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BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 1
OF
TABLE
CONTENTS
3 President’s Letter
4 Board of Directors
5 Chapter Advocates
6 Professional Partners
7 Business Information Professionals of the Year
10 Outstanding Dean
11 Outstanding Faculty Advisors
13 Regional Meetings
14 Regional Meeting Best Practices
15 2013 Annual Meeting
16 BAP International Day of Literacy
17 Annual Meeting Best Practices
18 Project Run With It
22 Ethics Award
23 Gold Challenge
24 Superior and Distinguished Chapters
26 Diversity Initiative Awards
27 VITA Awards
28 Medal of Inspiration Award
29 Expansion
30 Financial Statements
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 2
BETA ALPHA PSI EXECUTIVE OFFICE STAFF
Hadassah Baum — Executive DirectorMargaret Fiorentino — Manager, Chapter Services
Cortney Sanders — Marketing and Communications Specialist
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 ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 3
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 RuschakBoard President 2012-2013
PRESIDENT’S LETTER
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 4
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 OF DIRECTORS
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
• Alex Johnson — Alumni Representative
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BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 5
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
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
• Veronda Willis — Southwest Region
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BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 6
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.
PROFESSIONAL PARTNERS
FIRMS/CORPORATIONS
• 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
STATE SOCIETY ORGANIZATIONS
• 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
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 7
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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)
BUSINESS INFORMATION PROFESSIONALS OF THE YEAR
• 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.
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 8
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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
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 10
“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
OUTSTANDING DEANThe 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.
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BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 11
OUTSTANDING FACULTY ADVISORSOne 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.
“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
Raymond Elson — Valdosta State University, Mu Zeta 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
Jennifer Cainas — University of South Florida, Delta Gamma 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
Connie Esmond-Kiger — Ohio University, Alpha Kappa Chapter
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“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
Simon Petravick — Bradley University, Zeta 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
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 13
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.
More than
2,000 attendees total
224 chapters represented
9 meeting locations
San Jose, CANashville, TN
Dallas, TXArlington, VA
Denver, COKansas City, KS
Chicago, ILSpokane, WA
Sydney, Australia
REGIONAL MEETINGS
Students at the Atlantic Coast Regional meeting participate in an activity to gauge personality types.
Beta Alpha Psi members pose for a picture between sessions.
Beta Alpha Psi members waiting for the first general session to start.
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
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 14
REGIONAL MEETING BEST PRACTICESSponsored 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
REGIONWesternSoutheastSouthwestRocky MountainAtlantic CoastMissouri ValleyMidwestNorthwest
UNIVERSITYCalifornia State University-NorthridgeMiddle Tennessee State UniversityUniversity of Central ArkansasUtah State UniversityPace UniversityUniversity of Central MissouriBradley UniversitySeattle University
CHAPTER NAMEEpsilon ChiZeta GammaTheta LambdaDelta OmegaIota LambdaIota MuZeta LambdaDelta Eta
INSPIRATION
REGIONWesternSoutheastSouthwestRocky MountainAtlantic CoastMissouri ValleyMidwestNorthwest
UNIVERSITYCalifornia State University-SacramentoUniversity of Central FloridaUniversity of Texas at El PasoUniversity of New MexicoSUNY at BuffaloUniversity of Nebraska-LincolnUniversity of Michigan-DearbornPortland State University
CHAPTER NAMEBeta PhiEpsilon GammaTheta BetaTheta XiZeta ThetaDelta OmicronKappa SigmaEpsilon Alpha
IMAGINATION
REGIONWesternSoutheastSouthwestRocky MountainAtlantic CoastMissouri ValleyMidwestNorthwest
UNIVERSITYCalifornia State University-Los AngelesValdosta State UniversityUniversity of Texas at El PasoUtah State UniversityPace UniversityUniversity of Missouri-St. LouisBall State UniversityPortland State University
CHAPTER NAMEBeta LambdaMu ZetaTheta BetaDelta OmegaIota LambdaGamma PsiZeta OmegaEpsilon Alpha
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 15
ANAHEIM, CA, AUG. 6-8, 2013
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
• 88 chapters participated in chapter 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
2013 ANNUAL MEETING
Students at the regional meeting.
Students at the annual meeting.
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 16
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.
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
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
BAP International Day of Literacy
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 17
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.
ANNUAL MEETING BEST PRACTICES
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
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 18
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.
