3-D Accounting: Developments in Debt Disclosures and Derivatives

Recorded On: 06/05/2020

Governments already have several required disclosures for debt, but users of financial statements continually want more. As a result, finance officers must now become familiar with the latest round of new reporting requirements for debt.  In this session, speakers will discuss what constitutes debt and the additional debt disclosures required by GASB 88, the issuance of GASB 91 for conduit debt, and the new guidance on derivatives related to changing from LIBOR to SOFR. 

Barry Fick

Executive Director, Minnesota Higher Education Facilities Authority

PROFILE & RECENT ACCOMPLISHMENTS

• Leads the State Agency in Minnesota that is charged with responsibility for financing all private Higher Education financing in Minnesota
• Digitized all files, transcripts and other documentation accumulated over 45+ years by the Minnesota Higher Education Facilities
• Financial advisor on over 400 bond issues with a par value of over $6.0 billion.
• Expanded client service offerings to Minnesota Higher Education Facilities Authority conduit borrowers, adding value to Authority services
• Liaison with investors, Rating Agencies, Trustees, Internal Revenue Service and others for private institutions of higher education in Minnesota
• Progressive, forward looking leader working to insure the long-term financial success of Minnesota Private Colleges and Universities and ensuring the Minnesota Higher Education Facilities Authority is a strong partner for the future.

EDUCATION / PROFESSIONAL CERTIFICATION
Mitchell | Hamline School of Law Juris Doctorate May 1980
University of Minnesota B.S. – Economics June 1977
Certified Public Accountant CPA Certificate June 1982

EXPERIENCE:

MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY
Executive Director July 2016 – Present
The Minnesota Higher Education Facilities Authority (“MHEFA”) a Minnesota State Agency which finances capital projects for Minnesota private higher education institutions. The MHEFA has approximately $1 billion of conduit debt outstanding. Since its 1971 founding, MHEFA has served as conduit issuer for over 300 bond issues for $3 billion of conduit financings.

CITY OF LAKEVILLE, MINNESOTA City Council Finance Advisory Committee
Member April 2018 – Present
Chairperson April 2019 – Present

NATIONAL ASSOCIATION OF HEALTH & EDUCATION FACILITIES AUTHORITIES (NAHEFFA)
Board member October 2017 – Present

GOVERNMENT FINANCE OFFICERS ASSOCIATION (GFOA)
Debt Management Committee Nov 2019 – Present

MUNICIPAL SECURITIES RULEMAKING BOARD (MSRB)
Compliance Advisory Group Dec 2019 - Present

SPRINGSTED (Baker Tilly Municipal Advisors LLC)
Senior Vice President February 2000 – July 2016
Other Executive posts January 1989 – Jan. 2000
Baker Tilly/Springsted is a full-service financial and management advisory firm, serving the public and not-for-profit sector.  I led the Higher Education, Student Loan, Healthcare and Not-For-Profit groups. I provided clients with debt financing, refinancing & restructuring, investments, construction management, strategic planning, as well as policy development and implementation.

Mark Gassaway MAcc, MBA, CPA

Finance Director, Clark County

Mark Gassaway MAcc, MBA, CPA
Mark has worked in local government finance for sixteen years, all with Clark County, Washington.  He has been in his current position as Finance Director since January, 2014.  Mark currently is a member of GFOA’s CAAFR Committee, Clark County’s Finance Team, and past Chair of the County’s Strategic Leadership Team.  Previous to working in government, he worked 18 years in private industry including public accounting and major corporations.  Mark received a Master’s Degree in Accounting from Brigham Young University and a Master’s Degree in Business Administration from Washington State University.  He is a licensed CPA.  In the community Mark is Treasurer of the high school booster club, referees high school and competitive youth soccer and in the summer guides whitewater raft trips on several Pacific Northwest rivers.

Melinda M. Gildart, CPA, MBA

Budget Director, Texas Department of Family and Protective Services, Information Resource Mgmt Division

Melinda Gildart is the Immediate Past Chair of the CAAFR and currently Budget Director at the Texas Department of Family and Protective Services. In this new role, Melinda develops and manages the divisional biennial budgets, financial and operational policies and procedures, oversees the accounting and finance functions, as well as drives organizational change management. Previously, Melinda served as the Controller for Chicago Public Schools, the nation’s third largest school district, where she oversaw the Corporate Accounting, Disbursements and Business Services, Grants Accounting and Reporting, Financial Reporting and Compliance and the Revenue and Accounts Receivable functions. Melinda led her staff in developing and implementing districtwide financial policies and internal controls, as well as issuing the District’s Comprehensive Annual Financial Report and its Popular Annual Financial Report. She also directly managed CPS’ annual external Financial and Federal Single Audits, which encompassed over 600 schools, with a total annual operating budget of over $6 billion. With 20 years of governmental finance experience, Melinda has also served in other senior finance roles at the federal, state and local levels, namely with the City of Chicago, Chicago Park District and Illinois Finance Authority. Melinda holds a Bachelor of Science in Business Administration: Accounting, a Master of Business Administration from Roosevelt University and is a licensed certified public accountant. 

Key:

Complete
Failed
Available
Locked
Webinar
06/05/2020 at 11:00 AM (EDT)   |  75 minutes
06/05/2020 at 11:00 AM (EDT)   |  75 minutes
GFOA Virtual Conference Feedback
11 Questions
CPE Credit
No credits available  |  Certificate available
No credits available  |  Certificate available