Thank you to everyone who attended our 11th annual Nonprofit Perspectives Seminar on Wednesday, October 25th, 2017. If you were unable to attend, the following is a quick recap of information discussed:
- Five Secrets of the Health Insurance Industry: Tom Wagoner, President of USI-AccBen shared strategies to achieve better cost results and avoid common pitfalls. Tom compared and contrasted fully-insured plan and self-insured plans, while touching on current trends in renewal costs, pharmacy benefit managers and broker compensation.
- Nonprofit Tax Update: Gennyfer Mullins (GBQ), Rob Roll (GBQ) and Scott Eichar (GBQ) presented several tax updates and reminders for the nonprofit world, which included Unrelated Business Income Tax for Nonprofits and the IRS 2018 Work Plan for Tax Exempt Organizations.
- Commercial Insurance: Are you really covered? Greg Overmyer and Jake Doherty from Overmyer Hall Associates gave a presentation with various real life examples to address insurance coverage concerns for nonprofits. On top of speaking on property, general liability and auto liability coverage that are common for all entities, they went into detail on the big five insurance coverages applicable for nonprofit: Cyber Liability, Crime, Directors and Officers Liability, Employment Practices Liability and Abuse and Molestation Liability.
- Financial Statements of Not-for Profit Entities (ASU 2016-14): Mary Stucke (GBQ) and Mike Purcell (GBQ) presented on the Accounting Standard Update 2016-14 issued by the Financial Accounting Standards Board – the goal of which is to improve the presentation of financial statements for nonprofits. They discussed the five key qualitative and quantitative matters addressed in the ASU affecting net assets classes, investment return, expenses, liquidity and availability of resources, presentation of cash flows and presented specific examples relating to implementation.
- Accounting and Auditing Update: Brendan McCausland (GBQ) spoke on recently issued accounting pronouncements that potentially have significant impact on future financial reporting including Revenue Recognition (Topic 606) and Leases (Topic 842).
- Cyber Security: Jerod Brennen (GBQ) concluded the seminar with a discussion on a recent heated topic under spotlight – Cyber Security. Brennen illustrated how nonprofit organizations are equally at-risk of cyber threats as any other company and provided five action steps to build resiliency.
We appreciate everyone who spent the day with us, both speakers and guests alike. If you have any questions, or would like more detail on any of the presentations, do not hesitate to contact your GBQ representative at (614) 221-1120 or firstname.lastname@example.org. We look forward to seeing you all next year!