 1.5 hours</p> <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Executive webcast series</p> <p><b>OMB Circular A-133 yellow book government auditing standards</b> will provide tips on preparing for your 2013 OMB A-133 audits. The presenters will also cover proposed changes to Single Audits.</p> <p><b>Learning objectives:</b></p> <ul> <li>Cite ... Fri, 18 Jan 2013 <p><b>Date:</b> Thursday, August 22, 2013 <b>&#160;Time:</b> 2:00 p.m. - 3:30 p.m. EST <b>Recommended CPE Credits</b>: 1.5 hours</p> <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Ethics webcast series</p> <p>There have been numerous headlines pertaining to the improper reporting by colleges and universities of non-financial data to their accrediting and evaluating agencies. Other charitable organizations have also been publicly criticized for how ... Fri, 18 Jan 2013 <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Executive webcast series</p> <p>The detailed compensation reporting on Form 990 for not-for-profit executives draws the attention of various parties, including directors, funders, watchdog groups, the press, and the executives themselves. This webcast, <b>Compensation reporting on Form 990: Best practices, tips and traps for the unwary</b>, will first cover the basic reporting requirements for the benefit ... Fri, 18 Jan 2013 <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Ethics webcast series</p> <p>Financial resources for nonprofit organizations have been reduced in recent years and new strategies are needed to gain solid financial footing and to thrive. In this period of disruptive change and increased oversight and scrutiny, how is the role of the board as a governance body and the role of individual board members changing?<br /> <br /> <b>Setting the Tone: The role ... Fri, 18 Jan 2013 <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Board Member webcast series</p> <p><b>How to read not-for-profit financial statements</b> will cover the important aspects management and board members should understand and focus on when dealing with financial statements. The presentation will discuss important accounting concepts, footnotes in relation to the financial statements, and the purpose of an audit; highlighted key items on the financial statements; ... Fri, 18 Jan 2013 <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Executive webcast series.</p> <p>An enterprise risk management (ERM) program is an integral component in any business model. However, many organizations stumble through creating an effective ERM program and never realize its true potential. This can result in an inability to predict and properly respond to catastrophic events. A proper ERM framework and program is an essential part of mission sustainability.<br ... Fri, 18 Jan 2013 <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Executive webcast series</p> <p><b>So You Think You’re Tax Exempt: Form 990 and compliance update</b> will present an overview of the top compliance challenges that not-for-profits face due to evolving regulations, a changing economy and increased emphasis on governance and best practices. This presentation will also highlight significant changes to the 2012 990 series returns and cover the complex reporting ... Thu, 17 Jan 2013 <p>This webcast is part of our national Not-for-Profit and Higher Education practice's Board Member webcast series.&#160;</p> <p><b>The changing role of the nonprofit board</b> will present an overview of the changing roles and responsibilities of not-for-profit board members. The discussion will focus on recent changes in oversight and governance responsibilities, due to evolving regulations, a changing economy and other industry issues. The presentation will include examples of specific ... Thu, 17 Jan 2013 <p>Spending practices have not changed over the past year for 70% of the respondents who participated in Grant Thornton's Not-for-Profit and Higher Education practices latest <i><span style=" text-decoration: underline;">Not-for-Profit Pulse Survey</span></i>.</p> Wed, 19 Dec 2012 <p>Recent reports of colleges and universities misrepresenting important information about their institutions have been all over the media lately. The trustees and senior officials involved in these incidents risk not only their personal reputation, but that of the institutions they serve. Larry Ladd, director in Grant Thornton's National Not-for-Profit and Higher Education practices, provides recommendations for your institution to mitigate identified risks.</p> Wed, 19 Dec 2012 <p>This Washington Update - a Grant Thornton newsletter discussing current policy developments on Capitol Hill with insights - looks at results from our 2012 Fall CFO Survey that highlights what CFOs think of the economy and the potential business impact of failed fiscal-cliff negotiations.</p> Fri, 14 Dec 2012 <p>FASB has issued an Accounting Standards Update (ASU 2012-05) to address the diversity in practices regarding how not-for-profit organizations should classify cash receipts arising from the sale of certain donated financial assets (inclusive of securities) in the statement of cash flows.</p> Wed, 07 Nov 2012 <p>The IRS, in release IR-012-83, has extended until Feb. 1, 2013, the deadlines for most income tax returns, income tax payments and other time-sensitive actions for taxpayers affected by Hurricane Sandy in federally declared disaster areas in Connecticut, New Jersey and New York.