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Course Details

Overview of Topics

  • Hierarchy of GAAP

    6 mins
  • Financial Reporting Requirements

    47 mins
  • Special-purpose governments

    32 mins
  • Enterprise Funds

    68 mins
  • Introduction to NFP Accounting

    101 mins
  • Gifts In Kind

    143 mins
  • Joint Cost Allocations

    187 mins
  • Management Responsibilities

    242 mins
  • Yellow Book CPE

    275 mins
  • Reporting Confidential and Sensitive Information

    297 mins
  • Cash Management

    351 mins
  • Elements of a Finding

    387 mins

Course Description

Many government and not-for-profit (NFP) organizations require an audit. Since the fiscal year end for many of these organizations is something other than Dec. 31, this type of service presents an opportunity for CPA firms to shift work outside of the traditional busy season. Additionally, these engagements provide audit staff with fresh experiences and industry exposure. The benefits of providing audit services to government and NFP organizations are numerous, yet they may present unforeseen professional liability risks for firms without the necessary knowledge and expertise in these specialized areas.

This webinar is aimed to provide an introduction to accounting and auditing that is unique to nonprofits and governments.

It will cover :

  • Yellow Book
  • Nonprofit accounting and unique differences
  • Introduction to the unique requirements of governmental accounting
  • Explanation of what a uniform guidance compliance audit is and how it is different from financial audits

This foundational course is perfect for those getting started in the nonprofit and governmental arena and those looking for a refresher.

Yellow Book Boot Camp Part 2 is expected in the fall after the COVID Compliance Supplement is issued.  It will cover key changes in accounting & auditing that impact nonprofits and governmental entities. Part 2 is great for experienced professionals as well as those who have completed the Part 1 webinar.

Webinar Qualifies for

  • 4 CPE credit of Accounting for all CPAs
  • 4 CPE credit of Auditing for all CPAs
  • 8 General Educational credit for Tax Professionals/Bookkeepers/Accountants

Learning objectives

  • To identify the key differences in governmental GAAP
  • To recognize the basic requirements in a Yellow Book Audit
  • To describe performance requirements for Uniform Guidance
  • To identify topics unique to nonprofit accounting

About Presenter

Melisa Galasso, CPA

Owner,Galasso Learning Solutions

melisa@galassolearningsolutions.com

Melisa Galasso, CPA, is the founder of Galasso Learning Solutions LLC. With over 15 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. She also supports essential professional development, public speaking, and business skills. Melisa closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.

Melisa earned the Association for Talent Development (ATD) Master Trainer™ designation. She is a member of and frequent instructor for the American Institute of Certified Public Accountants (AICPA), the North Carolina Association of Certified Public Accountants (NCACPA), and the Virginia Society of Certified Public Accountants (VSCPA).

Melisa was appointed in 2016 to the AICPA’s Technical Issues Committee (TIC), which is responsible for monitoring the activities of the various accounting and attestation standard-setting boards and submitting comments and recommendations during the due process phase. Melisa is also currently serving on the Board of Directors for the VSCPA. Previously, she served as President of the Board of NCACPA’s Charlotte Chapter, Chair of the A&A Committee for the NCACPA, and held several leadership positions with the VSCPA.

Melisa received the 2013 Women to Watch – Emerging Leader Award from the NCACPA and AICPA. She is a graduate of the 2014 class of the AICPA’s Leadership Academy. In 2016, Melisa was honored as one of the 50 Most Influential Women by the Mecklenburg Times and received the Top 5 Under 35 Award from the VSCPA. She received a 5.0 Speaker award from the NCACPA in 2015, 2016 and 2017. In 2016, Melisa received the Don Farmer Award from the NCACPA for the highest combined average scores on knowledge, skills, and materials from participant evaluations for all courses taught in a technical area. Melisa is a 2017 and 2018 recipient of the AICPA’s Outstanding Discussion Leader award which is given to the top 10% of all AICPA facilitators around the country.

Prior to establishing Galasso Learning Solutions, Melisa worked in public accounting, industry, internal audit, and academia. She received a Bachelor of Science in Business Administration with a concentration in Accounting and International Business from Georgetown University.

Continuing education for CPAs should be impactful, relevant, and engaging, so using our proven Galasso Learning Solutions (GLS) process, I am committed to providing Continuing Professional Education (CPE) to firms and entities that fulfill real educational requirements for growth and excellence — not just for the sake of compliance.

As Founder and CEO of GLS, I design and facilitate courses in advanced technical accounting and auditing topics. Since GLS values a commitment to excellence in CPE, I closely monitor regulatory bodies for changes in auditing and accounting guidance and serve as a subject matter expert in implementing the updated guidance.

I’m driven by clients who are motivated to invest in high-quality custom training for their members. As my training practice continues to grow through in-person instruction, live webinars, and on-demand replays, so grows my commitment to the core values that set apart GLS in the first place.

GLS has set out to be a positive force in the accounting profession by empowering other CPAs with quality continuing education and through servant leadership in support of an ever-changing profession.

