This course will review the Accounting Standards Updates issued by the FASB that impact nonprofit entities with a focus on CECL and programmatic investments. We will also look at the work of the Not-for-Profit Advisory Committee (NAC) and the projects they are advising the FASB on.

Learning Objectives: 
- Recall the impact of ASUs on nonprofit organizations
- Recognize the activities of the nonprofit advisory committee

Field of Study: Accounting
CPE: 1.20

In the realm of not-for-profit accounting, whether due to limited staffing, resource constraints, or the intricacies unique to this sector, certain audit challenges and reporting gaps tend to surface more frequently than desired. In this session, we will delve into common audit issues and reporting deficiencies found in the financial statements of not-for-profit entities. From accounting errors to overlooked footnote disclosures, we will address some of the most prevalent issues encountered in practice. By the end of this session, you will be equipped with insights into these common deficiencies, enabling you to prevent their occurrence under your vigilant oversight.

Field of Study: Auditing
CPE: 1.20

This session will provide an overview of the current single audit landscape so that you are able to:

•  Identify compliance and regulatory updates impacting single audits
• Identify other developments affecting federal grants and contracts

Field of Study: Auditing
CPE: 1.00

In this session, we will provide an overview of recent and pending federal and state policy developments affecting nonprofit organizations.

Topics that we are likely to cover include:

• Recent changes to state charitable solicitation licensing laws;

• New federal labor regulations on overtime pay and worker classification;

• Proposed new rules for donor advised funds;

• Possible state tax law changes affecting nonprofits in 2024; and

• New rules affecting nonprofits with state appropriations, grants, and contracts.

Field of Study: Specialized Knowledge
CPE: 1.20

During this session, the following topics will be presented: 

• Learn the requirements for classification and presentation of expenses by nature and function in your organization's financial statements

• Understand best practices for allocating expenses among programs and supporting services

• Identify the difference between reporting expenses in the audited financial statements and Form 990

Field of Study: Accounting
CPE: 1.30

Ethical challenges for CPAs are present in every aspect of our professional and personal lives.   Part of the challenge frequently is simply recognizing that a challenge exists.  We can become so used to acting in certain ways because we’ve always done it that way that we fail to see the harm we are causing or the good we’re failing to do.  For those serving NFPs as employees, board members, or outside service providers, the awareness of the need for ethical conduct is especially important.  Those who benefit from the work of the NFP as well as those who support that work are impacted when there’s an ethical lapse.  The session will examine five areas specific to the work of NFPs and what can be done to mitigate the possibility of any of them happening in your organization.

Field of Study: Ethics
CPE: 1.20