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Thursday, December 1, 2022 Live Webcast

Nonprofit Conference (E2212010)

8:00 AM - 4:00 PM EST
webcast

ON24

8.0 CPE Credits in MC

OVERVIEW

This NJCPA annual conference will keep you ahead of the curve in the midst of increased scrutiny of single audits, new standards, prevailing risks and recent trends affecting audit quality in the nonprofit sector.

DESIGNED FOR

CPAs and financial professionals working for nonprofit organizations or representing nonprofit clients.

HIGHLIGHTS

8-9:15 a.m.
What’s New with Single Audits: A View from the AICPA GAQC (1.5 AA)
Mary Foelster, CPA, CGMA - AICPA
The AICPA Governmental Audit Quality Center (GAQC) has had a few busy years on the single audit front. This session will fill you in on the latest happenings and what's on the horizon. Participants will learn abou the OMB Compliance Supplement and other single audit updates, the latest pandemic funding wrinkles, and advocacy efforts, tools and resources available from the GAQC.

9:25-10:40 a.m.
Hot Topics in Nonprofit Accounting and Auditing (1.5 AA)
Alex Buchholz, CPA, M.B.A., CGMA - PKF O'Connor Davies
This session will cover the new leases standard and implementation, the gifts-in-kind standard and revisions to the independent auditor’s report.

10:50-11:40 a.m.
Breakout Sessions (Choose One)
1A. Best Practices for Enhancing Single Audit Quality (1.0 AA)
Catherine Syslo, CPA – CohnReznick
Single audits are under constant scrutiny by regulators, federal agencies and peer reviewers. This scrutiny is increasing due to the dramatic rise in federal spending related to the pandemic. Topics to be covered will include common audit quality issues and how to prevent them, independence documentation, major program determination, the use of the compliance supplement, dual purpose testing and more.

1B. Update on Charitable Fundraising Regulations (1.0 TX)
Brett Harris, Esq. - Wilentz, Goldman & Spitzer, P.A.
This session will cover several changes in New Jersey law regulating fundraising activities by non-profit organizations enacted over the last year. Further, since the overwhelming majority of charitable organizations have websites with some version of a “Donate Now” function, advising New Jersey entities extends beyond state borders. Accordingly, this session will also provide an overview of national enforcement efforts and regulatory activities, as well as developing issues, including donor-advised funds, crowdfunding, accepting, or investing in cryptocurrency, nonfungible tokens (NFTs), and other innovative means to support charitable activities.

1C. Crypto Trends and Implications - What Nonprofits Need to Know (1.0 SK)
Dr. Sean Stein Smith, CPA, CFE, CGMA, CMA, DBA – Lehman College
This session will break down the recent trends and directions that continue to drive the crypto asset space further into the mainstream, including a review of current tax and accounting treatments of these instruments. We will discuss the specific implications that crypto assets have on nonprofit organizations, including accepting crypto for donations, valuing different crypto assets, crypto reporting and tax planning strategies.

11:40 a.m.-12:10 p.m.
Lunch Break

12:10-1:25 p.m.
The New Quality Management Standards and SAS 145 (1.5 AA)
June Toth, CPA, CFF, CITP, CGMA – zbt Certified Public Accounting & Consulting, LLC
Learn how to effectively implement the new quality management standards that were designed for firms to proactively manage quality, strengthen monitoring and remediation processes and continue to tailor their system of quality management. The key concepts of SAS 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, have not changed, but there are revised requirements for documentation as well as new and updated concepts. Enhanced identification and assessment of the risk of material misstatement will drive better risk assessment and enhance audit quality.

1:35-2:25 p.m.
Breakout Sessions (Choose One)
2A. Leases – Deep Dive with Case Studies (1.0 AA)
Rick Cole CPA, CGMA - FORVIS
This session will dive deeper into the new lease standard going through examples of what does and doesn’t qualify under the new lease definition as well as learning how to record the journal entries and other implementation concerns.

2B. Board Members' Review of Form 990 (1.0 TX)
Lori Rothe Yokobosky, CPA, MST – CohnReznick
Sima Wolfson, CPA, MST - CohnReznick

This session will familiarize you with hot topics for IRS exempt organizations and key areas in Form 990 for board members to review. We will also review common errors when completing Form 990 and what to watch out for with nonprofit watchdog organizations.

