Cybersecurity FSA recently sent breach notification and information security reporting compliance letters to some colleges based on unconfirmed reports of student information data breaches sent directly to presidents and chancellors FSA interested in adding an audit objective to evaluate compliance with the Safeguards Rule of the Gramm-Leach-Bliley Act yet to be officially implemented EU General Data Protection Regulation

Veterans Affairs Veterans Educational Assistance Act Lifts current 15-year time limit for benefits Extra year for STEM degrees Expands eligibility to National Guard Full eligibility to Purple Heart recipients Reporting fee increases to $16 per student

Tax Reform Tax Cuts and Jobs Act of 2017 will have broad impact on colleges and universities Charitable giving and endowments How will the changes impact giving? New endowment excise tax Treatment of tax-exempt organizations New executive compensation excise tax New UBIT rules BUT forthcoming guidance (JCT Blue Book, IRS regs) will determine extent of impact on higher education

Internal Revenue Service Must report in Box 1 on 1098-Ts for 2018 Still awaiting final rules Foreign students Recommendation: Nonresident alien (NRA) students should claim Single-1 on W-4 If the student claims Single-0, then there is over-withholding (student's check could be negative) Elimination of personal exemptions; NRAs ineligible for standard deduction Will likely result in a notably higher tax liability for those students from countries that do not have tax treaties in place

Financial Responsibility Agreements Advisory Report 2015-1 Currently under revision to include “make whole” provisions for collection fees. Don’t do this alone! Talk to counsel for review and approval to ensure your agreement complies with all applicable federal, state, and local laws, and institutional policies.

Telephone Consumer Protection Act (TCPA) U.S. Court of Appeals for the D.C. Circuit Decision: No. 15-1211 (3/16/18) Reversed the FCC’s guidance on the definition of autodialers Vacated FCC’s approach to reassigned numbers Upheld revocation of consent Sustained exemption for time-sensitive health-care calls. FCC could issue new guidance in the future

NACUBO Value of Higher Education Initiative

Be Counted! The 2018 Student Financial Services Benchmarking survey is open. Please participate! Emails have been sent! If you are the right person to fill out the survey for your school and you didn’t get an email, leave your card (with SFS Benchmarking written on it). Friday J April 27

Bryan Dickson bdickson@nacubo.org 202.861.2505 advocacy@nacubo.org