New Business Expansion Opportunity for Connecticut CPA's
(Limited to 10 - CPE 18 Hrs, Plus additional practical assistance when working)
NEW specialized course designed and tailored by a film industry professional for the specific purpose of ensuring the Connecticut CPA complies with the following quote from the published Audit Instructions:
"... the auditor must have sufficient knowledge of accounting principles and practices generally recognized in the film, television, commercial and digital media industry".
It is a very practical hands-on workshop of intensive 18 hours followed up with 2 hours of mentoring or 3 problem solving sessions. During the training all attendee's questions and what-if scenarios are welcomed.
Introduction:
The Connecticut Dept of Economic and Community Development were mandated to provide a list of approved auditors to conduct the independent audits of the State film tax credits.
John Gaskin was contacted by, and met with, the DECD regarding the State's need to train CPA's on the film industry specific accounting principles and practices.
John Gaskin has tailored a very practical, hands-on workshop to meet this need.
CPE credits apply.
Certification is awarded to those who meet the standards.
The course is for CPA's only.
I will be contacting applicants as they sign-up to introduce myself and to get a better understanding of your purpose in doing the course - it will help me in the workshop presentations.
Course Objective:The attendee will become familiar with the industry specific practices, terminology and methodology of film accounting and auditing. Real examples of film budgets and film production reports will be introduced and practiced. The CPA will have specific understanding of what is expected both by film producers, as well as from the State of Connecticut.
Participants:are thoroughly introduced to the
film industry business cycle, the film budget, the film industry's very specific "Cost Report" and the cost control systems utilized throughout the industry. Emphasis is placed on ways to confidently communicate with the producer about both the production AND the tax incentives audit
stage. Attendance and participation is expected.
Where/When:The dates were chosen as a trade-off between John Gaskin's availability, the advent of tax season and the need to provide an approved list of auditors for the State of Connecticut.
If the dates are unworkable for you please explain in the SURVEY box below. Also, if the venue is not workable please indicate why in the SURVEY below.
Hotel...TBD, Stamford Connecticut.
Workshop: Saturday January 29, 0211 from 9:00AM to 5:30PM
Sunday January 29, 2011 from 9:00AM to 2:00PM
Followed by 3 Live On-Line Webinars at 1 1/2 hrs each:
Tuesday February 3, 2011 from 8:00PM - 9:30PM
Tuesday February 8, 2011 from 8:00 - 9:30PM
Thursday February 10, 2011 from 8:00 - 9:30
About John Gaskin:John Gaskin is a working film production accountant. He is a veteran of 45 film and television productions over 25 years in 5 different countries. He has worked with such notable directors as Ron Howard, Frank Oz and Walter Salles, as well as a variety of mid-to-low budget productions. He has acclaim as a lively instructor who has an impressive list of video and written testimonials. Click hereto see more aboutJohn Gaskin, testimonials and benefits of this course.
Major Topics:
