- Get updates on the changing landscape from regulations to technology.
- Obtain tools to help make transformational and strategic business decisions.
- Gain unique networking opportunities through strong peer and professional resource communities you can tap into for years.
This session will provide an update on recently issued accounting standards that could impact NFPs, including a deep dive into the new lease standard.
This Spring, Treasury and IRS issued proposed regulations under IRC section 512(a)(6) on calculating unrelated business income tax (UBIT) for separate unrelated trades or businesses. This session will discuss the proposed rules (and any updates since this submission) on reporting UBIT for separate unrelated trades or businesses.
For the past 20 years, Jeffrey Pargament has provided an Employment Law Update to GWSCPA. This year, attendees will learn of the many employment-related issues which have arisen from the COVID-19 pandemic. The focus will be on employer rights and obligations, with attention to COVID-19 testing, the interplay between the Americans with Disabilities Act (ADA), the Family and Medical Leave Act (FMLA), workers’ compensation laws, and pandemic specific litigation.
While nonprofit organizations cannot predict the future, they can begin to anticipate how they would adjust to a variety of major and minor shifts in their original strategic plans and budgets so that they are equipped to make difficult, complex decisions as financial or human capital crises arise in the months ahead. Building potential scenarios and back up plans can give leaders, their staff, boards, and funders the confidence they need to press on and continue to deliver on programs.
The SECURE Act, effective January 1, 2020, changes existing law affecting an individual’s retirement savings, RMDs, beneficiary designations, and choices between Roth and traditional accounts. A primary feature is that the Act basically eliminates “Stretch IRA” planning. This is because most non-spousal beneficiaries must now receive all account assets and pay all income taxes within 10 years, rather than over the beneficiary’s lifetime. These changes create new opportunities for estate planning and charitable giving, for lifetime gifts, fulfilling charitable pledges, and making testamentary bequests with retirement assets, and forming new charitable and non-charitable trusts. This presentation will educate nonprofit leaders and financial advisors on planning opportunities with retirement assets that will aid their development activities, planned giving efforts, and cultivation of donors.
Using a comprehensive case study, this session examines the lobbying and political activities conducted by nonprofit organizations, including public charities, private foundations, social welfare organizations, trade associations, and other tax-exempt organizations. The CEO of a fictional company poses questions throughout the presentation so that the audience can apply the concepts they are learning.
Workplaces and workforces are constantly evolving, but the pandemic has made remote environments the new normal. This session will explore talent management, whether it’s through the lens of recruitment or employee engagement, in a post-pandemic world. We will share strategies on recruitment and onboarding, employee engagement and development in unfamiliar remote environments, and succession planning.
The COVID-19 pandemic has posed unprecedented challenges for nonprofit organizations. As a result, many have been forced to adapt their internal controls, in order to maintain strong controls in their daily operations while operating in a complete virtual environment. This session will use the case study of an actual transformed nonprofit organization to demonstrate how this was achieved effectively and efficiently in the face of many obstacles.
In this session, we will be taking a deep dive into functional allocation methodologies. Many nonprofits currently base functional allocations off an estimate of time and effort, but what if you could tell the story more holistically? Join us as we look at the standards FASB has outlined for program versus supporting services, and ways to more accurately depict the profitability of your programs and cost centers. You will also walk away with ways to immediately apply some of these methods to present your financial statements, both internal and external, in a way that helps you as management and those charged with governance make better operational and strategic decisions.
During this session, our expert panel will guide participants through compensation and benefits tax issues most common to tax exempt organizations including, but not limited to, 457(f), 409(A), 4960, accountable plan rules, and much more.
The 2020 election is arguably the most important in a generation, no matter where you stand on the political spectrum. With the potential for a “Democrat sweep” continuing to increase (gaining control of both White House and Congress), we'll examine the outcomes of the 2020 election, the outlook for policymakers over the course of the next four years, and the potential shift in the country's strategic direction here. All of these issues will be discussion in the context of a post-COVID 19 world and impact on non-profits.
