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Tag Archives: financial statements
GASB Statement No. 100 – Part I
The GASB statements hit the century mark with the issuance of GASB Statement No. 100, Accounting Changes and Error Corrections. The statement amended GASB Statement No. 62 and is effective for fiscal years beginning after June 15, 2023, and all … read more
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Tagged accounting, auditing, Christopher Heinfeld, financial statements, GASB, government, school districts
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Indirect Costs – Fast Facts for Arizona School Districts
Indirect Cost Definition Indirect costs are expenditures that are necessary for an organization’s operations but are not easily associated with a specific grant project or program. Indirect Cost examples include: Utilities Liability Insurance Employee salaries and benefits Administrative supplies How … read more
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Tagged accounting, Alex Cooksey, Arizona, financial statements, indirect costs, school district
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The Art of Expense Allocation: Crafting an Accurate Statement of Functional Expenses
Accurate expense allocation is a cornerstone of financial management for nonprofit organizations (NPOs). Not only is it crucial for compliance with IRS regulations and financial statement requirements, but it also plays a significant role in maintaining transparency and trust with … read more
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Tagged accounting, expense allocation, expenses, financial statements, functional expenses, nonprofit, NPO, Shauna Brewster
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Goals and Objectives of Governmental Financial Statements
Governmental financial statements are unique in the world of accounting, and the recent flurry of new accounting pronouncements has added to the uniqueness. For perspective, the Governmental Accounting Standards Board (GASB) has issued 13 pronouncements in the last five years, … read more
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Tagged accounting, Arizona, audit, financial information, financial statements, GAS, GASB, government, Mike Hoerig, school district
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GASB 101 – Compensated Absences
I’m sure if you have been to one of HeinfeldMeech’s recent trainings you may have heard that the Governmental Accounting Standards Board (GASB) just crossed 100 issued Statements. While GASB Statement 101 won’t have quite the same financial impact that … read more
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Tagged compensated absences, employee leave, financial statements, GASB, government, Michael Lauzon, school district, unvested leave, vested leave
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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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GASB 94: P3s and APAs is Effective – Don’t Miss It!
GASB Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements may have not been on your radar, but this standard is effective for the fiscal year ending June 30, 2023, and all reporting periods thereafter. The standard is … read more
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Tagged accounting, APA, Corey Arvizu, financial statements, GASB, goverment, P3
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