1. An overview of the Film Industry for Accountants
2. The organization chart of a typical film production - emphasis on the film accountant.
3. Key legal aspects to be aware of
4. Intro to the Film Budget – THE Key to Film
Production
5. Managing the Film Production Budget – Labor Examples
6. Managing the Film Production Budget - Fringe Examples
7. Managing the Film Production Budget - Non-Labor Examples
8. The Film Production Accounting Practices – “Walk
Throughs” and Forms
9. Managing Related Party Transactions
10. Introduce the Film Production “Weekly Cost Report”
11. Managing the Film Production “Weekly Cost Report” - Labor/Fringes
12. Managing the Film Production “Weekly Cost Report” - NonLabor
13. Using the Film Industry Schedules: Call Sheet, Daily Production Report and Day-Out-Of-Days
14. The CT "Digital Media & Motion Picture Tax Credit" - Compare CT with other tax credit programs
15. The CT Guidelines and Audit Instructions - Compare CT with other tax credit programs
16 Review the CT Schedule of Eligible Expenditures - Compare CT with other tax credit programs
17. Tips On EFFICIENTLY gathering costs to audit the Film Production Costs
18. "Studio Accounting" Practices are related to Film Accounting
19. Creating Opportunities for Public Accountants in the Film Industry.
**** END OF THE WORKSHOP ****
20. Webinar #1 of 3: At this point attendees will be in a very good position to discuss bids with Film Producers. A scenario will be given to you at the end of the workshop. You will prepare a rough draft submission (very rough) describing the procedural steps to prepare the audit and a bid price through to the issuance of the tax credit voucher. The steps drafted for me should not include the minutia of steps required under the AICPA, but rather the actions taken and why - within the spirit of this course. During the webinar I will review the drafts (taking care to keep the submissions anonymous) making comments and pointing out any ways to speed the audit or to sweeten the bid to the Film Producer.
21. Webinar #2 of 3: Any attendee drafts not taken up on Webinar #1 will be continued. I will present the case from the Film Producer's viewpoint and you can defend from the Auditor's point of view. Any themes that I see throughout the bids will be pointed out and the good strengthened and the weak corrected.
23. Webinar#3 OF 3: Recap from the top, touching on "senior" elements of film accounting and auditing. Most of this session should be on Q&A to fine tune any thoughts or contribute information to the group. Ways to promote within the rather insular Film Industry will also be addressed.
**** END OF LIVE ON-LINE WEBINARS ****
24. After course mentoring - 2 hours or 3 problem solving sessions - whichever comes first
1. An overview of the Film Industry for Accountants.60 Minutes
The following stages are reviewed with practical
examples and situations presented applicable to the role of both the Public Accountants and
the Film Accountant:
Development: the cycle from concept to pitching to financing.
Financing: the concept of borrowing against the
rights
Rights: The importance of the Copyright & ‘Chain of
Title’
Production: setting up a shell company for the production, pre-production, production, post-production.
Auditing of film production costs in
post-production.
Distribution time period and how the producer
receives the net revenues.
Entry points of penetrating this insulated
market are discussed. (Note: this topic will be more fully drilled and
discussed at the end of the workshop.)
2. The organization chart of a typical film production.60 Minutes
An organization chart is presented, with particular emphasis on the role of the financiers and the film accountant.
Within the above framework the functions of film accounting, external auditing (Public Accountants’s), financial service contracts and
employment roles are indicated with examples.
Differentiation is made between “Studio
Accounting” and “Film Production Accounting”
3. Key legal aspects to be aware of. 60 Minutes
The concept of "rights" to a creative work.
The importance of copyright and "Chain of Title".
The importance of the clearance of multiple types of rights: locations, pictures, signs, names, etc.
Contracts - especially of Above-the-Line and Union/Guild Agreements.
4. Intro to the Film Production Budget – THE Key to Film Production 60 Minutes
An actual film production budget is reviewed
with the purpose of understanding the industry specific departments and how
they inter-relate. Key terms used in film production, but not widely known,
will be cleared up.
Managing a real Film Budget: Above-the-Line,
Below-the-Line and Post-Production budget categories and line items are
reviewed to demonstrate how a Producer manages a film’s cost during production.
Present the standard format of presenting Film
Budgets. Practice the format until can do it habitually. (This is basic to all
budgeting and is expected to be intuitive).
Demonstrate the effect of mis-budgeting for one day, or missing a union paid holiday.
Discretionary& Non-discretionary costs in
the budget are discussed, as well as how theses may be abused or missed by the
producer or the film accountant.
5. Managing the Film Production Budget – Labor Examples60 Minutes
Review the major unions and guilds,
demonstrating the simplified way of relating the “Hours Worked” with the “Pay
Hours” (that is, arithmetically translating the hours worked into the
equivalent hours to pay factoring in the overtime ratios).
Drill this simplified method for the purposes of
managing a film budget, demonstrating the impact of working an hour later at
the end of the day (a huge factor in any Film Accountant’s reporting).
Drill making changes to a labor category of the actual
budget, using the film industry’s leading budgeting software.
Observed methods of “padding” film budgets.
Examples given and drills done by attendees.
Common errors in film budgets to watch for.
Discretionary& Non-discretionary costs in
the budget are discussed, as well as how theses may be abused or missed by the
producer or the film accountant.
