Member of Russell Bedford International, a global network of independent professional service firms.
Member of Russell Bedford International, a global network of independent professional service firms.
In Cray Kaiser’s Employee Spotlight series, we highlight a member of the CK team. We couldn’t be prouder of the team we’ve grown and we’re excited for you to get to know them. This month, we’re shining our spotlight on Amanda Gard.
Amanda Gard is an Administrative Assistant at Cray Kaiser, serving as the first point of contact for clients whether they’re walking through the door or calling the office. In her role, Amanda works to ensure every interaction reflects the firm’s commitment to exceptional service, all while keeping day-to-day office operations running smoothly. She collaborates closely with the administrative team, jumping in wherever needed to meet deadlines and keep clients well taken care of.
With a background spanning Office Operations and Wealth Administration, Amanda brings a versatile skill set to her work and a warmth that clients and colleagues notice right away.
Amanda joined Cray Kaiser during tax season, one of the busiest times of the year, and it didn’t take long for her to feel at home. She was drawn to a role that let her put both sides of her experience to work. What she found was a team that made even the most demanding stretches feel manageable.
“The continuous support and positive atmosphere, even during intense deadlines, have been incredible and a big part of what’s kept me here.”
The CK value that resonates most with Amanda is People. For her, it’s more than a value on paper. It’s something she sees lived out every day, in the way teammates show up for each other and in the care the firm extends to every client.
“Not only do team members genuinely support one another, but they also pour into their clients. Cray Kaiser truly cares and it shows.”
Looking ahead, Amanda plans to return to school this fall to further her education in Human Resources. It’s a natural next step as she looks to deepen her expertise and expand her impact in the workplace.
How do you like to spend your weekends/time off?
Weekends are for sleeping in, relaxed vibes, and errands.
Tell us about your family.
I am 1 of 5 siblings and have 9 nieces and nephews. I am lucky that we all live in the Chicagoland area and I spend a lot of time with them. Most of us can often be found at our parent’s house on Sunday afternoons.
Do you have a special/hidden talent or hobby?
I read, roughly, a book a week.
What was your favorite vacation?
Growing up, my family would rent a cabin in Arkansas and spend time in our boat on Bull Shoals Lake during the summer. It was always a great time!
What’s on your music playlist?
95% of the time, I am listening to Broadway Showtunes.
What’s the last book you read?
I recently joined a “horror” themed book club to expand by reading genre background and try new things. I just finished The Eyes Are the Best Part by Monika Kim.
A business valuation isn’t just a number on a page, it’s an estimate built on judgement, financial data and a deep understanding of your industry. In this audio blog, Jason Hofferica, CPA and Certified Valuation Analyst at CK, breaks down how valuations work, what their purpose is, what they can and can’t tell you and what common mistakes to watch out for.
Transcript:
My name is Jason Hofferica. I’m an assurance manager here at Cray Kaiser, and I’m a certified public accountant and a certified valuation analyst. The purpose of the valuation is to provide information to either the buyer or the seller as to what, based on the facts and circumstances that we are looking at, looks like a fair value for someone to pay. So whether it’s a minority interest, as I mentioned before, there’s an adjustment for a minority interest. There’s an adjustment for that fact that this person buying it will not have control of the company. They’ll have ownership in the company, but they won’t have control of the company. Now, as far as how they use that information, they could use it in negotiating. It’s you know, it is pretty accurate based on the information that we’re provided. However fair market value is essentially what two parties, unrelated parties will pay at an arm’s length transaction. It’s ultimately up to them what they want to determine what fair value is. We just come up with this is what we see, this is what we think the fair value is, and they could use that information to make their investment decision, whether it’s buying or it’s selling.
How accurate it can be? It is an estimate. If we’re coming up with a value of a business and they agree on a price that’s $10,000 different or something, but the information was provided to say this is where it should be around. So as far as exact, exact numbers, that’s not what it’s going to provide. It will provide a valuation, but it’ll provide an estimate.
Fair market value is what two unrelated parties would expect to pay at an arm-length transaction. So determining fair value, is for a lot of the time, for the businesses that we perform valuations for. There’s, of course, the market approach. However, the problem with that is that those companies aren’t. The market is usually a stock exchange and these businesses are nowhere near that size or complexity. So while using some of these companies for some information to see if things might be reasonable, it’s usually not the true indication of what these companies are worth. Usually it depends on the type of transaction we’re talking about, if it’s an asset only sale, if it’s just revenue, the nature of the business, but there’s all different approaches including the capitalization method and the capitalization of excess earnings. All of these factor in not only the assets in the business, but also the revenue streams of these businesses to come up with a true value of these businesses.
