Sessions For June 10

10

Monday
8:00AM-9:40AM

NOT19101. Introduction to Not-for-Profit Accounting

Instructor: Melisa Galasso, Rick Wentzel
Track: Accounting & Auditing
Knowledge Level: Intermediate
Field of Study: Accounting
CPE Credits: 2.0

This workshop provides an overview of the major differences between nonprofit entities and commercial entities. We will do a deep dive into proper accounting for net asset classes, endowments, agency transactions, and financial statement formats. This workshop will not cover differences related to contributions which is covered in a separate offering. We'll close with a fun game to test your knowledge!

Learning Objectives:

  • List the unique aspects of accounting for nonprofit accounting
  • Describe net assets and proper classification

10

Monday
8:00AM-9:40AM

NOT19102. Single Audit: Identifying and Testing Applicable Compliance Requirements

Instructor: Rebecca Field, Troy Rector
Track: Yellow Book
Knowledge Level: Intermediate
Field of Study: Auditing (Governmental)
CPE Credits: 2.0

The recent AICPA's recent Peer Review Study of Single Audits identified problems with not properly assessing compliance requirements as being direct and material. This session will walk through the process of determining what compliance requirements are applicable and required to be tested during a single audit, as well as developing an audit approach that provides us with the evidence we need to support the compliance opinion.

Learning Objectives:

  • Identify compliance requirements applicable to a Federal Program when the program does not appear in the matrix of compliance
  • Assess what requirements are direct and material
  • Understand how to use the compliance supplement to achieve a high quality audit
  • Learn how to effectively design an audit approach including the benefits of different testing approaches

10

Monday
8:00AM-9:40AM

NOT19103. Diving into the Details of the Form 990 (Schedule G)

Instructor: Jeff Frank, Tracy Paglia
Track: Tax
Knowledge Level: Intermediate
Field of Study: Taxes
CPE Credits: 2.0

If you've prepared or evaluated the Form 990, you know it's a complex filing used for reporting important information. We will focus on targeted areas of the Form 990 and schedules to inform the audience on issues and opportunities and answer your questions.

Learning Objectives:

  • Understanding of the what and why of details required for specific sections of the Form 990
  • Deeper understanding of how this information can be used or may be perceived by readers of the Form 990.

10

Monday
8:00AM-9:40AM

NOT19104. NOT19104. Making Connections That Last: Networking with a Purpose

Instructor: Jennifer Elder, Chrissy Jones
Track: CGMA
Knowledge Level: Intermediate
Field of Study: Communications and Marketing, Personal Development
CPE Credits: 2.0

The ability to develop a strong network outside of your organization can make or break your career. But for many finance professionals, making a lasting impression can be daunting. How do you break through the noise? How do you stay connected? Join us and learn the secrets of effective networking and personal branding in an interactive and fun-filled session.

Learning Objectives:

  • Develop an understanding of purpose of and strategy behind networking
  • Learn tips and tactics on how to utilize social media and digital communication to reach your audience where they’re consuming content
  • Learn how to present yourself to make an impression
  • Discover techniques to start and follow-up on conversations

10

Monday
9:50 AM-11:30AM

NOT19105. Single Audit: What Needs to be Reported and How

Instructor: Amanda Ward, Brittney Williams
Track: Yellow Book
Knowledge Level: Intermediate
Field of Study: Auditing
CPE Credits: 2.0

This workshop will help participants review the single audit and yellow book reporting requirements.

Learning Objectives:

  • Provide knowledge on how to analyze findings reported under Uniform Guidance and Government Auditing Standards.
  • Provide walkthrough examples using auditor judgement with various case scenarios.

10

Monday
9:50 AM-11:30AM

NOT19106. Form 990-T: Rolling Up Your Sleeves

Instructor: Kelly Farmer, Dick Locastro
Track: Tax
Knowledge Level: Intermediate
Field of Study: Taxes
CPE Credits: 2.0

Identifying and analyzing unrelated business income and completing Form 990-T continues to be a challenge, especially in light of changes brought about by TCJA.  This session will use real life case studies to analyze revenue streams, identify possible exceptions available under the IRC, evaluate expense allocations to minimize an organization’s tax liability, and discuss how the income and expenses are reported on Form 990-T.