PROJECT RUN WITH IT
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 B2
Team C3
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 19
PARTICIPANTS
Jessica Leitao An TranNathan PautlerAmber Merrell
California State University-Northridge Towson University University of Nebraska at OmahaValdosta State University
Evan O’KeefeMichael Visconti Nick BrazellHannah Lin
Bentley UniversityElon University Seattle UniversityUniversity of Notre Dame
Eleanor LinMatthew JoppeckEric Woo Leeanna Perkinson
New York UniversityOhio Northern UniversitySan Francisco State University University of North Carolina at Charlotte
Munachimso Nnebe-AgumaduBrennan WagnerGiosue ImprotaPhilip Short
North Carolina Agricultural and Technical State UniversityOhio UniversityQuinnipiac UniversityUniversity of Idaho
Li WangChristopher McCoyBenjamin DaleMark Kroger
Hofstra UniversityUniversity of AlabamaWestern Washington UniversityXavier University
Max VogtBob HsiaoJose AlcarazLaura McDowell
Creighton UniversityCSU FullertonMississippi State UniversityUniversity of Washington
TEAM A1 UNIVERSITY
TEAM A2 UNIVERSITY
TEAM A3 UNIVERSITY
TEAM A4 UNIVERSITY
TEAM A5 UNIVERSITY
TEAM A6 UNIVERSITY
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 20
PARTICIPANTS
Samantha Sing KeyAlfredo ErnstWendy KwanChandramukhi Iyengar
University of SydneyUniversity of TampaUniversity of Washington-BothellVirginia Commonwealth University
Brittany Bachmann-LangTyler OlsonIsabella JendrykaAmy Teng
Boise State UniversitySam Houston State University St. John’s UniversityUniversity of Memphis
Louis Murphy Samantha ThorsnessLauren WiseSusan Slaton
Fordham UniversityGonzaga University Louisiana Tech UniversityWestern Kentucky University
James HowellHumberto Duron Gaurav CorreaMatthew Miles
Cleveland State UniversityUniversity of Texas at El Paso University of Waikato Utah State University
Kristeen ReynoldsJennifer McPhersonCaitlin MurphyJenni Zhai
Lamar University Pace UniversityUniversity of Arkansas University of Technology Sydney
Michael GearsJohn Harbuck Genevieve FecteauAshley Ciccarello
James Madison UniversityUniversity of Central Arkansas University of DenverUniversity of South Florida
TEAM B1 UNIVERSITY
TEAM B2 UNIVERSITY
TEAM B3 UNIVERSITY
TEAM B4 UNIVERSITY
TEAM B5 UNIVERSITY
TEAM B6 UNIVERSITY
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 21
PARTICIPANTS
Arefeen ChowdhurySummer Allison Marlen GarciaHannah Winn
Georgia State University Idaho State UniversityTexas State University University of Massachusetts-Amherst
Renela RuckerAi Ling ChowJoanna Kardys-StoneSydney Hagan
Morgan State UniversityUniversity of Colorado DenverUniversity of Nevada-RenoUniversity of South Carolina
Cory McOmberEsther SchwyterRebekah QuillinSamantha Schaefflerr
Brigham Young UniversityCalifornia State University East Bay East Tennessee State University Grand Valley State University
Laura PriceJeff EwingSteven GoadAlison Huey
Samford UniversitySan Diego State University University of Texas at TylerWestern Michigan University
Houman AkbariMatthew SandyJoseph Kuhnsman Quinten Frankel
CSU-SacramentoMarshall UniversityUniversity of South Florida-St. PetersburgWestern Illinois University
Jason BazellGeorge ManouVinayak DhingrejaPhillip Murphy
Case Western Reserve UniversityState University of New York at Oswego University of California-IrvineUniversity of Mississippi
TEAM C1 UNIVERSITY
TEAM C2 UNIVERSITY
TEAM C3 UNIVERSITY
TEAM C4 UNIVERSITY
TEAM C5 UNIVERSITY
TEAM C6 UNIVERSITY
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 22
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.
ETHICS AWARD
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.
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 23
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.
GOLD CHALLENGE
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.