6. Managing the Film Production Budget - Fringe Examples60 Minutes
Review the industry definition of “Fringes” –
the government and union contributions paid by the producer over and above the
hourly wage. Demonstrate actual fringe rates and how to simplify the details
for the purposes of managing a film budget.
Drill managing fringes using real life examples.
Observed methods of “padding” film budgets.
Examples given and drills done by attendees.
Common errors in film budgets re: fringes to watch for.
7. Managing the Film Production Budget - Non-Labor Examples60 Minutes
Review the major non-labor categories and accounts,
demonstrating the simplified way of relating the “Hours Worked” with the “Pay
Hours” (that is, arithmetically translating the hours worked into the
equivalent hours to pay factoring in the overtime ratios).
Practice making changes to equipment rentals
using the actual budget. Demonstrate how the changes are made on the film
industry’s leading budgeting software.
Observed methods of “padding” film budgets.
Examples given and drills done by attendees.
Common errors in film budgets to watch for.
Common Related Party Transactions in the area of equipment rentals.
8. The Film Production Accounting Practices – “Walk Throughs” 60 Minutes
The practice of using a shell company usually referred to as the “Prod-Co”, for the
production of the film, and a review of the unique General Ledger system used
by all film productions in North America.
A “Walk Through” for a Check Issuance is flow
charted and discussed. It will entail the Purchase Order, Invoice, Check
Preparation, check signing, all authorizations for every document and every
temporary and permanent file along the route.
A “Walk Through” for a Crew Timecard is flow
charted and discussed. It will entail the Deal Memo, the I-9, the payroll
service’s Start Card, the timecard, all authorizations for every document and
every temporary and permanent file along the route.
A “Walk Through” for a Petty Cash (approx. $50,000 per week) is flow
charted and discussed. It will entail all authorizations for every document and every
temporary and permanent file along the route.
Cost control points during the Film Production
are discussed, both from an internal
accounting and from a Producer’s
point of view. Real examples are given, pointing out the weaknesses and
strengths.
9. Managing Related Party Transactions 60 Minutes
Various related party transactions that I've seen are discussed.
Procedures to guard against related party transactions, used by major studios, are reviewed.
10. Introduce the Film Production "Weekly Cost Report"60 Minutes
(This is the document audited for all State/Provincial Tax Incentives)
The unique, but universally used, ‘Weekly Production
Cost Report’ is presented and real examples given on how to read and control
the presentation.
The cost report is related back to the General Ledger and the "Walk Throughs" in Pt. 8 above.
11. Managing the Film Production “Weekly Cost Report”-Labor/Fringes60
Minutes
Several drills are done to practice the more
common Cost Reporting and Estimating situations confronted by Film Accountants
and Producers on almost every production.
The underlying records, and the appropriate
section of the approved budget, are drilled down to discover what occurred to
create the variances of actual to budget.
The cost report is related back to the Labor and Fringes training in Pt's 5 and 6 above.
12. Managing the Film Production “Weekly Cost Report”- NonLabor 60
Minutes
Several drills are done to practice the more
common Cost Reporting and Estimating situations confronted by Film Accountants
and Producers on almost every production.
The underlying records, and the appropriate
section of the approved budget, are drilled down to discover what occurred to
create the variances of actual to budget.
The cost report is related back to the Labor and Fringes training in Pt. 7 above.
13. Using the Film Industry Schedules: The Call Sheet, Daily Production Report, etc. 60
Minutes
A "Shooting Schedule"and "Call Sheet" is shown and reviewed.
The use of the "Call Sheet" in the audit is demonstrated.
A "Daily Production Report" is shown and reviewed.
The use of the "DPR" in the audit is demonstrated.
The "Day-Out-Of-Days" is shown and reviewed.
The use of the "DOOD's" is shown and reviewed.
Some practical examples are practiced by the attendees.
14. The CT "Digital Media & Motion Picture" Tax Credit - Compare to others60
Minutes
The CT Tax Credit is reviewed and compared to other State and Provincial Tax Credits.
The language and the knowledge now gained should make this document very "real".
Different scenarios are practiced to ensure the attendee is comfortable discussing the tax credit with a Film Producer.