Learning Objectives:

  • Identify potential sources of UBI discussed in the case studies, and potential exceptions and modifications to such income
  • Analyze expense allocations and understand how the income and expense is reported on Form 990-T, including application of NOLs
  • Describe changes to Form 990-T brought about by the TCJA

10

Monday
9:50 AM-11:30AM

NOT19107. Succesion Planning for Nonprofit Organizations

Instructor: Barry Bregman, Tom Ziemba
Track: CGMA
Knowledge Level: Intermediate
Field of Study: Personnel/Human Resources
CPE Credits: 2.0

Succession planning consistently ranks top on Nonprofit Board and executive lists of concerns. Learn from a top human capital recruiting firm, best practices for preparing for an executive's impending retirement and developing a succession plan.

Learning Objectives:

  • Geared both to public and private, how to develop the next generation of leaders and pass along knowledge and client relationships effectively.

10

Monday
9:50AM-10:40AM

NOT19108. Introduction to Contributions & Revenue Streams

Instructor: Katie Thornton, Pete Ugo
Track: Accounting & Auditing
Knowledge Level: Intermediate
Field of Study: Accounting
CPE Credits: 1.0

This session will provide a high-level introduction to the various revenue streams common to NFPs.

  • Contributions/donations
  • Grants
  • Exchange transactions 
  • program service fees
  • Agency transactions
  • In-Kind contributions

Learning Objectives:

  • Gain an understanding of the characteristics of various types of revenues received by NFPs, including the new contribution clarification standard (ASU 2018-08).
  • Receive helpful tips and tricks about revenue accounting treatment and recognition guidance for various streams of revenue.
  • Be able to apply these skills in the financial reporting of their NFPs.

10

Monday
10:50AM- 11:40 AM

NOT19109. Common Financial Statement Errors in NFP Entities

Instructor: Kris Ray, Katie Thornton
Track: Accounting & Auditing
Knowledge Level: Intermediate
Field of Study: Auditing
CPE Credits: 1.0

An introduction to common errors that NFPs make in their financial statements and how to avoid them

Learning Objectives:

  • Understand common errors in NFP financial statements.
  • Understand strategies, tips, and tricks, for avoiding common errors as new standards are implemented.

11:40AM-12:45PM

12:45PM- 1:00 PM

10

Monday
1:00PM-1:50PM

In this session, attendees will hear the engaging story of how the Smithsonian’s leadership has embarked on this strategic approach, the success and a few lessons learned from a bold capital campaign, and takeaways for how attendees might apply the lessons learned to address their own organization’s challenges. 

Learning Objectives:

  • How to engage stakeholders, including expanding generational connections (citation: the high-school student advisory panel)
  • Overcoming challenges with the organization’s brand and changing perceptions including lack of understanding how the institution is funded
  • Embracing technology and new platforms to reach a broader audience
  • Lessons from a vast capital campaign
  • Considerations of a global footprint (brand, logistics and risks)

10

Monday
2:05PM-3:20PM

NOT1902. Best Practices in Documenting Internal Controls for Risk Assessments

Instructor: Melisa Galasso, Kris Ray
Track: Accounting & Auditing
Knowledge Level: Intermediate
Field of Study: Auditing
CPE Credits: 1.5

A study by the AICPA's Peer Review Program found that more than one in 10 firms are not properly assessing risk or linking their assessments to their audit procedures. Of these deficiencies, 40% related to failure to gain an understanding of internal control when identifying the client's risks. Without understanding the nature of the client's controls, auditors can't identify related risks or design appropriate responses. This course will review the best practices in proper documentation of control risks for risk assessment.

Learning Objectives:

  • Define control risk
  • Perform risk assessment procedures compliant with audit standards

10

Monday
2:05PM-3:20PM

NOT1903. Effective Internal and External Financial Reporting at Nonprofits

Instructor: Fran Brown, Sibi Thomas
Track: Accounting & Auditing
Knowledge Level: Intermediate
Field of Study: Accounting
CPE Credits: 1.5

This session will examine methods of effective internal and external financial reporting at nonprofits, with a focus on the content and methods of financial reporting to the board, senior management and outside stakeholders. We will cover topics on ratio analysis, board reporting, cash and liquidity information and profit and loss by program. In addition, we will discuss what is relevant financial information to analyze the financial condition for effective decision making.

