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FARSIGHT                                                              August 2013
In This Issue
Chair's Letter
FAR September Luncheon
FAR August Webinar
FAR July Nonprofit Breakfast
FAR Membership Renewals
FAR Listserv
David Akridge Receives Award
FAR Board
Veris Consulting Non-profit Financial Outlook Survey
Lease Accounting
Nonfinancial Data
Quick Links
 Chair's Letter
Patricia Adkins Headshot
An Historic August

The month of August in the Washington, DC Metropolitan area, and around the country, is a time for vacations, preparing for the beginning of school, and enjoying those last "lazy hazy" days of summer.  In the midst of this, an historical event is being celebrated that changed our lives, both personally and professionally - the 1963 March on Washington.

August 28 marks the 50th Anniversary of this historic civil rights event and Martin Luther King, Jr.'s memorable "I Have a Dream" speech.  The momentum of this gathering of over 200,000 people from all walks of life led to the passage of the Civil Rights Act of 1964 that governs and guides our actions in the workplace and beyond...all in an effort to offer equality and access to everyone.

Martin Luther King, Jr. said, "If I cannot do great things, I can do small things in a great way."  We all aspire to do our best, to do our jobs well, to help our family, friends and colleagues, and to support the mission and goals of our organizations.  FAR is no different and we continually strive to do "things in a great way" as part of our education, membership, communications and governance goals.

September Program Kick-Off
Launching the September luncheon is Bill Graham, head of Graham Corporate Communications, who will lead a presentation on "Improve Your Likeability - Improve Your Impact." Bill helps all professionals to communicate better and deliver valuable results.  An added bonus is a special one-hour workshop on Storytelling & Emotional Connections- Power Tools for Professional Success, post-luncheon. (To read more, click here.)

Patricia Adkins, MBA
Chair
FAR September Luncheon
Bill Graham

Wednesday, September 18, 2013
11:15 a.m. - 1;30 p.m.
SunTrust Building
1445 New York Avenue, NW, 9th Floor
Washington, DC 20005
(Registration to open soon)

Bill Graham has spent his career helping people find powerful ways to tell their stories: in theatres, on television, in the classroom, and in the boardroom.

Today, Bill helps people communicate better as leaders, managers, sales people and innovators through his keynotes, workshops, and private coaching. He helps individuals and groups take their complicated stories, streamline them, and then powerfully deliver them for maximum results.

Special Note: Following the FAR September Luncheon, Bill will offer a special workshop for luncheon attendees. Information on the workshop will be posted on the FAR website. How to register will be included in the FAR luncheon registration announcement email.
FAR August Webinar


"IRS Initiatives: What's Going on in Washington"

Join FAR on August 29 at 1 p.m. for a webinar where participants will:

*  Learn key elements of the IRS 2013 Exempt Organization Workplan - what the IRS considers hot issues
*  Be able to identify areas that the IRS will be auditing (including Unrelated Business Income)
*  Learn about the IRS findings included in its final report on the recent College and University Compliance Program - a report that will have repercussions on many other types of nonprofit organizations
*  Learn about the current Congressional focus on Nonprofits

NOTE: There is no cost to members* to register for the event. Please click here to register.

If you have any questions or need registration assistance, please contact Christina at hq@far-roundtable.org or 703.971.1116.

*Note: This is a members-only event. Only current FAR members registrations will be approved and emailed call-in information.
FAR July Nonprofit Breakfast Recap


"Banking Products, Services And Support That Nonprofit CFOs Love"

On July 25, a group of nonprofit CFOs met at the International Council on Clean Transportation (ICCT) office for a breakfast discussion on "Banking Products, Services And Support The Nonprofit CFOs Love" hosted by Andrew Jens, CFO, ICCT.

Included in the discussion were the following talking points:

Robust Online Banking Interfaces
Wire & ACH Domestic & International Payment Systems
Positive Pay
Online Credit Card Expense Reporting & Analysis Systems
Lines Of Credit
Investment Management
Fee Structure

Strong, positive feedback after the program reinforced the need for these opportunities for nonprofit member peer sharing. A follow-up breakfast to continue the dialogue is already being planned. Once the location and date are determined, details will be posted on the FAR website.

Topics the group would like to discuss in upcoming breakfasts include Budget Planning Software Systems, Business Development / New Revenue Sources, Succession Planning (Near Future Retirement Of Baby Boomers), Video Conferencing Systems - Selection, Cost & Effective Utilization, Accounts Payable Outsourcing Options, and more.

FAR Membership Renewals


Membership renewal letters and information will be available soon. As in previous renewal periods, you will have the option to renew online or to mail in your dues payment. Instructions and other information about membership will be included in your renewal letter. 

If you have any questions or need any assistance, please contact hq@far-roundtable.org.
FAR Listserv Rules and Etiquette 101


Please be mindful that the FAR Listserv is primarily a 24/7 opportunity to survey members on policies and procedures. Our Career Center should be the primary source of job postings and opportunities. If you have any questions, go to this link or call Christina Hartz at 703.971.1116.
FAR Member Receives Award


FAR's own David Akridge, Deputy Executive Director, American Inns of Court, was awarded ASAE's Professional Performance Award at the ASAE Annual Meeting & Conference. Congratulations, David! (To read more, click here.)
FAR Board Members
After much hard work and dedication to the FAR board, Mike Tryon, CPA, Partner, Tate & Tryon and
Yasamin Al-Askari, Vice-President, SunTrust will roll off the FAR board as their respective terms expire.

