DREAMS TODAY OF TOMORROW BECOMING REALITY
2013 BAP ANNUAL REPORT
TABLE OF
CONTENTS 3 President’s Letter
17 Annual Meeting Best Practices
4 Board of Directors
18 Project Run With It
5 Chapter Advocates
22 Ethics Award
6 Professional Partners
23 Gold Challenge
7 Business Information Professionals of the Year
24 Superior and Distinguished Chapters
10 Outstanding Dean
26 Diversity Initiative Awards
11 Outstanding Faculty Advisors
27 VITA Awards
13 Regional Meetings
28 Medal of Inspiration Award
14 Regional Meeting Best Practices
29 Expansion
15 2013 Annual Meeting
30 Financial Statements
16 BAP International Day of Literacy
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALIT Y TODAY
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MISSION STATEMENT Beta Alpha Psi is a not-for-profit international honor and service organization for accounting, finance and information systems students at AACSB- or EQUIS-accredited universities. Beta Alpha Psi provides opportunities for development of technical and professional skills to complement university education; participation in community service; and interaction among students, faculty and professionals.
BETA ALPHA PSI EXECUTIVE OFFICE STAFF Hadassah Baum — Executive Director Margaret Fiorentino — Manager, Chapter Services Cortney Sanders — Marketing and Communications Specialist
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALIT Y TODAY
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PRESIDENT’S LETTER Dear Friends, Beta Alpha Psi had another outstanding year and I would to thank all of our supporters for making it possible — members; candidates; alumni; faculty advisors; chapter advocates; accounting, finance and information technology faculty; department chairs; deans; executive office staff; professional partners; board members; firms; companies; professional associations; sponsors; speakers; exhibitors; the AICPA; AICPA conference planners; and others. Your commitment to Beta Alpha Psi is truly appreciated. As many of you are aware, the organization went through a rebranding in April 2013. The rebranding has helped to better represent the organization and its members, while still holding true to the values and ideals Beta Alpha Psi was founded upon. The organization’s Technology Task Force oversaw two important projects; the launch of our new website and the launch of the new Reporting Intranet. The new website incorporates our new branding, a user-friendly navigation and increased functionality. The Reporting Intranet, which serves as the lifeline between the Executive Office and BAP chapters, now has a simplified reporting process, the ability to process online payments and an in-platform data entry. Our professional partners; host chapter faculty advisors and members; chapter advocates; conference planners and executive office staff made a concerted effort to implement feedback from last year’s member value survey to make this year’s meetings top-notch, and they succeeded. We had more than 1,950 attendees participate in this year’s regional meetings. We also had more than 1,200 attendees at this year’s annual meeting, including representatives from our new Oceania chapters in Australia and New Zealand. Collectively, these regional meetings and annual meeting included more than 3,000 BAP participants, and we hope to continue to set record attendance numbers in the years ahead. For the first time this year, BAP partnered with KPMG LLP, KPMG Foundation and the United Way of Orange County for BAP International Day of Literacy. The program introduced close to 3,500 Orange County elementary school students to the exciting world of reading. In the coming year, we have more great things on the horizon. We will be evaluating our mission and strategic plan to make sure we are still positioning BAP as the premier international honor organization for accounting, finance and information system students and professionals; increasing alumni outreach to re-engage those still interested in supporting BAP and continuing to add enhancements to our website and Reporting Intranet to keep up with the rapid changes in technology. Thank you for your continued support and another successful year! Sincerely,
Blane Ruschak Board President 2012-2013
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BOARD OF DIRECTORS The Beta Alpha Psi Board of Directors works diligently to promote the mission of Beta Alpha Psi. A diverse makeup of education and industry professionals and recent graduates of Beta Alpha Psi chapters bring many perspectives to the board. Board accomplishments for 2013 include initiating a rebranding effort that resulted in an updated BAP logo and redesigned website; the launch of the new Reporting Intranet system and installation of eight new Beta Alpha Psi chapters.
BOARD MEMBERS • Blane Ruschak — President • Mary Stone — Past President • Jan Taylor Morris — President-Elect • Noel Addy — Director of Administration and Development • Rick Niswander — Dean • Valerie Wendt — Professional Partners Chair • Lee H. Radebaugh — Director of Global Activities • Scott Moore — AICPA Liaison • Natalie Steverson — Alumni Representative • Jen Love — Alumni Representative • Molly Brown — 3rd Year Chapter Advocate, Atlantic Coast Region • Treba Marsh — 3rd Year Chapter Advocate, Southwest Region
2013-2014 INCOMING BOARD MEMBERS • Kevin Stocks — President-Elect • Scott McQuillan — Professional Partners Chair • Deborah Medlar — 2nd Year Chapter Advocate, Northwest and Western Regions • Gwendolyn Highsmith-Quick — 2nd Year Chapter Advocate, Southeast Region
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• Alex Johnson — Alumni Representative
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CHAPTER ADVOCATES The Beta Alpha Psi Chapter Advocates are considered the voice of the chapters. They also support faculty advisors and offer assistance/encouragement to chapters with special circumstances, such as chapters on probation, petitioning chapters and chapters in danger of going on probation. Chapter Advocate accomplishments for this year include updating the regional meeting host manual and Program for Chapter Activities (PCA) and conducting institutional site visits to expand Beta Alpha Psi.
CHAPTER ADVOCATES • Gwendolyn Highsmith-Quick — 2nd Year Chapter Advocate, Northwest and Western regions • Deborah Medlar — 2nd Year Chapter Advocate, Southeast Region • Janice Klimek — 1st Year Chapter Advocate, Rocky Mountain and Missouri Valley Regions • Mehmet Kocakülâh — 1st year Chapter Advocate, Midwest Region • Pearl Rozenberg — 1st year Chapter Advocate, Oceania Region
2013-2014 INCOMING CHAPTER ADVOCATES • Linda Schain — Atlantic Coast Region
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• Veronda Willis — Southwest Region
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PROFESSIONAL PARTNERS The Beta Alpha Psi Professional Partners further the mission of Beta Alpha Psi through the commitment of financial and people resources, knowledge and talent. Members of the Beta Alpha Psi Professional Partners financially support BAP through annual member fees, which subsidize the regional and annual meetings each year. Representatives use their personal networks to secure speakers for these meetings, or deliver presentations themselves. Representatives function as judges for competitions and awards. Many Partners also sponsor a competition or award. Professional Partner accomplishments for 2013 include continued commitment to raising their visibility with the student members of BAP; a new partnership with the Concord Coalition to deliver interactive professional development at regional meetings; and improved relevancy of sessions given by Professional Partners at regional meetings.
