Footnote Disclosures

Another year end has passed and now you are probably compiling and sending the 401(k) files to your third party administrator for them to complete their compliance testing, and other plan financial reports.  Many of these documents will then be requested by your 401(k) plan auditor.  Additionally your auditor will be requesting other Plan documents …

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Consider Giving Your 401(k) Plan a Mid-year Check

As we’re now into the second half of 2010, I thought I’d share some advice I read recently in Sunday newspaper.  Charles Schwab is encouraging individuals to perform a mid-year review of their 401(k) investments through the following simple processes: • Rebalance – Rebalancing means adjusting the allocations to the funds in your account back to …

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Defined-Benefit Plans – Recent Report of Deficits

Lately I’ve run across several articles in the news that give a gloomy outlook for pension plans, including the State of Arizona’s Public-Pensions.  According to a recent report in the Arizona Republic, tightening budgets and poor investment performance have some wondering if the funds can continue to meet their obligations to retirees.  Citing a new …

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Classifying Expenses – Is it Program or Supporting Services

Not-for-profit organizations are required to report financial information about the functional classifications of expenses, such as major program services and supporting services. There is often confusion surrounding when to classify an expense as program related versus supporting services (which is usually management & general or fundraising).  Program services are activities that result in goods or …

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Is My 403(b) Plan Required to have an Audit?

Maybe not. A new rule that affects 403(b) plans this year is the annual audit requirement. There is a lot of confusion out there amongst non-profit organizations as to whether or not their 403(b) plans are required to have an audit. There is a 2-step process in determining if an audit is required. First, is …

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Do You Still Need a 401k Audit?

It’s 5500 season again and now the big question is upon you: Do you need to have an audit performed and an audit opinion attached to your 5500 before you send it in? Most people know that the general rule is that if you have fewer than 100 participants in the plan, you are considered …

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