Kickstarting 2025: Tax Strategies for Dealerships to Maximize Early-Year Savings

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As the calendar turns to 2025, dealerships across industries—whether you specialize in automobiles, agricultural equipment, heavy equipment, RVs, or motorcycles and power sports—have a unique opportunity to optimize their financial strategies for the year ahead. With ever-changing tax regulations and the challenges of a competitive marketplace, proactive tax planning is essential. By leveraging available deductions, credits, and other tax-saving opportunities, dealerships can minimize liabilities, improve cash flow, and reinvest in growth.

Here are key tax strategies tailored to dealerships of all types to help kickstart financial success in 2025:

1. Maximize Section 179 Deductions and Bonus Depreciation

Dealerships, regardless of their specialty, can benefit significantly from Section 179 and bonus depreciation. These provisions allow businesses to deduct the full cost of qualifying equipment, technology, and other capital investments in the year they are purchased and placed into service.

For auto dealerships, this could include IT infrastructure upgrades or new service equipment. Agricultural and heavy equipment dealers may invest in advanced diagnostic tools or large-scale machinery for service operations, while RV and power sports dealers might focus on improving showrooms or maintenance facilities. Early planning ensures these purchases meet tax qualification standards.

2. Take Advantage of Industry-Specific Tax Credits

As industries evolve, so do the tax incentives tailored to them. For example:

  • Automobile and RV Dealers: Federal tax credits for electric and hybrid vehicles, as well as EV charging infrastructure, are valuable opportunities.
  • Agricultural and Heavy Equipment Dealers: Tax incentives often exist for energy-efficient upgrades to equipment or facilities, such as solar panel installations or eco-friendly lighting.
  • Motorcycle and Power Sports Dealers: Consider exploring credits related to energy-efficient transportation or community safety initiatives.

These incentives not only reduce tax burdens but also demonstrate a commitment to innovation and sustainability.

3. Review Inventory Accounting Methods

Managing inventory effectively is critical across all dealership types. The choice between Last-In, First-Out (LIFO) and First-In, First-Out (FIFO) accounting methods can significantly impact taxable income, particularly in industries with fluctuating inventory costs or supply chain challenges.

Automobile, agricultural, and heavy equipment dealers, in particular, should revisit their inventory valuation strategies to align with current market conditions. Proper planning in this area can uncover opportunities for tax savings and improved cash flow.

4. Leverage Hiring Incentives and Payroll Tax Credits

Staffing remains a critical challenge for dealerships, but hiring incentives and payroll tax credits can provide financial relief. Programs such as the Work Opportunity Tax Credit (WOTC) offer credits for hiring veterans, long-term unemployed individuals, or other qualifying workers.

These credits apply to all dealership sectors and can help build a stronger, more capable workforce while reducing tax liabilities.

5. Plan for State and Local Tax (SALT) Changes

State and local tax (SALT) regulations impact all dealerships, with varying requirements for property taxes, sales taxes, and other obligations. Agricultural and heavy equipment dealers often face unique challenges in states with special rules for machinery sales, while RV and motorcycle dealers may contend with differing local sales tax rates.

Staying informed about these changes can help dealerships avoid surprises and minimize liabilities.

6. Optimize Deductions for Interest and Lease Costs

Many dealerships rely on loans and leases to finance inventory or maintain facilities, making interest and lease costs a significant expense. Recent tax law updates have placed caps on interest deductions, so dealerships need to work closely with their tax advisors to ensure compliance and identify opportunities to maximize these deductions.

Whether you’re financing an auto showroom, a heavy equipment lot, or an RV service facility, proactive planning can yield substantial savings.

By implementing these tax strategies, dealerships of all kinds can capitalize on early-year opportunities to reduce liabilities and reinvest in their businesses. The key is to stay informed about regulatory changes, partner with experienced advisors, and take a proactive approach to tax planning.

