NASFAA
TODAY'S NEWS

today’s news for Tuesday, September 10, 2019

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NEWS FROM NASFAA

The Department of Education (ED) published a draft form Friday for institutions to report foreign gifts, following repeated requests from the higher education community for guidance on disclosure requirements and a handful of investigations into institutions’ reporting practices. The form will be open for public comment for 60 days.

NASFAA UPDATES AND ANNOUNCEMENTS

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Do you often find yourself struggling with trying to determine whether certain income or monies should be counted as untaxed income? Is a personal loan considered untaxed income? Should foreign income be reported as untaxed income? Do we count all disability benefits as untaxed income? What about the IRS Child Tax Credit, is that untaxed income? Join Kochie Vaughan and Eunice Powell, NASFAA regulatory specialists, tomorrow, Sept. 11, 2019, at 2:00 p.m. ET as they highlight the most popular questions related to untaxed income submitted to NASFAA's AskRegs service. Register now.

Join Us in Welcoming the Following Members...

Please join us in giving NASFAA's newest members — The Art Institutes International, New Age Training, and Cowley College — a warm welcome. This month we also have the pleasure of welcoming back the following members: Orange County Community College and Southwest Tennessee Community College. We're glad to have all of you as NASFAA members!

SOE 20th

Within one year of having a NASFAA Standards of Excellence (SOE) review, East Tennessee State University made changes that resulted in increased enrollment, such as improving its processing of student files and the accessibility of financial aid counselors, and streamlining fee payment processes. An SOE review might help your enrollment management efforts, too. Request a no-obligation cost estimate today.

U.S. DEPARTMENT OF EDUCATION

The federal fiscal year for the Department of Education ends on Monday, Sept. 30, 2019. Some of the Department's core financial systems, including G5, will be on a modified processing schedule while the Department finalizes its processing and accounting for fiscal year 2019. These modifications will impact how the Common Origination and Disbursement (COD) System will process financial data and when schools can obtain funds for the federal student aid programs as follows.

In a June 7, 2019 Electronic Announcement, Federal Student Aid provided TEACH Grant closeout information for the 2018–19 award year. This announcement provides additional information to supplement the previous guidance. 

The federal Pell Grant program regulations at 34 CFR 690.83(a) establishes the deadline by which a school must submit student payment data each award year. As required by regulations, and consistent with the Federal Register published on Dec. 4, 2018, the final deadline for electronically transmitting Pell Grant and Iraq and Afghanistan Service Grant records for the 2018–19 award year to the Common Origination and Disbursement (COD) System is Monday, Sept. 30, 2019.

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