"Melisa is one of the most knowledgeable trainers we have ever brought in to our firm to present. Her technical knowledge is obvious and her being plugged in to FASB, GASB, AICPA and all the pertinent organizations that affect our profession make her stand above the rest. We very much look forward to her next visit.” - Annie M. Yoder, CPA/CFF, CFE | Principal | Rea & Associates, Inc.

HIGHLIGHTS: Association for Talent Development (ATD) Master Trainer™| Certified Professional in Learning & Performance (CPLP) | AICPA Technical Issues Committee member | VSCPA Board Member | CPA Practice Advisor “40 under 40” 2017, 2018 & 2019 | Charlotte NAWBO 2019 Rising Star

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  • Question 4 : 01:00
  • Question 5 : 01:15
  • Question 6 : 01:30
  • Question 7 : 01:45
  • Question 8 : 02:00
  • Question 9 : 02:15
  • Question 10 : 02:30
  • Question 11 : 02:45
  • Question 12 : 03:00
  • Question 13 : 03:15
  • Question 14 : 03:30
  • Question 15 : 03:45
  • Question 16 : 04:00
  • Question 17 : 04:15
  • Question 18 : 04:30
  • Question 19 : 04:45
  • Question 20 : 05:00
  • Question 21 : 05:15
  • Question 22 : 05:30
  • Question 23 : 05:45
  • Question 24 : 06:00
  1. Which one of the following is characteristics that if that matches other organization they are considered governmental organization?
  2. Organizations are presumed to be ___________ if they have the ability to issue directly debt that pays interest exempt from federal taxation.
  3. Which one of the following is the Category A hierarchy of GAAP?
  4. GASB GAAP is focused on which one of the following?
  5. _______ legally authorize the raising of public resources and constrain the purposes for which public resources may be spent.
  6. Which one of the following provides the view that ongoing entities with the ability to take a career‐long view of the employment exchange?
  7. Which one of the following is the objective of financial reporting?
  8. Drainage districts, School districts, and Airports are the examples of which one of the following?
  9. A special‐purpose government is fiscally independent if it has the authority to do which one of the following?
  10. Which one of the following represents conditions that make a primary government is financially accountable for component unit?
  11. Which one of the following is a criteria for reporting a legally separate – tax-exempt organization as a component unit?
  12. There are three types of Funds: Government, Proprietary, and ________.
  13. Which one of the following is a correct type of endowment fund?
  14. Which one of the following is the purpose of UMIFA?
  15. Which one of the following represent the properties of programmatic investment?
  16. How many types of most common programmatic investment the speaker discusses?
  17. Which one of the following accounting and reporting considerations are applied to programmatic investments?
  18. Who issues the Yellow Book?
  19. Content criterion is said to be met if:
  20. Ethical principles apply in which one of the following?
  21. Which one of the following should be included in the engagement letter of nonaudit services?
  22. For a yellow book auditor, an external peer review us must at least once every ____ years.
  23. In the additional requirements for performing financial audit for yellow book, which ‘previous audits and attestation engagements’ requirement should be communicated?
  24. The SEFA is a required part of the financial statements under the Uniform Guidance because?
  1. Since when the Governmental Accounting Standard Board writes S&L government GAAP?
  2. Which one of the following is non-authoritative hierarchy of GASB?
  3. The purpose of governmental organization is:
  4. Which one of the following is the principal source of revenue for government organization?
  5. What does the speaker consider taxes for the citizen?
  6. _______ are present obligations to sacrifice resources that the government has little or no discretion to avoid.
  7. The following is an example of general purpose government:
  8. If the governmental entity’s intent is to directly enhance its ability to provide governmental services, it is reported as a _____.
  9. A fiscal and accounting entity with a self‐balancing set of accounts that the government establishes for accountability purposes in accordance with statutes, laws, regulations, restrictions, or specific purposes is known as ______.
  10. Which one of the following is reporting focuses primarily on the sources, uses, and balances of current financial resources and often has a budgetary orientation?
  11. Major fund calculations must meet which one of the following requirements?
  12. Which one of the following is the method of modified accrual basis of accounting?
  13. ____________ balance sheet does not report general capital assets or general long-term liabilities.
  14. If a government does not establish a policy for its use of fund balance amounts, expenditures should be applied against ________ resources first.
  15. If an activity is financed with debt that is secured solely by a pledge of the net revenues from fees and charges of the activity, it is required to be reported as ____.
  16. Which one of the following represent required financial statements for proprietary funds?
  17. Government-wide financial statements use ____ of accounting.
  18. Which one of the following is included in component units of Government Financial Statements?
  19. Governments are encouraged to present the statement of net position. Which one of the following represent the format of the statement of net position?
  20. The statement that reports all financial and capital resources, including infrastructure and intangible capital assets, except that certain capital assets need not be capitalized, such as certain collections of works of art is known as _____?
  21. Uniform Management of Institutional Funds Act (UMIFA) was created in which year?
  22. Which one of the following represent the method to record the loan receivable when interest is below market?
  23. When the future collectability is uncertain but partial payment is expected, we should:
  24. Whether a loan not paid back is an impairment or forgiveness, it is a matter of ___ in the opinion of the speaker.
  25. When joint costs are allocated and include fund‐raising, which one of the following should be disclosed?
  26. Joint activity costs should be reported as fund‐raising UNLESS which one of the following criteria are met?
  27. Joint costs are allocated to components of the activities based on which one of the following?
  28. In the stand-alone joint-cost allocation method organization should maintain documentation supporting which one of the following?
  29. Which one of the following is a common issue in Functional reporting in Financial Statements?
  30. Which one of the following are the principles that guide the work of auditors who conduct audits in accordance with GAGAs?
  31. For a Government Audit which one of the following may be the engagement an accountant may have?
  32. In legal language “Should” represents which one of the following”?
  33. Whether independence of an auditor is impaired is dependent on which one of the following?
  34. If an auditor is performing nonaudit services, which assurances the auditor should obtain from the management in connection with the nonaudit services?
  35. _________ should determine that external specialists assisting in performing a GAGAS audit are qualified and competent in their areas of specialization.
  36. The firm performing Yellow Book Audit must have:
  37. Which one of the following is the additional requirement for Yellow Book standard for financial audits?
  38. Which one of the following are the required elements of a finding?
  39. In which one of the following conditions the auditor should report the findings directly to parties outside the audited entity?
  40. To be allowable, a cost must.