FIRMS/CORPORATIONS
STATE SOCIETY ORGANIZATIONS
• • • • • • • • • • • • • • • •
• • • • • • • • •
BDO USA LLP Becker Professional Review Bisk CPA Chevron Corporation CPAexcel Exam Review Deloitte LLP Ernst & Young LLP Fifth Third Bank Grant Thornton LLP Kaplan CPA Review KPMG LLP McGladrey LLP Moss Adams LLP The Office of the Comptroller of the Currency PricewaterhouseCoopers LLP Protiviti Inc. Robert Half International
NOT-FOR-PROFIT ORGANIZATIONS • • • • • • • • •
Accounting & Financial Women’s Alliance American Accounting Association American Institute of CPAs American Woman’s Society of CPAs Association of Government Accountants The Institute of Chartered Accountants in England & Wales The Institute of Internal Auditors Institute of Management Accountants (IMA) International Association for Accounting Education & Research (IAAER) • NASBA Center for Public Trust
California Society of CPAs Illinois CPA Society Indiana CPA Society Kansas Society of CPAs Kentucky Society of CPAs New York State Society of CPAs Texas Society of CPAs Washington Society of CPAs Wisconsin Institute of CPAs
2013-2014 INCOMING PROFESSIONAL PARTNERS • American Institute of CPAs • California Society of Certified Public Accountants • Chevron Corporation • Fifth Third Bank • NASBA Center for Public Trust • New York State Society of CPAs • Washington Society of CPAs
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BUSINESS INFORMATION PROFESSIONALS OF THE YEAR Sponsored by the IMA, the Business Information Professional of the Year award recognizes individuals who make significant contributions to business information professions. This year’s winners have made substantial contributions in academia, business and government, and professional services.
EDUCATION Katherine Schipper — Keller Professor of Business Administration, Fuqua School of Business, Duke University Nominating Chapter — Eta Zeta (University of Dayton)
• Schipper earned her doctorate degree, master’s in library science and MBA from the University of Chicago. She received her bachelor’s degree from the University of Dayton.
• She is the vice president of research for the International Association for Accounting Education and Research, a University of Dayton board trustee, BNA Tax and Accounting advisory board member, Federal Reserve Board of New York advisory board member, Singapore Management University advisory board member and holds several committee positions at Duke University.
• She has received a number of awards, including the American Accounting Association Outstanding Educator award, Duke/Goethe Executive MBA Program teaching award, Duke University Bank of America Service Award and the Illinois CPA Society Outstanding Educator award.
• She is an editor for Contemporary Accounting Research and a consulting editor for Contemporary Journal of Accounting and Economics and serves on the editorial board of The Accounting Review and the Journal of Business, Finance and Accounting.
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BUSINESS AND INDUSTRY Ralph de la Vega — President and CEO, AT&T Mobility and Consumer Markets
Nominating Chapter — Gamma Pi (Northern Illinois University)
• De la Vega holds a bachelor’s degree in mechanical engineering from Florida Atlantic University and a Master’s in Business Administration degree from Northern Illinois University and he has completed the Executive Program at the University of Virginia.
• He is the chairman of Junior Achievement Worldwide and the chairman of Hispanic initiatives for the Boy Scouts of America, and serves on the boards of the Georgia Research Alliance, the Georgia Aquarium and the Atlanta Symphony Orchestra.
• He received Beta Gamma Sigma’s Professional of the Year award in 2011 and was inducted into the Hispanic Scholarship Fund’s Alumni Hall of Fame.
• He is the author of Obstacles Welcome: Turn Adversity into Advantage in Business and Life.
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PROFESSIONAL SERVICES Michael S. Hamilton — Partner and Chief Learning & Development Officer — Americas, Ernst & Young LLP Nominating Chapter — Epsilon Nu Chapter (Murray State University)
• Hamilton holds a bachelor’s degree in accounting from Murray State University.
• He is a member of the AICPA, a certified public accountant in California and Kentucky, a fellow of the American College of Forensic Examiners, and was selected as Who’s Who in Health Care in Los Angeles and Who’s Who Among Young Business Leaders.
• He received the Outstanding Alumnus award from the Epsilon Nu chapter of Beta Alpha Psi and in 2009 received the Distinguished Alumnus award from Murray State University.
• He was a contributing author for an E&Y monograph entitled Mapping Your Competitive Position and co-authored Creating Value in Healthcare. In addition, Hamilton has served as editor for three publications: The Impact of Managed Care on U.S. Markets, Guide to U.S. Hospital Performance and The Medicare Prospective Payment System and Outpatient Payment Reform.
“It is quite an honor to receive this recognition from Beta Alpha Psi, particularly considering the quality of prior recipients of this award. I am here today due to the investments that were made in me by several professors at Murray State University who showed an interest in me and coached me along the way, both while in school and after I started my career. Beta Alpha Psi is an important organization for those who are on their journey to become a member of the accounting profession. I could have never imagined the opportunities that would be provided to me by choosing an accounting career.” — Michael S. Hamilton, Murray State University
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OUTSTANDING DEAN The Outstanding Dean Award recognizes deans for their significant contribution in faculty support and/or financial support to helping achieve the goals and objectives of their university’s Beta Alpha Psi chapter. Without the deans’ support, many Beta Alpha Psi chapters would be underfunded and not able to deliver the types of programs and activities needed to provide an adequate Beta Alpha Psi experience.
Dr. Quiester Craig Nominating Chapter — Zeta Sigma Chapter (North Carolina A&T State University) Chapter support includes:
• Providing financial support for members to attend their regional meeting and the annual meeting.
• Giving the chapter faculty advisor release time to work with the chapter on Beta Alpha Psi competitions, such as Best Practices.
• Awarding inductees and current members scholarships for hard work and achievements.
• Attending majority of Zeta Sigma chapter professional meetings.
• Encouraging members to stop by his office to discuss internships, graduate schools and conferences.
“From day one, Dean Craig has always been a great help to us. He is always available whenever we need to talk to him about anything. Dean Craig has funded our entire college career through scholarships and grants. Also through his great relationships with companies he has provided many students, including the two of us, with the opportunity to network and receive jobs.” — Adrianne and Audrey Bostic, Vice President and Treasurer of the Zeta Sigma Chapter
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OUTSTANDING FACULTY ADVISORS One of the most vital elements in the success of a Beta Alpha Psi chapter is the faculty advisor. Through countless hours of commitment, individual faculty advisors make substantial contributions to the professional growth and development of business financial information students. Beta Alpha Psi, through its cooperation with McGladrey LLP, is privileged to recognize outstanding faculty advisors who have demonstrated those rare qualities that place them at the top of all the dedicated faculty advisors. Honorees receive a plaque and a cash award of $5,000 in recognition of their service to Beta Alpha Psi.