</p> Mon, 05 Nov 2012 <p style=" color: black; margin: 0in; font-family: 'Times New Roman', serif; margin-bottom: .0001pt; font-size: 12.0pt;"><span style=" font-size: 10.0pt; font-family: Arial,sans-serif;">This issue of OnCourse explores the role of corporate governance in relation to management's development of university strategies and future direction, as well as management's communications with stakeholders regarding the university's achievements, challenges and goals.</span></p> Fri, 02 Nov 2012 <p>This special edition of ForwardThinking reviews Notice 2012-9, which provides guidance on Form W-2 reporting to employees regarding the cost of group health insurance coverage, in a question and answer format to serve as your guide in complying with the requirements.</p> Thu, 18 Oct 2012 <p>In this <i>Washington Update</i> - a Grant Thornton newsletter discussing current policy developments on Capitol Hill with insights - the primary focus isn’t on the elections but on an economy that’s on the edge of a fiscal cliff and the prospects for not plunging over it.</p> Mon, 15 Oct 2012 <p>The U.S. Office of Management and Budget (OMB) has released the final 2012 version of the OMB Circular A-133 Compliance Supplement for single-audit engagements, which replaces the final draft version issued in June.</p> Thu, 09 Aug 2012 <p>The newest issue of ForwardThinking provides a quick guide to intermediate sanctions - a personal excise tax paid by “disqualified persons” - provides a comprehensive explanation to identify individuals who are subject to intermediate sanctions, determine whether that person's compensation is reasonable, and more.</p> Tue, 07 Aug 2012 <p>According to Grant Thornton LLP’s most recent <i>Not-For-Profit Pulse Survey</i>, 75% of the 94 organizations surveyed responded that they have some type of variable pay component for rewarding their employees.</p> Fri, 06 Jul 2012 <p>On May 16, 2012, New York Governor Andrew M. Cuomo announced that 13 state agencies have proposed regulations to implement Executive Order 38, issued in January 2012, to limit compensation and administrative expenses at state-funded not-for-profit and for-profit service providers.</p> Fri, 22 Jun 2012 <p>In an earlier article, the need for enhanced communication between the compensation or human resources committees and other board committees was discussed, and we focused on bodies such as the audit and finance committees. In this article we will focus on the governance committee and how this group and its members can play a vital role in the “New Era in Executive Compensation.”</p> Thu, 07 Jun 2012 <p>This issue of OnCourse features three new articles written by senior members of Grant Thornton's Not-for-Profit and Higher Education practices:</p> <ul> <li>Endowment spending policies</li> <li>Governance committees and compensation decision-making in the not-for-profit community</li> <li>Emerging from the recession: Strategic opportunities and refreshed goals</li> </ul> Thu, 07 Jun 2012 <p>The construct of universities’ endowment spending policies has been tested during the economic downturn and slow recovery. This article suggests some techniques to modify those formulas to maximize spendable endowment earnings. Now is the time to revisit spending policies that reflect the new economic realities and determine the best approach to balance desired endowment growth with sustainable appropriations that support universities’ critical needs.</p> Thu, 07 Jun 2012 <p>This article builds from the financial concerns discussed in the March 2012 article, “Managing through the economic recovery period,” and focuses on the unique strategic opportunities for growth-minded colleges and universities.</p> Thu, 07 Jun 2012 <p>As technologies advance and organizations become more sophisticated in using them, sensitive data that is stored internally and/or transmitted across networks becomes more vulnerable. For not-for-profit organizations and higher education institutions, this data may relate to their donors, their employees, their business associates, and the constituents whom they serve. In the face of changing technological, regulatory and legal environments, management is sharpening its focus on safeguarding the organization from data security threats.</p> Thu, 24 May 2012 <p><i>The state of higher education in 2012</i> offers advice and guidance for management and trustees of higher education institutions. Written by members of the practices' senior leadership team, this is the first in an annual series that will highlight key issues and external forces currently impacting the higher education sector, share trends within the community, and offer best practices for trustees and management.</p> Fri, 04 May 2012 <p>The most recent <b><i>Not-for-Profit Pulse Survey </i></b>examined organizations' whistle blower and fraud policies.</p> Thu, 03 May 2012 <p>The U. S. Office of Management and Budget (OMB) has just issued for comment an Advance Notice of Proposed Guidance titled Reform of Federal Policies Relating to Grants and Cooperative Agreements; Cost Principles and Administrative Requirements (including Single Audit Act). The comment deadline is April 30.</p> Thu, 03 May 2012 <p>The IRS has proposed regulations (Reg. 144267-11) that will allow private foundations to participate in more types of program-related investments (PRIs) without triggering an excise tax on jeopardizing investments.</p> Mon, 23 Apr 2012 <p>On March 15, the Emerging Issues Task Force (EITF) of FASB held meetings at which they addressed two Not-for-Profit (NFP) related issues.</p> Tue, 10 Apr 2012