Not-for-Profit Virtual Seminar | Part I
The Coronavirus, or COVID-19, has altered our world; how we do business and how we live our daily lives. Cherry Bekaert has been and remains committed to guiding our clients and communities forward, even in the midst of uncertainty.
Subsequently, we are taking our annual Not-for-Profit Seminar virtual! We believe it is more important now than ever before to provide access to thought leadership tailored to meet the needs of the tax-exempt industry.
What’s Happening in Not-for-Profit Accounting
10:00 a.m. – 10:50 a.m.
- Melisa Galasso, Founder & CEO | Galasso Learning Solutions
With the adoption of ASU 2016-14 behind us and revenue recognition including specialty guidance for grants and contracts most solved, the FASB is not quite yet done with nonprofit guidance. In September, FASB issued ASU 2020-07 which addresses new gift in kind presentation and disclosure requirements. We’ll review some of the discussed that happened at the September Not For Profit Advisory meeting with FASB including lessons learned from the implementation of ASU 2016-14, leases and the future of international standard setting for nonprofit entities. We’ll also quickly look at some COVID impacts for nonprofits. Come ready for some rapid fire discussions on hot topics impacting the NFP industry.
- Recognize presentation and disclosure guidance for gifts in kind
- Identify lessons learned from ASU 2016-14
Blinded By the Hype
11:00 a.m. – 11:50 a.m.
- Jonathan Kraftchick, Partner | Cherry Bekaert LLP
There’s a lot of talk right now about the pace of change, technological advancements, and all sorts of buzzwords like AI, RPA, neural networks. Most of us accountants, though, tend to either ignore the inevitable or go all in certain innovations we don’t fully understand. In this session, we’ll discuss some common pains, pleasures and pitfalls in actually implementing some of these technologies to make sure that any initiatives you undertake have the best chance possible of succeeding.
- Realistically define the current state of technology in the accounting profession beyond the marketing pitches
- List the most common traps many accountants fall into when it comes to overhyped technology
- Create an innovation program that properly aligns to your organization’s goals
Putting Not-for-Profit Assets to Work Through Impact Investing
1:00 p.m. – 1:50 p.m.
- Andrew Schultz, General Counsel | Arabella Advisors
Long-gone are the days when organizations only used their endowments to produce revenue to fuel philanthropic activities. Now, most organizations put some of their assets to work directly to further their mission. During this overview, you will learn about the different options and terminology, the federal and state legal rules that apply, practical considerations, and examples of how others have used impact investing to drive their philanthropy forward.
- Recognize endowment options and terminology
- Understand the federal and state legal rules that apply to endowments
- Identify how you can use impact investing to benefit your organization’s philanthropic efforts
Fostering Equity in Not-for-Profits
2:00 p.m. – 2:50 p.m.
- Jeannine Brown, Managing Director | Everyday Lead
Nonprofits have a vested interest in integrating race and ethnicity equity into their work, especially those that serve racially diverse groups or want to expand their services to such groups. In this presentation, race equity is defined as “the condition where one’s racial identity has no influence on how one fares in society.”
- Understand and identify where your organization falls on the equity cycle and where you would like to go
- Discuss using an equity lens in your organization process of talent, philanthropic giving and enrollment, including how to identity and remove unintended bias
- Understand the importance of how using an equity lens will impact your organization’s services and processes
- Move from a passive to active champion for inclusion
*Cherry Bekaert 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. | www.learningmarket.org
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