Sponsorships and Advertisings Subject to UBIT Tax
Distinctions between taxable advertising and nontaxable sponsorships can be nuanced. Before seeking new income sources, figure out if they’re potentially subject to unrelated business income tax.
By the very nature of their roles, public sector entities of all types and sizes are outwardly focused on the services they provide to our communities. We rely on government officials, teachers, administrators, and safety officials to remain on top of their game. At the same time, there is mounting pressure to carry out activities in a fully transparent manner and in full compliance with increasingly complex regulations.
For over 65 years, we have focused on serving those who serve the community. Lumsden McCormick has extensive experience in providing accounting and consulting expertise to more than 100 government-related entities, proactively providing meaningful solutions to complex issues. We provide services to:
We have extensive experience in offering Comprehensive Annual Financial Reports (CAFR) to larger municipalities and also work with county government leaders to meet their needs. Our governmental services group professionals review financial statements and facilitate risk assessment.
Training and Expertise
As required by our membership in the American Institute of Certified Public Accountants (AICPA) Government Audit Quality Center and U.S. Government Auditing Standards, our government audit CPAs receive a higher level of government-specific continuing education.
We are actively involved in public sector associations and committees, including the AICPA Government Accounting and Auditing Committee, New York State Society of Certified Public Accountants Public Schools Accounting Committee, Association of School Business Officials WNY Chapter, New York State Government Finance Officers’ Association, National Association of College and University Business Officers, and the New York State Association of Counties.
Additionally, our affiliation with the BDO Alliance USA means we can tap into additional resources to share with you.
Based on our knowledge of New York State’s Public Authorities Accountability Act (PAAA), we are well-positioned to offer insights and expertise in how to maintain compliance with its complex accounting and reporting requirements.
Exempt Organizations Conference
Every fall, Lumsden McCormick sponsors an Exempt Organizations Conference featuring local and national experts presenting on a variety of pertinent industry topics. Visit our Events page for more information; details to follow. Contact Maria Gambacorta with further questions.
For more information about our accounting and consulting services for school districts, government, and other public sector entities contact Sara Dayton or complete the information below.
The accounting for leases is changing significantly. The required implementation of FASB ASC 842 will mandate that most leases are included on the balance sheet as a right-of-use asset, with a corresponding lease liability. The new standard will impact nearly all commercial businesses and nonprofit organizations and is effective for annual reporting periods beginning after December 15, 2021.Learn More
As everyone knows, the COVID-19 pandemic has had a global impact beyond health and safety concerns. With millions of Americans vaccinated, where does the economy stand and what can be expected across the Upstate region, New York State, the United States, and Canada?Learn More