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Sessions Recorded April 2019
Regulatory Update: Accounting Standards
Our speakers discuss the main provisions of:
- Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14, Topic 958);
- Leases (ASU 2016-02, Topic 842);
- Revenue from Contracts with Customers (ASU 2014-09, Topic 606), and Clarifying the Scope and the Accounting Guidance for Contributions Received and Contribution Made (ASU 2018-08, Topic 958);
- Financial Instruments — Credit Losses (ASU 2016-13, Topic 326);
- and other updates on the horizon.
Continuous Improvement of the Finance Function: Accept the Things You Cannot Change… But Change the Things You Can!
The most thriving nonprofits are those that have a continuous improvement culture. Continuous improvement ensures systems and processes scale with growth; systems integration and integrity is maintained or improved; highly-manual processes and lengthy/overburdened close cycles are eliminated; and meaningful data is available on-demand for decision-making. In this informative session, members of AAFCPAs’ Managed Accounting Solutions and Business Process & IT Advisory practices provide two case study examples, demonstrating two approaches to reduce costs, create efficiencies, and/or achieve more effective internal control over your finance function.
Keynote Speaker: Northeast Arc CEO Jo Ann Simons
Jo Ann is the Executive Director of AAFCPAs’ client Northeast Arc, a large multi-service nonprofit with an operating budget of $280 million serving over 10,000 people annually in Massachusetts. The goal of the Northeast Arc is to ensure that children and adults with disabilities are able to live, work, engage in civic life and play in the community.
Jo Ann shares her inspiring experiences successfully harnessing the power of positive disruptive ideas and creating a culture of innovation!
Eye on Cyber: A Day in the Life of an Ethical Hacker
“Innovation, organization, and sophistication—these are the tools of cyber attackers as they work harder and more efficiently to uncover new vulnerabilities,” reports Symantec in their 2018 Internet Security Threat Report. Ethical hacking services are a great way for organizations to unearth security weaknesses before they can be exploited by online criminals. In this instructive session, AAFCPAs’ IT Security professionals James Jumes and Vassilis Kontoglis go behind the disguise with our in-house Certified Ethical Hacker (CEH) Mr. Anderson, who reveals a day in the life of an Ethical Hacker. We review some of the covert tricks and techniques he uses! Additionally, we review the key cyber risk categories that are part of a comprehensive Cyber Risk Assessments, as well as best practice recommendations to immediately enhance your cybersecurity posture.
Employee Benefit Plan Health Check
Performing a regular and independent assessment or “health check” of your retirement plan can ensure your organization’s plan remains properly designed for your employee population and delivering the best possible benefit with the least amount of risk & cost. Davide Villani, leader of AAFCPAs’ specialized Employee Benefit Plan Audit & Consulting Practice, outlines typical improvements recommended by AAFCPAs following a plan assessment, and shares some common plan modifications that may encourage employees to maximize their retirement benefits and proactively save for a timely retirement.
Donor Advised Funds: Compelling Talking Points for Fundraisers
The giving vehicle used more and more often by major gift donors is the donor-advised fund (DAF). AAFCPAs Wealth Management advises our nonprofit clients to become familiar and able to articulate the various types and uses of DAFs. AAFCPAs’ Wealth Advisor Jonathan Bloom outlines the key points pertinent to DAFs becoming more mainstream since the Tax Cuts & Jobs Act as a preferred method by which donors will manage their charitable giving, and he outlines compelling talking points fundraisers may use to educate, inform, and get your donors excited about utilizing this tool to ensure tax deductions for their charitable giving.
AAFCPAs’ 2019 Nonprofit Tax Update
The IRS issued new guidance related to the Tax Cuts & Jobs Act (TCJA) and the widespread changes affecting charitable nonprofits. In this podcast, AAFCPAs’ in-house Tax Strategist Josh England provides guidance on the TCJA’s impact on nonprofit operations and filing requirements, including: UBIT changes, “siloing” requirements, taxability of qualified transportation fringe benefits, how changes influence the way donors approach their giving, and more.
Personal Financial Health Check
As the flight attendants often say, “It’s critical that you put your oxygen mask on first, before helping others…” This is an important metaphor for all who lead the charge to realize impact on your missions—while maybe sacrificing the time it takes to achieve personal financial health! This fast-paced session led by AAFCPAs Wealth Management’s Wealth Advisor and Partner Carmen Grinkis provides tools so you may begin to prioritize this important activity for your future, and to give you a few precious moments to consider your personal financial planning.
