2005 News and Events
Freed Maxick & Battaglia, CPAs strives to keep you informed of the latest firm news, issues and other information that affects your business. See the links below for the latest updates.
12/2/05
Overview of Recent School Accountability Legislation:
In response to taxpayer concerns, the New York State Comptroller’s Office worked with a coalition of school and professional organizations, including the New York State School Boards Association, the New York State Society of Certified Public Accountants, the New York State Council of School Superintendents, the New York State Association of School Business Officials and the State Education Department (SED) to develop policy solutions to improve the internal control structures in school districts and increase the effectiveness of financial oversight mechanisms.
As a result of these efforts, new State legislation was enacted in July 2005 that will strengthen auditing, training and financial oversight by school district officials and boards. The new law includes the following key provisions:
- Requires six hours of training for school board members on their financial oversight responsibilities.
- Establishes an internal audit function within each school district.
- Creates audit committees in school districts.
- Mandates a competitive RFP process for selecting audit firms at least every five years.
- Improves the effectiveness of annual external audits by requiring direct school board involvement and a formal response to issues raised in the audit.
In addition, OSC was provided funding to audit all school districts, BOCES and charter schools statewide during the next five years. OSC audits will generally focus on financial controls and operations, but could include any part of school district operations depending on the situation at the time of audit. Together with the coalition that helped develop the Five-Point Plan, OSC has prepared a school district auditing information guide. The Comptroller has also issued guidance on creating an audit committee charter and information on what to expect from an audit generally.
The State Education Department is working in consultation with OSC to approve a school board training curriculum and to develop regulations regarding internal audit requirements. OSC has collaborated with SED to develop guidance for school districts to help strengthen their external financial audits. OSC has also developed guidance for school district officials on procuring external audit services, and SED has developed an RFP template for districts that prefer to use it rather than developing their own.
Regarding Internal Audits
The legislation mandates that school districts create an internal audit function no later than July 1, 2006. The internal audit function will extend far beyond merely auditing the claims of the District, it is to be global in nature and to address all aspects of a District’s operations and internal controls, from decision-making processes, to payment of claims, to accountability of Board members. In order for the internal audit function to operate as intended, it should be awarded to a firm with a high degree of knowledge of school district operations and internal controls. The auditor should also be able to identify risks, develop an audit plan to test internal controls, evaluate the results of these tests, make recommendations to reduce identified risks and be able to clearly communicate with the Board of Education results of the process.
One effect of the legislation is that a District’s general audit firm will not be able to serve as both the internal and external auditors. The assumption of the internal audit function by the District’s external auditor would be considered a breach of independence as defined by our professional standards.
11/09/05
Batavia Office Announces "2005 Business & Tax Planning Update" SeminarThe Batavia office of Freed Maxick & Battaglia announced today it will be hosting its "2005 Business & Tax Planning Update" Seminar on November 9th, 2005 to be held at Bohn's Restaurant, 5256 Clinton St.in Batavia. This Seminar is by invite only. Please call Liz Renz at 585-344-1967 to RSVP.
09/01/05
Freed Maxick & Battaglia, CPAs Sponsors the Buffalo Bills Radio Network
Freed Maxick & Battaglia, CPAs announced today that it will be a sponsor of the Buffalo Bills 2005-2006 and 2006-2007 Seasons on the Buffalo Bills Radio Network. The Bills Radio Network is heard on 28 affiliate stations across Upstate New York, Southern Ontario and Erie, PA.
Listen to our :30 commercials on Bills Radio Network:
11/13/05 Freed Maxick :30 Commercial on Bills Radio "Careers"
10/2/05 Freed Maxick :30 Commercial on Bills Radio "Transition"
9/2/05 Freed Maxick :30 Commercial on Bills Radio "Roll Up the Sleeves"
08/10/05
New York Sales and Use Tax: Details of Upcoming Tax Holiday Announced
The New York Department of Taxation and Finance has provided information regarding the upcoming seven-day New York state sales and use tax holiday for clothing, footwear, and items used to make or repair exempt clothing costing less than $110 per item or pair. The state tax holiday will run from Tuesday, August 30, 2005, through Labor Day, Monday, September 5, 2005. A similar state tax holiday is scheduled for Monday, January 30, 2006, through Sunday, February 5, 2006.
