Accounting Methods: Private Companies Have Options
Different companies have different financial reporting needs. Is your current accounting method a good fit, or is it time for a change?
The accounting services team plays an essential role in the ability of a school district to provide quality education. As the largest category of state and local entities in the number of employees and total funding, school districts must meet numerous compliance and reporting requirements.
With experience serving more than 100 educational institutions and school districts over several decades, Lumsden McCormick provides external and internal auditing services to school districts, charter and private schools, and public and private colleges and universities.
Our CPAs and government and school district industry experts have deep industry expertise in this specialty area. We travel to Albany on a regular basis, are involved with local and statewide school associations, and provide associates with specialized training each year. With all of this experience, we know what changes will impact school districts and proactively prepare for them.
We serve a wide variety of school districts, from small, rural districts to those with thousands of employees and revenues in excess of $150 million. These diverse experiences have provided us with a thorough understanding of the financial, reporting, and operational challenges facing school districts. Our team proactively answers questions and provides insightful advice on property tax caps, reserve requirements, and compliance with NY’s Five Point Plan.
Our school district services include:
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 audit, accounting, and consulting services for school districts, contact Sara Dayton or complete the form below.
The executive branch is looking to increase revenue for the IRS. Translation: expect to see an increase in the number of IRS audits being performed, including industries not traditionally targeted.Learn More
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