ANNUAL MEETING - Kansas Society of CPAs · 2013-12-16 · ANNUAL MEETING November 20, 2013 • DoubleTree by Hilton Corporate Woods • Overland Park of the Kansas Society of CPAs

ANNUAL MEETING

www.kscpa.org

November 20, 2013 • DoubleTree by Hilton Corporate Woods • Overland Park

of the Kansas Society of CPAs and its Educational Foundation

Executive CommitteeM. Aron Dunn, ChairMelinda A. Hitz, Vice Chair Michelle Schneider, Secretary/TreasurerRobert J. Schuster, Immediate Past Chair

Board of DirectorsChad M. AllenJames K. BoomerStephanie L. BowenRebecca J. CaseySean M. CoppGinger L. Farney Mitchell FiserCarolyn C. GeorgeAmber K. Goering Gregg C. GoodwinMatthew R. ListCharles GnizakMindi A. OrmistonJames A. WurbsGary C. Allerheiligen, AICPA Elected Member of CouncilKathryn J. Mitchell, KSBOA LiaisonDominic Ortiz, AICPA Member of Council at Large

Educational Foundation Board of TrusteesNorman P. Hope, ChairKenneth A. Selzer, Vice ChairCheryl G. Hayward, Secretary/TreasurerM. Aron DunnJohn W. DenneyJohanna D. LylePaul T. MasonGary A. SchlappeGail L. Yarick

As my year as the chair begins to wind down, I want to take a moment and thank everyone for the privilege of serving the Society and its members. It has been a fantastic experience, and special thanks goes to the executive committee, Robert Schuster, Melinda Hitz and Michelle Schneider, the board of directors and Society staff for everything they have done.

The leadership asked the KSCPA team to put together a “Member Value Proposition” package. If you have not received your package, please notify the KSCPA office. In that package, Mary MacBain listed the top reasons to join, become engaged, and retain membership in the KSCPA. This listing is a collection of thoughts our leadership compiled over the past few years. These reasons are difficult to put into words and thus bear repeating.

Advocacy • Staff and volunteers take the lead to address issues important to CPAs. Our representatives at the Statehouse and in Congress contact us regularly for advice. We proactively perform research, provide communication, and collaborate with other organizations to provide information to members while protecting the profession.

Credential • CPA is the individual professional credential that encompasses your entire career. Membership in the KSCPA signifies that you are serious about maintaining your status as a professional. The KSCPA is the preferred provider of CPE for CPAs in Kansas, utilizes the Joint Ethics Enforcement Program (JEEP) of the AICPA to handle com-plaints about its members, and administers the peer review program for the Kansas Board of Accountancy and the AICPA.

Future • KSCPA members support the future of the profession from high school accounting through doctoral programs via the Educational Foundation. Young professional programs guide members to leadership positions in the profession.

Learn • The KSCPA sponsors high-quality group study, on-line live and self-study, and conferences in bothtechnical and essential skills. Members participate in determining content and design so that relevant, timely, and topical programs are offered. Collaboration with other professional associations enhances learning opportunities.

Leadership • Opportunities abound for members who wish to lead. Leadership training and activities are available and all members are welcome to participate.

Network • It’s true that CPAs share many of the same values and view and solve problems in a similar fashion. No one understands what we do more than our fellow professionals. Engagement in the KSCPA is the best way to connect and have fun with other CPAs and those who collaborate with the profession.

Advance • Active leaders in the KSCPA have an edge over those who are not engaged in the profession. Therelationships built throughout your career help you advance, and this is priceless.

Our leaders strategically address issues related to the profession annually and it is this wisdom that continues to make our professional association a valuable proposition. Thank you to all of our members for the privilege of serving as the 80th Chair of the KSCPA. It has been a magnificent year.

CONTENTSWELCOME!

23

6 KSCPA Accomplishments

2013 NominationsLetter from the Chair

5 2013 Life Members

Warm regards,

M. Aron Dunn

80th Chair of the Kansas Society of CPAs

Letter from the Chair:

812 Membership Report

KSCPA Financial Statements

13 Educational Foundation Financial Statements

The mission of the Society is as follows:The KSCPA is dedicated to supporting and developing its

members and promoting the accounting profession.