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
  • Please email to   help@my-cpe.com  in case of any self study program queries.

Reviews

4.8
(5)
80%
20%
0%
0%
0%
  • KT
    Kerry Tovery , CPA
    Oct 28th 2020
    Melisa was very knowledgeable and helpful, and very interested in the topic. I learned numerous new concepts today which help me further appreciate the differences between NFP and other entities. Great job! Also, he reiterated if someone has future questions regarding NFP, he is more than happy to serve as a resource and encouraged folks to contact him
MB
Miranda Borsh , CPA
This is a great course for gaining some overall knowledge about non profits. Very informative and the handouts will be a great resource for helping my clients understand some of the things to consider when forming a new non profit organization
CL
Colleen Lancey , CPA
Webinar with great content related to nonprofit. Instructor with knowledge and experience in handling the subject. I have personally received information that helps to grow our expertise on this subject. Congratulations.
JG
Joanna Garnett , CPA
Melisa, You did an excellent job! The NFP world is getting more and more challenging. And as you know, unless the NFP has some economies of scale, this is going to be a huge challenge for them and rather costly. Disappointing to see another layer of administrative burden being put on our NFP's.
TG
Tevin Grace
The course was very focused and specific to the topic, the presenter was amazing, very knowledgable and offered to address questions directly via email. Truly thought provoking presentation and offered highlights to consider to strengthen your NP organization overall. Very glad I attended

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) 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 registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

On-Demand Webinars

IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES
Wednesday, November 11, 2020 View Details/Register
PASSIVE LOSS ISSUES WITH SCHEDULE K-1S
Wednesday, November 11, 2020 View Details/Register
IRS TAX PRACTICE & PROCEDURE INTRODUCTION
Friday, November 06, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES
Friday, November 06, 2020 View Details/Register
ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES
Thursday, November 05, 2020 View Details/Register
COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS
Monday, November 02, 2020 View Details/Register
Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS
Monday, November 02, 2020 View Details/Register
HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION
Monday, November 02, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates
Friday, October 30, 2020 View Details/Register
IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE
Wednesday, October 28, 2020 View Details/Register
IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)
Wednesday, October 28, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register
WORK WELL REMOTE: BOUNDARIES FOR BETTER HABITS
Wednesday, October 21, 2020 View Details/Register
  • Cost $120
  • CPE Credits 8
  • Subject Area Auditing (Govt.) (4 Credit)
    Accounting (Govt.) (4 Credit)
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Published Date October 26 ,2020
  • Who should attend? Bookkeeper Accountant CPA - Small Firm CPA - Mid Size Firm Accounting Firm CPA (Industry) Auditors Young CPA CPA in Business Entrepreneurial CPA Accounting Practice Owners VP Accounts Accounts Director Chief Accounting Officer Entrepreneurial Accountant Accounting Managers Staff of Accounting Firm
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES
Wednesday, November 11, 2020 View Details/Register
PASSIVE LOSS ISSUES WITH SCHEDULE K-1S
Wednesday, November 11, 2020 View Details/Register
IRS TAX PRACTICE & PROCEDURE INTRODUCTION
Friday, November 06, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES
Friday, November 06, 2020 View Details/Register
ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES
Thursday, November 05, 2020 View Details/Register
COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS
Monday, November 02, 2020 View Details/Register
Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS
Monday, November 02, 2020 View Details/Register
HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION
Monday, November 02, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates
Friday, October 30, 2020 View Details/Register
IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE
Wednesday, October 28, 2020 View Details/Register
IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)
Wednesday, October 28, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register
WORK WELL REMOTE: BOUNDARIES FOR BETTER HABITS
Wednesday, October 21, 2020 View Details/Register