WIP for Construction Finance Certificate Program
Heather Waldenmayer, CCIFP
Elevated Advisors, Inc
WIP for Construction Finance Modules
Tuesday, July 9, 2024, from 3-5 PM ET
In the dynamic realm of construction, effective data preparation and project costing are paramount for successful project reporting.
This module will help you refine your WIP schedules, incorporating revenue recognition standards, and ensure comprehensive cost tracking. You will also learn best practices for handling and compiling the data required to formulate WIP schedules and receive a guide to completing a financial statement close, which facilitates an accurate WIP schedule.
After completing this module, you will have additional tools to ensure your financial statement close is done efficiently, on time, and accurately.
By the end of this module, you will be able to:
- Employ best practices to link all costs and contract changes to projects.
- Classify whether risks are being avoided, assumed, transferred, or mitigated.
- Implement best practices for ensuring accuracy of project-related data before closing periods.
- Use a financial statement close calendar to ensure that data is accurate before a WIP is prepared.
CFO
M3 MEP
Tim Long, CPA, Chief Financial Officer at M3 MEP, a Mark III Construction firm in Sacramento, California. Tim holds a master’s degree in accounting from Brigham Young University and began his professional career at the accounting firm KPMG and later joined the accounting team at Teichert – a heavy & highway contractor. After a few years on the financial accounting team there, Tim moved into the Mechanical, Electrical and Plumbing subcontractor world as a Controller working at Lawson Mechanical and later at Mark III Construction. Tim frequently presents locally and nationally on the WIP for CFMA as well as AGC.
Tuesday, July 16, 2024, from 3-5 PM ET
Common industry practices found in the construction industry are not as quick to adjust to changing accounting principles.
Throughout this module, you will delve into the nuances of accounting rules and how they may differ from long-standing industry practices. You will explore advanced concepts including accounting for unapproved change orders, uninstalled materials, and loss provisions, and discuss practical examples and real-world case studies on ways to ensure your organization’s policies stay compliant.
By the end of this module, you will be able to:
- Understand common industry practices that may conflict with accounting guidance
- Reinforce concepts relevant to construction financial professionals, particularly CCIFPs.
- Implement policies to properly account for uninstalled materials.
- Properly account for loss provisions and when they are required.
- Define how to manage unapproved change orders.
- Allocate overhead to projects and understand the impact of allocation on the WIP schedule.
Director
Construction Industry Services, GBQ Partners, LLC
Bob Biehl, CPA, CCIFP, is the Director of Construction Industry Services at GBQ Partners, LLC in Columbus, Ohio, where he began his career 37 years ago after receiving a bachelor’s degree from Ohio University. Bob frequently speaks at the AICPA, CFMA & CICPAC National Construction Conferences. Bob serves over 100 construction clients and is active in over eight construction trade associations, including CFMA and CICPAC.
Bob has served on the following CFMA national committees: The Executive Committee, Leadership Committee, Chapter Resource Committee, and CICPAC national committees: The Executive Committee, Newsletter Committee, and Education Committee. In addition, Bob is a past Co-Chair of BDO Seidman’s Construction Accounting Network. and Past Chair of CICPAC and the ICCIFP.
Tuesday, July 23, 2024, from 3-5 PM ET
Construction financial professionals often strive to produce internal financial statements that are reliable and accurate where attention to detail is paramount.
This module will equip you with the expertise needed to identify potential red flags before things go wrong or if they are caught during an audit. The ability to objectively verify your WIP provides additional credibility to the financial statements that you are preparing.
Through a blend of theoretical insights, practical exercises, and real-world case studies, you will gain the skills necessary to ensure accuracy, integrity, and compliance in financial reporting.
By the end of this module, you will be able to:
- Perform a detailed quality control review of internally prepared financial statements.
- Streamline year-end financial reporting and documentation.
- Implement a system of internal controls over the WIP schedule to ensure accurate reporting.
- Identify and correct common errors noted by external accountants, internally.
Audit Manager
EideBailly, LLP
Staci Huffman has more than fifteen years of experience in public accounting. She provides assurance and accounting services to entities including contractors, nonprofits, and employee benefit plans. She helps organizations understand the impact of financial statement changes and disclosure requirements and provides training to clients for their financial statement analysis and understanding. For contractor clients, this includes in-depth analysis of WIP schedules, highlighting performance of each job, and how those fades and gains impact the financial statements.