Learning Objectives:

  • Identify methods for effective external financial reporting and how to apply effective internal financial reporting tools for the board of directors and senior management.
  • Recognize key elements of analysis and reporting using ratio analysis, benchmarking and profit and loss analysis for effective financial reporting.
  • Select sources of relevant financial data

10

Monday
2:05PM-3:20PM

NOT1904. Single Audit Update

Instructor: Mary Foelster, Erica Forhan, Mandy Nelson
Track: Yellow Book
Knowledge Level: Intermediate
Field of Study: Auditing (Governmental)
CPE Credits: 1.5

This session will provide an overview of what is happening in the single audit arena. You will learn about the: 2019 OMB Compliance Supplement; latest Uniform Guidance and single audit developments, news from the Governmental Audit Quality Center; and the single audit landscape looking forward.

Learning objectives:

  • Learn about the 2019 Compliance Supplement
  • Learn about the latest single audit developments
  • Learn about expected future single audit activities

10

Monday
2:05PM-3:20PM

NOT1905. Tax Confidential: Issues Under the Radar

Instructor: Eve Borenstein, Ruth Madrigal, Alexander Reid
Track: Tax
Knowledge Level: Intermediate
Field of Study: Business Law, Taxes
CPE Credits: 1.5

Over the last 1.5 years, we've all been focused on the TCJA, but there have been other developments impacting Non-Profits. This session will discuss them.

Learning Objectives:

  • Awareness of change of law risks
  • Understanding trends in tax policy
  • Knowledge of new law

10

Monday
2:05PM-3:20PM

NOT1906. Future Finance: Strategic Skills for the 21st Century

Instructor: Jennifer Elder
Track: CGMA
Knowledge Level: Intermediate
Field of Study: Personal Development
CPE Credits: 1.5

The rate of change will never be slower than it is today! Unfortunately, what got you here won't keep you here. It isn't enough to be a technical expert. The future of finance is strategic - becoming a value-added partner to your organization, your constituents, and your donors. Successful organizations need a forward-thinking finance team to strategically navigate the future. Do you have what it takes to guide your organization into the future? Learn the top ten skills to be strategic, successful, and future-ready now! Become distinct or become extinct!

Learning Objectives:

  • Recognize that the role of finance is undergoing historic transformation
  • Identify the top 10 skills to be strategic, successful and future ready
  • Determine how to become a value added partner to key constituents

10

Monday
3:50PM- 5:30 PM

NOT1907. FASB/GAAP Update

Instructor: Rick Cole, Jeff Mechanick
Track: Accounting & Auditing
Knowledge Level: Intermediate
Field of Study: Accounting
CPE Credits: 2.0

This session will provide an overview of recent Accounting Standards Updates (ASUs), including a focus on implementation matters concerning Grants & Contracts to NFPs (ASU 2018-08); NFP Financial Statements (ASU 2016-14); Revenue Recognition (Topic 606); and Leases (Topic 842). The session will include discussion of the FASB's projects on collections and goodwill of NFPs (final ASUs expected to be issued by then), as well as provide an overview of other significant FASB projects-in-process.

Learning Objectives:

  • Analyze situations requiring the adaption of new accounting standards impacting not-for-profits.
  • Identify changes to US GAAP and FASB projects in process.

10

Monday
3:50PM- 5:30 PM

NOT1908. View From the IRS, Treasury and the Hill

Track: Tax
Knowledge Level: Intermediate
Field of Study: Taxes
CPE Credits: 2.0

Come to this important session to gain insights into current EO-related developments, including:

  • IRS and Treasury EO tax reform guidance
  • Current IRS EO initiatives
  • Current EO-related guidance projects
  • Legislative changes and updates for Eos

Learning objectives:

  • Identify legislative developments in the tax-exempt organizations area
  • Identify regulatory developments in the tax-exempt organizations area