2

Matt is a member of the BKD National Financial Services Group and provides public audit, accounting and consulting services to financial institutions. His 20 years of experience include publicly traded clients, assisting clients with financing alternatives, forecasting and involvement in mergers and acquisitions as well as preparation of financial statement audits, internal control assessments and operation

reviews. He routinely meets with management, boards and audit committees to discuss technical accounting issues and the impact of financial accounting decisions. In addition, he is familiar with the requirements of the Securities and Exchange Commission and Public Company Accounting Oversight Board. Matt currently serves as a board member for Youth Entrepreneurs and is a member of the American Institute of Certified

Public Accountants and Kansas Society of Certified Public Accountants where he currently is an active Board member. Matt is also a member of the Institute of Internal Auditors, Risk Management Association, Kansas Bankers Association and Community Bankers Association. Matt graduated from Concordia College, Seward, Nebraska, with B.A. degrees in accounting and business management.

Melinda received her Bachelor of Science in Business with an emphasis in Accounting from Fort Hays State University in Hays, KS. She is a member of the American Institute of Certified Public Accountants, Kansas Society of Certified Public Accountants, Western Chapter of the KSCPA, Government Finance Officers Association, USD #457 School Foundation Board Member and Treasurer, and a KSCPA Steering Committee member for the Governmental & Nonprofit

Accounting & Auditing conference. Melinda worked in public accounting for 12 years and has been with the City of Garden City since 1991, serving as their first Director of Finance. The City of Garden City has received the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting since 1994. Melinda previously served as a director of the KSCPA and on various task forces

of the KSCPA. Melinda was also an AICPA/KSCPA “Women to Watch” nominee in 2012.

Michelle Schneider has over 20 years of experience as a CPA with Adams, Brown, Beran & Ball, Chtd. in Great Bend. Her expertise is working with individuals and businesses in the areas of tax planning and preparation, estate planning, consulting, bookkeeping and auditing. Michelle is a member of the American Institute of Certified Public Accountants, Kansas Society of Certified Public

Accountants, and the Central Kansas Chapter of Certified Public Accountants. Michelle served as the President, Vice President and Secretary/Treasurer of the Central Kansas Chapter of Certified Public Accountants. She has also served on the Kansas Society of Certified Public Accountants Board of Directors for the last three years and has been the Champion of the Professionals Developement task force.

Michelle received her Bachelor of Business Administration from Fort Hays State University and holds a permit to practice in the state of Kansas.

Matt offers more than 15 years’ experience in the tax, accounting and wealth management arenas. His forward thinking, collaborative approach and attentive attitude combine with his technical expertise to help clients in all facets of their financial lives. From analyzing business drivers to managing tax liability and beyond, Matt’s goal is to help clients identify the right solutions to achieve their individual financial goals.

A 1994 graduate of North Central College in Naperville, Ill., Matt holds a bachelor’s degree in accounting. Before joining Kelly to form Davis & Bellomo in 2004, he worked for several large, international CPA firms, where he focused on cultivating and maintaining client relationships with closely held, entrepreneurial businesses and their owners. Matt also spent considerable time helping high net worth

families achieve their goals of wealth transfer and tax mitigation. Matt is a certified public accountant licensed to practice in Kansas and Missouri. He is a member of the American Institute of Certified Public Accountants and the Kansas and Missouri Society of Certified Public Accountants. He is a graduate of the KSCPA “20 up to 40” program. An avid baseball fan, Matt also enjoys golf, fishing, cooking and travel.

Matthew R. List

Melinda A. Hitz

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Michelle Schneider

Matthew C. Bellomo

Kate received her Bachelor of Arts Degree in Business from Bethany College in Lindsborg, KS and a Master in Business Administration with a concentration in Accounting from Emporia State University. She is a member of the American Institute of Certified Public Accountants, Kansas Society of Certified Public Accountants, Wichita Chapter of the KSCPA, Accounting and Finance Women’s Alliance, the KSCPA Accounting and

Assurance Services Task Force, the KSCPA Ethics Committee and a KSCPA Steering Committee member for the Accounting and Assurance conference. Kate is a KSCPA “20 up to 40” Graduate. Kate works in public accounting and has been with Kirkpatrick, Sprecker & Company, LLP since 2001, currently as an Audit Manager.

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RS Elizabeth Kate Grant Kate previously served as the Public Relations Director for the Accounting and Finance Women’s Alliance and assisted with starting the Financial Literacy program in the Wichita, KS area.

