In my previous post, Are You Certifiable?, I reviewed the North Carolina Finance Officers’ Certification program, sponsored by the North Carolina Government Finance Officers Association (NCGFOA). As was probably clear in the post, the process is challenging but certainly doable, and those that become certified finance officers in North Carolina should definitely be proud of their achievement. But after the months (or years) of classes, studying, and testing, what happens after the success? Is the certification permanent (just like an appointment on the United States Supreme Court)? Does it expire? DO I HAVE TO TAKE THE TESTS AGAIN?? This blogpost will summarize the “post-certification” years and how certified finance officers must continue maintaining the high standards that got you where you are in the first place.
The above question has been posed to me time and again over the years, probably for obvious reasons! (And the quick answer is…yes, I am! But I digress…) However, it was not posed from the perspective of how I am using it in this context. One of the most common phone calls or e-mails that I receive on a regular basis relates to the North Carolina Finance Officers Certification Program. As more and more baby boomers have their retirement lunches and collect their gold watches (click here for more on that topic!), the turnover in local government finance across the state and the infusion of newly minted local government finance employees has contributed to the exploding interest in this program. This blog focuses on the specifics of the program, educational and testing requirements, and other frequently asked questions. A future blog post will address post-certification life – continuing education, employment requirements, and the like.
Tax Abatement, visual by Ruth Lerner
I’m here to help alleviate fears. In August 2015, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 77, Tax Abatement Disclosures. The guidance, which if it were applicable to North Carolina governments, would be effective for fiscal year end June 30, 2017. The requirements are relatively simple – if a government has any tax abatement agreements, as defined in the standard, there are certain note disclosure requirements that must be made regarding the agreement(s). A tax abatement in is defined in the standard as follows: Continue reading
Benjamin Frankin, (1706-1790) , North American printer, publisher, writer, scientist, inventor and statesman. Source: Wkipedia
Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.
Benjamin Franklin, in a letter to Jean-Baptiste Leroy, 1789