Through a series of stories and real life examples we will highlight and discuss actions that were contrary to best practices and/or common sense. We will discuss alternative action and also the results from the choices made by the nonprofits.
The disruption of COVID-19 is unlike anything the nonprofit community has experienced before. Every goal is being challenged, and every facet of operations is being changed. During this session we will discuss the challenges and changes we are facing now, and what we expect for the future, with an expert panel comprised of various industry leaders (such as an accountant, a chief information officer, association executive, insurance professional, attorney, and banker).
Impact Investing opens a new world of opportunity for foundations to advance their mission and accelerate impact. But like any new world, there is an element of cultural exchange as staff with different functions, trained in different professional methods, learn to speak each other’s language. This session shares the recent experience of the PATH Foundation in Warrenton, Virginia, as a case study of how a forward-thinking nonprofit can strengthen its impact investing outcomes by combining the strengths of traditional philanthropy and traditional finance functions. Co-presented by a CFO and Senior Program Officer, we’ll walk the audience through the process of crafting a novel impact strategy and discuss the “more than money” toolkit of technical and evaluative resources that contribute to deeper impact.
At this seminar, you'll learn about state charitable and corporate compliance requirements for nonprofits. The primary focus will be on the implications of cyber age fundraising activities (online, email, social media, mobile, crowdfunding, peer-to-peer, etc.) as it relates to state charitable solicitation registration, disclosure and compliance requirements. If you are responsible for fundraising compliance or if you advise nonprofits on compliance issues, you won’t want to miss this program.
This session is focused on the fundamental elements of enterprise resilience in our new COVID Era. For nonprofits, the risks of this crisis spans the entire organization including Finance, HR, Legal, Insurance, Cyber, and Privacy considerations. Our expert team will work to answer some commonly asked questions as we work to navigate the crisis together.
When the 990 was revised in 2008, transparency was the emphasis. This is especially apparent with regards to relationships. Throughout the 990 and on many of the schedules, there are either questions about various relationships or references to them on the form or in instructions. The areas involved include compensation, transactions between board members/officers, insiders and the organization, listing on schedule R or related organizations, Schedule A public support, lobbying and many others. This session will cover the various areas of disclosure and identify the differing definitions of “relatedness” for these areas as well as the thresholds for disclosure. Areas of particular interest to the IRS will be highlighted.
NFPs were faced with financial challenges before the COVID19 crisis. With the COVID19 crisis, organizations had to pivot immediately to a virtual, new world of fundraising without walks and galas. Our session will feature story-telling and adventures in problem-solving from a national NFP cause-related organization (March of Dimes). From a practitioner and through live discussion among attendees, we will discuss how to expand a donor base, search for new partners in revenue streams, and focus on your strengths in a way that grow the top and bottom line.
The presentation will address cost accounting requirements for nonprofit entities that hold Federal awards, to include how direct and indirect costs are defined, unallowable costs, and the allocation of indirect costs. The primary focus will be on cost accounting requirements stipulated in the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). The presenters will also discuss industry best practices to ensuring compliance with cost accounting requirements, including internal controls, subrecipient monitoring/surveillance, and internal compliance oversight. Last, the presenters will discuss some of the consequences of noncompliance with cost accounting requirements that they have seen from their personal experience, including the disallowance of costs, investigations, terminations, as well as ineligibility for Federal awards.
Microsoft Excel users will benefit from: new functions applicable to spreadsheets and data; creating macro automation for data cleanup and reporting; using incredible Power Query features to combine, append, and merge data sets located in separate files or databases, rerun steps in ways that use best practices in data transformation, and understand important uses of Excel Power Query. The tips in this demonstration will help you, your team, and your organization work more efficiently in Excel. Attendees will receive practical information and take-aways for immediate use.
