Financial Statements & Tax Issues for Boards of Directors and Management (RLS401)

As a non-profit Board member, fiscal responsibility may seem like just another “task” associated with the many duties you accept when you agree to serve. What many volunteers fail to accept is the true seriousness of this “task” and what is really associated with the many aspects of reviewing finances. Don’t let the subject matter force you into hitting snooze just yet – we promise to make this an interesting and worthwhile morning. You are guaranteed to walk away with increased knowledge that will improve your comfort level and effectiveness in the financial oversight process. Budget Managers, both profit and non-profit, will also gain valuable insight from this material.

Through a format of lecture blended with interactive group activity, this course includes:

• Financial Statements
    • How to read and analyze
    • Basis of accounting – advantages of each
    • Required statements
• Services of CPA
    • Types of services and related reports
    • Materiality issues
    • Audits
    • Requirement for audit
    • Audit Committees/Board of Directors responsibilities
    • Fraud
• Tax Issues
    • Filing requirements
    • Unrelated Business Taxable income
    • Best practices
    • Types of 501(c) organizations
• Mock Presentation of a CPA meeting with a not-for-profit Board of Directors/Management
    • Planning Conference
    • Wrap-up Meeting
    • Board of Directors Meeting
    • Financial statements
    • Tax filings
    • Common management letter comments for improvement

About the instructor: David W. Turnbull, CPA graduated summa cum laude from Frostburg State University with a Bachelor of Science degree in Accounting and a minor in Business Administration. He immediately obtained his CPA license and served in the audit and tax departments of an international accounting and consulting firm in Washington, D.C., before returning to Turnbull, Hoover & Kahl where he currently serves as President. David has been actively involved in over 25 community organizations including leadership roles in Allegany County Chamber of Commerce, The Greater Cumberland Committee, Fidelity Bank (now PNC Bank), church council, Greater Allegany County Business Foundation, City of Cumberland Economic Development Commission, Frostburg State University Board of Visitors, and MACPA Western MD Chapter. David brings more than 20 years of relevant experience to this class and will provide up-to-date and relevant information to the participants.

9/19, Wednesday (1 Session)
9:00 AM-12:00 Noon
ACM: CE12-14
Instructor: David W. Turnbull, CPAT
Total Course Cost: $55.00

For more information, please contact Kathy Condor at 301-784-5121 or email kcondor@allegany.edu