HB0818: Change Reporting Date for Credit Card Funds in Higher Education

TN Gen. Assy Bill: HB0818

Sponsor: Garrett

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Bill Summary

Subject: Education, Higher – Reporting Requirements for Public Institutions
Reporting Deadline Change: Shifts reporting date from October to November 1
Scope: Applies to public institutions of higher education receiving funds from credit card distributions to students or from cards bearing the college/university name or logo
Reporting Details: Institutions must report the amount received and detail how those funds were expended during the previous fiscal year
Legislative Amendments: 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 to the new reporting schedule, which could lead to administrative penalties or scrutiny from oversight bodies.
The amendment may impact the university’s financial planning and budgeting cycles, as the timing of fund reporting could affect the availability of financial data for decision-making processes.
Vanderbilt University should ensure that all relevant departments are informed and prepared for this change to avoid any disruptions in financial operations.

Impacted Programs

Vanderbilt’s Financial Services will need to adjust their reporting schedules and ensure compliance with the new deadline. This may involve revising internal processes and communication strategies.
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 be aware of the potential impact on financial planning and ensure that strategic decisions are informed by the most current financial data.

Financial Impact

The shift in reporting date may have minimal direct financial impact but could influence the timing of financial data availability, affecting budgetary and strategic planning.
Ensuring compliance with the new reporting schedule may incur minor administrative costs related to process adjustments and staff training.
Vanderbilt University may need to review its financial agreements with credit card companies to ensure alignment with the new reporting requirements.

Relevance Score: 2 (The change presents minor considerations for the university to address in terms of compliance and reporting processes.)

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 could impact the university’s recruitment strategies and financial aid offerings, particularly for students with artistic talents.
The Tennessee Higher Education Commission changes, including the addition of the executive director to the selection process for chief executive officers and the expansion of non-degree credentials, should be monitored by Vanderbilt’s administration. This could affect leadership dynamics and credential offerings at the university.
Vanderbilt’s Office of Institutional Research should prepare to contribute to the required reports on tuition discounts and waivers, as mandated by the Tennessee Higher Education Commission. This will ensure compliance and provide insights into financial support and student outcomes.

Opportunities

The introduction of the “Speak UP, Tennessee Scholarship Act” offers an opportunity for Vanderbilt’s Department of English and Creative Writing to engage with high school students excelling in spoken word poetry. This could lead to partnerships and programs that attract talented students to Vanderbilt.
The expansion of quality non-degree credentials presents an opportunity for Vanderbilt’s Continuing Education Programs to develop new offerings that align with the Wilder-Naifeh technical skills grant. This could enhance the university’s appeal to non-traditional students seeking technical skills.

Relevance Score: 3 (Some adjustments are needed to processes or procedures due to changes in scholarship opportunities and reporting requirements.)

Average Relevance Score: 2.4

Timeline for Implementation

Reporting deadline: November 1 (institutions must report the prior fiscal year’s funds by November 1)

Relevance Score: 4

Impacted Government Organizations

Public Institutions of Higher Education (State-Operated): These institutions are directly affected by the change in reporting requirements related to funds received from credit card initiatives linked to their name or logo.
Tennessee Department of Education: As the primary overseer of public education policy and compliance, this department is indirectly impacted by the amendments to TCA Title 4, which governs educational matters.

Relevance Score: 1 (Only a small number of governmental organizations, mainly within the education sector, are directly affected by the proposed changes.)

Responsible Officials

College/University Presidents – Charged with ensuring that their institution meets the revised reporting deadline by November 1 for funds received from credit card arrangements.
Chief Financial Officers (CFOs) – Responsible for compiling and reporting the detailed financial information regarding the funds received and their subsequent expenditure.

Relevance Score: 2 (The directive primarily impacts mid-level management within individual public institutions of higher education.)