She facilitates better accounting systems for clients and helps them understand and implement cost accounting. Job costing is instrumental to good construction accounting and provides clients with improved interim financial statements, allowing them to make more informed decisions for their companies. Staci developed and facilitated trainings for construction company bookkeepers focused on proper chart of accounts, job costing and indirect allocations, taught to local industry organizations such as Associated Builders and Contractors and Spokane Home Builders Association. Outside of work, Staci enjoys trivia. She is involved with multiple trivia teams and is a Jeopardy! champion. She also enjoys spending time with her family and going to the theater to watch movies.
Tuesday, July 30, 2024, from 3-5 PM ET
In the dynamic and high-stakes world of construction, effective risk management and ongoing review of WIP are crucial for project success.
Learn how to detect and address common financial risks, such as profit fade, errors in job costs, unapproved change orders, and estimation biases. This module emphasizes practical skills for integrating risk analysis findings back into project management to enhance overall project performance.
By the end of this module, you will be able to:
- Conduct thorough project risk analyses.
- Identify and communicate potential profit fade.
- Identify and address posting and timing errors.
- Identify potential unrecorded change orders and scope creep.
- Communicate risk insights to management.
Director
Maxim Consulting
Stephanie McShane is a Director at Maxim Consulting Group responsible for the evaluation and implementation processes with our clients. Stephane works with construction related firms of all sizes to evaluate business practices and assist with management challenges. With a large depth of experience working in the construction industry, Stephane is keenly aware of the business and, most specifically, operational challenges that firms face. Her areas of expertise include leadership development, executive coaching, organizational assessments, strategic planning, project execution, business development, productivity improvement, and training programs. Stephane is an internationally recognized speaker, mentor, author, and teacher. Her ability to motivate, inspire, and create confidence among your work groups is extremely rare and very effective.
Tuesday, August 6, 2024, from 3-5 PM ET
The WIP meeting is a unique opportunity for finance and operations teams to collaborate, resulting in better oversight that can improve project outcomes. Taking a collaborative approach to project reporting builds alignment and promotes the sharing of information between two key groups within any construction organization.
This module is designed to prepare you with the essential skills and strategies needed to establish clear objectives, conduct efficient WIP meetings that foster clear communication, accountability, and tracking; facilitate effective follow-up; utilize data to support arguments; and enhance the quality control function.
By the end of this module, you will be able to:
- Cultivate a trusting and communicative environment between finance and operations.
- Leverage the WIP meeting to gain comfort over the cost to complete and address sensitive topics such as profit fade or aggressive estimates.
- Integrate processes for change order follow up and accountability into WIP meetings.
- Utilize data to support communications, validate WIP inquiries, and evaluate responses.
Treasurer/CFO
Schlouch Inc
Richard F. King CPA, CCIFP is the Treasurer/Chief Financial Officer at Schlouch Incorporated in Blandon, PA. He manages all aspects of accounting, finance, IT, insurance, Human Resources and administration. Rich earned a BS in Business Administration from Bloomsburg University of Pennsylvania. He has over thirty years’ experience in public accounting and industry. He has spoken on various accounting, technology and HR topics at CFMA local, regional and national conferences as well as software users’ conferences, trade association meetings and YPO’s 2018 Construction Industry Roundtable.
Rich is a founding member and past President of CFMA’s Greater Berks-Lehigh Valley, PA Chapter. He has served on various CFMA national committees including CFMA’s Conference Planning Task Force and Heavy/Highway Committees. Rich is also the co-chair of the Advanced Sessions Task Force. He also serves on the board of directors for the Lehigh Valley Business Coalition on Healthcare and chairs the Building Committee at his church. Rich received CFMA’s Deborah Hahn Memorial Award in 2008 and was named CFO of the Year by Lehigh Valley Business in 2015. In addition, in 2016, Schlouch Incorporated received AEMP’s Fleet Masters Award for excellence in equipment fleet management. Rich also received CFMA’s MidAtlantic Conference Trail Blazer Award and LVBCH’s Leadership in Wellness Recognition Award.
CFMA is proud to recognize and thank Sage for being our Educational Partner and sponsor of the WIP Certificate Program