15. The CT "Guidelines and Audit Instructions" - Compare to others 60
Minutes
The CT Guidelines and Audit Instructions are reviewed and compared to other State and Provincial Tax Credits.
The language and the knowledge now gained should make this document very "real".
Different scenarios are practiced to ensure the attendee is comfortable discussing the tax credit with a Film Producer.
16. Review the Schedule of Eligible Expenditures - Compare to others 60
Minutes
The CT Schedule of Eligible Expenditures are reviewed and compared to other State and Provincial Tax Credits.
The language and the knowledge now gained should make this document very "real".
Different scenarios are practiced to ensure the attendee is comfortable discussing the tax credit with a Film Producer.
17. Tips On EFFICIENTLY Auditing the Film Production Costs60 Minutes
The Film Production Accountant’s role of
‘Internal Auditing’ is reviewed, with emphasis on the absence of any
centralized controlling body to draw support from (e.g., such organizations as
the AICPA/CICA). The Film Accountant’s role in determining “Ethical Practices” is
discussed by relating real life examples within the film production industry
and comparing those practices with other industries.
This section is not a “How/What to Audit”, but
rather is “How to Quickly Audit” the Cost Report. This section informs the Public Accountants
the best way to have the records recorded by the film production accountant,
along with written examples of instructions. It also shows Film Accountants how
to work with the external auditor to prepare for final audits.
In post-production, the audit now becomes a matter of efficiently utilizing the general
ledger data and matching it to the accounting records. Written instructions to
the film production accountant and how to implement them, is presented, along
with real examples.
The film production accounting records are filed
in an industry specific way, giving the tax credit auditor a way to facilitate
an audit from the downloaded general
ledger records. This process is presented along with real examples of its
application.
The relevant Financial Statement Presentation of
the costs of a production by the Independent Filmmaker (developer and equity
owner) is presented.
The external auditor’s tasks in auditing, or in
consulting, with a film company is broken down into the areas of film
production and independent film & television corporations (normally
referred to as ‘Studio Accounting’).
18. “Studio Accounting” Practices Related to Film Accounting60 Minutes
“Studio Accounting” refers to Major & Independent
Studios that own, develop and produce their own projects for
distribution/licensing. In the Major’s case, and even some
Independents, they distribute the feature or television product within their
own corporate holdings.
The legal steps of ownership and assignment
possibilities are quickly reviewed, with real problems that I have seen are
discussed.
The relationship among the “Production Company”
created to produce the project, the Distribution Company and the Studio (the
owner(s) of the “Production Company”) is charted and discussed.
The policies of one Independent Producer is
reviewed with respect to Capitalizing “inventory” of projects, writing off Inventory
to Revenues realized, Deferred Revenues not ready to be recognized and
inter-company Management Fees. (Note: This is the type of common practice which
permits a Studio to report losses despite having some very successful box
office results).
The published policies of a traded Television
Production Company are reviewed to see how their statements are presented in
relation to what we’ve learned above.
19. Opportunities for Film Accountants & Professional Accountants60 Minutes
Becoming
a Film Production Auditor/Accountant. This position is a respected role in the
film production business and is performed on a contract basis from production to production. What this role entails,
income range, etc is discussed.
Resumes are a one page cover memo and listing of
previous film/ television/ commercial/ digital media/ etc experience with
contact phone numbers/ email addresses. In the case of Public Accountants’s or general
accountants, a list of clients with contact names and phone numbers/ email
addresses. An example is given.
Opinions are sometimes required on the amount of
estimated tax credits are expected – based on the film budget. This is often required
by lenders and the State. Examples are given.
Independent producers, and the Major Studios,
require financial managers, tax advisors, accountants and office managers,
either in their full time employ or on contract as needed. Some examples are given.
Small to mid sized film/TV productions need someone to administer their records for them on a
part-time basis, opening the door to other consulting opportunities.
Film Commissions,
Agencies, Bonding Companies, Banks,
Tax Credit Administrators are avenues to network with producers, large and small,
who need, at a minimum, annual professional accounting services.
Performing audits of the production’s Cost
Report for Lenders.