You might also have estate tax issues that are at play, to where you might want to go ahead and plan accordingly as to what is going to happen when the inevitable does happen so that you can have you or your estate pay the least amount of tax possible. There are different thresholds with federal and state and those are some considerations. That if somebody’s holdings are valuable enough to where they’ll start gifting some of it to their heirs, so that they can, you know, either defer some of that tax or come underneath the estate tax threshold.
Sometimes in a business, let’s say they’re a manufacturing business, some of these manufacturing pieces of equipment are fairly large and they cost a lot of money. There’s some clients that we have, that their assembly line equipment is a million dollars. Now, well, it costs them a million. Now, it may be carrying a value on the balance sheet of $150,000. Now, if an equipment appraisal is done, it says, yeah, this piece of equipment could be resold for $700,000 or so. We change that value on the balance sheet because it’s not capturing the true value of not only the assets in the business that are part of the sale or the purchase or whatever, but also in considering the revenue stream. So we adjust everything to what is it that is truly involved here.
There were some valuations wanting to be performed regarding the gifting of the shares. One of the considerations in there, of course, is there’s a lot of things that can be covered under home improvement and remodeling. So you had to really look at what does this company do? What market, what region are they in? How many competitors do they have? You have to look at all of this stuff in determining a valuation and coming up with an evaluation. And like I said, the valuation reports can be sometimes a bit lengthy, but it’ll tell you why something was or was not considered.
One of the nuances for that is, and one of the challenges too, especially in the last couple of years, has been when we analyze these revenue streams or what these businesses are capable of doing. Now the problem is, last couple of years, everybody was affected in some way by COVID, some more than others. And some of that, and some did just fine based on the industry they were in. Some saw a fall off in revenue. How much of an impact does that really have on what this company is worth? Were they able to weather the storm? Did they stay fairly consistent? So these were all kind of things to consider.
Now, on this valuation too, one thing that you also have to look at is what is the purpose of the valuation? And in this case, not only was it for gifting of the shares, but you have to consider what’s going to happen based on that purpose. So in this instance, you have to go ahead and value the company. It’s still at a fair value consideration, but your approach is you’re valuing basically a minority interest in this company. So other things that are considered on there is whether or not that person will not have control, how much is this of a value on a per share basis to them because they ultimately don’t have control over how much people get paid, how much dividends are paid out they don’t they don’t have any of that. So is what do we believe that a reasonable person at an arm’s length agreement would pay for not only not having control but we also have to consider whether or not the marketability of a company. That again comes down to what industry they’re in and how many sellers and buyers we believe that there are in the market.
Common mistakes I would say is, there is a lot of the valuation that is built off of judgment and variables, and certain variables. And it’s very important to make sure that you not only are solid with your analysis, but the reasoning for your analysis. One of the mistakes that you see, that I have seen sometimes is some have a tendency to overvalue a business because they won’t use the appropriate method. And what I mean by that is someone that is leaning too heavily on using market, so using these publicly traded companies as a large basis as to you know, this is what their EBITDA is or should be, or again, you can’t use a very, very large company, which also may have a lot more resources at their disposal, and they may be involved in a lot more things as a basis as far as we believe this company is worth just as much as this company. That is one of the errors that I sometimes see is using these methods that are not comparable to who you are evaluating, who the subject is.
We review the report internally, of course, and make sure it seems like nothing was missed. But we do issue a draft to that, and they have the opportunity to review it. They’ll read through it. They’re free to ask any questions, including why this, why not that. Sometimes there are things that, you know, we were not aware of that may or may not change something. So they get the opportunity to review it and come up with those ideas and those questions because ultimately we want them to also understand the valuation as well. Once they read through it, they, you know, have no more questions or they agree with it, then we’ll actually issue it a final report. So, yeah, it’s not just a, yeah, here’s what we think and that’s it. We provide it to, you know, the buyer, the seller, or the client, whoever is requesting the valuation and they have the opportunity to review that before we make it final.
CPA | Manager
When the last bell rings, school is far from over. Schools have a myriad of extracurricular activities running nearly every day of the week and late into the evening. This includes everything from athletics to fine arts to chess club and all the activities in between. All of these activities involve money, including fundraising, participant fees, and expenditures for equipment and services. Most Illinois school districts track this money in “activity funds” or “club accounts”. These accounts make enriching school experiences possible, but they come with challenges and risks. Here’s what every school district should keep in mind to stay organized, transparent and compliant.
