I came to Armanino for the unique opportunity to work only with nonprofits and to advise clients who are a major part of the community. It is a much more entrepreneurial environment than I experienced in other firms, and it is exciting to have the latitude to decide how to tackle business problems and form the right teams to do so. I’ve been empowered to take the lead in developing my nonprofit tax team, and I enjoy having the professional freedom to make decisions that have impact on the firm and our community of clients.
As investments get more complicated and global, tax issues for nonprofits get more complex as well. Nonprofits can expose themselves to tax and many additional regulatory filings through the investments they make, and nonprofit boards are responsible for the prudent investment of charitable assets. Investment committees will need to balance their goals for investment returns with the potential exposure to risk and expense that nontraditional investments can generate.
I think we can also expect more oversight and regulation of donor-advised funds in the coming years. DAFs are increasingly subject to questions about whether donors are “parking” valuable assets in charitable organizations, only to later receive additional personal benefits from the property. I expect that we will receive new rules about spending requirements and additional disclosures for DAFs sometime soon.
I really enjoy working with clients who are collaborative and who want to understand the “why” behind their public reporting. It’s their opportunity to highlight their successes and how their mission is impacting the community, and I really like helping them understand what exactly they are telling the public about themselves. The IRS relies pretty heavily on the public to oversee charitable organizations, so the information our clients provide on their returns is important to their long-term ability to maintain their exempt status. The best clients understand this and take good advice.
I know it sounds strange, but my educational background was in the humanities, so it was a proud moment when I passed the CPA exam and received my CPA license.
You’ll have the most success, and more opportunity, if you’re open to learning new things, are flexible, and readily accept correction while you are learning. I learn something new every day – never stop learning. And most importantly, choose to find humor in situations that would otherwise be frustrating.
All the people that I work with on the team, in the firm, and at our clients, and being able to help other people achieve goals together.