Becoming
a Film Production Auditor/Accountant. This position is a respected role in the
film production business and is performed on a contract basis from production to production. What this role entails,
income range, etc is discussed.
The expectations of Producers, Lenders and the
State from accounting professionals
servicing the film production industry, and how to fulfill those expectations,
is summed up.
John Gaskin has worked on more than 40 film and TV productions, working in 5 different countries over 2 1/2 decades. He has worked on all sizes of productions, including 2 with Ron Howard.
INSTRUCTOR: John Gaskinis a working Production Auditor. At the time of this writing he is the Production Controller on "Devil", a feature film production developed and produced by M. Night Shyamalan. John also has a Proprietary School licensed in the State of Michigan (License #20090034). John has worked in the film production business since 1985, primarily as a Film Production Auditor.
John has worked on 45 different productions in 5 different countries, working with greats such as Ron Howard, Frank Oz and Walter Salles - as well as small independent films and TV episodic productions, pilots and mini-series. During his career many of his assistants have gone on to become Key Accountants (another term for the Production Auditor).
John also has Supervising Producer credits - see his resume on IMDb. In his previous seminars he was touted as the Billion Dollar Man because the accumulated budgets that have been under his control has exceeded a Billion Dollars.
John's book, "Walk The Talk" is required reading at the University of Southern California's Cinematic Arts (Peter Stark Graduate Producer's Program), as well as the Producer's Program at the University of Tampa, where John has an open invitation to deliver seminars. John's book is also used and recommended by at least one mentor, Michael Glick, at the American Film Institute. John has numerous internet articles on Google Knol and EzineArticles and enjoys answering your questions on his blog - film production.
John has several 'Testimonials' but his favorites are from Ron Howard and David Valdes (David worked with Clint Eastwood for a chunk of his career and has been an independent producer for some time in his own right). Click here to see Ron Howard's letter, and here for David Valdes's hand written note. Another testimonial that John is proud of is Peter D. Marshall's book review. Peter is a 35 year veteran film director and instructor. Visit John's Web Site for more testimonials. For a quick 2-minute video of Testimonials, CLICK HERE. When Ron Howard asked John why the budget was so high on a feature film production they were doing in New York, John was tongue tied. After that John was determined to get it right the next time, so he wrote a book, called "Walk The Talk" which shows any filmmaker, or any novice film producer, how to "Direct the Money" during a film production.
To see more about John's credentials see the following:
TESTIMONIALS: Below is a video clip of attendees from one of my workshops in Toronto.
"I had such a great time this weekend. It was a pleasure to meet John and take in the wealth of knowledge he was willing to share with us. It was also great to see someone who is a finance professional be successful in a field that (when all the money talk is over) nurtures the creative drive of so many individuals." Marie M., CA- Came to Toronto from Baltimore.
"I just wanted to thank you both for the excellent workshop. It was really well organized & delivered, full of great content, and fun! It was also a place to network. I really look forward to future seminars." Craig L.,CA, Toronto
Honestly, I have attended a lot of seminars to keep up with the required 40 hours of CPE for my CPA status and this was easily one of the best ones I've been to. The venue, the topics, instructor and the class participants were all excellent. John keeps things interesting by adding his personal experiences and was always great at explaining nuances/ terms specific to the industry - having the materials
emailed before the seminar was also very helpful." Irene W., CPA, came to Toronto from Ohio
TESTIMONIALS: Below is a video clip of attendees from one of my workshops in Detroit.
Some quotes to give you a concept of my basic nature - my workshops are never boring:
"Over a year ago I opened a dialogue with you with the hopes of gaining more knowledge of production accounting practicing and some tips for really breaking in... And I just wanted to let you know that as of today, I am 4 days away from wrapping out my first show as Key Accountant. It was only an 800K feature, but a feature nonetheless.... And in a rebate state (North Carolina). We payrolled all crew
(non union), SAG, and background... So every week, I had three individual payrolls. Plus obvious things like AP and Petty Cash... But I made it through! Just wanted to say thanks for the help." - Josh, North Carolina
"The presenter (John Gaskin) was excellent...candid, straightforward, respectful of the audience. I especially liked the real life examples, they're the best way to learn about finances. The casual format stimulated great conversation between audience and presenter." Christy,CPA Florida
"I took John’s 2 day budgeting workshop, and his one day Michigan film credit
workshop in August. He is wonderful! The time flew by, and I found
myself hoping he would re-do his production accounting workshop in Michigan, so
I could attend that as well! He provided us a lot of very useful, and current materials.
