Nonprofit Conference (E2112420)

8-9:15 a.m.
FASB Update: What’s New? What’s Next? (1.5 AA)
Jeff Mechanick, Assistant Director - FASB
This session will cover the latest developments in GAAP, including implementation issues for key standards (e.g., leases, gifts-in-kind), current financial reporting issues (COVID-19 related and other), recent ASUs, noteworthy FASB projects in process and the FASB’s consultation on its future agenda.

9:25-10:15 a.m.
Systemic Controls and Cybersecurity (1.0 SK)
Phil Marciano, CPA, CGMA, CGFM - Marks Paneth LLP
Hassan Khan - Marks Paneth LLP
Information technology and cybersecurity risks are at the forefront of board, audit committee and management agendas. With the recent advent of personnel working remotely, nonprofits are taking a second look at their information technology controls and processes. This session will focus on best practices and processes to consider when evaluating risk of IT controls. Suggestions will be provided on what your organization can do to gain efficiency and security, including audit processes.

10:30-11:45 a.m.
Diversity, Equity and Inclusion 101 (1.5 SK)
Dr. Laura McGuire, Consultant - National Center for Equity and Agency
Diversity, equity and inclusion are some of the hottest buzzwords in today's leadership and organizational development conversations. Though often discussed, they are also often misused or poorly executed. You'll will leave with actionable ways to increase your inclusivity practices, both as an individual and a member of an organization. The history of diversity and inclusion will be explored as well as what equity looks like in action and the future of the field.

11:45 a.m.-12:15 p.m.
Lunch Break

12:15-1:30 p.m.
Breakout Sessions (Choose One)

1A. Single Audit Update (1.5 AA)
Alex Buchholz, CPA, M.B.A., CGMA - PKF O'Connor Davies
Pandemic funding has made the single audit arena very challenging and things are changing much more frequently than usual. This session will bring you up-to-speed on important matters including changes to the 2021 Supplement, a summary of COVID-19 funding and related challenges, and additional resources.

1B. Form 990 Red Flags (1.5 TX)
Garrett Higgins, CPA - PKF O'Connor Davies
Melissa Modelson, CPA - PKF O'Connor Davies
This session will review the common errors on Form 990 and related schedules. Learn about common “red flag” questions and improper presentations on a return that may result in an incomplete return. The presentation will act as a guide to help identify and avoid these common errors when completing a Form 990. By gaining a clear understanding of the return and the intent behind the questions, you'll be able to identify and avoid potential errors that could result in IRS examinations, incomplete returns and potentially expensive tax consequences.

1C. How to Manage Your Board – Best Practices for Governance and Financial Reporting (1.5 AA)
Matthew Estersohn, CPA - Marks Paneth LLP
An engaged board is critical to mission success. Learn important compliance and governance strategies to keep your board protected and financial reporting considerations to keep your board informed and productive. This session is designed to give nonprofit leaders the operational tools they need to empower their boards to face the strategic challenges ahead.

1:45-3 p.m.
Breakout Sessions (Choose One)

2A. Common Errors in Not-for-Profit Financial Statements (1.5 AA)
Catherine Syslo, CPA - CohnReznick LLP
Christopher Griffin, CPA - CohnReznick LLP
This session will discuss some of the most common errors made in not-for-profit financial statements, including the impact of recent accounting pronouncements (ASU 2016-14 and ASU 2018-08). Topics will include an overview of not-for-profit financial statements, understanding common errors and how to prevent and avoid these errors.

2B. The Unrelated Business Income Tax and the new “Silo” Regulations (1.5 TX)
Kristin Anderson - PKF O'Connor Davies
Learn how to separate your organization’s unrelated business income into separate “silos” (i.e., activities) for purpose of tax calculation to be in compliance with the final IRS regulations issued in November 2020. The session will also cover the allocation of expenses to multiple activities and the impact on net operating loss carryforwards.

2C. Provider Relief Fund Update and Overview and Employee Retention Tax Credit (1.5 AA)
Domenic Segalla - Withum
Jeremias Ramos - Withum
All recipients of Provider Relief Fund (PRF) payments have specific U.S. Department of Health and Human Services (HHS) reporting requirements they must comply with. This session will cover topics, including: navigating through the PRF reporting portal, understanding how to calculate lost revenue and determining the proper reporting deadlines.

3:10-4 p.m.
Blockchain & Crypto - Updates and Future Directions for the Profession (1.0 SK)
Dr. Sean Stein Smith, CPA, CFE, CGMA, CMA, DBA
This session will touch on recent accounting, tax and policy updates as they connect to the blockchain and cryptoasset sector. It will cover the breakdown of proposed accounting guidance, a review of IRS updates and pronouncements related to crypto tax issues, and an analysis of how pending and enacted legislation could influence the cryptoasset sector moving forward. In addition, it will present the fundamental steps necessary to construct and enact a crypto payment strategy, including FAQs and key steps as a part of this analysis/process. Lastly, there will be an examination and discussion on the array of cryptoassets that exist in the marketplace, including a focus on decentralized finance (DeFi), central bank digital currencies (CBDC) and non-fungible tokens (NFTs).