Identification: NOT1826
Private foundations are not a new giving vehicle. However, they remain a powerful point of leverage for philanthropists. For the charitably inclined there is not much you cannot do with a private foundation so long as you follow the rules. The key is you must understand the rules. This session will debunk 10 common myths of private foundations. We will highlight activities you CAN do with a private foundation that most people think you CANNOT. We will also highlight a few danger areas where common sense would tell you the activity should be fine to engage in with a private foundation but is actually a violation of a Chapter 42 tax law.
Identification: NOT18UP2
Every organization should have a familiarity with the top unrelated business income tax (UBIT) issues that they likely face. In this session we will take a quick look at the history of UBIT and use brief case studies to highlight potential unrelated business activities in three top UBIT areas: property rentals, corporate sponsorships, and allocations from alternative investments. Specifically, we’ll discuss the nuances of property rental income and which organizations are in an advantaged tax position, examine types of corporate “sponsorship activities” that might be taxable now and in the future, and explain “taxic” investments and how an organization’s investment policy can help avoid unexpected tax bills. The real world examples will help participants apply UBIT tenets to the activities being carried on at their organizations.
Identification: NOT1827
Identification: NOT1828
The role of the CFO continues to evolve, expand and is more complex and demanding than ever. This interactive session explores three major challenges facing the modern not-for-profit CFO:
-Funding
-Leadership
-Technology
Identification: NOT1829
This session will help NFP management and auditors improve their usage of SOC reports in overseeing their vendors and during audit engagements. SOC reports should be in every NFP manager and should be in every auditor's toolkit with NFPs increasingly relying on third-party service providers for processing transactions.
This session will include:
- Overview of SOC reports, including the different types of reports and those that are relevant to a financial statement audit
- Walkthrough of using a SOC report in an audit, including meeting the requirements in the auditing standards
- Best practices for using SOC reports to reduce audit risk and increase audit efficiencyThis session will help auditors improve their usage of SOC reports in audit engagements, which should be in every auditor's toolkit with NFPs increasingly relying on third-party service providers for processing transactions. This session will include:
- Overview of SOC reports, including the different types of reports and those that are relevant to a financial statement audit
- Walkthrough of using a SOC report in an audit, including meeting the requirements in the auditing standards
- Best practices for using SOC reports to reduce audit risk and increase audit efficiency
Identification: NOT1831
Identification: NOT1832
Identification: NOT18UP3
This session (in conjunction with the related “Part 1” session) meets the annual training requirement for reviewers of governmental engagements. It may also be of interest to those who perform firms’ internal inspections and others who wish to learn more about peer review findings in this area. Note: both Parts 1 and 2 must be attended to meet the annual peer review training requirement for reviewers of governmental engagements.
Identification: NOT1833
We've been performing single audits under the Uniform Guidance now for a few years, but are you really comfortable with major program determination? In this session, we'll walk you through the key considerations of this critical part o the single audit process. In addition, we'll talk in depth about particular areas of this determination process that continue to challenge us all.
Identification: NOT1834
During this session we will explore the cybersecurity risks to your organization. Practical guidance will be provided on actions you can take to mitigate those risks without breaking your budget.