« Older Entries
Category:
Date: April 25th, 2008
Author: Career College News
0 Comments
(Rueters)
For-profit education company DeVry Inc (DV.N: Quote, Profile, Research) on Thursday posted higher-than-expected quarterly earnings, citing enrollment growth and operational improvements.
Third-quarter net income surged 67 percent to $38.3 million, or 53 cents per share, from $22.9 million, or 32 cents per share, a year earlier.
Sales rose 18 percent to $291 million.
Analysts had forecast earnings of 45 cents on sales of $283 million.
DeVry said the number of people taking online undergraduate and graduate courses jumped 25 percent over a year ago, faster than the overall market growth.
Submit your news item or press release to Career College Central for inclusion on the site.
0 Comments | Start the Discussion »
Date: January 14th, 2008
Author: Julie Fry
0 Comments
“Unclutter” seems to be the mantra of the times. But don’t be too quick to shred documents that the IRS might need later.
The IRS stresses that records of employment taxes be kept for at least four years, and files should include:
- Amounts and dates of all wage, annuity and pension payments
- Names, addresses, social security numbers and occupations of employees as well as their dates of employment.
- Employee copies of FORM W-2 returned as undeliverable.
- The fair market value of in-kind wages paid.
- Copies of employees’ income tax withholding allowance certificates.
- Dates and amounts of tax deposits.
- Copies of returns filed.
- Record of allocated trips and fringe benefits provided, including substantiation.
Source: www.irs.gov.
Julie Fry, CPA - Chief Financial Officer
Experience
In addition to her role as Operations Director, Julie assists
individuals and organizations in achieving their business goals.
She has over 25 years of experience working with diverse
nonprofit and religious organizations on tax and compliance
issues. She joined Salmon Sims Thomas in 1996.
Areas of Concentration
Tax and business consulting for nonprofit and religious
organizations and closely held businesses
Extensive knowledge of tax law particularly as it applies to
nonprofits, religious organizations and ministers
Professional Certifications
Certified Public Accountant
Licensed in Texas
Professional Associations
Texas Society of Certified Public Accountants, Fort Worth Chapter
National Association of Church Business Administration
Association for Accounting Administration, National, State & Local Chapters
Board and Community Service
Guest Lecturer, National Association of Church Business Administrators and Center for Nonprofit Management
National Charity League, DFW Metroplex Chapter, President-Elect
Texas Association for Accounting Administration.
Education
Bachelor of Business Administration, Texas Tech University, 1978
Post-graduate work in accounting, University of Texas at Dallas
0 Comments | Start the Discussion »
Date: September 17th, 2007
Author: Karen Eilert
0 Comments
10. GAPS Reporting
Verify that each student reported to COD matches the school’s general ledger. This procedure should be done throughout and at the close of the award year.
9. Excess Cash
Be sure to consider refunds deposited to the federal funds account before requesting your next drawdown.
8. Exit Counseling
Review your policies and procedures to ensure that all grads and drops with student loans receive exit counseling. Consider conducting exit counseling in groups prior to graduation.
7. Invalid ISIR, C-Code
Resolve all C code issues before you disburse funds. You must have a valid ISIR while the student is still enrolled and eligible for payment. What are the key words? Document, Document, Document.
6. Incorrect loan certification
Have parents complete PLUS pre-screening forms for each loan period. In some cases they are only valid for 60 days. If the parent is denied in the first loan, they could be approved in the second loan period.
5. Professional Judgment
Although judgment is the operative word, you must have documentation to support your judgment.
4. Conflicting Information
Resolve all conflicting information before you disburse funds. Any information given to the school is subject to review. Information given to the registrar or admission office must agree with information given the to financial aid department. Document, Document, Document.
3. Incorrect R2T4 Calculations
For clock hour schools, you must use hours scheduled in payment periods instead of actual hours completed. Consider implementing a review process for each calculation to verify the correct withdrawal date, Title IV disbursements, tuition charges, etc.
