8/20/2020 Note: In the Q and A document, we noted that the Department was currently revising the ez-Audit templates to accommodate the new Financial Responsibility provisions. The work is complete, and revised templates are now available. The Q and A document has been updated accordingly.
The final regulations published on September 23, 2019 (https://ifap.ed.gov/federal-registers/fr092319) establish, in part, new Financial Responsibility reporting requirements stemming from changes in accounting standards and recommendations made by the community. In the attachment to this Electronic Announcement (EA), we address, in a question and answer format, several concerns raised by institutions, auditors, and other community partners regarding how these requirements will be implemented. We intend to supplement this EA periodically with Q&A’s on other Financial Responsibility issues, as needed.
If you have any questions or concerns about the new Financial Responsibility requirements, please write to us at FinancialRegulations@ed.gov.