Preamble to Success
By Jack Murray, CPA and HoganTaylor Assurance Partner
Preamble to Success was the title of the keynote speaker’s presentation at the AICPA National Not-for-Profit Industry Conference in June of 2015 that was attended by several of HoganTaylor’s Nonprofit Practice leaders. Dorri McWhorter, CEO of YWCA Metropolitan Chicago, spoke about how the “new” economy brings unprecedented challenges and opportunities to nonprofit organizations. Nonprofits are agents of social change and have the opportunity to play a critical role in our communities and nation’s success by demonstrating that public-purpose enterprises can strengthen the marketplace in collaboration with corporate America. Nonprofits themselves need to focus on key areas such as:
- Emerging marketplace trends and technology
- Economic and regulatory developments
The technical aspects of taxes, accounting, and auditing were a significant part of the conference, as we have discussed in previous newsletters, the exposure draft of the new financial reporting model, changes to the Single Audit process by the Uniform Grant Guidance for Federal Awards, and the new revenue recognition standards are three changes that will affect organizations in the next few years.
More so than in previous years were topics about risk assessment, strategic planning, succession planning, development and fundraising concerns, and competition among nonprofits increasing the potential for mergers and acquisitions in this industry. This reinforced to me how nonprofit organizations are operating in an increasingly complex environment in the myriad of challenges they face in fulfilling their mission and creating processes that result in sustainable organizations that can adapt to a changing world.
Interacting with nonprofit leaders, members of standard setting bodies, and the IRS solidifies my belief that nonprofit organizations are diverse organizations that enrich and improve the lives of people all over the world. Nonprofits are often leaders in social change and delivering needed services to those who might otherwise fall through the cracks of society. Listening to the many remarkable speakers at this conference reinforces why HoganTaylor not only serves nonprofit organizations, but a significant part of our culture is encouraging our employees to serve in their communities.
Attendance at this conference demonstrates HoganTaylor’s commitment to staying educated on issues affecting nonprofit organizations and allows us to have conversations with our clients to help you stay abreast of developments affecting your operations. The articles in this newsletter are based on conference sessions that we feel are important to bring to your attention.