Nonprofit Resources

Top Four June 2023 Announcements for Higher Education Institutions

Here is a summary of the top four June 2023 U.S. Department of Education (ED) announcements and reminders that apply to higher education institutions:

1. FSA Electronic Announcement General-23-46, Sunset of COVID-19 Waivers and Flexibilities – A summary of general guidance regarding the return to normal compliance with Title IV, Higher Education Act (HEA) requirements.
2. FSA Electronic Announcement General-23-48, Reminder – July 31, 2023 Reporting Deadline for Section 117 of the Higher Education Act of 1965 – Institutions of higher education must file a disclosure report with the Secretary of Education whenever the institution is owned or controlled by a foreign source or receives a gift from or enters into a contract with a foreign source, the value of which is $250,000 or more within a calendar year. The next date by which institutions must submit these disclosure reports is Monday, July 31, 2023.
   
3. FSA Electronic Announcement Gen-22-14, Cash Management – Tier One and Tier Two Arrangements – While not new, the 2023 compliance supplement (pg.1902) requires auditors to test Tier One (T1) and Tier Two (T2) arrangements between the institution and any third-party servicer. For both T1 and T2 arrangements, institutions must provide ED with an up-to-date URL for the contract and contract data for publication in a public centralized database. For more information on T1 and T2 requirements, please refer to 34 CFR § 668.164(d), (e), and (f).
4. FSA Electronic Announcement CB-23-09, Federal Perkins Loan Program – Deadline Reminder: Mandatory Assignment of Federal Perkins Loans in Default for More than Two Years – As a reminder, the final deadline for assigning these Perkins Loans to ED is June 30, 2023.

Please contact us if you have questions or would like to discuss how these announcements apply to your institution.

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