Private Foundation Case Studies: 10 Myths of Private Foundations

Jun 19, 2018 8:00am ‐ Jun 19, 2018 9:15am

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.

  • Learn the points of leverage a private foundation brings for philanthropists to achieve charitable goals.
  • Gain an awareness of the Chapter 42 activities which will trigger excise tax penalties on private foundations, managers and disqualified persons.

Top 3 Unrelated Business Income Tax (UBIT) Things

Jun 19, 2018 8:00am ‐ Jun 19, 2018 9:15am

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.

  • Gain an understanding of common unrelated business issues
  • Discern ways in which common UBIT may affect your organization

It All Starts Here: SEFA Chronicles

Jun 19, 2018 9:45am ‐ Jun 19, 2018 11:00am

Identification: NOT1827

This session will explore the unique aspects of auditing and reporting on the Schedule of Expenditures of Federal Awards (SEFA) and provide suggestions on ways to improve audit procedures, documentation, and presentation of the SEFA. Common errors and questions on the SEFA will also be addressed.
  • Evaluate the quality control issues associated with SEFA
  • Implement tools for auditing and reporting on the SEFA

The Evolving Role of the CFO: The Sequel

Jun 19, 2018 9:45am ‐ Jun 19, 2018 11:00am

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

  • Obtain a comprehensive understanding of the many challenges and opportunities facing today's nonprofit Chief Financial Officer
  • Idenfity ways to be an effective and successful Chief Financial Officer in a very dynamic environment

Understanding SOC 101 Reports - Auditors and NFP Management

Jun 19, 2018 9:45am ‐ Jun 19, 2018 11:00am

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


Tax Exempt Bonds: Schedule K

Jun 19, 2018 9:45am ‐ Jun 19, 2018 11:00am

Identification: NOT1831

The session will cover topics relating to Schedule K of Form 990 and will also encompass the risks of compliance associated with Tax Exempt Bonds. Participants will learn how to compete Schedule K and will understand the compliance risks associated with the bonds listed on the Form.
  • Participants will learn how to complete Schedule K and will understand the compliance risks associated with the bonds listed on the Form.

Schedule A: A Deep Dive

Jun 19, 2018 9:45am ‐ Jun 19, 2018 11:00am

Identification: NOT1832

This session takes a deep dive into the Schedule A and its various tests and requirements. We will discuss the options a 501(c)(3) organization has for qualifying as a public charity and dissect the two public support calculations, discussing the benefits and drawbacks of each, and helping analyze which test is best for an organization. We will evaluate how various revenue sources impact the calculation, with a focus on program service revenue, contributions, unrelated business income and investments. We will analyze the impact of significant donors or constituents and discuss how excess contributions and unusual grants impact a calculation. All of these tools are designed to help you figure out how to recover from a drop in public support and avoid (or plan for) failure. We will also skim the surface of the updated filing requirements for supporting organizations.
  • 1) Assess the reason a sec. 501(c)(3) organization meets its public charity status and the various drivers for each public support test.
  • 2) Reconstruct a Schedule A of the Form 990.

Peer Review Update - Governmental Must-Select Training Requirement (Part 2)

Jun 19, 2018 9:45am ‐ Jun 19, 2018 11:00am

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.

  • This session will reinforce the lessons learned in Part 1 by having participants go through case studies and short question and answer cases on issues and problems related to the review of engagements subject to Government Auditing Standards.

Getting it Right! Major Programs Determination

Jun 19, 2018 12:00pm ‐ Jun 19, 2018 1:15pm

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.

  • 1. Identify critical components of the major program determination process.
  • 2. Analyze the more complex major program determination decision points, including loan and loan guarantees, low-risk Type A and high risk Type B assessments and low risk auditee determination. 
  • 3. Identify the more common issues that have caused major program failures in the past so your organization doesn't make the same mistakes.

Cybersecurity: What to Do

Jun 19, 2018 12:00pm ‐ Jun 19, 2018 1:15pm

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.

  • 1. How to initiate a cybersecurity program
  • 2. Key components of a basic cybersecurity program
  • 3. Some technical tips for improving your cybersecurity posture