Education

Economic, legislative and social developments have led to today's educational institutions facing demands of increased levels of service with diminished budgets and revenues. The financial and operational challenges that institutions experience must be addressed proactively, to avoid budget shortfalls and deliver on your commitment to students and employees. We understand how to alleviate the existing and emerging issues that you face and how to capitalize on available opportunities.

From accounting and financial projections to operations and tax compliance, we offer specialized assurance, tax and consulting solutions to our education industry clients. Our experienced professionals understand the challenges of educational institutions, through serving the many needs of hundreds of K-12 schools, as well as colleges and universities. This experience working with public and private entities has given us a thorough knowledge and appreciation of the economics and politics that schools must contend with.

Most Popular Insights

IRS releases Colleges and Universities Compliance Project final report
The IRS launched the Colleges and Universities Compliance Project in 2008 with the distribution of detailed questionnaires to 400 randomly selected colleges and universities and subsequently selected certain questionnaire respondents for examination. Issued after more than 90 percent of these examinations were complete, the final project report provides additional analysis of the questionnaire responses and focuses on the examination results. (5/6/2013)

Proposed OMB Uniform Guidance: Cost Principles, Audit, and Administrative Requirements for Federal Awards issued for comment
These proposed reforms to various key grant policies are being proposed by OMB and federal agencies in an effort to increase the efficiency and effectiveness of federal programs, as well as eliminate unnecessary and duplicative requirements and focus in on areas that emphasize achieving better outcomes at lower costs.

GASB Statement No. 68, Accounting and Financial Reporting
for Pensions
Long before the current economic downturn, the issue of public pensions and the viability of individual plans has been a much-debated topic. The Governmental Accounting Standards Board has been well aware of the rising tide of unfunded pension obligations.

Election year dos and don’ts: A closer look at election activity processes within tax-exempt organizations
The general election is fast approaching. The current contests are considered close by many commentators, which has caused some tax-exempt organizations to ramp up their activities as the election date looms on the horizon.

IRS notice addresses deductibility of contributions to disregarded entities
For years, certain taxpayers have taken the position that contributions to an entity owned by a charitable organization and disregarded for tax purposes qualified for tax deductible treatment.

Working draft of proposed guide for not-for-profit entities released
The AICPA’s Financial Reporting Executive Committee has issued a working draft of the accounting content for a proposed Audit and Accounting Guide, Not-for-Profit Entities. The proposed guide addresses many new accounting issues that have emerged over the years and includes guidance dedicated specifically to not-for-profit entities.

Working draft of proposed guide for not-for-profit entities released
The AICPA’s Financial Reporting Executive Committee has issued a working draft of the accounting content for a proposed Audit and Accounting Guide, Not-for-Profit Entities. The proposed guide addresses many new accounting issues that have emerged over the years and includes guidance dedicated specifically to not-for-profit entities.

Accounting for public employee pensions
The Governmental Accounting Standards Board recently approved two new standards regarding the accounting and financial reporting of public employee pensions by state and local governments.

Updated Audit Committee Guide for Not-for-Profit Organizations
now available
McGladrey LLP has updated its Audit Committee Guide for Not-for-Profit Organizations to reflect recent events in the not-for-profit industry while maintaining the emphasis on the importance of the role of the audit committee.

Annual State and Local Government Accounting Update Webcast
This web recording provides insight into recent accounting and reporting developments and issues impacting state and local governments, including public schools and city and county municipalities.

Annual Not-for-Profit Accounting Update Webcast
Learn about recent accounting changes that could impact educational institutions. Topics of discussion include financial reporting simplification, FASB reporting projects and the convergence project.

Federal government increases focus on crime awareness requirements
Following several high-profile crimes, the federal government has renewed their emphasis on compliance with crime reporting standards with significant penalties possible for institutions.

Alternative investment strategies for not-for-profit organizations
An introduction to alternative investments that could benefit educational institutions, as well as a review of related accounting standards and tax implications.