At Brady Martz, we understand the unique needs of dealerships across industries and can help you navigate the complexities of tax regulations while maximizing your financial potential. Contact us today to learn how we can help your dealership thrive in 2025 and beyond.

Financial Transparency for Non-Profits: Best Practices for Building Donor Trust

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Trust is the cornerstone of any successful nonprofit. Donors want to know their contributions are being used effectively to further your mission, and financial transparency is key to earning and maintaining their confidence. By openly sharing your financial practices and demonstrating accountability, your organization can strengthen donor relationships and foster long-term support.

Here are the best practices for ensuring financial transparency and building donor trust:

1. Publish Clear and Detailed Financial Statements

Providing easy access to your organization’s financial information is one of the most effective ways to demonstrate transparency. Donors appreciate when nonprofits share detailed annual reports, audited financial statements, and IRS Form 990s.

Tips for effective reporting:

  • Break down your revenue sources and expenditures in an easy-to-understand format.
  • Use visual aids, such as charts and infographics, to illustrate key financial data.
  • Publish these documents on your website and include links in donor communications.

2. Clearly Define How Donations Are Used

Donors want to see the tangible impact of their contributions. By specifying how funds are allocated—whether toward programs, administrative expenses, or fundraising efforts—you can reinforce trust.

Best practices:

  • Include examples of programs or initiatives funded by donations.
  • Share success stories and outcomes tied directly to donor support.
  • Create a “Where Your Money Goes” page on your website to provide transparency.

3. Adopt Ethical and Accountable Practices

Financial transparency isn’t just about sharing numbers—it’s also about ethical stewardship of resources. Nonprofits should implement strong internal controls and financial oversight to ensure funds are used responsibly.

Key steps:

  • Develop and enforce a conflict-of-interest policy for board members and staff.
  • Conduct regular internal audits to review financial practices.
  • Maintain detailed documentation for all financial transactions.

4. Engage in Regular Communication with Donors

Consistent and open communication with donors is essential for maintaining trust. Beyond thanking donors, keep them informed about how their contributions are making an impact.

Ways to communicate:

  • Send quarterly updates or newsletters with financial highlights and program updates.
  • Host annual donor meetings or webinars to discuss financial performance and goals.
  • Provide donors with opportunities to ask questions and offer feedback.

5. Utilize Technology for Transparency

Digital tools and platforms can make it easier for nonprofits to be transparent and accessible to donors. From donor portals to real-time impact tracking, technology enables organizations to share their financial health more effectively.

How to leverage technology:

  • Use donor management software to track and share donation data.
  • Implement crowdfunding platforms that display fundraising progress in real time.
  • Create dashboards or online reports that highlight your organization’s financial health.

6. Comply with Legal and Regulatory Requirements

Adhering to all legal and regulatory standards is non-negotiable for nonprofits. Compliance not only protects your organization but also reassures donors that you’re operating ethically and transparently.

Essential compliance practices:

  • File your IRS Form 990 annually and make it publicly available.
  • Stay up to date on state and federal nonprofit reporting requirements.
  • Ensure proper documentation for restricted and unrestricted funds.

7. Showcase a Strong Governance Structure

Board members play a critical role in ensuring financial transparency and accountability. A well-informed and active board demonstrates your organization’s commitment to ethical practices.

What to emphasize:

  • Regularly review and approve budgets and financial reports with the board.
  • Include financial experts on the board or advisory committees.
  • Publicly share the names and roles of board members to reinforce credibility.

8. Conduct Third-Party Audits

Third-party audits provide an impartial evaluation of your organization’s financial health and practices. Sharing the results of these audits can enhance trust among donors and stakeholders.

Key benefits:

  • Identifies areas for improvement in financial management.
  • Validates the accuracy of your financial statements.
  • Builds confidence among donors, partners, and the community.

9. Highlight Transparency in Fundraising Campaigns

Transparency should extend to your fundraising efforts. Be clear about campaign goals, intended uses of funds, and progress toward meeting targets.

