Tag: ACTG

Scholar Lunch

Come to L203 at noon. If you’re one of the first to arrive, you can have free pizza. The meal’s entertainment consists of five minute talks by representatives from majors and minors across campus. Speakers will take a single idea they learned from their major or minor coursework, explain it, explain why it’s useful or beautiful, and explain why they personally love it. Scheduled speakers:
Courtney Alldridge, Business
Angela Cusano, Communication
Tessa Galindo, Spanish
Andres Martinez, Accounting
Gabrielle Morales, English
Jordan Norris, Psychology
L203
Noon – 1 PM
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Scholar Lunch

Come to L203 at noon. If you’re one of the first to arrive, you can have free pizza. The meal’s entertainment consists of five minute talks by representatives from majors and minors across campus. Speakers will take a single idea they learned from their major or minor coursework, explain it, explain why it’s useful or beautiful, and explain why they personally love it. Scheduled speakers:

  • Annie Anderson, Music
  • Michael Buss, Communication
  • Jessica Garner, Accounting
  • Kelsey Hansen, Psychology
  • Bri Jury, Spanish
  • Stephen Kaelin, History
  • Gabe Piechowicz, Christian Ministry
  • Laurie Salness, English

L203

Noon – 1 PM

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Caeli Barnhart

National Coalition for Homeless Veterans

The National Coalition for Homeless Veterans is a 501(c)(3) non-profit organization dedicated to providing support for homeless veterans through job training, health care services, and housing opportunities. An analysis of the organization’s Form 990 will discuss the governance and program services offered by the organization. This form also reviews the accomplishments, including the mission statement, revenues, and expenses. The presentation will evaluate whether the organization’s significant activities are favorable or unfavorable compared to prior years. It will provide an overview of the financial statements and different tax schedules. Also it will examine if paid personnel have been properly identified as employees to ensure the correct payroll taxes have been calculated. The overview of the National Coalition for Homeless Veterans will offer insight into the activities and programs of the organization and give a better understanding of how donated resources are being used.

ACTG 470, Accounting for Non-Profit Organizations

Stacey Lewis

P103

10 AM – Noon

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Selina Chacon

World Wildlife Fund

The non-profit organization World Wildlife Fund has been protecting the future of nature for 50 years. They work in 100 countries and are supported by more than one million members in the United States and close to five million globally. Since they are not for profit, the presenter will be focusing on their Form 990 helping to elaborate on why you should help contribute to their cause. Topics that will be covered are their financials, accomplishments, and their work.

ACTG 470, Accounting for Non-Profit Organizations

Stacey Lewis

P103

10 AM – Noon

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Riley Charlish

YMCA Form 990

I will be presenting how the YMCA fills out their Form 990. A form 990 is a tax form that presents information to the public on non-profits. Since these organizations are tax exempt, this form shows where their money comes from and how they use their money. I will be dissecting selected sections of the form that will give a description of the vital information.

ACTG 470, Accounting for Non-Profit Organizations

Stacey Lewis

P103

10 AM – Noon

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Tyler Farmer

FIFA 990 Form

For my ACE Day presentation, I will be talking about FIFA’s 990 form. The 990 form is a form that organizations must file to the IRS each year. The 990 form disallows non-profit organizations to abuse their tax-exempt status. FIFA was established in 1904 to oversee international competition in soccer. FIFA notably known for the major international tournament the World Cup. This event collected over 901 million dollars in revenue. Which makes this event profitable, even though the World Cup only happens every four years.

ACTG 470, Accounting for Non-Profit Organizations

Stacey Lewis

P103

10 AM – Noon

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Joshua Goins

The First Tee, Chicago Non-Profit

The First Tee is a nation wide non-profit that incorporates the game of golf into the lives of children and young adults along with the life lessons that come with the game. There are over twelve hundred chapters in the United States and the presenter will focus on the financial statements of the Greater Chicago chapter. The first tee is a 501(c)3 non-profit and because of that they file a form 990. Most tax-exempt organizations that have gross receipts of at least $200,000 or assets worth at least $500,000 must file Form 990 on an annual basis. The presentation will break down the different parts, schedules, and statements inside the form. The different portions will be shared in a manner that is understandable to the general public, and end with an explanation to why (or why not) this is a valid non-profit to donate finances or time.

ACTG 470, Accounting for Non-Profit Organizations

Stacey Lewis

P103

10 AM – Noon

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Lauren Oliver

Girl Scouts 990 Presentation

For ACE Day, I will presenting on the non-profit organization Girl Scouts for the Non-Profit Accounting 470 class. Throughout the presentation the audience will learn about who the Girl Scouts organization is, their history and their 990 Form. The 990 Form is important because it lets the public know their records and gives potential donors some insight before donating to them. It also informs the IRS the nonprofits financial status and see if they meet the qualifications for being tax exempted. Within the presentation there will be slides that cover the organizations service accomplishments, required schedules, IRS Filings, Management, Compensations, Statement of Revenue, Balance Sheet, Financial Statements, Contributions and many more. The purpose of this presentation is to inform audiences on whether or not from the research done, if the organization is a good place to donate to and whether or not their money is going to actually benefit what they are saying will.