The tax holiday does not apply to locally imposed sales and use taxes unless the county or city imposing those taxes elected the exemption. It also does not apply to the 3/8 % tax imposed by the state in any portion of the Metropolitan Commuter Transportation District (MCTD), unless a county or city in the MCTD elects the exemption from its own tax, in which case the exemption will also apply to the 3/8 % MCTD tax in that county or city.
The tax holiday applies only to clothing and footwear worn by humans. It applies to most fabric, thread, yarn, buttons, snaps, hooks, zippers, and like items that become physical component parts of exempt clothing or that are used to make or repair exempt clothing. While the exemption applies to items of clothing and footwear worn on the body, not all items worn on the body qualify as clothing or footwear (jewelry, watches, and like items remain taxable).
If exempt clothing or footwear is sold with other taxable merchandise as a single unit, the full price is subject to sales and use tax, unless the price of the clothing or footwear is separately stated.
The New York Department of Taxation and Finance has provided information regarding the upcoming seven-day New York state sales and use tax holiday for clothing, footwear, and items used to make or repair exempt clothing costing less than $110 per item or pair. The state tax holiday will run from Tuesday, August 30, 2005, through Labor Day, Monday, September 5, 2005. A similar state tax holiday is scheduled for Monday, January 30, 2006, through Sunday, February 5, 2006.The tax holiday does not apply to locally imposed sales and use taxes unless the county or city imposing those taxes elected the exemption. It also does not apply to the 3/8 % tax imposed by the state in any portion of the Metropolitan Commuter Transportation District (MCTD), unless a county or city in the MCTD elects the exemption from its own tax, in which case the exemption will also apply to the 3/8 % MCTD tax in that county or city.The tax holiday applies only to clothing and footwear worn by humans. It applies to most fabric, thread, yarn, buttons, snaps, hooks, zippers, and like items that become physical component parts of exempt clothing or that are used to make or repair exempt clothing. While the exemption applies to items of clothing and footwear worn on the body, not all items worn on the body qualify as clothing or footwear (jewelry, watches, and like items remain taxable).If exempt clothing or footwear is sold with other taxable merchandise as a single unit, the full price is subject to sales and use tax, unless the price of the clothing or footwear is separately stated.
08/01/05
Paul Battaglia, CPA Awarded Community Builder’s Award
Paul Battaglia, CPA, Director of Freed Maxick & Battaglia, CPAs has been selected as the recipient of the 2005 Community Builder’s Award in recognition of exemplary charitable board leadership with New York State non-profit organizations.
Sponsored by the Council of Community Services of New York State, Inc. (CCSNYS) and the New York State Society of CPAs (NYSSCPA), the award is named after Michael Urbach, CPA, former Board President of CCSNYS of Northeastern NY, Inc. Battaglia is a member of the NYSSCPA’s Buffalo Chapter.
In naming Battaglia for this award, Doug Sauer, CCSNYS Executive Director said, “The award committee found Paul’s achievements as a CPA in charitable board leadership exemplary and in the spirit of the community work and philosophy of the late Michael Urbach. In addition, the committee feels strongly that his active leadership engagement with community based charities in this era of increased accountability serves as an inspiration to other CPAs.”
Mr. Battaglia will receive the award at the CCSNYS Annual Meeting to be held at Mohonk Mountain House in New Paltz on October 5. The event is part of a two-day Camp Finance Conference sponsored by CCSNYS as a financial accountability management conference for nonprofits in the state. Award presenters will be Harold Mandel, CPA, Chair of the Selection Committee and CCSNYS board member and Allen Fetterman, CPA, chair of the NYSSCPA’s Not-for-Profit Organizations Committee and member of the selection committee.