How to build transparency into campaigns:

  • Include specific funding goals and timelines in your appeals.
  • Share updates on fundraising progress through social media or email.
  • Report back to donors after the campaign to show the impact of their contributions.

Why Transparency Matters

Financial transparency goes beyond compliance—it’s a way to honor the trust your donors place in your organization. When you openly share how funds are managed and demonstrate the impact of their contributions, you create a culture of accountability that inspires continued support.

At Brady Martz, we understand the importance of transparency in nonprofit operations. Our team of experts is here to help you strengthen financial practices, meet compliance requirements, and build donor trust. Let us help your organization thrive while making a lasting impact.

The Road Ahead: Key Trends Transforming Auto Dealerships in 2025

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The automotive industry continues to evolve at a rapid pace, and dealerships are no exception. As consumer preferences shift and new technologies reshape the market, dealerships must adapt to stay competitive. From digital innovations to sustainability initiatives, 2025 promises to be a transformative year for the industry. Let’s explore the key trends shaping the road ahead for auto dealerships.

1. The Rise of Electric Vehicles (EVs)

Electric vehicles are no longer a niche market—they’re becoming a central focus for automakers and dealerships alike. With government incentives, improved battery technology, and growing consumer interest, EV sales are expected to surge in 2025.

What this means for dealerships:

  • Expanded EV Inventory: Dealerships will need to stock a broader range of EV models to meet demand.
  • Charging Infrastructure: On-site EV charging stations will become essential to attract and retain customers.
  • Educating Buyers: Sales teams must be well-versed in EV technology, tax incentives, and maintenance requirements to address customer questions and concerns.

2. Digital Retailing Takes Center Stage

The shift toward online shopping isn’t limited to retail—it’s redefining how customers buy cars. Digital retailing tools allow consumers to browse inventory, apply for financing, and even complete purchases entirely online.

How dealerships can adapt:

  • Enhance Online Presence: A seamless, user-friendly website is crucial for showcasing inventory and streamlining the buying process.
  • Offer Virtual Showrooms: Use augmented reality (AR) or 360-degree videos to let customers explore vehicles from the comfort of their homes.
  • Leverage E-Signature Tools: Simplify paperwork by enabling customers to sign documents electronically.

3. Subscription and Car-Sharing Models Gain Traction

As ownership models evolve, more consumers are exploring alternatives like subscription services and car-sharing programs. These options offer flexibility and convenience, especially for urban customers.

What dealerships should consider:

  • Partner with Subscription Services: Collaborate with manufacturers or third-party providers to offer subscription packages.
  • Expand Fleet Management: Manage vehicles for short-term rentals or car-sharing programs.
  • Educate Customers: Highlight the benefits of these models, such as lower upfront costs and access to multiple vehicle types.

4. Sustainability as a Selling Point

Environmental concerns are influencing car buyers’ decisions more than ever. Dealerships that prioritize sustainability will stand out in a competitive market.

Sustainability strategies for dealerships:

  • Energy-Efficient Facilities: Incorporate solar panels, LED lighting, and energy-saving HVAC systems in showrooms.
  • Recycling Programs: Offer incentives for customers to recycle old car batteries, tires, and parts.
  • Green Branding: Highlight eco-friendly initiatives in marketing campaigns to appeal to environmentally conscious buyers.

5. Data-Driven Decision Making

In an increasingly competitive landscape, data is becoming a critical asset for dealerships. Insights from customer preferences, market trends, and operational performance can guide smarter business decisions.

Key applications of data:

  • Personalized Marketing: Use CRM tools to target customers with tailored offers based on their buying history.
  • Optimized Inventory Management: Analyze sales trends to stock the right vehicles at the right time.
  • Enhanced Customer Experience: Use feedback and data analytics to refine the sales and service process.

6. After-Sales Services as a Revenue Driver

As vehicle sales face tighter margins, after-sales services like maintenance, repairs, and extended warranties are becoming a significant revenue stream for dealerships.