Set up clear rules for handling money
Before any club or team collects or spends a dollar the district should have a clear plan in place for how that money is managed. This includes who is allowed to make purchases. Will coaches and club sponsors be able to buy things directly? Will everything need to go through the district’s business office first?
It also means establishing how cash and check deposits will be handled. Who physically takes money to the bank, what paperwork is required and whether the district has a check scanner to make deposits easier. Finally the district needs to decide what software system will be used to track the money and who has access to it. Bottom line: Coaches and sponsors need clear, easy-to-follow reports so they can make good decisions for their clubs. Make sure that information gets to them regularly.
Bottom line: Coaches and sponsors need clear, easy-to-follow reports so they can make good decisions for their clubs. Make sure that information gets to them regularly.
Keep each club’s money in its own account
Each club or team account is meant for that specific group. For example, the cheerleading account is for cheerleading, the drama fund is for drama, and so on. Money shouldn’t be moved casually between accounts. If one club temporarily needs to borrow from another, the district should be sure to set up a due to/from entry. This keeps the records clean and makes it easy to see exactly what is happening with each club’s funds at any time.
Bottom line: Treating each account as its own separate “budget” prevents confusion and keeps things transparent for everyone involved.
Use the district’s sale tax exemptions correctly
Illinois school districts are units of local government, which means they are generally exempt from paying sales tax on purchases. Most districts often have an official letter that employees can use at checkout to provide proof that the exemption applies. This is a benefit that needs to be used responsibly. Only coaches and sponsors should use the tax exemption and only for legitimate school purchases. Requiring purchase orders for all transactions is a good way to keep this process organized and eliminate misuse.
Bottom line: Train coaches and sponsors on how and when to use the tax exemption and make sure it’s not being used for personal purchases.
Be careful with crowdfunding platforms
Crowdfunding platforms, like GoFundMe may seem like an easy way to raise money for a team or club but they carry real risks for school districts. If a coach sets up a personal crowdfunding campaign on behalf of the school, the district may have little control over where the money goes or how it’s reported.
Best practice is for the school district to require approval for any crowdfunding campaign set up in the school’s name and to ensure all funds raised are deposited into official district accounts. Some districts choose to establish a policy forbidding crowdfunding for school-sponsored purposes. This eliminates the risk entirely.
Bottom line: Have a written policy on crowdfunding before someone launches a campaign. Reacting after the fact is much harder than preventing the problem before it happens.
Activity funds are a small but important part of what makes school life meaningful for students. With the right policies and some training, they don’t have to be a source of stress or confusion. By setting clear expectations from the beginning, Illinois K-12 districts can support their clubs and teams with confidence while avoiding the financial headaches that can distract from what matters most: the students.
CPA | Tax Manager
As the ink dries on the One Big Beautiful Bill Act (OBBBA), many taxpayers are wondering: What does this mean for me, my business and my bottom line?
While much of the discussion focuses on federal tax changes, state tax laws are also affected. State legislators must decide whether to align to the new federal rules. It’s unknown how quickly state legislators will respond to the changes. Because of this, taxpayers could see difference in how their income, deductions and credits are treated from state to state.
Here’s a breakdown of the key areas where OBBBA could impact state taxes and what you should watch for.
The state tax deduction (SALT) cap, originally limited to $10,000 under the Tax Cuts and Jobs Act of 2017 (TCJA), has been increased under OBBBA to $40,000 for joint filers and $20,000 for certain individuals.
In response to the old cap, 36 states enacted a Pass-Through Entity Tax (PTET), where flow through entities were allowed to pay state tax on behalf of owners and deduct them as business expenses.
Now that the SALT limit has increased, some business owners may want to reconsider PTET elections. Additionally, some state PTET provisions are set to expire at the end of 2025, and it’s unclear which states will extend the PTET.
What this means for you: If you currently use or are considering a PTET election, it’s a good time to re-evaluate your strategy with your tax advisor.
Under TCJA, bonus depreciation, which allows businesses to deduct the full cost of qualifying assets, has been phasing out from 100% down to 40% in 2025, and ultimately to zero in 2027. The OBBBA reverses this trend by reinstating 100% bonus depreciation for assets acquired after January19, 2025.
However, many states do not allow this deduction. Businesses will need to continue to track state differences in depreciation rules to avoid surprises when filing state returns.
What this means for you: Be aware that even though you may get the full deduction at the federal level, your state may not conform.
