IUA Statement on mismatch of Reporting Deadlines for US Federal Funding - March 20th

“Universities in receipt of US federal funding are required to submit audited financial statements prepared in accordance with US GAAP to the US Dept. of Education within six months of the institution’s financial year-end. However, it is not currently possible for Irish universities to comply with this deadline as they are required to have their accounts signed off by the Comptroller and Auditor General and this can’t happen within the six-month period.  The IUA lobbied on behalf of the sector and requested that the six month timeline, for submission of US GAAP financial statements, be extended to nine months. Lobbying efforts are ongoing.

This mis-match in reporting deadlines, which is outside of the control of universities, has recently led to a process change which resulted in delays providing funds to students in receipt of US Federal Student Aid. The IUA understands that individual universities have put procedures in place to ensure that students receive any funding due even though the universities may have to wait for some months to be reimbursed by the US Dept. of Education.”