PPP Forgiveness and Repayment: Deadline Approaching
If you received a PPP loan, important forgiveness deadlines are approaching. Are you ready?
The financial and operational challenges of educational institutions call for very specialized accounting and consulting skills backed by decades of experience. You want to work with an advisor who understands your financial and operational challenges, as well as the need to be accountable to multiple parties including the board of directors.
With experience serving over 100 educational institutions, few accounting firms can match Lumsden McCormick’s expertise in this area. We currently provide external and internal auditing services to charter and private schools, public and private colleges and universities, and school districts.
We are a team of CPAs and industry experts who exclusively devote time to this specialty area. We travel to Albany on a regular basis, are involved with local and statewide industry associations, and provide our staff with specialized training each year. We are aware of the new regulations, know what changes will impact the education sector and how to proactively prepare for them. In addition, our membership in the BDO Alliance USA offers us numerous resources in the nonprofit sector, including educations institutions.
Charter and Private Schools
Counting dozens of charter and private schools as current clients, we have acquired exceptional expertise serving these diverse educational institutions. Our association with charter schools started with the formation of the first charter school in Western New York and continues to expand. Private secondary schools also comprise a growing and significant part of our educational client base.
Colleges and Universities
Lumsden McCormick has provided accounting, audit, and consulting services to postsecondary educational institutions for over 20 years. This is a specialty area we take seriously and have trained personnel who devote significant resources to serving this sector. Our service team annually attends regional and national conferences to receive specific training in student financial aid and on issues important to higher education.
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. From questions on property tax caps and reserve requirements to comply with New York’s Five-Point Plan, over 40 districts throughout the state rely on Lumsden McCormick for guidance and insightful advice. Learn more by visiting our School District page.
Our educational institutions’ 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.
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