With the passing of the CARES Act and other coronavirus stimulus relief bills, there is tremendous regulatory reform—that rapidly changes—impacting exempt organizations. KPMG provides guidance on navigating the complex and unique legislation for organizations and the minimum requirements that should be considered to manage compliance before and when utilizing funds under these constantly changing rules. This technical session will examine responses to frequently asked questions regarding the Small Business Administration Paycheck Protection Program, the Economic Injury Disaster Loan program, payroll tax deferrals, employee retention tax credits, the Higher Education Emergency Relief Fund, and other relevant COVID-19 tax considerations.
Achieving a “clean” Single Audit report is one of the most difficult tasks faced by a nonprofit’s finance team. Even well-managed nonprofits can struggle to comply with the variety of requirements placed on Federal funding. Identifying the appropriate risk areas, and finding cost-effective compliance strategies, can be a real challenge. During our session, we will provide practical advice and real-world examples of what effective, audit-ready compliance looks like. The discussion will highlight the viewpoints of both “the client” and “the auditor” when looking at the Single Audit requirements. In addition, we will discuss any changes to Single Audit requirements as a result of the government’s response to COVID-19. You’ll leave this session with new knowledge for how to stay clean in a complex world!
Describing how important culture is at all times and what a company can do to ensure they have the right pieces in place to navigate through all times. When times are good, culture seems like a buzz word, but it's real. During Covid-19, we have seen how important it is to keep employees engaged and taken care of. They are worried about their lives and businesses are worried about keeping oafloat; how can we ensure both are being met. And it's not about foozball tables and providing drinks. It's about making sure employees are being able to do their best work, while feeling we care about them. We already know our people are our greatest asset, but how do we leverage that and prove it.
2020 has been a difficult year for nonprofit organizations - however in difficult times – financial innovation and risk mitigation are necessary to survive and than thrive when true recovery begins. Join us for a session to discuss strategies for how nonprofits can innovate and safe-guard financial health, in times of change, to enable themselves to be better poised for financial sustainability and mission delivery in 2021 and beyond. Among the strategies we will discuss include:
- Better use of forecasting financial results
- Consideration of shorter budgeting increments
- Risk mitigation
- Break-even analysis for changing programs
- Planning related to special COVID-19 funding and impacts on cash flow and budgets
- Operating reserves during high periods of volitality and change
The panel will discuss the life cycle of implementing, amending, and terminating your employee benefit plans in accordance with ERISA and other benefit regulations. The session will include an overview of required plan documents, plan participant disclosures, and DOL/IRS reporting for both retirement and health/welfare plans.
The coronavirus pandemic has created havoc in countries around the world. The shuttering of non-essential businesses (restaurants, salons and barber shops, car washes, and various not-for-profit organizations) has brought the U.S. economy to its knees, leading to record applications for unemployment insurance and other Federal individual and business subsidies. The lifeline for any organization (business or not-for-profit) is revenue, and the ability to generate it to fund its business purpose or mission. The current crisis has all but dried up many organizations’ revenue streams with the result that they are now in serious financial trouble. This session will provide the details of what auditors are going to be looking for during your next audit to determine whether management did (or did not) perform the required evaluation of whether the organization should be considered a going concern.
The organizational landscape of technology, accounting pronouncements and the pressure to reduce costs while retaining talent is ever changing. Please join Lisa Stover & Mona Birchfield as they navigate through these and other issues keeping CFOs up at night.
Do you feel like your accounting and finance team is stressed, overworked, not accomplishing the tasks that need to get done to move your organization forward? Do you think you know some ways to make the situation better, but cannot quite figure out if it is right or how to execute on the changes needed? If so, then this session is for you. Chris and Colleen will discuss signs of needing a Team Assessment, how to approach the assessment with team members, ideal times to perform the assessment, and steps performed during an assessment. Colleen will review the types of observations that may come out of an assessment along with recommendations, including new organization charts. Chris will discuss how to approach implementation of the recommendations with management, Human Resources, and ultimately, the Team.
This will be a 50 minute Kahoot style trivia game that will test what the attendees have learned over the last 2-3 days of the conference. All trivia questions will be collected from actual speakers at the conference related to their field of study.
The Virginia Society of CPAs (VSCPA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBARegistry.org.