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
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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 AND DISTINGUISHED CHAPTERS
SUPERIOR WINNERS
Appalachian State University
Auburn University
Ball 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
Case Western Reserve University
Central Michigan University
Central Washington University
Cleveland State University
Coastal Carolina University
Colorado State University
Creighton University
CUNY-Baruch College
Eastern Illinois University
Eastern Michigan University
Eastern Washington University
Elon University
Florida Atlantic University
Florida Gulf Coast University
Florida International University
Florida State University
Fordham University
Fort Lewis College
Georgia Southern University
Georgia State University School of Accountancy
Gonzaga University
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
Missouri State University
Montana State University
Morgan State University
Murray State University
New York University
North Carolina A&T State University
Northern Arizona University
Northern Illinois University
Oakland University (Michigan)
Ohio Northern University
Ohio University
Oklahoma State University
Old Dominion University
Oregon State University
Portland State University
Saint Louis University
Salisbury University
Sam Houston State University
Samford University
San Diego State University
San Francisco 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
University at Albany
University of Akron
University of Alabama at Birmingham
University of Arizona
University of Arkansas
University of Central Arkansas
University of Central Florida
University of Central Missouri
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 25
SUPERIOR WINNERS CONTINUED
University of Connecticut
University of Dayton
University of Denver
University of Georgia
University of Hawaii-Manoa
University of Houston-Clear Lake
University of Idaho
University of Iowa
University of Kentucky
University of Louisiana at Monroe
University of Louisville
University of Massachusetts-Amherst
University of Miami
University of Michigan-Dearborn
University of Mississippi
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
University of New Orleans
University of North Carolina at Charlotte
University of North Carolina at Greensboro
University of Pittsburgh
University of San Diego
University of South Carolina
University of South Florida St. Petersburg
University of Southern California
University of Southern Indiana
University of Tennessee at Knoxville
University of Texas at Tyler
University of Toledo
University of Utah
University of Washington
University of Washington Bothell
University of Wisconsin-Milwaukee
University of Wisconsin-Whitewater
University of Wyoming
Utah State University
Virginia Commonwealth University
Virginia Tech
Washington State University
Western Illinois University
Western Kentucky University
Western Michigan University
Western Washington University
Wichita State University
Wright State University
Youngstown State University
DISTINGUISHED WINNERS
Arizona State University
California State Polytechnic University-Pomona
Clemson University
George Mason University
Grand Valley State University
Iowa State University
Kansas State University
Kennesaw State University
Massey University
North Carolina State University
North Georgia College & State University
Pittsburg State University
Purdue University
The Pennsylvania State University
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 South Dakota
University of Texas at Arlington
University of Tulsa
University of Wisconsin-Madison
University of Wisconsin Oshkosh
Washington State University-Vancouver
Weber State University
West Chester University
West Virginia University
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 26
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.
DIVERSITY INITIATIVE AWARDS
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 REALITY TODAY 27
VITA award winners: BRigham young university
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.
VITA AWARDS
Brigham Young University Gamma Alpha Chapter
Brigham Young UniversityCalifornia State University-Fullerton San Francisco State University
Gamma Alpha ChapterDelta Beta ChapterBeta Chi Chapter
Amherst University of BuffaloBrigham Young UniversitySan Francisco State UniversityThe University of Montana University of Massachusetts-AmherstUtah State University
Zeta Theta ChapterGamma Alpha ChapterSan Francisco ChapterDelta Kappa ChapterDelta Nu Chapter Delta Omega Chapter
Brigham Young UniversityCalifornia State University-FullertonUniversity of North Carolina at CharlotteUtah State University
Gamma Alpha ChapterDelta Beta Chapter Eta Alpha ChapterDelta Omega Chapter
SUPERIOR AWARD (OUTSTANDING PERFORMANCE IN ALL 3 CATEGORIES)
SUPERIOR AWARD (OUTSTANDING PERFORMANCE IN ALL 3 CATEGORIES)
RETURN PREPARATION (CHAPTERS WHO PREPARED MORE THAN 500 RETURNS)
INNOVATIVE AWARD (CHAPTERS WHO PARTICIPATED IN THE VIRTUAL VITA PROGRAM)
VITA award winners
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 28
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
“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
Medal of Inspiration Award Winner: Andrey Stoyan
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 29
