How many times have you seen a headline such as “Cheerleader mom pilfers trip funds”? It’s a nightmare scenario for an administrator, discovering that large sums of student money are unaccounted for— even if the problem was poor management rather than intentional fraud.
Back in 2013, the U.S. Office of Management and Budget issued new rules governing procurement for organizations that must comply with Uniform Guidance for grant reporting.
Pensions present substantial ongoing financial obligations to state and local governments, but questions arose in applying recently-released Governmental Accounting Standards Board (GASB) statements to various pension scenarios and financial reporting concerns.
Through a charitable remainder trust or some other irrevocable split-interest agreement, a donor may wish to provide resources to various beneficiaries, including a government, without reserving or conferring the right to terminate the agreement.
A government may be the sole corporate member of a not-for-profit corporation that provides vital services to residents. A county government, for example, may offer healthcare services to residents via a not-for-profit hospital for which it is the sole corporate member.
State and local governments participate in external investment pools that function in a similar manner to money market investment funds.
To further enable state and local governmental employers to obtain necessary measurements and information for some multiple-employer defined benefit plans, the Governmental Accounting Standards Board (GASB) issued Statement No.