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- Documenting Board Approval for Payroll Contracts
- Travel Reimbursements – Tips for Uncommon Scenarios
- Why Segregation of Duties Matters in an IT Environment
- Don’t Hold Your Breath: Why Water and Wastewater Rates in Arizona Aren’t Falling Anytime Soon
- Do Your Due Diligence!
- What Happens When Cash Isn’t Reconciled
- Adjacent Ways Projects: Capitalize or Expense?
Tag Archives: capital assets
Adjacent Ways Projects: Capitalize or Expense?
Over the past year, we’ve been keeping an eye on common issues our school district clients are running into, and one question continues to come up: Should Adjacent Ways projects be capitalized and depreciated, or expensed as normal operating costs? … read more
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Tagged accounting, adjacent ways, Alex Manriquez, Arizona, capital assets, government, school districts
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Property Control and Tagging Item Concerns for USFR Compliance
The USFR Compliance Questionnaire requires Arizona school districts to appropriately tag stewardship and capital asset items that should then correspond to a district’s stewardship or capital asset listing. The sample size for this requirement has increased over the past few … read more
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Tagged Arizona school districts, audit, capital assets, compliance questionnaire, internal control, inventory, stewardship, tagging, USFR
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Common Areas that Cause Hang-Ups in Audits and How to Avoid Them
Imagine it is June, your fiscal year is ending and the upcoming audit is peaking its head around the corner. It happens every year, yet it feels like you can never be prepared enough. The key to being prepared is … read more
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Tagged Arizona, Ashley Avena, audit preparation, capital assets, compensated absences, information technolog, procurement, school district, USFR
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Capital Assets Under the Capitalization Threshold – Part II
With the beginning of a new fiscal year, it is always a great time to note what new financial reporting requirements will be effective for the year to proactively plan for any significant changes rather than retroactively attempting to implement … read more
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Tagged capital assets, capitalization, Christopher Heinfeld, financial statements, GASB, threshold
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Foundational Information for the Reporting of Assets by School Districts
Capital asset maintenance is an area often overlooked by school districts. Given the amount of background knowledge and manipulation required to ensure that assets are reported correctly, the task can seem intimidating. To successfully begin the process of maintaining asset … read more
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Tagged account codes, account coding, accounting, Arizona, capital assets, CPA, enterprise resource planning, ERP, financial reporting, Sarah Jacobs, school districts, USFR
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Tips to Have Your Capital Asset Schedules Ready for Your Audit
Capital assets are usually a significant account balance on your financial statements. That means capital assets are material and your auditors will want to review your capital asset schedules to ensure your financial statements are free from material misstatements. It … read more
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Tagged accounting, Arizona, assets, audit, capital assets, Cristina Oropeza, government, inventory, nonprofit, school district, Texas
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School District Physical Inventory Process
Do you know the last time your district completed a full physical inventory over all assets? Did you know that federal rules require an inventory of equipment to be completed every two years and that state rules require the physical … read more
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Tagged Alex Cooksey, Arizona, audit, capital assets, consulting, internal control, inventory, physical inventory, school district
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