Jennifer Cainas — University of South Florida, Delta Gamma Chapter
“I am truly honored and overwhelmed to be receiving the Outstanding Faculty Advisor award. Beta Alpha Psi is an incredible organization that enriches student’s lives and fosters student success. The dedication our students have for our chapter and this organization inspires me each and every day. It has been my privilege to be the faculty advisor for the Delta Gamma Chapter, and to witness first-hand how this organization can change people’s lives for the better, including my own.” — Jennifer Cainas
Raymond Elson — Valdosta State University, Mu Zeta Chapter
“I am honored to be a recipient of the 2013 Outstanding Faculty Award, especially for a chapter that’s approximately 7 years old. This award truly belongs to our past and current members who dedicated numerous hours to establish and grow the chapter. Thank you for allowing me to reap the benefit of your efforts.” — Raymond Elson
Connie Esmond-Kiger — Ohio University, Alpha Kappa Chapter “Being a faculty advisor for Beta Alpha Psi has allowed me to provide challenging opportunities for my students and to be affiliated with colleagues who continuously create excellence by doing the same. Over the last 12 years, my students have enthusiastically jumped in and accomplished more than any of us could have imagined was possible as a result of participating in all that Beta Alpha Psi has to offer. I have enjoyed every minute as a faculty advisor and am honored to receive this award for doing what I love to do.” — Connie Esmond-Kiger
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Simon Petravick — Bradley University, Zeta Lambda Chapter “I have yet to find another organization that surpasses Beta Alpha Psi in providing opportunities for students. One big reason for this is the tremendous support we receive from so many professionals and academics. Every day I look forward to preparing students to become great professionals. Thank you very much for this honor and congratulations to the others being recognized.” — Simon Petravick
Charles Tang — Pace University, Iota Lambda Chapter “To serve as the faculty advisor to Iota Lambda Chapter of Beta Alpha Psi at Pace University is one of the most rewarding experiences for me as a college professor. Year after year, I witness students join Beta Alpha Psi as ordinary young people, but leave as extraordinary, mature and motivated professionals. Through its uplifting professional and service activities, Beta Alpha Psi provides the young students opportunities to grow professionally and develop leadership skills that will benefit them for lifetime. I am extremely honored to be a part of this extraordinary organization.” — Charles Tang
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REGIONAL MEETINGS Regional meetings focus on 1) promoting inter-chapter activities; 2) encouraging student interest in emerging business issues; 3) providing students the opportunity to develop communication skills, both written and oral; 4) providing members with the opportunity to exchange ideas concerning chapter operations and activities in both formal and informal settings; 5) providing the opportunity for general-leadership training for officers and members; and 6) fostering innovative and unique activities to promote and share best practices. HIGHLIGHTS
• More than 2,000 attendees total • 224 chapters represented • Budget-balancing activities conducted by the Concorde Coalition • Opening keynote sessions delivered by various high-ranking executives from companies such as the Tennessee Titans, Patagonia and Alaska Air
More than
2,000
attendees total
224
chapters represented
9
Beta Alpha Psi members waiting for the first general session to start.
Students at the Atlantic Coast Regional meeting participate in an activity to gauge personality types.
meeting locations San Jose, CA Nashville, TN Dallas, TX Arlington, VA Denver, CO Kansas City, KS Chicago, IL Spokane, WA Sydney, Australia
Beta Alpha Psi members pose for a picture between sessions.
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALIT Y TODAY
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REGIONAL MEETING BEST PRACTICES Sponsored by Deloitte, the Best Practices competitions give members a chance to present their expertise in a topic of their choice. The Best Practices topics for 2013 included: enhancing a soft skill through an innovative program (innovation category); inspiring high school or community college students to pursue a career in accounting, finance or information systems (inspiration category); and developing a program to improve business writing skills of BAP members and candidates (imagination category). INNOVATION REGION Western Southeast Southwest Rocky Mountain Atlantic Coast Missouri Valley Midwest Northwest
UNIVERSITY California State University-Northridge Middle Tennessee State University University of Central Arkansas Utah State University Pace University University of Central Missouri Bradley University Seattle University
CHAPTER NAME Epsilon Chi Zeta Gamma Theta Lambda Delta Omega Iota Lambda Iota Mu Zeta Lambda Delta Eta
UNIVERSITY California State University-Sacramento University of Central Florida University of Texas at El Paso University of New Mexico SUNY at Buffalo University of Nebraska-Lincoln University of Michigan-Dearborn Portland State University
CHAPTER NAME Beta Phi Epsilon Gamma Theta Beta Theta Xi Zeta Theta Delta Omicron Kappa Sigma Epsilon Alpha
UNIVERSITY California State University-Los Angeles Valdosta State University University of Texas at El Paso Utah State University Pace University University of Missouri-St. Louis Ball State University Portland State University
CHAPTER NAME Beta Lambda Mu Zeta Theta Beta Delta Omega Iota Lambda Gamma Psi Zeta Omega Epsilon Alpha
INSPIRATION REGION Western Southeast Southwest Rocky Mountain Atlantic Coast Missouri Valley Midwest Northwest IMAGINATION REGION Western Southeast Southwest Rocky Mountain Atlantic Coast Missouri Valley Midwest Northwest
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2013 ANNUAL MEETING ANAHEIM, CA, AUG. 6-8, 2013 • 88 chapters participated in chapter
HIGHLIGHTS
• More than 1,200 attendees representing
•
• • •
217 chapters Participation in BAP International Day of Literacy 24 chapters competed in Best Practices competitions 72 members participated in Project Run With It 88 chapters participated in chapter operation presentations
operation presentations
• 675 students visited Disneyland and/or Disney ®
California Adventure Park
®
• Keynote sessions by Ralph de la Vega, president
and CEO — AT&T Mobility; Clark Jones, vice president of finance — Walt Disney Parks & Resorts; and John Blumberg, national speaker and author.
More than
1,200
attendees
217
chapters represented
24
competed in Best Practices competitions
72
participated in Project Run With It
88
participated in chapter operation presentations
Students at the annual meeting. Students at the regional meeting.
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BAP INTERNATIONAL DAY OF LITERACY During the 2013 annual meeting in Anaheim, BAP partnered with KPMG LLP, KPMG Foundation, First book and the United Way of Orange County for BAP International Day of Literacy. Volunteers visited Orange County elementary schools and Boys and Girls Clubs to distribute books and engage in activities focused around early literacy. The program introduced close to 3,500 students to the exciting world of reading. Also, as a part of BAP International Day of Literacy volunteers donated school supplies.
