The prospect of an IRS 403(b) audit can be daunting, but as the old saying goes, knowing is half the battle. Understanding what to expect during the audit process and having the proper internal controls are the keys to avoiding stress. As part of a traditional IRS 403(b) plan audit, the Internal Revenue Service has requested that plan sponsors…

Describes rules and procedures school districts must follow to comply with IRS arbitrage and rebate rules and exceptions on profits derived from investing yields of tax-exempt bonds in a higher yielding account. Describes consequences of noncompliance and seven ways to be prepared for an IRS audit--for example, answering the IRS promptly. (PKP)

The Government Accounting Standards Board Statement No. 16 is concerned with the measurement of the liability for compensated absences. The pronouncement provides separate guidance for vacation leave and sick leave and deals with a variety of related issues, such as salary-related payments, rates, sabbaticals, and measurability. (MLF)

States that government accounting is the product of mixing together budget-oriented and accounting-oriented voices. Presents a history of governmental accounting including the groups involved. An organization chart describes the current standard-setting structure. Accomplishments that improve reporting operations results are listed. (MLF)

The text of an oral presentation made to the Department of Energy Hearings on emergency building temperature restrictions by the president of the American Ventilation Association. (Author/MLF)

Asbestos removal is costly and many contractors have difficulty in obtaining insurance coverage. Presents a case for self insuring if contractors perform the removal work in compliance with state and federal regulations. Includes a reference list. (MD)

The harm to human health and our environment caused by leaking underground storage tanks can be devastating. Schools can meet new federal waste management standards by instituting daily inventory monitoring, selecting a reliable volumetric testing company, locating and repairing leaks promptly, and removing and installing tanks appropriately. (MLH)

Reports on several changes in the 2002 edition (forthcoming) of the federal government accounting handbook "Federal Financial Accounting for State and Local School Systems." Includes brief summary of "Emerging Issues" section of the handbook that addresses issues such as alternative revenues, charter schools, school safety and security,…

Nutrition integrity ensures that all foods available in schools for children are consistent with recommended dietary allowances and contribute to the development of lifelong, healthy eating habits. Attaining nutrition integrity is the goal of numerous changes in National School Lunch and Breakfast Program regulations. Outlines new federal…

The Antioch Unified School District is one of several California schools testing a version of the Nutrient Standard Menu Planning (NSMP) to meet the new rules that require all schools to reduce the fat content of meals. NSMP, presently implemented at the elementary level, has increased flexibility in menu planning and led to better management and…

Analyzes the liability insurance program for schools. High costs and limited number of insurers have dramatically affected school liability insurance coverage. (MD)

An overview of recent litigation involving attempts by the federal government to recover allegedly misspent funds. Suggests that the administration intends to ensure that federal funds for education not be misused or abused. (MLF)

Details of recent federal regulations regarding child nutrition programs and ways that associations in the educational community can provide leadership and technical assistance in the direction of child nutrition programs. (Author/MLF)

Current knowledge of Governmental Accounting Standards Board standards will assist the school business official in maintaining the books of account, preparing budgets and financial reports, and explaining the annual financial report to the school board and the public. (MLF)

Overexposure to lead can permanently impair a child's mental and physical development. This article discusses sources of lead paint, survey and testing methods, management and abatement plans, drinking water contamination, and associated federal standards. Although lead is present in soil and in art, theater, and vocational programs, no federal…