Classroom Site Funds gets new rules

In March of 2021, the Arizona House of Representatives passed new legislation for how Classroom Site Funds monies can be expended beginning in academic year 2021-22 or fiscal year 2022. Previously the statute required schools to allocate CSF monies as follows: 40% for teacher compensation increases based on performance and employment-related expenses 20% of monies …

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Explaining the Annual Expenditure Limitation Report for cities and towns

Arizona Revised Statutes (A.R.S.) §41-1279.07 states that “The auditor general shall prescribe a uniform expenditure reporting system for all political subdivisions subject to the constitutional expenditure limitations prescribed by article IX, sections 20 and 21, Constitution of Arizona.” The Annual Expenditure Limitation Report is applicable to counties, community college districts, and cities and towns, each …

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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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The 2020 compliance supplement addendum is finally here

The Compliance Supplement Addendum was finally released at the end of December 2020. With the addendum, there was a total of five new Catalog of Federal Domestic Assistance (CFDA) numbers issued as they relate to COVID-19 funding. These cross over Department of Agriculture, Department of Education, Treasury, Federal Communications Commission (FCC) and Department of Health …

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Tips for mitigating stress

Stress, an inevitable part of life which is usually characterized as an unwelcome/unpleasant feeling, experienced both physically and mentally. Because of this you spend so much time trying to avoid stress altogether. But what if instead of trying to avoid it completely, you focused on using the following strategies to mitigate your stressful situations and …

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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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Understanding prepaids and accounts payable

Let’s be honest, accounting can sometimes be a challenge. But what makes it difficult? Not understanding the fundamentals of how accounts work, without understanding the relationships and purpose of each account, nothing will make sense! So, today, Henry+Horne is here to help you understand the difference between prepaids and accounts payable. First, let’s make it …

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Commonly missed year end balance sheet reclass entries

Year-end comes every twelve months whether we are ready or not. The year-end process can be a lot to remember when it comes to accruals and the “once a year” transactions that need to be done. Commonly missed year-end entries are reclass entries needed between assets and liabilities. They are commonly missed due to the …

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Are you an Ethical Person? Take a Quiz to find out

When it comes to accounting, people often believe it to be very rigid and structured. But as we all know, “it depends” is a very common answer when it comes to the treatment of various accounting issues. At what point does something become an ethical issue? Well…it depends. It’s also not as clear as some …

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Operational Reviews of Arizona Courts

Navigating Arizona’s court financial system can be confusing, even more so with a recent switch between AZTEC and AJACS systems. The state completed the transition by June 30, 2020 and now everyone can begin learning the user-friendly system! Don’t miss: Culture of busy-ness Each court is required to complete the following, to adhere to compliance …

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