Education

Business owner

Five Questions Auditors Wish Clients Would Ask

David R. Youngstrom

We go through the annual audit process and it can at times seem routine but, in truth, how routine is anything nowadays in the finance department, business office or just in general? The real truth is that it is an opportunity worth seizing. This is the chance to ask your auditor questions in an ever changing environment. I have pulled t... Learn about the five questions

Records

Records Retention Guidelines to Remember During Spring Cleaning

Yeo & Yeo CPAs & Business Consultants

Warm weather and rainy days bring the urge to purge. But before you clean your file cabinets or declutter your computer files, it's important to review these guidelines. Federal Tax Records Most tax advisors recommend that you retain copies of your finished tax returns indefinitely to prove that you actually filed. Even if you don't keep th... Learn more

Fraud

Look Out for These Five Fraud Perpetrators

Amy Buben

The Embezzler. The Common Thief. The Hacker. The Inventor. The Glutton. No, these aren't cartoon villains. They're all-too-real occupational fraud perpetrators who fleeced their employers of thousands — or even millions — of dollars. Although we've attached the names to actual criminals in cases reported by the U.S. Justice D... Look out

Security

Vendor Fraud: Know the Warning Signs

Tim Crosson, Jr.

When fraud strikes, the culprit might be sitting in your accounts payable department. This department is particularly vulnerable to fraud because of the volume of transactions it processes and the varying pricing and billing policies that vendors use. Here’s a close-up of common vendor fraud scams and ways to lower your risks. Phony vend... Learn the vendor fraud warning signs

Education

GASB 84: Accounting Codes and Guidance Added to Michigan Public School Accounting Manual

Yeo & Yeo CPAs & Business Consultants

The Michigan Department of Education issued an update for GASB 84 to Section II, E.18, of the Michigan Public School Accounting Manual. The section now includes guidance and accounting code changes required to implement GASB 84. Updates were prepared and reviewed by the Michigan Department of Education’s 1022 Committee, of which Yeo & Yeo Pr... Lean about the updated codes

Education

What Are the Minimum Requirements to Include in Your MD&A?

Kristi Krafft-Bellsky

As we get into the last quarter of the fiscal year, it’s time to start thinking ahead of all of the year-end tasks that await. In many cases, preparing the required Management’s Discussion and Analysis (MD&A) is sometimes more of an afterthought than something at the top of the list. The MD&A is to provide an objective and easily... Learn about the requirements

Learning

GASB 84 White Paper: Understanding the Statement to Implement Efficiently in Your School District

Yeo & Yeo CPAs & Business Consultants

In January 2017, the Governmental Accounting Standards Board issued Statement No. 84 Fiduciary Activities (GASB 84). For school districts, the Statement is effective for fiscal years ending in 2020. GASB 84 defines and clarifies fiduciary activities and establishes criteria for identifying those activities with a focus on whether a gover... Download the white paper

Education

Crowdfunding in Education

Taylor Diener

Crowdfunding, also known as crowdsourcing, was originally used by entrepreneurs and artists to raise money for creative projects and business endeavors; however, it has increasingly become a way for teachers to obtain classroom supplies or funding for projects. Education-focused crowdsourcing sites have been introduced to help teachers fill the ... Learn more about crowdfunding

Education

5 Ways to Prevent Fraud in Schools

Yeo & Yeo CPAs & Business Consultants

Fraud in some form is happening in almost all school districts. Fraud is most prevalent where there is cash or small inventory items. Examples include ticket sales at athletic games or concessions stands, food items in the cafeteria, and even office supplies. Fraud at a higher level is also common. This could happen by creating fake bank... Read more about the 5 Ways to Prevent Fraud in Schools