Category Archives: Credit Unions

Businesses: How to Help Prepare for Audit Season

The busiest time of year for external financial statement auditors generally runs from January to April each year. But CPAs usually start gearing up for audit season in November of the preceding year. Accountants meet with clients, assign staff and schedule fieldwork. Then, the team conducts preliminary financial analytics, observes physical inventory counts, assesses risk factors […]

Successful Strategies Create Successful Mergers

Acquiring another company and merging it with your business can be the most efficient way to grow. But many acquisitions don’t pay off and it’s often management issues — not market conditions — that get in the way. Here are eight key strategies that spell the difference between success and failure in mergers and acquisitions, no […]

Celebrating 50 Years in Business

Our father, Daniel Gardiner, started the firm to audit farmer cooperatives, which is still our primary client base. We have a number of clients who have been with the firm the entire 50 years, all cooperatives. Our history with credit unions and our governmental clients starts in the early 1980’s. We have a lot of good memories from all of the years that we have been in business.

Credit Unions Get Relief From IRS In Regard To Unrelated Business Income Tax (UBIT)

State chartered credit unions should compare these lists to their products they currently offer to determine which products should be subject to UBIT, but more importantly, how the credit unions could benefit from this new directive by maximizing fee income.

A Climate for Mergers

As we start into 2014, it looks like the current climate is one where we are going to start to see merger conversations ramp up. There appears to be several reasons why these mergers are happening (or why discussions are ensuing). Amongst them are:

50 Years of Building Great Relationships

In honor of our 50th year in business, GT would like to reflect on the past and the client relationships we have been fortunate to have created. In this article we would like to place a spotlight on two of the longest standing managers we have had the pleasure of working with; Brad Davis of Gold-Eagle Cooperative in Goldfield, Iowa and Michael Whittie of Federal Employees Credit Union in Des Moines, Iowa.

How are you managing your “debt capital”?

Debt capital is your borrowed funds. The amount of debt on your company’s balance sheet is a critical number. Typically a sign of success is when a balance sheet shows the amount of long term debt decreasing for one or more years. Too much debt can be a strain on earnings, and a sign of a struggling company. That said, debt used to fund profitable growth can drive greater earnings for your company.

Credit Unions: What we’ve seen and what we expect

Credit unions have seen their profitability stabilize in 2013 when compared to 2012. Through the first six months of 2013, credit unions have maintained a return on assets of 0.84%. Interest yields are expected to remain steady for both loans and investments. CUNA believes that there will be no NCUA corporate assessment in 2014.

The Threat of Occupational Fraud is Universal

Occupational fraud is a scheme in which an employee abuses the trust placed in him or her by an employer for personal gain. Its formal definition is: The use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets.

American Taxpayer Relief Act of 2012

The American Taxpayer Relief Act of 2012 was signed into law on January 2, 2013. This new law modifies or extends many business tax breaks, and also contains many changes to individual income tax. There are substantial additional changes in this act, but the following are most likely to impact you and/or your business.