At Morgan & Associates, we’ve long appreciated what schools do for our local community and the great state of Michigan. So, we strive to serve them well.
In this article, we highlight some of the specific ways we help education institutions in Michigan maintain financial transparency, obtain and retain stakeholders’ confidence and stay compliant with local and federal regulations. Schools grapple with financial challenges that require expert handling, and we’re glad to lend our expertise to your school district or institution.
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Financial Statement Audits, Reviews, and Compilations
These components are crucial to any institute’s financial reporting because they ensure compliance with accounting standards. If you’re unsure of the next steps for preparing for an audit, review, or compilation, we encourage you to seek expert advice. (You may also find this article and this one helpful.)
An agreed-upon procedure (AUP) engagement is similar to an audit but is less extensive. And the AUP final report does not include an opinion or guarantee on the financial statements presented. These are performed when you need a finding on a specific matter, but formal opinions are not required. We help you prepare statements for an AUP engagement so your organization is ready at the start and learns crucial information from the process.
Construction Bond Audits for Infrastructure Project
Infrastructure development is a significant investment for educational institutes. Construction bond audits verify that funds allocated for construction projects are used appropriately and in line with contractual obligations.
These audits provide assurance to funders, confirming that the organization is accountable for the funds received and that the project is progressing as planned. At Morgan & Associates, we help your group gather the necessary documents and prepare statements so this audit goes smoothly.
Single Audits for Federal Funding Compliance
School districts receiving federal funding may require single audits (also known as a Subpart F or Uniform Guidance Audit). These audits assess compliance with federal requirements, internal controls and grant management. External auditors perform these audits to determine if school districts are adhering to the guidelines set by funding agencies.
Bond Refunding Transactions
When interest rates change, school districts often consider bond refunding transactions to improve their overall financial standing. Accounting experts like us guide your organization through the complex process by analyzing market conditions, calculating potential savings and assisting with the refunding process.
Morgan & Associates Understand Accounting for Education Institutions
Educational institutes play a vital role in shaping the future, and your financial stability is key to fulfilling your mission. The expert accounting services offered at Morgan & Associates provide the necessary support to help you navigate financial complexities, maintain compliance and make informed decisions.
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