4 52013 KSCPA ANNUAL MEETING

Mr. Langley is a graduate of Wichita State University. He was employed by Clubine and Rettele, Chartered in April 1973, became a partner in 1985 and subsequently a stockholder. Prior to working for the firm, Mr. Langley worked approximately one year in private accounting in Oklahoma City, Oklahoma. Mr. Langley is well experienced in municipal accounting and auditing, bank auditing, tax and management services. He has more than 30 years of auditing experience. Professionally, Mr. Langley is a

member of the American Institute of Certified Public Accountants, Kansas Society of Certified Public Accountants, Central Kansas Chapter of Certified Public Accountants, Public Accountants Association of Kansas, North Central Chapter of the Public Accountants Association of Kansas, National Society of Certified Public Accountants and the Kiwanis Club of Salina, Inc. Mr. Langley has served as a member of the Board of Directors as Vice-President, President-Elect and President for the Public Accountants Association of Kansas, is a past president of

the Central Kansas Chapter of Certified Public Accountants, is serving on the Taxation Committee of the Kansas Society of Certified Public Accountants and as a member of a special focus group for the St. Louis district office of the Internal Revenue Service. Mr. Langley is active in the community and has served his church on several committees. He is a past president of the Ellsworth Chamber of Commerce and the Ellsworth Kiwanis Club.

The people of Kennedy and Coe are Christina Ricke’s specialty. As Director of the Best People Strategy Group, Ricke manages the firm’s human resource and talent development operations. This means she uses her people skills to lead change in the areas of recruiting, retention, talent development, employee relations and human resource consulting using tools such as KOLBE and DISC, while still maintaining her expertise in accounting, family business and strategic planning. Christina Ricke’s role with Kennedy

and Coe has come full circle since her intro with the firm in 1995. She became a CPA in 1997, helped the firm organize the Financial Institutions Group (FIG) then became the leader of FIG. In that position she worked with banks in Kansas, Colorado, Oklahoma and Nebraska and with special projects across the country. Ricke also chairs the firm’s learning committee and served on its previous human resources committee. Professional and Civic Associations•American Institute of Certified Public Accountants•Kansas Society of Certified Public Accountants•Board Member, Catholic Charities

•Parishioner, Church of the Magdalen•Leadership Wichita graduate • 2012 AICPA/KSCPA “Women to Watch” Experienced Leader•Women Who Mean Business award recipient•Wichita Business Journal’s “40 under 40” award •Fort Hays State University Young Alumni Award•Junior Achievement, Wichita chapterEducation:•Fort Hays State University, Bachelor of Science in business administration with emphasis in accounting•KOLBE certified

Damon Ward, CPA, CGMA is Director of Tax for Spirit AeroSystems, Inc. a publicly traded aerospace and defense company whose international headquarters are in Wichita, Kansas. After graduating from Wichita State University’s W. Frank Barton School of Business with an accounting degree, Damon joined Ernst & Young as a tax associate where he worked in different industry groups on a wide variety of tax-related issues. After several years in public accounting,

Damon moved into private industry, specializing in corporate taxation. Damon is a member of the Tax Executives Institute, the American Institute of CPAs (AICPA), the Kansas Society of CPAs (KSCPA) and is a graduate of the KSCPA “20 up to 40” Leadership Program. Outside of work, Damon enjoys spending time with family, photography, cycling, and travel.

Dan Crumb was named Kansas City’s Chief Financial Officer on September 17, 2010. Since joining the Chiefs, Crumb has been instrumental in strengthening the club’s business operations by instituting changes that have improved the team’s business efficiency including implementation of new payroll and accounting systems, strengthening business continuity and disaster recovery plans and enhancing ticketing procedures for special events. Along with the club’s finance department, Crumb also oversees the ticket office and information systems department, which serves the technology needs of both the Chiefs and Hunt Midwest Enterprises.

Prior to joining the Chiefs, Crumb, a New Orleans native, worked for the New Orleans Hornets of the National Basketball Association as the team’s Senior Vice President and Chief Financial Officer. During his time with the Hornets, he led the club’s finance, human resources and information technology departments. In addition to financial leadership, Crumb was responsible for compliance with league standards and policies. Crumb earned his Master of Business Administration from Tulane University’s A. B. Freeman School of Business. He also holds a Bachelor of Science degree in Finance from the University of New Orleans.

An active member of the New Orleans community, Crumb has brought that same community involvement to the Midwest and is part of numerous philanthropic organizations in Kansas City, including: Harvesters Community Food Network, Catholic Charities of Northeast Kansas and Snow Ball Patron Committee. In addition to his community service Crumb is a member of the American Institute of Certified Public Accountants, serves on the Board of Directors of the Missouri Society of Certified Public Accountants and is a member of the Kansas Society of Certified Public Accountants.