How to maximize after-sales opportunities:

  • Promote Service Packages: Offer prepaid maintenance plans or bundled service contracts to encourage customer loyalty.
  • Invest in Technology: Use diagnostic tools and predictive analytics to identify service needs before they arise.
  • Enhance Customer Communication: Use email or SMS reminders to notify customers about upcoming maintenance or service offers.

7. The Role of Artificial Intelligence (AI) in Dealerships

AI is transforming how dealerships operate, from customer interactions to inventory management. By automating routine tasks and providing valuable insights, AI can improve efficiency and profitability.

AI applications in dealerships:

  • Chatbots for Customer Support: Answer common questions and schedule test drives or service appointments.
  • Predictive Sales Tools: Identify potential buyers and recommend vehicles based on preferences and past behavior.
  • Dynamic Pricing Models: Adjust pricing in real time based on market demand and competitor activity.

Embracing Change for a Competitive Edge

The auto dealership industry is entering a pivotal moment, driven by innovation, sustainability, and changing consumer expectations. By staying ahead of these trends and embracing new strategies, dealerships can position themselves as leaders in a rapidly evolving market.

At Brady Martz, we understand the unique challenges facing dealerships today. Our team of experienced advisors can help you navigate these trends, optimize your financial strategies, and plan for long-term growth. Contact us today to learn how we can help drive your success in 2025 and beyond.

Charitable Gift Acknowledgements: Ensuring Compliance and Building Donor Trust

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As we kick off 2025, now is the ideal time for non-profits to reflect on the success of their year-end giving campaigns and focus on fostering strong donor relationships in the new year. Properly acknowledging charitable gifts is not only a way to express gratitude but also a crucial step in maintaining IRS compliance and setting the stage for ongoing donor support.

Why Gift Acknowledgements Matter

Charitable gift acknowledgements serve two vital purposes: they convey your appreciation to donors and satisfy IRS requirements for contributions of $250 or more. Without accurate documentation, donors may lose their tax benefits, and your organization could attract unwanted scrutiny. Timely and personalized acknowledgements demonstrate professionalism, build donor trust, and encourage continued generosity.

Key Elements of a Charitable Gift Acknowledgement

To ensure compliance, each charitable gift acknowledgement should include the following components:

  • Your organization’s name as the recipient.
  • The donation amount (or a description of non-cash gifts).
  • A statement noting whether goods or services were provided in exchange for the gift (or a description of any benefits received).
  • The date of the contribution for donor records.

Example:
“Thank you for your generous contribution of $500 on January 5, 2025, to [Your Organization]. No goods or services were provided in exchange for this donation, allowing it to be fully tax-deductible.”

Best Practices for January and Beyond

  • Streamline the Process: Leverage donor management tools to automate acknowledgements and ensure all contributions are recognized promptly.
  • Respond Quickly: Send acknowledgements within a few days of receiving a donation, particularly as donors prepare for tax season.
  • Personalize Your Message: Include a note about how the donation supports your mission in 2025 to create a meaningful connection.
  • Prepare for Tax Season: Anticipate donor requests for duplicate acknowledgements and have a system in place to respond efficiently.

Trends to Watch in 2025

As donor expectations evolve, consider implementing digital acknowledgements, visual impact reports, or storytelling elements in your communications. Highlighting how contributions make a tangible difference can foster deeper engagement and inspire continued giving throughout the year.

Final Thoughts

Charitable gift acknowledgements are more than a legal requirement—they’re an opportunity to strengthen donor relationships, reinforce your mission, and set the tone for a successful year. By focusing on accuracy, timeliness, and personalization, your organization can build trust and inspire generosity in 2025 and beyond.

For more guidance on charitable gift acknowledgements or non-profit financial compliance, the team at Brady Martz is here to support your organization’s success. Let’s make 2025 a year of impact!

Navigating Government Budget Cuts: Strategies for Fiscal Responsibility in 2025

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As we step into 2025, many government agencies are faced with the challenging task of managing budget cuts while maintaining essential services. Whether due to shifting economic conditions, changes in federal or state funding, or a need for fiscal discipline, agencies must find ways to optimize their resources without compromising their ability to serve the public.

