Not-For-Profit Conference Wrap Up
On Tuesday, May 17, 2022, GSCPA held its annual Not-for-Profit Conference. Attendees had the option to attend the event in person or virtually.
Aileen Bolger and Karen Grosvenor from Carr Riggs & Ingram began the day by speaking on the topic Nonprofits in a Post Pandemic World. They profiled organizations who have successfully adapted and shifted strategies in the post pandemic era.
The rest of the morning consisted of breakout sessions where attendees could choose a topic of their choice to attend.
The first option was led by Jennifer Louis from Emergent Solutions Group, and she spoke on Best Practices in Remote Auditing. She provided practical tips and techniques for successfully completing audits in a remote working environment. She then addressed best practices for remote client inquiry and virtual team supervision.
The other session option was led by Aleisa Howell and Jeff Fucito from Maudin & Jenkins. The covered NFP ERC Credits & other Pandemic related topics.
There was a short networking break, then the last breakout sessions of the morning began.
The first session option was led again by Jennifer Lewis from Emergent Solutions Group. This segment addressed common issues faced in the fair presentation of temporary and permanent endowments, including how to properly address underwater endowments on the face of financial statements and related disclosures.
Option two was led by Jeff Gabelo from Financial Accounting Standards. He gave a deep dive into Topic 842. He discussed how this session would help attendees survive when entering the new world of on-balance sheet operating.
After lunch, Jeff Gabello was back in another session discussing FASB and gave an update. He discussed developments in US GAAP that are important for NFPs. He also focused on the FASB’s new standard (ASU 2020-07) on reporting of gifts-in-kind (contributed nonfinancial assets), which is effective for FY 2022. Finally, he covered the implementation matters on grants and contracts (especially COVID-19-related government assistance), leases, credit losses, and other recent standards.
The third afternoon session was led by Pat Salem, from IAG Forensics & Valuation. He covered how to Stay out of the Headlines-Keeping your NFP Safe from Fraud. He discussed various cases in which an NFP was concerned that it may have been a victim of fraud. He told attendees what happened, how it happened, and what could have been done to prevent the fraud or the perception of fraud.
For the last session of the day, Tommy Stephens from K2 Enterprises gave a NFP technology update. His session provided insights, choices, and recommendations to help attendees decide how rapidly to move, which technologies will affect their business, and how to separate sales pitches from innovative ideas. He also discussed emerging and evolving technologies important to NFP accounting professionals. He covered the benefits and risks of adopting new technologies in areas ranging from software applications to hardware devices.
All of the above sessions will be available soon on-demand at www.gscpa.org.
The Georgia Society of CPAs thanks all the Not-for-Profit attendees, both in-person and online. We hope you will plan to join us next year for the 2023 GSCPA Not-for-Profit Conference!
For more information on the many CPE options that The Georgia Society of CPAs offers, visit the Continuing Education area of the GSCPA website, www.gscpa.org, or call the CPE Department at 800-330-8889.