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Nonprofit University

Financial Liquidity: What to Know Before Your Audit

Get a jump on your audit: Understand your financial health and how to communicate it to others.

With the implementation of Accounting Standards Update 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, your audit will now include a footnote disclosing the organization’s liquidity and availability of resources, in both quantitative and qualitative language. This makes information about your liquidity readily available to current and potential donors; federal, state, and local government; the press; general visitors to your website and social media; charity watchdogs; and others. Half of all nonprofits have less than one month of operating reserves. Are you able to transparently and clearly communicate your potentially complex liquidity situation?

In this course from the experts at Smith & Howard, you’ll learn how to identify warning signs that could suggest a threat to your nonprofit’s sustainability and ways to improve the information communicated in your financial statements. This session will also cover management’s responsibility to evaluate the entity’s ability to continue as a going concern within the year after the date that the financial statements are issued.

 

LEARNING OBJECTIVES

At the end of this course, you will be able to:
  • Define and update required disclosures of liquidity and availability of resources.
  • Identify warning signs around financial sustainability.
  • Interpret an organization’s liquidity in terms of its ability to continue as a going concern.

AUDIENCE

  • Executive directors, CEOs
  • CFOs, controllers, directors of finance or administration
  • Board and committee chairs (especially finance and fundraising/development)

FACILITATORS

Kimberly BlandPrior to joining Smith & Howard in 2006, Kimberly Bland, CPA, spent more than five years with a Big Four firm. She has over a decade of public accounting experience. Kimberly has extensive public accounting experience serving many of the firm’s nonprofit clients and leads the firm’s assurance nonprofit practice.

Kimberly is a regular attendee of the American Institute of Certified Public Accountants’ Governmental and Nonprofit Conferences and is responsible for leading the in-house training at Smith & Howard to ensure the nonprofit team is up-to-date on the current accounting pronouncements, including the Uniform Guidance.

Kimberly previously served on the National Editorial Board of Profitable Solutions for Nonprofits, a newsletter for nonprofit executives. She spoke at the 2017, 2018 and 2019 Southeastern Accounting Show, leading sessions on upcoming changes to nonprofit financial statements.

Kimberly received her B.B.A. in Accounting from Westminster College in Pennsylvania. She also serves on the audit committee and the finance and budget committee for Jewish Family and Career Services and Camp Twin Lakes. She is a member of the American Institute of Certified Public Accountants and the Georgia Society of Certified Public Accountants. She is an active member of the Georgia Center for Nonprofits and serves on Smith & Howard’s Community Service Committee.

 

Randy ShrumRandy Shrum, CPA, joined Smith & Howard in 2017. He is a principal and a member of the Assurance Services Group. Prior to joining the firm, Randy was managing director at a national accounting firm and had previously been a principal at a regional accounting firm headquartered in Atlanta.

Randy has spent over 25 years in public accounting, with the bulk of his career focused on the nonprofit, manufacturing, and construction sectors. His experience includes financial statement audits, implementation of new accounting and financial reporting standards, internal control assessment and improvement, governance, and federal grant programs compliance. He has written and hosted several webinars on topics ranging from social responsibility to reputational risk and furthering engagement through creative use of social media.

Randy attended Indiana University, where he received a BS in Accounting. He is active in the community at a professional and civic level, serving as Audit Committee Chairman of the Cobb Community Foundation, former President of the Board of Directors of Nicholas House, a former member of the Georgia Society of Certified Public Accountants’ Nonprofit Taskforce Committee, and as a member of the GSCPA, AICPA, and the Knights of Columbus. Randy is also a member of the GSCPA Leadership Council.

Dates

  • February 20, 2020

Time

9:00 - 11:00 am

Address

Smith & Howard
271 17th Street NW, Suite 1600
Atlanta, GA 30363

Parking is available in Atlantic Station lots and garages. You can also take MARTA to Arts Station and ride the free Atlantic Station shuttle. Visit https://www.atlanticstation.com/getting-here for more information on directions, parking, and transit.

Registration Details

Fees: FREE

Questions? Contact us at [email protected] or 678-916-3081.


February 20, 2020