Higher Education

Maximizing the publicity of intercollegiate athletics provides your institution a winning strategy. The saying that “college athletics is the front window to the institution” rings truer today than at any time in the past.  It isn’t uncommon to hear conversations about college teams or pride in one’s alma mater, whether it be in a personal or professional setting. The way our society identifies higher education institutions through the viewing of athletics and athletic success continues to surge...

For many colleges and universities, the need for increased resources is at a fever pitch. Many colleges find themselves in a fierce battle to generate enrollment numbers that will fund the growing program and financial needs of the institution. The next time you drive down an interstate highway, pay attention to who is advertising on the roadside billboards. The restaurants and auto dealerships we’re used to seeing are now joined by colleges and universities promoting higher education opportunities to prospective students...

On December 22, 2017 President Trump signed the largest tax overhaul of the U.S. tax system in 30 years. We have summarized highlights of this legislation that affect the higher education sector...

Michigan public schools and higher education institutions have been waiting for the final IRS ruling regarding the federal tax treatment of the 3 percent Michigan Public School Employees Retirement System (MPSERS) healthcare contribution. The IRS ruling determines whether the 3% contribution is taxable for Federal Insurance Contributions Act (FICA)/Medicare purposes.  In August 2016, the IRS issued a statement to some districts indicating future receipt of refunds from the protective claims filed. The Office of Retirement Services (ORS) tried to get a system-wide answer to the tax questions by filing a Private Letter Ruling (PLR) with the IRS...

According to University Business, higher education institutions have been the victims of 539 breaches involving nearly 13 million known records since 2005. With these attacks becoming increasingly sophisticated, it’s more important than ever for institutions to effectively safeguard their personal, intellectual and financial assets.  Let’s review two recent examples that may help protect your institution. Scenario 1: Vendor security A higher education institution faced a recent hacking attempt through internet correspondence...

The Department of Labor’s newly released overtime rule updates the salary level required for the exemption to rise from $455 a week/$23,660 a full year to $913 a week/$47,476 a full year, effective December 2, 2016. It’s intended to offer protections to 4.2 million workers nationwide, creating clarity and greater certainty about overtime into the future since the threshold will be updated every three years. As a result, many employees who earn less than the new threshold are entitled to overtime compensation...

If you're a parent or grandparent of a college student or soon-to-be college student, you might be interested to learn what's new in the world of higher education. Higher College Costs Total average costs for the 2015/2016 school year increased about 3 percent from the previous year: $24,061 for public colleges (in state), $38,855 for public colleges (out of state), and $47,831 for private colleges. Total average costs include direct billed costs for tuition, fees, room and board and indirect costs for books, transportation and personal expenses. Together, these items are officially referred to as the "total cost of attendance...

Higher education institutions have always had to worry about crimes such as fraud and embezzlement. But the dangers they face now are much more sophisticated — and can be far costlier. According to the Ponemon Institute's latest U.S...

The IRS created the Taxpayer Bill of Rights to make it simple for taxpayers to know their rights when dealing with the IRS. If you have a tax issue, you are guaranteed assistance through the Taxpayer Advocate Service, a department whose job it is to ensure that every taxpayer is treated fairly. For more information about the Taxpayer Bill of Rights or Taxpayer Advocate Service, read Publication 1, "Your Rights as a Taxpayer," or contact a qualified tax expert. Tip courtesy of IRS...

This past November, the IRS, Department of Labor and Department of Health and Human Services jointly issued final regulations covering a variety of topics related to the implementation of the Affordable Care Act (ACA). Effective for plan years beginning on or after January 1, 2017, these assorted nuggets incorporate agency guidance into a mixture of proposed and interim final regs dating back to 2010. Here are some highlights. Grandfathered plans The final regulations maintain the rule that grandfathered status is determined separately as to each "benefit package" under a group health plan...