Beginning in 2025, the limitation on business interest expense will be expanded to apply to EBITDA (earnings before interest, taxes, depreciation and amortization).
Because each state chooses whether to follow the federal rule (Section 163(j)), conformity varies widely. This means your allowable interest deductions may differ by state.
What this means for you: Businesses with multi-state operations should carefully review where and how these new limitations apply.
The OBBBA reinstitutes immediate expensing of R&E costs. It also allows for accelerated deductions for costs that were capitalized between 2022-2024.
Since each state handles R&E costs differently, you’ll need to identify which states plan to conform to the new rules beginning in 2025.
What this means for you: If your business invests in research or development, this change could offer significant tax savings, but only if your state follows the new federal approach.
Each state decides whether to adopt federal tax changes, ignore them or modify them. This can be overwhelming for business owners, especially those operating in multiple states.
Analyzing these differences can be complex and time-consuming, but it’s crucial to ensure accurate tax filings and avoid penalties.
Navigating federal and state tax changes under the One Big Beautiful Bil Act doesn’t have to be overwhelming. The team at Cray Kaiser can help you analyze the effect on your business. Although we usually start looking at year-end tax planning in Q4, now is the time to talk with your advisor about the impact of the bill on your state taxes. Contact Cray Kaiser and learn how these changes may impact your bottom line.
Understanding what your business is truly worth is a critical step in planning for the future. In this audio blog, Jason Hofferica, Assurance Manager at CK, breaks down the purpose of a business valuation, when you might need one and how the process works, from high-level industry insights to detailed financial analysis.
Transcript
My name is Jason Hofferica. I’m an Assurance Manager here at Cray Kaiser, and I’m a Certified Public Accountant and a Certified Valuation Analyst.
A business valuation, in short, is a process of setting the value of a business for several reasons. You can be looking to acquire a business. You could be looking to exit a business, sell a business, maybe for estate tax planning, purposes, gifting. So there’s all sorts of different reasons to want to go ahead and get a valuation for your business or for one that you’re interested in.
They could always ask to obtain their, if there has been one, they can go ahead and request one. Or if they’re more comfortable, they can hire their own personal valuation analyst to go ahead and run the numbers as well to see if the asking price is reasonable.
A business valuation is necessary because things just happen in general. You can have a disability or a shareholder death, gifting purposes. Perhaps you want to start transferring some shares to your children or to other family members. So for these considerations, a valuation sometimes is or often is necessary to come up with these values for transfer.
So a business valuation, the process typically starts from a very high level. And in order to properly value a business, you first have to understand many aspects of not only the macro environment, but the micro environment, the market, the industry. And so typically we start from a high level. We then discuss with the client, get company history. We read industry publications to come up with different things that might impact that specific industry. And from there we start honing in on these different things that might be considerations when valuing.
We then typically look at the financial statements and five years is typical. We do do analysis of financial ratios. We compare it to those in the industry. We try to get as closely to the size and complexity of the business that we’re valuing as possible. We will then go through a process of what is called normalizing the financial statements. Often when you have these closely held companies, officers are paid a certain amount. Rent sometimes is paid to a related party. Is that market value? So all of these different financial information gets adjusted to come up with a true revenue stream of expectations.
Typically the ownership is who will go ahead and get a valuation done for either estate tax purposes, gift purposes, maybe they’re looking to go ahead and sell or from buyers. Buyers will want to know if they’re interested in a business whether or not something is appropriately valued and we will be contacted from that aspect as well.
But really, anybody with these mergers, acquisitions, valuation can be used in all aspects of these. I would say to get a valuation done when there is an event or an occurrence, that would warrant a valuation to be done of your stock.
We do go ahead and we kind of give a good assessment of what the industry and all of those variables for that company to come up with an estimate as far as hours and theme. The final report is actually quite lengthy because of the amount of research and analysis that gets put into it.
Like I mentioned before we start, very high level and kind of work our way down to not only the macroeconomics, but microeconomics regional. We’d go into the industries and it even does include all the different methods that were considered as well as why they were considered or why they weren’t considered. So that the person reading the valuation report should have a clear understanding of the why and as to why a business was valued, where it was valued.
CPA | Manager
Illinois K-12 school districts manage significant assets including; schools buildings, administrative buildings, furniture, vehicles, athletic facilities, and maintenance equipment. Schools need to be mindful of record keeping and reporting of capital assets to avoid auditing and reporting issues down the road.
In simple terms, a capital asset is:
For example, a laptop may be expensed, while a school bus or major HVAC system would likely be recorded as a capital asset.