KEY METRICS
• • • •
942 volunteers 3,872 books delivered 200 backpacks donated by Robert Half International 3,872 free admission tickets donated by Muzeo Museum in Anaheim
SCHOOL SUPPLIES DONATED
• 250 glue sticks • 300 notebooks • 450 pencils
• • • • • • • • • • •
150 boxes of crayons 50 pencil cases 70 boxes of marker pens/pencils 450 folders 60 eraser packages 35 rulers 25 scissors 200 post-it notes 300 pens 18 packages of stickers 50 miscellaneous other items
942 volunteers
3,872 books delivered
200
backpacks donated by Robert Half International
3,872
free admission tickets donated by Muzeo Museum in Anaheim
BAP International Day of Literacy
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ANNUAL MEETING BEST PRACTICES Each category winner from the eight regional meetings competed at the annual meeting against other regional winners — 24 chapters competed. The annual meeting Best Practices competition is sponsored by Deloitte.
INNOVATION
1st Place
Seattle University
Delta Eta Chapter
2nd Place
Middle Tennessee State University
Zeta Gamma Chapter
3rd Place
University of Central Arkansas
Theta Lambda Chapter
INSPIRATION
1st Place
University at Buffalo
Zeta Theta Chapter
2nd Place
University of Texas at El Paso
Theta Beta Chapter
3rd Place
The University of New Mexico
Theta Xi Chapter
IMAGINATION
1st Place
Portland State University
Epsilon Alpha Chapter
2nd Place
University of Texas at El Paso
Theta Beta Chapter
3rd Place
Pace University
Iota Lambda Chapter
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PROJECT RUN WITH IT Sponsored by Moss Adams LLP, Project Run With It (PRWI) involves up to 72 BAP chapter members working together during the annual meeting to develop solutions to real life business problems of actual not-for-profit (NFP) agencies. The students work in 18 teams of four and have about one day to develop a formal presentation showcasing their solution to the business issues presented by the NFPs in their “request for proposal” for consulting services. Before the meeting, the NFP agencies provide background information and during the meeting are available to answer the participating students’ questions. NOT-FOR-PROFIT
WINNER
A Place Called Home (Vocational Services)
A2
A Place Called Home (Social Enterprise)
B2
Inner City Arts
C3
Team A2
Team C3
Team B2
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PARTICIPANTS TEAM A1
UNIVERSITY
Jessica Leitao An Tran Nathan Pautler Amber Merrell TEAM A2
California State University-Northridge Towson University University of Nebraska at Omaha Valdosta State University
Evan O’Keefe Michael Visconti Nick Brazell Hannah Lin TEAM A3
Bentley University Elon University Seattle University University of Notre Dame
Eleanor Lin Matthew Joppeck Eric Woo Leeanna Perkinson TEAM A4
Max Vogt Bob Hsiao Jose Alcaraz Laura McDowell
UNIVERSITY North Carolina Agricultural and Technical State University Ohio University Quinnipiac University University of Idaho
Li Wang Christopher McCoy Benjamin Dale Mark Kroger TEAM A6
UNIVERSITY New York University Ohio Northern University San Francisco State University University of North Carolina at Charlotte
Munachimso Nnebe-Agumadu Brennan Wagner Giosue Improta Philip Short TEAM A5
UNIVERSITY
UNIVERSITY Hofstra University University of Alabama Western Washington University Xavier University
UNIVERSITY Creighton University CSU Fullerton Mississippi State University University of Washington
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PARTICIPANTS TEAM B1
UNIVERSITY
Samantha Sing Key Alfredo Ernst Wendy Kwan Chandramukhi Iyengar TEAM B2
University of Sydney University of Tampa University of Washington-Bothell Virginia Commonwealth University
Brittany Bachmann-Lang Tyler Olson Isabella Jendryka Amy Teng TEAM B3
Boise State University Sam Houston State University St. John’s University University of Memphis
Louis Murphy Samantha Thorsness Lauren Wise Susan Slaton TEAM B4
Michael Gears John Harbuck Genevieve Fecteau Ashley Ciccarello
UNIVERSITY Cleveland State University University of Texas at El Paso University of Waikato Utah State University
Kristeen Reynolds Jennifer McPherson Caitlin Murphy Jenni Zhai TEAM B6
UNIVERSITY Fordham University Gonzaga University Louisiana Tech University Western Kentucky University
James Howell Humberto Duron Gaurav Correa Matthew Miles TEAM B5
UNIVERSITY
UNIVERSITY Lamar University Pace University University of Arkansas University of Technology Sydney
UNIVERSITY James Madison University University of Central Arkansas University of Denver University of South Florida
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PARTICIPANTS TEAM C1
Arefeen Chowdhury Summer Allison Marlen Garcia Hannah Winn TEAM C2
Georgia State University Idaho State University Texas State University University of Massachusetts-Amherst
Renela Rucker Ai Ling Chow Joanna Kardys-Stone Sydney Hagan TEAM C3
Jason Bazell George Manou Vinayak Dhingreja Phillip Murphy
UNIVERSITY Samford University San Diego State University University of Texas at Tyler Western Michigan University
Houman Akbari Matthew Sandy Joseph Kuhnsman Quinten Frankel TEAM C6
UNIVERSITY Brigham Young University California State University East Bay East Tennessee State University Grand Valley State University
Laura Price Jeff Ewing Steven Goad Alison Huey TEAM C5
UNIVERSITY Morgan State University University of Colorado Denver University of Nevada-Reno University of South Carolina
Cory McOmber Esther Schwyter Rebekah Quillin Samantha Schaefflerr TEAM C4
UNIVERSITY
UNIVERSITY CSU-Sacramento Marshall University University of South Florida-St. Petersburg Western Illinois University
UNIVERSITY Case Western Reserve University State University of New York at Oswego University of California-Irvine University of Mississippi
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ETHICS AWARD Sponsored by Grant Thornton LLP, the purpose of this award is to help encourage ethical behavior throughout the accounting, finance and information technology professions. The business world has experienced the ethical failures of many individuals and organizations in the accounting and finance profession over the past decade. These actions have had detrimental and lasting effects on the economy and individual investors and have damaged the reputation of information professions. It is a core value of Beta Alpha Psi to encourage ethical behavior. One way to encourage this behavior is to examine difficult situations demanding ethical responses and by recognizing the resulting exemplary ethical behavior by individuals and/or organizations in the professions, government, business, academia and not-for-profits. Chapters submit an abstract for a planned project that encourages ethical behavior and a summary with outcomes and an overall assessment after the project is completed. WINNERS San Diego State University
Beta Eta Chapter
Idaho State University
Eta Lambda Chapter
Northern Illinois University
Gamma Pi Chapter
Central Washington University
Nu Epsilon Chapter
Ethics Award winners with Grant Thornton LLP representative Nina Guthrie.
