Cherry Bekaert: Government & Public Sector

With SFFAS 54, Leases, effective for fiscal years beginning on or after October 1, 2023, federal agencies should be considering their implementation process. Once agencies have identified key stakeholders and their complete lease populations, Cherry Bekaert’s third suggested step in the process is to develop policies and procedures and identify systems.

Danny Martinez, Government & Public Sector (GPS) Accounting Advisory Lead, sat down with Jack McKee, Manager in GPS, to discuss these third of four steps that federal agencies should follow.
Part of our GPS podcast series, and the third in our mini-series on SFFAS 54, Leases, this episode covers the:

• Importance of assessing current state of policies and procedures
• Identification of what needs to be updated in policies and procedures
• Impact on chart of accounts and lease capture
• New policy and procedures considerations due to SFFAS 54
• Best practices for phase three of SFFAS 54 implementation

If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation with you.

Related Resources:

• Podcast: Initial SFFAS 54 Implementation Considerations for Federal Agencies
• Podcast: Identifying Complete Leasing Populations for SFFAS 54 Implementation
• Article: SFFAS 54, Leases Is Coming: What Should Your Federal Agency Do About It Today?
• Webinar: Introduction to the Federal Leasing Standard SFFAS 54

View All Podcasts in this Series

With SFFAS 54, Leases, effective for fiscal years beginning on or after October 1, 2023, federal agencies should consider their implementation process. Once agencies have identified key stakeholders, and completed lease populations and systems, Cherry Bekaert’s fourth suggested step in the process is to create the entries and disclosures necessary to account for leases.

Danny Martinez, Government & Public Sector (GPS) Accounting Advisory Lead, connected with Jason Parker, Senior Alliance Manager at LeaseQuery, to discuss the fourth and final step that federal agencies should follow.
Part of our GPS podcast series, and the fourth in our mini-series on SFFAS 54, Leases, this episode covers the:

• Importance of using a reporting tool
• Challenges a reporting tool solves
• Considerations for federal nuances of this leasing standard
• Useful reports and information to supplement standard journal entries and disclosures
• Best practices for phase four of SFFAS 54 implementation

If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation with you.

Related Resources:

• Podcast: Initial SFFAS 54 Implementation Considerations for Federal Agencies
• Podcast: Identifying Complete Leasing Populations for SFFAS 54 Implementation
• Podcast: Policy and Procedure Considerations for SFFAS 54 Implementation
• Article: SFFAS 54, Leases Is Coming: What Should Your Federal Agency Do About It Today?
• Webinar: Introduction to the Federal Leasing Standard SFFAS 54

View All Podcasts in this Series

In this episode of Cherry Bekaert’s Government & Public Sector podcast, host Kat Kizior, Cherry Bekaert’s Grants Management Solutions Lead, and GovNavigators’ CEO Robert Shea, walk through the sequence of events following the Office of Management and Budget's (OMB) memo issued Monday, January 27, 2025.

The memo instructed all agencies to temporarily halt "all activities related to the obligation or disbursement of all Federal financial assistance." The OMB then released a Q&A on the following Tuesday, clarifying that the initial memo was meant to affect a specific set of programs identified by certain executive orders. By Wednesday, January 29, 2025, the OMB completely rescinded the original memo.

However, because the White House press secretary indicated the pause was still ongoing, a judge issued a temporary restraining order to halt it. For a detailed look at the scrutinized programs, with embedded links to relevant documents, view this spreadsheet sourced from the federal program inventory.

This episode explores:

• The developments following the announcement of the federal assistance funding pause
• The potential impact of new executive orders on current and future funding
• Insights into the executive office’s authority to terminate grants and the rights of organizations reliant on federal funding
• What organizations receiving federal funding can anticipate next
• Essential activities your organization should undertake in the short and long term to mitigate the risk of federal fund termination

Cherry Bekaert’s Grant Lifecycle Management team manages grants end-to-end, bridging the service gap to improve internal controls and staff success to help your organization maximize every opportunity. If you have any questions specific to your business needs, Cherry Bekaert’s Government & Public Sector team is available to discuss your situation.

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Many organizations grapple with new enterprise resource planning (ERP) implementations or upgrades. The process of deciding what is best for your organization can be dizzying. There are several important questions and considerations organizational leaders need to navigate when selecting and implementing a new ERP system.

George DelPrete, Managing Director, hosted Jeffrey Yates, Assistant City Manager of the City of Fayetteville, and Zach Salvato, Chief Information Officer of the Greenville Spartanburg Airport, to discuss ERP selection and implementation. Both Yates and Salvato have performed several ERP selection and implementation projects throughout their careers and thoroughly understand the requirements and risks involved. This podcast explores key factors to consider and pitfalls to avoid when selecting an ERP system.
As part of our GPS podcast series, this episode covers:

• The significance of understanding your organization and processes
• The importance of understanding goals and expectations for systems
• Planning for a new ERP system
• Implementing a new ERP system
• Challenges organizations face with their ERP systems
• Experiences with ERP selection and implementation

Cherry Bekaert Can Guide You Forward
Integrating an ERP system into your business enhances agility, scalability and competitiveness, empowering organizations to adapt to dynamic market conditions and drive growth effectively. Cherry Bekaert’s Government & Public Sector and Digital Advisory practices can help your organization with digital transformation or ERP-related issues. This includes strategy development, validation, selection and project assurance. To learn more about how we can help with your ERP deployment, please reach out to us today!

Related Resources:

• ARTICLE: 5 Key Factors to Consider When Selecting and Implementing an ERP System

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The Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences helps align the recognition and measurement guidance under a unified model and amends certain previously required disclosures. The statement refreshes GASB’s compensated absence guidance from the 90s based on the changes to compensated absences offered since the guidance was introduced.

Cherry Bekaert’s team has outlined a four-phase approach to help your government implement GASB 101. In the first episode of the four-part GASB 101 podcast series, podcast host Danny Martinez, Partner, and Scott Anderson, Director, give an overview of GASB 101 and Cherry Bekaert’s first phase of implementation. The first phase focuses on understanding the pronouncement and its various components.

Tune in to learn more about:

• How a compensated absence is defined in GASB 101
• How a government new to the GASB 101 pronouncement can determine if they’re likely to have a change in liability balance
• Where governments may see a big change in their liability balance
• Why it’s important for a government’s team to have training before starting with GASB 101 implementation
• The Firm’s use of customized training when assisting a government’s implementation team

Subscribe and stay tuned for the other three phases of this mini-series. In the next episode, we will cover phase two, which delves into ensuring completeness and identifying compensated absences. Phase three involves updating policies and procedures and documenting the implementation to facilitate a smooth audit. The final phase addresses journal entries, disclosures, and ongoing training to ensure continued compliance and effective application.

Do You Need Assistance with GASB 101?

Cherry Bekaert’s Government and Public Sector Accounting Advisory team provides a comprehensive GASB-as-a-service offering that helps governments overcome staffing and technical challenges. Cherry Bekaert has a dedicated team of professionals who solely provide governmental accounting advisory services for governments, equipping them with the confidence that their needs will not be placed second to competing audit regulatory deadlines.

Related Insights:

PODCAST: Navigating GASB 101: Compensated Absences

ARTICLE: Navigating GASB 101: Compensated Absences Update

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