Inaugural Tribal Accounting Conference November 16th & 17th, 2015 The Linq Las Vegas, NV

Transcription

1 Inaugural Tribal Accounting Conference November 16th & 17th, 2015 The Linq Las Vegas, NV 1

2 7:30 8:30am Registration/ Breakfast / Exhibit Hall Opens 8:30 8:40am Opening Prayer 8:40 8:45am Opening Remarks 8:45 9:30am Accounts Receivable Executing your Accounts Receivable process- generating invoices, getting them to the customers, using the sales ledger, collecting the funds, and applying the monies received. Bookeeping and balance sheets- what type of balance sheet you should use and how to fill it out properly. Poorly managed accounts receivable can lead to cash flow problems. What are some of the best practices you could use to improve the receivables process? Is your accounts receivable system based on trust? Slow paying customers can lead to cash flow problems. Set up a system that ensures your customers receive your invoices immediately and can easily pay on time. Examine the benefits of mobile imaging for accounts receivable to help improve user experience for customers while generating ROI for institutions. Explore how mobile imaging can simplify accounts receivable by creating a "no-login" bill pay process. 9:30 10:15am Accounts Payable How Does Your AP Department Stack Up? Three top goals that senior management has for Accounts Payable: cut costs, reduce staff and improve timeliness. Is your AP department doing what you need it to for your tribe? Discover AP strategies that can increase efficiency and modernize your system. If you have not automated your AP plan, you can still learn how to successfully manage paper invoice processing. Professionals can share stories of successes and challenges to improve AP departments. 2

3 10:15 10:45am Coffee Break in Exhibit Hall / Networking Opportunity 10:45 11:30am Accounts Payable Automation Plans The move to Accounts Payable automation has been trending for a number of years, and that trend is only going to continue. Large, mid-sized, and small companies have recognized the need to free themselves from paper. They comprehend the value of real-time visibility into their invoice stream, and they understand the benefits a company can realize when payments are made, accurately and on time. The trick is sorting out the AP automation landscape- what are the best strategies for developing a top AP automation plan? With so many choices, which plan is best for your tribe? Automation packages are designed to support the needs of different -sized organizations. Determine what tools are the most effective for the transformation and find automation package that is easy to implement. Find the simple tricks to help you make the right choices. Explore how automation can help you cut costs and complexity as well as improve your financial decision-making ability by using a streamlined, automated process. 11:30 12:00pm Procurement Card (P-Card) Program P-Cards reduce the time and cost of paying for a variety of business-tobusiness (B2B) purchases and can greatly streamline the procurement process. Is a P-Card right for your tribal business? Does your P-Card program need a boost to move forward? Discover how to successfully manage a P-Card program. Learn how P-Cards add value and can impact your organization. In 2012, an example of P-Card abuse emptied a tribal office s budget- don t let that happen to you. Discuss updating your program controls to avoid P-Card abuse and fraud. 12:00 1:00pm Lunch / Networking Opportunity / Exhibit Hall 3

4 1:00 1:45pm Launching or Upgrading Enterprise Resource Planning (ERP) Systems ERP stands for Enterprise Resource Planning and refers to automation and integration of a company or organization s core business to manage the business and help them focus on effectiveness & simplified success. In this economy, there is a need to continue operations using fewer resources. Tribal communities today have more services offered that demand careful tracking and integration with other data. Does your tribe need an ERP system? How can ERP systems help your tribe and improve your daily financial work? The importance of integrated data- how Excel and Word can only do so much. Users often need to be able to integrate needed profiles. Navigating your way through the process of choosing a system can be daunting and confusing. How can you determine which system is best for you and your tribe s needs? Chose an ERP system that will grow with your business, allow for seamless systems integration, and do your research. Explore the keys to success in optimizing your ERP system and the benefits of optimizing your system. 1:45 2:30pm Preparing for an Audit If your Tribe is receiving federal funding, you are required to have an annual financial audit by an independent auditor. The importance of these annual audits is critical to the overall financial success of the Tribe. Failure to provide these audits can result in the Tribe being placed on a high-risk status and facing rescission of its federal programs by the Department of the Interior. Explore the audit process, standards, and variances for each type of audit and make sure your tribe is prepared for every audit. 2:30 2:45pm Afternoon Break / Networking Opportunity / Exhibit Hall 4

