Benefits of spending time on the SOFE

When addressing your SOFE (Statement of Functional Expenses) for the upcoming audit, it is important to remember that the SOFE must be broken out into its three functional categories. Those are program services, management and general (M&G) and fundraising. Now, your nonprofit may have a standing template for which you fill out the SOFE and …

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Arizona Charter Schools Help Lead the Way

Studies show that charter schools are growing by numbers and students.  Among the largest growth leaders is the State of Arizona.  At least 145,000 students in Arizona are now enrolled in charter schools, and the results of those schools are also making large strides towards better education with more and more Arizona students becoming competitive …

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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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Single Audit Revisions – The Government Needs Your Help

Imaging looking at your Schedule of Expenditures of Federal Awards (SEFA) and noting that the total is $502,000.  Some of you might think, “Why couldn’t we have spent $3,000 less and save ourselves the cost of a single audit?”  And you’re not alone.  The United States OMB is working on reforming the Federal Grant process, …

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