- 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?
- Excel Made Easy – VLOOKUP and XLOOKUP
- Physical Inventory Considerations
- I Submitted a December Budget Revision, Now What?
Tag Archives: financial report
Data Analytics in Auditing and Consulting – Part II
Part I of this article discussed HeinfeldMeech’s use of IDEA and IDEA Script to perform data analytics. Along with IDEA, the firm has recently been exploring the use of Python programming to enhance our data analytics procedures. Python is an … read more
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Tagged auditing, consulting, CPA firm, data analysis, data analytics, data mining, financial report, machine learning, Python, school district, text mining
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Capital Assets under the Capitalization Threshold
The common understanding under Government Accounting Standards Board (GASB) Statement 34 was that capital items under the capitalization threshold, typically $5,000, were not capitalized and that like items (laptops, furniture) would not be added together to create one asset. However, … read more
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Tagged Arizona, capital assets, capitalization, financial report, GASB, government, inventory, Michael Lauzon, school district, value
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Preparing for Your First Single Audit
With a record amount of federal relief funding released recently, it is expected that thousands of nonprofits and local governments may be required to undergo their first single audit. Single Audit Requirements A non-federal entity expending $750,000 or more in … read more
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Tagged Arizona, audit, COVID, federal programs, financial report, government, Jill Shaw, nonprofit, NPO, school district, SEFA, Single Audit, Texas
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COVID-19 Impacts on the Schedule of Expenditures of Federal Awards
As a result of the COVID-19 pandemic, entities all over the United States are seeing an influx of federally funded programs. Over the last 18 months, many new federal programs have been established, and funding has also been added to … read more
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Tagged audit, COVID, Cynthia Rojo, Federal program, financial report, government, nonprofit, SEFA, Single Audit
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Will I Still Be Helping Others in the Future (or Do I Have a Going Concern)?
Many people view going concern disclosures as a death sentence and last resort for their organization’s annual financial statements. These disclosures are daunting and appear extreme but are relevant and potentially necessary given the recent COVID-19 stay-at-home orders and economic … read more
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Tagged accounting, COVD-19, CPA, FASB, financial report, going concern, Jared Young, nonprofit, NPO
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Accounting for PPP Loan Proceeds at Fiscal Year End
The Payroll Protection Program (PPP) was put into law in April 2020, and many nonprofit organizations applied for loan proceeds to obtain relief and resources for payroll and certain other expenses due to COVID-19. Hopefully, you have set up a … read more
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Tagged accounting, financial report, fiscal year, nonprofit, NPO, Payroll Protection Program, PPP, SBA loan
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FASB Exposure Draft on Goodwill Reporting for Nonprofits
Now that we’ve all mastered the updated not-for-profit financial reporting model, and are well prepared to implement the new revenue recognition standard, what could the FASB possibly have in store for us next? If you guessed an update to the … read more
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Tagged accounting, assets, FASB, financial report, goodwill, James Rebenar, nonprofit
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