5 2:45 3:30pm 3:30 4:15pm The New Super Circular The US Office of Management and Budget (OMB) released the updated Super Circular on December 26, 2013, but changes may not be fully implemented right away. This release has ushered in the largest rewrite of pre- and post-award grant policy- what exactly are those changes? The new Super Circular fills 103 three-column pages in the Federal Register, but what is the big picture of federal grant reform? Grants will be fundamentally changed- they are no longer viewed as gifts with strings attached. Explain how grants are now assistance agreements and the terms and conditions that bind the grantor and grantee. Explore the impact of these changes- benefits, burdens, and risks. The new grant design environment can become competitive. How will newly formed and smaller organizations be able to compete successfully? Explore the changes in financial reporting, internal control requirements, cost principles, and audit requirements. Indian tribes may opt out of making their audit reporting package publicly available online. To successfully implement the new rules, it is important to know the provisions that apply to your specific type of organization and your situation. The Affordable Care Act and How It Affects Native America The Affordable Care Act (ACA) requires that Americans have health coverage or face a tax penalty, but Alaska Native and American Indian people have special protections and benefits. Alaska Native and American Indian people are exempt from the requirement that you have health care. Explore information on exemption rules and regulations. How and when to apply for the exemption to avoid the tax penalty - IRS Tax Form 8965, titled Health Coverage Exemptions. What do you do if you already have health care coverage? Can you apply for the Indian Exemption anytime you have a gap in health care coverage? There are special benefits in the ACA for Alaska Native and American Indian people who chose to purchase health care coverage. The federal government may pay out-of-pocket costs like deductibles, copayments, and coinsurance. Can you still have insurance if you don t purchase health care coverage? It is important to know that you and your family will still be able to get health care services at Tribal health facilities. Learn more about the Tribally-Sponsored Health Insurance project. 5

6 4:15 5:00pm The General Welfare Exclusion Doctrine The Tribal General Welfare Exclusion Act of 2013 passed both the House and Senate with strong bipartisan support and numerous co-sponsors, including all of Alaska s congressional delegation. The IRS issued formal instructions on how to deal with tribal welfare programs, and gave tribes the benefit of the General Welfare Doctrine, which allows federal, state, and local governments to operate tax-exempt social programs. What is not taxed? The legislation includes temporary suspension of the targeted audits and a mandate for IRS field officers to receive training in federal Indian law, training that should include Tribal representatives. The IRS can no longer harass Tribes with audits or threaten sovereignty. A Tribal Advisory Committee within the Treasury that will advise the Secretary on Indian tax policy will be created. What does this mean for Native Americans? 5:00pm Day One Adjourns 6

7 Tuesday, November 17th 8:00 9:00am Breakfast / Networking Opportunity / Exhibit Hall 9:00 10:00am Employment Tax If Tribal gaming operations have compensated workers, the operation is subject to employment taxes. What taxes are tribal gaming operations required to pay and from what are you exempt? IRS forms to file for compensated workers - independent contractor vs. employee All tips received by an employee are taxable income subject to federal income tax. Know when to report tip income and at what threshold tips are wages that become subject to FICA and federal income tax withholding. Explore how to make federal tax payments and when to make deposits. 10:00 10:15am Morning Break / Networking Opportunity / Exhibit Hall 10:15 11:00am Reporting- Tribal Gaming Title 31 The Tribal Gaming Industry saw multiple regulatory changes to the Bank Secrecy Act. It is evident by the newly adopted NIGC regulations and the interpretation of Title 31/BSA regulations that all casinos are not the same and different internal controls need to be in place and embraced by each facility. Do you know all the current issues and changes in Title 31 and Tax Reporting for your gaming property? Understand the current Title 31 and tax reporting requirements in order to protect Tribal assets and help ensure your gaming operation is in compliance with regulations. Discuss some of the potential pitfalls of reporting, documentation, and data accumulation and what you can do to avoid them. What are the recordkeeping requirements for all financial institutions? Review changes to FinCEN Title 31 requirements. Review Customer identification and withholding requirement policies for IRS reporting. Review current IRS reporting requirements for customer gaming activities W2G, 1099, 1042-S, etc. What are the differences and when is each used? 7

8 Tuesday, November 17th 11:00 12:00pm New Class II MICS and Anti-Money Laundering Programs The Tribal Gaming Industry saw multiple regulatory changes to NIGC Class II MICS in Explore the differences between Class I, Class II, and Class III gaming operations. Review the new internal control regulations, their implementation, the testing procedures and requirements, and the auditing process. Each casino must develop and implement a written anti-money laundering program, and each casino must produce its own program based on an analysis of its products and services. An effective program is designed to prevent the casino from being used to assist in money laundering and terrorist financing. Have you created your program yet? 12:00 pm Conference Adjourns 8