Download the latest version - Eastern Virginia Medical School

Download the latest version - Eastern Virginia Medical School Download the latest version - Eastern Virginia Medical School

17.07.2015 Views

KEY REGULATORY REQUIREMENTS (Continued)Administration and FinanceFunction Governing Regulatory Focus of StandardAuthorityStandard(s)Security Department of Education Jeanne Clery Disclosure Must publish and distributeof Campus Security campus security report toPolicy and Campus enrolled students and currentCrime Statistics Act employees by October 1 of eachyear. Distribution can be viaregular, campus or electronic mail.Grants Accounting Office of Management & Circular A21, A110 andBudget (OMB)A133Cash Management andReporting per A110Cost AccountingStandards (CAS) per A21Uniform administrativerequirements for grants andagreements with institutions ofhigher education, hospitals, andother non-profit organizationsCost principles for educationinstitutionsGrant/Contract AwardingAgencies (varies)Contractual compliancewith awarding agenciesas dictated by thegrant/contract agreementAccounts Payable Internal Revenue Service Non-employee IRS 1099 Reporting (file byCompensationFebruary 28 of each year)Internal Revenue Service Non-resident Alien IRS 1042 Reporting (file byand INS Payments February 28 of each year)Commonwealth of VA Uniform Unclaimed Unclaimed Property for the StateDepartment of Treasury Property Act of VA (file by November 1 of eachyear)External Auditors GAAP ComplianceStudent Loans Department of Education Title IV and Perkins Regulations for federal loansadministeredDepartment of Health and PCL and LDSRegulations for federal loansHuman ServicesadministeredInternal Revenue ServiceIRS 1098 Reporting (file byJanuary 31 of each year)External AuditorsGAAP CompliancePayroll/Time and Internal Revenue Service Quarterly and AnnualAttendanceReportingFICA RequirementsFederal WithholdingRequirements178

KEY REGULATORY REQUIREMENTS (Continued)Administration andFinance (Continued)Function Governing Regulatory Focus of StandardAuthorityStandard(s)Federal UnemploymentTax Act (FUTA)Enforcing/collecting unemploymentW-2 Reporting IRS W-2 Reporting (file byJanuary 31 of each year)Dept. of Labor Fair Labor Standards Act Wage Laws as related to not(FLSA)holding for wages earned;Overtime regulationsConsumer CreditProtection Act (CCPA)ConfidentialityRequirementsGarnishments-Employer withholdsearning as as a result of a courtorder (i.e. child support or alimony)Confidentiality ProtocolCommonwealth of VA Uniform Unclaimed Unclaimed Property for the StateDepartment of Treasury Property Act of VA (file by November 1 of eachyear)External Auditors GAAP ComplianceAccounts Receivable Internal Revenue Service Unrelated BusinessIncomeStudent TuitionIRS 1098T Reporting (file by Nov.1of each year)Department of Education Federal refund calculation Federal Loans Regulationsfor students that withdraw(impacts financialresponsibility ratio)Cash Management(3 days to apply fundsreceived to students'accounts)Federal Loans RegulationsExternal AuditorsGAAP ComplianceGeneral Ledger & Internal Revenue Service Unrelated BusinessFinancial ReportingIncomeDepartment of Education Financial Responsibility i.e. Composite ScoreRatio179

KEY REGULATORY REQUIREMENTS (Continued)Administration andFinance (Continued)Function Governing Regulatory Focus of StandardAuthorityStandard(s)Federal UnemploymentTax Act (FUTA)Enforcing/collecting unemploymentW-2 Reporting IRS W-2 Reporting (file byJanuary 31 of each year)Dept. of Labor Fair Labor Standards Act Wage Laws as related to not(FLSA)holding for wages earned;Overtime regulationsConsumer CreditProtection Act (CCPA)ConfidentialityRequirementsGarnishments-Employer withholdsearning as as a result of a courtorder (i.e. child support or alimony)Confidentiality ProtocolCommonwealth of VA Uniform Unclaimed Unclaimed Property for <strong>the</strong> StateDepartment of Treasury Property Act of VA (file by November 1 of eachyear)External Auditors GAAP ComplianceAccounts Receivable Internal Revenue Service Unrelated BusinessIncomeStudent TuitionIRS 1098T Reporting (file by Nov.1of each year)Department of Education Federal refund calculation Federal Loans Regulationsfor students that withdraw(impacts financialresponsibility ratio)Cash Management(3 days to apply fundsreceived to students'accounts)Federal Loans RegulationsExternal AuditorsGAAP ComplianceGeneral Ledger & Internal Revenue Service Unrelated BusinessFinancial ReportingIncomeDepartment of Education Financial Responsibility i.e. Composite ScoreRatio179

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