The Balance Sheet

The U.S. Department of the Treasury has issued pre-award guidance for state and local governments with regard to American Rescue Plan Act (ARPA) funds.  Please refer to their webpage for details.

This course is currently full. Please see this blog post for details on a second section being offered on June 2.

The UNC School of Government and LGC staff are pleased to offer a virtual course:  Leases – Implementation of GASB Statement 87. The two-day course will be held from 10am-12pm on Tuesday May 18 and Thursday May 20.

The Tax Exempt and Government Entities Division of the IRS is offering a free webinar on Taxable Fringe Benefits. Please see the announcement below from the FSLG Newsletter:

The Southeast Rural Community Assistance Project (SERCAP) is offering two regional workshops addressing water and wastewater utility finance.

LGC staff are developing responses to the GASB Board related to the four GASB financial reporting model project documents located at https://www.gasb.org/exposure-documents.

UNC School of Government’s Environmental Finance Center is hosting its annual "Water and Wastewater Finance Strategies Workshop" on Feb. 24 – 26, 2021. The virtual workshop will cover a variety of important topics including Viable Utility Reserve legislation, COVID-related funding and issues, DWI and USDA funding programs, planning, utility financial management, and more.

Reminder - The extended due date for local government audit reports with a June 30, 2020 fiscal year end is January 31, 2021 at 11:59 pm. Note that although the 31st falls on a Sunday, the due date remains the 31st at 11:59 pm.

A reminder that two important deadlines are coming soon:

Interested in learning more about the pre-audit function? The budget development process? The role of the finance officer and governing board in the annual audit?

Beginning this month, local government finance employees have many options to learn more about these topics – and many more – through the “Local Government Finance in North Carolina – A Practical Approach,” course.

The federal government has issued the 2020 Compliance Supplement Addendum that many auditors have been waiting for to finish up compliance audits.  Please see the addendum here.

Local governments need to be aware that there is a new 1099 form for 2020 filing – the 1099 NEC. NEC stands for non-employee compensation and this new form must be used in lieu of a 1099 MISC for reporting payments to individuals other than employees. The $600 reporting minimum still applies, as does the "no minimum" requirement for attorneys and health care providers.

Several campuses are offering the NC Local Government Finance community college course this spring.

Reminder: the LGC-203 Cash and Investments report for the December 30, 2020 reporting period is due on or before January 25, 2021. You may initiate and submit your LGC-203 report for the December 30 reporting date via the LOGOS system beginning January 1, 2021.