At our workshop we all brought laptops, and had hands on experience
learning to use Movie Magic Budgeting. John is very good at
teaching this material, and provided us with many valuable tips and
tricks. He has a wealth of real-world experience, and often spiced up his
presentation by sharing this experience with us. A few who had planned on
taking only the Budgeting workshop, decided to stay and signed on to take the
Michigan Film Credit workshop he offered the next day – and two of them had no
plans to film in Michigan!Carol A,CPA Michigan
"John
Gaskin and what he shares is just not available, ANYWHERE! John 's
workshop seminars are perfect, they are the ONLY SHOW IN TOWN for the
seasoned film professional or aspiring filmmaker; or that CPA , lawyer,
general business person wanting make a career change or added value to
what they do, by segueing into the entertainment business.
John Gaskin is film professional that instills trust and enthusiasm and
calls it as it is! From his years of experience as a production auditor
/accountant/ production executive ( all my higher powers) with his
expertise in budgeting, cost reporting, dealing with bond companies,
managing contracts of every description, working with producers(and
being one himself), production managers and studio executives ensure a
production is produced on time and on budget. He brings his vast
cross-over disciplinary skills and experience to an nuts and bolts
result in his book "Walk The Talk", which I use in my producing course
at University of Tampa. His presentations ( including EP budgeting & scheduling)and workshops are just not
the how to's... but the why's . He shares all the interpersonal goings
on with the bottom line- the result. And the money involved to get that
result. I am grateful to have discovered "Walk the Talk" and John
Gaskin and look forward always to introduce John's his book and
information that I have found there, and no where else!" Tom Garrett, University of Tampa
BENEFITS: The workshops provide you with a practical 'door opener' to film production - as a novice Line Producer, Producer's or Director's Assistant, Production Assistant, Film Accounting, etc. (If you are unsure of the role of a Film Accountant, click here, for a quick run down on the income levels and career potential.)
FREE: Multiple Budget Templates, Accounting & Legal Form Templates and DVD Screen Recordings of Specific General Ledger and Budgeting Software Procedures.
BRING YOUR WIRELESS LAPTOP!
You will receive a copy of John's book, "Walk The Talk" jammed with practical tools of your trade.
John will provide each attendee with their own CD packed with
- over 50 practical film production form templates, including all accounting forms used in the business, as well as sample Call Sheets, Daily Production reports, release forms, deal memos, legal assignments, sample equipment agreements, etc. (Note: Most film production/accounting forms are on Word or Excel for your future application)
-
screen recordings of software applications, as discussed in the workshop will be provided on DVD, for your future reference.
All practical assignments are based on John's 25 years experience in film production.
John will be discussing the practical aspect of finding work in the film industry. John makes no promises, but he has
many years of experience finding work as a film auditor and will mentor you on his successful actions and contacts.
Coffee and snacks will be provided.
If you have any further questions about the workshops, or about the film business in general, feel free to email John Gaskin.
Participants Understanding: John Gaskin will be consulting the participants understanding of the materials during the workshops with practical drills, direct questions, short quizzes, etc. The number of “Contact Hours”
during the course will be provided to you for your purposes.
Attendance &
Participation:Attendance will be
taken. The “Clock-Hours” and the results of the attendee’s practical
assignments and random quizzes (both
verbal and otherwise) will form an integral part of John Gaskin's assessment of your understanding of the materials.
Refunds Policy:All fees paid by the applicant shall be
refunded if the applicant is rejected by the instructor (John
Gaskin) before enrollment. An application fee of $25.00 may
be retained if the application is denied. All fees paid by the applicant
shall be refunded if requested within 3 calendar days after starting the
workshop. All refunds shall be returned within 30 days.