ACTG 470, Accounting for Non-Profit Organizations

Stacey Lewis

P103

10 AM – Noon

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Jessica O’Reilly

Holt International Form 990

Holt International is a non-profit organization that uses Christian principals to navigate them through their services of family strengthening, orphanage and vulnerable children care, and adoption services. The presentation will be breaking down their form 990 and presenting it to the audience in order gain insight of how and where their finances are being appropriated. The presentation is distributed as follows: Statements regarding other IRS filings and tax compliance, governance, management, and disclosure; compensation of officers, directors, trustees, key employees, highest compensated employees, and independent contractors; statement of revenue, statement of functional expends, balance sheet, financial statement and reporting; schedule A, Schedule B, schedule C, schedule J, schedule L, schedule O. The Form 990 is an informational tax form that most tax-exempt organizations must file annually. It gives the IRS an overview of the organizations activities. The organizations give an outline of the accomplishments for the previous year to justify the tax-exempt status. The IRS wants to be secure that the organization in question will continue to qualify for their tax-exempt status. Holt International must fill out the Form 990 because their gross receipts and assets are more than $200,000 for receipts and/or $500,000 worth of assets.  The Form 990 requires organizations to describe its mission or any other significant activates, as well as financial details on its revenues, expenses, assets and liabilities.

ACTG 470, Accounting for Non-Profit Organizations

Stacey Lewis

P103

10 AM – Noon

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Mikaila Riddle

The Humanity and Hope United Foundation

The Humanity and Hope United Foundation is about helping create opportunities in small villages in Honduras. They are a 501(c)(3) non-profit organization and therefore must file a 990. A Form 990 is a way for tax-exempt organizations to report their financials, while keeping it public. This allows the public and the IRS to evaluate the organizations financials and form an opinion. The presenter will be presenting about the mission and vision of this organization, their financials, and any schedules they have to prepare for tax purposes.

ACTG 470, Accounting for Non-Profit Organizations

Stacey Lewis

P103

10 AM – Noon

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Alyxe Bruns, Jordan Myers & Calvin Philpott

The Sarbanes-Oxley Act

The Sarbanes-Oxley Act was passed in 2002 to protect investors from fraudulent accounting activities by corporations. This act was passed in the wake of many high profile corporate scandals, like Enron and WorldCom, and drastically changed the role of an accountant. This presentation will provide an analysis of the Sarbanes-Oxley Act and the reform that it caused in the accounting field.

ACTG 499, Senior Capstone

Frank Paliotta

Banquet Room

9 – 11 AM

Brittany Hanania, Kori Kapihe & Stephanie Roland

Financial Regulation in the Business World

This discussion is on the implications of accurate and regulated financial records, as they relate to the areas of taxation and auditing. A summary will be given of the history of American financial regulations and their governing bodies. Analysis of key areas in financial regulations will be compared to international regulations on financial record-keeping. Tax and auditing regulations currently in America will also be analyzed to provide an understanding of the reliability that implementation of such regulation brought about. It is expected that these analyses will support the argument that standardized regulation ensures financial accuracy in the business world.

ACTG 499, Senior Capstone

Frank Paliotta

Banquet Room

9 – 11 AM

Sonia Mayhood, Brian Phifer & Philip Velie

GAAP vs IFRS

Our group will be analyzing the differences between IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles). The reason these differences are important is because GAAP is used by US based companies while IFRS is used by most other developed nations. The governing bodies of GAAP and IFRS are tying to combine their standards in order to create a simpler, more streamlined standard that is in use globally. This combination will affect every US-based business and needs to be analyzed, which is what we hope to do.

ACTG 499, Senior Capstone

Frank Paliotta

Banquet Room

9 – 11 AM

Charles Cox

Revenue Recognition and the International Accounting Standards vs American Accounting Rules

I want to speak on revenue recognition and the difficulties facing American businesses that want to do business on an international level. International standards differ from American standards, but must eventually be merged.

ACTG 499, Senior Capstone

Frank Paliotta

P114

10:30 – 11 AM

Beth Colon

Operating Segments—How FASB Says to Account For Them

This presentation is going to explore the history of FASB, Statement No. 131. It will define what is an operating segment and what disclosures are mandated. It will show how using different methods to allocate non-traceable expenses will effect the company’s financial statements.

ACTG 499, Senior Capstone

Frank Paliotta

Banquet Room

1 – 3 PM

Brooke Davis & Brent McKee

How Fraudulent Financial Reporting Presents the Proper Allocation of Resources in Accounting

The purpose of our presentation is to, through examination of cases, show different types of fraudulent financial reporting, and to explain the issues that accompany it. Accountants are responsible for properly allocating resources, and through the years, there have been many instances where this has been done illegally. The Sarbanes-Oxley Act of 2002 gives the proper way to handle things, and this presentation will compare the act to fraud in real-life situations.

ACTG 499, Senior Capstone

Frank Paliotta

Banquet Room

1 – 3 PM

Jeff Phillips

Convergences Project: FASB and IFRS

Due to developments and movement towards a one world economy, a joint activity of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) called project convergence has been initiated. The convergence project has the objective of matching the two board’s present standards and adapting the two sets of standards into a single set of generally accepted accounting principles (GAAP). For my capstone project, I will present an oral report on the similarities and differences that will have to be resolved in order to forge a single set of generally accepted accounting principles.

ACTG 499, Senior Capstone

Frank Paliotta

L203A

1 – 1:30 PM