Up and Adam - A BerganKDV Podcast

Bonus episode of Up and Adam, the Cut Through

Fraud week is a dedicated week aimed to support businesses with tools and education to better protect their organization from fraud risks. Join Steve Wischmann, CPA, CFF, MAFF, CGMA (https://www.bergankdv.com/our-people/steve-wischmann-cpa-cfe-cff-maff-cgma/) and Michael Bösl, CPA, CFE (https://www.bergankdv.com/our-people/michael-bosl-cpa-cfe/) to learn more about the impact fraud has on organizations.

What can organizations do?

* Be Proactive. Adopt a code of ethics for management and employees. Evaluate your internal controls for effectiveness and identify areas of the business that are vulnerable to fraud.

* Establish Hiring Procedures. When hiring staff, conduct thorough background investigations. Check educational, credit and employment history (as permitted by law), as well as references.

* Train Employees in Fraud Prevention. Do workers know the warning signs of fraud? Ensure that staff members know basic fraud prevention techniques.

* Implement a Fraud Hotline. Fraud is still most likely to be detected by a tip. Providing an anonymous reporting system for your employees, contractors and clients will help uncover more fraud.

* Increase the Perception of Detection. Communicate regularly to staff about anti-fraud policies, ways to report suspicions of misconduct, and the potential consequences (including termination and prosecution) of fraudulent behavior.

If you have questions about implementing any of the above learn more on our website and reach out to our forensic team! (https://www.bergankdv.com/global-category/forensic-and-data-services/ )

 

The views and opinions expressed in this podcast are those of BerganKDV Wealth Management and are subject to change at any time. The content herein is general and educational in nature and should not be considered legal or tax advice. We recommend that your consult with an attorney, tax or investment professional regarding your specific situation. Investment advisory services and fee-based planning offered through BerganKDV Wealth Management, an SEC Registered Investment Advisor.

The SBA issued a notice regarding its intent to release two new forms regarding loan necessity for borrowers of the Paycheck Protection Program (PPP).  The SBA is now creating these forms (known as Loan Necessity Questionnaire) that lenders will be required to distribute to PPP borrowers who together with their affiliates, received loans greater than $2 million.  The questionnaire forms have not been officially released by the SBA, which means they may change, remain the same, not be used at all, or could be replaced.

 

 

We sat down with Andrew Howe, CPA with BerganKDV and Steve Dickinson, Attorney with Cozen O'Connor Law Firm to discuss what we anticipate to happen with Form 3509 and what organizations should be doing to prepare.

 

The views and opinions expressed in this podcast are those of BerganKDV Wealth Management and are subject to change at any time. The content herein is general and educational in nature and should not be considered legal or tax advice. We recommend that your consult with an attorney, tax or investment professional regarding your specific situation. Investment advisory services and fee-based planning offered through BerganKDV Wealth Management, an SEC Registered Investment Advisor.

Adam is joined today by BerganKDV resident expert in the Paycheck Protection Program (PPP), Andrew Howe. Adam and Andrew sit down to discuss a brief history of the PPP, covering how it was rolled out with the first two rounds of funding. Many questions still surround forgiveness and there are also many uncertainties around how future stimulus legislation could change the PPP including a new round of funding.

Andrew explains some of the known and unknowns surrounding forgiveness and what businesses should take note of to maximize their opportunities for forgiveness.

At timestamp 22:39 they discuss the "Certification of Need" which has been noted as a requirement of loan forgiveness that borrowers of 2 million or more will likely need to provide including: proof of quarterly revenue loss, the need to significantly reduce operations due to COVID, and several qualification questions that may make it difficult for borrowers to retain forgiveness eligibility.

BerganKDV will continue to monitor the legislation and will keep you informed on the provisions impacting businesses and individuals in addition to the PPP. Please reach out to discuss strategies to ensure your business is making the right decisions as changes continue to be made to this program. Contact Our Team. (http://www.bergankdv.com/contact)

 

The views and opinions expressed in this podcast are those of BerganKDV Wealth Management and are subject to change at any time. The content herein is general and educational in nature and should not be considered legal or tax advice. We recommend that your consult with an attorney, tax or investment professional regarding your specific situation. Investment advisory services and fee-based planning offered through BerganKDV Wealth Management, an SEC Registered Investment Advisor.

This week on Up and Adam, Marie Primus, CPA, CGMA, joins to give us the scoop on nonprofits. She is a Shareholder in the St. Cloud office and works solely with nonprofit clients and leads the nonprofit team. Marie talks about current hot topics surrounding nonprofits, including how different organizations are accounting for PPP loans, grants given by local governments, and the impact of government funding.

 

Marie tells the story about how she fell in love with nonprofit work and why she loves her current clients. She includes questions to ask yourself to help understand if you are happy with the quality of your current audit, and if not, how BerganKDV can help.

 

The views and opinions expressed in this podcast are those of BerganKDV Wealth Management and are subject to change at any time. The content herein is general and educational in nature and should not be considered legal or tax advice. We recommend that your consult with an attorney, tax or investment professional regarding your specific situation. Investment advisory services and fee-based planning offered through BerganKDV Wealth Management, an SEC Registered Investment Advisor.

