Pension obligation bonds post GASB 68

Recently, a number of our clients have reached out to us regarding the accounting treatment for pension obligation bonds. Specifically, people want to know about any accounting treatment they should consider when factoring in GASB 68. Even though GFOA advises against governments issuing pension obligation bonds, it is clear that the interest rates on taxable …

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Reconciling your fixed assets

Reconciliations are an important part of determining and following money trails of a organization. In short, a reconciliation is the process of bringing together two separate sets of data and ensuring the data is accurate and agrees with one another. In accounting there are various types of reconciliations that can be performed; one being a …

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Accounting for compensated absences

Compensated absence is as the name implies, the employer’s offering of time off with pay to employees. As the employee prepares for how they will use their time off an employer must also account for it properly regardless how the employee uses that time. As stated from GASB Statements 16 and 34, governments must account …

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The bank reconciliation process

The general ledger contains a record of your company’s cash transactions while the bank statement records all money moving in and out of an account. Theoretically these should result in the same cash balance, however, that is rarely the case. To ensure that these two items balance it is important to perform regular reviews called …

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Legal compliance questionnaire changes

Every year the Charter School Board publishes the current year changes for the Uniform System of Financial Records for Arizona Charter Schools (USFRCS); also known as the Questionnaire or State requirements. This Questionnaire provides guidelines based on Arizona State Legislature for Charter Schools to comply and hold accountable for financial reporting. As a reminder, Charter …

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AELR CFO designations needed

Do you file an Annual Expenditure Limitation Report, or an AELR? If so, did you know that, beginning in fiscal year 2021, you are required to submit to the Auditor General by July 31st who will be officially be signing the report? Per A.R.S. §41-1279.07(E), every county, city, town or community college district must provide …

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USFR for Arizona school districts: Procurement

When Arizona school districts undergo a financial statement audit, a compliance review is also conducted. This review is meant to evaluate whether the school district is compliant or non-compliant with the Uniform System of Financial Records for school districts, commonly referred to as the USFR. The compliance review report is based primarily on the compliance …

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OMB exemptions related to the expenditure of federal awards and COVID-19

With the widespread impact of the COVID-19 virus, the Office of Management and Budget (OMB) has released various memorandums offering advice, direction and relief through the relaxation or easing of the administrative requirements related to the expenditure of federal funds. Initially the OMB’s memo’s focused on providing relief or flexibility only to recipients performing essential …

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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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