GWSCPA Holds 27th Annual Nonprofit Symposium
The Greater Washington Society of CPA’s Nonprofit Finance and Accounting Symposium generated connections, knowledge and results for more than 750 attendees, sponsors, and speakers within the nonprofit community at the Walter E. Washington Convention Center in DC, December 2-4, 2015. Attendees were exposed to countless ideas on a variety of topics. Below are recaps and highlights from some of the top-rated sessions, events and speakers, according to the Symposium app users.
Richard Cole, CPA, CGMA, project manager at the Financial Accounting Standards Board discussed how nonprofits can improve information in their financial statements and notes by updating — and not overhauling — the current model, as there is a desire by many to maintain as much consistency as possible between NFPs and For-Profit reporting requirements. He went on to explain how there is a desire for a proposal that allows sufficient flexibility to reflect differences among NFPs such as industry and size differences. There is also concern regarding the potential cost to implement some of the proposals, especially for small NFPs.
|2015 Nonprofit Symposium attendees enjoy a cocktail reception courtesy of Platinum Sponsor Capital One Bank|
Doug Boedeker, CPA, CMA, partner at Tate & Tryon CPAs and Paul Preziotti, CPA, senior manager at Johnson Lambert LLP discussed tracking and composition of restricted contributions; revenue recognition when dealing with membership dues and subscriptions; common errors that can occur with benefit plans while trying to retain compliancy with the IRS; and making sure ‘royalties’ are truly exempt from UBI.
Louis J. Mezzina, CPA, senior advisor at KMPG LLP showcased how nonprofits can protect their rights under the new Office of Management and Budget (OMB) rules that require governments at all levels—local, state and federal—that hire nonprofits to deliver services to reimburse those nonprofits for their direct costs when federal dollars are part of the funding stream.
|Louis J. Mezzina, CPA presents at the 2015 Nonprofit Symposium|
Jerald A. Jacobs, partner and head of the Nonprofit Organization Practice at Pillsbury examined how to recognize and review contracts, stressing that changes must be agreed on by both/all sides, and that organizations should not be afraid to negotiate. He also warned that organizations should not buy technology based on proposal or PPT alone, but instead develop an agreement that defines the scope of work, service standards, schedules for performance, and consequences for inadequacies. Jacobs reinforced that courts have consistently interpreted Bylaws as agreements between the organization and its constituents, so an organizations’ Bylaws should be updated to reflect current rights/obligations.
|Attendees at the 2015 Nonprofit Symposium Regional Economic Development Update panel session|