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Terri McKnight, CPA
Director, Audit Department / Nonprofit Audit Partner
Terri M. McKnight, CPA is a partner at Gelman, Rosenberg & Freedman CPAs, as well as the director of the firm’s Audit Department since 2003.
Ms. McKnight has worked in accounting and auditing since 1989. Her primary focus has been auditing and consulting for organizations within the nonprofit industry, including private voluntary organizations, trade and membership associations, international non-governmental organizations (NGOs), community-based entities, museums, private foundations and other charitable institutions. Ms. McKnight works locally, nationally and internationally on behalf of her clients.
Her responsibilities include managing all phases of nonprofit audit and consulting engagements in accordance with auditing standards generally accepted in the United States of America, Government Auditing Standards and the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and/or OMB Circular A-133. She has assisted numerous organizations in the development of accounting policies and procedures to enhance internal controls. She also works with Boards of Directors to establish good governance practices.
After Ms. McKnight became partner in 2002, she assumed the responsibilities of director of the Audit Department. As director, Ms. McKnight oversees firm quality control, recruiting, training and practice development. She is also the firm’s representative to the AICPA Governmental Audit Quality Center. Ms. McKnight has presented on OMB Grant Reform: 2 CFR 200 ‘Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards’ on numerous occasions and to several hundred nonprofit financial professionals and industry representatives, to highlight updates made to federal compliance regulations related to OMB Circular A-133. These presentations include one at the December 2015 Greater Washington Society of CPAs’ Not-for-Profit Symposium and several other in-person and web-based instructional events in March and September 2015 through April 2016. Ms. McKnight has also co-presented a workshop on how nonprofits can prevent fraud for the American Society of Association Executives’ Finance and Business Operations Symposium.
In June 2016, Ms. McKnight was appointed by Commonwealth of Virginia Governor Terry McAuliffe to the Board of Visitors of Christopher Newport University. An alumna of the university and the recipient of the university’s 2014 Distinguished Alumnus of the Year Award, Ms. McKnight also serves also as vice president on the Christopher Newport University Educational Foundation board.
Ms. McKnight has written articles and presented seminars throughout the nonprofit community related to governance best practices, new accounting standards and the effects of Sarbanes-Oxley. Her article, “Minimizing Fraud Opportunities at Your Nonprofit Organization” was published on the Nonprofit Accounting Basics website.
Before joining GRF, Ms. McKnight spent over four years working with a large national CPA firm performing audits for nonprofit organizations as well as for-profit companies in the United States and internationally. She also spent two years as a controller in the private sector, developing and implementing accounting and internal control procedures, preparing budgets and financial forecasts, and consulting on investment decisions and employee benefit plans. Her corporate experience, combined with more than two decades of expertise in public accounting, provides her clients with a broad understanding of financial management issues from both public and private perspectives.
- Bachelor of Science, Accounting, Christopher Newport College (Virginia)
- American Institute of Certified Public Accountants (AICPA)
- Greater Washington Society of CPAs (GWSCPA)
- Maryland Association of CPAs (MACPA)
- Virginia Society of Certified Public Accountants (VSCPA)
- Member, Finance & Business Operations Section Council, American Society of Association Executives
- Immediate Past President, Ovarian Cancer National Alliance
- Member of the Board of Trustees, CNU Educational Foundation
- Former Treasurer, Wendt Center for Loss and Healing