The Kentucky Department of Education (KDE) released information regarding the newly effective GASB Standard 84. This governs most of the reporting for School Activity Funds, and districts should start implementing the change now for their fiscal year 2020 audit. To execute this change, Fund 25 and Org code segments will
Providing Peace of Mind for Mental Health Organizations Health insurance claims. Government reimbursements. PCI DSS and HIPAA. Grant compliance. Fee-for-service payments. Budget reconciliations. Board reports…the list goes on and on. If you’re in charge of financial operations for a mental health organization, these terms take up a lot of
Faith in Your Future As a religious organization leader, your faith and your mission come first. But your financials are a critical priority as well. You’re accountable to supporters and the congregation. You rely on their generosity. And they want to know how you’re using their gifts for the betterment
Managing financial reporting and accounting requirements can be challenging – especially when you must also prepare for changes in accounting standards, such as the lease accounting standard in effect for private companies beginning in January 2022. More heavy lifting than you might expect Not only does the new lease standard
Implementing the new lease accounting standard is turning out to be more complicated than many originally expected – and one of the biggest challenges is identifying and properly classifying leases (not all leases that qualify under the new standard necessarily say “lease” at the top of the document). Once you’ve
The SECURE Act (Setting Every Community Up for Retirement Enhancement), passed in late 2019, included the most updates to retirement legislation in over a decade. The legislation’s goal was to encourage more Americans to improve their retirement savings. As we noted at that time, the provisions of the SECURE Act
Can’t watch the video? Get the transcript. Non-profits rarely stay the same for long. Growth brings new programs, new entities, and new operational demands—and without the right support, those changes can quickly complicate the audit process. In this conversation, Patrick Frambes and Christa Woelfel share how their non-profit audit services
Over the course of the COVID-19 pandemic, the Small Business Administration (SBA) has been charged with the challenging task of managing important relief programs including the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program. The ongoing changes, clarifications, and updates have left many borrowers’ and applicants’ heads
Accurate preparation of a trust tax return goes well beyond mere numerical calculations and form submissions – a comprehensive grasp of the trust’s framework, operational dynamics, and financial undertakings is imperative. Trust analysis is a cornerstone in this endeavor, ensuring meticulous adherence to tax statutes while optimizing tax efficacy. Let’s
One wrong classification can lead to costly tax assessments, wage claims, employee benefits issues, and penalties. Before deciding whether a worker is an employee or an independent contractor, it’s important to understand what the law actually requires. The difference between employee and independent contractor status affects payroll taxes, overtime, minimum
Financial due diligence is an essential review of your organization’s financial health. Similar to an audit, financial due diligence includes bringing in an outside firm to get a better understanding of your financial situation and future prospects. It’s also a critical part of any merger or acquisition – as a