Today's Date July 20, 2024
Non-Profit

This channel will provide the information you need to know about nonprofit accounting and auditing. Topics will range from the happenings of the NAC to the international work being done by the INPAG. Stay up to date on all things nonprofit accounting & auditing.

If you are looking for more great content, consider our Webcast offerings for CPE credit.

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FAF Rolls Out Free Access to Codification & GARS

FAF Rolls Out Free Access to Codification & GARS

GLS is very excited about the recent roll out by the Financial Accounting Foundation (FAF) of its free (and enhanced) access to the FASB Codification and the GASB’s Governmental Accounting Research System. This makes accessing and researching accounting more accessible especially for smaller entities to comply with the standards. The fact that it is free will help reduce barriers to entities following GAAP. We are excited to see the impact this change will have on smaller organizations!

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Proposed Changes to Yellow Book

Proposed Changes to Yellow Book

GAO has issued a proposed update to GAGAS. The main changes include, similar to the AICPA, a movement to quality management and a more risk based approach to quality and quality reviews. They also provide application guidance around key audit matters. Comments are due by April 28, 2023.

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Celebrating National Nonprofit Day

Galasso Learning Solutions was pleased to celebrate National Nonprofit Day and the official launch of Money Matters for Nonprofits with alumni from recent graduating classes of the ASC’s Cultural Leadership Training (CLT) Program. CLT is the only program in the region that specializes in training and placing community members on boards of nonprofit arts and cultural organizations. Before the event, Melisa had a few minutes to catch-up with Beth Allen, a CPA and business leader with deep ties to the local nonprofit community.

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Ethics Interpretation Proposal: Compliance Audits

Ethics Interpretation Proposal: Compliance Audits

The AICPA’s Professional Ethics Executive Committee (PEEC) has proposed some new independence rules related to compliance audits. The AICPA is aware that much of the new COVID-19 related funding is causing many entities who have no been subject to audit requirements or single audit requirements historically to now be subject to them. They add 2 definitions and revise the definition of financial statement attest client to help identify which independence rules apply to these engagements. Comments are due September 1, 2022.

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Engage 2022

Engage 2022

The GLS team had a great time this week in Las Vegas for the ENGAGE conference. The team was able to interact with clients and colleagues both at the exhibit booth and at various evening functions. We also had a wonderful client reception on Monday, which included the cover reveal of Melisa’s new book Money Matters for Nonprofits. This book demystifies financial statements and basic accounting, empowering nonprofit board members and other stakeholders to better advise their organizations and make an even greater difference in the world. At ENGAGE, Melisa enjoyed presenting on Nonprofit Hot Topics and attending some CPE for a change. But all good things come to an end. The team is heading home with ideas to build on this momentum.

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MONEY MATTERS

FOR NONPROFITS

Money Matters for Nonprofits demystifies financial statements and basic accounting, empowering nonprofit board members to better advise their organizations and make an even greater difference in the world.

Jaclyn Veno CPA | Auditing Level Training | CPE

Melisa Galasso, CPA, CSP, CPTD

Melisa F. Galasso is the founder and CEO of Galasso Learning Solutions LLC. A CPA with nearly 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting.

Her passion is providing high-quality CPE that is meaningful, creates efficiencies and improves quality, and positively impacts ROI. She also supports essential professional development, audit level training, and train the trainer efforts.

Melisa is a Certified Speaking Professional, a Certified Professional in Talent Development (CPTD), and has earned the Association for Talent Development Master Trainer™ designation. Her passion for instructional design and adult learning techniques is one of the differentiators that set her apart from other CPE providers.

She also serves on the FASB’s Not-for-Profit Advisory Committee (NAC), AICPA Council, and the AICPA’s Women’s Initiative Executive Committee (WIEC). She also serves as a Subject Matter Expert for the Center for Plain English Accounting. She previously served on the AICPA’s Technical Issues Committee (TIC), the VSCPA’s Board of Directors, and is a past Chair of the NCACPA’s A&A committee. In addition, Melisa is the author of Money Matters for Nonprofits: How Board Members Can Harness the Power of Financial Statements by Understanding Basic Accounting which is available on Amazon or anywhere you purchase books online.

Melisa received a Top 50 Women in Accounting Award in 2021 by Ignition, is a 2020 Enterprising Women of the Year Award recipient, and was honored as a “40 under 40” by CPA Practice Advisor in 2017, 2018, and 2019. She was also named the 2019 Rising Star by her regional NAWBO chapter, received the Don Farmer award for achievement in technical content instruction, and earned several other awards for public speaking and technical training.