Compliance

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Exploring Employee Benefit Plans

Part 1 – Eligible Compensation Part 2 – De Minimis Balances of Terminated Employees Part 3: Maintaining Documentation Common Finding There are several documents that Plan Sponsors must retain. Examples include, but are not limited to, enrollment forms, declination forms, change in election forms, management’s approval of…

March 14, 2024

Exploring Employee Benefit Plans

Read Part 1 Part 2: De Minimis Balances of Terminated Employees Common Finding De Minimis distributions should occur when balances are below a certain threshold, as defined by the Plan document. Most plans have a requirement for balances less than a determined value of $1,000 or $5,000. The maximum…

March 7, 2024

KT is Here to Solve Your Retirement Plan Audit Needs

Employee benefit plan audits such as 401(k), 403(b), and ESOPs can be a daunting and stressful process, especially for those who have not been audited previously. KT is here to help alleviate that stress through our knowledgeable and experienced staff. Whether you have a benefit plan that has recently met…

January 22, 2024

Subscription Based IT Arrangements for Government Entities

This article is relevant to entities following generally accepted accounting principles as issued by the Government Accounting Standards Board (GASB). In general, this article does not apply to for-profit or non-profit entities. Most governments have put the final polishing touches on their implementation of GASB 87 – Leases. So, it’s…

October 16, 2023

Charity Raffles – Tread Carefully

Raffles can be a fun and effective way for non-profit organizations to engage the public and raise funds to support the organization’s mission. However, from the perspective of the non-profit, there are legal considerations that must be kept in mind when conducting gaming activities in South Dakota. Federal Rules From…

October 5, 2023

Provider Relief Funds Reporting Assistance

Beginning April 10, 2020, entities within various facets of the healthcare industry (medical, dental, behavioral health, nursing homes, etc.) and certain governmental entities began receiving Provider Relief Funds (PRF).  These funds were electronically deposited and, depending on when received, have specific reporting requirements to the Department of Health and Human…

July 21, 2021

Covid-19 Grant Funds

Many for-profit, nonprofit, and governmental organizations have received and will continue to receive new federal and state grants funds, because of Covid-19.  The information regarding how and when to use such grant funds has been limited, vague or not provided until months after funding is received or awarded.  Guidance is…

June 7, 2021

Monthly Close Best Practices

Closing the books on a monthly basis can reduce work at year-end, and allow accurate financial statements to be reviewed throughout the year to identify any potential issues timely.  Additionally, management and boards can monitor benchmarks and budget activity.  Depending on different software, the closing process may range from an…

June 7, 2021

Grant Accounting Reminders

This past year has been a whirlwind of changes and innovative problem solving for nonprofits everywhere, and the last thing anyone needs is year-end adjustments to properly recording grants received. Hopefully, we can give you some comfort by providing a quick refresher! The process for deciding how to record a…

June 7, 2021