2C. A Fireside Chat on Cybersecurity Risks, Threats and Fraud (1.0 SK)
Moderator: Todd Renner, Senior Managing Director - FTI Consulting
Panelists to be announced

Learn from a panel of experts how the Department of Justice and the FBI examine fraud and prosecute criminals.

2:35-3:50 p.m.
FASB Update (1.5 AA)
Jeff Mechanick, Assistant Director - FASB
This session will provide updates on the most important developments in GAAP affecting nonprofits and share what’s on the horizon to help keep you ahead of the curve. Topics include implementation issues on recent standards (especially GIKs, leases and credit losses); new pronouncements (ASUs); changes to the FASB’s technical and research agendas in response to its 2021 Agenda Consultation; and noteworthy current FASB projects (especially on crypto assets and software costs).

COURSE LEVEL

Basic

INSTRUCTORS

Alexander Buchholz

Alexander K. Buchholz, CPA, M.B.A., CGMA

Audit Partner

PKF O'Connor Davies, LLP

Alex is an audit partner in the Not-for-Profit and Health Care Practices of PKF O’Connor Davies, LLP. He has eighteen years of experience in public accounting. His areas of specialty include audits of not-for-profit entities, health care entities and special needs clients, cost reporting as applicable to health care and not-for-profit entities, and single audits conducted in accordance with the Uniform Grant Guidance. Alex is also an adjunct professor of accounting at the City University of New York. He serves on a number of professional and academic affiliations and is a board member of the New York State Education Department State Board for Public Accountancy. He has authored articles on accounting, audit, tax and education and he has presented on both a professional and academic level.

Richard Cole

Richard A. Cole, CPA, CGMA

Partner

FORVIS, LLP

Rick is a partner with FORVIS (which is the result of a merger between BKD and DHG) with more than 25 years of experience serving not-for-profit organizations. He is based in the firm’s New York office and is a member of FORVIS’ Higher Education Center of Excellence, which is an internal committee focused on addressing issues important to the higher education industry. Rick focuses on audits and advisory services for not-for-profit and higher education organizations.

Prior to this role, he worked at the FASB, where he served as a supervising project manager for almost six years. In that role, he was the project manager on Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities; ASU 2018-08, Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made; and ASU 2019-03, Updating the Definition of Collections. He also was coordinator for FASB’s NFP Advisory Committee and Private Company Council. Before joining the FASB, Rick was vice president and controller at a large national museum in New York for seven years and a senior manager with a large international accounting firm where he worked for 14 years and specialized in audits of higher education institutions and other not-for-profit organizations.

Rick is a member of the AICPA Not-for-Profit Expert Panel. He is a lecturer at Columbia University’s School of Professional Studies in their Non-Profit Management program. He also has been a frequent speaker with NACUBO, the American Institute of CPAs (AICPA), and various state CPA societies.

He is a CPA in New York and New Jersey and is a member of the AICPA and New York State Society of Certified Public Accountants. Rick is a graduate of Montclair State University, New Jersey, with a B.S. degree and an M.B.A. degree.

Mary Foelster

Mary M. Foelster, CPA, CGMA

Senior Director, Governmental Auditing and Accounting

AICPA

MARY M. FOELSTER, CPA Senior Director Governmental Auditing and Accounting Mary Foelster is a Senior Director at the American Institute of Certified Public Accountants in Washington, DC, where her primary responsibility is to address governmental auditing and accounting matters, including compliance audits. Mary oversees the AICPA's Governmental Audit Quality Center and its Executive Committee and is actively involved in the AICPA's efforts to enhance the quality of single audits and other types of governmental audits. She also directs the AICPA's governmental accounting efforts, including the activities of the AICPA State and Local Government Expert Panel, related interactions with the Governmental Accounting Standards Board, and commenting on GASB due process documents. Mary is also responsible for monitoring and analyzing federal regulatory and legislative developments affecting auditing or accounting in a governmental or compliance audit environment. Mary and her team help members understand the implications of standards and regulation on governmental audits. This includes significant involvement with the development, issuance, and annual update process for the Audit and Accounting Guide, Audits of State and Local Governments, and the AICPA Audit Guide, Government Auditing Standards and Single Audits. Mary has been with the AICPA for over 25 years. She is a graduate of the University of Maryland and is a certified public accountant.

Brett Harris

Brett Harris, Esq.

