Lee Klumpp is a Professional Practice Principal with BDO and has more than 30 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 is a national sought-after speaker, preparing and presenting speeches, seminars, and webinars on various accounting, auditing, internal control, governance, financial reporting, and Single Audit issues and other topics around the country. Lee has written many articles and white papers on various accounting, internal control and governance and been interviewed and published in several accounting and nonprofit media outlets as well as various other financial media outlets. Additionally, Lee is one of the authors of How To Read Nonprofit Financial Statements – A Practical Guide Lee has been a guest lecture at various intuitions of higher education such as George Mason University, University of Maryland, Yale University, Georgetown University
