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Gross Mendelsohn Blog

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Jonathan Lovell

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4 Key Insights From An Employee Benefit Plan Auditor

With employee benefit plan audit season not too far in the rearview mirror, it’s a good time to reflect on lessons learned. I’m sharing a few insights, from the point of view of an employee benefit plan auditor, for clients who are required to have their plan audited.

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Construction & Real Estate

5 Tips Contractors Should Know for Work in Process

A work in process (WIP) schedule is one of the most important financial tools for a contractor—and it may be underutilized. Not only does a WIP schedule give a construction company and project stakeholders insight into a project’s financial performance, but it can help keep a company on track with a project currently in progress. To ensure your construction company fully leverages WIP’s capabilities, we’ll dive into some basics regarding WIP along with five key tips that will help keep your WIP schedules in good order.

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Construction & Real Estate

Accounting for Common Area Maintenance Expenses

Common area maintenance (CAM) costs are expenses incurred by a landlord to maintain or manage common areas in places like shopping centers or office buildings. For example, a parking lot in a shopping center or the lobby in an office building requires periodic maintenance, which is shared by the tenants who utilize those areas. Commercial real estate managers with retail or office space almost always have CAM costs, and need to be aware of a significant new accounting rule that affects how they are reported.

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Construction & Real Estate

What Construction Contractors Need to Know About Backlog

Backlog is an important measure of the health of a construction company. Here’s what contractors need to know about backlog and how it can help (or hurt) their profitability.

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Construction & Real Estate

Everything Construction Contractors Need to Know About New Lease Accounting Standards [2022]

A new lease accounting standard for construction companies and contractors takes effect on December 15, 2021. This article covers the rules of the new standard and how your company can prepare.

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Construction & Real Estate

Beginner's Guide: Real Estate Waterfalls

A real estate waterfall is a term used to describe how real estate partners distribute cash flow. The “waterfall” is a way of visualizing various “pools” in a real estate partnership. Cash flow fills up each pool in succession, which spills over into the next pool. Each step along the way, the waterfall flows based on an agreed-upon methodology for distributing the profits. Once a pool has filled, remaining cash flows to the next pool, divided per the terms of the partnership agreement between the general and limited partners.

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