Nonprofit organizations are grappling with a recovering economy and increasingly complex compliance and regulations.
DESIGNED FOR
CPAs and financial professionals working for nonprofit organizations or representing nonprofit clients.
HIGHLIGHTS
8-8:50 a.m.
FASB Update for Not-for-Profits (AA)
Jeffrey D. Mechanick, CPA, MBA – Financial Accounting Standards Board
This session will cover the latest developments in GAAP that are important for not-for-profits, including:
- Recent deferrals in the effective dates for revenue recognition (Topic 606) for some NFPs and leases (Topic 842)
- Accounting considerations for the Paycheck Protection Program and other CARES Act programs under ASU 2018-08 and Topic 606
- Recent standards and projects on reference rate reform (the phaseout of LIBOR), goodwill and gifts-in-kind.
The presentation will reserve time for audience Q&A.
8:50-8:55 a.m.
Break
8:55-10:10 a.m.
Understanding and Implementing the FASB’s New Leases Standard (Topic 842) (AA)
Jeffrey D. Mechanick, CPA, MBA – Financial Accounting Standards Board
Peter Ugo, CPA – Crowe LLP
FASB's new leases standard is here! Effective for calendar year 2020 (fiscal year 2020/21) for nonprofits with public debt (after the recent optional one-year deferral in ASU 2020-05) and soon after for all other NFPs, Topic 842 will significantly change the way leases are reported in financial statements. This session will focus on lessee accounting and discuss the key elements of the new standard, especially those requiring significant judgment. It will address examples, implementation tips and frequently asked questions.
10:10-10:20 a.m.
Break
10:20-11:35 a.m.
PPP Loan Forgiveness and Tax Impacts of the CARES Act (AA)
Frank Boutillette, CPA, CGMA and Daniel Mayo, J.D., LLM – WithumSmith+Brown
This session will concentrate on the Paycheck Protection Program loan forgiveness calculation including:
- Differences between the long and EZ forms
- Pros and cons of an eight-week and 24-week covered period
- Costs which can and cannot be included
- FTE exceptions and safe harbors, and how to apply them
- Tax impacts of the PPP from loan disbursement to forgiveness
11:35 a.m.-12:05 p.m.
Lunch
12:05-1:20 p.m.
Breakout Sessions (Choose One)
1A. Single Audit Update (AA)
Allen L. Fetterman, CPA, MBA
The world of single audits is changing. This session will help professionals understand important changes in the single audit arena, including:
- 2020 Compliance Supplement
- Impact of the COVID-19 pandemic
- Changes to the Uniform Guidance
- New Yellow Book
1B. Nonprofit Tax Update (TX)
Magdalena M. Czerniawski, CPA, MBA– Marks Paneth LLP
This session will cover various new developments in the tax-exempt area, including:
- Form 990 changes
- Final regulations on executive compensation
- IRS campaign targeting private foundations
- Provisions of CARES Act
- Other new tax developments
1C. Internal Controls in a Remote Environment (SK)
Brad Caruso, CPA, CFE and Nina Chmura, CPA – WithumSmith+Brown, PC
The year 2020 has brought about unprecedented change and opportunity. Not-for-profits have historically utilized paper to document their processes, approvals and consummate business. As they move to remote work environments, significant consideration needs be given towards the workflow, processes and internal controls utilized to create the most efficient and effective environment. This session will take a dual approach from the virtual outsourced accountant and the independent auditor, such as:
- Considerations in moving to the cloud, virtual work environment and virtual accounting solutions
- Best practices in remote work environments
- Audit issues that arise in moving to remote working, including moving to electronic processes and how to maintain integrity and proper internal controls
- Compliance considerations with government and other funding when moving from paper to electronic
1:20-1:35 p.m.
Break
1:35-2:50 p.m.
Breakout Sessions (Choose One)
2A. Single Audit Planning, SEFA, Major Program Determination and Reporting (AA)
Allen L. Fetterman, CPA, MBA
More nonprofit organizations are coming under the requirements of the single audit, especially as a result of federal assistance due to the COVID-19 pandemic. This session will review some of the most important elements of a single audit, including:
- Planning the single audit
- Auditing the SEFA, including required elements
- Determining major programs
- Reporting requirements
2B. Compliance Issues of Nonprofits (TX)
Brett R. Harris, Esq. – Wilentz, Goldman & Spitzer, PA
Learn best practices for organizations to follow to stay in compliance with the many laws and regulations impacting nonprofit organizations. Topics to be discussed include:
- Issues that could threaten tax-exempt status
- Compliance with state and federal regulations
- Registration requirements
- Charitable solicitation laws
- Executive compensation
- Private inurement
- Public charity versus private foundation
2C. Strategic Planning and Budgeting: A Perfect Pairing (SK)
Amy West, CPA, CGMA – AHRC New York City
Strategic planning and budgeting are more crucial than ever during these ever-changing and challenging times. This practical session will help not-for-profit financial professionals with the following:
- Establishing the relationship between strategic planning and budgeting
- Examining different budgeting methodologies and dispelling budget myths
- Exploring the importance of scenario planning in times of uncertainty
- Identifying tools and techniques available to improve the planning and budgeting process
2:50-3 p.m.
Break
3-3:50 p.m.
Evolving Trends in Nonprofit Fraud and Why it Goes Undetected (AA)
Brian P. Sanvidge, CIG, CFE, and Julie Fox – Anchin, Block & Anchin LLP
This session will identify key factors that contribute to nonprofit fraud. Information from multiple resources, such as the 2020 ACFE Report to the Nations, national statistics, and the fraud triangle, will be used to address questions such as:
- How do perpetrators go undetected?
- Who is committing fraudulent acts?
- Why does nonprofit fraud occur?
COURSE LEVEL
Intermediate
PREREQUISITES
None
ADVANCE PREPARATION
None