Monty received her BA in accounting from Wichita State University, Wichita, KS. She is a member of the American Institute of Certified Public Accountants, Kansas Society of Certified Public Accountants, Wichita Chapter of the KSCPA, Accounting and Financial Women’s Alliance, and the Wichita Estate Planning Council. In addition, she is co-champion for the KSCPA Taxation Tax Force and a Chair of the KSCPA Steering Committee for the Annual Kansas Tax

Conference. Monty was also a KSCPA “Women to Watch” nominee in 2012.

Monty has worked in public accounting for over 30 years and has been with Kirkpatrick, Sprecker & Co., LLP for 10 years. She is currently an audit and tax manager.

Dan Crumb

Monty D. Allen

Damon Ward

Jay D. Langley

Christina M. Ricke

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EDaniel Kjergaard, who has more than 25 years of accounting experience, serves as a LeadManaging Director and Shareholder in the Leawood office. As such, he is responsible for supervising, reviewing and performing attestation engagements. Daniel is responsible for the entire financial statement audit process, including preparing and presenting audit findings to boards of directors. In addition, as a CBIZ Director, Daniel

coordinates his attest work with tax and consulting services for medium to large clients. He spends a significant amount of his time working with clients on transactional and complex issues. Industries with which Daniel has worked closely include: manufacturing, advertising, agribusiness, insurance, real estate, retail, and wholesale distribution.Expertise:• Comprehensive Accounting and Consulting• Corporate Tax Consulting

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RS Daniel F. Kjergaard • Entrepreneurial Business Consulting• Employee Recruitment• Benefit Plan Consulting• Merger and Acquisitions• Personal Financial PlanningEducation:• B.S., Accounting, St. John’s College, 1985Professional Licenses and Memberships:• Certified Public Accountant - Missouri and Kansas• American Institute of Certified Public Accountants• Financial Executives Institute, Kansas City Chapter

Life MembershipARTICLE IV - Life Membership Section 2: Life Membership. The Society, by a unanimous vote of the members present at any regular or special meeting, on nomination of the board of directors, may confer life membership on any members who through their activities have contributed to the success and advancement of the Society and profession, and who have retired or reached the age of 65 or who have received an honorary member certificate from the American Institute of Certified Public Accountants or who have been members of the Society for 40 years. Such members shall be entitled to vote at the meeting of the Society, but shall not be liable to dues or assessments.

2013 Life Member Nominees:

• Paul S. Allen

• Clifford C. Bender

• Nancy Cole

• Eldon L. Dirks

• Terry O. Everson

• Gregory J. Gleason

• Richard J. Haag

• James R. Hand

• Gerald “Bud” E. Harvey

• William E. Hooten II

• Wayne P. Ifft

• William G. Johnson

• Gary A. Long

• Darrell D. Loyd

• Donald L. McMillian

• Thomas Mullane

• Ginger A. Powell

• Jack L. Shandy

• Robert L. Steimel

• L. Thomas Veatch

• Ronald G. Wood

• J. Mark Woodruff

• David P. Zupancic

From the President and CEO:ACCOMPLISHMENTS!

Dear KSCPA Members and Guests,

It gives me a great sense of pride to report that the 2013-14 fiscal year of the Kansas Society of Certified Public Accountants was filled with accomplishments. Highlight of the year was at the last annual meeting which marked 80 years for the Society. A special gala event topped the celebra-tion. This is only the beginning of creating an association that brings tremendous value to our profession as we push toward our 100th anniversary.

My role is to implement the strategic plan of our leadership which is a “living” document. Ongo-ing communication among the team and our members helps us to maintain a clear understanding of what is important. Our leaders provide direction, and we gather data to evaluate our activities and plan for the future.

Some of the highlights of this year are:

• Continued stable team with strong, positive outsourcing relationships. • Continued increase in conference attendance in 2013. Increase in sponsorship and relationships with vendors. Collaboration with Missouri Society of CPAs on Fall metro-area CPE. State “tour” of program designed specifically for KSCPA on the Affordable Care Act. Videoconferencing of Governmental Nonprofit A&A Conference with conversion to self-study.• First “CPA Day at the Statehouse” held in January in conjunction with “20 up to 40” first session. Special presentation of $300,000 to endow a doctoral scholar (CPA) at the University of Kansas. Endowment is named “T.C. and Trella Anderson and James T. and Mary Ann Clark Doctoral Scholar.”• Conference steering committees in third year with much collaboration. • Fifth “20 up to 40” program completes with this annual meeting, and program continues with over 40% of board made up of “20 up to 40” graduates. Barry Melancon attended the fifth anniversary celebration of the program.• Influence at AICPA continues to grow with DeAnn Hill elected to AICPA board of directors and Gary Boomer elected as at large member of council. Amber Goering and Chad Allen accepted into AICPA Leadership Academy, making 5 graduates of the Academy from “20 up to 40.”• Influence at the state level increased with the election of Kathryn J. Mitchell as chair of the Kansas Board of Accountancy, board of directors, with term of 8-1-2013 to 7-31-2014; and the appointment of James T. Clark to the Governor’s Cabinet as Secretary of Administration, confirmed by the Senate in September 2013.• Department of Revenue sponsored 30-minute video of Gary Allerheiligen for community outreach explaining Kansas tax policy. Firms and organizations are publicizing the video in newsletters and on websites.