In a time of budget reductions, it’s crucial for government entities to embrace fiscal responsibility, ensure efficiency in their operations, and prioritize key initiatives. At Brady Martz, we understand the pressures that come with budget cuts, and we’re here to provide guidance on how agencies can navigate these challenges and remain effective stewards of taxpayer dollars.

Here are some practical strategies for government agencies to implement in 2025 to manage budget cuts and maintain fiscal responsibility.

1. Conduct a Comprehensive Budget Review and Reforecasting

The first step in managing budget cuts is to conduct a thorough review of your agency’s existing budget. This review should focus on identifying areas of inefficiency, redundancies, and non-essential expenses that can be reduced or eliminated. A comprehensive budget reforecast will also help agencies adjust to any changes in funding or revenue projections.

Key Actions:

  • Assess your agency’s major expenses and identify areas for cost-saving without impacting core services.
  • Collaborate with department heads to ensure that essential services remain adequately funded while non-essential programs are scaled back.
  • Use data analytics to track spending patterns and make informed decisions for the upcoming fiscal year.

2. Prioritize Core Services and Programs

In times of budget cuts, it’s important to focus on what matters most—ensuring that critical services and programs continue to meet the needs of the public. Prioritizing the most essential services will help agencies make difficult decisions about where to allocate limited resources.

Key Actions:

  • Identify programs that directly impact public safety, health, education, and welfare, and ensure they receive priority funding.
  • Assess programs and services that can be scaled back, outsourced, or eliminated without compromising their overall impact.
  • Communicate with stakeholders and the public about the necessity of these prioritization decisions, ensuring transparency in the process.

3. Embrace Technology to Increase Efficiency

One of the most effective ways to combat budget cuts is to leverage technology to streamline operations and improve efficiency. Many government agencies are already adopting digital solutions to enhance their internal processes, from financial management to citizen engagement.

Key Actions:

  • Implement automation tools for repetitive administrative tasks to free up resources for more critical functions.
  • Invest in cloud-based solutions to reduce the costs associated with on-premise IT infrastructure and improve flexibility.
  • Use data analytics to enhance decision-making and optimize resource allocation across departments.

4. Engage in Collaboration and Shared Services

Collaboration and shared services can provide significant cost savings while ensuring that essential services are still delivered. By working with other local or state agencies, governments can pool resources, share expertise, and reduce the need for duplicative efforts.

Key Actions:

  • Explore opportunities to collaborate with neighboring agencies or municipalities on joint projects, such as purchasing, maintenance, or shared infrastructure.
  • Establish intergovernmental agreements for services that can be shared, such as technology support, human resources, or legal services.
  • Focus on building partnerships with nonprofit organizations and community groups to expand service delivery without increasing costs.

5. Enhance Transparency and Accountability

During times of budget cuts, transparency and accountability are essential to maintaining public trust. Government agencies must demonstrate their commitment to responsible fiscal management by clearly communicating how budget reductions will be handled and how funds are being allocated.

Key Actions:

  • Regularly update the public on budget adjustments and financial performance through easily accessible reports, dashboards, and town hall meetings.
  • Involve citizens in the budgeting process by seeking input on program prioritization and cost-saving measures.
  • Maintain open channels of communication with employees to ensure they understand the rationale behind budget cuts and the steps being taken to minimize impact.

6. Monitor and Evaluate Financial Performance Regularly

Ongoing financial monitoring is crucial to ensure that your agency is staying on track with its budget goals. Regular evaluations of financial performance help identify any discrepancies early on and allow for course corrections before issues become more significant.

Key Actions:

  • Conduct monthly or quarterly budget reviews to track spending and adjust projections as necessary.
  • Use performance metrics to evaluate program effectiveness and ensure that resources are being allocated to achieve the best outcomes.
  • Engage external auditors to assess financial statements and ensure compliance with accounting standards and budgetary regulations.