Because these assets affect a school district’s financial statements and compliance reporting, having a clear system in place with respect to capital assets is essential.
Every district needs a reliable way to track its capital assets. There are several options.
Handle It In-House
Many modern school district ERP systems have a capital asset module. A district business office employee can use this module to perform regular record keeping tasks.
Outsource to an Accountant
An external accounting firm can maintain your capital asset records, for a fee, ensuring technical accuracy and compliance.
Use a Capital Asset Inventory or Appraisal Company
Some districts work with an external asset appraisal company, typically the one that performs the district’s insurance valuation. These firms can maintain capital asset records for the district and assist with updates.
No matter which option you choose, a district employee must provide accurate information and oversee the process. Good data input and regular supervision are critical.
A strong financial policy should clearly address capital assets. Your policy should include:
Policies set expectations. Processes ensure they are followed. Documented processes and procedures should answer such questions as:
If your district purchases equipment or does construction with Federal or state funds, you may have additional rules to consider. For example:
Capital assets represent some of the largest investments an Illinois K-12 school district will make. With clear policies, well-defined processes and consistent oversight, districts can avoid audit issues, stay compliant with funding requirements and maintain accurate financial reporting. If you have any questions, the trusted advisors at Cray Kaiser can help you. You can contact us here or call us at 630.953.4900.
Accounting & Advisory (CAAS) Supervisor
In today’s competitive business environment, staying on top of your company’s financial health is essential for sustaining growth, maintaining profitability, and making informed decisions. Business owners need clear and accurate insight into their financial position in order to make informed decisions, manage risks, identify opportunities for improvement and plan for the future. One of the most effective ways to gain this insight is through consistent financial reporting. Reviewing a few key financial reports each month can help you understand how your business is performing, where improvements can be made and whether you are on track to meet your financial goals.
Below are five financial reports every business owner should review monthly. These reports will provide you with a comprehensive understanding of your company’s financial health.
The Profit and Loss (P&L) statement, also called the income statement, is one of the most important financial reports for any business. This report summarizes your company’s revenue, costs, and expenses over a specific period of time, typically monthly, and shows whether your business generated a profit or a loss. Key metrics to review in this report include gross profit, operating expenses and net income (or loss).
Why this Report Matters:
2. Balance Sheet
A balance sheet provides a snapshot of your company’s financial position at a specific point in time. It outlines what your business owns (assets), what it owes (liabilities), and the value remaining for the owner or shareholders (equity). Key metrics to review in this report include current assets, current liabilities, and owner’s equity.
Why this Report is Matters:
3. Cash Flow Statement
Cash flow is the lifeblood of any business. The cash flow statement tracks how money moves in and out of your business over a given period. Key metrics in this report, include operating cash flow, cash inflows (customer payments or sales revenue) and cash outflows (expenses, payroll and operating costs) and the overall change in your cash position.
Why this Report Matters:
4. Revenue or Sales Performance Report
For many businesses, revenue comes from multiple products, services or business segments. A revenue or sales performance report helps track where income is coming from and how these sources are performing over time. Key metrics in this report may include revenue by product line or service category, sales trends and performance by department or salesperson.
Why this Report Matters:
5. Accounts Receivable Aging Report
The accounts receivable (AR) aging report shows how much money customers owe your business and how long invoices have been outstanding. This report typically groups receivables by time periods such as 30, 60 or 90+ days past due. Key metrics to review include total outstanding accounts receivable, aging categories and the percentage of overdue invoices.
Why this Report Matters:
Successful businesses don’t rely on guesswork; they rely on data. By reviewing these top five financial reports each month, Profit and Loss (P&L) Statement, Balance Sheet, Cash Flow Statement, Revenue or Sales Performance Report, and Accounts Receivable Aging Report, business owners can gain a clearer understanding of their financial position and overall performance.
Regular financial review of these reports not only helps minimize risk and maintain compliance but also provides valuable insights that can support better decision-making, improve profitability and long-term growth. When business owners stay proactive with financial analysis they are better equipped to navigate the challenges, seize opportunities, and builder a stronger, more sustainable business.
If you have questions about your financial reports, please contact the CAAS team at CK. Our trusted advisors work with business owners to improve financial reporting, strengthen accounting processes and provide insights that support smarter business decisions.
CPA | CK Principal
A growth mindset is essential for any business that wants to make a lasting impact on its stakeholders, customers, employees and community. Leveraging technology, tools and expert advisors can help support that growth, but it can also reveal weaknesses within an organization, particularly in its financial infrastructure. As your business expands, accounting should do more than simply track what has already happened. It should actively provide insights, support decision-making and help guide your business forward. The following strategies can help strengthen your financial foundation and support sustainable growth.
