Give back the money!? That’s right. Violations of financial aid verification remain in the top 10 most common audit and program review findings for the past three years and that can lead to students receiving ineligible disbursements and schools having to return their federal funds and possibly incur penalties and/or fees. To help avoid this, […]
Given the increasing and rapidly changing risk, cybersecurity should be a key focus for all higher education institutions. Institutions collect and store a wide variety of data across many departments, ranging from health and financial information to intellectual property. Students and their families, employees, and the general public have high expectations for how your institution […]
The higher education industry is large and complex. There are many pain points that keep senior leadership teams up at night. Institutions of all sizes need to answer these key questions: Do you actively monitor your Department of Education ratios and debt covenant ratios (if any), thinking the only thing you can control is […]
Many of the biggest challenges facing faith-based higher educational institutions today can be overwhelming. Especially when systems, traditions, finances, and institutional culture get in the way of making necessary changes. How can you solve the following issues facing your campus—and every campus? Strategically increasing your enrollment Leveraging your audit to effectively communicate with your various […]
While the higher education industry is large and complex, several trends are affecting schools of all types and sizes. Faith-based higher education institutions are not immune to these trends, which include: Soft net tuition growth Expense growth that exceeds revenue growth Deferred campus maintenance Yet faith-based not-for-profit higher education institutions demonstrate a certain resiliency. In […]
Higher ed is at a crossroads with many things, but especially board governance. One must look no further than the daily headlines — the sexual assault at Michigan State and their interim president’s latest comments about the victims, or the University of Maryland’s issues with the death of a football player and its board overruling […]
June 30, 2018 has passed, and according to the Dear Colleague Letter 17-10, additional Perkins loan disbursements are now prohibited. Here are some factors to consider as your institution of higher education weighs the costs and benefits of liquidation. Q: What is liquidation? A: Liquidation is the process of assigning ALL loans to the United States Department […]
Do you hear ticking? Is there is a bomb ready to detonate at your institution? Considering how so many colleges are on the verge of an explosion from unresolved financial weaknesses, maybe you should just drown out the ticking with earplugs. Or, maybe you should take a look at which wires need to be cut… […]
Gone are the days of siloing responsibilities and each office working independently. While segregation of duties and internal controls remain vital to a higher education institution’s health, they are insufficient on their own. A failure to thoughtfully consider the related impacts between functional areas or departments creates business risks that may stilt your institution’s ability […]
Ransomware is a type of malware, but with an extra sting. If infected with this malware, access to your operating system or files will be prevented or limited. The hacker will demand payment (ransom), but often times will not unlock the systems or files even if ransom is paid. A ransomware attack is nothing new, […]
