Educational Institutions and School Districts
With experience serving over 100 educational institutions and school districts over several decades, few accounting firms can match Lumsden McCormick’s expertise in this area. We currently provide external and internal auditing services to approximately 40 school districts, 20 charter and private schools and 10 public and private colleges and universities. Lumsden McCormick has dozens of CPAs and industry experts who exclusively devote their time to this specialty area. We travel to Albany on a regular basis, are involved with local and statewide school associations and provide associates with specialized training each year. With all this experience we know what changes will impact the educational sector and proactively prepare for them.
We serve a wide variety of school districts, from small, rural districts to those with thousands of employees and revenues in excess of $150 million. These diverse experiences have provided us with a thorough understanding of the financial, reporting and operational challenges facing school districts. From questions on property tax caps and reserve requirements to compliance with NY’s Five Point Plan, over 40 districts throughout the State rely on Lumsden McCormick for guidance and insightful advice.
Charter and Private Schools
Counting over 20 charter and private schools as current clients we have acquired exceptional expertise serving these diverse educational institutions. Our association with charter schools started with the formation of the first charter school in Western NY and continues to expand. Private secondary schools also comprise a growing and significant part of our educational client base.
Colleges and Universities
Lumsden McCormick has provided accounting, audit and consulting services to post-secondary educational institutions for over 20 years. This is a specialty area we take seriously and have trained personnel who devote significant resources serving this practice area. Members of this service team annually attend regional and national conferences to receive specific training in student financial aid and other higher education topics.
Our educational institutions services include:
Audit and assurance services
- Accounting systems, policies and procedures
- Audits, reviews and compilations of financial statements
- Employee benefit plan audits
- Forecasts and projections
- Internal audits
- Operations and internal control audits
- Single audits (OMB A-133) and Yellow Book audits
- Single audit Data Collection Form (SF-SAC)
- For profit subsidiary tax filings
- Form 1099 series filings
- Forms 990 and CHAR 500
- Property tax cap requirements
- Sales tax reporting and compliance
- State and local sales tax issues
- Tax credits and business development incentives
- Unrelated Business Income Taxes (UBIT)
- Alternative investments
- Bonding and other financing
- For-profit subsidiary corporations
- Fraud prevention, audits and investigations
- Initial formation and exemption application
- Software selection and support
- American Institute of Certified Public Accountants (AICPA)
- AICPA Employee Benefit Plan Audit Quality Center
- AICPA Government Audit Quality Center
- Member of the Center for Public Company Audit Firms of the AICPA
- Association of Government Accountants (AGA)
- Association of School Business Officials (ASBO), State and Local Chapter
- BDO Alliance USA Institute for Nonprofit Excellence
- Government Finance Officers Association (GFOA)
- National Association of College and University Business Officers (NACUBO)
- New York State Society of Certified Public Accountants (NYSSCPA)
- Public School Accounting Committee
- Not-for-Profit Organizations Committee, State and Local Chapters
- Governmental Accounting and Auditing Committee
- Public Company Accounting Oversight Board (PCAOB)
Exempt Organizations Conference
Every fall, Lumsden McCormick sponsors an Exempt Organizations Conference featuring local and national experts presenting on a variety of pertinent industry topics. Visit our Events page [link to events page] for more information.
Bi-Annual Nonprofit Salary Survey
Lumsden McCormick publishes the region’s leading nonprofit salary survey. We invite you to download the 2012 Western New York Nonprofit Salary Survey, or visit the nonprofit salary survey page for more information.
Thursday, September 21, 2017
The U.S. Department of Labor (DOL) has begun taking steps to loosen the reins on employers, turning away from some Obama administration initiatives.
Monday, September 11, 2017
Beginning September 18, 2017, the USCIS is requiring that all employers use the newly revised form and continue to follow the existing storage and retention rules.
Tuesday, August 15, 2017
A federal grand jury indicted two former officials of a Florida technology firm with conspiring to obstruct an SEC probe into the sale of their company. The charges run parallel to allegations against two former executives of the acquiring company for accounting fraud.
Thursday, October 19, 2017, 5–8 pm
Hotel Henry Urban Resort Conference Center
Join us for an update on the economic climate locally as well as what you need to know about the Trump administration and international policy impacts the markets.