ED’s New Audit Guide – 90/10 Compliance

Jonathon Glass, Naomi Harralson May and Rebecca Flake

Financial statement audits prepared under the Department of Education’s new Audit Guide will involve more detailed 90/10 testing and note disclosures. Read more in the seventh post of our Audit Guide series.

New ED Audit Guide Updates Requirements Concerning Third-Party Servicers

Greg Ferenbach, Nancy Anderson and Rebecca Flake

The sixth post in our Audit Guide series focuses on the new requirements for third-party servicers. Institutions of all types that use any third-party servicers should become familiar with these new Audit Guide requirements.

Cooley Releases Public Benefit Corporation Incorporation Package

Mike Goldstein

Delaware Public Benefit Corporation law presents opportunities for postsecondary institutions. Cooley’s resource center for entrepreneurs and businesses, Cooley GO, now includes a PBC Incorporation Package.

California BPPE Announces Changes to the Student Tuition Recovery Fund

Kate Lee Carey and Greg Ferenbach

The California Bureau for Private Postsecondary Education recently published amended regulations governing the Student Tuition Recovery Fund effective as of August 10, 2017. The changes will impact institutions approved to operate by the BPPE and institutions that have registered as out-of-state distance learning providers.

Frontline Education Sells to Thoma Bravo

Cooley advised Frontline Education, an education technology company, on its sale to Thoma Bravo, a leading private equity investment firm.

ED’s New Audit Guide Mandates More Detailed Assessment of Institutional Compliance with Clery Act Campus Crime and Security Requirements

Paul Thompson, Rebecca Flake and Blain Butner

The Clery Act is the focus of the fifth post in our Audit Guide series. The new Audit Guide significantly expands the scope and detail of information that auditors are now required to review to evaluate a school’s compliance with the Clery Act as part of the annual Title IV compliance audit process.

Department of Education Extends Deadline for Gainful Employment Earnings Appeals

Jonathon Glass and Kate Lee Carey

The Department of Education issued a notice on August 18 that extends the deadline for all institutions to file alternate earnings appeals that challenge the debt-to-earnings rates issued for their GE programs in January 2017.

Increased Student Samples, Student Confirmations and Site Visits Mean Expanded Audits Under ED’s New Audit Guide

Blain Butner and Rebecca Flake

In the fourth post of our Audit Guide series, we focus on three significant process expansions: the size and composition of the required student sample, the student confirmations auditors are required to perform and how site visits are conducted.

Department Seeks Public Comment on Regulations to Repeal

Vince Sampson and Nancy Anderson

As part of the Administration’s regulatory reform directive, the Office of the Secretary of the Department of Education is seeking public comments on regulations and guidance that may be appropriate for repeal, replacement or modification. The Department of Education has extended the deadline. Comments will now be due Friday, September 20.

New ED Audit Guide Now Requires Extensive Gainful Employment Compliance Testing

Kate Lee Carey, Jonathon Glass and Joseph Mensah

Gainful Employment data reporting is the topic for the third post in our Audit Guide series. For the first time ED is requiring that independent audit firms conduct extensive testing relating to Gainful Employment data reporting and mandated disclosures as part of their annual Title IV compliance audits.

The Post-9/11 GI Bill Is One Step Closer to a Major Overhaul

Lisa Bureau, Matt Johnson and Joseph Mensah

The President has signed the Harry W. Colmery Veterans Educational Assistance Act of 2017 – the “Forever GI Bill” into law – which amends the Post-9/11 Veterans Educational Assistance Act of 2008 and enhance education benefits provided to eligible military veterans.

ED’s New Audit Guide Mandates Greater Scrutiny of Compensation Practices under the “Incentive Compensation” Rule

Greg Ferenbach and Blain Butner

The second post of our Audit Guide series focuses on the incentive compensation rule. The new Audit Guide requirements significantly expand the review required by auditors to assure compliance with the incentive compensation rule.