Business Nonprofit and Technology Attorney

Wilentz, Goldman & Spitzer, PA

Brett R. Harris is a shareholder in the Corporate group at Wilentz, Goldman & Spitzer, P.A. Her broad-based general corporate practice consists of both transactional matters and day-to-day client counseling on everyday business matters. She has extensive transactional experience in stock and asset acquisitions representing both buyers and sellers. She has many years of experience in document drafting and negotiation, regulatory compliance matters and policy development for a full range of clients, including publicly-traded companies, closely-held businesses, health care practices, charitable organizations, governmental entities and individual business executives.

Ms. Harris has a particular focus on counseling non-profit organizations including entity formation, establishing and maintaining tax exempt status and complying with fundraising regulations. She counsels Boards on policy matters, mission statement development and strategic planning. In addition, she advises clients on structuring and operating family foundations, including grantmaking due diligence and administration of grant agreements.

Her intellectual property practice consists of trademark screening, trademark and copyright registrations, IP licensing matters, trade secret protections, issuing and responding to cease and desist letters and interfacing with the firm’s commercial litigation team on infringement matters.

Ms. Harris has developed a practice with an emphasis on technology issues. She represents software developers, online businesses and consulting firms. Ms. Harris also advises general business clients and non-profits in addressing technology concerns, including privacy, licensing, e-discovery, development of online policies and website disclaimers, e-commerce, domain name management, establishment of employee e-mail, Internet usage and BYOD policies and addressing legal issues related to social media.

Jeffrey Mechanick

Jeffrey D. Mechanick, CPA, CGMA

Assistant Director

Financial Accounting Standards Board

Jeff Mechanick is Assistant Director for Nonpublic Entities at the FASB. In that role, he provides strategic and technical oversight of all activities involving not-for-profit (NFP) organizations and private companies, chairs the FASB’s Not-for-Profit Advisory Committee, oversees support of the Private Company Council, and participates in some of the FASB’s broader outreach activities. He is also a member of the Technical Advisory Group of the International Financial Reporting for Nonprofit Organizations initiative (#IFR4NPO).

Jeff has also been the overall lead staff member for the Blue-Ribbon Panel on Standard Setting for Private Companies and the FASB/IASB Financial Crisis Advisory Group.

Prior to joining the FASB staff in 2006, Jeff spent 20 years working in and with the not-for-profit sector, as the CFO of Planned Parenthood Federation of America, Inc., and before that, as a Senior Manager with KPMG, LLP, in the firm’s New York office. From 1992 to 1994, he served as the National Technical Senior Manager for the firm’s Higher Education, Research, and Other Not-for-Profit Organizations (HERON) practice. He is also a past member of the AICPA’s NFP Expert Panel. Jeff received his MBA from Rutgers University and his AB from the University of Chicago, and he is a member of the AICPA and the New York State Society of CPAs. He is also an adjunct instructor in Columbia University’s MS program in Nonprofit Management.

Todd Renner

Todd Renner

Senior Managing Director

FTI Consulting

Todd Renner is a senior cybersecurity expert with over 25 years of experience leading complex global investigations, cyber intrusion response, and crisis management, providing strategic leadership to mitigate emerging business risks and capitalize on growth opportunities. Mr. Renner advises clients on cybersecurity topics involving supply chain risks, insider threats, counterintelligence risks, forensic investigations, cross-segment risk management, cyber fraud protection, and global cyber incidents. He provides a technical and strategic perspective when dealing with complex cyber challenges and the associated risks businesses are facing.

Prior to joining FTI Consulting, Mr. Renner was a Federal Bureau of Investigation (FBI) Supervisory Special Agent, leading high-profile international cyber investigations that resulted in increased corporate protection, risk mitigation, prevention techniques, and actor attribution. While at the FBI, Mr. Renner advised victims of cyber events, from informing corporate board rooms and C-Suites on cyber risk to handling ransomware, business email compromise, advanced persistent threats (APT), cryptocurrency thefts, counterintelligence threats, and other investigations. Last year, Mr. Renner led efforts to successfully recover over $60 million in stolen proceeds from cyber criminals.

