We had a great turn out for our Annual Nonprofit Symposium on August 15, 2012, at the Mid-Ohio Food Bank with more than 100 nonprofit professionals in attendance. Some highlights of the day included two panel discussions featuring leaders of nonprofits in our community who shared their experience on assembling effective boards, board communications and expectations and other governance issues, as well as tips on how to utilize social media appropriately to supporting fundraising efforts and planned giving strategies.
Other topics that were covered this year include the following:
- Frank Dezort, Senior Manager with Schneider Downs, spoke about the inherent risks with technology, whether from data loss, security breaches or improper use of technology.
- Assurance and Advisory Services Senior Manager Kimberly James, CPA, and Senior Manager Trevor Warren, CPA, reviewed the latest accounting and auditing updates affecting nonprofits. Topics included FASB/IASB convergence and an IFRS update, recent accounting standards activity including lease activity, revenue recognition and other relevant areas of change, and recent auditing updates including the new reporting standards on controls of a service organization, which replaced SAS 70.
- Jeffery A. Acheson, QPFC, AIF®, Schneider Downs Wealth Management Advisors, discussed emerging trends and best practices relative to creative plan design, case studies, executive benefit enhancement opportunities, managing participant behavior toward better retirement outcomes, and minimizing fiduciary liability exposure.
- Senior Manager Tod Wilson, CPA, discussed federal tax changes to the 2011 Form 990 and the Form 990 Instructions. Attendees listened to updates regarding the unrelated business income tax (UBIT) rules including unrelated debt-financed income and qualified sponsorship payments, the rules related to political activities and lobbying including the 501(h) election and the proxy tax, and exploring the new Schedule H reporting requirements for hospitals.
- Maureen Thomas, Senior Tax Manager, discussed a host of issues for nonprofits, including an aging population, a decrease in revenue, an increase in costs and dwindling resources. Maureen also led a discussion concerning merging with, or acquiring, another nonprofit organization, contemplating shared services and taking advantage of joint fundraising opportunities.
- Angela Gillis, CPA, CGAP, Internal Audit Manager, discussed external and internal challenges that threaten their ability to provide essential services that many of their clients have come to depend upon. A growing number of organizations have been the unsuspecting victims of malicious intentional acts – internal and external fraud. Angela discussed ways your organization is at risk, even though you may not think it possible.
Ask yourself the following questions:
- What technology risks is your organization facing today?
- Would an interest rate swap be beneficial to your organization?
- Have you considered if a merger or acquisition might be in the best interest of your organization and the community?
- Is your organization susceptible to fraud?
- Is your retirement plan on track?
These and many more questions were answered during our symposium. If you were unable to attend and have unanswered questions, Schneider Downs has the resources to help you. Contact Jay Meglich, Shareholder, at email@example.com or 614-586-7124. You can also download a copy of the presentations by going to www.schneiderdowns.com/2012-columbus-nonprofit-symposium-slides.
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This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.