How Brady Martz Can Help

At Brady Martz, our Government Niche team is well-versed in the unique financial challenges faced by government agencies. We can assist with budgeting strategies, compliance, and efficiency measures to help your agency maintain fiscal responsibility and optimize resources during times of budget cuts.

Our Services Include:

  • Budgeting and Forecasting – Helping agencies develop and revise budgets based on current financial realities and future projections.
  • Audit and Assurance – Providing independent audits and reviews to ensure your agency is adhering to best practices and legal requirements.
  • Financial Consulting – Offering advice on technology implementation, process improvements, and shared services for cost-saving and efficiency.
  • Transparency and Reporting – Assisting with the development of clear, understandable financial reports for public communication.

Conclusion

Navigating budget cuts is never easy, but with careful planning and a commitment to fiscal responsibility, government agencies can continue to provide vital services to their communities while remaining financially sustainable. By embracing technology, prioritizing core services, and ensuring transparency, agencies can manage budget reductions effectively and position themselves for success in 2025.

If your agency needs support with navigating budget cuts or optimizing financial operations, contact the Brady Martz Government Niche team today. We’re here to help you achieve fiscal responsibility and deliver results for your community.

Contact Us
Visit our Government Industry page to learn more about how Brady Martz can help your agency navigate budget challenges and plan for a sustainable future.

GASB 101: Understanding the New Standard for Accrued Compensated Absences

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The December 31, 2024, reporting deadline for GASB Statement No. 101 has passed, marking an important start to the new year. For government agencies preparing for audits and financial reporting in 2025, now is the perfect time to focus on ensuring compliance and building a strong foundation for success in the year ahead.

GASB Statement No. 101, issued by the Governmental Accounting Standards Board, addresses Compensated Absences and officially took effect for reporting periods beginning after December 15, 2023. This new standard introduces critical updates to how liabilities for employees’ earned leave are recognized and measured.

At Brady Martz, we understand the complexities of implementing new standards. While the December 31, 2024, deadline marked the first reporting cycle under GASB 101, the new year provides an opportunity to refine processes, address challenges, and establish strong compliance practices for the future.

What is GASB 101?

GASB 101 replaces previous guidance under GASB Statement No. 16, offering a clearer and more consistent approach to measuring liabilities for compensated absences, including:

  • Vacation leave
  • Sick leave
  • Paid time off (PTO)
  • Other forms of compensated absences

The key improvement is GASB 101’s “single comprehensive model,” which ensures all types of leave are measured uniformly.

Key Changes Under GASB 101

Government entities must focus on the following:

1. Recognition of a Liability:

  • A liability is recorded for compensated absences when earned by an employee and unused as of the reporting date.
  • This applies to unconditional leave (available regardless of conditions) and conditional leave (subject to specific criteria, like sick leave).

2. Measurement of the Liability:

  • The liability is measured using the employee’s current pay rate at the financial statement date.
  • Factors like leave caps and forfeiture policies must also be considered.

3. Streamlined Approach:

  • GASB 101 unifies the reporting process across all leave types, minimizing inconsistencies.
  • The model applies to leave accrued under individual policies or collective bargaining agreements.

4. Enhanced Disclosures:

  • Financial statements must clearly disclose information about compensated absences, including leave types, measurement methods, and key assumptions.

Why It Matters in 2025

While the December 31, 2024, reporting deadline has passed, 2025 audits and financial reporting will reflect the first full year under GASB 101 compliance. Agencies must ensure proper implementation to avoid reporting errors and compliance issues.

Key reasons to act now:

  • GASB 101 may increase reported liabilities depending on current leave accrual practices.
  • Auditors will expect robust tracking systems and processes that align with the new standard.
  • Proactive measures can simplify year-end reporting and reduce last-minute adjustments.