2. Late Refunds
Review your policies and procedures to ensure that all refunds are made within 45 days. Consider developing a termination checklist to ensure that R2T4 calculations and refunds are done timely and that exit counseling is completed.
1. Verification
Once again - document, document, document! Once you have gathered the applicable verification documents, be sure to compare the information to the ISIR and make any necessary corrections.
Your file should be like a story. Know your student and what they are about, then you will be able to better serve them.
For more information contact us at www.sstcpa.com
Karen Eilert, Senior Auditor
Experience
Karen Eilert joined Salmon Sims Thomas in January
2005. Prior to joining the Firm, Karen spent five years
as Director of Financial Aid at a career school where
she was involved in all aspects of the Title IV financial
aid compliance and reporting and other school-related
issues. She also spent eight years working as a
Corporate Financial Aid Director for four schools
throughout the DFW Metroplex. Karen got her start in
financial aid as a financial aid officer at Mansfield
Business School.
Areas of Concentration
Audit, SFA compliance and consulting for career schools
Education
Mansfield Business School
0 Comments | Start the Discussion »
Date: August 27th, 2007
Author: Susan Schulz
0 Comments
Most accrediting bodies require that schools have advisory boards. To many school owners it is a chore. To others it is an opportunity. The goal is take the challenges out of managing one or more advisory boards.
Most schools have bi-laws that require the boards to meet a certain number of times each year. Typically this is 2 to 4. Even just a few meetings sometimes become a hassle. There are invitations to be sent and confirmed, agendas to be prepared and sent out, the right place to meet, refreshments to plan, minutes to be taken and distributed, expenses to be paid, and time away from the office. Doesn’t sound like fun. However, if the goals were restructured Advisory Boards would virtually have no hassles.
We focus on the operative word – advice. It’s implies relatively free! Free advice! And if you pick the members of each board carefully you can get expert free advice whenever you need it. We also suggest inviting more members to join than are required. And to include a representative from all your constituency not just the people required by accreditation. While face-to-face meetings are necessary, there are additional ways to keep in touch with advisory board members. This can include blogs, forms, chat rooms, and scheduled short conference calls focused on just one issue.
We feel that advisory boards can be the best resource for answers to questions and decisions that have to be made, new ideas, reviews of your curriculum, scholarships, placement assistance, and more. We would love to hear how other schools use Advisory Boards as opportunities.
Dr. Susan Schulz has more than 20 years of experience consulting with postsecondary career colleges and traditional colleges and universities. Her areas of expertise include compliance, school development, retention, marketing, placement strategies, and mergers and acquisitions. Her doctoral dissertation research project involved determining what factors influenced attrition at a massage therapy school. She is also adjunct faculty member for MaxKnowledge.
0 Comments | Start the Discussion »
Date: August 20th, 2007
Author: Susan Schulz
0 Comments
Policies and Procedures Manuals are usually required by regulatory bodies. And policies manuals are really essential to run a stream-lined school. In reality, how many schools really have an up-to-date policies and procedures manual? And if you do, does your staff know about? Do they refer to it? Is there one person in charge of keeping things current? It’s quite a challenge but there are many solutions. Some schools have several policies and procedures manuals – one for each department. Many make this required reading for all employees.
Some manuals include policies and procedures for vendors explaining how the school works with suppliers. We have even seen agreements that vendors must sign stating the quality of their product, the delivery dates, and more. Talk about organization! What is unique about your policies and procedures manuals and how do you ensure that they are really serving the school?
Dr. Susan Schulz has more than 20 years of experience consulting with postsecondary career colleges and traditional colleges and universities. Her areas of expertise include compliance, school development, retention, marketing, placement strategies, and mergers and acquisitions. Her doctoral dissertation research project involved determining what factors influenced attrition at a massage therapy school. She is also adjunct faculty member for MaxKnowledge.
0 Comments | Start the Discussion »
« Older Entries