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 ofTechnology Sydney
Central Washington University
EXPANSION
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 30
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
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 31
STATEMENTS OF FINANCIAL POSITION
YEARS ENDED APRIL 30, 2013 APRIL 30, 2012
Current assets
Cash and cash equivalents $1,638,399 $1,709,410
Investments - 94,000
Accounts receivable 63,210 51,080
Prepaid expenses and other assets 19,866 23,544
Total current assets $1,721,475 $1,878,034
Long-term assets
Investments 331,000 329,000
Website development, net of accumulated amortization $170,595 and $168,851 231,963 101,758
TOTALS $2,284,438 $2,308,792
Liabilities
Accounts payable $93,286 $299,475
Unearned revenue 43,910 37,370
Total liabilities $137,196 $336,845
Net assets
Unrestricted 2,053,736 1,890,924
Temporarily restricted 93,506 81,023
Total net assets $2,147,242 $1,971,947
TOTALS $2,284,438 $2,308,792
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 32
STATEMENTS OF ACTIVITIES
CHANGES IN UNRESTRICTED NET ASSETS APRIL 30, 2013 APRIL 30, 2012
Revenue and support
Initiation fees $645,040 $640,969
Associates program contributions 184,000 170,100
Chapter maintenance fees 83,400 83,100
Annual student convention 253,663 230,675
Charter and petition fees 9,000 5,000
Regional meetings 145,620 137,027
Interest income 5,131 5,793
Contributed services 64,480 79,550
Net assets released from restrictions 204,192 176,402
Miscellaneous 5,501 6,674
Total unrestricted revenue and support $1,600,027 $1,535,290
Expenses
Program expenses
Annual student convention $345,425 $269,009
Community service day 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
Regional meetings 278,957 270,308
Superior Chapter Award Program 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
Total program expenses $877,654 $763,899
General and administrative 559,561 515,686
Total expenses $1,437,215 $1,279,585
Change in unrestricted net assets $162,812 $255,705
Change in temporarily restricted net assets
Contributions 216,675 178,275
Net assets released from restrictions (204,192) (176,402)
Change in temporarily restricted net assets $12,483 $1,873
Change in net assets $175,295 $257,578
Net assets, beginning of year 1,971,947 1,714,369
Net assets, end of year $2,147,242 $1,971,947
See Notes to Financial Statements.
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 33
STATEMENTS OF CASH FLOWSAPRIL 30, 2013 APRIL 30, 2012
Operating Activities
Change in net assets $175,295 $257,578
Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities:
Amortization 1,744 6,164
Changes in operating assets and liabilities
Accounts receivable (12,130) 46,256
Prepaid expenses and other assets 3,678 857
Accounts payable (206,189) 106,422
Unearned revenue 6,540 2,550
Net cash provided by (used in) operating activities ($31,062) $419,827
Investing activities
Capital expenditures (131,949) (100,217)
Proceeds from maturation of investments 237,000 100,000
Purchase of investments (145,000) (373,000)
Net cash used in investing activities ($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
Cash and cash equivalents, end of year $1,638,399 $1,709,410
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 34
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.
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 35
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.
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 36
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
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.
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
TOTALS $331,000 $423,000
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 37
NOTE 3 — TEMPORARILY RESTRICTED NET ASSETS
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.
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
Best practice awards $29,750 $29,500
Faculty advisor awards 25,000 25,000
Community service day 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
TOTALS $204,192 $176,402
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 38
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:
APRIL 30, 2013 APRIL 30, 2012
Best practice awards $11,850 $11,600
Faculty advisor awards 38,800 38,800
Superior Chapter Awards Program 2,150 2,150
Diversity awards 8,750 7,000
Project Run With It 25,956 21,473
BIPOY 6,000 -
TOTALS $93,506 $81,023
NOTE 4 — WEBSITE DEVELOPMENTInvestment in website development, at cost, consists of the following at April 30, 2013 and 2012:
APRIL 30, 2013 APRIL 30, 2012 ESTIMATED USEFUL LIVES
Website development $402,558 $270,609 3 Years
Less accumulated amortization 170,595 168,851 -
TOTALS $231,963 $101,758
Amortization expense was $1,744 and $6,164 for the years ended April 30, 2013 and 2012, respectively.
BETA ALPHA PSI ANNUAL REPORT 2013 | DREAMS OF TOMORROW BECOMING REALITY TODAY 39
NOTE 4 — WEBSITE DEVELOPMENT (Continued)
NOTE 5 — RELATED PARTYGeneral 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.
YEAR ENDING APRIL 30 AMOUNT
2014 $52,407
2015 77,389
2016 77,185
2017 24,982
TOTALS $231,963
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:
Beta Alpha Psi
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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