Deposition Composure

The court reporter had a foreboding sense that the deposition was not going to go well.  Mr. Kruft, who was pushing 80 years, was being deposed.  And, he was clearly expressing a great deal of annoyance at the questions being fired at him by the examining attorney.  He also did not like the smug demeanor …

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GASB 54, the Devil is in the Details

As most readers of this blog know by now, governmental entities are now required to adopt “Governmental Accounting Standards Board Statement 54 (GASB 54) Fund Balance Reporting and Governmental Fund Type Definitions” for their Comprehensive Annual Financial Reports (CAFR) for the year ending June 30, 2011.  We at Henry & Horne are well into our …

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All About Blackout Periods

We recently had some questions about how blackout periods work, and I learned a lot by consulting some of our TPA (third party administrator) colleagues and the DOL website. A blackout period is basically a time that participants temporarily lose control of their retirement accounts.  During this period, no changes can be made to investment …

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Are You Ready for Your Year-end Inventory Count?

It’s one of the most dreaded days of the year for many of you…physical inventory day.  This can be a frustrating and time-consuming process with numerous obstacles, though with the proper planning you can make the physical inventory process run smooth and efficient. Inventory preparation – There is a lot you can do ahead of …

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Two helpful QuickBooks tips to protect prior period data

It’s hard to deny how easy QuickBooks accounting software is to use. However, the very thing you love about the software can also be a source of trouble for you when it comes to certain activities. Because it is so easy to use, transactions can be changed easily, most times without thought to how these …

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EFAST2 Form 5500/5500-SF Filing Search

The Employee Retirement Income Security Act of 1974 and provisions of the Internal Revenue Code require certain employee benefit plans to submit information on their size, funding, operations, and other characteristics on an annual basis.  For the plan years 2009 to date all of these filings are stored electronically and can viewed through the EFAST2 …

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Increasing Financial Transparency

Over the past several years more and more citizens have pushed for an increase in the transparency of financial reporting of governments. As the economy has struggled, citizens have grown more concerned with how their tax dollars are being spent. The Government Finance Officers Association (GFOA) has long encouraged governments to demonstrate transparency by making …

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International fraud awareness week puts spotlight on fraud

International Fraud Awareness Week is an initiative to raise fraud awareness. Here are some basics that all organizations should follow to prevent and detect fraud, according to the Fraud Week website. Establish a fraud policy  This policy outlines what activities are considered and how they should be reported to management or the board of directors. …

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