The Federal Funds Rate is the interest rate at which banks and other depository institutions lend money to each other, usually on an overnight basis. It is an excellent benchmark for short-term interest rates and investors use it to determine how local government...
The Governmental Accounting Standards Board (GASB) issued on June 25, 2020, Statement No. 96, “Subscription-Based Information Technology Arrangements (SBITA).” On June 15, 2022, the guidance became effective which means current accounting has to be in line with GASB...
Join our Powerhouse Team for a Time-Critical Panel Discussion followed by a Question-and-Answer Session New York State Education Law §2-d took effect in 2020 and applies to school districts, charter schools, universal pre-K providers and BOCES. It also applies to...
Segregation of duties is a commonly used and widely accepted internal control practice. It is the process of taking shared responsibilities of a key process and dispersing the critical functions of that process to more than one person or department. Implemented...
What is the Federal premium reporting requirement? The Consolidated Appropriations Act (2021) was passed by Congress on December 21, 2020 and signed into law on December 27, 2020. It is responsible for the implementation of a new annual reporting requirement that...
Before the pandemic, many schools were in the process of implementing a 1:1 device for students and staff. With the onset of remote learning, that timeline was hastened. Schools not only have to consider the cost of the devices, but the ability to use the devices...
As many districts we work with use Finance Manager’s nVision program as their financial application system, we reached out to our contacts there to provide some of the features that can help with new school year and year-end processes. Below are some highlights they...
Cyber coverage in the public school arena is challenging. In a recent demographic study of K-12 public school districts, school districts with larger enrollments and lower economic metrics are more likely to see a cyber event than those with a smaller enrollment and...
In our roles as either internal or claims auditors for school districts on Long Island, we are often asked about whether certain purchases can be considered a gift of public funds. While we often recite the regulations per the School Law book when providing an answer,...
