Discussion of the New Accounting Rules Related to Leases and the Impact on Bank Loan Covenants

Staff Report

Wednesday, June 15th, 2022

Plan to join us on Wednesday, June 22nd as we welcome Shannon Brett, CPA and Partner with Holland, Bromley, Barnhill and Brett and Nick Harty, Senior Vice President with Great Oaks Bank as they discuss changes in financial statement accounting in accordance with Accounting Standards Codification (ASC) Topic 842 and the potential impact it will have on an organization's bank loan covenants.

About our Speakers

Shannon Brett began her career in 1993 as an auditor with Price Waterhouse after graduating summa cum laude from Georgia Southern University and passing the CPA exam on her first attempt. In 1996, Shannon joined Holland & Henry and became the fifth partner in January 2005. Her audit experience spans the manufacturing, distribution, nonprofit, real estate and employee benefit plan areas of our practice. Additionally, Shannon has extensive experience conducting internal control evaluations and assisting small businesses with establishing general ledger systems and complying with tax and financial reporting requirements. Shannon also has experience leading fraud investigations.

Shannon is licensed in Georgia and North Carolina and is a member of the Georgia and North Carolina Societies of Certified Public Accountants, the American Institute of Certified Public Accountants, and the Association of Certified Fraud Examiners. She currently serves on the advisory council for the Georgia Southern University School of Accountancy and as co-treasurer of the Coastal Children's Advocacy Center. She is a member of Junior League of Savannah and the Savannah Board of Realtors and serves on the Campaign Committee of the United Way. She previously served on the boards of Park Place Outreach and Interfaith Hospitality Network and on the Emerging Leaders Committee of The Savannah Community Foundation.

John "Nick" Harty recently joined Great Oaks Bank as the Savannah Market Executive. Nick brings over 21 years of banking and leadership experience in the Savannah market and oversees banking operations and growth in Savannah.

A Savannah native, Nick is a graduate of Benedictine Military School. He received his Bachelor of Business Administration degree from the University of Georgia, and a mini -MBA from Clemson University. He serves as 3rd Vice President of the Propeller Club, Port of Savannah, and as Chairman of the Board of Stewards for The Hibernian Society of Savannah. He is an affiliate member of the CFO Council of Savannah and of the Realtor's Commercial Alliance of Savannah/Hilton Head.