• First member value proposition package distributed to members who renewed membership for 2013-2014 and to be distributed to new members. Includes optional member benefit of New York State Society CPA Journal.• Visit to CPA firms with large groups of members completed and successful.• Women to Watch conference and awards continued its 4th successful year.• Chapters continued to enhance benefits, including networking and social events.• KSCPA continued as professional partner for Beta Alpha Psi and participated in Missouri Valley Regional Meeting. Student initiatives continued.• Website refresh completed with updated home page and member resources and easier access to calendar of events with ability to save event to Outlook calendar.

Actual $ Actual % 2013 Budget $

Budget

Remaining

Budget

Remaining %

Revenue:CPE 491,578$ 44% 554,800$ 63,222$ 11.4%Membership dues 479,881 42% 471,900 (7,981) ‐1.7%Advertising and other 59,510 5% 54,600 (4,910) ‐9.0%Peer review registration 87,360 8% 93,000 5,640 6.1%Interest income 11,367 1% 12,000 633 5.3%Total revenue 1,129,696$ 100% 1,186,300$ 56,604$ 4.8%

Expenses:CPE 364,063$ 32% 428,480$ 64,417$ 15.0%Membership services 26,781 2% 28,350 1,569 5.5%Leadership 91,608 8% 102,900 11,292 11.0%Legislative 32,728 3% 34,000 1,272 3.7%Peer review 45,170 4% 30,900 (14,270) ‐46.2%Human resources 404,668 36% 435,640 30,972 7.1%Memberships 3,178 0% 2,950 (228) ‐7.7%Facility and office 84,220 7% 82,270 (1,950) ‐2.4%Insurance 1,721 0% 1,500 (221) ‐14.7%Taxes 879 0% 600 (279) ‐46.5%Bank service charges 290 0% 300 10 3.3%Credit card charges 27,724 2% 27,000 (724) ‐2.7%KMAAG ‐ 0% 100 100 100.0%Bad debt expense ‐ 0% 500 500 100.0%Total expenses 1,083,030$ 96% 1,175,490$ 92,460$ 7.9%

Net income less expenses 46,666$ 4% 10,810$

Other revenue (expense):Depreciation (41,134)$ ‐4%Gain (loss) on asset disposal ‐ 0%Net unrealized gain (loss) on investments (102) 0%Total other income (expense) (41,236)$ ‐4%

Net income (loss) 5,430$ 0%

Unrestricted net assets, beginning of year 499,264

Unrestricted net assets, end of year 504,694$

THE KANSAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS, INC.

Statements of Activities Year Ended August 31, 2013 (Unaudited)Budget * FYE 2013

8/31/13 8/31/12 Difference

Current assets:Cash and cash equivalents 273,862$ 181,747$ 92,115$ Investments 413,285 410,907 2,378 Accounts receivable 3,618 4,706 (1,088) Prepaid expenses:

Continuing professional education 5,867 13,426 (7,559) 20 up to 40 ‐ 2,319 (2,319) Peer review/other 6,079 8,057 (1,978) Total current assets 702,711$ 621,162$ 81,549$

Furniture, equipment and software , net of accumulated depreciation of $154,123 and $112,989 135,730 161,767 (26,037)

Total assets 838,441$ 782,929$ 55,512$

Current liabilities:Accounts payable 34,741$ 20,800$ 13,941$ Accrued compensated absences 10,584 11,197 (613) Accrued continuing professional education expenses 1,155 ‐ 1,155 PAC contributions payable 150 70 80 Dues assessments payable Educational Foundation 17,161 15,771 1,390 Due to KSCPA Chapters 15,327 11,111 4,216 Other 193 5 188 Deferred revenue:

Continuing professional education 61,946 37,256 24,690 Membership dues 178,790 154,055 24,735 20 up to 40 7,250 10,400 (3,150) Peer review 6,450 23,000 (16,550) Total current liabilities 333,747$ 283,665$ 50,082$

Unrestricted net assets:Undesignated 481,987 483,290 (1,303) Designated for 20 up to 40 program 22,707 15,974 6,733

Total unrestricted net assets 504,694 499,264 5,430

Total liabilities and net assets 838,441$ 782,929$ 55,512$


Statements of Financial Position (Unaudited)

Assets

Liabilities and Net Assets


Actual $ Actual % Actual $ Actual % Change

Revenue:CPE 491,578$ 44% 577,871$ 52% (86,293)$ Membership dues 479,881 42% 427,673 38% 52,208 Advertising and other 59,510 5% 40,945 4% 18,565 Peer Review registration 87,360 8% 52,825 5% 34,535 Interest income 11,367 1% 13,146 1% (1,779) Total revenue 1,129,696$ 100% 1,112,460$ 100% 17,236$

Expenses:CPE 364,063$ 32% 431,219$ 39% (67,156) Membership Services 26,781 2% 21,839 2% 4,942 Leadership 91,608 8% 68,755 6% 22,853 Legislative 32,728 3% 25,893 2% 6,835 Peer Review 45,170 4% 34,655 3% 10,515 Human resources 404,668 36% 424,546 38% (19,878) Memberships 3,178 0% 1,400 0% 1,778 Facility and office 84,220 7% 81,491 7% 2,729 Insurance 1,721 0% 1,484 0% 237 Taxes 879 0% 358 0% 521 Bank service charges 290 0% 181 0% 109 Credit card charges 27,724 2% 26,042 2% 1,682 KMAAG ‐ 0% 488 0% (488) Bad debt expense ‐ 0% (303) 0% 303 Total expenses 1,083,030$ 96% 1,118,048$ 101% (35,018)$

Net income less expenses 46,666$ 4% (5,588)$ ‐1% 52,254$

Other revenue (expense):Depreciation (41,134)$ ‐4% (37,692)$ ‐3% (3,442) Gain (loss) on asset disposal 0 0% (741) 0% 741 Net unrealized gain (loss) on investments (102) 0% 10,662 1% (10,764) Total other income (expense) (41,236)$ ‐4% (27,771)$ ‐2% (13,465)$

Net income (loss) 5,430$ 0% (33,359)$ ‐3% 38,788$

8/31/2013 8/31/2012


Comparative Statements of Activities * Year Ended August 31 (Unaudited)8/31/2013 8/31/2012 8/31/2011 8/31/2010 8/31/2009 8/31/2008

Cash flows from operating activities:Change in net assets 5,430$ (33,359)$ (7,313)$ (1,064)$ (123,314)$ (48,765)$ Adjustment to reconcile change in net assets to net cash provided

by (used in) operating activities: Depreciation expense 41,134 37,692 25,244 13,467 16,633 15,235

Abandoned property ‐ ‐ ‐ ‐ 21,744 2,357 Unrealized (gain) loss on investments 102 (10,662) 6,947 7,341 (23,137) 19,255 Changes in operating assets and liabilities:Accounts receivable 1,088 5,952 780 (6,556) 2,297 (120) Prepaid expenses 11,856 (7,422) (7,524) 323 (5,765) 2,406 Deposits ‐ ‐ ‐ (2,379) 2,379 2,650 Accounts payable 13,941 (12,592) (6,132) (55,921) 51,931 13,582 Accrued compensated absences (613) 7,434 (11,732) (2,007) 2,492 3,233 Accrued CPE expenses/other liabilities 7,029 593 23,733 (1,307) 731 2,742 Deferred revenue 29,725 55,085 117,016 (1,715) 13,558 (63,490) Net cash provided by (used in) operating activities 109,692$ 42,721$ 141,019$ (49,818)$ (40,451)$ (50,915)$

Cash flows from investing activities:Purchase of investments (2,480)$ (4,777)$ (5,150)$ (734,691)$ (258,687)$ ‐$ Sale of investments ‐ ‐ 18,000 622,642 350,000 25,000 Purchase of furniture and equipment (15,097) (38,898) (53,641) (69,730) (7,761) (75,074) Insurance proceeds for furniture and equipment ‐ 2,257 ‐ ‐ ‐ ‐ Sale of furniture and equipment ‐ ‐ ‐ ‐ ‐ 400

