News & Insights
News
Insights
Recent Posts
- Maner Costerisan Expands West Michigan Business Advisory Presence With Kristen Terpstra
- Should You Rehire or Outsource Your Accounting Team?
- Inside Your Audit: Reviewing Expectations on What Local Governments Should be Asking Their Auditor
- How Small and Midsize Businesses Can Stabilize Financial Operations During Leadership Transitions
- What’s the Right Entity Type for Your New Business?
- Balancing Financial Reporting Needs With Compliance Costs
- Helping Your Nonprofit’s Board Make Sense of Financial Reports
- When the Sale of an Appreciated Home Triggers Taxes — and When it Doesn’t
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!
Read About This Year’s Other Updates
The materials provided in the News & Insights section are for general informational purposes only and may not reflect the most current legal, tax, or financial developments. While we strive to ensure accuracy at the time of publication, Maner Costerisan does not guarantee that the information remains up-to-date or free from error. We recommend consulting directly with a Maner Costerisan team member to confirm the applicability and relevance of any information to your specific situation.