2025 Annual Update for Not-for-Profit Accountants & Auditors

Stay ahead of the curve with this essential training designed for not-for-profit accountants and auditors. This course provides a comprehensive update on the latest developments impacting nonprofit financial reporting and auditing. On the accounting side, we will review the latest FASB standard-setting activities affecting NFPs, including programmatic investments and their interplay with the CECL standard. Additionally, we will explore the IFR4NPO project, a global initiative aimed at establishing universal financial reporting standards for nonprofits. Transitioning to auditing, this course covers the 2024 Yellow Book updates, the shift from quality control to quality management, and key audit matters with early adoption options. We'll also address Single Audit updates, GAO reports on improper payments and fraud, the Financial Data Transparency Act (FDTA), and recent Department of Education guidance on related parties.

Key takeaways include:
- Understanding FASB’s impact on nonprofit financial reporting.
- Insights into global initiatives like IFR4NPO.
- Preparation for quality management implementation by the end of 2025.
- Updates on the 2024 Yellow Book and Single Audit requirements.
- Awareness of recent governmental guidance and transparency standards.

This course equips you with the knowledge to ensure compliance, enhance audit quality, and support effective financial reporting for not-for-profit organizations. Don’t miss this opportunity to stay informed and ready for the year ahead.

Upon completing this course, a learner will be able to:

  • Identify elements of the proposed IFR4NPO standards
  • Recall the impact of recent standard setting on programmatic investments
  • Recognize the impact of recent ASUs on nonprofit financial reporting
  • Identify the components of quality management
  • Recall the components of quality management in the 2024 Yellow Book
  • Identify changes to single audits as a result of the 2025 Compliance Supplement
  • Recognize the impact of the 2024 Uniform Guidance on Single Audits
  • Identify the key findings in GAO's Improper Payments: Information on Agencies’ Fiscal Year 2023 Estimates report (GAO-24-106927)
  • Recognize the requirements of the FDTA
  • Identify the impact of the DOE's Related Party Disclosure Requirements on education audits
  • Identify the strategies recommended to fight fraud from the AICPA’s Government Performance and Accountability Committee's Detecting Government Fraud report
Tag: Recorded Content
CPE Credits: 6-Cr Webinar; (8-Cr QAS)
Program Level: Update
Instructor: Melisa F. Galasso
Qualifications: Yellow Book 24
Prerequisites: Prior experience with nonprofit accounting and auditing
Advanced Preparation: None
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.