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Columbia, PA
www.columbia.k12.pa.us
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“Home of the Crimson Tide”
In 2004, the Government Accounting Standards Board (GASB) issued Statement No. 45,
“Accounting and Financial Reporting by Employers for Post Employment Benefits Other
Than Pensions (OPEB).” Under the new GASB 45 standards, school districts must account
for the cost of postemployment benefits over the working lifetime of employees.
In the past, it was simple. The cost was reported on a “pay-as-you-go” basis. The
cash paid for benefits equaled the reported expense. Now, a qualified actuary who
will determine the amounts expected to be paid must calculate costs. To comply with
these new GASB 45 standards, the Columbia Borough School District turned to Conrad Siegel Actuaries.
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“From the very start of our relationship, I felt there was
a commitment to getting the job done right,” said Laura E. Cowburn, Assistant to
the Superintendent of Business Services, “with full explanations of each step of
the way.” This gave me the confidence that the information I was providing to Conrad Siegel Actuaries
was exactly what was needed so that the report would be accurate and furnished when
we needed it. I didn’t fell rushed through the process. The good communication between
Conrad Siegel Actuaries
and our district helped me to keep this process moving forward.
“At the beginning, I was concerned,” said Laura, “because I didn’t know much about
the OPEB details.” The consultants at Conrad Siegel
Actuaries made it easy for me by taking the time
to help me understand what was required. And, they did it in such a way as to not
disrupt my normal routine or daily operations in any way. I would recommend their
services to any school district faced with these new reporting requirements. Conrad Siegel Actuaries
was great to work with and made the process easy to follow.
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Laura A. Cowburn
Assistant to the Superintendent for Business Services
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