2016 Not-For-Profit Accounting Conference

The 2016 Not-for-Profit Accounting Conference, hosted by the North Carolina Association of Certified Public Accountants, is the only state-wide conference focused specifically on addressing the unique needs of the nonprofit sector. Dianne Chipps Bailey participated in three sessions at the daylong event:

• More Than a Headline Risk: When Nonprofit Assets are Misused by Insiders and Others. Dianne provided an overview of the web of federal tax rules that penalize nonprofits and their leaders when charitable assets are used for inappropriate personal gain. She discussed the federal intermediate sanctions, private inurement and private benefit rules in addition to select state laws applicable to nonprofits, including limitations on personal loans and breaches of fiduciary duties. Bailey also discussed strategies to create a culture of compliance to prevent the misuse of assets. The conversation concluded with reflections on traps for the innocent but unwary as well as recent federal and state enforcement actions. (12-1 p.m.)
• Hot Topics in Nonprofit Governance: Leveraging Your Board for Success. Whether you are a new board member or a seasoned volunteer looking for a refresher on best practices, this workshop was for you. Volunteer leaders play a critical role in the success of nonprofit organizations. Strong, knowledgeable board members help nonprofits gain credibility, provide access to community resources, and serve as effective advocates. Nonprofits that lack strong board leadership often languish or, worse, find themselves the subject of media or governmental inquiry. During this workshop, Bailey explored hot topics in nonprofit governance offering tools and techniques to minimize your personal exposure to liability and leverage your board for success. (1:50-2:40 p.m.)
• Tax Q&A Panel (2:50-3:40 p.m.)