Nonprofit organizations are dealing with change on multiple horizons ranging from emerging technologies to new regulations. Attend this conference, led by national industry experts, to get the tax, compliance, accounting & auditing and governance updates you need to better serve your nonprofit clients.
DESIGNED FOR
CPAs and financial professionals working for nonprofit organizations or representing nonprofit clients.
BENEFITS
Brought to you by the Nonprofit Interest Group, the premier resource for CPAs working in the nonprofit industry. The NJCPA Nonprofit Interest Group provides members with interpretations of new standards through committee meetings, roundtables and educational events. The group serves as a liaison between the NJCPA and industry, government and other-related organizations. This annual conference aims to provide attendees with the most relevant topics discussed throughout the year.
Thank you to the 2019 Nonprofit Conference Planning Committee
Catherine Syslo, CPA (Chair)
Amy Y. Both, CPA
Brian King, CPA
Catherine Z. Horn, CPA, CGMA, SPHR
Edward P. Noble, CPA
Patricia M. Linsley, CPA
Peter E. Herbst, CPA
Jacalyn L. Schwartz, CPA
James P. Mulroy, CPA, CGMA, CGFM
June M. Toth, CPA, CFF, CITP, CGMA
Kathleen F. Powers, CPA
Lynn L. Albala, CPA, CMA, CGMA
Melissa C. Williams, CPA, CGMA
Robert L. Dethlefsen, CPA
HIGHLIGHTS
7:30-8 a.m.
Registration, Breakfast and Welcome
8-8:50 a.m.
Industry Update and Post-Implementation of FASB 2016-14 (AA)
Louis J. Mezzina, CPA
Not-for-profit organizations are frequently in the news. Examine headlines to understand
what drives the stories and discover key takeaways. Then, discuss lessons learned from the
implementation of FASB 2016-14.
8:50-10:05 a.m.
Grants and Contracts for Not-for-Profits (AA)
Richard A. Cole, CPA - BKD
This session will provide an overview of the FASB’s new grants and contracts accounting
standard update and some implementation ideas.
10:05-10:25 a.m.
Morning Break
10:25-11:40 a.m.
Leases – Implementing the Changes for Lessees (AA)
Brad E. Muniz, CPA – SobelCo
Frank R. Boutillette, CPA, CGMA, ABV – Withum
Discuss an overview of the changes to the lease standards, examples of lessee
implementation and certain nuances that are commonly overlooked.
11:40 a.m.-12:40 p.m.
Lunch
12:40-1:55 p.m.
Breakout Sessions (Choose One)
1A. The 2019 Yellow Book and Single Audit Update (AA)
Alexander K. Buchholz, CPA, MBA, CGMA – PKF O’Connor Davies, LLP
Examine changes for those audits conducted under the Uniform Grant Guidance, along with
forthcoming Yellow Book revisions and independence for non-attest services.
1B. IRS Tax-Exempt Update (TX)
Magdalena M. Czerniawski, CPA, MBA and Robert Lyons, CPA, MST – Marks Paneth LLP
This session will cover tax-exempt organizations’ tax landscape post Tax Cuts and Jobs Act, including issues with transit and parking tax, blended rate issues, new developments and IRS plan.
1C. Advancing Exemplary Governance (SK)
Louis J. Mezzina, CPA
There is a great deal of literature focused on not-for-profit governance, from basic
responsibilities to best practices. However, governance remains one of the most challenging
areas to manage. However, there are exceptional boards that oversee correctly and are
valuable strategic assets of their organizations. This session will provide steps any
organization can take to improve performance.
1:55-2:05 p.m.
Afternoon Break
2:05-3:20 p.m.
Breakout Sessions (Choose One)
2A. Risk Assessment (AA)
June M. Toth, CPA, CFF, CITP, CGMA – ZBT Certified Public Accounting & Consulting,
LLC
Since the issuance of the Risk Assessment Standards, Peer Review teams have found that more than one in 10 firms failed to comply with AU-C Section 315 or 330. Learn what are the most pervasive issues that Peer Review teams have uncovered and how to avoid them. Review:
- What are the misconceptions leading to non-compliance that relate to
understanding the entity and it’s environment, assessing the risks of material
misstatement and performing procedures in response to assessed risks.
- Consider how to determine responses identified and assessed risks by selecting or designing procedures.
- What risks are relevant to the financial statement audit?
2B. Private Foundations and Donor Advised Funds (TX)
Magdalena M. Czerniawski, CPA, MBA and Robert Lyons, CPA, MST – Marks Paneth LLP
This session will cover recent development in self-dealing, equivalency determinations and other excise tax issues. Then, discuss Donor Advised Funds and Notice 2017-73 with an explanation of the differences between Private Foundation and Donor Advised Funds.
