Category Archives: Municipalities

Governmentals – What We’ve Seen + What We Expect to See

By Elizabeth Thyer

What We Have Seen in 2017 Governmental entities are implementing Governmental Accounting Standards Board Statement No. 77, Tax Abatement Disclosures, (GASB 77) for the fiscal year ended June 30, 2017. This statement is being implemented to ensure that the following requirements are met – Financial Statements should include: information about whether current year revenues were […]

Governmental Update: GASB 68

By Elizabeth Thyer, CPA, Audit Manager

Government entities have been providing pension benefits to their employees for many years. The promise that pension benefit payments will be made to employees when they retire creates an accounting liability for the governmental entity. Governmental Accounting Standards Board (GASB) Statement No. 68 requires the pension liability to be reported in the financial statements of governments […]

Crossover Refunding

By Elizabeth Thyer

Many of our governmental clients have been issuing crossover refunding obligations to take advantage of lower interest rates.  While this is an advantage to the governments, it is important the transactions are properly accounted for. With a crossover refunding, the original debt is still outstanding and is not callable until a later date.  The governmental […]

2014 Federal Tax Returns: Something Borrowed, Something New

Tax season is finally here. The deadline for calendar-year corporations to file a return (or an extension) is Monday, March 16. The deadline for individuals to file their income tax returns (or an extension) is Wednesday, April 15. As businesses and individuals start gathering financial records to give to their tax professionals, they should know how […]

Disaster Recovery: Ask ‘What If?’

Disasters never happen at a good time. But the timing is irrelevant. What counts is that your business can recover quickly with minimal long-term effects. And that means having a disaster recovery program in place so that your company is well-positioned to respond to — and rebound from — a wide range of calamities. The issues your […]

Violence Strikes the Workplace

Workplace violence isn’t just limited to high-risk jobs such as police officers, taxi drivers and late night convenience store clerks. It happens everywhere, as illustrated by recent high-profile cases. Workplace shootings have occurred at all types of businesses including factories, hospitals, engineering firms, advertising agencies and colleges. Testing Issues Some employers have tried testing to gauge the propensity for violence […]

The Latest News on the Personal Use of Company Cars

The free use of a company car is one of the best perks an employee may be entitled to as part of a compensation package. But the benefit to the employee isn’t completely “free” under current tax law. Essentially, personal use of a company car is treated as a taxable fringe benefit, subject to income tax […]

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.

Fraud Controls Lacking at Organizations with Fewer than 100 Employees

Organizations with fewer than 100 employees significantly trail their counterparts in the implementation of formal antifraud controls, according to a worldwide survey by the Association of Certified Fraud Examiners (ACFE).  Antifraud experts say formal controls can help small businesses prevent and detect instances of fraud that, left undiscovered, could lead to costly losses and possibly […]

Iowa House File 2455: Changing Governmental Audit Requirements

During the last legislative session, House File 2455 was passed initiating changes in governmental audit requirements. Currently, all Iowa cities with a population over 2,000 are required to receive an annual audit. Cities with population from 700 to 2,000 are required to be audited once every four years and cities with a population under 700 are not required to be audited, except by petition of the citizens. The Cities had the option to hire a CPA firm or the Auditor of State to perform the audit through the request for proposal process, and cities paid a filing fee based on budgeted expenditures to the State Auditor’s Office with the submission of their report.