1. GASB 24 - flow through grants , give examples of this type of grant, and how you would account for it. For example, who gets audited?
2. OMB A1-33 single audit, what is it, and why is it needed. What did you see in Trenton's single audit that affected you the most? Why?
3. On J-13 Debt margin on page 215 of the audit - what is it? How does it help the taxpayer?

1. “The Governmental Accounting Standards Board (GASB) Statement 24, Accounting and Financial Reporting for Certain Grants and Other Financial Assistance, was issued June 1994 and effective for periods beginning after June 15, 1995. This statement establishes accounting and financial reporting standards for pass-through grants, food stamps, and on-behalf payments for fringe benefits and salaries.” The purpose of this document is to explain each of given areas on their financial operations. Pass-through grants are grants received be recipient and to spend on behalf of secondary recipient. Recipient should recognize all grants as revenue and expenditures.
State governments must report their food stamp distributions as revenue and expenditures in the general or a special revenue fund. State governments should report food stamp balances held by them or by their agents at the balance sheet date as an asset offset by deferred revenue On-behalf payments for benefits and salaries are considered direct payments made by one entity to a third-party recipient on behalf of another, legally separate, employer. Employer governments must recognize revenue and expenditures for these expenditures. State and local governments receiving federal funds equal to or greater than $100,000 in any fiscal year can be subject of audit.

2.
The Single Audit, OMB A-133 is organization wide audit that expends $ 500,000 or more of Federal funds, grants that they received. It applies to state, local, universities,