Anticipating the Fraudster
Unfortunately, today we all need to think like a fraudster. As auditors, we are charged with identifying weaknesses in internal controls that pose risks for fraud, including theft or misstatement of financial results. As a result, we make recommendations to management to enhance controls to mitigate the opportunity for fraud. However, as AAFCPAs Partner John Buckley illustrates, combating fraud schemes requires more than just an understanding of process & system vulnerabilities. To effectively battle against fraud, management and the board must learn how to think like a fraudster. And a fraudster is thinking: “Where are the weaknesses that would enable me to succeed undetected?”
Sessions Recorded April 2018
Regulatory Update: Accounting Standards
AAFCPAs Nonprofit Assurance Practice leaders Matt Hutt, CPA, CGMA and Amanda Pelcher, CPA provide specific implementation guidance for major new standards, including: the Nonprofit Financial Statement Framework, Revenue Recognition, and Lease Accounting. Matt and Amanda provide operational insights and best practice recommendations on these complex technical accounting areas, allowing clients to confidently apply the standards with greater efficiency and ease.
Watch this video clip (1 min 43 sec) for a summary; and then download the full audio of the session recorded April 25, 2019 at AAFCPAs’ Annual Nonprofit Educational Seminar.
How to Right-Size Your Finance Function
Nonprofit finance departments are often juggling the day-to-day accounting and bookkeeping responsibilities alongside more complex and time consuming tasks. This diversity requires constant evaluation of situational or cyclical resource needs, as well as consideration of technological and outsourced options, economic and funding changes, and workforce aptitude & synergies. Rightsizing should be proactive and a constant part of the process of managing an organization, because what is right for the organization today may not be right tomorrow. Rightsizing is a creative, and dynamic process of adjusting one’s organization to be the most efficient, effective, competitive, and profitable it can possibly be. AAFCPAs Partner Janice O’Reilly CPA, CGMA, a former CFO, provides best practices recommendations for right-sizing your finance function to efficiently address evolving organizational needs.
Watch this video clip (1 min 09 sec) for a summary; and then download the full audio of the session recorded April 26, 2018 at AAFCPAs’ Annual Nonprofit Educational Seminar.
Keynote Speaker: Marylou Sudders, Massachusetts Secretary of Health & Human Services
Marylou Sudders leads the largest executive agency in state government, overseeing a $22 billion state budget, twelve agencies and 22,000 public servants. EOHHS services directly touch the lives of slightly more than 1 in 4 residents of the Commonwealth.
Sudders’ responsibilities include the state’s MassHealth (Medicaid) program that provides health coverage to 1.9 million low income or disabled residents, chairing the board of the state’s health care marketplace (The Connector), the Autism Commission and, the Center for Health Information and Analysis (CHIA) Oversight Council; and, co-chairs the Governor’s Interagency Council on Homelessness and the state’s first Governor’s Council to Address Aging in Massachusetts. Sudders is leading the Commonwealth’s efforts to address the opioid epidemic and efforts to reform and strengthen the Department of Children and Families.
Watch this video clip (51 sec) for a summary; and then download the full audio of the session recorded April 26, 2018 at AAFCPAs’ Annual Nonprofit Educational Seminar.
Unraveling the Mysteries of Employee Benefit Plan Costs
Clients often ask “How much does my employee benefit plan cost, and how do costs relate to compliance and risks?” Plan costs are often buried and difficult for plan sponsors to truly figure out. In order to meet their fiduciary responsibilities, plan sponsors must ensure they “pay only reasonable plan expenses…” among other things. Plan sponsors take on substantial personal risks. As a decision-maker, you are a fiduciary, personally liable for the prudent management of someone else’s money. So, how can you best satisfy your legal obligations as a fiduciary? AAFCPAs Wealth Management’s Kelli Grew, CFP®, Wealth Advisor and AAFCPAs’ Davide Villani, CPA, CGMA, Managing Director provide insight into how to identify plan expenses, comply with fiduciary responsibilities, and minimize risks.
Watch this video clip (1 min 36 sec) for a summary; and then download the full audio of the session recorded April 26, 2018 at AAFCPAs’ Annual Nonprofit Educational Seminar.
