GASB is the Governmental Accounting Standards Board which develops the accounting rules that apply to governments, including school districts and BOCES. GASB 45 is the requirement that school districts record an actuarially-determined liability for future Other Post Employment Benefits (OPEB’s) costs on their financial statements. OPEB’s are any benefits provided to retirees, other than a pension, including health insurance, life insurance, vision, dental, etc.
GASB 45 establishes standards for accrual based measurement and recognition of OPEB expense over periods that approximate employees’ years of active service, as well as note disclosures.
GASB 45 OPEB Reporting Cooperative Service
Orange-Ulster BOCES staff will help you navigate your organization through the process of developing your GASB 45 actuarial assumption. We will help your staff identify the best way possible to collect the data necessary to prepare your report.
Orange-Ulster BOCES staff will work with the actuary and your district to determine the best assumptions to use for your valuation, and in turn be sure your organization understands the impact of these assumptions.
In this post-GASB 45 world, failing to act, thereby maintaining the status quo, is not a responsible alternative. It is imperative that you understand the legal and practical application of this statement.
Your GASB 45 liability can be broken down by bargaining unit within your report. Use this helpful information to take to the bargaining table when negotiating with union groups.
Orange-Ulster BOCES staff is constantly monitoring the legislative environment surrounding GASB 45 funding issues. We can answer questions for your Business Office staff regarding the recording of entries necessary to implement GASB 45.
Orange-Ulster BOCES staff is always available to answer questions about your OPEB report for your external auditors.
What Are They Saying?
All districts need to comply with the requirements of GASB 45 for their Post-Employment medical plans. Our program helps you to understand the implications of the accounting change and how it may affect your operations, credit ratings and cash flows.
Thomas G. Vicente
Senior Vice President
I have found the GASB 45 Co-ser to be an extremely valuable start-to-finish service that also keeps us fully educated and up-to-date on all aspects of GASB 45 rules and regulations.