General Session 1 • 8:45 – 9:35 AM BETTER SAFE THAN SORRY • A LOOK AT ENTERPRISE RISK MANAGEMENT POLICIES AND PROCEDURES Lee Klumpp, CPA, CGFM; BDO USA, LLP Most exempt organizations are aware of fraud risks, but few give much consideration to other organizational threats such as reputational risks from social media, privacy or disaster recovery. This session will focus on Enterprise Risk Management – an efficient, comprehensive process that assesses risk tolerance, provides insight on inherent risks from an industry perspective and links them to the organization’s objectives, initiatives and business. General Session 2 • 9:45 – 10:35 AM LOOKING UP AND OUT • THE ECONOMY AND SUSTAINABLE SPENDING Paul Schiminger, CIMA, Managing Director, Not-for-Profits R. Samuel Fraundorf, CFA, CPA, Chief Investment Strategist, Asset Management Wilmington Trust This session will provide a review of current economic and market conditions and outline important challenges facing exempt organizations in the near future including fiduciary governance, sustainable spending, investment advisory strategies, and administration. The presentation will include a discussion on how exempt organizations are dealing with the fiduciary stress surrounding ongoing spending and investment decisions in such a challenging environment.

General Session 3 • 10:50 – 11:40 AM WHO DOES THESE THINGS? • A REVIEW OF THE 2014 REPORT TO THE NATIONS ON OCCUPATIONAL FRAUD AND ABUSE (GLOBAL FRAUD STUDY) Jacob Parks, Esq.; Association for Certified Fraud Examiners (ACFE) Fraud is ubiquitous; it does not discriminate in its occurrence. And while anti-fraud controls can effectively reduce the likelihood and potential impact of fraud, the truth is that no entity is immune. Unfortunately, many organizations still suffer from an “it can’t happen here” mindset. To help combat this misconception, to raise awareness about the cost and universal nature of fraud, the ACFE has undertaken extensive research into the costs and trends related to fraud resulting in the Global Fraud Study. In this presentation, you will be walked through the Global Fraud Study findings and its impact on and the most common occupational frauds committed related to exempt organizations.

CONFERENCE SCHEDULE

Registration 8:00 – 8:30 AM Welcome 8:30 AM General Session 1 8:45 - 9:35 AM General Session 2 9:45 - 10:35 AM Break 10:35 - 10:50 AM General Session 3 10:50 - 11:40 AM Lunch 11:45 - 12:30 PM Concurrent Session 1 12:40 - 1:30 PM Concurrent Session 2 1:40 - 2:30 PM Break 2:30 - 2:40 PM Concurrent Session 3 2:40 - 3:30 PM

2014 EXEMPT ORGANIZATIONS CONFERENCE Lumsden McCormick’s Annual Exempt Conference

Earn 6.0 Hours CPE Credit

••• NOVEMBER 12, 2014 | 8AM - 3:30PM

Buffalo Niagara Marriott 1340 Millersport Highway, Amherst, NY 14221

• REGISTER•

seminars@lumsdencpa.com www.LumsdenCPA.com/6-1.asp

RESERVATIONS

REQUIRED There is no cost to attend.

QUESTIONS?

Maria Gambacorta Lumsden McCormick

716.856.3300

Concurrent Session 1 • 12:40 – 1:30 PM CHANGING THE RULES • WHAT’S NEW WITH THE SUPER CIRCULAR Lee Klumpp, CPA, CGFM; BDO USA, LLP As part of an effort to reform and strengthen Federal grant making, the Office of Management and Budget (OMB) published new guidance for the Federal award programs, OMB Uniform Guidance: Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, commonly referred to as the Omni Circular or Super Circular. This session will review the new guidance, which streamlines eight Federal regulations into a single, comprehensive policy guide in order to better administer grants and other types of financial assistance by decreasing the administrative burden for recipients and reducing the risk of waste, fraud and abuse.

LET’S TALK! • STRATEGIC PLANNING OPTIONS FOR FISCAL SUSTAINABILITY Moderator: Michael Weiner, President & CEO; United Way of Buffalo & Erie County Robert Gioia, President; The John R. Oishei Foundation Jeff Sanderson, Executive Director; Rivershore, Inc. Dan Meyers, President; Al Sigl Community of Agencies Nonprofit organizations consistently face increased demand for services with decreased funding. This dilemma generally leaves precious few resources for administration and “back door” operations, resulting in reduced internal controls and increased organizational risk. Our panel will discuss ways strategic plans can consider successful alternatives for fiscal sustainability, including collaborations and partnerships, and funding of these initiatives. Concurrent Session 2 • 1:45 – 2:30 PM GASB’S STILL BUSY • ACCOUNTING FOR PENSION AND POSTRETIREMENT HEALTH BENEFIT PLANS Kathleen Cost, ASA, MAAA, Senior Consultant; Harbridge Consulting Group Sarah Dam, FSA, MAAA, Vice President - Chief Actuary; Harbridge Consulting Group During this presentation we will review the Governmental Accounting Standards Board (GASB) updates to the standards applicable to accounting and financial reporting of public employee benefit plans and the state and local governments that participate in such plans. Specifically the implementation of GASB 67, Financial Reporting for Pension Plans, and GASB 68, Accounting and Financial Reporting for Pensions, will be reviewed. These standards are effective for periods beginning after June 15, 2013 (GASB 67- plan accounting) and June 15, 2014 (GASB 68 – employer accounting). The current exposure draft for GASB 45, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions, will also be discussed. The exposure draft proposes major changes for GASB 45 valuations and is projected to be effective for fiscal years beginning after December 15, 2016.

IT’S HERE • THE NEW YORK NFP REVITALIZATION ACT Laura Sprague, Assistant Attorney General, NYS Attorney General’s Office Most of the reform measures required by New York’s Nonprofit Revitalization Act of 2013 were effective July 1, 2014. Presented by the Charities Bureau, this session will include the reasons behind the Act, as well as provide tips and best practices for implementation. Concurrent Session 3 • 2:40 – 3:30 PM A TIGHT FIT • THE PROPERTY TAX CAP Jeffrey Swiatek, Esq; Hodgson Russ, LLP First we got the tax levy cap and we had to learn to manage and determine the calculation annually. Remember that 2% isn't real ly 2%. Like the polar vortex comes now we get the tax freeze. What does it mean? What do we do? How do we collaborate to maximize return to our constituents?

PLAYING BY THE RULES • BASICS OF UBIT AND CHARITABLE GAMING Michael de Freitas, Esq; William C. Moran & Associates, P.C. This session will focus on the IRS’s “unrelated business income tax” rules that affect every revenue-generating activity of exempt organizations. An exempt organization’s earned revenue is exempt from tax only if the activity that produces the revenue sufficiently furthers the organization’s exempt purposes. Thus, all revenue-generating activity needs to be firmly linked to an exempt purpose. Charitable gaming, such as raffles, is frequently conducted, but perhaps not always in full compliance with the detailed and confusing New York rules on charitable gaming.

GOVT.

GOVT.

NFP

GOVT.

NFP

2014 EXEMPT ORGANIZATIONS CONFERENCE NOVEMBER 12, 2014 | 8AM - 3:30PM

Buffalo Niagara Marriott •••

RESERVATIONS ARE REQUIRED There is no cost to attend. Earn 6.0 Hours CPE Credit

Email: seminars@lumsdencpa.com • Web: www.LumsdenCPA.com/6-1.asp • Call: 856.3300

1A

NFP 1B

2A

2B

3A

3B