A Thought Leader Production by PKFTexas
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here today with Marty Lindle, a Director in our Audit department and one of the faces of PKF Texas’ Broker-Dealer team. Marty, welcome back to The Playbook.
Marty: Thanks, Jen. Thanks for having me.
Jen: I know that the PCAOB…
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Kristin Ryan, an audit senior manager and one of the faces of PKF Texas’ Employee Benefit Plan team. Kristin, welcome back to the playbook.
Kristin: Good to be here.
Jen: So, we’ve talked about fiduciary responsibilities, but…
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here with Kristin Ryan, audit senior manager and one of the faces of PKF Texas’ Employee Benefit Plan team. Kristin, welcome to the playbook.
Kristin: Thanks for having me, Jen.
Jen: We’ve talked a little bit about common deficiencies with…
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I am back again with Michael Veuleman, Audit Practice Leader and one of the faces of PKF Texas’ Employee Benefit Plan team. Michael, welcome back to the Playbook.
Michael: Thanks, Jen. It’s good to be back.
Jen: So, with 401(k) plans,…
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here with Michael Veuleman, Audit Practice Leader and one of the faces of PKF Texas’ Employee Benefit Plan team. Michael, welcome back to the Playbook.
Michael: Thanks, Jen. It’s good to be here.
Jen: So, Michael, with cyber security being…
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here again with Kristin Ryan, Audit Senior Manager and one of the faces of PKF Texas’ Employee Benefit Plan team. Kristin, welcome back to the Playbook.
Kristin: Thanks. Glad to be here.
Jen: So, we held a recent seminar focusing…
Jen: This is the PKF Texas Entrepreneurs Playbook. I’m Jen Lemanski, and I’m back again with Nicole Riley, an Audit Senior Manager and one of the faces of PKF Texas’ Not-for-Profit team. Nicole, welcome back to The Playbook.
Nicole: Thanks, glad to be here.
Jen: Now as a CFE I know you talk about fraud – Certified Fraud Examiner. What is occupational fraud, and can it happen in a not-for-profit organization?
Nicole: So occupational fraud really is a fancy word for employees stealing. And yes, unfortunately it does happen in the not-for-profits. The 2018 Report to the Nation by the Association of Certified Fraud Examiners found the median loss at a not-for-profit was $75,000 per instance.
Jen: Wow.
Nicole: Yeah. It is actually better than the for-profit loss; the median loss there was $164,000, but not many nonprofits that I know can handle a $75,000 loss in their budget, and that doesn’t even consider the indirect impact on their reputation or the loss of donor trust.
Jen: Right. So, how does fraud happen in a not-for-profit organization? It seems like there’s so few people you’d be able to catch it quick.
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Frank Landreneau, a Director and one of the faces of our International Tax team. Frank, welcome back to the playbook.
Frank: It’s great to be back.
Jen: In our last segment, we were talking about mistakes that multi-foreign multi-national companies can make when they’re doing some debt financing. Can you elaborate a little bit more on that?
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Nicole Riley, an Audit Senior Manager and one of the faces of the PKF Texas Not-for-Profit team. Nicole, welcome back to The Playbook.
Nicole: Thank you. Glad to be here.
Jen: You know, we’ve been covering topics relevant to not-for-profit organizations, and one thing I noticed that you’ve talked about with clients are the fiduciary responsibilities of a board member. Can you elaborate on that a little bit?
Nicole: A lot of board members don’t realize that they do have a fiduciary duty, and it’s really important that they understand that, because they could be held financially responsible for the financial harm they do to an organization.
Jen: Wow, interesting. So, are there certain steps that they need to be mindful of?
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here with Brian Baumler, the Energy Practice Leader at PKF Texas and the Chair of the 17th annual TXCPA Houston Energy Conference. Also with us today is Jennifer Poff, the Executive Director of TXCPA Houston, and Tracy Tyler, the Co-Chair, as well as the Managing Director at WG Consulting. Welcome to The Playbook, everyone.
Jennifer: We’re glad to be here.
Brian: Thanks, Jen. I appreciate you having us here.
Tracy: Thanks, Jen.
Jen: Let’s kick this off. Jennifer, tell us as little bit about TXCPA Houston.