07/27/05
Freed Maxick & Battaglia Sponsors Leadership Awards.Freed Maxick & Battaglia is proud to sponsor
Buffalo Business First's 3rd annual Business Leadership Awards Buffalo/Niagara. As Western New York's premiere business recognition event, this awards program honors companies and indiviudals that provide leadership in our community through innovation, creativity, community involvement and financial performance. Nominations are due August 16th, 2005. Download your nomination form here:
2005 Business Leadership Awards - Nomination Form
7/15/05
Michael Ervin, CPA and Laura Landers, CPA Elected Directors
Freed Maxick & Battaglia is pleased to announce that Michael Ervin, CPA and Laura Landers, CPA have been elected directors to the Firm.
Michael Ervin, CPA, graduated in 1992 with a Bachelor of Business Administration in Accounting from Saint Bonaventure University. Upon graduation, Mr. Ervin joined Freed Maxick & Battaglia CPAs, PC as a member of the Accounting and Auditing Department.
As a director in the firm's Accounting and Auditing Department, Mr. Ervin is responsible for the overall planning, organization, supervision and completion of client engagements.
During his professional career, Mr. Ervin has obtained a broad background in the manufacturing, construction, automobile dealership, not-for-profit, and general service industries. He has extensive experience with Securities and Exchange Commission (SEC) regulatory and accounting matters as well as forensic accounting engagements where fraud and embezzlement have occurred.
Laura L. Landers, MPA, CPA, has sixteen years of public accounting experience, the majority of which pertains to audit, review and consulting services for governmental and non-profit agencies. This experience also includes audits in accordance with Government Auditing Standards, and audits in accordance with OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations.
Ms. Landers joined the Firm as Senior Manager after ten years as partner in a local CPA firm. Her past experience also includes five years as senior accountant and two years as Director of Finance at Genesee Community College. As a director in the firm's Accounting and Auditing Department, Ms. Landers is responsible for the overall planning, organization, supervision and completion of client engagements.
05/26/05
Save the Date for Freed Maxick University on 10/3 & 10/4. 
| Leading Your Facility Down the Path to Profitability
Freed Maxick University will be in session again October 3rd & 4th , 2005 at The Lodge at Woodcliff, Rochester, NY. The seminar provides Skilled Nursing Facility training for financial managers and administrators.
Topics covered will include: Medicaid Cost Reports/Rate Sheet Reviews
Recruiting and Retaining Long Term Care Staff
Customer Service Chain
Revenue Cycle Management
Medicare Part A and Part B
Legal Update- The Sarbanes Oxley Impact For More Information, Contact Mac Hartman at 716-332-2615
| |
04/04/05
Freed Maxick & Battaglia Launches New Website.
Freed Maxick & Battaglia CPAs, Western New York’s largest public accounting firm is pleased to announce the launching of its new website at http://www.freedmaxick.com/. The new site enhances user interaction, navigation, functionality and provides frequently updated, relevant information on ways to help your business grow. Visitors to the website will also find in depth content regarding our services and the most up-to-date information on recent tax legislation, firm news and events. The site was designed by ChoiceOne Online of Buffalo, NY. ChoiceOne also designed Cost Segregation Partners website, an affiliate of Freed Maxick.
03/07/2005
Life Sciences Technologies Conference
Freed Maxick & Battaglia’s Irv Levy, CPA, Director and Gina Fedele, Senior Business Development Associate attended the March 7th Life Sciences Technologies Conference, hosted by New Jobs for New York, a not-for-profit organization that helps attract new investment and jobs across New York State. The conference’s key-note address was led by Senator Hillary Rodham Clinton. The conference featured leaders in private industry, investment, and state and federal research institutions who gave their perspective on trends and opportunities in the life sciences industry in New York State.
02/02/2005
Freed Maxick Sponsors Breakfast Series with UB’s Center for Entrepreneurial Leadership
Freed Maxick & Battaglia has entered into a sponsorship of the University of Buffalo’s Center For Entrepreneurial Leadership 2005 Breakfast Sessions Program. The list of sponsor companies and presenters includes: Brown & Brown Insurance Niagara Insurance Group, Ronco Communications, Murak and Associates, LLC, Hahn & Associates, Jaeckle Fleischmann and Mugel, LLP, Inergex, Inc., Keybank, Lawley Service and Brittany Industries, Inc.
