Institutions of Higher Learning
Operating an institution of higher learning includes many challenges – dependence on tuition, fluctuating endowment values, financial sustainability, and aging faculty to name a few.
We understand the unique needs of institutions of higher learning and the importance of maintaining accurate and reliable financial and compliance records. This is also true with respect to maintenance of your institution’s accreditation.
Our firm takes pride in maintaining continuous awareness of current legislation and industry changes that affect your institution. By working with Frazer you will receive hands-on, cost effective, tailored solutions based on your needs from a dedicated higher education practice staffed with qualified and experienced personnel.
Services for Institutions of Higher Learning
- Uniform Guidance Audits (formerly known as OMB A-133 Single Audits), including financial and compliance audits in accordance with applicable government and granting agencies
- Preparation of related information returns (Form 990 and related state forms) for reporting to applicable taxing authorities
- Agreed upon procedures engagements relating to accounting and tax matters within the higher education industry
- Retirement plan audits and information returns
- Pre-Audit Review Services
Frazer, LLP also shows its commitment to institutions of higher learning by participating in industry organizations, including:
If your primary focus is institutions of higher learning contact Frazer LLP: With You. For You.
Stephen Bastardi, CPA
Financial reporting for your institution of higher learning is an immense responsibility. At Frazer, LLP we want to serve as a resource for you and your accounting team.
In our 30+ page ebook we provide tips about filing NSLDS rosters, the top five verification violations and what you can do about it, calculating the return of Title IV funds, what to do if you receive a modified audit opinion, and much more.
Have You Taken Care of Your Compliance Audit Findings?
It’s that time of year again, getting your financial statements and compliance reporting processes in shape for your year-end single audit. Before your external auditors start their audit processing and testing you need confidence there will be limited or, hopefully, no compliance audit findings, especially repeat findings.
Are You Filing Your NSLDS Rosters Timely?
One of the top 10 audit findings is inaccurate or untimely reporting of NSLDS rosters. Less than satisfactory reporting can have a negative impact on students’ records and details related to their financial aid status and history.
The Challenge of Calculating the Return of Title IV Funds
One of the top 10 audit findings is R2T4 (return of Title IV funds) calculation errors. From a technical standpoint, regulations require that Title IV financial aid allocated for a student who later withdraws should be returned.
Return of Title IV Funds Made Late? You’re Not Alone.
According to the U.S. Department of Education, one of the top 10 audit findings is R2T4 (return of Title IV funds) made late. The Department finds that many institutions are having trouble making returns within the allowable time frame. Common reasons for late returns include an institution’s policies and procedures not followed; returns not made within the allowable 45-day time frame; inadequate system in place to identify/track official and unofficial withdrawals; and, no system in place to track number of days remaining to return funds.
The Top 5 Verification Violations and What You Can Do About It
Approximately 30% of students who submit a FAFSA are selected by the U.S. Department of Education for a process called Verification. In most cases, applicants are selected by the U.S. Department of Education. However, an institution may also select a student.
Pell Grant Calculations Can be Confusing
Pell Grant over/under payments are caused mainly by application of an incorrect Pell Grant formula, overall incorrect calculations, and errors connected to changes in enrollment status.
Watch Out for Student Credit Balance Deficiencies
Credit balances can occur in many ways and may be the result of payments from not only Title IV program funds, but also personal funds, private loans, and institutional grants. Also, as you are aware, credit balances may be related to and affected by changes in a student’s enrollment status that might affect federal or other aid eligibility.
The Role of Entrance and Exit Counseling in Financial Literacy
Whether first-time borrowers, withdrawn students or graduating students, follow through on required entrance and exit counseling can be challenging. Exit counseling, however, becomes a little more challenging considering the circumstances and variables involved with the ways students exit.
Modified Audit Opinion? You’re Not Alone.
Receiving anything other than an unmodified (unqualified) opinion is a disturbing experience, but it does occur from time to time. It might help to know you’re not alone. Receiving a modified (qualified) audit opinion offers the opportunity to focus improvement efforts in identified areas of weakness in operations, financial reporting and compliance.
Beware of Untimely or Incorrect G5 Expenditures Reporting
G5, formerly known as GAPS, is a delivery system used by Federal Student Aid (FSA) that supports program award and payment (drawdown) administration. It is a component of EDCAPS, U.S. Department of Education’s (ED’s) integrated financial processing system, managed and administered by the Department’s Office of the Chief Information Officer (OCIO), and communicates with the Common Origination and Disbursement (COD) system through the Financial Management System (FMS).