New Ruling: Employer Must Make Contributions

Post by Larry Beebe

A 7th Circuit Court of Appeals upheld lower court decisions that an employer must continue to pay contributions to the health + welfare and pension funds, even though the funds sponsoring union was required to make contributions until the termination of the collective bargaining arrangement in 2015, even though the union was decertified in 2013. One judge said that the employers promise to make contributions until the expiration of the CBA was “Binding” and “Contractual.”

(Midwest Operating […]

Which Audit Report to Rely On

Post by Larry Beebe

A U.S. District Court of Appeals for the 7th circuit had to decide which audit of an employer’s payroll reports to rely on. An audit report by the funds showed the defendant owed 1.8 million to the funds. An audit conducted internally by the defendant showed the funds had been overpayed by 1.2 million. The auditor of the funds calculated underpayments but ignored overpayments. The court decided this was proper defense it was the burden of the […]

Bond Beebe Named Top Accounting Firm

Bond Beebe Accountants and Advisors has been named to the Washington Business Journal’s 2017 Top Accounting Firms List. In such a large and competitive market, Bond Beebe is honored to once again be recognized as one of the top firms in the DC Metropolitan region.
See The List (Subscription Required)  
Celebrating over 85 years in the Greater Washington DC area, Bond Beebe is a certified public accounting & advisory firm that works with small to mid-sized businesses, membership organizations, employee benefit […]

Bond Beebe Recognized For Corporate Philanthropy

Bond Beebe Accountants and Advisors is honored to be named to the Washington Business Journal’s list of leading Corporate Philanthropists in the DC Metropolitan region. Bond Beebe ranks in the top 10 of small companies in both corporate giving and volunteer hours.
Learn more about our corporate culture of giving and volunteering.
 

 

Maximize Your Time: Overcome Distractions During Busy Season

Post by Glenn Frank

March and April are some of the busiest times for accounting firms and professionals. Every minute counts during this busy season! For those that are distracted  while working, whether at the office or at home, it can be hard to move productively through the day. These distractions can adversely affect quality of work, employee morale and employee relationships.
Here is a Quick List of Distractors and Some Suggested Solutions

Need to check your email too many times a […]

Service Organization Controls and User Controls

Post By Sarah Phillips

Outsourcing services has become a popular way for Organizations to cut costs and to focus on their core strengths. However, a lack of control and knowledge over the behind-the-scenes processes are seen as major cons of outsourcing. How can an Organization be sure the service provider has good practices in place? Just because services are being outsourced doesn’t mean information can’t be obtained about how the service organization operates and how they keep an Organization’s assets […]

Internal Controls – Reporting

Post By Tony Cafferelli

Internal controls over financial reporting is vital to preventing and detecting material misstatements. In order to achieve reasonable assurance that your Plan’s financial reporting objectives are being met, you must first ensure that your internal controls are working effectively. To ensure effective internal controls over financial reporting, a few things must first be considered: The audit committee, trustees, and management must set the appropriate environment or tone at the top with respect to oversight and ethical […]

Informative IFEBP Podcast Released

We recently listened to an informative and entertaining podcast, Talking Benefits Episode 3: It’s Complicated, released on March 8, 2017 by the International Foundation of Employee Benefit Plans (IFEBP). Their benefits experts provided updates on current regulatory matters, including Department of Labor nominations, the Fiduciary Rule status and the latest MPRA and PBGC petition outcomes. Most interesting is the discussion and summary of the new American Health Care Plan Act provisions. The presenters concisely describe what’s new and what’s […]

Next in Our Internal Control Series – Authorization

Post By Kaitlin Cardozo

‘Internal controls in the authorization of reporting and processing transactions’ can at first glance seem like an exceedingly dry topic. What exactly does this mean? Why is it important to my company or organization?

That phrase and understanding its implications is actually incredibly important in any organization – whether it’s a multimillion, multinational enterprise, or a small not-for-profit with a handful of employees. In layman’s terms, the phrase means that: 1) all transactions that occur, and the […]

Segregation of Duties: The Key to Proper Controls and Minimizing Fraud

 

Post By Alyssa Sproat

Segregation of duties (SOD) is an essential part of the effectiveness of internal controls for any business. This integral separation ensures that key processes are performed by more than one person to prevent fraud or financial misstatement. While technology continues to become more sophisticated, the time is now to implement controls that segregate key functions within processes such as cash disbursements, investments, payroll, and many other areas.

The first step to implementing effective SOD is to truly understand […]