Top Five Takeaways from the 2016 AICPA Not-For-Profit Industry Conference

Recently, our team attended the 2016 AICPA Not-For-Profit Industry Conference in Washington, D.C. During the two-day event, we heard from industry experts and thought leaders on a variety of topics. Here are our top five takeaways from the conference:

1. Hiring and succession planning remain a top industry concern. With 80 percent of Baby Boomers expected to retire in the next five years, nonprofit organizations are not alone in facing a widening talent gap. Planning for and finding a new wave of talent is critical to their ability to continue their missions.

2. Organizations are preparing to deal with the forthcoming FASB rules on nonprofit financial reporting, but few are taking proactive measures to adjust their accounting practices. With the announcement deadline growing closer, it’s critical that organizations begin to consider how this will impact the way stakeholders will read their financial statements.

3. Cybersecurity is a looming issue. Nonprofits are rapidly realizing that the data they collect from both donors and employees is a valuable digital asset. Many organizations are struggling to balance their limited resources with the demand to protect their systems.

4. Mergers and acquisitions are on everyone’s mind. With multiple organizations providing similar services to clients, all while competing for limited donor and government dollars, nonprofit organizations of all types and sizes could consider combining or acquiring others to help ensure their futures.

5. Tax-exempt bonds provide advantages and potential pitfalls. In a conference presentation by our own Marc Berger, “Tax-Exempt Bonds and Schedule K,” Marc cautioned that issues can arise from these bonds even after a transaction has been completed. The Nonprofit Times covered Marc’s presentation in detail, and you can read that story online here.