Education
New GASB Standards Affect Leave Accounting and Risk Disclosures
Governmental and quasi-governmental organizations, including charter schools, should begin preparing for two new standards issued by the Governmental Accounting Standards Board—GASB 101 and GASB 102. These statements, effective for fiscal year 2025 audits, introduce changes to how compensated absences are recorded and how certain risks must be disclosed. GASB 101: Compensated Absences GASB Statement No. […]
AAFCPAs Speaks on Navigating School Facilities Expansion
On December 11, 2024, AAFCPAs’ David Kelleher, CPA, CGMA, Partner spoke at the Association of Independent Schools New England’s (AISNE) virtual webinar, How Schools Confidently Navigate Facilities Expansion. This session featured insights for Heads, Assistant Heads, CFOs, COOs, advancement leads, and others involved in the financial planning of major facilities projects. Panelists explored the practicalities […]
How Schools Confidently Navigate Facilities Expansion
While the design and construction of a new academic facility can be an ambitious and exciting undertaking, it may present financial challenges. To ensure project success and to mitigate risk, it is critical to proactively plan for accounting and financial implications before you break ground. Take for example one of AAFCPAs’ independent school clients that […]
AAFCPAs Invited To Present at NCSC24
AAFCPAs’ John Buckley, CPA, CGMA has been invited to present on financial health when operating a strong charter school/network at NCSC24, the largest national gathering of educators, advocates, and leaders in the charter school community. This year’s conference will be held June 30 to July 3, 2024. In his presentation, John will touch on the […]
ESSER Program Removed From Higher Risk Designation
AAFCPAs would like to make clients aware that the U.S. Office of Management and Budget (OMB) under the Office of Federal Financial Management released the 2024 OMB Compliance Supplement, removing the Elementary and Secondary School Emergency Relief (ESSER) program from the listing of programs with higher risk designation. Many charter schools have undergone an audit […]
AAFCPAs Celebrates 2024 National Charter Schools Week
AAFCPAs invites you to join us in celebrating National Charter Schools Week May 12-18, 2024 as we pay tribute to charter schools and the inspirational work they do to prepare students for success. National Charter Schools Week recognizes public charter schools along with their commitment to academic achievement. This year’s National Charter Schools Week focuses […]
Guidance for Independent Schools on FASB’s New CECL Model
The long-awaited Current Expected Credit Losses (CECL) Standard, Accounting Standards Update 2016-13 – Financial Instruments-Credit Losses (Topic 326) is effective for nonpublic businesses and not-for-profit entities for fiscal years beginning after December 15, 2022. This means CECL is in effect during fiscal year 2024 for independent schools with June 30 year ends. AAFCPAs advises that independent […]
Nonprofit Challenges in Navigating Tax Issues
Nonprofit organizations are often thought to be tax exempt. But this is a misnomer, as there are many situations where a nonprofit may have to either pay or collect and remit tax. Private foundations, also under the umbrella of 501(c)(3) nonprofit organizations, are subject to a 1.39 percent net investment tax on their investment income […]
GASB: Subscription-Based Information Technology Arrangements
AAFCPAs would like to remind entities following government accounting rules, including clients in the Charter School industry as well as other quasi-governmental organizations, of the Governmental Accounting Standards Board (GASB) Statement No. 96, Subscription Based Information Technology Arrangements, which is required to be adopted in FY 2023. GASB 96 applies to all subscription-based information technology arrangements […]