How to Tell the Difference Between a Vendor or Subrecipient

How can you tell if you have passed federal funds on to a subrecipient or simply paid a vendor?  The answer to this question may not always be easy.  This is something many not-for-profits struggle with, and it’s extremely important as single audit requirements that an entity which passes federal funds on to a subrecipient …

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Investment Choice Fees

There are two types of fees that may be charged to your retirement plan that are different from administrative fees.  These fees are usually in connection with investment choices that are made available to participants. One type of fee is known as the sales charges.  You may also hear these sales charges referred to as …

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Government Cash Requirements

Recently, while working with a few of our smaller governmental clients, we had recognized a concern by those client regarding their requirements to collateralize and/or maintain deposit balances below the ever changing Federal Deposit Insurance Corporation limits (FDIC).  We realize how much those working in government finance are constantly bombarded with items in their day …

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Auditor Term Limits: An Update for Charter Schools

Last fall 2011 I wrote a blog regarding auditor term limits that were slowly creeping their way into governmental audits in the State of Arizona.  The legislature had passed Laws 2011, Chapter 344, sec. 5 and sec.16 of Arizona Revised Statutes §15-183 and §15-914, respectively, in July 2011 requiring Charter Schools to rotate their audit …

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Where Should an Employer Look for Benefit Plan Fraud?

Employee benefit plans are often a side note in the day-to-day transactions of a business, lacking the constant oversight and review given to the operational activities.  Also, benefit plans involve the majority of the employees in a company in some way or another.  These and many other reasons make benefit plans susceptible to fraud.  As …

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A Few Simple Steps for Having a Successful Audit

There are some simple steps any entity can take to help make a financial audit as simple and painless as possible.  First, good cooperation between the client and auditor is essential.  Second is the client’s maintenance of a good system of internal controls over the financial activities occurring in the entity.  These things make it …

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