Mike has served as on the FAR board since 2008 and became an officer on the board serving as Vice-Chair in 2010, Chair in 2011, and Past Chair in 2012. This past year he led the Membership Committee, in addition to, the Nominations Committee.

"I have greatly enjoyed the opportunity to be part of a wonderful community and am thankful to its members for entrusting me in various leadership roles. Quality educational offerings and a distinctive sharing culture are critical for FAR's continued success.  Our incoming board is extremely talented, so the future is bright for FAR."
(Mike Tryon, CPA)

Yasamin began her tenure on the board in 2008 as well, and has served as the Program Committee Chair in 2010 and Program Committee Co-Chair in 2011. In 2012 she served as both Education Committee Co-Chair and as a board officer in the role of Secretary.

"I have enjoyed my time spent on the Board and hope that I've been able to contribute to the membership in a meaningful way and look forward to continuing my support." (Yasamin Al-Askari)

Thank you for all of your hard work and commitment to FAR!
Blue Line
As Yasamin and Mike move off the board, Lisa Queeney and Russ Capps move on.

Please welcome our two newest board members! 




"I wanted to be on the FAR board because the personal and professional benefits of participating in FAR are numerous, and this not only expands the opportunities but enables me to give back by volunteering."

Lisa Queeney, VP of Finance & Operations, Health Industry Distributors Association








"I am excited to be joining the board of FAR.  It is a great organization, and the fact that it is only F&A professionals makes the learning and networking possibilities a great asset for the community.
"
Russ Capps, CAE, CFO, Association of Corporate Counsel
 







FAR welcomes back Beverly Chin and Andrew Jens to the board for a second term.

Bev Chin Headshot

"I am honored to be continuing with another term on the FAR Board."

Beverly Chin, CGA, MSAC, Finance & Accounting Manager, District of Columbia Bar



Andrew Jens Headshot



"I am pleased to have been re-elected to the Board of FAR. I look forward to continuing my service to this fine organization."
Andrew Jens, MBA,CFO,International Council on Clean Transportation

Veris Consulting Launches Second Annual Nonprofit Financial Outlook Survey
Veris Consulting has launched its Second Annual Nonprofit Financial Outlook Survey.

With two of the top financial challenges for nonprofits in 2013 being improving revenue forecasting and creating new revenue streams, there needs to be a move toward strategic plans that specify financial, operational, program, and development metrics with realistic benchmarks to assess progress towards larger goals. Learning how association and charitable nonprofit leadership nationwide are working toward achieving these goals is the aim of the Second Annual Nonprofit Financial Outlook Survey.  

The survey will gather the crucial observations into the financial trends, top priorities and challenges facing most senior nonprofit leaders and will provide a focused look at the strategic approaches nonprofit and association leadership are taking in operations and development as we approach 2014.

The survey will be live through September 30, 2013 and can be found at http://www.verissurveys.com/Nonprofit2014. Survey results will be published in the fall of 2013.
Lease Accounting | FASB is changing lease accounting for everyone
by Brant Bryan, Principal, Cresa
In 2004 the Securities and Exchange Commission (SEC) estimated that off-balance sheet leasing commitments by SEC registered firms totaled approximately $12.5 trillion dollars. Leasing is big business.

In May of 2013 the US and International Accounting Boards (the FASB and IASB) issued Revised Exposure Drafts on proposed changes to the accounting for leases that will significantly change how lessees and lessors account for and report leases in their financial statements. The Boards are seeking greater transparency from lessees regarding the financial commitments they make and their operating cash flows. From lessors they are seeking greater transparency about the nature of financing agreements being entered into, as well as the residual values of their assets. (Click here to read more.) 
Nonfinancial Data - The Train We Don't See
by Doug Boedeker, CPA, CMA, Tate & Tryon
Nonprofits spend a lot of time and energy reviewing financial data.  Accounting departments are staffed, monthly financial statements are generated, Finance Committees meet regularly, annual independent audits of the financial statements are performed, and Audit Committees provide general oversight.  In the majority of nonprofits, the accounting function is the most scrutinized area.

Given the amount of effort exerted in tracking financial information, many nonprofits may find that the true risk areas for error or misrepresentation can be found outside of the direct purview of the accountants.  Are CFOs and Controllers cognizant of all the data being managed by other departments?  Probably not; staying on top of generating accurate financial data can consume the majority of their efforts.

So, what if inaccurate data is being created and distributed by nonaccounting sources?  Who is watching them?  Quite often, the data being distributed by areas outside of accounting can be critical to the nonprofit's public image. (Click here to read more.) 
 
  Thank you to our Resource Members!

Platinum Level

 

   Bank of America Merrill Lynch  

 

Capital One   Cresa

Novick 25th       Tate&Tryon logo Veris            Wells Fargo            West Lane & Schlager  

   


Gold Level

BDO  GRF new        Olcott Consulting Group 

 

 

Silver Level

 

     CliftonLarsonAllen 

Watkins Meegan             JohnsonLambert             


Bronze Level

 
AMHIC CouncilBuchananMitchell    CohnReznick

DelcordesignDATA         Early Cassidy Schilling

Graystone      Hertzbach    

Merrill Lynch Paul Juergensens  McGladrey 

  MindSHIFT  Payroll Network   PNC  New Renner

         Studley   TD BankVigilant     Xenith

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