Education

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

Apple

Don’t Forget! Year-end Audit Submission Reminders

Brian R. Dixon

My annual audit is done. Now what? Many year-end deadlines and reporting requirements need to be carried out after your audit is completed. November 1 is the deadline to submit the Michigan Department of Education (MDE) audit package. The audit package includes: 1.MDE Required Reporting Package Data Collection Form (DCF) ... Don't forget!

Back-to-School Time Means A Tax Break For Teachers

Yeo & Yeo CPAs & Business Consultants

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the Tax Cuts and Job... Learn More

Four Key Ways to Utilize Your Auditor for More than Just the Audit

David R. Youngstrom

Audits have a stigma that leads people to believe that audits (and the auditors) are only a requirement to check off the annual business cycle. Hopefully, you have a great relationship with your auditor that allows the audit process to go smoothly. Once the financial statements have been released, the audit submitted to the State, and the Board ... Learn More

5 Tips for Fraud Prevention in School Districts

Molly Fish

School districts are as vulnerable to fraud as organizations in the private sector. The types of fraud most often perpetrated in the education industry include procurement schemes, corruption (conflicts of interest, bribery, illegal gratuities and economic extortion) and skimming. The Association of Certified Fraud Examiners’ most recent rep... Learn More

IRS Encourages 'Paycheck Checkup' for Taxpayers to Check Their Withholding

Yeo & Yeo CPAs & Business Consultants

Taxpayers who have questions about the Tax Cuts and Jobs Act have several resources that will help answer questions. The legislation, passed in December 2017, changes many areas of the tax law. Here are some of the resources on IRS.gov that will help individual taxpayers and businesses. New Tax Reform Web Page. The IRS created the Tax ... Learn More