2020 Higher Education Virtual Conference

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  • 2/19/2020
  • Webinar
  • Hosting Speaking

CLA hosted our second annual Higher Education Virtual Conference on February 20. This intensive half-day session provided insight to help you navigate the changing world of higher education.

Sessions

How Financial Modeling Contributes to Financial Strength

Learn how institutions can use financial modeling intelligence to analyze alternative operational and capital initiatives as part of their integrated planning process and how to align planning with resource allocation and assessment to improve outcomes, use financial modeling intelligence to guide planning efforts and influence resource allocation decisions, and investigate various ways to apply financial modeling in support of planning at your institution.

Learning objectives:

  • Explain why financial modeling is important to institutions
  • Review best practices in creating financial models
  • Identify how costs of institutions can be understood in relation to revenue both historically and prospectively

Speakers: Leah Lindstrom, Rich Wagner (President of Dunwoody College of Technology)

Webinar recording timestamp: 0:04:05 – 1:06:27

GLBA Requirements for Higher Education Institutions and an Introduction to Risk Assessments

The close of fiscal year 2019 finally saw the formal inclusion and requirement of GLBA compliance as part of the student financial aid audit within the 2019 compliance supplement.

After various communication as to whether the Gramm-Leach-Bliley Act (GLBA) would be included as part of the student financial aid audit, the requirement was included in the 2019 compliance supplement. This session will describe the latest information on the specifics of the GLBA requirement, highlight what is include in the compliance supplement and provide actionable strategies to manage compliance efforts and reduce the likelihood and impact of a finding.

Learning objectives:

  • Outline GLBA’s specific requirements as they relate to the higher education industry
  • Identify what is required in the 2019 Compliance Supplement as it relates to Student Financial Assistance and what could potentially be included in the future
  • Describe the GLBA risk assessment process and key steps required in the risk assessment

Speakers: Kadian Douglas, Brian Pye

Webinar recording timestamp: 1:06:27 – 2:06:40

The Audit: Stressful and Adversarial Process or Educational and Collaborative Opportunity?

The audit for many is a necessary evil. It takes many hours of preparation, fielding questions and chasing down open items. Deirdre Hodgson has been through many audits and has learned best practices that will make your audit process one to take advantage of. Hear where things can go wrong in the process and how to make them right. 1) planning and preparation 2) fieldwork 3) wrap up and board reporting.

Learning objectives:

  • Explain the audit process
  • Review best practices in each stage of the process
  • Identify how to create a collaborative approach with your auditors

Speakers: Deirdre Hodgson

Webinar recording timestamp: 2:06:40 – 3:09:16

Concurrent Session: GASB Update

Several soon-to-be-implemented standards will be reviewed, along with implementation issues that may arise for preparers due to the various standards’ requirements. GASB 84 and 87, on Fiduciary Activities and Leases, respectively, will be covered, along with several other, perhaps less impactful, new standards.

Learning objectives:

  • Recognize the provisions of recently issued GASB standards
  • Identify the impact on higher education financial reporting
  • Review upcoming proposed GASB activity

Speakers: Jean Bushong, Chris Knopik

Concurrent Session: FASB Update

A timely accounting update for private colleges and universities with the focus being ASU 2018-08, Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made and ASU 2014-09, Revenue from Contracts with Customers along with a look at Accounting Standards Updates applicable to higher education.

Learning objectives:

  • Describe technical and compliance requirements of the revenue recognition standard (ASC 606) and lessons learned from implementation
  • Describe technical and compliance requirements of the grants and contributions standard update (ASU 2018-08) and lessons learned from implementation
  • Review recent accounting standards and updates issued by FASB

Speakers: Michael Johns, Yuliya Ostapenko

 

Presentation Slides

Webinar Recordings

 

Event materials

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