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Accounting for PPP Loans and PPP Loan Forgiveness

Financial Management | Recording PPP loans in your school's financial statements may not be as straightforward as it seems. Article by Christopher S. Maynard, Klatzkin How should independent schools record Paycheck Protection Program (PPP) loans on their Statement of Financial...


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Risk & Compliance: Data Safety During a Pandemic

Financial Management | What school staff members need to know as they work from home and handle increased requests for refunds. Article by Angela Nielsen, FACTS From the September/October 2020 Net Assets magazine Families trust their schools with a great deal of sensitive...


Blog Entry
To Stay Secure, Think Like a Fraudster

Risk Management The longer a fraudster has been at a school, the larger the losses and the less likely he or she will be suspected. Knowing what motivates fraudsters can supplement internal controls in mitigating risk. By John Buckley, AAFCPAs From the July/August 2019 Net Assets...


Blog Entry
Accounting May Become Less Complicated

(From Journal of Accountancy) In late May, the Financial Accounting Standards Board issued a standard that makes non-for-profits eligible for the private company alternatives on accounting for goodwill and accounting for identifiable intangible assets in a business combination. The standard will...


Blog Entry
Strategies: the Magic Binder

Financial Management | Reconciling every accounting fund every month may sound onerous, but it saves time and headaches down the line — especially during the annual audit. Article by Jayme Karolyi, The Shipley School From the March/April 2019 Net Assets mag What is the magic...


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Corporate Controllers Pressured to Cook Books

(from Accountancy Today) Nearly two-thirds of corporate controllers feel pressure to “cook the books,” according to a new international survey. Only 36 percent of the controllers surveyed said they have never felt such pressure. Among those who had, 10 percent reported this is a regular part of...


Blog Entry
Key Metrics for Catching Fraud Early

(from Value Walk) By paying close attention to matters including capitalized expenses and accrual ratios, leaders can flag accounting irregularities early, potentially preventing outright fraud. Deutsche Bank analyst Luke Templeman recommends paying attention to the following: Ratio of...


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Strategies: Best Practices for Coordinating the Annual Audit

Financial Management | It doesn’t have to be an exercise in frustration. Tips from a 20-year audit veteran. From the July/August 2018 Net Assets magazine Article by Melissa Woodin, The Hotchkiss School This article is based on a Goldmine session Woodin delivered at the 2018...


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5 Minutes with Sarah Reichling and Jennifer Tingley: Under Control

Risk Management | When it comes to weaknesses in schools’ internal controls, these CPAs have seen it all. Here’s how to protect your school’s finances, reputation and future. Interview by Leah Thayer From the July/August 2018 Net Assets magazine Sarah Reichling , CPA, and ...


Blog Entry
Accounting Standard Updates Impact Leases and Restricted Cash

Article by Tom Sneeringer, RSM US LLP This article is an online-only supplement to Sneeringer's feature article, " Implementing the New Accounting Standards: Revenue Recognition and Financial Reporting " in the March/April 2018 Net Assets magazine. This information is for general...