Government

Wednesday, 30 September 2020

Considerations for Michigan K-12 Schools Expending CARES Act Funding

Written by The Rehmann Team

Last updated Sept. 30, 2020 In March 2020, the World Health Organization declared the novel coronavirus outbreak (COVID-19) to be a global pandemic. In response, the federal government passed the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, which provided states with various resources to mitigate the economic impact of COVID-19. The Michigan legislature has provided some of those resources to K-12 school districts through several different programs, each with its own set of requirements...

Published in Government
Monday, 22 May 2017

Beyond outsourcing: For governments, managed services unlock hidden value

Written by Richard Carpenter, CPA, CGFM, CGMA, and Amy Rottman, CPA, CGFM

When you hear the term outsourcing, you may think of farming out mundane administrative or financial tasks to someone who can perform them cheaper and more efficiently. Many governments and government agencies employ the managed services model — which goes beyond outsourcing — to bring expertise and experience to their teams. Using a managed services provider has the potential to unlock an array of benefits and often costs the same or less than what you are already paying. A tailored approach There’s no cookie-cutter approach to managed services...

Published in Government
Tuesday, 29 December 2015

Uniform Grant Guidance impact on written policies and procedures

Written by Rehmann Team

Fulfilling federal regulations can be tricky The federal government recently issued 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for federal Awards (the “Uniform Grant Guidance”). This issuance consolidates seven separate OMB Circulars covering administrative requirements, federal cost principles, and audit requirements into a single federal regulation."Uniform Grant Guidance impact on written policies and procedures" is Rehmann's most recent article that provides detailed information on how the Uniform Grant Guidance will impact an entity’s audit; meeting the administrative and compliance requirements; and much more. Download a copy today to help keep your entity on track!..

Published in Government
Tuesday, 16 June 2015

Governmental Training Series

Written by Rehmann Team

At Rehmann, governmental auditing is just the beginning. Our professionals provide assurance and consulting services to municipalities, public schools and other governmental entities looking for high-level financial support. Throughout the years we've learned a lot and we love sharing our wisdom with you. On July 17, we held an informative event covering a wide-range of topics, including: The Yellow Book, Ethics and Independence | Download Presentation Materials Fraud Prevention | Download Presentation Materials Audit Risk Assessments | Download Presentation Materials GASB Standards Update | Download Presentation Materials Excel Tips and Tricks | Download Presentation Materials [Webinar Portion] The New COSO: Internal Control - Integrated Framework | Download Presentation Materials [Webinar Portion] New Uniform Grant Guidance | Download Presentation Materials [Webinar Portion] Documenting Internal Controls | Download Presentation Materials Presenters Stephen W...

Published in Government
Wednesday, 05 November 2014

Financial Statement Preparation, Audit Findings and Auditor Independence

Written by Stephen W. Blann, CPA, CGFM, CGMA

As featured in The Government Finance Officers Association's Newsletter on Governmental Accounting, Auditing, and Financial Reporting. A small government that is not able to prepare its financial statements in conformity with generally accepted accounting principles (GAAP) may nonetheless possess the skills, knowledge, and experience (SKE) necessary to oversee the financial statement auditor's preparation of GAAP financial statements on their behalf. Auditors who find themselves in this position have been known to ask whether doing so compromises their independence or would result in an audit finding. Management, of course, is responsible for the fair presentation of the financial statements, while the independent auditor is responsible for opining on whether the financial statements are fairly presented...

Published in Government
Thursday, 03 July 2014

New Pension Liability Reporting Rules To Weaken Colleges' Balance Sheets

Written by Stephen W. Blann, CPA, CGFM, CGMA

Stephen Blann, Principal at Rehmann, in quoted in the Crain’s Detroit Business article discussing the possibility of the new Governmental Accounting Standards Board (GASB) pension being a harmful addition to the balance sheets of many higher-education organizations. Blann states “booking the unfunded liabilities will likely change many balance sheets from positive to negative, making those colleges and universities look like they are insolvent, when they probably are not.” Click here for the full article...

Published in Government
Tuesday, 09 July 2013

Subrecipient Monitoring

Written by Stephen W. Blann, CPA, CGFM, CGMA

Governments and not-for-profit organizations frequently receive federal & state grants and may pass a portion of those grants through to other organizations. When that happens, certain compliance requirements attach to these organizations, which then are identified as "pass-through entities." While this article focuses specifically on federal pass-through grants, the concepts apply to non-federal grants, as well. When dealing with federally-funded grant programs (whether received directly from a federal agency or passed through another entity), grantees are subject to up to 14 separate compliance requirements as detailed in the OMB Circular A-133 Compliance Supplement...

Published in Government
Tuesday, 09 July 2013

Subrecipient or Vendor?

Written by Stephen W. Blann, CPA, CGFM, CGMA

An entity may receive federal funds as a recipient, a subrecipient and/or a vendor. Federal awards expended as a recipient or a subrecipient are generally subject to the single audit act, while payments received for goods or services provided as a vendor are generally not considered Federal awards. Unfortunately, the distinction between subrecipients and vendors isn't always clear. Ultimately, the decision comes down to the substance of the relationship rather than the form of the agreement, as evidenced by one or more of the following characteristics...

Published in Government
Friday, 29 March 2013

GASB's New Pension Standards

Written by Stephen W. Blann, CPA, CGFM, CGMA

BWD Magazine, Spring 2013 Sweeping changes may have dramatic effect In a move aimed at increasing financial transparency for state and local governments, the Government Accounting Standards board (GASB) recently made sweeping changes to the way public sector pension plans are accounted for by issuing Statements No. 67 and 68. The GASB uses such statements to set generally accepted accounting principles for state and local governments. GASB's approach Pension benefits are essentially a form of compensation earned by employees during their working lifetimes, and paid out after retirement...

Published in Government
Friday, 29 March 2013

GASB's New Pension Standards - Bonus Content

Written by Stephen W. Blann, CPA, CGFM, CGMA

BWD Magazine, Spring 2013 Sweeping changes may have a dramatic effect In a move aimed at increasing financial transparency for state and local governments, the Government Accounting Standards board (GASB) recently made sweeping changes to the way public sector pension plans are accounted for by issuing Statements No. 67 and 68. The GASB uses such statements to set generally accepted accounting principles for state and local governments. GASB's approach Pension benefits are essentially a form of compensation earned by employees during their working lifetimes, and paid out after retirement...

Published in Government
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