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GOLD CHALLENGE BAP recognizes that many chapters often go above and beyond what is required to become a Superior Chapter. In an effort to reward these chapters, the KPMG and the KPMG Foundation work with BAP to sponsor the KPMG Gold Challenge, a competition that provides an annual $2,500 award to several top chapters. Eligible chapters are required to submit a 7-minute video presentation which explains and/or demonstrates why their chapter deserves the KPMG Gold Challenge award. WINNERS Bradley University
Zeta Lambda Chapter
California State University-Fullerton
Delta Beta Chapter
California State University-Northridge
Epsilon Chi Chapter
Pace University
Iota Lambda Chapter
Seattle University
Delta Eta Chapter
University at Buffalo
Zeta Theta Chapter
University of Louisiana at Lafayette
Kappa Theta Chapter
University of Texas at El Paso
Theta Beta Chapter
University of Northern Colorado
Theta Psi Chapter
University of Oregon
Beta Chapter
University of South Florida
Delta Gamma Chapter
Valdosta State University
Mu Zeta Chapter
Gold Challenge winners
The Gold chapter status is the highest award level a chapter can receive. Only a limited number of chapters can be awarded the Gold chapter status within one academic year. The award is given to chapters that continually demonstrate and exemplify the highest values of Beta Alpha Psi: leadership, scholastic success, lifelong learning and development, service, and ethical behavior.
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SUPERIOR AND DISTINGUISHED CHAPTERS To qualify as superior or distinguished, each chapter must report a designated amount of Reaching Out Activities and each chapter member/candidate must have a certain number of professional and service hours, as set forth in the Program for Chapter Activities. Each Superior Chapter receives a monetary award of $275 from KPMG LLP and the KPMG Foundation. SUPERIOR WINNERS Appalachian State University
Fort Lewis College
Salisbury University
Auburn University
Georgia Southern University
Sam Houston State University
Ball State University
Georgia State University School of Accountancy
Samford University
Gonzaga University
San Francisco State University
Belmont University Bentley University Boise State University Bowling Green State University Brigham Young University California State University-Chico California State University-East Bay California State University-Fresno California State University -Long Beach California State University -Los Angeles California State University-Sacramento California State University -San Bernardino
Hofstra University Idaho State University Ithaca College James Madison University Kent State University Long Island University-Post Louisiana State University Louisiana Tech University Loyola University Maryland Manhattan College Marquette University Marshall University Middle Tennessee State University
Case Western Reserve University
Missouri State University
Central Michigan University
Montana State University
Central Washington University
Morgan State University
Cleveland State University
Murray State University
Coastal Carolina University
New York University
Colorado State University
North Carolina A&T State University
Creighton University CUNY-Baruch College
Northern Arizona University
San Diego State University San Jose State University Southeast Missouri State University Southeastern Louisiana University Southern Illinois University at Carbondale Southern Illinois University Edwardsville St. John’s University Stephen F. Austin State University Suffolk University SUNY Oswego Syracuse University Tennessee Tech University Texas State University-San Marcos The Ohio State University The University of Alabama The University of Memphis The University of New Mexico The University of Southern Mississippi The University of Tampa Truman State University
Eastern Illinois University
Northern Illinois University
Eastern Michigan University
Oakland University (Michigan)
Eastern Washington University
Ohio Northern University
Elon University
Ohio University
University of Alabama at Birmingham
Florida Atlantic University
Oklahoma State University
University of Arizona
Florida Gulf Coast University
Old Dominion University
University of Arkansas
Florida International University
Oregon State University
University of Central Arkansas
Florida State University
Portland State University
University of Central Florida
Fordham University
Saint Louis University
University of Central Missouri
University at Albany University of Akron
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DISTINGUISHED WINNERS
SUPERIOR WINNERS CONTINUED University of Connecticut
University of Washington Bothell
Arizona State University
University of Dayton
University of Wisconsin-Milwaukee
University of Denver
University of Wisconsin-Whitewater
California State Polytechnic University-Pomona
University of Georgia
University of Wyoming
University of Hawaii-Manoa
Utah State University
University of Houston-Clear Lake
Virginia Commonwealth University
University of Idaho
Virginia Tech
University of Iowa University of Kentucky University of Louisiana at Monroe University of Louisville
Washington State University Western Illinois University Western Kentucky University Western Michigan University
Clemson University George Mason University Grand Valley State University Iowa State University Kansas State University Kennesaw State University Massey University North Carolina State University
Western Washington University
North Georgia College & State University
University of Miami
Wichita State University
Pittsburg State University
University of Michigan-Dearborn
Wright State University
Purdue University
University of Mississippi
Youngstown State University
The Pennsylvania State University
University of Massachusetts-Amherst
University of Missouri-St. Louis University of Missouri-Kansas City University of Montana University of Nebraska-Lincoln University of Nebraska at Omaha University of Nevada-Las Vegas University of Nevada-Reno
Towson University University of California Berkeley University of Michigan-Flint University of North Texas University of Notre Dame University of San Francisco University of South Alabama
University of New Orleans
University of South Dakota
University of North Carolina at Charlotte
University of Texas at Arlington University of Tulsa
University of North Carolina at Greensboro
University of Wisconsin-Madison
University of Pittsburgh
University of Wisconsin Oshkosh
University of San Diego
Washington State University-Vancouver
University of South Carolina
Weber State University
University of South Florida St. Petersburg
West Chester University
University of Southern California
West Virginia University
University of Southern Indiana University of Tennessee at Knoxville University of Texas at Tyler University of Toledo University of Utah University of Washington
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALIT Y TODAY
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DIVERSITY INITIATIVE AWARDS An inclusive work environment that values and leverages the unique differences of a diverse team is critical for the future success of the global business community. More than 90 percent (90%) of the Fortune 500 companies have active diversity initiatives in place and most include diversity as part of its business strategy. Ernst & Young leadership fully understands the importance of an inclusive environment that values the contributions of its entire people. The firm believes that a key element of effective teaming is the diversity of thought generated from team members from different backgrounds and perspectives. Highly effective leaders are those who are experienced at leading diverse teams. Ernst & Young also believes that it is important for future leaders of the business community to have a great appreciation and understanding of how to successfully team in a diverse and inclusive environment. Accordingly, EY has created the Ernst & Young LLP Diversity Award. Chapters submit an abstract on what diversity means to the chapter and its importance in the professional world. Chapters must also include a plan to make an impact at the chapter level and strategies that could be employed by the school of business to impact their overall diversity. WINNERS 1st place
Stonehill College
Mu Omega Chapter
2nd place
Kent State University
Beta Psi Chapter
3rd place
Portland State University
Epsilon Alpha Chapter
3rd place
California State University-Northridge
Epsilon Chi Chapter
3rd place
University of Missouri-St. Louis
Gamma Psi Chapter
Diversity Initiative Award winners with EY representative Paige Sacks.
