Agenda
7:30-8:15am
Registration and Breakfast
8:15-8:30am
Opening Remarks
8:30-9:20
Nonprofit Update (AA)
Louis J. Mezzina, CPA - KPMG LLP
In this industry update, Lou will cover accounting, financial reporting, and other developments impacting not-for-profit organizations.
9:20-10:35am
Financial Statements of Not-for-Profit Entities Project (AA)
Richard Cole, CPA, CGMA - Financial Accounting Standards Board (FASB)
The FASB is proposing changes to improve the current net asset classification requirements and the information presented in financial statements and notes about a not-for-profit entity’s liquidity, financial performance, and cash flows. Take a deep dive into the exposure draft and hear the latest about the project, including the FASB’s rediberation plans.
10:35-10:50am
Morning Break
10:50am-12:05pm
Enhancing Audit Quality (AA)
James W. Brackens, Jr., CPA, CGMA - AICPA
The AICPA has embarked on a far-reaching effort to help reinforce the profession’s commitment to quality. Learn about the near- and long-term improvements planned for peer review, considerations for changes in audit and quality control standards, enhancements to the ethics enforcement process as well as other initiatives and activities and how they will impact your firm.
12:05-1:05pm
Lunch
1:05-2:20pm
Concurrent Sessions (Choose One)
1A. Understanding Administrative Requirements and Cost Principles under the OMB Uniform Guidance (AA)
Shelly R. Masi, CPA - KPMG LLP
A review of the new administrative requirements and cost principles for both auditors and grantees, including new procurement and subrecipient monitoring requirements, as well as a comparison of old vs. new cost principles.
1B. Unrelated Business Income Tax Update (TX)
Robert Lyons, CPA - Marks Paneth & Shron, LLP
In an ever increasing competitive market for donor dollars, organizations are entering into more ways to increase support. Unrelated business income is result of how money is earned rather than to what purpose the money is placed. In this session we will look at what UBIT is (and is not) and discuss ways to avoid UBIT or reclassify it to minimize the tax impact. We will also discuss cause related marketing and the UBIT traps associated with different types of joint cause related ventures.
1C. Corporate Affiliations - Mergers and Acquisitions (SK)
Joseph R. Blatt, CPA - Loeb and Troper LLP
More than ever, nonprofits are seeking corporate restructuring to strengthen their financial sustainability through growth opportunities and efficiencies. Successful affiliations however require informed projections as to the financial benefits and risks involved. I will discuss some of the basic models or forms of mergers and acquisitions, pitfalls and minefields that you may need to traverse, and some of the financial benefits that may be achieved.
2:20-2:30pm
Afternoon Break
2:30-3:45pm
Concurrent Sessions (Pick One)
2A. Audit Requirements under the OMB Uniform Guidance (AA)
Dennis Morrone, CPA - Grant Thornton LLP
Edward J. Miller, CPA - Grant Thornton LLP
This session will provide an overview of the new requirements and their impact on planned audit procedures, with a particular emphasis on the changes associated with major program determination and reporting on the Schedule of Expenditures of Federal Awards (SEFA).
2B. Current Issues Update (TX)
Robert Lyons, CPA - Marks Paneth & Shron, LLP
In this session we will review current issues affecting exempt organizations. Including review of changes to the Form 990, IRS communication issues, recent changes in filing deadlines and other current topics timely to the 2016 filing season.
2C. Best Practices for CFOs Panel (SK)
Lynn Albala, CPA, CMA, CGMA - InfoSight Partners, LLC (Moderator)
Karen L. Franklin - Count Basie Theatre
Thomas Masnaghetti - Hudson Community Enterprises
William Salcedo - Big Brothers Big Sisters of Monmouth & Middlesex Counties
Warren Tranquada - NJPAC
NJBIZ magazine CFO of the Year Award Nonprofit Nominees and Recipients have been selected as panelists to discuss best practices and information that a CFO should know about human resources, governance, IT, government contract/grant, and risk management. Session is moderated by NJCPA Treasurer.
3:45-3:55pm
Afternoon Break
3:55-4:45pm
Assessing and Managing Not-for-Profit Organization Fraud Risk
David L. Cotton, CPA, CFE, CGFM - Cotton & Company LLP
COSO revised its Internal Control Framework in 2013, adding 17 important principles. COSO Principle 8 is: The organization considers the potential for fraud in assessing risks to the achievement of objectives. This session will explain a new COSO- and ACFE-sponsored Fraud Risk Management Guide that can be used to comply with Principle 8 to:
- Establish a fraud risk governance program and policy
- Perform a comprehensive fraud risk assessment
- Design and implement fraud prevention and detection controls
- Investigate, follow-up and take corrective action should fraud be found
- Monitor your fraud risk management program
If you are absolutely certain that fraud cannot happen in or to your organization (or your client’s organization), you do not need to attend this session. If you want greater assurance that your (or your client’s) organization will not fall victim to a catastrophic fraud this session will be time well spent.