WELCOME TO THE ANNUAL NONPROFIT & HIGHER EDUCATION UPDATE August 28, 2019 UNITED WAY OF MIAMI-DADE 3250 SW 3rd Ave Miami, FL 33129 ANNUAL NONPROFIT & HIGHER EDUCATION UPDATE General Information 2018 2019YEAR-END ANNUALUPDATE NONPROFIT & HIGHER EDUCATION UPDATE Page Thank You to our Generous Sponsor! About TD Bank, America's Most Convenient Bank® TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance TD Bank is headquartered in Cherry Hill, N.J To learn more, visit www.td.com/us Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD" To learn more, visit www.td.com/us Contact: Jim Hanning, CPA Director / Florida Middle Market Banking Group Jim.Hanning@td.com 786-417-1598 Delle Joseph, CPA Managing Director / Not For Profit Group Mid-South Region Delle.Joseph@td.com 202-412-6656 Carolyn Guerra SVP / Commercial Lender Carolyn.Guerra@td.com 305-632-2597 2018 2019YEAR-END ANNUALUPDATE NONPROFIT & HIGHER EDUCATION UPDATE Page Directions and Parking UNITED WAY OF MIAMI-DADE The Ansin Building 3250 Southwest Third Avenue Miami, FL 33129-2712 DIRECTIONS TO UNITED WAY OF MIAMI-DADE From the north: I-95 South, exit Rickenbacker Causeway/Southwest 25 Road Turn right at bottom of the ramp Go two blocks to Southwest Third Avenue (Coral Way), make left, go seven blocks United Way building will be on your right Turn right at Southwest 32 Road and then right into the parking lot From the south: US-1 to 16 Avenue Make a left and veer right onto Southwest Third Avenue Go to intersection at 12 Avenue Turn left and go one block to Southwest 32 Road Make a right and then go left again into the parking lot PARKING Complimentary on-site parking is available to all attendees ANNUAL NONPROFIT & HIGHER EDUCATION UPDATE Agenda 2018 2019YEAR-END ANNUALUPDATE NONPROFIT & HIGHER EDUCATION UPDATE Page Agenda TIME SESSION 8:00 AM – 8:30 AM REGISTRATION AND BREAKFAST 8:30 AM – 9:20 AM A&A Update Lee Klumpp, BDO 9:20 AM – 10:10 AM BIG Expectations: Addressing the Increasing Demand for Advanced Analytics for Measuring Value Sydney Leo, BDO 10:10 AM – 10:20 AM BREAK 10:20 AM – 11:10 AM Market Outlook and Investment Strategies 11:10 AM – 12:00 PM Project Financing: Dynamics of Successful Fundraising, Capital Procurement & Liquidity Management 12:00 PM – 12:45 PM 12:45 PM -1:35 PM 1:35 PM – 2:30 PM PRESENTER Mark Guthrie, Banyan Health Systems Sid Vaidya, TD Bank Moderator: Jim Hanning, TD Bank Panelist: Jay Goulart, Gulliver Schools Panelist: Mike Nursey, TD Bank Panelist: Christopher Wienk, Wye River Group LUNCH Annual Benchmarking Survey Panel Discussion Tax Update Moderator: Vince Carrodeguas, BDO Panelist: Joseph Berardinelli, Keiser University Panelist: Carlos Martinez, United HomeCare Marc Berger, BDO ANNUAL NONPROFIT & HIGHER EDUCATION UPDATE Speaker Biographies 2018 2019YEAR-END ANNUALUPDATE NONPROFIT & HIGHER EDUCATION UPDATE Page Speakers LEE KLUMPP, CPA, CGMA SYDNEY R LEO National Assurance Partner – Nonprofit And Government Industries BDO USA, LLP Managing Director, Industry Specialty Services – Higher Education BDO USA, LLP lklumpp@bdo.com 703-336-1497 sleo@bdo.com 703-336-1672 Speaker: A&A Update Lee Klumpp is a Partner with BDO and has over 20 years of experience serving the nonprofit and government industries Lee completed a two year Fellowship with the Financial Accounting Standards Board (FASB) in Norwalk, CT During Lee's fellowship, he led the FASB's project to reexamine existing standards for financial statement presentation by nonprofit entities, focusing on improving the net asset classification requirements and information provided in financial statements and notes about liquidity, financial performance, and cash flows He also focused on various FASB agenda projects and emerging practice issues that focused on nonprofit Lee’s work experience includes working with organizations in the governmental and nonprofit community with international, multiple divisions, reporting units, and nonprofit and for-profit entities; significant expertise in compliance auditing of organizations receiving federal financial funding in accordance with the Uniform Guidance; and presenting audit reports and management letters to boards of directors and audit committees PROFESSIONAL AFFILIATIONS American Institute of Certified Public Accountants (National Instructor for various Nonprofit and Governmental accounting and auditing topics, Ethics Committee’s Technical Standards Subcommittee Member) Congressional Awards Foundation (Board of Directors) Financial Accounting Standards Board’s Nonprofit Resource Group (Member) Greater Washington Society of Certified Public Accountants’ Board of Directors EDUCATION B.S., Accounting, University of Maryland Speaker: BIG Expectations: Addressing the Increasing Demand for Advanced Analytics for Measuring Value