Free Webinar for Nonprofits: Common Financial Reporting Errors in Not-For-Profit Organizations

Santa Barbara, CA, May 12, 2015 (Newswire.com) - The Unemployment Services Trust (UST) is pleased to offer a free webinar on May 21st at 10:00 PDT/1:00 EDT for nonprofit organizations as part of its commitment to educating and strengthening the nonprofit community. Entitled “Common Financial Reporting Errors in Not-For-Profit Organizations,” the webinar is scheduled for a live one-hour presentation with guest speaker Jacob A. Azar, CPA, Director of Not-for-Profit Practice Services at Lindquist LLP.

The webinar will offer an interesting review of common errors in accounting and financial reporting made by nonprofits. With the barrage of new accounting and reporting standards over the last several years, it’s sometimes difficult for organizations to stay on top of the professional guidance issued. 

Most organizations do a good job remembering all the nitty-gritty details and financial statement disclosure rules, but sometimes the simplest rules are overlooked.  This could result in accounting and financial reporting adjustments made by the auditors, who, in turn, may have to report these common errors as deficiencies in the organization’s financial reporting process.

Attendees welcome to join the webinar include anyone responsible for accounting and financial reporting process, including management and employees, at nonprofit organizations.  It may even be helpful for those involved in an organization’s oversight function to take a step back and consider the “big picture” implications of the organization’s financial reporting (which is often available to the public).

This webinar will help participants to better implement professional guidance on issues such as:

• Rules for reporting Board-designated net assets
• How to report deficiencies in restricted net assets
• Accounting for unconditional promises to give
• Reporting expense classifications
• Reporting program expenses in a statement of functional expenses
• Good footnote disclosures

Registration for the May 21st (10:00 PDT/1:00 EDT) webinar is free for nonprofits at:  https://attendee.gotowebinar.com/register/459656699296411137

About the presenter:  Jay Azar has worked with clients in the not-for-profit sector for more than 25 years, providing an array of audits, reviews, A-133 single audits, operational (internal controls) reviews, and consulting engagements to a wide variety of organizations.  Jay has extensive experience with membership organizations, public/private foundations, private higher education organizations, healthcare entities and religious organizations.  He is considered an expert in not-for-profit accounting and has chaired/led many accounting technical teams over the years.  He is a member of the American Institute of Certified Public Accountants, California Society of Certified Public Accountants and the California Society of Association Executives. 

About UST:  Founded by nonprofits, for nonprofits, UST is the largest unemployment trust in the nation, providing nonprofit organizations with 10 or more employees a safe, cost-effective alternative to paying state unemployment taxes. UST has partnered with over 80 state and national nonprofit associations to teach their members about their unemployment insurance options. Visit www.ChooseUST.org to learn more.