How to Get an Early Start on Compliance

Use the early months of 2025 to strengthen your processes and ensure long-term compliance:

1. Evaluate Policies and Agreements:
Review leave policies and collective bargaining agreements to fully understand how compensated absences are earned, accrued, and forfeited.

2. Assess Leave Tracking Systems:
Ensure systems can accurately track leave balances, including conditional leave that requires eligibility adjustments.

3. Analyze Financial Impact:
Work with financial experts to reassess liabilities under GASB 101 and determine any necessary adjustments for upcoming reports.

4. Update Reporting Processes:
Enhance financial statement disclosures to meet GASB 101 requirements.

5. Collaborate with Auditors:
Engage auditors early to confirm your compliance approach and address potential challenges before year-end.

Brady Martz: Your Partner in Compliance

At Brady Martz, we specialize in helping government agencies navigate complex accounting standards like GASB 101. Our Government Niche team offers tailored support for:

  • Policy and system evaluations
  • Liability calculations and impact analysis
  • Enhanced reporting and disclosures
  • Audit preparation and compliance reviews

Start 2025 on the Right Foot

The new year is the perfect time to refine your processes and ensure compliance under GASB 101. By taking proactive steps now, your agency can approach 2025 audits with confidence.

If you need assistance, contact the Brady Martz Government Niche team. We’re here to guide you every step of the way.

For more information, visit our Government Services page or reach out directly to discuss your agency’s needs.

Government Accountability and Transparency: How to Build Public Trust Through Reporting

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In today’s rapidly evolving landscape, public trust remains at the heart of effective government operations. As we kick off 2025, the focus on accountability and transparency in public sector reporting has never been greater. As agencies prepare their financial statements and reports for the year ahead, now is the perfect time to strengthen practices that enhance public confidence and demonstrate responsible use of taxpayer dollars.

At Brady Martz, we understand the challenges government entities face when balancing compliance, transparency, and resource management. Below, we outline key steps to improve reporting, foster accountability, and build stronger relationships with the communities you serve.

Why Accountability and Transparency Matter

In an era marked by increasing public scrutiny and demand for open government, transparency is essential for:

  • Demonstrating responsible fiscal management
  • Reinforcing public confidence in government operations
  • Meeting evolving regulatory requirements and audit standards

Government agencies are accountable for ensuring every dollar is spent appropriately, and clear reporting allows stakeholders to see how decisions align with public priorities. As we step into 2025, timely, accurate, and accessible reporting will set a strong tone for the year ahead.

Key Areas of Focus for Transparent Reporting

Comprehensive Financial Statements
Accurate and detailed financial reporting is the foundation of transparency. Agencies should ensure their year-end reports provide:

  • Clear breakdowns of revenues, expenditures, and outstanding liabilities
  • Explanations for significant variances and changes in financial position
  • Compliance with updated standards, such as GASB 101 on compensated absences

Timely submission of financial statements and audits helps instill confidence in your processes, ensuring a strong start to the year.

Performance Metrics and Reporting
Beyond financial statements, the public is increasingly interested in performance outcomes. Agencies can enhance trust by:

  • Reporting on key performance indicators (KPIs) tied to public programs and initiatives
  • Sharing measurable results that highlight progress toward strategic goals
  • Using plain language to make performance reports more accessible to all stakeholders

Leveraging Technology for Open Data
Digital platforms allow governments to share data in real-time, making information more transparent and easier to access. Agencies can adopt:

  • Open data portals to share budgets, spending, and project updates
  • User-friendly dashboards to visualize financial and operational performance
  • Secure systems that maintain data integrity while increasing transparency

Stakeholder Engagement
Trust is built through open communication. Governments can strengthen relationships with their communities by:

  • Hosting public meetings or webinars to discuss financial reports and budgets
  • Inviting feedback on proposed projects and fiscal priorities
  • Providing annual summaries of key achievements and challenges

Adherence to Compliance and Audit Standards
Regular audits and adherence to evolving accounting standards are critical to accountability. Agencies should stay current with regulations, including GASB updates, and ensure:

  • Audit readiness with accurate, well-documented financial records
  • Transparent disclosures on liabilities, risks, and operational challenges

Looking Ahead to 2025: Prioritizing Public Trust

Government agencies face increasing pressure to operate efficiently, accountably, and transparently. Heading into 2025, organizations that prioritize clear communication, reliable reporting, and proactive community engagement will be better positioned to foster public trust and confidence.