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALIT Y TODAY
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VITA AWARDS The VITA Program offers free tax help to people who make $50,000 or less and need assistance in preparing their own tax returns. IRS-certified volunteers provide free basic income tax return preparation to qualified individuals in local communities. They can inform taxpayers about special tax credits for which they may qualify such as the Earned Income Tax Credit, Child Tax Credit, and Credit for the Elderly or the Disabled. Members of Beta Alpha Psi proudly contribute their time by volunteering for VITA. Below are the results from our VITA completion for 2013. SUPERIOR AWARD (OUTSTANDING PERFORMANCE IN ALL 3 CATEGORIES) Brigham Young University
Gamma Alpha Chapter
SUPERIOR AWARD (OUTSTANDING PERFORMANCE IN ALL 3 CATEGORIES) Brigham Young University California State University-Fullerton San Francisco State University
Gamma Alpha Chapter Delta Beta Chapter Beta Chi Chapter
RETURN PREPARATION (CHAPTERS WHO PREPARED MORE THAN 500 RETURNS) Amherst University of Buffalo Brigham Young University San Francisco State University The University of Montana University of Massachusetts-Amherst Utah State University
Zeta Theta Chapter Gamma Alpha Chapter San Francisco Chapter Delta Kappa Chapter Delta Nu Chapter Delta Omega Chapter
INNOVATIVE AWARD (CHAPTERS WHO PARTICIPATED IN THE VIRTUAL VITA PROGRAM) Brigham Young University California State University-Fullerton University of North Carolina at Charlotte Utah State University
Gamma Alpha Chapter Delta Beta Chapter Eta Alpha Chapter Delta Omega Chapter
VITA award winners VITA award winners: BRigham young university
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALIT Y TODAY
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MEDAL OF INSPIRATION AWARD Sponsored by the AICPA, the Medal of Inspiration is bestowed upon a student who has experienced extreme hardships in his or her life and who has demonstrated an unusually high level of success despite that adversity. The award includes a $5,000 cash stipend. Winner: Andrey Stoyan, San Diego State University Stoyan emigrated from Russia in 2008 to escape social intolerance and oppressive discrimination. At the time, he knew a limited amount of English and only had $1,000 to his name. While in the United States, Stoyan was granted asylum, but still faced many obstacles trying to obtain an education. His goal was to enroll in the accountancy program at San Diego State University (SDSU), but didn’t have a high school diploma or GED. He was unable to transfer his Russian transcripts to SDSU, however after two years at a local community college, he realized his goal and was accepted by SDSU. While at SDSU, Stoyan was elected vice president of professional development in the university’s Beta Alpha Psi chapter. He interned for KPMG and performed volunteer work on campus and in the local community, in addition to working 20-30 hours per week. Stoyan will become a full-time audit accountant with BDO this fall and is eligible to apply for U.S. citizenship in September.
Medal of Inspiration Award Winner: Andrey Stoyan
“I wanted to share my story because I see many people discouraged by the hardships they face in life, especially when it comes to education, and I really hope that it can inspire someone who faced some adversities in life — be that related to education, economic situation, or mistreatment, abuse, and resentment from society.” —Andrey Stoyan, San Diego State University
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EXPANSION Beta Alpha Psi has a long-standing history of providing development, leadership and service opportunities to its members, which total more than 300,000 since its inception in 1919. Like so many organizations in today’s globally based world, a strategic decision was made to expand our organizational borders beyond the United States and become an international organization with the ultimate goal of providing the same opportunities noted above to students across the globe. The organization has accomplished a great deal in a short time.
HIGHLIGHTS
• New chapter installations: 8
- University of Washington-Bothell - Stonehill College - Quinnipiac University - Radford University - University of North Georgia - Western Carolina University - University of Technology Sydney - Central Washington University
• Petitioning chapters: 8 • Active chapters: 295 • Active members: 17,000+
17,000+
active members
295
active chapters
8
petitioning chapters
8
new chapter installations University of Washington-Bothel Stonehill College Quinnipiac University Radford University University of North Georgia
Western Carolina University
University of Technology Sydney Central Washington University
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FINANCIAL STATEMENTS To the Board of Directors Beta Alpha Psi We have audited the accompanying financial statements of Beta Alpha Psi, which comprise the statements of financial position as of April 30, 2013 and 2012, and the related statements of activities and cash flows for the years then ended, and the related notes to the financial statements. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Beta Alpha Psi as of April 30, 2013 and 2012, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Cohn Reznick LLP Roseland, New Jersey June 14, 2013
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STATEMENTS OF FINANCIAL POSITION YEARS ENDED
APRIL 30, 2013
APRIL 30, 2012
$1,638,399
$1,709,410
-
94,000
63,210
51,080
Current assets Cash and cash equivalents Investments Accounts receivable Prepaid expenses and other assets
19,866
23,544
$1,721,475
$1,878,034
Investments
331,000
329,000
Website development, net of accumulated amortization $170,595 and $168,851
231,963
101,758
$2,284,438
$2,308,792
$93,286
$299,475
43,910
37,370
$137,196
$336,845
2,053,736
1,890,924
93,506
81,023
Total current assets Long-term assets
TOTALS Liabilities Accounts payable Unearned revenue Total liabilities Net assets Unrestricted Temporarily restricted Total net assets TOTALS
$2,147,242
$1,971,947
$2,284,438
$2,308,792
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STATEMENTS OF ACTIVITIES CHANGES IN UNRESTRICTED NET ASSETS
APRIL 30, 2013
APRIL 30, 2012
$645,040
$640,969
184,000
170,100
Chapter maintenance fees
83,400
83,100
Annual student convention
253,663
230,675
9,000
5,000
145,620
137,027
Revenue and support Initiation fees Associates program contributions
Charter and petition fees Regional meetings Interest income Contributed services Net assets released from restrictions Miscellaneous Total unrestricted revenue and support
5,131
5,793
64,480
79,550
204,192
176,402
5,501
6,674
$1,600,027
$1,535,290
Expenses Program expenses $345,425
$269,009
Community service day
Annual student convention
50,000
20,000
Board of Directors meetings
28,245
27,990
Chapter installations and visitations
6,839
7,820
Banners and gavels
4,274
2,873
278,957
270,308
37,125
36,575
Best practice awards
29,750
29,500
Diversity awards
11,500
11,500
Faculty advisor awards
25,000
25,000
Gold Challenge awards
22,500
17,500
Project Run With It awards
12,000
12,000
BIPOY awards
6,000
6,000
Ethics awards
15,000
20,000
Miscellaneous
5,039
7,824
$877,654
$763,899
559,561
515,686
$1,437,215
$1,279,585
$162,812
$255,705
Contributions
216,675
178,275
Net assets released from restrictions
(204,192)
(176,402)
$12,483
$1,873
Change in net assets
$175,295
$257,578
Net assets, beginning of year
1,971,947
1,714,369
$2,147,242
$1,971,947
Regional meetings Superior Chapter Award Program
Total program expenses General and administrative Total expenses Change in unrestricted net assets Change in temporarily restricted net assets
Change in temporarily restricted net assets
Net assets, end of year See Notes to Financial Statements.
