SB0810: Change Reporting Date for Credit Card Funds in Higher Education
TN Gen. Assy Bill: SB0810
Bill Summary
- Reporting Deadline Change: Adjusts the reporting deadline for public institutions of higher education from October to November 1.
- Scope of Reporting: Institutions receiving funds from the distribution of credit cards to students or a percentage from the use of cards bearing the college or university name/logo must report the total funds received and detail how these funds were expended during the previous fiscal year.
- Amendments to Tennessee Code: Modifies provisions in TCA Title 4, Title 8, and Title 49.
Risks & Considerations
- The change in reporting date from October to November 1 for funds received from credit card distributions or usage may require adjustments in financial reporting processes at Vanderbilt University. This could necessitate updates to internal timelines and coordination with financial departments.
- There is a potential risk of non-compliance if the university fails to adapt its reporting schedule accordingly, which could lead to administrative penalties or scrutiny from oversight bodies.
- The amendment may also impact the university’s financial planning and budgeting cycles, as the timing of fund reporting could affect cash flow analysis and fiscal year planning.
- Vanderbilt University should ensure that all relevant departments are informed of this change to avoid any disruptions in financial operations or reporting accuracy.
Impacted Programs
- Vanderbilt’s Financial Services and Reporting Departments will need to adjust their schedules and processes to accommodate the new reporting date, ensuring compliance with state requirements.
- The Office of the Bursar may need to coordinate with credit card companies and other financial partners to ensure timely and accurate reporting of funds received.
- University Administration should review and possibly update policies related to financial reporting and compliance to align with the amended legislation.
Financial Impact
- The shift in reporting date may have minimal direct financial impact but could influence the timing of financial analysis and decision-making processes at Vanderbilt University.
- Ensuring compliance with the new reporting schedule may incur minor administrative costs related to updating systems and training staff on the new requirements.
- There may be opportunities to streamline financial reporting processes, potentially leading to more efficient operations and better financial oversight.
Relevance Score: 2 (The change presents minor considerations for the university to address in terms of compliance and reporting adjustments.)
Key Actions
- Vanderbilt’s Financial Aid Office should evaluate the implications of the “Speak UP, Tennessee Scholarship Act” which provides scholarships for students demonstrating artistic excellence in spoken word poetry. This evaluation will help in understanding how the university can support and attract students who may benefit from this scholarship, potentially increasing diversity and talent in the student body.
- The Tennessee Higher Education Commission changes, including the addition of the executive director to the selection process for chief executive officers, should be monitored by Vanderbilt’s administration. Understanding these changes will be crucial for aligning the university’s leadership strategies with state policies.
- Vanderbilt’s Office of Institutional Research should prepare to contribute to the required reports on tuition discounts and waivers. By providing comprehensive data and analysis, the university can ensure that its financial strategies align with state expectations and demonstrate the value of its educational offerings.
Opportunities
- The introduction of the “Speak UP, Tennessee Scholarship Act” offers an opportunity for Vanderbilt’s Department of English and Creative Writing to develop programs or workshops that support spoken word poetry. This could enhance the university’s reputation as a leader in fostering artistic talent and innovation.
- The expanded quality non-degree credentials for the Wilder-Naifeh technical skills grant present an opportunity for Vanderbilt’s Career Center to collaborate with technical programs and enhance career pathways for students. By aligning with these state initiatives, Vanderbilt can broaden its educational impact and support workforce development.
Relevance Score: 3 (Some adjustments are needed to processes or procedures to align with new scholarship opportunities and reporting requirements.)
Timeline for Implementation
- Submission required by November 1 for reporting the previous fiscal year’s data.
This deadline is interpreted as part of an annual reporting cycle, implying that institutions will have a substantial period (likely 180 or more days) from the close of the fiscal year to comply.
Relevance Score: 1
Impacted Government Organizations
- Public Institutions of Higher Education: The legislation directly affects public higher education institutions by altering the deadline for reporting funds received from credit card distributions, impacting their financial and administrative reporting processes.
Relevance Score: 1 (Only one category of government organizations is impacted by the legislation.)
Responsible Officials
- N/A – The text does not explicitly designate any governmental officials or agency heads to oversee the change, as it primarily shifts reporting requirements onto the public institutions themselves.
Relevance Score: 1 (The directive affects institutional reporting practices without specifying involvement of higher-level government officials.)