Regulatory Update: The Tax Cuts and Jobs Act, and What Nonprofits Need to Know
The Tax Cuts and Jobs Act, known officially as H.R. 1, (The Act) represents a dramatic overhaul of the U.S. tax code, and includes widespread changes to the tax rules affecting charitable nonprofits. AAFCPAs’ Joshua England, JD, LLM, Trust, Estate, Tax and Nonprofit Strategist provides an overview of how The Act impacts nonprofits, including guidance on operational changes nonprofits may need to make right away. Josh also provides insight on how The Act has changed the tax benefits donors may receive from making a charitable contribution so nonprofits may better anticipate how private donations could be impacted.
Watch this video clip (1 min 42 sec) for a summary; and then download the full audio of the session recorded April 26, 2018 at AAFCPAs’ Annual Nonprofit Educational Seminar.
Nonprofit Executive Panel: Creativity in the Pursuit of Sustainability
There’s nothing like being in a room full of like-minded peers to inspire creativity! In this panel session, we took advantage of this unique opportunity to leverage the collective expertise and experiences of peers to curate new ideas to help nonprofit clients improve their approach to sustainability. AAFCPAs Co-Managing Partner Carla McCall, CPA, CGMA moderated this interactive panel of nonprofit executives, who shared their real-life stories of adaptability in pursuit of long-term financial and programmatic sustainability. From mergers and collaborations, to creative revenue streams and unique cost-cutting methodologies, these determined nonprofits are making strategic decisions to survive and thrive.
Watch the full video (35 min 27 sec); or download the full audio of the session recorded April 26, 2018 at AAFCPAs’ Annual Nonprofit Educational Seminar.
Cybersecurity in 2018
Techniques of cyber-criminals continue to evolve. A recent study shared by InfoSecurity Magazine reports “Cyber-criminals have adopted an organizational shift in how they carry out their work, implementing corporate best practices and establishing professional businesses to increase the efficiency of their attacks against enterprises and consumers.” This means advanced persistent threats specifically targeted at your organization and employees. AAFCPAs Cyber Security Pros Vassilis Kontoglis and Peter Sebilian take a look back at Cyber incidents in 2017, including: Equifax, WannaCry, Campaign Hacks, etc. Vassilis and Peter will discuss what went wrong, and how nonprofits may mitigate these risks. Additionally, we share insights on cybersecurity trends, what to expect in 2018 and beyond, and recommendations for specific actions that will reduce the most risk.
Watch this video clip (1 min 01 sec) for a summary; and then download the full audio of the session recorded April 26, 2018 at AAFCPAs’ Annual Nonprofit Educational Seminar.
CFO Survey Report: Behind Every Thriving Organization is a High-Functioning CFO
AAFCPAs, in collaboration with FEI-Boston, conducted a survey of over 250 Chief Financial Officers in an effort to capture what issues are currently ‘top of mind’ for senior financial executives in the Northeast region of the United States. The role of the CFO continues to become increasingly complex and strategic, and as the role evolves, so do the expectations of executive leadership. In this short-session, AAFCPAs’ Matthew Boyle, Partner, reveals the key findings from the 2017 survey, and shares insights about what the future looks like.
Watch this video clip (1 min) for a summary; and then download the full audio of the session recorded April 26, 2018 at AAFCPAs’ Annual Nonprofit Educational Seminar.
Sessions Recorded May 2017
The Sophisticated CFOs Guide to Choosing Key Performance Indicators That Matter & Dashboarding
A critical component of nonprofit effectiveness is the organization’s ability to identify and track meaningful “leading indicators” that serve as mile markers to tell you if you are headed in the right direction—a course charted by your strategic plan. AAFCPAs Carla McCall and Robyn Leet provide guidance for nonprofits on the leading, predictive metrics that may have a significant impact on an organization’s operational and financial results. In this podcast, we go beyond the classic financial KPIs, providing guidance on making correlations between non-financial and financial metrics. AAFCPAs also provides insights for bringing clarity to your data, and tools for making more meaning out of the information in our systems through dashboarding. Listeners are challenged to identify a manageable set of KPIs that support planning & decision making, and learn best practices for presenting these metrics in a user-friendly visual format that clearly reflects progress toward intended outcomes.
Watch this video clip (2 min 25 sec) for a summary; and then download the full audio of the session recorded May 3rd, 2017 at AAFCPAs’ Annual Nonprofit Educational Seminar.
