MGFOA Year-End Financial Statement and Closing Adjustment

Tue, Jun 12, 2018

June 12, 2018
8:30 a.m. - 2:30 p.m.

Best Western Okemos/East Lansing Hotel and Suites
2209 University Park Dr.
Okemos, MI 48864

This program provides a basic overview of the year-end closing process for governmental entities and what it takes to close the books successfully each year in preparation for your audit. It also covers an overview of the risk based auditing standards, material weaknesses and significant deficiencies. It will help you understand what you need to do to avoid receiving bad news from your auditors. The program will address the definition of significant deficiency and material weakness in internal control. It will help you learn what is expected of the finance staff vs. what the auditors can help with and when they can help. It will cover who can prepare the financial statements, aka – are my auditors prohibited from helping with our financial statements?

Specific topics to be covered include the basics of:

  • Terminology
  • Bank reconciliations and related adjustments
  • Investments adjustment to fair value
  • Setting up accounts payable
  • Accruals - explanations, definitions, calculation andrecording:
    • Revenue; Payroll; Interest receivable/payable;Compensated absences; Self-insuranceliabilities; Lawsuits or general liability claims
  • Due to’s/from’s and Transfers In/Out
  • Capital assets and depreciation
  • Balance sheet analysis
  • Revenue and expenditure analysis
  • Analysis of budget v actual
  • Grant revenue recognitions (GASB 33)
  • GASB 34 Fund / Adjustments
  • AJE’s and Reversing AJE’s
  • Planning for the audit
  • Building blocks throughout the year

Successful completion of this session and implementing these ideas will help your audit go smoothly.

Bring your trial balances and budget reports for specific questions and suggestions.


Before June 5, 2018 June 5 and After
Member $100.00 $120.00
Non-Member $150.00 $170.00


Registration begins at 8:30 AM. The program starts at 9:00 AM and ends at approximately 2:30 PM. Lunch will be served midday.

8:30-9:00 / Registration
9:00-9:10 / Introduction
9:15-10:00 / Overview of auditing standard requirements
10:00-10:30 / Year End Preperation
10:30-10:45 / Break
10:45-11:30 / Timelines - a systematic approach
11:30-12:30 / Lunch
12:30-2:00 / Examples/group exercises
2:00-2:30 / Questions/wrap-up


Gretchen Gomolka is a CPA with 13 years of experience in governmental accounting both as an audit professional at Plante Moran and as a Finance Director for Meridian Township and now the City of Brighton. Gretchen has audited a variety of different local and state municipal clients including Cities, Townships, Counties, Libraries, Drain Commissions, the Michigan Lottery, MSHDA, and the Michigan Higher Education Authority. She is also a Board Member for the MGFOA and sits on both the Standards and Professional Development Committees

Denise Buckley is a CPA and Governmental Accounting Professionals Manager at Plante and Moran. She has over 19 years of experience specializing in municipalities. Her recent special project experience includes management of municipal finance departments; year-end audit preparation; emergency assistance including rebuilding accounting history and bringing delinquent accounting records current; five-year forecast models; implementation of GASB pronouncements, water and sewer fund rate studies; bond official statement reviews and business process reviews.


Each seminar qualifies for 5.1 CPE. The CPE credits qualify for governmental accounting and auditing.


The registration fee includes instructions, printed materials, refreshments and lunch. Registration is limited, so please register early to reserve your spot.


Class size is sometimes limited. Pre-registration is required so we can notify registrants if unforeseen circumstances require us to cancel or reschedule a course. Please register early. Confirmations of registrations are sent via email. Registering online will make this process easier.  You may also check the status of your registration by clicking on “View Registrations” at Reservations made by mail, fax, or online, unless cancelled, will be considered a commitment to attend. No shows will be billed, since meeting and meal arrangements have to be made for all registrants.


Refunds will be made ONLY if MGFOA is notified by June 5, 2018. If you have registered and find that you cannot attend, you may transfer your registration to another person. Rates may vary based on membership status. Please notify MGFOA of this occurrence.


If you have a disability and need special accommodations or require a special diet, please notify MGFOA by checking the box on the registration form. We cannot accommodate such requests on the day of the program. Because we are not always able to control room temperatures, please wear layers of clothing for your comfort.