At Brady Martz, we specialize in helping government entities meet their accountability and transparency goals through expert financial reporting, audit preparation, and strategic guidance. Whether you’re finalizing year-end reports or planning for the year ahead, our Government Niche team is ready to support your success.

Build Trust Through Better Reporting

Transparency isn’t just about compliance; it’s about building meaningful connections with the communities you serve. As you embark on 2025, let Brady Martz help you develop reporting practices that ensure accountability, demonstrate stewardship, and strengthen public trust.

To learn more about our services, visit our Government Services page or contact us today.

Stacy DuToit Assumes Role as CEO of Brady Martz

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Brady Martz & Associates is proud to announce that Stacy DuToit, former Chief Operating Officer (COO), has officially taken on the role of CEO as of October 1. This transition follows the retirement announcement of former CEO Todd Van Dusen in 2024, which initiated the process of selecting Brady Martz’s next leader. Following a thorough selection process, DuToit was elected by the shareholder group to serve as CEO.

“Brady Martz has a long history of strong leadership and I’m honored to be stepping into the role of CEO to lead our incredibly talented and dedicated team,” said DuToit. “We have a solid foundation built by generations of shareholders that came before us. I’m excited for our team to continue to build on that foundation and elevate the impact we have on our clients and the communities we serve.”

DuToit is a Certified Public Accountant (CPA) with extensive experience in auditing, accounting, tax, and business consulting services for privately owned businesses. A member of both the American Institute of Certified Public Accountants (AICPA) and the North Dakota Society of Certified Public Accountants (NDSCPA), DuToit currently serves on the Bismarck-Mandan Chamber Foundation board and has held several leadership roles throughout her career, including former Trustee of the North Dakota Certified Public Accountants Society Foundation. Recently, she was honored as one of Prairie Business magazine’s Top 25 Women in Business.

Having spent nearly her entire career with Brady Martz, DuToit joined the Firm as an associate in 2001. She was promoted to Shareholder in 2012 and since then has served in numerous leadership roles including Bismarck market leadership, Board of Directors, and most recently as the Firm’s first COO. DuToit’s commitment to continuously elevating the Firm has been instrumental in her journey to this leadership role.

Headlights Newsletter – Fall 2024

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The latest issue of Headlights, a publication of the AutoCPA Group, is now available.

Please click here to access the newsletter.

Brady Martz & Associates Recognized as One of the Region’s 50 Best Places to Work in 2024

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Top 100 nationally ranked accounting and advisory services firm Brady Martz & Associates today announced that it has been selected as one of the region’s 50 Best Places to Work in 2024 by Prairie Business magazine. Each year, Prairie Business recognizes companies and organizations nominated by their peers for excellence in areas including benefits, culture, and personal job satisfaction in the magazine’s readership area which includes North Dakota, South Dakota, and western Minnesota.

“Being recognized as one of Prairie Business magazine’s 50 Best Places to Work is a true honor and a testament to the culture of community we’ve cultivated at Brady Martz,” COO/CEO-elect Stacy DuToit said. “We have an exceptional team. Our focus is on creating a culture and work environment that encourages them to grow and foster their individual talents. This recognition reflects the passion and care that each member of our team brings to their work every day, and it fuels our drive to continue fostering an environment where we all can thrive.”

Founded in 1927, Brady Martz has been providing exceptional client service for nearly a century. Headquartered in Grand Forks, the firm has nine offices throughout North Dakota, Minnesota, and South Dakota. Brady Martz is proud to offer advisory, audit & assurance, and tax services to clients in a wide variety of industries.