Sydney Leo is a Managing Director in BDO’s Industry Specialty Services – Higher Education Practice Sydney Leo has over 30 Years of experience serving the Higher Education Industry, both within the Industry as a Vice President of Finance and Administration and as a consultant serving a wide range of institutions, including Harvard University, Rutgers University, Bucknell University, Tufts University, University of Massachusetts System, University of New Hampshire, Cape Cod Community College, and more Sydney has worked with colleges and universities on a wide range of issues related to Strategic Planning, Financial Sustainability, Operational Excellence, Technology Strategy and Planning, Performance Metrics and Benchmarking, Alternative Revenue Planning and Implementation, Alternative Pricing Strategy Analysis and Implementation, Marketing/Enrollment Analysis and Planning, Program Evaluation, Planning and Implementation, and Compliance and Risk Management PROFESSIONAL AFFILIATIONS American Council on Education American Association of State Colleges & Universities National Association of Colleges and University Business Officers National Association of Independent Colleges and Universities EDUCATION M.S., Computer Information Systems, Bentley University M.S , Finance & Accounting, University of Hartford B.S., Sociology, Smith College 2018 2019YEAR-END ANNUALUPDATE NONPROFIT & HIGHER EDUCATION UPDATE Page Speakers MARK GUTHRIE, CISA SID VAIDYA, CFA, CAIA mguthrie@banyanhealth.org 305-398-6107 Sid.Vaidya@td.com 305-373-4341 Chief Financial Officer, EVP Business Services Operations Banyan Health Systems, Inc Speaker: BIG Expectations: Addressing the Increasing Demand for Advanced Analytics for Measuring Value Mark Guthrie, Chief Financial Officer & EVP Business Services Operations, is responsible for optimizing Banyan Health’s financial structure and for providing executive insight and guidance to the organization’s financial planning teams Mark also oversees business operations for Banyan Health, in effort to highlight strategic synergies for the organization as it continues to expand its healthcare services in the South Florida region Prior to joining Banyan Health, Mark served as CFO of Miami-based Berkowitz Pollack and Brant Mark has also served as CFO of GSK Advisors in Coral Gables He holds a Master’s in Finance and Accounting from Florida International University and a Bachelor’s in Management from Florida Atlantic University Mark is certified as a Certified Information Systems Auditor (CISA) In addition, Mark served in the U.S Air Force He is a member of the following associations: ISACA, IMA, CFP Institute U.S Wealth Investment Strategist TD Bank Speaker: Market Outlook and Investment Strategies Sid Vaidya joined TD Bank in 1996 Prior to taking the role as the U.S Wealth Investment Strategist in 2015, he was Head of Managed Investments in the Portfolio Advice & Investment Research team, where he led all investment manager due diligence and oversight functions As the U.S Wealth Investment Strategist, Sid is tasked with delivering the firm's thought leadership, market views and investment strategies across all asset classes for client portfolios He also works extensively with TD Wealth’s Products group in developing the product vision for U.S investment platforms and solutions Sid is a member of the TD Wealth Asset Allocation Committee He holds a Bachelor of Commerce from the University of Toronto and has been awarded the Chartered Financial Analyst and the Chartered Alternative Investment Analyst designations EDUCATION B.C., University of Toronto 2018 2019YEAR-END ANNUALUPDATE NONPROFIT & HIGHER EDUCATION UPDATE Page 10 Speakers JIM HANNING, CPA JAY GOULART Jim.Hanning@td.com 786-417-1598 gouj@gulliverschools.org 305-666-6333 Director, Florida Middle Market Banking Group TD Bank Vice President, Institutional Advancement Gulliver Schools Moderator: Project Financing: Dynamics of Successful Fundraising, Capital Procurement & Liquidity Management Panelist: Project Financing: Dynamics of Successful Fundraising, Capital Procurement & Liquidity Management Jim Hanning serves as Director of Florida Middle Market Banking for TD Bank In his role, Jim manages middle market corporate taxable and NFP tax-exempt qualified Senior Debt relationships for the Bank Jay has over 20 years of experience leading independent school advancement and a proven track record of generating a positive, measurable impact on those institutions His strategic and creative approaches have attracted international attention from all non-profit segments in the disciplines of solicitation, communication models, and customized stewardship Prior to joining TD, Jim held Senior Lender middle market banking positions with two leading southeast regional