Many new businesses begin with cash accounting because it is simple and helps track how much money is coming in and going out. However, cash accounting does not always show the full picture. It only records transactions when cash changes hands, which can make it difficult to see how sales align with related costs.
As your business grows, accrual accounting becomes more useful. It records revenue along with expenses in the same period they occur. This allows you to better understand which products or services are truly profitable.
As your business grows, regular financial reporting is vital. Set a monthly financial reporting cycle for the areas that matter the most for your business and consistently follow it. Accurate and timely reports of these areas help you trust your numbers and make informed decisions. A good practice is to review the previous month’s financial statements by the 15th of the current month.
Accounting software and applications are excellent tools for recording transactions efficiently and accurately. Your team can focus on interpreting numbers and analyzing costs, along with identifying excess expenses and helping leadership make informed business decisions. When technology handles the routine tasks, your team can fully understand and act on the data.
Your past financial statements can help guide future decisions. Use historical financial data to build sales forecasts for each product line. Accurate cost estimates will help you see how those sales translate into profits that help your business grow. It’s also helpful to establish key performance indicators (KPIs). These metrics both financial and non-financial allow you to track progress towards your goals and measure the overall success of your business.
Even strong internal teams can benefit from outside perspectives for financial reporting and analysis. Working with experienced professionals with strong backgrounds in accounting and forecasting can help your staff interpret data effectively. Consulting with these professionals regularly throughout the year, not just at tax time, can provide valuable insights into your business that help refine your growth strategies. Additionally, advisors can also recommend tools and methods for establishing an accounting and reporting system tailored to your needs.
Growth creates opportunity, but it also increases complexity. With clear reporting, effective technology, and forward-looking analysis, your financial data becomes a powerful guide rather than a guess. Supported by the right systems and expertise, you can make confident, informed decisions that turn momentum into lasting success.
If you’re looking to strengthen your accounting department and team, consider contacting Cray Kaiser’s CAAS Department. Our team can work with your staff to improve your financial reporting and build systems that support your business as it grows.
College foundations play a critical role in creating opportunities for students, but managing the internal accounting procedures of those organizations can be complex. In this fourth and last video in our college foundations series, Dan Swanson, shares his perspective on the unique challenges and opportunities college foundations face. Dan discusses best practices for financial reporting, common issues foundations encounter and how clear communication can help organizations stay focused on their ultimate goal, which is supporting students through scholarships and funding.
Transcript
Welcome, everybody. I’m very excited to be here today. My name is Dan Swanson. I am an assurance manager here at Cray Kaiser. I’ve been with the firm for about 12, 13 years now, and I wanted to talk about a subject matter that I’m very passionate about, and that is college foundations and some of the important factors that we need to be considering, some of the hot topic issues. I want to talk about some success stories, some issues that they commonly face.
One of the reasons I’m very passionate about this, because we always hear that question, if I wasn’t an accountant, what would I be doing? I’m a big fan of education. My parents were teachers. I have brothers that are teachers. So if I wasn’t an accountant, I would be a teacher. So by serving these college foundations, I feel like I get the best of both worlds. I’m helping students while getting to use my accounting knowledge and expertise. So it’s very near and dear to me.
So I wanted to kind of talk about foundations and how we here at CK have helped foundations on a number of different areas. So where I think Cray Kaiser can really add value and where I believe sets us apart from either having an internal full-time person or another outsourced firm, assisting with the monthly accounting is I’m a big fan of the education piece and the communication piece.
So what I always try to do is explain to the foundation and the staff is here’s what I’m doing. Here’s why I’m doing it. And here’s kind of the end game. Here’s the goal. Start with the end in mind. So here’s what we’re trying to get to. But in order to get there, we got to do these three, four, five things. So really helping them understand my process or CK’s process. Here’s how we’re going to go through it. Here’s how we’re going to work through it. I think really helps them understand kind of the efforts and what it takes and the value that they are getting from this.
Because I don’t ever want to be just an expense item on their income statement. I want that to have meaning, to add value. If we’re just a necessary evil expense, then I feel like I’m not doing my job. But if we can help them add that value, then it’s a win-win.
So again, that’s educating them along the way, communicating with them. And really kind of strategically thinking, how do we make things better? How do we make the financial statements more transparent? If there’s this big manual, Excel manual process, how do we let the system do that heavy lifting? Because if there’s a time-consuming manual process, what happens? We’re all human. We all make errors. So if we can let the system do those, automate it, utilize the system to automate those tasks, our consistency and our errors are going to improve.
