Annual Nonprofit Conference Helps Financial Experts Get Ahead of New Rules Such as Lease Accounting and Revenue Recognition

 

Irvine, Calif. Haskell & White, one of the largest independent public accounting firms in Southern California, recently hosted its annual Nonprofit Conference, addressing the sweeping financial changes that will soon affect how nonprofits operate and manage finances.

 

Held at the Center Club in Costa Mesa, more than 60 representatives of Orange County nonprofits attended the event, which covered a range of issues from lease accounting to revenue recognition. In a post-event survey, 55 percent said they would seek assistance from a public accounting firm to stay compliant with shifting standards, and 65 percent said the event prompted them to become further educated on financial matters. All responders said they would recommend the conference to other nonprofits.

 

CFOs always take in vast amounts of information, and this was a particularly complex year for finances between the Tax Cuts and Jobs Act (TCJA) and the series of changes affecting Generally Accepted Accounting Principles (GAAP) with regards to financial statement presentation for nonprofits, leases and revenue recognition. In just a few hours, Haskell & White’s audit partners summarized key takeaways from thousands of pages worth of reading – an effort CFOs in attendance said was hugely appreciated.

 

“A client-centric firm provides value to its clients year-round – not just when the audit is scheduled,” said Managing Partner Wayne Pinnell. “Haskell & White’s Nonprofit Conference is just one way we open doors for our clients to have the information they need to make sound financial decisions.”

 

Due to changes from the TCJA, it is expected that only 5 percent of taxpayers will have itemized in 2018 – down from about 70 percent. This shift has raised considerable concern within the nonprofit community that donations would decrease. For those seeing a decline, new strategies will need to be developed for fundraising with the significantly altered landscape in mind. However, Haskell & White did find that confidence remained high for nonprofits as 67 percent of those surveyed at the conference did not see a decline in their year-end 2018 giving.

 

“Holding an educational event dedicated to nonprofits allows us to focus on topics that will help them run their organizations more effectively and efficiently,” said Rick Smetanka, partner-in-charge of the audit and business advisory services group at Haskell & White. “It is critical for nonprofits to be compliant with new financial and tax reporting changes, and to avoid being blindsided by potentially unknown compliance issues.”

 

About Haskell & White LLP

Haskell & White LLP is one of the largest independently owned accounting, auditing and tax consulting firms in Southern California, servicing public and private middle-market companies. With locations in Irvine and San Diego, Haskell & White combines the expansive services, knowledge, experience and reach of national and international accounting firms with the personal attention, responsiveness and value of a local organization. Haskell & White works with companies in a broad range of industries including real estate, manufacturing, distribution, life science, and technology. The firm provides solid expertise and services to its clients in the tax and audit disciplines, including advising SEC registrants and consulting on mergers and acquisitions. Further information on Haskell & White can be found on the firm’s website, www.hwcpa.com. Connect with Haskell & White at www.facebook.com/haskellandwhite and www.twitter.com/haskellandwhite.