Sean Stein Smith

Sean D. Stein Smith, CPA, CFE, CGMA, CMA, DBA

Assistant Professor

Lehman College

Sean is an expert and sought-after speaker, focusing on the intersection of financial services, blockchain and cryptocurrencies. He is a regular contributor to IBM’s Blockchain Unleashed website, analyzing applications for blockchain technology on business at large, as well as being a regular expert guest on China Global TV Network discussing blockchain and related applications. Sean is a member of the Advisory Board for the Wall Street Blockchain Alliance, which coordinates with the AICPA in developing standards and reporting frameworks in this emerging area. Sean continuously works with, and consults for, the AICPA and several professional training organizations in the creation and delivery of blockchain and cryptocurrency related content. He is currently under contract to publish two books focusing on blockchain applications for financial services and other industry sectors. Sean is the host of the NJCPA TechTalk Podcast and is a past leader of the NJCPA Emerging Technologies Interest Group.

Catherine Syslo

Catherine Syslo, CPA

Partner

CohnReznick LLP

Catherine Syslo is a Partner in CohnReznick’s national assurance practice, specializing in audits of not-for-profit organizations including Uniform Guidance. A licensed CPA in New York and New Jersey, she provides technical accounting and auditing expertise to engagement teams and clients and has more than 30 years of experience in public accounting and the private sector.

Catherine is a member of the firm’s Not-for-Profit Education and Thought Leadership Committee, serving as a national instructor. Outside of the firm, she is a frequent lecturer on not-for-profit accounting standards, Uniform Guidance, single audits, and other topics impacting the not-for-profit industry. She has recently spoken at the NYSSCPA, NJCPA, and GWSCPA nonprofit conferences.

Catherine received the 2021 NJCPA Woman to Watch Award which recognizes the success of women NJCPA members for both their leadership and commitment to fostering the success of their colleagues. She is a prior recipient of the NJCPA Volunteer Award based on her contributions to the NJCPA, her local community, and accounting students.

June Toth

June M. Toth, CPA, CFF, CITP, CGMA

Managing Member

ZBT Certified Public Accounting & Consulting, LLC

June is a recipient of the Women to Watch Ovation Award from the New Jersey Society of CPAs and recognized two years, back to back, as a member of the NJ BIZ Accounting Power 50. She is the managing member of zbt CPA & Consulting, LLC. With thirty years of experience in accounting and auditing, her practical knowledge is diverse. For audit engagements, she is responsible for the overall development of the approach, management of the engagement team, and client interface. Her expertise includes Single audits and nonprofit engagements as well as attest services for privately-held enterprises including franchises.

June is a peer reviewer under the AICPA’s practice-monitoring standards, and also serves as a member of the NJCPA Peer Review Executive Committee. She often speaks at outside organizations and conducts training seminars for the NJCPA. June is often called upon to consult with firms to improve and enhance their compliance with professional standards.

June earned her Bachelor of Science Degree from Rutgers – The State University of New Jersey, graduating Summa Cum Laude. She is a member of the AICPA and the NJCPA, at which she holds various leadership positions.

Sima Wolfson

Sima Wolfson, CPA, MST

Tax Manager

CohnReznick LLP

Sima Wolfson, CPA, MST, is a tax manager based in CohnReznick’s Roseland, NJ office and a member of the Firm’s Not-for-Profit and Education Industry Practice. She has 10 years of diversified accounting experience with an extensive background in providing tax services, including preparation and review of tax returns, to not- for-profit organizations. Her clients include professional associations, educational institutions, foundations, and social service agencies.

Prior to joining CohnReznick, Sima was a junior accountant for a trade association for the secured finance industry, including asset-based lending, factoring, and supply chain finance companies. She is fluent in Russian.

Lori Yokobosky

Lori Rothe Yokobosky, CPA, MST

Partner

CohnReznick LLP

Lori Rothe Yokobosky, CPA, MST, Partner, Practice Leader, Exempt Organization Tax Services, is a partner in CohnReznick’s Parsippany office with more than 20 years of experience in the field of public accounting. Lori has dedicated the past ten years of her career to the Firm’s Not-for-Profit and Education Industry Practice where she helps her clients address a variety of tax issues. Within this practice, she specialized in working with associations, higher education institutions, private foundations, affordable housing entities and healthcare organizations.

Lori has not-for-profit expertise in ASC 740-10 (FIN 48) analyses and the reporting requirements governing contributions, compensation of board members, trustees and key employees, unrelated business taxable income, lobbying costs, and the public support test.

Believing strongly in a hands-on approach, Lori is proactive in addressing her clients’ needs and concerns by continually challenging them with new planning ideas and initiatives. As part of her proactive management style, she has been successful in structuring and restructuring tax exempt organizations. Lori’s strong tax background helps her seek strategies on revenue transactions that would help her clients minimize their potential tax burden.