AAFCPAs’ Regulatory Update: Understanding the New Nonprofit Financial Statement Presentation Standards; and the Impact of Revenue Recognition on Nonprofits
In August 2016, the FASB implemented an accounting standards update (ASU 2016-14) to refresh the previous reporting model. AAFCPAs Matt Hutt & Amanda Pelcher discuss the main provisions of this ASU, which include net asset classification (collapsing three asset classifications into two), reporting expenses by natural function and category, the place-in-service approach for property and equipment purchases, and underwater endowment reporting. We review effective dates, and provide transition guidance and tips for a smooth implementation.
AAFCPAs’ Nicole Zompa also discusses the impact of the new Revenue Recognition standard, which will require significant management judgment, in addition to changing the way many Nonprofits recognize revenue in their financial statements.
Watch this video clip (1 min 49 sec) for a summary; and then download the full audio of the session recorded May 3rd, 2017 at AAFCPAs’ Annual Nonprofit Educational Seminar.
Rethinking Your Budget: Leading your organization through a more comprehensive financial planning process
Sustainability is a clear concern for funding sources today, and if you cannot document your organization’s sustainability, you are most likely losing out on funding. AAFCPAs Jeff Cicolini & Jeanie Gorlovsky-Schepp advise nonprofits to broaden the scope of their financial planning process to address the challenges of the current economic and funding landscape, and to ensure sustainability in the long-term. AAFCPAs provides practical guidance and best practice recommendations so nonprofits may preserve their capacity to deliver on their missions in the event of unforeseen financial shortages.
Watch this video clip (1 min 57 sec) for a summary; and then download the full audio of the session recorded May 3rd, 2017 at AAFCPAs’ Annual Nonprofit Educational Seminar.
AAFCPAs’ IT Security Update
IT security requires continuous improvement, and organizations must stay vigilant, and learn & adapt over time. AAFCPAs’ IT security pro James Jumes provides an overview of threats of significant concern in 2017, and highlights critical security controls that assist in mitigating the most prevalent vulnerabilities that often result in many of today’s cybersecurity intrusions and incidents.
Watch this video clip (1 min 42 sec) for a summary; and then download the full audio of the session recorded May 3rd, 2017 at AAFCPAs’ Annual Nonprofit Educational Seminar.
Fiduciary Responsibility for Plan Sponsors
Today’s trustees and benefit plan sponsors face personal liability, complex laws and regulations, lack of fee transparency, conflicts of interest, and increased scrutiny by investors and regulators. AAFCPAs Davide Villani provides insight into key risk management considerations for Nonprofits, including an overview of common benefit plan deficiencies putting employers at risk.
Watch this video clip (1 min 32 sec) for a summary; and then download the full audio of the session recorded May 3rd, 2017 at AAFCPAs’ Annual Nonprofit Educational Seminar.
Personal Financial Planning Considerations for Nonprofit Executives
Most investors are terrified of market volatility, and those retirees that experience it in the first few years of retirement could face retirement spending shortfalls. In this podcast, Wealth Advisors Carmen Grinkis & Jonathan Bloom outline one strategy to manage the dangers of sequence of return risk through adjusting asset allocation in retirement.
Watch this video clip (2 min 05 sec) for a summary; and then download the full audio of the session recorded May 3rd, 2017 at AAFCPAs’ Annual Nonprofit Educational Seminar.
How Tax Law Changes May Impact Charitable Giving
You may have noticed an influx of donors paying off their pledges at the end of December 2016. AAFCPAs looks at the blueprint for tax reform put forth by Republican House Ways and Means Committee members, the deliberations of the Senate Finance Committee’s bipartisan tax reform working groups, and the tax proposals of President Trump as a driver for the year-end influx. What does the possibility of lower tax rates in 2017 mean for you and all of America’s charitable organizations?
Watch this video clip (1 min 30 sec) for a summary; and then download the full audio of the session recorded May 3rd, 2017 at AAFCPAs’ Annual Nonprofit Educational Seminar.
Sessions Recorded May 2016
Regulatory Update: Accounting Standards Update
In this much anticipated annual Regulatory Update, Jeff Cicolini, Partner, provides an overview of significant regulatory changes affecting nonprofits, including: decisions reached by the FASB in relation to the nonprofit financial statements project; new revenue recognition standards; going concern; and the new lease accounting standard.
Watch this video clip (1 min 47 sec) for a summary; and then download the full audio of the session recorded May 6th, 2016 at AAFCPAs’ Annual Nonprofit Educational Seminar.
Regulatory Update: Uniform Guidance – Required Policies
Matt Troiano, Partner, provides guidance for nonprofits on 8 “must-have” written policies and procedures required under the new Uniform Guidance.
