Schools and deadlines during COVID-19

As of March 13, 2020, we were notified that all schools would be closed as a preventative measure due to the COVID-19 outbreak. This has resulted in multiple effects in our general community among other things. From a business perspective, new questions have surfaced for the March 31 deadline. Don’t miss: $21 million missing and …

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Travel expense reimbursement issues at Northern Arizona University – The case for re-evaluating, reviewing and testing travel reimbursement policies and procedures in local governments

Recently the Arizona Auditor General released its report for Northern Arizona University’s (NAU) internal control and compliance for the year ending June 30, 2019. The report includes only one finding, that the “University inappropriately paid for $40,277 of the President’s and her spouse’s travel  expenses that conflicted with policies and lacked appropriate documentation, which put …

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Your audit, from good to great

We want our clients to get more out of their audits! We are not talking about heartburn either. We invite you to look behind the audit curtain. Maybe this will shed some light on what is going on. We have an action plan, some things you can do to help turn your audit from good …

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What is missing from your SEFA?

In addition to your many end of fiscal year document requirements, you’re also responsible for the Schedule of Expenditures of Federal Awards (SEFA).  Below is a list of items you’ll need to prepare the SEFA under Uniform Guidance as well as some helpful tips to ensure the information is complete and accurate. Tips for preparing …

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Changes impacting debt issues for government entities

Are you, as well as other key personnel, aware of the new amendments? In February 2019, the Securities and Exchange Commission (SEC) amendments to Rule 15c2-12 went into effect for those entities that issue bond debt. This requirement is on new bond obligations being issued now and, in the future, and not a requirement for …

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Why is government so slow? Expectation vs. reality

Why is government so slow? Have you ever been asked this question by those your government entity serves? Maybe someone has asked this via email or commented on your social media account. Thanks to how connected we are, governments and their constituents are able to interact more than ever. The digital age also allows us …

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The benefits of timely financial reporting

It’s the holiday season – you’re busy, your staff is busy, life is full of interruptions, and for you December 31 ending governments out there, you’ve still got to close your books at year-end. There’s only so much time between your actual year-end, when your entity is really performing closing entries to begin your annual …

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New fiduciary fund accounting: are you prepared?

The way governments have reported their fiduciary activities has varied at times and sometimes, they are not reported at all. GASB Statement 84 aims to correct this as well as other items effecting the fiduciary accounting world. Now is the time for an evaluation of all your activities to determine whether this GASB statement will …

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Considerations for new revenue, expense recognition

GASB is currently looking to address expanded guidance on revenue for classification and recognition through one of two primary ways: Exchange/Non-Exchange Model, or Performance/No-Performance Obligation Model This blog will provide a brief overview of the Exchange Model. The Exchange Model The Exchange Model classifies an exchange transaction as when each party receives and gives up …

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Recording prepayments and immaterial inventory supplies

In governmental accounting, the presentation of prepayments and immaterial inventory supplies on the fund statements balance sheet (using the current financial resources measurement focus) is optional. The balance sheet only includes financial assets, defined as cash or something that will convert to cash in due course. Prepayments and immaterial inventory supplies can fall in this …

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