Accounting Archives | Career Education Review

PPP Loans and HEERF Grants: A Guide to Accounting, Reporting and Composite Score Considerations

September 13, 2020 Jenny

Accounting

By Tom Wilson, Manager, McClintock & Associates
In this article, Wilson provides information for recording and disclosing PPP loans and HEERF grants in your audited financial statements. From research, it doesn’t appear any bad options exist for recording these funds. It’s just a matter of what is best for your institution.

Does Your Institution “Act CAREfully” When it Comes to Accounting, Recording Keeping and Documentation of Federal Funds?

May 8, 2020 Jenny

Accounting

By Michael T. Wherry, CPA, and Dave McClintock, CPA, McClintock & Associates
With the U.S. Department of Education and the Small Business Administration disbursing unprecedented amounts of emergency relief with so little specific guidance, now is the time for institutions to carefully vet their accounting, record keeping and documentation processes.

PPP Loans and HEERF Grants: A Guide to Accounting, Reporting and Composite Score Considerations

Is Your Institution Financially Ready for the New Lease Standard?

February 9, 2020 Jenny

Accounting

By Michael T. Wherry, CPA, McClintock & Associates
With the U.S. Department of Education’s guidance released in the borrower defense to repayment regulations in regard to the new lease standard’s treatment in the composite score ratio, the time is now for institutions to begin planning.

PPP Loans and HEERF Grants: A Guide to Accounting, Reporting and Composite Score Considerations

The New Audit Guide and What we Learned

October 14, 2018 Jenny

235

Accounting

By Michael Wherry, Director, McClintock & Associates, PC
As was expected, the Audit Guide added significantly more audit work, increased the hours necessary to complete the audit, and delayed the issuance of the reports. During July, our firm spent time quantifying the hours and the impact on our firm and to our clients.

PPP Loans and HEERF Grants: A Guide to Accounting, Reporting and Composite Score Considerations

The Best Process to Plan and Control Your Audited Financial Statements

September 9, 2018 Jenny

120

Accounting

By Stephen B. Friedheim II, President, Friedheim Advisory Services, Inc.
How to more efficiently and effectively plan and complete your audited financial statements. Recognize your responsibilities and your auditors.

PPP Loans and HEERF Grants: A Guide to Accounting, Reporting and Composite Score Considerations

How Does the Tax Cuts and Jobs Act Affect You?

June 12, 2018 Jenny

Accounting

By Michael C. Rager, CPA, Manager, McClintock & Associates, PC
The Tax Cuts and Jobs Act has something for everyone. How will it affect you and your institution?

PPP Loans and HEERF Grants: A Guide to Accounting, Reporting and Composite Score Considerations

90/10 Calculation and Disclosure and Other New Requirements Under Proprietary School Audit Guide

February 14, 2018 Jenny

Accounting

By Eileen Keller, CPA, Partner, Salmon Sims Thomas
The U.S. Department of Education released the Guide for Audits of Proprietary Schools and for Compliance Attestation Engagements of Third-Party Servicers Administration Title IV Programs (“AG”) effective for institutions for fiscal years ending June 30, 2017, or later. Some of the significant changes outlined in the audit guide include the following: 90/10 calculation and disclosure, size of student sample tested, student confirmations and gainful employment.

PPP Loans and HEERF Grants: A Guide to Accounting, Reporting and Composite Score Considerations

What Does the new Revenue Recognition Accounting Standard Mean for Your Institution?

January 9, 2018 Jenny

3.39K

Accounting

By Jennifer L. DeBor, CPA, Audit Manager, McClintock & Associates, P.C.
The crux of the standard is that the recognition of revenue should represent the amount an entity (institution) is expected to receive for the transfer of its promised goods or services (education) to the customer (student). The standard requires an institution to apply a five-step process to an entity’s contracts with its customers.

PPP Loans and HEERF Grants: A Guide to Accounting, Reporting and Composite Score Considerations

The New Lease Standard – The Perfect Storm for Failing the Composite Score Ratio

June 13, 2017 Jenny

Accounting

By Michael T. Wherry, CPA, Director/Shareholder and Ted Blendermann, CPA Director/Shareholder, McClintock & Associates, PC
While news stories over the past few years related to the postsecondary school sector have focused on compliance regulations, admissions processes, outcomes, and student debt, a new accounting standard set to take effect in a couple of years will have a significant impact on the U.S. Department of Education’s annual composite score ratio. As is normally the case, the potential effect on all postsecondary institutions is detrimental.

Accounting

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