The FAFSA Simplification Act makes changes to the FAFSA for the first time in 40 years and aims to streamline the application process, remove barriers for key student populations and expand federal aid eligibility.

Changes higher education institutions should expect

The FAFSA Simplification Act is here. Changes higher education institutions should expect

Not-for-profits often receive noncash donations or gifts-in-kind, which are harder to value than cash. Here are some thoughts and considerations on how to value these donations.

Accounting for noncash and hard-to-value gifts

Gift acceptance: Thanks for the gift! Now how do I report it?

The potential BBB legislation includes$40 billion in higher education and workforce development investments.

The potential BBB legislation includes $40 billion in higher education and workforce development investments.

Build Back Better Act includes aid for higher education institutions

The Higher Education Emergency Relief Fund III (HEERF III), authorized by the American Rescue Plan Act of 2021 (ARP), provides $39.6 billion in additional support for higher education institutions.

Department of Education releases HEERF III guidance

Higher education institutions are set to receive largest relief funding allocation since the beginning of the COVID-19 pandemic.

Third COVID-19 relief funding package – American Rescue Plan Act provides $40 billion for colleges and universities 

Coronavirus relief funding update for higher education institutions 

Department of Education releases new round of COVID-19 funds for colleges and universities

Not-for-profit organizations must implement the current expected credit loss (CECL) standard now to comply with this new accounting regulation.

Demystifying CECL: A guide for NFPs to managing credit losses

The cybersecurity insurance market has shifted significantly over the last 12-18 months, leaving not-for-profit organizations faced with pricey premiums or the inability to purchase coverage.

How your NFP might need to record an allowance for trade and financing receivables under ASU 2016-1

Managing credit losses for not-for-profits 

Michael is an assurance principal with Baker Tilly’s not-for-profit and higher education teams. He has more than 15 years of diversified public accounting experience in a variety of industries including not-for-profit, higher education and employee benefit plans.

Lehigh Conference of Churches, Finance committee member

Lehigh Valley Chapter of Volleyball Officials, Treasurer

Michael is an assurance principal with Baker Tilly’s not-for-profit and higher education teams.

Bachelor of Science in accounting
University of Maryland

Significant experience working on a variety of technical accounting and auditing issues for clients; member of firmwide not-for-profit industry technical committee

Areas of expertise include employee benefit plans, audits of colleges, universities and not-for-profits and local governments, including audits of federal programs under OMB Uniform Guidance

Approved technical reviewer for single audits

Meets and substantially exceeds the continuing professional education requirements of Government Auditing Standards (Yellow Book) issued by the Comptroller General of the United States

American Institute of Certified Public Accountants (AICPA)

Pennsylvania Institute of Certified Public Accountants (PICPA)

Looking back and planning ahead on key accounting, tax and industry insights 2024 was a transformative year for the not-for-profit (NFP) and higher education industries. From evolving regulatory requirements and presidential election impacts to technological disruptions (like the rise of artificial intelligence) and workforce challenges (including increased leadership turnover), NFPs faced myriad issues and opportunities that will continue to affect these organizations, including colleges and universities, in 2025. Join us for a 2-hour in-depth discussion on key changes and events from the past year and how to navigate the future of this unique industry landscape. Our NFP and higher education sector-specialized team will reflect on important issues and guide you through effective strategies on numerous financial, accounting and operational topics imperative to growth, sustainability and success. Don’t miss this annual CPE session focused on helping your organization drive its mission forward. Learning objectives Gain perspectives from recent Financial Accounting Standards Board (FASB) Not-for-Profit Advisory Committee (NAC) meetings on accounting standards, select FASB projects and financial reporting implications of NFP industry trends and observations Discuss the broad challenges and opportunities experienced during current expected credit losses (CECL) adoption Navigate situations and events that may require reassessment of audit procedures for the allowance for credit losses Understand both management's and the auditors’ responsibility relating to ASC 205-40, Going Concern Explore recent challenges with going concern assessments in the current economic environment Recognize where the Employee Retention Credit (ERC) stands and the latest guidance from IRS audits and evaluate if your organization should payback ERC funds or still apply for 2021 Assess new and current tax regulations, their potential impact on your NFP and how to develop strategies to prepare your organization effectively  Meet this year’s presenters and industry specialists Nicki Donlon, CPA, Principal Ellen Labita, CPA, Principal Troy Marine, CPA, Director David Sacarelos, CPA, CGMA, Principal Mike Wascura, CPA, Principal Who should attend Executive leadership and accounting and finance professionals, including CEOs, CFOs, COOs, controllers, audit and finance committee members and board members from any type of not-for-profit organization or higher education institution.

Michael W. Wascura

Location

Lehigh Valley, PA

Education

Expertise

Michael's latest insights

The FAFSA Simplification Act is here