Net cash provided by (used in) investing activities (17,577)$ (41,418)$ (40,791)$ (181,779)$ 83,552$ (49,674)$

Net increase (decrease) in cash and cash equivalents 92,115$ 1,303$ 100,228$ (231,597)$ 43,101$ (100,589)$

Cash and cash equivalents, beginning of year 181,747 180,444 80,216 311,813 268,712 369,301

Cash and cash equivalents, end of year 273,862$ 181,747$ 180,444$ 80,216$ 311,813$ 268,712$

Investments 413,285$ 410,907$ 395,468$ 415,265$ 310,557$ 378,733$ Cash and cash equivalents 273,862 181,747 180,444 80,216 311,813 268,712

Total investments and cash 687,147$ 592,654$ 575,912$ 495,481$ 622,370$ 647,445$

Statements of Cash Flows (Unaudited)


$496,575 , 44%

$501,280 , 44%

$88,248 , 8%

$33,290 , 3%$10,303 , 1%

KSCPA FY 2013Program Revenue

CPE

Membership

Peer Review

20 up to 40

KMAAG

$560,074 , 52%$378,236 , 35%

$98,486 , 9%$44,112 , 4%

$2,122 , 0%

Program Expenses(Includes Overhead Allocation)

CPE

Membership

Peer Review

20 up to 40

KMAAG

400,000

450,000

500,000

550,000

600,000

650,000

700,000

FY2013 2012 2011 2010 2009 2008 2007 2006

CPE

Revenue

Expenses

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

550,000

FY2013 2012 2011 2010

Membership/Leadership

Revenue

Expenses

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

110,000

FY2013 2012 2011 2010

Peer ReviewRevenue

Expenses

$496,575 , 44%

$501,280 , 44%

$88,248 , 8%

$33,290 , 3%$10,303 , 1%

KSCPA FY 2013Program Revenue

CPE

Membership

Peer Review

20 up to 40

KMAAG

$560,074 , 52%$378,236 , 35%

$98,486 , 9%$44,112 , 4%

$2,122 , 0%

Program Expenses(Includes Overhead Allocation)

CPE

Membership

Peer Review

20 up to 40

KMAAG

400,000

450,000

500,000

550,000

600,000

650,000

700,000

FY2013 2012 2011 2010 2009 2008 2007 2006

CPE

Revenue

Expenses

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

550,000

FY2013 2012 2011 2010

Membership/Leadership

Revenue

Expenses

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

110,000

FY2013 2012 2011 2010

Peer ReviewRevenue

Expenses


KANSAS SOCIETY of CPAS MEMBERSHIP REPORT

Membership as of August 31, 2012 2,761 New Members 132

Reinstatements 11 +143

2,904

Resignations 54Deceased 5

Terminations 105 -164

Membership as of August 31, 2013 2,740

Kansas Society of CPAs Membership Report

6.5%8.5%

14.1%

16.5%28.3%

26.1%

Membership by Age

Unknown< 30 YearsOver 30 and < 40 YearsOver 40 and < 50 YearsOver 50 and < 60 YearsOver 60 Years

48.2%

31.0%

2.2%

3.1%2.0%

1.7% 3.4%

0.6%

7.8%

Membership by Billing ClassPublic Practice

BIG/E

Out of State

Retired

Affiliates

Student/CPA Candidate

Admin

In‐Transition

Life

10.7%

56.4%3.3%1.5%

24.9%

1.3% 1.9% Member Industry by Type

Unknown

Public Practice

Education

Government

Business and Industry

Legal Services

Other

6.5%8.5%

14.1%

16.5%28.3%

26.1%

Membership by Age


48.2%

31.0%

2.2%

3.1%2.0%

1.7% 3.4%

0.6%

7.8%


BIG/E

Out of State

Retired

Affiliates


Admin

In‐Transition

Life

10.7%

56.4%3.3%1.5%

24.9%


Unknown

Public Practice

Education

Government


Legal Services

Other

6.5%8.5%

14.1%

16.5%28.3%

26.1%

Membership by Age


48.2%

31.0%

2.2%

3.1%2.0%

1.7% 3.4%

0.6%

7.8%


BIG/E

Out of State

Retired

Affiliates


Admin

In‐Transition

Life

10.7%

56.4%3.3%1.5%

24.9%


Unknown

Public Practice

Education

Government


Legal Services

Other

8/31/13 8/31/12

Current assets:Cash and cash equivalents 13,634$ 9,002$ Investments 128,111 357,863 Due from KSCPA 17,161 15,771

