Lee Klumpp

Lee Klumpp, CPA, CGMA, is a nationally recognized leader in nonprofit and governmental accounting, audit methodology, and financial reporting. With over 30 years of experience, he has built a distinguished career guiding firms’ Professional Practice Groups, shaping audit and accounting policies, and advising organizations on complex technical issues. His deep knowledge extends to GAAP, GAAS, GASB, and regulatory compliance, with a specialization in nonprofit financial reporting (FASB ASC 958), Single Audits (OMB Uniform Guidance), and governance best practices. Lee has held senior leadership roles in major CPA firms, serving as National Assurance Technical Principal and Professional Practice Principal at BDO USA. In these roles, he has led firm-wide initiatives to enhance audit quality, develop technical policies, and train professionals on emerging accounting standards. His expertise is widely sought after by audit teams nationwide, advising on financial reporting complexities, regulatory compliance, and risk management strategies. As a former FASB Fellow, Lee directly contributed to the development of accounting standards for nonprofits, helping shape industry practices in financial statement presentation, revenue recognition, and liquidity disclosures. His leadership has extended to professional organizations such as AICPA and GWSCPA, where he has influenced industry thought leadership, ethics policies, and audit methodologies. Lee is a nationally recognized speaker, author, and educator in the nonprofit and governmental accounting sector. He has presented at AICPA conferences, GWSCPA Nonprofit Symposiums, and state CPA society events, delivering technical updates on FASB standards, compliance, and financial statement interpretation. His expertise has also been show cased through numerous articles and blogs published in Accounting Today, Nonprofit World His book, How to Read Nonprofit Financial Statements: A Practical Guide (3rd Edition, Wiley), is a widely used resource in the nonprofit sector, reinforcing his role as a thought leader in financial reporting and governance best practices. Beyond his firm leadership roles, Lee has been deeply involved in professional and nonprofit governance. He has served on the Board of Directors for the Greater Washington Society of CPAs (GWSCPA), including a term as President, guiding strategic direction and professional development initiatives for accounting professionals. His contributions to AICPA committees, including the Executive Committee of the Government Audit Quality Center, Not-for-Profit Entities Revenue Recognition Task Force, Technical Standards Subcommittee, and Task forces of the Ethics Committee, have helped shape policies that impact nonprofit and governmental accounting nationwide. Lee has also held leadership positions in community organizations, including the Congressional Award Foundation, Montgomery Community Television, and Bethesda-Chevy Chase Chamber of Commerce, demonstrating his commitment to financial stewardship and nonprofit sustainability. Lee Klumpp’s combination of technical expertise, strategic leadership, and industry influence has positioned him as a leading authority in nonprofit and governmental financial management. His ability to guide firms, educate professionals, and shape industry standards makes him an invaluable asset to the CPA profession and the nonprofit sector.