Rising Political, Economic, and Digital Challenges for Not-For-Profits Discussed by Leading Experts
Hosted by SC&H Group and SunTrust the Summit partners not for-profits with the region’s leading experts to provide strategies for managing today’s biggest challenges.
Not-for-profit financial leaders and executives throughout Maryland are facing a growing number of challenges from heightening geo-political conditions and shifting economic landscapes, to potentially crippling cyber-attacks, and the perpetual growth of digital communications, as told by a group of experts at a summit May 3rd hosted by SC&H Group and SunTrust.
Indeed, the executives, who help run some of the largest non-profit organizations in the Maryland area, had much to digest during the popular Not-for-Profit Summit, which is held twice annually in Baltimore and Washington, D.C., and is an opportunity for non-profits to learn innovative practices to traverse the issues they face.
“Not-for-profit organizations face a lot of the same issues as for-profit companies do,” said Mike Young, Director of SC&H Group’s Tax and Audit Advisory practice. “They have to be prepared to handle the same challenges as everyone else. Cyber attacks in particular, but also changes to the tax code and other government rules and regulations. There’s a lot to be prepared for.”
“We are pleased to once again partner with SunTrust, a leading financial services company, who has been a great partner in supporting the region’s not-for-profit organizations,” Young continued. “We share a common interest in providing our Clients and others with valuable and timely information that affords insight and practical advice for business success. This ongoing event is a great example of how we are fulfilling this effort.”
To help the non-profits prepare for the challenges in 2017, the summit focused on key topics such as cyber security, recent and pending changes to accounting standards and tax regulations, as well as navigating the media. Additional sessions covered included: the current state of the economy and the impact on investment strategy interest rate management and leveraging treasury management solutions. For a full list of speakers and topics visit: https://www.schgroup.com/resource/blog-post/sch-group-suntrust-host-spring-2017-not-profit-summit/
During the summit experts expressed optimism with the economy and said conditions for economic growth are strong.
“Near term risks are not as high as they have been recently,” said Fred Walls, Managing Director at SunTrust. “We have seen a rebound in global GDP, and have a low risk of near term recession. Emerging markets are improving and earnings continue to rebound.”
Brandon Artigue of SunTrust Robinson Humphrey, said “There is a high probability interest rates will be raised by the Fed (Federal Reserve Board of Governors) come year end.”
With the good news, came warnings.
Paula Raynor, Tax Manager, at SC&H discussed the political sphere and proposed tax legislation that, “Could potentially discourage charitable giving in the middle [tax] bracket.”
Raynor noted that new legislation is being debated that could eliminate many tax incentives for charitable giving.
Additionally, a panel of experts examined the growing concerns for cybersecurity. Bobby Turnage, Partner at Venable, urged non-profits to, “Have an instant response plan in place. Your plan for game day. When you have a cyber-attack. The day you start thinking about it shouldn’t be the day you have a problem.”
The companies will hold the next non-profit summit this fall in Washington, D.C. The event will continue to focus on providing lasting impact and education for the region’s vital network of not-for-profits. SC&H and SunTrust believe it is a fundamental aspect of their businesses to help grow the not-for-profit community, most of which dedicate themselves to helping others.
About SC&H Group
SC&H Group is an audit, tax, and business consulting firm dedicated to minimizing risk and maximizing value for our clients. SC&H Group’s practices advise leading companies from emerging businesses to the Fortune 500 on accounting, tax, profitability, and strategy solutions. Clients in all states and worldwide benefit from SC&H Group’s commitment to delivering powerful minds, passionate teams, and proven results on each engagement. Learn more at www.schgroup.com.
SunTrust Banks, Inc. is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. Headquartered in Atlanta, SunTrust operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of December 31, 2016, SunTrust had total assets of $205 billion and total deposits of $160 billion. The company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.