Jennifer Williams and Jessica Story Speak at GSCPA Not-for-Profit Conference
Jennifer Williams, CPA, and Jessica Story, CPA, recently spoke to attendees at the Georgia Society of Certified Public Accountants’ (GSCPA) Not-for-Profit Conference.
The GSCPA Not-for-Profit Conference focuses on helping organizations stay current on regulatory and governmental changes, while finding ways to operate more efficiently and make the most of limited resources. Attendees hear from industry professionals and discuss strategies to strengthen planning and better serve their organizations.
During the conference, Jennifer and Jessica presented on nonprofit financial statements, with a focus on revenue recognition and disclosure risks. Their session highlighted key considerations under FASB ASC 958, including how to properly distinguish between conditional and restricted contributions and the impact those determinations have on financial reporting and disclosures.
They emphasized a specific provision related to conditional contributions: for a contribution to be considered conditional, it must include both a measurable barrier that must be overcome and a right of return (or release) for the donor if the condition is not met.
Jennifer and Jessica also walked through practical examples, such as grant agreements tied to performance milestones, matching requirements and reimbursement-based funding, helping attendees identify potential disclosure risks and apply the guidance accurately.
Jennifer is a Principal in Warren Averett’s Audit Division and works closely with nonprofit organizations on financial reporting and regulatory matters. She has extensive experience with financial statement and Uniform Guidance audits and regularly works with boards, audit committees and leadership teams to provide guidance.
Jessica is a Member in the firm’s Audit Division and has been with Warren Averett since 2008. She manages and oversees audits, reviews and agreed-upon procedure engagements, working with a variety of nonprofit organizations, including schools, foundations and faith-based organizations, as well as clients in the healthcare industry.
Warren Averett’s Public Sector Industry Group provides comprehensive, tailored solutions to nonprofit, government and education clients. The team understands the unique challenges these organizations face and is committed to helping them operate efficiently while meeting their goals.
Learn more about Jennifer Williams and Jessica Story.