NACUBO is your advocate in action and, together with other national higher education associations, is working diligently to ensure students and institutions of higher education are considered in federal coronavirus relief efforts. For additional information, contact the staff listed on this page or email email@example.com.
Find the latest federal guidance and resources to help you understand legislative and regulatory actions here.
NACUBO has been active in communicating the needs of its member institutions and the students they serve to Capitol Hill and the administration. Although much of this work is ongoing, NACUBO is proud to share some of the clear successes that have been secured through its advocacy efforts together with the higher education community.
Foreign substantial presence test exemption. The Department of the Treasury and the IRS have announced tax relief, for which NACUBO has advocated, for nonresident individuals including international students and scholars who are in the U.S. indefinitely as a result of COVID-19 travel disruptions. These international students and scholars may otherwise have been inadvertently considered U.S. residents for tax purposes due to their longer-than-expected stay in the United States. Read more here.
IRS Extends 990 filing deadline. Following formal requests from NACUBO, the American Institute of Certified Public Accountants, and other groups, the IRS announced that tax filing and payment extensions until July 15, 2020 will apply to all taxpayers, including colleges and universities. IRS Notice 2020-23 specifies that the postponement applies to any tax-paying entity with existing tax deadlines falling between April 15 and before July 15 this year. Read more about this extension here.
Student grant aid not considered taxable. The IRS recently announced that emergency grants provided to students under the CARES Act are not to be included in a student’s gross income and thus are not taxable.This was an advocacy priority for NACUBO. We wrote to the IRS requesting that it adopt this approach and designate this aid as a “qualified disaster relief payment,” as taxing the grants would have diminished the benefit for students. The IRS guidance is entirely in line with NACUBO's recommendations. Read more here.
Find the latest COVID-19 employer and tax guidance and resources here.
Delayed implementation of ASU 2016-02. On April 8, the Financial Accounting Standards Board (FASB) voted to provide an optional one-year implementation delay of ASU 2016-02, Leases, for all not-for-profit entities. As a result, colleges and universities will have until FY21 to implement the lease standard. NACUBO had requested this delay through NFP Advisory Committee (NAC) representative Drew Paluf, associate vice president for finacne and controller at the university of Notre Dame. Read more here.
Temporary above the line charitable deduction. Among many provisions contained within the CARES Act was the temporary addition of a $300 above the line charitable deduction. NACUBO, both as a member of the Charitable Giving Coalition and the higher education community, advocated for this temporary deduction and for an effort to increase the limit to up to one-third of the standard deduction ($4,000 for individuals and $8,000 for married couples).
Updates from NACUBO
Telephone Town Halls. Tune in every Tuesday at 1:00pm Eastern to converse with NACUBO experts and hear the latest updates from Washington. Find more information about upcoming Telephone Town Halls and recordings of past calls here.
Coronavirus Resources for Colleges. NACUBO has the latest guidance and resources from Washington to help your campus respond to the coronavirus crisis. Find curated pages with explanations and links to federal guidance, business continuity resources, and more here.
- Collect and communicate your COVID-19 related costs and forgone revenue. Your institution must be able to demonstrate the impact this pandemic is having on your campus. The business office is instrumental in your college or university's efforts to seek relief.
- Consider which types of assistance listed above make the most sense as priorities for your institution based on your circumstances.
- Coordinate with your campus government relations team and president or chancellor.
- Be prepared to prioritize your top requests and have talking points that explain why these issues matter to your college or university. Many of your campus colleagues may be unfamiliar with certain business office matters (e.g., advance refunding, UBIT basketing) and every unit on your campus likely also has federal relief priorities and suggestions.
- Stay in touch with NACUBO. Please email firstname.lastname@example.org or reach out to the contacts listed on this page with any information you can share about the impact on your campus. Please do not hesitate to disclose your regulatory pain points or suggestions for relief.