Unlike generalist CPA firms, Bowman & Company LLP puts a premium on industry knowledge and experience. We strongly believe that specialization and a focus on unique contemporary issues makes the difference between a good CPA and a great one. Our Higher Education niche team commits themselves to staying on top of industry trends, regulations, and opportunities so our clients can focus on their missions, secure in the knowledge that they are in good hands.
The Governmental Accounting Standards Board (GASB) has been making major changes to financial reporting and disclosures which can not only be difficult to keep up with, but can also make a significant impact on how your finances are recorded and reported. Notably, GASB 68 and 71 have made it necessary to report pension liabilities and other deferred items, rather than the traditional “pay-as-you-go” method. This and other major changes make it difficult for college business officers to feel confident about their financial health and financial reporting.
Student financial aid has grown exponentially over the last decade; the explosion of student financial aid, coupled with complex compliance requirements, has caused many community colleges to see an increasing burden in the way they administer, record, and report. As student financial aid continues to grow in volume and complexity, so too will the headaches faced by colleges.
In addition to a regulatory and financial environment that is only getting more and more complicated, many community colleges are struggling to keep up with the sheer amount of labor necessary to maintain accurate records for financial reporting.