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.
Determine how to engage stakeholders, including expanding generational connections,
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, and Considerations of a global footprint (brand, logistics and risks).
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.
Recognize factors that should be considered when conducting your audit risk assessment
Identify best practices in documenting control risks as part of the audit risk assessment
Kris Ray, CPA, NFP Industry Technical Leader, Plante Moran, PLLC
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.
Identify methods for effective external financial reporting and how to apply effective internal financial reporting tools for the board of directors and senior management.
Evaluate key elements of analysis and reporting using ratio analysis, bench marking and profit and loss analysis for effective financial reporting.
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.
Evaluate the 2019 Compliance Supplement
Analyze the latest single audit developments
Determine expected future single audit activities
Mary Foelster, CPA, CGMA, Senior Director, Governmental Auditing and Accounting, AICPA
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!
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
Are you aware of the FASB standards that will impact nonprofit financial statements in the next year? Do you or your clients have an implementation plan? Join this session as industry experts walk you through the standards that will be effective in the next year. To set you up for success, we will discuss tips on how to plan for implementation.
Identify FASB standards that will be effective in the next year
Formulate strategies regarding the efficient and effective implementation of upcoming standards
Normally relegated to the final 5 minutes of a public support discussion, supporting organizations finally have their moment in the sun. This session is deep dive into the four types of 509(a)(3) supporting organizations. In this session, we will learn about what makes each type of supporting organization unique and learn how to spot a supporting org. We will separate fact from fiction related to restrictions of supporting organization funding and operations. Finally, we will walk through the organization and operations test, and understand how these fit into reporting on Schedule A. We will walk through Schedule A to analyze its reporting quirks, trick questions and most common pitfalls.
Evaluate the different structures of supporting organizations (Type I, II, III-FI and III-NFI)
Understand the limitations that supporting organizations face when it comes to funding and operations
Apply the structures to Schedule A to properly address supporting organization questions
Many in not-for-profit accounting leadership are concerned with the potential for an IRS examination or audit. All this talk about "data-driven decision making" and numerous tax law changes has us on edge. What are your organization's chances of getting selected for an IRS audit? What happens if you are selected? How will the IRS contact and communicate with your organization? What is a "correspondence audit?" What if they find errors or problems? What "taxpayer rights" do we have? All this and more will be covered in this session.
Distinguish between the different types of audits/examinations the IRS performs
Recognize criteria and procedures the IRS utilizes in their "case selection model" including data-driven decision making
Identify potential issues on Form 990 that may cause "issues" upon IRS exam
Marc Berger, CPA, JD, LL.M. (Taxation), Director, Nonprofit Tax Services, BDO USA LLP