GASB 101 & Uniform Guidance Updates

GASB 101 – What to Expect in Year After Implementation?

GASB 101 calculations will generally roll forward from the prior year unless there are changes in employee contracts, payout rules, staffing levels, or other assumptions. Districts should review leave balances during the year to ensure the liability can be updated efficiently at year end.

Uniform Guidance Update – Single Audit Threshold

Effective for fiscal years beginning after October 1, 2024, the federal Uniform Guidance (UG) increased the threshold requiring a Single Audit from $750,000 to $1,000,000 of federal expenditures in a fiscal year. As a result, some districts that were previously subject to a Single Audit may no longer be required to have one, depending on current year funding levels.
Districts should continue to track federal expenditures throughout the year, as changes in  grant activity may still result in the Single Audit requirement. We will review federal expenditures during the audit to determine whether the Single Audit threshold has been met and which major program(s) has(have) been selected for testing.

Webinar: 2026 GASB Update

Join Maner’s education team for our annual GASB update webinar on Thursday, May 14, from 10 to 11 a.m. We’ll discuss the latest GASB updates for schools, including:

• GASB 103: Financial Reporting Model Improvements
• GASB 104: Disclosure of Certain Capital Assets
• Uniform Guidance Updates

Don’t miss out on the chance to gain valuable insights into financial and reporting strategies—and to ask your questions about GASB best practices. Register for the webinar today and stay ahead of compliance requirements while optimizing your financial management practices!