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Category: GASB & Accounting

  • Actuarial Practice: Upholding the Standards

    By Craig Relyea, ASA, MAAA As actuaries, we are accredited members of an organization and subject to professional standards of practice. The Actuarial Standards of Practice (ASOPs) are promulgated by the American Academy of Actuaries and are intended to guide actuaries in their work. While Firefly clients are safe to assume that our actuaries are…

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  • LOSAP Information for the 2023 Income Tax Year

    It is tax time again! The time of year where we get questions about LOSAP and income taxes. Keep in mind that this post is not intended to be tax advice. Firefly Admin Inc. does not provide tax advice, and all participants and beneficiaries who receive a LOSAP benefit are strongly encouraged to consult with…

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  • Latest OSC Audit: Focus Shift to Financial Oversight of LOSAP

    This week, the Office of the New York State Comptroller (OSC) issued a press release regarding several audits that were concluded in late December 2023. One was report 2023M-132, which focused on the financial condition of a fire district. Follow this LINK to read the full report. For our purposes, the individual district is not material…

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  • LOSAP Investment Policy

    One of the essential documents we require for our role as third-party administrator is a plan document. Each LOSAP should have a detailed plan document that outlines the benefits a participating volunteer firefighter can earn for their service. It is a vitally important document. Without it, confusion and misinformation can quickly set in regarding benefits…

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  • GASB & LOSAP – PART 4 OF 4

    This post concludes our look at the Government Accounting Standards Board (GASB) and how it has impact the reporting of LOSAP on governmental financial statements. First, we outlined just what the GASB is, and how the Office of the State Comptroller plays a roll in this, and just how the finances of LOSAP work in…

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  • GASB & LOSAP – PART 3 OF 4

    Today we will take a closer look at GASB Statement 84. For the first two parts of this look at GASB & LOSAP, click here. Here is what you need to know about GASB Statement 84:

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  • GASB & LOSAP – PART 2 OF 4

    There are currently two GASB pronouncements that have a significant bearing on the reporting of LOSAP on the municipal sponsors financial statements. In this second part of our look at GASB and LOSAP, we’ll highlight GASB Statement 73. Notes about GASB Statement 73:​ Next we will highlight GASB Statement 84.

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  • GASB & LOSAP – PART 1 OF 4

    Here in New York, the implementation of GASB Statement No. 84 has created some confusion! We thought it might be helpful to unpack the relationship between LOSAP and the GASB over a series of articles. We’ve consolidated this information into a newsletter – if you would like a copy, please contact our office. Since the…

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