So again that’s I think where we can come in since we’ve worked with these systems, we know how they work we know how they operate we know how they think so let’s lean on that to streamline processes, streamline these manual processes and then educate.
That’s where I think we come in to improve is if you have a question ask. You know the old Who Wants to be a Millionaire game show. I want to be your “phone a friend”, if you have a question, give me a call and we’ll talk through it. I’m a big fan of let’s just get better. So just because we did it last month doesn’t mean we’re going to hit cruise control and do it the same way the following month. Consistency is key, but can we improve? And so let’s work together to always get better, always get more transparent, and let’s continue to have those conversations with the executive director, the finance committee, the board members, and let’s make sure we’re all in it together. Because again, what’s the goal? What’s the purpose of these foundations? Let’s raise money. Let’s raise donations. So we have tons of scholarship funds available for students. That’s the goal so let’s keep the goal in mind and so that’s and how do we get there? Again, that’s education communication and constant improvement.
So that’s what I try to bring, that’s what Cray Kaiser tries to bring, is that winning successful attitude. Other issues that I see or that we can help out with I may have mentioned just timeliness on monthly financials. So how do we get to you by the 20th of every month. Those month end financials are done and closed. So us being auditors and us understanding the importance of internal controls and processes, when you come to Cray Kaiser, we can kind of plug in that mentality and really help you streamline your month end closes.
What are some best practices? What are some great work papers? What are some great recs that we can do? We can help meet with your staff there and kind of help train them, help guide them, help empower them to do some of that work ahead of time. We’re happy to do it, but we’re also happy to help train and guide your people internally, so they know how to do it moving forward, as well. I really want it to be a team atmosphere. I want to educate you along the process. Here’s what we’re doing. Here’s why we’re doing it. And this is why I think it’s going to help everybody here. So that’s kind of the time. Yes, we’ll set a schedule. This is what we want to do. And this is how we’re going to do it. Do we always meet that? No, there’s always issues that come up, but we can work through them.
So from some of my past experiences, that timeliness of financial reporting wasn’t being done or there’s a transition. This long time finance position person is retiring and we’re having a hard time finding a new person or training a new person, so that’s where since we have the experience here can kind of come help in and either bridge that gap or even be that outsourced kind of finance position to help you produce accurate financial statements, either quarterly, monthly, whatever you need, so your finance committee, your board, can review and approve, etc.
Here’s a scenario where Cray Kaiser was able to step in and provide value. So there was a longtime financial person in the shoes that we are at now who retired. What happened was they retired and then that transition did not go well and so they were five to six months behind in their financial reporting. They were months behind in entering payables into their accounting system and they were months behind in just simply cutting vendor checks. So it’s kind of triage, what are what are the key items, the key problems, the key sources that you need us to do.
So I still remember day one us simply going out there and looking through their vendor payables, entering them and cutting checks was a huge win. Just that simple task was a big win just because that transition for whatever reason did not go well. But again with us and our knowledge with nonprofits, our knowledge of accounting principles, our knowledge with working with different systems, we were able to quickly step in kind of see their system that we weren’t new to, understand it and start just simply cutting checks. Sweet! Day one we got a win. Okay, now tomorrow let’s come back. Okay, what else what else is on your mind, what else hasn’t been done, what else is of super importance. You tell us what you need us to do we don’t want to ever just assume and do things so you help us understand your struggles and we’ll provide solutions or provide help where we need it.
So again there was the just simply cutting checks and then just bank reconciliations. In the accounting world that’s key. Can we get timely bank reconciliation done? Again five, six months behind and a simple, quote unquote, simple bank reconciliation. So that was on their mind. So let’s make sure we understand that process and get that moving forward and get that scheduled out.
I keep talking about the investment piece. So again, as foundations, depending on the size, that they could have millions of dollars in investments that have earnings each month. So how do we make sure that these earnings are being appropriately allocated to these 200 scholarship funds? Are all those scholarship funds included in those earnings? If there’s a new endowment, how do we make sure that new endowment is now added to that pool?
So it’s kind of going through a whole list of scholarships or endowments. What should be part of that earnings pool? And is it in there? And what are some best practices to track that moving forward to ensure as new ones are added, they’re added timely. As new money comes into the foundation, how do we make sure those new funds are invested in a timely fashion? So again, that’s where that internal control processes, best practices come into play. And that’s where I think Cray Kaiser does a good job stepping in and just having those discussions to make sure we’re aware of all the issues so we can address them one at a time.