financial institutions Jim has approximately twenty years of aggregate finance and commercial & NFP senior lending experience Jim is a licensed Massachusetts Certified Public Accountant PROFESSIONAL AFFILIATIONS American Institute of Certified Public Accountants Florida Institute of Certified Public Accountants Massachusetts Society of Certified Public Accountants EDUCATION M.B.A., Finance, University of Central Florida B.S., Accounting, University of Central Florida B.A., Economics, Rollins College He is the innovator of the Family of Funds annual fund concept that has been used by hundreds of independent schools with tremendous success Jay is a 10-year faculty member and chair of the Council for Advancement and Support of Education (CASE) Summer Institute for Independent Schools He is a CASE Crystal Apple recipient EDUCATION B.S., Business Administration and Management, Plymouth State University 2018 2019YEAR-END ANNUALUPDATE NONPROFIT & HIGHER EDUCATION UPDATE Page 11 Speakers MIKE NURSEY Managing Director, Middle Market TD Bank michael.nursey@td.com 813-250-3041 CHRISTOPHER WIENK Principal Wye River Group wienk@wyeriver.com 443-852-0096 Panelist: Project Financing: Dynamics of Successful Fundraising, Capital Procurement & Liquidity Management Panelist: Project Financing: Dynamics of Successful Fundraising, Capital Procurement & Liquidity Management Mike leads TD Bank’s Middle Market strategy across the state, including Commercial and Industrial, Business Acquisition and Public Finance lending Chris has over 20 years of experience providing independent financial advisory services and has served as lead or co-lead advisor on over 300 tax-exempt and taxable bond financing for a wide array of non-profit clients He is a Registered Municipal Advisor (MSRB Series 50) Mike, a veteran in the banking industry with 30 years of experience, has been with TD Bank since 2012 He started as the Regional Vice President in Jacksonville and most recently served as the Commercial Market President for Central Florida, where he oversaw the bank’s Commercial, Middle Market and Small Business banking operations in the Orlando, and Tampa-St Petersburg metropolitan areas In addition to his work with TD Bank, Mike is Chair of the American Cancer Society Volunteer Leadership Board in Tampa Bay, a member of the Board Of Trustees at the University of Tampa, a Board Member at Special Olympics Florida and The Florida Aquarium EDUCATION B.A., Economics, Florida State University Chris routinely provides financial modeling and credit analysis in support of the firm’s financial advisory assignments and has extensive experience preparing debt capacity and affordability studies, finance plans, rating agency presentations and analyses of virtually any form of debt financing He also co-leads the firm’s competitive financing solicitation efforts and derivative advisory practice EDUCATION M.B.A., Finance, University of Maryland B.S., Finance, University of Maryland 2018 2019YEAR-END ANNUALUPDATE NONPROFIT & HIGHER EDUCATION UPDATE Page 12 Speakers VINCE CARRODEGUAS Assurance Partner BDO USA, LLP vcarrodeguas@bdo.com 305-421-0663 JOSEPH C BERARDINELLI Senior Vice Chancellor, Treasurer, Chief Financial Officer Keiser University jberardinelli@keiseruniversity.edu 954-776-4456 Moderator: Annual Benchmarking Survey Panel Discussion Panelist: Annual Benchmarking Survey Panel Discussion Vince is a partner in the South Florida Assurance Practice with more than 30 years of public accounting experience He has served both privately held companies as well as nonprofit organizations Vince serves clients domestically in a variety of industries, including real estate, healthcare, manufacturing and distribution He has significant accounting, auditing and consulting experience in nonprofit behavioral health systems He is a member of BDO’s National Nonprofit industry group and is involved several other firm initiatives Joseph C Berardinelli is Senior Vice Chancellor, Treasurer and CFO of Keiser University, Florida’s second largest private, not-for-profit University, comprised of 21 campuses, 20,000 students, and 3,800 employees His primary duties include oversight of all financial, facilities, supply chain, student financial operations and risk operations for the institution including budgeting, investments, financial projections and contract negotiations as well as vendor relations He previously served as a partner with Goldstein Schechter Koch (GSK) and spearheaded the firm’s Assurance practice, delivering auditing, consulting, corporate restructure, and performance benchmark services to a diverse portfolio of clients Vince began his public accounting career with a Big Four firm, serving clients in the healthcare, nonprofit, social health and welfare industries Vince