Education

Know Before You Hire! Professional Standards for School Nutrition Program Employees

Brian R. Dixon

It has come to our attention through state monitoring reviews, and from questions throughout the school nutrition industry, that school districts need to be aware of new standards when hiring nutrition program employees. The Healthy, Hunger-Free Kids Act of 2010 established professional standards for state and local school nutrition prog... Learn More

Meal Charging and Bad Debt Policies

Jennifer M. Watkins

Several months ago, the Michigan Department of Education (MDE) issued guidance in an administrative policy that requires districts to put a written Meal Charging Policy in place. With that, a Bad Debt Policy is also required. The guidance was the topic of many discussions, and parts of the guidance did not seem practical. Although it is ... Learn More

Expanded Uses of Sinking Fund Proceeds

Taylor Diener

Effective March 29, 2017, Public Act 319 amended Section 1212 of the School Code (MCL § 380.1212) to allow additional uses for sinking fund proceeds. This amendment applies only to sinking fund millage authorized after this effective date. The new amendment expanded the definition of permissible expenditures that previously did not allow fo... Learn More

The ABCs of Your Single Audit

Yeo & Yeo CPAs & Business Consultants

At the recent Michigan School Business Officials conference, Jennifer Watkins presented, “The ABCs of Your Single Audit.” She spoke about how to prepare the Schedule of Expenditures of Federal Awards (SEFA), SEFA reconciliation and notes, and other necessary schedules. She also shared information on hot topics such as Uniform Grant Guida... Learn More

I Love a Good Audit

Yeo & Yeo CPAs & Business Consultants

At the recent Michigan School Business Officials conference, Jennifer Watkins of Yeo & Yeo CPAs and Gloria Suggitt, Michigan Department of Education Single Audit Grant Coordinator, presented, “I Love a Good Audit.” The presentation focused on updates to the Audit Manual and other common issues that the Michigan Department of Educatio... Learn More

Yeo & Yeo to Present at Michigan School Business Officials Conference

Jennifer M. Watkins

The Michigan School Business Officials Annual Conference will be held at the DeVos Place in Grand Rapids, May 2-4. Members of Yeo & Yeo’s Education Services Group will present four of the sessions. We welcome you to join us to gain new insights into managing your Michigan school. Ethics Dilemmas and Fraud Prevention – Mo... Learn More

Preparing for a Headache-free Audit

Molly Fish

Audits don't have to be stressful with proper preparation. Yeo & Yeo has streamlined its approach to audits. We have implemented procedures to complete the audit efficiently using state-of-the-art technology and our knowledge of ever-changing audit and accounting standards. Our approach balances compliance with providing sup... Learn More

CD Rates – Don’t Fall Asleep at the Wheel

Mark R. Perry

Interest rates remain painfully low – historically low – but they are rising slowly. Governmental units should review the earning rates on their certificates of deposit (CD) to ensure they are not at the low end. As I recently discovered, there is a wide range in the low category; between a high of 1.05 percent to a low of .... Learn More

Accelerated Filing Deadline for 2016 Form W-2 and Form 1099

Yeo & Yeo CPAs & Business Consultants

Employers and small businesses will soon face a new filing deadline for Form W-2 reporting wages and Form 1099-MISC reporting non-employee compensation. This new deadline was enacted by the PATH Act of 2015 to help the IRS verify the legitimacy of tax refunds before issuing them. Beginning with the 2016 forms (those filed in 2017),... Learn More

Department of Labor’s Final Rule on Overtime Signals Big Changes for Companies

Yeo & Yeo CPAs & Business Consultants

The U.S. Department of Labor (DOL) has issued the “Final Rule” version of its amendments to overtime pay requirements, affecting more than four million workers who may qualify for overtime pay. The new rules will take effect December 1, 2016.  The new rules include changes to the criteria used to define overtime exemptio... Learn More