Arizona School District Residency Requirements

With the new school year quickly approaching it’s that time when many districts are performing their annual registration process. In September 2011, the Arizona Department of Education (ADE) issued a memo with guidelines on how to comply with A.R.S. §15-823(J) which allows districts to only include students who reside in Arizona in their student counts. …

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Charter School Compliance Questionnaire Update

The Arizona State Board for Charter Schools recently released the USFR Compliance Questionnaire for the fiscal year ended June 30, 2012. Although there were not many changes to the questionnaire from the previous year, there is one notable question that was added to the attendance section that related to the residency requirements that schools are …

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Accounting for a capital lease: lessee’s perspective

Leasing equipment continues to be an attractive option for many companies compared to buying equipment outright. After going through the decision process of leasing new equipment, do you know how to account for it? The first question you should ask is “What type of lease is it?” Is it a capital lease or an operating lease? There are …

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Sponsorship vs. Advertising

Selling sponsorships at a special event can be a great way for a nonprofit organization to raise additional money.  Sponsorships are also beneficial for donors as donors can receive tax deductions while receiving public acknowledgement of their sponsorship.  Though this may seem like a great source of additional revenue for a nonprofit, there are a …

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A Huge Taxpayer Win in Favor of Formula Clauses

A recent U.S. Tax Court case (Wandry v. Commissioner, T.C. Memo 2012-88, March 26, 2012) highlights the usefulness of formula clauses in gift transactions. The taxpayers, husband and wife, made gifts to their children and grandchildren of interests in a family limited liability company. Their tax attorney advised them to make all gifts as a …

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Stock Compensation: Stock Options

Stock compensation to employees and other suppliers of goods or services can take many forms, including the stock option grants, awards of restricted  and non-restricted stock, cash payments based upon the company’s share price, and employee stock ownership plans, amongst many others.  The one common attribute of the many varying forms of stock compensation is …

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How are the New Accounting Standards for State and Government Pensions Going to Affect Me?

In June 2012, Governmental Accounting Standards Board (GASB) issued 2 new standards (GASB67 and 68) dealing with financial statement reporting of State and local government pensions.  These standards change how State and local governments report the costs and obligations associated with defined benefit pension plans.  Governments will be implementing changes as early as June 30, …

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Board Governance = Tax Compliance?

The revised Form 990 is now old news since it came out back in 2008.  One of the significant changes to the form back then was the addition of the board governance section.  By adding that section, the IRS obviously was communicating their idea of what best practices should be followed by the Board of …

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Physical Safeguards for your IT Environment

You may think that the term “physical safeguards” for your information technology environment apply only to the protection of your IT network and data from intrusion and theft; but did you know it is just as likely, if not more so, to be damaged from improper storage.  What I mean is the possibility of fire …

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