2C. Best Practices for Internal Controls (AA)
Scott A. Brown, CPA, CGMA – PKF O’Connor Davies LLP
Internal Controls are critical for organizations of all types and sizes. Not-for-Profits are no exception. Examine:
- The importance of having a strong internal control system to ensure an organization’s success
- Best practices and five questions every organization should ask when reviewing their internal controls
- Common deficiencies recently identified during financial statement audits of nonprofit organizations
3:20-3:40 p.m.
Afternoon Break
3:40-4:30 p.m.
What’s New at the IRS? (TX)
Maria Hooke and Peter Lorenzetti - Internal Revenue Service
This session will discuss a variety of observations and areas of concern that the Internal Revenue Service (IRS) sees when dealing with not-for-profit organizations.
COURSE LEVEL
Intermediate
PREREQUISITES
None
ADVANCE PREPARATION
None
7:59 AM to 11:40 AM
Morning General SessionsMorning General Sessions
8:00 AM to 8:50 AM
Industry Update (AA)Not-for-profit
organizations are frequently in the news. Examine headlines to understand what
drives the stories and discover key takeaways. Then, discuss lessons learned
from the implementation of FASB 2016-14.
8:50 AM to 10:05 AM
Grants and Contracts for Not-for-Profits (AA)This
session will provide an overview of the FASB’s new grants and contracts
accounting standard update and some implementation ideas.
10:25 AM to 11:40 AM
Leases – Implementing the Changes for Lessees (AA)Discuss
an overview of the changes to the lease standards, examples of lessee
implementation and certain nuances that are commonly
overlooked.
12:40 PM to 1:55 PM
1A. 2019 Yellow Book and Single Audit Update (AA)Examine
changes for those audits conducted under the Uniform Grant Guidance, along with
forthcoming Yellow Book revisions and independence for non-attest
services.
Credits
- 1.50 Credits of Category AA
12:40 PM to 1:55 PM
1C. Advancing Exemplary Governance (SK)There
is a great deal of literature focused on not-for-profit governance, from basic
responsibilities to best practices. However, governance remains one of the most
challenging areas to manage. However, there are exceptional boards that oversee
correctly and are valuable strategic assets of their organizations. This session
will provide steps any organization can take to improve
performance.
Credits
- 1.50 Credits of Category SK
12:40 PM to 2:55 PM
1B. IRS Tax-Exempt Update (TX)This
session will cover tax-exempt organizations’ tax landscape post Tax Cuts and
Jobs Act, including issues with transit and parking tax, blended rate issues,
new developments and IRS plan.
Credits
- 1.50 Credits of Category TX
2:05 PM to 3:20 PM
2A. Risk Assessment (AA)Since
the issuance of the Risk Assessment Standards, Peer Review teams have found that
more than one in 10 firms failed to comply with AU-C Section 315 or 330. Learn
what are the most pervasive issues that Peer Review teams have uncovered and how
to avoid them.
Review:
- What are the misconceptions leading to non-compliance
that relate to understanding the entity and it’s environment, assessing the
risks of material misstatement and performing procedures in response to
assessed risks.
- Consider how to determine responses identified and
assessed risks by selecting or designing procedures.
- What
risks are relevant to the financial statement audit?
Credits
- 1.50 Credits of Category AA
2:05 PM to 3:20 PM
2B. Private Foundations and Donor Advised Funds (TX)This
session will cover recent development in self-dealing, equivalency
determinations and other excise tax issues. Then, discuss Donor Advised Funds
and Notice 2017-73 with an explanation of the differences between Private
Foundation and Donor Advised Funds.
Credits
- 1.50 Credits of Category TX
2:05 PM to 3:20 PM
2C. Best Practices for Internal Controls (AA)Internal
Controls are critical for organizations of all types and sizes. Not-for-Profits
are no exception. Examine:
- The
importance of having a strong internal control system to ensure an
organization’s success
- Best
practices and five questions every organization should ask when reviewing
their internal controls
- Common
deficiencies recently identified during financial statement audits of
nonprofit organizations
Credits
- 1.50 Credits of Category AA
3:40 PM to 4:30 PM
What’s New at the IRS? (TX)This
session will discuss a variety of observations and areas of concern that the
Internal Revenue Service (IRS) sees when dealing with not-for-profit
organizations.
Instuctor(s)
- Maria Hooke
Director, Exempt Organizations Examinations for Internal Revenue Service - Peter Lorenzetti, CPA
Exempt Organizations Examinations Area Manager for Internal Revenue Service