is fluent in both English and Spanish PROFESSIONAL AFFILIATIONS American Institute of Certified Public Accountants Florida Institute of Certified Public Accountants EDUCATION M.B.A., Accounting, University of Tampa B.S., Accounting, University of Tampa Mr Berardinelli earned his Bachelor’s of Science degree in Accounting from LeMoyne College in Syracuse, New York in 1985 and has served the higher education industry for the past 15 years He has served on the Parents Advisory Board for Martin County ESE programs and is a member and past president of the Palm Beach Chapter of the IMA (Institute of Management Accountants) His leadership in higher education includes membership in the ICUF CFO group (Independent Colleges and Universities of Florida), NACUBO (National Association of College and University Business Officers), and FABSAA (Florida Association of Bursars and Student Accounting Administrators) During his tenure with Keiser University, Mr Berardinelli worked to ensure the financial strength of the university Through his work with organizations nationally, he has helped to streamline financial aid, balance the needs and requirements of financial aid lenders, private loans, and students’ understanding of all various forms of educational funding You’ll find Joseph active in the Cattle Barons Ball for The American Cancer Society and the Boys and Girls Club of Martin County He has been very instrumental in assisting the university in receiving contributions for projects that benefit the 20,000-strong diverse student body of Keiser University 2018 2019YEAR-END ANNUALUPDATE NONPROFIT & HIGHER EDUCATION UPDATE Page 13 Speakers CARLOS MARTINEZ MARC BERGER cmartinez@unitedhomecare.com 305-716-0710 mberger@bdo.com 703-336-1420 President United HomeCare Panelist: Annual Benchmarking Survey Panel Discussion Carlos L Martinez is President and Chief Executive Officer of United Home Care (UHC), a private 501(c)(3) non-profit home health and community care organization based in Miami, Florida UHC is dedicated to the promotion of independence and wellness for older adults through proven quality-of-life solutions delivered primarily in the comfort of a home setting In his leadership role, Martinez sets the priorities and provides strategic guidance for all of the organization’s business and operating units and oversees the management of 850 employees, consisting of home health aides, case managers, clinical social workers, nutritionists, clinicians and senior living community personnel Since joining United HomeCare in 2008, Mr Martinez has played a key role in the growth and diversification of the organization’s products and services and the successful development and opening of a state-of-theart, LEED certified, 122 unit assisted living facility known as The Residences of United HomeCare Carlos is an active member of various business and healthcare focused organizations and is a Board of Trustee member of the Florida Council on Aging and board member of the Florida Association of Service Providers He is member the Doral Business Forum and collaborator and member of Remington Post-Acute Care Continuum Collaborative, Greater Miami Chamber of Commerce, and South Florida Hispanic Chamber of Commerce He is a distinguished alumnus of St Thomas University and a member of the Texas Society of Public Accountants EDUCATION Non-Profit Management Program, Harvard Business School Leadership Executive Healthcare Leadership Program, Cornell University Tax Director BDO USA, LLP Speaker: Tax Update Marc has over 25 years of experience in both public and private tax practice including large accounting firms, complex healthcare organizations, the United States Tax Court, and practicing law He has advised a diverse group of organizations including hospitals and healthcare organizations, colleges and universities, charities and foundations, and other tax-exempt organizations Marc’s experience in the nonprofit tax area includes applications for exemption, protection of tax-exempt status, private inurement and excess benefit transactions, unrelated business income and allocation of expenses, joint ventures with for-profit entities, mergers and acquisitions, tax-exempt bond compliance, compensation arrangements, IRS and State audits, State and local tax exemptions, and Forms 990 and 990-T compliance PROFESSIONAL AFFILIATIONS American Health Lawyers Association American Institute of Certified Public Accountants District of Columbia Bar Florida Bar Healthcare Financial Management Association Maryland Association of Certified Public Accountants EDUCATION LL.M., Taxation, University of Florida J.D., Nova Southeastern University B.S., University of South Florida ANNUAL NONPROFIT & HIGHER EDUCATION UPDATE About BDO 2018 2019YEAR-END ANNUALUPDATE NONPROFIT & HIGHER EDUCATION UPDATE Page 15 BDO’s National Presence For more than 100 years, BDO USA has been recognized as a premier accounting, tax, and advisory organization for our exceptional client service; experienced, accessible service teams; focus on quality and efficiency; and our ability to adapt to, and navigate successfully in, a changing marketplace Founded as Seidman & Seidman in New York City in 1910, the firm has grown to serve clients through 60+ offices and more than 650 independent alliance firm locations nationwide Today, BDO USA, LLP, a Delaware limited liability partnership, is the U.S Member of BDO International Limited, a UK company limited by guarantee, which forms part of the international BDO network of independent member firms Statistics as of and for the year ended June 30, 2018 2018 2019YEAR-END ANNUALUPDATE NONPROFIT & HIGHER EDUCATION UPDATE Page 16 BDO’s Global Reach BDO is represented in dark shaded countries BDO’s seamless global approach allows us to serve clients through a central point of contact, granting access to relevant experience across borders – where and when our clients need us BDO’s strength is derived from our structure as a cohesive global network and dedication to internal integration In each country, BDO Member Firms are composed of people who are knowledgeable about national laws and business customs, and familiar with local and international business methods As our clients expand globally, our access to our international network can help them business with a depth of experience in international matters, significant resources, and international client service capabilities Statistics as of and for the year ended September 30, 2018 2018 2019YEAR-END ANNUALUPDATE NONPROFIT & HIGHER EDUCATION UPDATE Page 17 Our Core Services At BDO, we know that client service is paramount to building strong, long-term client relationships As such, we offer a breadth of services, combined with our world-class resources and exceptional client service, tailored to meet every business and financial advisory need ADVISORY TAX Business Services and Outsourcing Cost Segregation Corporate Finance Federal Tax Matters Corporate Real Estate Advisory Services Global Employer Services Forensic Investigation and Litigation Support Income Tax Accounting Healthcare Advisory Services International Tax Services Risk Advisory Services Nonprofit Tax Services Technology and Business Transformation Services Private Client Services Research and Development Tax Credit State and Local Tax ASSURANCE Accounting and Auditing Tax Transformation Services Accounting Reporting and Advisory Services Tax Transaction Advisory Services Audit Data Analytics Transfer Pricing Employee Benefit Plan Audits Financial Statement Audit BDO CAPITAL ADVISORS, LLC IFRS Information Systems Assurance IPO Services SEC Reporting Third-Party Attestation/SOC WebTrust for Certification Authorities Investment Banking 2018 2019YEAR-END ANNUALUPDATE NONPROFIT & HIGHER EDUCATION UPDATE Page 18 BDO Culture and Values Our culture and core values reflect how we manage our work, our relationships, and ourselves The following core values embody the standards by which we conduct ourselves and the standards you can expect in all our dealings with you as a client: PEOPLE FIRST EMBRACE CHANGE CHOOSE ACCOUNTABILITY Care Earn trust and be trusting Be respectful We before me! Be forward thinking Lead the way Grow and help others grow Move to improve! EXCEPTIONAL: EVERY DAY, EVERY WAY EMPOWERMENT THROUGH KNOWLEDGE Have integrity Be a true professional Everyone is a client Model excellence! Listen intently Be direct Share what you know Be curious! Take personal responsibility Be humble Mind the bottom line Do what you say you’ll do! BDO is the brand name for BDO USA, LLP, a U.S professional services firm providing assurance, tax, and advisory services to a wide range of publicly traded and privately held companies For more than 100 years, BDO has provided quality service through the active involvement of experienced and committed professionals The firm serves clients through more than 60 offices and over 550 independent alliance firm locations nationwide As an independent Member Firm of BDO International Limited, BDO serves multi-national clients through a global network of 73,800 people working out of 1,500 offices across 162 countries BDO USA, LLP, a Delaware limited liability partnership, is the U.S member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms BDO is the brand name for the BDO network and for each of the BDO Member Firms www.bdo.com © 2019 BDO USA, LLP All rights reserved Material discussed in this publication is meant to provide general information and should not be acted on without professional advice tailored to your individual needs