Thank you to all who attended the 9th annual Perspectives event on Tuesday, November 3rd. If you were unable to attend, the following is a quick recap of areas discussed.
- Establishing a 3-Year Strategy that Works: David Homan from McGohan Brabender discussed strategies to improving employers’ health care plans. Key takeaways included moving from a penalties based program to an outcomes based one and to not implement changes too quickly for short term gains. His insight into the importance of biometrics testing and pricing transparency tools were also helpful tips to enhancing the effectiveness of an employer’s plans
- Merger Activity Inside a Nonprofit: This panel consisted of Chuck Gehring (LifeCare Alliance) and Ed Cohn (Big Brothers Big Sisters of Central Ohio), and was moderated by Tom Powers (GBQ). These experts shared their insight and personal experiences regarding mergers their companies have already undertaken. They discussed important issues such as the effectiveness of enhancing a nonprofit’s overall mission and considering donors, board members, and the general public when making these decisions.
- Protecting Your Organization from Financial Fraud: Rebekah Smith (GBQ) presented on the risk of financial fraud that many companies, including nonprofits, face. Her staggering statistics showed the high risk of financial fraud, but she also provided ways to mitigate this risk. Nonprofits should consider having outside sources such as tip hotlines available or making fraud policies more accessible to employees.
- Nonprofit Accounting and Auditing Update: Mary Stucke (GBQ) and Brendan McCausland (GBQ) discussed some of the important updates within the accounting and auditing guidelines. Some of the important topics this year include revenue recognition, going concern, discontinued operations, extraordinary items, and consolidation. They also provided an update on the proposed Accounting Standards Update regarding improvements to nonprofit financial statements, which is still ongoing.
- Nonprofit Tax Update: Melissa Rager (GBQ) spoke on the changes to this year’s 990 reporting. You’ll see additional disclosures in Schedule A, updates to Schedule B, more scrutiny over executive compensation, and additional definitions for Schedule L. There were also updates to the Small Business Health Care Credit, which is a refundable credit for those who qualify.
- Fiduciary Responsibilities and Financial Literacy for Nonprofit Boards of Directors: Paul Anderson (GBQ) closed the day’s seminar with a discussion of additional resources nonprofits can utilize and some of the specific duties the Board of Directors should maintain.
We appreciate everyone who spent the day with us, both speakers and guests alike. Click the Download Article button to view the entire presentation. We look forward to seeing you all next year!
Written by: Paige Stacy, CPA, Tax Senior