Nonprofit organizations are grappling with a recovering economy and an increasingly complex compliance and regulation responsibilities.
DESIGNED FOR
Brought to you by the Nonprofit Interest Group. The NJCPA Nonprofit Interest Group is a resource for accounting and auditing issues affecting Not-for-Profit organizations providing interpretations of new standards through education and roundtables and serving as a liaison between the NJCPA and industry, government and other-related organizations.
BENEFITS
Attend this conference, led by national industry experts, and get the tax, compliance, accounting & auditing, and governance updates you need to better serve your nonprofit clients.
HIGHLIGHTS
Agenda
7:45-8:30am
Registration, Breakfast and Welcome
8:30-9:45am
Nonprofit Update (AA)
Louis J. Mezzina, CPA - KPMG
Not-for-profit organizations are frequently in the news. Go behind the headlines to understand what is driving the stories and the key takeaways. Then get ready for a deeper dive into financial reporting, including Lou’s observations and recommendations with respect to some recently issued financial statements of small to very large NFPs.
9:45-10:35am
Revenue Recognition and Lease Accounting (AA)
Alexander K. Buchholz, CPA, MBA, CGMA - PKF O'Connor Davies, LLP
Learn about recent accounting developments that will impact not-for-profit and healthcare entities. In this session, you can take a deeper dive into the new accounting standards of revenue recognition and lease accounting. Participants will also learn about the accounting and reporting for these topics as well.
10:35-10:50am
Morning Break
10:50am-12:05pm
FASB Update - New NFP Reporting Standards (AA)
Richard A. Cole, CPA - Financial Accounting Standards Board (FASB)
In August of 2016 the FASB issued a new accounting standard effecting how NFP entities will be required to prepare their financial statements. This session will do a deep dive into the new requirements.
12:05-1:05pm
Lunch
1:05-2:20pm
Breakout Sessions (Choose One)
1A. Understanding Administrative Requirements, Cost Principles and Audit Requirements under the OMB Uniform Guidance (AA)
Edward J. Miller, CPA – Grant Thornton LLP
This session will include an overview of the new administrative requirements and cost principles for both auditors and grantees, including new procurement and subrecipient monitoring requirements, as well as review the new audit requirements and their impact on planned audit procedures.
1B. UBIT – Are You Properly Accounting for Organization Unrelated Activities (TX)
Robert Lyons, CPA - Marks Paneth LLP
An in depth look at unrelated business taxable income and how it affects the organizations tax exempt status. This session will review the component of UBI, determination of taxability, and discuss the IRS’s approach to taxability of various modifications. Participants should gain sufficient knowledge to reasonably determine the presence of UBI and how to handle the components for tax purposes.
1C. Assessing Financial Health and Benchmarking (CS)
Terri Albertson – Mayer Hoffman McCann P.C.
This session will look at classic elements of benchmarking and other measures, such as ratio analysis, to assess the relative financial and operating strength of organizations. We will cover elements, such as fundraising and management, and general costs, and how those costs might be looked at in the context of what others are reporting. The session will further delve into discussion about financial reserves, liquidity reserves, board designations and related elements. We will also cover a discussion of deferred maintenance and capital needs as an added element of judging and assessing financial strength. We will round out the session with tips on how these elements can intersect well with governance and board functions.
2:20-2:30pm
Afternoon Break
2:30-3:45pm
Breakout Sessions (Choose One)
2A. Implementation and Presentation Issues of the New NFP Reporting Requirements (AA)
Louis J. Mezzina, CPA - KPMG
Richard A. Cole, CPA - Financial Accounting Standards Board (FASB)
A practical discussion of the implementation and presentation issues of the new standard such as the evaluation and combination of net asset classes, statement of cash flow presentation options, reporting expenses, as well as a review and discussion of sample liquidity and other disclosures.
2B. Tax Update –Tools and Techniques for Joint Fund Raising Activities (TX)
Robert Lyons, CPA - Marks Paneth LLP
Take an in depth look at the components of cause related marketing for non-profit joint ventures. This session will cover the components of cause related marketing as a fund raising tool for non-profits. The tax ramifications will also be discussed along with a discussion on structuring agreements to avoid UBI.
2C. Internal Controls for Smaller NFPs (CS)
Brad E. Muniz, CPA - Sobel & Co. LLC
Julie M. Helman, CPA - Sobel & Co. LLC
This session will discuss common challenges that smaller accounting and finance departments face when implementing systems of internal control and segregating duties. Gain an understanding of the risks associated with financial reporting and fraud. Also stay updated on transaction cycles cash disbursements, revenue/cash receipts, payroll and journal entries.
3:45-3:55pm
Afternoon Break
3:55-4:45pm
Cybersecurity Demystified (CS)
Tony Chapman, CPA, CITP - WithumSmith+Brown
Anurag Sharma, CISA, CISSP, CRISC - WithumSmith+Brown
Are today’s Not for Profit organizations truly equipped to address cyberattacks, which have grown by 144 percent during the past four years? What is Cybersecurity and what steps can an organization take to improve its defenses against common cyberattacks? With the help of recent headline grabbing cybersecurity breaches, we would try to address these questions and demystify the concept of cybersecurity for an organization. The presentation would delve into:
- History and Trends of Breaches
- What is Cybersecurity?
- Type of Attacks & Security Tips
- NIST Cybersecurity Framework
- Key Takeaways for Organizations
COURSE LEVEL
Intermediate
ADDITIONAL NOTES
Yellow Book Qualification
This conference qualifies for Yellow Book CPE credits. Yellow Book requires an auditor to complete, every two years, at least 80 hours of CPE that directly enhances the auditor’s proficiency to perform audits and/or attestation engagements. At least 24 of the 80 hours should be in subjects related to governmental auditing, the governmental environment, or the specific or unique environment in which the audited entity operates. At least 20 hours of the 80 should be completed in any 1-year period of the 2-year period.