CFO Colleague, LLC

FREE RESOURCE - Now available! Ever wondered why it takes SO long for staff to reconcile bank accounts? Is the Board clamoring for better cash flow data? Check out our FREE resource on hacking your cash accounting to fly through your bank recs with ease - and have more confidence on cash flows data.

Did you see Jeff Spear's latest article? What #highereducation can learn from shopping malls:

How does #highereducation work like a shopping mall? Read on for Jeff Spear's thoughts. Does this resonate with your experience?

If you’re still cutting checks, it’s high time to consider Paymerang.

Founder Jeff Spear draws on lessons from car manufacturing (again! :) ) and parallels to #highereducation today

If you catch ONE of our podcasts this month, let it be this one! Aaron Kuecker from Trinity Christian College talks about Senior Leadership in tough times, the perspective shifts leaders can make, and faithfully navigating hard decisions. #highereducation #leadership #highered

In this submission, I go into detail about our Sustainability Scorecard. Let me know if you want a worksheet. You'll have it filled out in five minutes, using your most recent audit. #Highereducation #Collegeclosures #Sustainability

Have you ever wanted someone to just give you a roadmap to get through year end? Wait no longer! We are excited to announce the launch of our premium content with our Year End Roadmap. Start where you and your processes are, and follow the roadmap to get practical advice, guidelines, and opportunities for reflection on the process as a whole. It's like having one of us over your shoulder as you plan your year... but without the pressure :) Check it out: #highereducation #audit #controller

Partner Jessica Ryals shares her marketing journey with our firm on the Marketing Wins podcast today.

What To Do When Salaried Employees Fall Below The New Overtime Threshold July 1 marks the first increase from the current minimum of $35,568 per year to $43,888 per year. After that, the threshold will next increase to $58,656 per year on Jan. 1, 2025, roughly 65% higher than the present-day mark — and will automatically increase every three years thereafter using a formula outlined by the DOL. There is more to that decision than employers might realize, with considerations ranging from the financial ability of an organization to raise pay to the degree to which employees value being considered a salaried professional. Step #1: Identify affected employees Employers should first identify the population of employees who, based on their salary level, would no longer be classified as exempt, said Brett Coburn, partner at Alston & Bird. It is a basic step, but employers need to know how many salaried employees have pay that would fall below the coming increases in order to assess the size of any potential pay increases. As an aside, an employee’s pay is only one component for determining whether that person meets the criteria for exemption under the FLSA. There is also the FLSA’s “duties test,” under which an employee’s job duties must also meet certain requirements for exemption. Step #2: Run the numbers and analyze potential effects Next, employers will need to determine what it would take to keep an employee’s pay above the new threshold. One aspect that should be considered is how an affected employee’s pay compares to others in the same role. If the employee’s pay is below that of their comparators, that may indicate a deeper pay equity issue. The alternative is to keep the currently exempt employee at their current pay and convert them to nonexempt status in time for the July 1 rule change, after which they would be eligible to earn overtime pay. Step #3: Make preparations — even with lawsuits on the horizon DOL’s overtime rule faces legal action that could delay it from taking effect. Business groups filed a lawsuit in a Texas federal court on May 22 asking the court to block the rule from taking effect. Employers “should definitely be in wait-and-see mode” while continuing to prepare for the July 1 threshold update. “So, in short, I think employers should be preparing for the July increase and considering all of the factors that we discussed earlier this week, but I would not roll out any changes to employees until we get a better sense of when the Court might issue a meaningful ruling in the new case,” Coburn wrote. Step #4: Have your communications strategy ready to go Those communications should be sent to every single affected employee and should include an explanation of why any changes are happening as well as the organization’s expectations around accurate timekeeping, if applicable.