Lee Klumpp, CPA
Lee Klumpp is a Professional Practice Partner with BDO and has more than 25 years of experience serving the nonprofit, healthcare and government industries. Lee completed a two-year Fellowship with the Financial Accounting Standards Board (FASB) in Norwalk, CT. During his 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 spends an extensive amount of time:
- Researching, writing, and disseminating information related to recent accounting and auditing pronouncements promulgated by the FASB, the Government Accounting Standards Board (GASB), the Office of Management and Budget (OMB), the Government Accountability Office (GAO), the AICPA’s Auditing Standards Board, and others that provide guidance for the nonprofit and government industries.
- Providing consultation to BDO engagement teams and our alliance firm network around the country on various financial, accounting, auditing, and reporting issues related to nonprofit and government organizations. Additionally, Lee provides assistance to our international offices on various topics and issues for their nonprofit and government clients with focus on foreign sub-recipients of funds from United States federal agencies.
- Preparing and presenting speeches, seminars, and webinars on various accounting, auditing, internal control, governance, financial reporting, and Single Audit issues and topics around the country.
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 experience in compliance auditing of organizations receiving federal financial funding in accordance with the Uniform Guidance.
- Presenting audit reports and management letters to boards of directors and audit committees.
- American Institute of Certified Public Accountants (National Instructor for various Nonprofit and Governmental accounting and auditing topics, Ethics Committee’s Technical Standards Subcommittee Member)
- Financial Accounting Standards Board’s Nonprofit Resource Group (Member)
- Greater Washington Society of Certified Public Accountants’ (Member)