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Health & Fitness

Accounting 101

I have, for the past four years, sent out an email Newsletter on various topics of interest to the Brookfield community.  This latest, entitled "Accounting 101" got a lot of feedback and several suggestions that I post it on Patch.  So attached is what I sent out a few days ago.  There is additional information I have become aware of that you may want to consider as well.

I have learned that the BOE finance director obtained a credit from the insurance company for premium expenses incurred in fiscal year 2013 (ending June 30, 2013).  This credit was included in the preliminary figures issued by the auditors.  While there is a valid question as to how much of this should be returned to employees as their contribution to the costs, the Board of Finance has apparently insisted that the credit be moved to the next fiscal year, 2014.  I understand, as you will see from reading the newsletter, why expenses for 2013 are in the Fiscal Year ending June 2013, but I do not understand the accounting rationale for putting the revenue or credit for that period in the next fiscal period.  

Here is the link to my newsletter:

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The views expressed in this post are the author's own. Want to post on Patch?