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STATEMENTS OF CASH FLOWS APRIL 30, 2013
APRIL 30, 2012
$175,295
$257,578
1,744
6,164
(12,130)
46,256
3,678
857
(206,189)
106,422
6,540
2,550
($31,062)
$419,827
(131,949)
(100,217)
237,000
100,000
Operating Activities Change in net assets Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities: Amortization Changes in operating assets and liabilities Accounts receivable Prepaid expenses and other assets Accounts payable Unearned revenue Net cash provided by (used in) operating activities Investing activities Capital expenditures Proceeds from maturation of investments Purchase of investments
(145,000)
(373,000)
($39,949)
($373,217)
Net increase (decrease) in cash and cash equivalents
($71,011)
$46,610
Cash and cash equivalents, beginning of year
1,709,410
1,662,800
$1,638,399
$1,709,410
Net cash used in investing activities
Cash and cash equivalents, end of year
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NOTE 1 — PURPOSE AND SUMMARY OF ACCOUNTING POLICIES Purpose: Beta Alpha Psi (the “Organization”) is a nonprofit international honor and service organization for accounting, finance and information systems students at AACSB (The Association to Advance Collegiate Schools of Business) or EQUIS (European Quality Improvement System) accredited universities. The Organization provides opportunities for development of technical and professional skills to complement university education; participation in community service; and interaction among students, faculty and professionals. The Organization’s objectives are accomplished through the activities of its chapters. Financial resources to promote these activities are provided by the chapters and various public and private funds. Accounting method: The accompanying financial statements are prepared on the accrual basis of accounting. Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash and cash equivalents: The Organization considers instruments with an original maturity of three months or fewer when purchased to be cash equivalents. As of April 30, 2013 and 2012, the Organization’s cash equivalents consisted primarily of money market funds. Purpose: Beta Alpha Psi (the “Organization”) is a nonprofit international honor and service organization for accounting, finance and information systems students at AACSB (The Association to Advance Collegiate Schools of Business) or EQUIS (European Quality Improvement System) accredited universities. The Organization provides opportunities for development of technical and professional skills to complement university education; participation in community service; and interaction among students, faculty and professionals. The Organization’s objectives are accomplished through the activities of its chapters. Financial resources to promote these activities are provided by the chapters and various public and private funds. Accounting method: The accompanying financial statements are prepared on the accrual basis of accounting. Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash and cash equivalents: The Organization considers instruments with an original maturity of three months or fewer when purchased to be cash equivalents. As of April 30, 2013 and 2012, the Organization’s cash equivalents consisted primarily of money market funds. Investments: Short- and long-term investments for the years ended April 30, 2013 and 2012, consist of certificates of deposit with varying maturity lengths. Certificates of deposit with maturities of greater than three months, but less than one year are considered short-term. Certificates of deposit greater than one year are considered held long-term.
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NOTE 1 — PURPOSE AND SUMMARY OF ACCOUNTING POLICIES (Continued) Concentrations of credit risk: Financial instruments that potentially subject the Organization to concentrations of credit risk consist of cash and cash equivalents and certificates of deposit. The Organization maintains its cash and cash equivalents and certificates of deposit in account balances, which may at times exceed the insured amount under the Federal Deposit Insurance Corporation (“FDIC”) and the Securities Investor Protection Corporation (“SIPC”). As of April 30, 2013 and 2012, the Organization’s cash balance exceeded the current insured amount under FDIC and SIPC by $874,156 and $0, respectively. Accounts receivable: Credit risk with respect to accounts receivable is limited because the Organization deals with a large number of members in a wide geographic area. The Organization closely monitors the extension of credit to its members. On a periodic basis, the Organization evaluates its accounts receivable and establishes an allowance for doubtful accounts, based on a history of past write-offs and collections and current credit considerations. As of April 30, 2013 and 2012, the Organization has no significant concentrations of credit risk and there is no allowance for doubtful accounts established as management believes that all amounts are collectible. Website development costs: All costs incurred in planning the development of a website are expensed as incurred. Costs, other than general and administrative and overhead costs, incurred in the website application and infrastructure development stage, which involve acquiring or developing hardware and software to operate the website, are capitalized. Fees paid to an Internet service provider for hosting a website on its server(s) connected to the Internet are expensed over the estimated period of benefit. Other costs incurred during the operating stage, such as training, administration and maintenance costs, are expensed as incurred. Costs incurred during the operating stage for upgrades and enhancements of a website are capitalized if it is probable that they will result in added functionality. Capitalized website development costs are amortized on a straight-line basis over their estimated useful life. The unamortized costs remaining as of April 30, 2013 and 2012, represent outsourced costs associated with new site development and enhancements. Net assets: The Organization’s financial resources have been combined into two net asset classes (unrestricted and temporarily restricted) based upon stipulations imposed by donors. Unrestricted net assets include expendable resources over which the Organization’s Board of Directors has discretionary control and are used to carry out the Organization’s operations in accordance with its bylaws. Temporarily restricted net assets include resources expendable only for those purposes specified by a donor or grantor. The restrictions are satisfied by specific expenditures of the Organization Contributed services: The Organization recognizes contribution revenue for certain contributed services received at the fair value of those services. Those services include facilities and organizational support valued at $24,480 and $39,550 for the years ended April 30, 2013 and 2012, respectively, furnished by the American Institute of Certified Public Accountants (“AICPA”). See Note 5 for additional services provided by the AICPA. In addition, a significant amount of time, for which no value has been assigned as it does not meet the criteria for recognition, was volunteered by professionals, professors and students to the activities of the Organization. Contributed property and fixtures: Contributed property and fixtures are recorded at fair value at the date of donation. If donors stipulate the use of the assets, the contributions are recorded as restricted support. In the absence of such stipulations, contributions of property and fixtures are recorded as unrestricted support. No contributed property or fixtures were donated for the years ended April 30, 2013 and 2012.
