Not-for-Profit Revenue Recognition - Lessons Learned

Jun 8, 2021 1:20pm ‐ Jun 8, 2021 2:35pm

Identification: NOT2138

Recent new standards have changed the way that not-for-profit organizations analyze, recognize and disclose their various revenue streams.  This session will provide an overview of these standards using real-life examples and how they impacted not-for-profit organizations, including a summary of the challenges and "lessons learned" that some organizations encountered.
Learning Objectives:
  • Identify the key accounting and disclosure requirements of revenue recognition standards applicable to not-for-profit organizations
  • Distinguish between contributions and exchange transactions, as well as the related accounting requirements

Not-for-Profit Industry Developments

Jun 8, 2021 3:05pm ‐ Jun 8, 2021 4:20pm

Identification: NOT2139

In this session the speakers will discuss current industry, regulatory and economic developments affecting not for profit organizations that will be important for both auditors and preparers for the upcoming year. We will discuss the latest not for profit accounting and auditing trends and developments and those that are on the horizon.
Learning Objectives:
  • Identify industry, regulatory, and economic developments affecting Not-for-Profit Organizations
  • Determine the audit issues impacting this year's engagements
  • Identify the latest not-for-profit accounting trends and developments

SEFA Accuracy and Completeness: Refresh

Jun 8, 2021 3:05pm ‐ Jun 8, 2021 4:20pm

Identification: NOT2140

Ensuring that the SEFA is accurate and complete is a crucial part of complying with the Uniform Guidance audit requirements, including determining whether a Single Audit is required or not.  Changes to existing federal program funding and new funding opportunities that emerged as a result of COVID-19 introduce new challenges to getting this right.  This session will cover a short refresher on the basics, as well as additional necessary considerations resulting from expanded federal funding, that organizations receiving federal funding and auditors should be aware of related to SEFA reporting.
Learning Objectives:
  • Describe the requirements of SEFA reporting, including recognizing those stemming from COVID-19 funding
  • Apply knowledge gained to auditing the SEFA
  • Discover common SEFA issues identified during Uniform Guidance audits
  • Identify tools and resources available to assist in confirming that the SEFA is accurate and complete

The Chief Financial Officer Is In: A Tax Perspective

Jun 8, 2021 3:05pm ‐ Jun 8, 2021 4:20pm

Identification: NOT2141

Come to this session to get the inside scoop on what tax issues keep an organization's CFO up at night. The session will examine different questions and concerns that arise from a tax perspective, such as remote workforce and payroll issues and the many changes that have occurred as a result of COVID-19.
Learning Objectives:
  • Analyze the important tax issues that impact a tax-exempt organization.
  • Examine questions and concerns that arise from a tax perspective and in particular as a result of COVID-19.

Considerations in "Right-Sizing" the Finance Function

Jun 8, 2021 3:05pm ‐ Jun 8, 2021 4:20pm

Identification: NOT2142

A common question in many nonprofit organizations is "How many people do I need to handle my finance and accounting function?". We will explore the considerations affecting staffing for the finance team and options for "right-sizing".
Learning Objectives:
  • Explore the considerations affecting staffing for the finance function.
  • Determine the appropriate number and requisite skill sets required to create a cohesive finance team.

Risky Business: An Enterprise-Wide Exploration of Top Threats and Remedies

Jun 8, 2021 3:05pm ‐ Jun 8, 2021 4:20pm

Identification: NOT2143

This session, featuring a multidisciplinary panel of sector veterans, will examine today's top threats to nonprofit organizations, together with practical risk management strategies. Using an enterprise risk management framework, the panelists will explore emergent hazard, operational, financial and strategic risks from the perspectives of CPA, global risk advisor, and specialty insurance underwriting manager. The session will include a roadmap for enterprise risk management that can be applied in any organization, regardless of size or mission.
Learning Objectives:
  • Determine emergent threats to nonprofit organizations
  • Develop a common vocabulary and framework for identifying, assessing, and managing risk across the enterprise
  • Analyze best practices for managing nonprofit risk, including the judicious use of commercial insurance