Bonus episode of Up and Adam, the Cut ThroughIf you have 5 minutes you have time to learn from Robin Nelson, IT security expert, about best practices employees should follow to keep their organization protected.

Listen to our full podcast with Robin here (https://www.bergankdv.com/podcast/information-security-risk-and-opportunity-for-organizations/) where we go into detail on the risks and opportunities that are facing organizations in today's information security landscape.

If your organization doesn't have ongoing cyber training, we can help design an effective security awareness program that ensures your last line of defense, your employees, are equipped to keep your organization protected.

 

The views and opinions expressed in this podcast are those of BerganKDV Wealth Management and are subject to change at any time. The content herein is general and educational in nature and should not be considered legal or tax advice. We recommend that your consult with an attorney, tax or investment professional regarding your specific situation. Investment advisory services and fee-based planning offered through BerganKDV Wealth Management, an SEC Registered Investment Advisor.

Bonus episode of Up and Adam, the Cut ThroughIf you have 5 minutes you have time to learn from Steve Wischmann, an IAPE trained professional, about best practices surrounding police evidence room processes and assessments.

 

The views and opinions expressed in this podcast are those of BerganKDV Wealth Management and are subject to change at any time. The content herein is general and educational in nature and should not be considered legal or tax advice. We recommend that your consult with an attorney, tax or investment professional regarding your specific situation. Investment advisory services and fee-based planning offered through BerganKDV Wealth Management, an SEC Registered Investment Advisor.

Loren Viere, BerganKDV Shareholder and Director of Mergers and Acquisitions and Gary Hawkins, BerganKDV Shareholder and Kansas City Market Leader join Adam to discuss the 2018 acquisition between BerganKDV and HSMC Orizon and the overall landscape of M&A in the industry. BerganKDV has been on a strong growth path for many years, and in addition to organic growth, a prong of this growth is participating in strategic merger and acquisitions.

A key strategy when identifying M&A can be market driven, as the firm looks to expand into additional geographies, but at the end of the day the culture fit between the firms is the driving factor. They share that the question all organizations should ask themselves on the cusp of a merger or acquisition is: "is this decision going to make us better". Once that question is answered, the rest has an opportunity to fall into place.

The views and opinions expressed in this podcast are those of BerganKDV Wealth Management and are subject to change at any time. The content herein is general and educational in nature and should not be considered legal or tax advice. We recommend that your consult with an attorney, tax or investment professional regarding your specific situation. Investment advisory services and fee-based planning offered through BerganKDV Wealth Management, an SEC Registered Investment Advisor.

If you have 5 minutes you have time to learn from Derek Hoyt, BerganKDV Chief Investment Officer on how to manage your investments throughout a presidential election season.

Learn more about investing during a presidential election in our on-demand webinar. (https://www.bergankdv.com/webinar/election-season-turbulence-investing-during-a-presidential-election/)

Kristin Roberts, President and CEO of United Way of East Central Iowa and Nicole Mead, Market Sales Leader in ICR join the podcast today to talk about the amazing work that the United Way is doing to support the local community through the impacts of COVID and the Derecho weather event that hit the area in August.

The community was impacted heavily by the Derecho storm, the entire county was out of power for multiple days. The United Way of Central Iowa quickly organized to set up the emergency volunteer center to connect to larger state and national resources. Kristen shares the inspiring actions she saw from the local teams mobilizing to help each other, but also the amazing help received from the volunteers through the emergency volunteer center.

Philanthropic campaigns may look different this year with many of the in-person events coming to a halt due to COVID, but communities are still in need and many organizations are stepping up and getting creative with their giving campaigns.

Learn more about the United Way of Central Iowa, how they help, and how to get involved here. (https://www.uweci.org/)

The views and opinions expressed in this podcast are those of BerganKDV Wealth Management and are subject to change at any time. The content herein is general and educational in nature and should not be considered legal or tax advice. We recommend that your consult with an attorney, tax or investment professional regarding your specific situation. Investment advisory services and fee-based planning offered through BerganKDV Wealth Management, an SEC Registered Investment Advisor.

Adam sits down with guests Michael Bösl, CPA, CFE and Steve Wischmann, CPA, CFF, MAFF, CGMA to talk about BerganKDV’s newest service, Forensic and Data Services. Steve and Michael explain that the Forensic and Data Analytics service is two pronged, the proactive side and the reactive side.

Steve and Michael talk about their (many) certifications, the importance of the ongoing training and education, and how it translates to actionable results for their clients. The formation of this new service really started decades ago as they both worked on audits and found their niche in fraud cases, the team is excited to bring more focus and awareness to this important area for organizations.

On average a case of fraud lasts about 18 months and costs organizations $150,000 (or 5% of your organization's revenue), taking a look at internal controls and ensuring proper task management segregation and management review of any controls in place is key to preventing and catching fraud.

For more information on Forensic and Data Analytics service, check out our press release (https://www.bergankdv.com/news/bergankdv-expands-forensic-and-data-services-for-clients/)

The views and opinions expressed in this podcast are those of BerganKDV Wealth Management and are subject to change at any time. The content herein is general and educational in nature and should not be considered legal or tax advice.  We recommend that your consult with an attorney, tax or investment professional regarding your specific situation.  Investment advisory services and fee-based planning offered through BerganKDV Wealth Management, an SEC Registered Investment Advisor.