As accountants, as CPAs, I kind of say, we have that strong accounting foundation, that accounting base. So we have a step up on working with new accounting software. We already know what the answer should be because we’re strong accountants. So how do we get the system to do what we know the accounting needs to be? And if you can kind of have that strong accounting knowledge, it makes utilizing that system that much better.
So if you made it this far in my video presentation, I want to thank you for staying. If you have any questions that you would want to ask me, please feel free to reach out. You can go to the Cray Kaiser website. And you can find me. Again, I’m Dan Swanson. I’m an assurance manager here. Again, I’m very passionate about foundations and the importance of solid financial reporting. Over the years working with them, I think I’m pretty good at it. And again, I always think of what is their mission, what is their vision, what is their value of these foundations? And at the end of the day, we want to provide opportunities, funding for students.
Again if I wasn’t an accountant I would be a teacher and educator so working with these foundations, I get the best of both worlds. I’m able to achieve both of those dreams. So again if you have any questions, if you’re seeking more information, hey, if you just want to talk to me for a half hour I’d love to help. So again please feel free to contact me all that information is on the Cray Kaiser website. And again, thanks for staying on if you made it this long.
In Cray Kaiser’s Employee Spotlight series, we highlight a member of the CK team. We couldn’t be prouder of the team we’ve grown and we’re excited for you to get to know them. This month, we’re shining our spotlight on Ted Stoik.
Ted Stoik is a Senior Assurance Accountant at Cray Kaiser. In his role, Ted leads audit engagements and guides staff through planning, fieldwork, and reporting. During a typical engagement, he works closely with clients to understand their businesses, assess risk, review key estimates, and ensure workpapers and financial statements are clear, accurate, and well-supported.
Ted has a particular interest in improving audit efficiency and documentation quality. He’s always looking for ways to refine processes and strengthen the overall audit experience for both clients and the CK team.
Ted joined CK in January of 2026. He was drawn to the firm’s strong reputation for quality work combined with a genuine commitment to work-life balance. And, as he puts it simply, “I really like the people.” Since joining, it’s the team culture and camaraderie that continue to stand out most.
The CK core value that resonates most with Ted is Education. He believes there is always more to learn, especially in public accounting, and that mindset drives him to sharpen his technical skills and expand the value he brings to clients.
Before joining CK, Ted earned his master’s degree in accounting from the University of Missouri. He interned at Grant Thornton before spending two years at RSM, where he gained hands-on experience working with manufacturing clients. One of the most impactful moments in his career was leading an engagement from planning through issuance for the first time.
“It pushed me out of my comfort zone and forced me to think not just about individual workpapers, but the financial statements as a whole,” Ted shares. “It gave me confidence in my ability to lead and reinforced how important clear communication and organization are in delivering a smooth audit.”
His advice to anyone just getting started in accounting?
“Ask questions early and often. Don’t fall into the trap of spinning your wheels. Your team is there to support you.”
Looking ahead, Ted is focused on continuing to grow within the assurance practice and deepening his expertise to bring even more insight and value to clients. He’s especially interested in data analytics and automation within accounting and audit, leveraging technology to identify trends, anomalies, and risks more efficiently and free up time for higher-level analysis and client conversations.
What was your favorite CK group outing?
The company bowling party! Despite only bowling a handful of times in my life, I walked away with two strikes and a great time.
How do you spend your weekends or time off?
Right now, much of my free time is dedicated to studying for the CPA exam. When I’m not hitting the books, I enjoy spending time with friends, watching shows, and being outdoors. I often travel to Michigan or Oregon to help family on farms and vineyards. Part farmhand, part family guest.
Tell us about your family.
My dad is a writer and my mom is an event planner for senior living communities. I spent summers in Michigan working on my family’s fruit and vegetable farm, and in the fall in Oregon helping with the grape harvest. Safe to say, I know my way around both spreadsheets and vineyards.
Do you have a hidden talent?
Farmer.
Favorite vacation spot?
The Boundary Waters in Minnesota. You can’t top crystal clear water, almost zero light pollution, and unbeatable hiking and canoeing.
Favorite TV show?
Suits. I admit I’m drawn to stories about sharp young professionals excelling in their field.
What’s on your music playlist?
A little bit of everything: metal, jazz, rock, classical, rap, and R&B. Lately, I’ve been on a “divorced dad rock” kick featuring Nickelback, Foo Fighters, and Alice in Chains.