Internal Controls in a Remote Environment (Sponsored by Withum)

Jun 9, 2021 8:30am ‐ Jun 9, 2021 9:20am

Identification: NOT2144

The year 2020 has brought about unprecedented change and opportunity. Not-for-profits have historically utilized paper to document their processes, approvals and consummate business. As they move to remote work environments, significant consideration needs be given towards the workflow, processes and internal controls utilized to create the most efficient and effective environment. This session will take a dual approach from the virtual outsourced accountant and the independent auditor, such as: · Considerations in moving to the cloud, virtual work environment and virtual accounting solutions· Best practices in remote work environments · Audit issues that arise in moving to remote working, including moving to electronic processes and how to maintain integrity and proper internal controls· Compliance considerations with government and other funding when moving from paper to electronic
Learning Objectives:
  • Understand Trends in using cloud based technology
  • Analyze what has been working well
  • Discuss the industry related trends from internal and external perspective
Category: Concurrent Session Online

Driving Non-profit Financial Efficiency with Paperless Automation (Sponsored by Sage Intacct)

Jun 9, 2021 8:30am ‐ Jun 9, 2021 9:20am

Identification: NOT2145

As good stewards of donor dollars, nonprofit finance leaders are always looking for ways to streamline operations so resources can be used to achieve mission success. In many cases old technology and inefficient, manual and paper-based process become barriers to this success. Automating financials with modern technology and making the move to a paperless office has enabled the Atlanta Convention & Visitors Bureau to reduced AP and payroll workloads by 70% and 90%, respectively. What would be the impact to your mission if you dramatically improved financial efficiency and visibility with paperless automation?
Join us to:
· Gain insights (from our recent technology trends survey) into the efficiency challenges nonprofit finance teams are facing
· Learn the 3 technology features needed to become data-driven and go paperless
· Get financial automation tips and best practices from video guest speaker, Braam du Plooy, Controller at the Atlanta Convention & Visitors Bureau
· See how modern technology makes it work with a behind the scenes look at some practical examples
Category: Concurrent Session Online

Don't You Forget...About These Accounting Standards!

Jun 9, 2021 9:35am ‐ Jun 9, 2021 10:50am

Identification: NOT2149



Join us for a session to discuss lesser known upcoming accounting standards. Upcoming accounting standards we will discuss include changes to credit losses, accounting for collections, goodwill, financial reporting of pension expense and more. In addition to discussing these changes, we will also go over tips for practical implementation and what you should be thinking about before implementation to make it a smooth transition. Lastly, we will also discuss common oversights from recently implemented accounting standards and identify how you can make value-added changes moving forward.

Learning Objectives:

  • Gain an understanding of lesser known accounting standards covering topics such as collections, goodwill, financial reporting of pension expense and more.
  • Identify steps to aid in implementation of accounting standards noted above and key takeaways to prepare before implementation begins.
  • Identify oversights from recently implemented accounting standards and how you can correct these oversights moving forward
Learning Objectives:
  • Gain an understanding of lesser known accounting standards covering topics such as collections, goodwill, financial reporting of pension expense and more.
  • Identify steps to aid in implementation of accounting standards noted above and key takeaways to prepare before implementation begins.

Disaster Relief Funds: What Auditors and Auditees Need to Know

Jun 9, 2021 9:35am ‐ Jun 9, 2021 10:50am

Identification: NOT2150

The past year has been a challenging time and trying to understand disaster relief funding is no different. This funding can often have complex compliance requirements that are new to both auditors and auditees. This session will discuss disaster relief funds related to COVID-19, how they may impact the single audit environment and identify complex compliance requirements associated with these funds.
Learning Objectives:
  • Understand disaster relief funds and their unique compliance requirements
  • Determine impacts of these funds on our single audits
  • Evaluate what we have learned so far in auditing these funds