Watch this video clip (1 min 32 sec) for a summary; and then download the full audio of the session recorded May 6th, 2016 at AAFCPAs’ Annual Nonprofit Educational Seminar.
Risk Management Panel
A panel of AAFCPAs partners and finance executives from nonprofit clients share first-hand practical advice and provide guidance from their experiences on managing risks They share insight into their organizations’ risk assessment and risk management programs.
Watch this video clip (2 min 20 sec) for a summary of their high energy discussion. Then download the full audio of the session recorded May 6th, 2016 at AAFCPAs’ Annual Nonprofit Educational Seminar.
Department of Labor: Fiduciary Rule Changes Impacting Retirement Accounts
The DOL’s new fiduciary rule requires financial advisors to put their clients’ best interests ahead of their own when providing investment advice. Carmen Grinkis, Wealth Advisor, AAFCPAs Wealth Management provides perspective on the ruling and what it means to be a fiduciary. Carmen will also provide attendees with a questioning toolkit, so you can help ensure that your investment advisors are putting your best interest first.
Watch this video clip (1 min 34 sec) for a summary; and then download the full audio of the session recorded May 6th, 2016 at AAFCPAs’ Annual Nonprofit Educational Seminar.
Regulatory Update: The IRS is Taking a Data Driven Approach to Audits
Jeanie Gorlovsky-Schepp, Manager, provides insight into how the IRS is now taking a data-driven approach to reviewing the Form 990 to scrutinize governance, accountability and oversight of exempt organizations. Jeanie identifies the most common IRS Form 990 issues that may trigger an audit, and provides best practice recommendations regarding the Board and management’s responsibilities to mitigate tax risks.
Watch this video clip (1 min 18 sec) for a summary; and then download the full audio of the session recorded May 6th, 2016 at AAFCPAs’ Annual Nonprofit Educational Seminar.
Cyber Security & Fraud
In this session, James Jumes, Partner, AAFCPAs Business & IT Advisory, warns of some of today’s most prevalent and damaging IT security risks and cyber threats, and provides advice on how organizations can take steps to protect themselves. James, joined by AAFCPAs’ Vassilis Kontoglis and David Consigli, shares countermeasures to risks, including: people, processes, and technologies.
Watch this video clip (1 min 21 sec) for a summary; and then download the full audio of the session recorded May 6th, 2016 at AAFCPAs’ Annual Nonprofit Educational Seminar.
Strategic Management of Net Assets
In this inspiring session, John Buckley, Partner, advises nonprofits to include an analysis in their Strategic Plans of what is needed for working capital, reserves, long term investments, and a proactive plan to build them. Each of these “buckets” has its own unique investment strategy, time horizon, and risk tolerance. Phil Christiano, wealth advisor, AAFCPAs Wealth Management recommends a methodical, multi-objective approach to preserving, protecting and growing these unrestricted net assets.
Watch this video clip (2 min 8 sec) for a summary; and then download the full audio of the session recorded May 6th, 2016 at AAFCPAs’ Annual Nonprofit Educational Seminar.
Regulatory Update: Affordable Care Act Compliance Update
Donna Angelico, AAFCPAs Director of Talent Management, provides an update on the Affordable Care Act, and what nonprofits need to know in 2016. She also heeds warning of the landmark lawsuits resulting from this employer mandate, and cautions of how business decisions regarding plan offering changes may be perceived by employees and regulators.
Watch this video clip (1 min 42 sec) for a summary; and then download the full audio of the session recorded May 6th, 2016 at AAFCPAs’ Annual Nonprofit Educational Seminar.
AAFCPAs 2016 Nonprofit Seminar Keynote: Martha Coakley
Martha Coakley is former Massachusetts Attorney General and current of counsel in Foley Hoag’s Litigation Department. In this insightful keynote, Attorney Coakley provides perspective and insight on the MA nonprofit regulatory landscape, including: coventuring, conflicts of interests, executive compensation, charitable solicitations online, and diversion of assets. She also offers her predictions for the future of the Commonwealth’s nonprofit sector. She answers specific case questions from audience members regarding issues that may be perceived as “thin ice” in the eyes of the Attorney General and in a court of public opinion.
Watch this video clip (1:42 min) for a summary; and then download the full audio of the session recorded May 6th, 2016 at AAFCPAs’ Annual Nonprofit Educational Seminar.