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FAR New
FARSight
Autumn 2013
 
Dear Members,

Thirty years ago, Reagan was our president, gas was $1.40 a gallon, the Baltimore Orioles were World Series victors, "Every Breath You Take" was the number one song, and FAR was starting to provide innovative programs for its members. When I joined seven years ago, I felt like I hit the jackpot. New to DC, I'd discovered a group of service providers and peers who I could turn to for advice, solutions, encouragement, and support.  

I can say with confidence that FAR has never been more keenly focused on providing value to its members. This was evidenced recently in the careful and collaborative process that resulted in an improved resource member benefits structure. Every month FAR's program committee puts on a high quality luncheon with engaging speakers, timely content, and tangible takeaways.

As a volunteer driven organization, FAR's success directly reflects your efforts. Please continue to invite your nonprofit peers to the luncheons. Send us your topic and speaker ideas. Volunteer for a committee. Most importantly, mark that second or third Wednesday of the month on your calendar and make it to the luncheons. It has never been a better investment of time.

Thank you for your membership.



David Diedrich
Chair
In This Issue
November Luncheon
Membership Renewal
The New Age of Evaluating Charities
FASB is Changing Lease Accounting for Everyone
The Search for Unrecorded Royalty Revenue
Volunteers Welcome
November Luncheon
"Preparing for Your Next Executive Level Nonprofit Job:  Tips from the experts"

In a time of uncertainty, having a contingency plan for your career is critical.  This session, moderated by David Keen, CFO, National Association of Counties, will prepare you to properly position yourself  in the marketplace and to potential new employers.  Whether you are actively looking for a new job or simply interested in being prepared this session will prove to be valuable.  Hear from Russ Capps the new CFO of American Dental Education Association,  executive recruiter Jim Zaniello from Vetted Solutions, and Uma Ramesh, the COO of ICMA.
 

Learning Objectives:
  • Learn how to build your brand so that you are more marketable when its time for a change
  • Gain an understanding of how the recruitment process works for both the organization and the incoming executive
  • Understand how your organization's reputation and recruitment process impacts your ability to attract candidates
  • Gain tips for an effective onboarding process for a smooth transition
When and Where:
Wednesday, November 20, 2013
11:15 a.m. - 1:30 p.m.
SunTrust Building,
1445 New York Avenue, NW 9th Floor
Washington, DC 20005

FAR Members: If you know a nonprofit individual who has not been to a FAR luncheon and is not a member, please invite them to the luncheon as your guest at no charge by adding them to your registration.


This program has been approved for CPE credit and will be evaluated for Continuing Education credit.

FAR is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.  State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.  Complaints regarding sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 34219-2417.  Web-site:  www.nasba.org.

For more information regarding refund, complaint, and program cancellation policies, please contact the FAR office at: 1325 G Street NW, Suite 500, Washington, DC 20005 or email (hq@far-roundtable.org). There are no refunds or cancellations accepted after November 15, 2013. Field of Study: Personal Development Program level is basic - update. There are no pre-requisites nor advanced preparation.  It is Group-Live delivery method. Sponsor ID: 109395
Membership Renewals Update
FAR Resource Member (for-profit) renewals are active.

To renew, please log in to the FAR website, click on "View Profile", and select "Change Membership Type" and click on one of three levels: Bronze Member, Silver Member, or Gold Member.

Click here to view the updated benefits and dues for Resource Members.
The New Age of Evaluating Charities
Charity Navigator claims to be "one of the nation's largest and most-utilized" evaluators of charities. I had dismissed them a few years back, when they confessed their sins and pledged to come back with something better. Earlier this year they released CN 3.0.

Charity Navigator was a private foundation (the polar opposite of crowdfunding) established in 2001 and only recently qualified with the IRS as a 501(c)(3) nonprofit. They operate with a budget of $1.2 million and assets of $2.4 million. For their first 12 years of life, they rated nonprofits under two fundamental assumptions: 1) it's better to have expenses classified as 'programmatic' than as 'administrative' and 'fundraising'; and, 2) more transparency is better than less transparency. (Read more, click here.)
FASB is Changing Lease Accounting for Everyone
In 2004 the Securities and Exchange Commission (SEC) estimated that off-balance sheet leasing commitments by SEC registered firms totaled approximately $1.25 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. - Read more, click here.
The Search for Unrecorded Royalty Revenue - a Different Perspective
One of the key elements to every financial statement audit is the assessment of an Association's revenue recognition policy.  As a result, one primary audit focus is to ensure the proper existence of earned revenue and the corresponding completeness of the deferred revenue liability.  All of this should sound familiar to those involved in financial statement audits.  I was recently involved with a special project for a large domestic nonprofit client that resulted in the examination of revenue recognition through a different prism.  The ensuing engagement plan put me on an expedition to seek out potentially unrecorded royalty revenue through trips to the United Kingdom and Greece. - Read more, click here.
FAR HOLIDAY LUNCHEON
Wednesday, December 18
SunTrust Bank

FAR is preparing for the annual holiday luncheon! We rely on the generosity of our Resource Members and their donations to the "goody bags" and door prizes for our nonprofit members.  Click here for the donation form for goody bags and door prizes. Stay tuned to the FAR website in the coming weeks for more information on the luncheon!
Volunteers Welcome!
Hands
FAR is always thankful for the talent and energy its members bring to the FAR community. If you have the time, and would like to be more engaged with FAR, please consider volunteering on one of our committees.

To learn more about opportunities, please click here.
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