WIP for Construction Finance Certificate Program (Individual module registration is not available.)

This advanced certificate program for construction financial professionals is designed for those looking to deepen their expertise in managing and interpreting project performance through the Work in Process (WIP) schedule. Over five weeks, participants will explore ways to leverage WIP as a tool for better strategic decision making, analyze project risk, and adhere to the unique accounting standards that apply to long term contracts. Case studies focus on relevant real world WIP scenarios, practical applications, and best practices which can be implemented immediately. The goal of this course is to prepare Controllers, CFOs, and Construction Finance Professionals to prepare, interpret, and analyze accurate WIP data. Join CFMA Education for this brand-new certificate program which will equip participants to unlock the full potential of the WIP schedule.

CFMA’s WIP for Construction Finance Certificate Program is designed as an advanced certificate of completion program to specifically address the work in progress needs of CFPs.

The WIP for Construction Finance Certificate Program — which starts on July 9, 2024, and is scheduled on consecutive Tuesdays from 3-5 p.m. ET, 12-2 p.m. PT, concluding on August 6 — is anchored in case studies on WIP and will be presented by leading industry professionals and delivered through live, online modules with interactive exercises that will require participation. A private online discussion community will provide you with the opportunity to share thoughts and engage with participants throughout the program.

Certificate Program modules are as follows:

  • Effective Strategies in Data Integrity, and Preparing an accurate WIP using GAAP
  • Integrating GAAP Compliance with Industry Standard Practices
  • WIP Quality Control: Insights from CPA Firm Audits
  • Project Risk Analysis & the Strategic Review of your WIP
  • Maximizing Efficiency in WIP Meetings from a Comprehensive Perspective

Each module will unpack a unique case study and will require your participation via live roundtable discussions, group assignments, and communication forums. Participants will receive a case study to read and review prior to each live module. The WIP for Construction Finance Certificate Program will conclude with a final activity in which participants are required to submit a one-page summary demonstrating knowledge learned. Upon successful completion of the program requirements, participants will receive a certificate of completion in the form of a digital certificate as well as earn CPE credits.

Effective Strategies in Data Integrity, & Preparing an Accurate WIP 
with GAAP
Tuesday, July 9, 2024, 3-5 PM (EDT), 12-2 (PDT)
Tim Long, CPA - Chief Financial Officer, M3, MEP 

In the dynamic realm of construction, effective data preparation and project costing are paramount for successful project reporting. This module will help construction financial professionals refine their WIP schedules, incorporating revenue recognition standards and ensure comprehensive cost tracking. In this module, you will learn best practices for handling and compiling the data required to formulate WIP schedules.  This module will also provide participants with 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, participants will be able to:

  • Ensure your financial statements are compliant with current revenue recognition standards for contractors
  • Implement best practices to link all costs and contract changes to projects
  • Implement best practices for ensuring accuracy of project related data before closing periods
  • Implement a financial statement close calendar to ensure that data is accurate before a WIP is prepared

Integrating GAAP Compliance with Industry Standard Practices
Tuesday, July 16, 2024, 3-5 PM (EDT), 12-2 PM (PDT)
Bob Biehl, CPA, CCIFP, GBQ Partners

Common industry practices found in the construction industries are not as quick to adjust to changing accounting principles. Throughout this module, participants will delve into the nuances of accounting rules and how they may differ from long standing industry practices. We will explore advanced concepts including accounting for unapproved change orders, uninstalled materials, and loss provisions. We will discuss practical examples and real-world case studies on ways contractors can ensure their organization’s policies stay compliant. 

By the end of this module, participants 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

WIP Quality Control: Insights from CPA Firm Audits
Tuesday, July 23, 2024, 3-5 PM (EDT), 12-2 PM (PDT)
Staci Huffman, CPA, Audit Manager, EideBailly

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 construction finance professionals with the expertise needed to identify potential red flags before things go wrong or 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, participants will gain the skills necessary to ensure accuracy, integrity, and compliance in financial reporting.

By the end of this module, participants 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 Work in Process schedule to ensure accurate reporting
  • Identify and correct common errors noted by external accountants, internally

Project Risk Analysis & the Strategic Review of your WIP
Tuesday, July 30, 2024, 3-5 PM (EDT), 12-2 PM (PDT)
Stephane McShane, Director, Maxim Consulting

In the dynamic and high-stakes world of construction, effective risk management and ongoing review of WIP are crucial for project success. Participants will 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, participants 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
  • Detect estimation biases
  • Communicate risk insights to management

Maximizing Efficiency in WIP Meetings from a Comprehensive Perspective
Tuesday, August 6, 2024, 3-5 PM (EDT), 12-2 PM (PDT)
Rich King, CPA, CCIFP – CFO/Treasurer, Schlouch Incorporated

The WIP meeting is a unique opportunity for finance and operations teams to collaborate, resulting in better oversight which 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 construction finance professionals 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, participants will be able to:

  • Cultivate a trusting and communicative environment between finance and operations
  • interpret the details of WIP schedules critically and develop targeted questioning strategies to address specific issues
  • 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

Level & Prerequisites
This is a group internet-based course at the Advanced Level. Pre-reading and preparation are required before participating in each module of the program.

CPE information
Earn 2.0 CPE credits for attending each module, with a total of 10.0 CPE credits in the field of Accounting upon completion of the entire program.
(CPE can only be earned by attending the live module. CPE is not available by watching the recording.)

CCIFP information
Earn 2.0 CCIFP Maintenance Credits for attending each module, with a total of 10 CCIFP Professional Development Credits towards the General or Construction Requirement.

Who should attend?

  • Business Owners
  • CEOs
  • CFOs and Controllers
  • CPAs
  • Construction Financial Professionals
  • Professional Advisors
  • Project Managers within construction firms that have a solid understanding of the work in progress (WIP) schedule and a thorough knowledge of construction financial management principles.

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