Providing Accounting, Financial Management & Reporting Services for Minnesota Charter Schools Providing Accounting, Financial Management & Reporting Services for Minnesota Charter Schools  
Stenmark Financial Services Stenmark Financial Services
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OUR SERVICES

Stenmark is a full-service charter school accounting firm that can perform all of the functions of a business manager…at a fraction of the price. Our years of expertise, proprietary internal system, and rigid processes allow us to easily run your school district from a financial perspective. We feel very confident that we can provide value to your school by performing the services outlined below. All of the following services are provided in our standard contracts:

Accounting/Finance

  • Assist new schools in obtaining federal and state tax ID numbers, 501(c)(3) status with the IRS, and re-employment assessment with Minnesota Jobs and Training
  • Provide basic UFARS training to your staff
  • Provide assistance establishing a working budget
  • Create a financial chart of accounts specific to your needs and enter the budgets into the financial accounting system
  • Create accounts payable checks from approved invoices and requests for payments. We can be authorized to sign for our schools or can forward them to your staff for signature and mailing
  • Enter cash receipts into the accounting system that outline source and purpose of monies received.
  • Receipt all IDEAS and Non-IDEAS payments through the State of Minnesota
  • Provide assistance in the application and administration of state and federal programs such as special education, ESL, assurance of mastery, and federal TITLE I, II, V, and VI
  • Provide monthly financial statements and bank reconciliations
  • Prepare and coordinate the audit process performed by an independent audit firm
  • Submit appropriate un-audited and audited UFARS data to the State of Minnesota within the required time frame
  • Create 1099 miscellaneous income forms for contracted laborers

Payroll

  • Assist in obtaining W4 and I9 forms from all school employees
  • Set up all employees in our payroll system with ties to the appropriate TRA or PERA contribution
  • Set up all licensed and non-licensed employees in their associated retirement plan
  • Record employee benefits including insurance, tax-sheltered annuities, and other voluntary and involuntary deductions
  • Create a payroll schedule of pay periods on a bi-weekly, semi-monthly, or monthly pay cycle
  • Create payrolls and process through direct deposit or forward checks to school for signature and distribution
  • File and pay retirement and statutory deductions electronically to the appropriate agencies
  • Record payroll expenditures in the accounting system
  • Provide detailed payroll reports for each pay period.
  • Produce quarterly reports including: state re-employment, state and federal income tax, FICA Medicare reports (941’s)
  • Calculate and prepare W2 forms for all school employees and file with the State Department and Federal Internal Revenue Service.

OTHER SERVICES

  • MARSS reporting to the State of Minnesota
  • Grant planning and coordination with governing body
  • Cash flow projection and monitoring
  • What-if analysis for both financial and capital investments
  • Assist in preparing capital budgets for location changes
 
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