CPAs and Advisors with a Growth Agenda

Report: Half of Recent Graduates Regret Either School or Major

An eye-opening report from McKinsey & Company, “Voice of the Graduate” , paints a concerning picture of recent college graduates. The view of a higher education degree as valuable and necessary comes at odds with the realities facing recent graduates. Among the study’s findings: 53% of all graduates would choose a different major or different school 6 times as many graduates are working in retail or hospitality than desired to Liberal arts majors fare worse in every measure (lower pay, higher debt, less happily employed, more likely to wish they had chosen differently) The report goes on to call for a deeper link between on-campus learning and. Read More.

Is Your Working Capital Working For You?

In today’s economic climate of budget-consciousness and cash-strapped balance sheets, all companies must be wary of sources and stability of working capital levels. Adequate working capital levels are paramount to ensuring a company’s recurring operations are not disrupted. However, over-investment in working capital can also be detrimental to a company, as it may not be the most efficient use of capital. To combat this problem, companies should develop sufficiently detailed working capital budgets that allow companies to plan for future resource requirements. Once a plan has been implemented, the task of meeting working capital needs becomes the focus. Ideally, operating. Read More.

UBI and the College and University Compliance Project

As part of its College and University Compliance Project in 2008, the Internal Revenue Service (IRS) sent questionnaires to 400 randomly-selected colleges and universities. Based upon questionnaire responses which indicated potential noncompliance in the areas of unrelated business income (UBI) and compensation, the IRS selected 34 schools for examination. More than 90% of the examinations have been completed, and the IRS has issued the long-awaited final report. Highlights from this report are summarized below. Underreporting of Unrelated Business Taxable Income Examinations resulted in increased UBI totaling $90 million for 90% of the colleges and universities. Primary reasons for this increase. Read More.

Webinar: Checklist for International Expansion – Part One

Is your company on the verge of international expansion? Are you unclear about the steps needed to undertake such a large initiative? Jim Dawson, National Director of International Tax at Cherry Bekaert, offers his expertise and advice in the two-part series, “Checklist for International Expansion.”

Implementing GASB No. 63 & No. 65

Government Accounting Standards Board’s (GASB) Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position, issued in June 2011, changed the structure of a government balance sheet. In March 2012, GASB quickly followed with Statement No. 65, Items Previously Reported as Assets and Liabilities, which amends the financial statement classification of certain items to now be included in the deferred inflows and outflows categories that changed the structure of the balance sheet in Statement No. 63. Despite differing effective dates of the pronouncements, we will address these changes, and encourage our clients to. Read More.

Proposed FAR Amendment Clarifies Worker’s Compensation Insurance Requirement

The Federal Register, issued March 20, 2013 (Volume 78, No. 54), contains a proposed amendment to the Federal Acquisition Regulation (“FAR”), clarifying contractor and subcontractor responsibilities to obtain workers’ compensation insurance or qualify as a self-insurer under terms stipulated in the Longshore Harbor Workers’ Compensation Act (the “Act”), as extended by the Defense Base Act. The DOD, GSA, and NASA (the “Agencies”) are responsible for the proposed amendment. Under the Defense Base Act of 1941, federal workers’ compensation benefits provided by the Act were extended to certain employment outside of the United States. The Act is intended to provide medical benefits. Read More.