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NOTE 1 — PURPOSE AND SUMMARY OF ACCOUNTING POLICIES (Continued) Revenue recognition: Revenue from initiation, chapter maintenance and charter and petition fees is recorded in the period the fees are due. Contributions are recognized in the period received. Revenue received from the annual student convention, regional meetings and other conferences is recognized in the period in which the event occurs. Income taxes: The Organization is a not-for-profit agency exempt from Federal income tax under Section 501(c)(3) of the Internal Revenue Code and has been classified as a charitable organization that qualifies for the maximum charitable contribution deduction by donors. The Organization has no unrecognized tax benefits at April 30, 2013 and 2012. The Organization’s Federal income tax returns prior to fiscal year ended April 30, 2010, are closed and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. As of April 30, 2013, the Organization did not incur any interest and penalties associated with tax matters. Reclassifications: Certain accounts in the 2012 financial statements have been reclassified to conform with the current year’s presentation. Subsequent events: The Organization has evaluated subsequent events through June 14, 2013, the date from which the financial statements were available to be issued. No subsequent events requiring disclosure were noted by management.
NOTE 2 — INVESTMENTS INVESTMENTS
APRIL 30, 2013
APRIL 30, 2012
Investments consist of the following Certificates of deposit — short-term
-
$94,000
Certificates of deposit — long-term
$331,000
329,000
$331,000
$423,000
TOTALS
The certificates of deposit are valued at cost, plus accrued interest. Investment income consists of interest income of $5,131 and $5,793 in 2013 and 2012, respectively.
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NOTE 3 — TEMPORARILY RESTRICTED NET ASSETS Temporarily restricted net assets were released from restrictions in fiscal 2013 and 2012 in fulfillment of the following purposes: APRIL 30, 2013
APRIL 30, 2012
$29,750
$29,500
Faculty advisor awards
25,000
25,000
Community service day
Best practice awards
40,000
10,000
Superior chapter awards program
37,125
36,575
Diversity awards
11,500
11,500
Project Run With It awards and program expenses
17,317
20,327
Gold Challenge awards
22,500
17,500
Ethics awards
15,000
20,000
BIPOY awards
6,000
6,000
$204,192
$176,402
TOTALS
Since fiscal year 2001, Deloitte has been a sponsor of the Best Practices program intended to encourage students to develop and execute programs that promote awareness and student involvement in projects that exemplify values shared by Beta Alpha Psi and Deloitte. Deloitte sponsors the awards for the Best Practices competitions held at both the Regional and Annual meetings. During fiscal 2013, there were a total of sixty (60) awards given to chapters. Since fiscal year 2008, McGladrey has sponsored the annual program awarding the outstanding chapter faculty advisors. During fiscal 2013, there were a total of five (5) awards given to faculty advisors. KPMG and KPMG Foundation help sponsor Community Service Day, which takes place during Beta Alpha Psi’s annual meeting. In fiscal 2013 and 2012, KPMG and KPMG Foundation collectively contributed $40,000 and $10,000, respectively, to Beta Alpha Psi to help host this event. KPMG is the sponsor of the Superior Chapter Award Program. The Organization’s objectives are accomplished through the activities of its individual chapters. As such, activities of each chapter are evaluated annually through a report of each chapter. The Organization designates outstanding chapters with a Superior Chapter award in accordance with the program for chapter activities. During fiscal 2013, there were one-hundred-thirty-five (135) awards given to chapters. Beginning in fiscal 2010, KPMG also sponsored the Gold Challenge awards and related expenses for those chapters that go above and beyond what is required to become a Superior Chapter. During fiscal 2013, there were a total of nine (9) awards given to chapters. Since fiscal 2008, Ernst & Young provided awards to chapters who made an impact on “diversity” within the Organization and/or their respective school/community. During fiscal 2013, there were fifteen (15) awards given to chapters. Since fiscal 2009, Moss Adams LLP has sponsored Project Run With It competition awards and program expenses that provided each individual on the first-place team with a plaque and their chapter also receives an award. During fiscal 2013, twelve (12) awards were given to chapters.
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NOTE 3 — TEMPORARILY RESTRICTED NET ASSETS (Continued) In fiscal 2012, Grant Thornton began sponsoring the Beta Alpha Psi Ethics Awards. During fiscal 2013, one chapter was awarded $5,000 and 10 chapters were awarded $1,000. The purpose of the award is to help encourage ethical behavior throughout the accounting, finance and information technology professions by examining difficult situations that demand ethical responses and by recognizing exemplary ethical behavior by individuals and/or organizations in government, academia and not-for-profit. In fiscal 2011, the Institute of Management Accountants began sponsoring the Beta Alpha Psi Business Information Professionals of the Year (BIPOY) award. Each year, at the chapter level, individuals are nominated for this award and three winners, recognizing (1) Education, (2) Industry & Government and (3) Professional Services, are chosen by the Beta Alpha Psi Professional Partners members. A $2,000 scholarship is given to each chapter whose nominee is selected. The purpose of these awards is to encourage chapters to honor their outstanding alumni or honorary members. All temporarily restricted net assets are restricted for use for specific program activities in future periods. Temporarily restricted net assets as of the end of the fiscal year consist of funds restricted for the following purposes:
Best practice awards Faculty advisor awards
APRIL 30, 2013
APRIL 30, 2012
$11,850
$11,600
38,800
38,800
Superior Chapter Awards Program
2,150
2,150
Diversity awards
8,750
7,000
25,956
21,473
Project Run With It BIPOY
6,000
TOTALS
$93,506
$81,023
NOTE 4 — WEBSITE DEVELOPMENT Investment in website development, at cost, consists of the following at April 30, 2013 and 2012:
Website development Less accumulated amortization TOTALS
APRIL 30, 2013
APRIL 30, 2012
ESTIMATED USEFUL LIVES
$402,558
$270,609
3 Years
170,595
168,851
$231,963
$101,758
-
Amortization expense was $1,744 and $6,164 for the years ended April 30, 2013 and 2012, respectively.
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NOTE 4 — WEBSITE DEVELOPMENT (Continued) The website was placed in service in April 2013 and the service date is estimated to be Sept. 1, 2013, for the reporting intranet, the estimated aggregate amortization expense for each of the years subsequent to April 30, 2013, is as follows: YEAR ENDING APRIL 30
AMOUNT
2014
$52,407
2015
77,389
2016
77,185
2017
24,982
TOTALS
$231,963
NOTE 5 — RELATED PARTY General and administrative expenses include charges from the AICPA for payroll, benefits and out-of-pocket expenses, which amounted to $394,605 and $348,268 for the years ended April 30, 2013 and 2012, respectively. For the years ended April 30, 2013 and 2012, the Organization owed $17,630 and $39,648, respectively, to the AICPA for actual expenses charged exceeding payments made. These amounts are included in accounts payable.
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220 Leigh Farm Road, Durham, NC 27707-8110 Phone: 919.402.4044 | Fax: 919.402.4040 | Email:
[email protected] | Website: bap.org Twitter: @_BetaAlphaPsi | Facebook: Facebook.com/BetaAlphaPsiIntl | LinkedIn: Beta Alpha Psi
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Beta Alpha Psi