Total current assets 158,906$ 382,636$

Restricted cash, cash equivalents 8,210 30,378 Restricted investments ‐ 19,922

8,210$ 50,300$

Total assets 167,116$ 432,936$

Total liabilities ‐$ ‐$

Net assets:Unrestricted 158,906 382,636 Temporarily restricted 190 ‐ Permanently restricted 8,020 50,300

Total net assets 167,116 432,936

Total liabilities and net assets 167,116$ 432,936$

THE EDUCATIONAL FOUNDATION OF

Statements of Financial Position (Unaudited)

Assets

Liabilities and Net Assets

THE KANSAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS


Temporarily Permanently Temporarily PermanentlyUnrestricted Restricted Restricted Total Unrestricted Restricted Restricted Total

Revenue and support:Assessment of KSCPA members 51,811$ ‐$ ‐$ 51,811$ 51,867$ ‐$ ‐$ 51,867$ Incentive programs 62 ‐ ‐ 62 1,177 ‐ ‐ 1,177 Investment income (loss) 25,165 190 ‐ 25,355 43,446 ‐ ‐ 43,446 Contributions 14,969 ‐ 8,020 22,989 13,570 ‐ 3,975 17,545 Net assets released from restrictions 50,300 ‐ (50,300) ‐ ‐ ‐ ‐ ‐

Total revenue and support 142,307$ 190$ (42,280)$ 100,217$ 110,060$ ‐$ 3,975$ 114,035$

Expenses:Program services:

Scholarships 50,550$ ‐$ ‐$ 50,550$ 50,550$ ‐$ ‐$ 50,550$ Faculty grants 4,800 ‐ ‐ 4,800 4,200 ‐ ‐ 4,200 Doctoral scholar contribution 300,000 ‐ ‐ 300,000 ‐ ‐ ‐ ‐ Student activities 7,575 ‐ ‐ 7,575 8,875 ‐ ‐ 8,875

Supporting services:Professional fees 3,000 ‐ ‐ 3,000 3,000 ‐ ‐ 3,000 Miscellaneous 112 ‐ ‐ 112 40 ‐ ‐ 40

Total expenses 366,037$ ‐$ ‐$ 366,037$ 66,665$ ‐$ ‐$ 66,665$

Change in net assets (223,730)$ 190$ (42,280)$ (265,820)$ 43,395$ ‐$ 3,975$ 47,370$

Net assets, beginning of year 382,636 ‐ 50,300 432,936 339,241 ‐ 46,325 385,566

Net assets, end of year 158,906$ 190$ 8,020$ 167,116$ 382,636$ ‐$ 50,300$ 432,936$

THE EDUCATIONAL FOUNDATION OF THE KANSAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS

Statements of Activities (Unaudited)

Year Ended 8/31/2013 Year Ended 8/31/20128/31/2013 8/31/2012 8/31/2011

Cash flows from operating activities:Change in net assets (265,820)$ 47,370$ 44,545$ Adjustment to reconcile change in net assets to net cash provided

by (used in) operating activities: Unrealized and realized (gain) loss on investments (21,481) (35,131) (11,488) Changes in assets and liabilities:Due from KSCPA (1,390) (1,620) (12,760) Net cash provided by (used in) operating activities (288,691)$ 10,619$ 20,297$

Cash flows from investing activities:Purchase of investments (15,345)$ (8,282)$ (108,904)$ Sale of investments 286,500 ‐ 100,265

Net cash provided by (used in) investing activities 271,155$ (8,282)$ (8,639)$

Net increase (decrease) in cash and cash equivalents (17,536)$ 2,337$ 11,658$

Cash and cash equivalents, beginning of year 39,380 37,043 25,385

Cash and cash equivalents, end of year 21,844$ 39,380$ 37,043$

Financial Statement Presentation:Cash and cash equivalents 13,634$ 9,002$ 6,669$ Restricted cash and cash equivalents 8,210 30,378 30,374

21,844$ 39,380$ 37,043$

THE EDUCATIONAL FOUNDATION OF THE KANSAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS

Statements of Cash Flows (Unaudited)

KSCPA Educational FoundationArticles of Incorporation filed on October 23, 1963 -- 50 YEARS!

Mission: “to fund educational programs that advance the accounting profession.”

All members contribute $20 as part of their Membership Investment annually, Chapters and others also contribute to the Foundation.

2013-2014 Scholarships Awarded: $55,350

KSCPA Educational Foundation Scholarships


20 High School Merit Scholarships - $1,300, $900, $800, $700, $600, and 15 $500 each.Byron Bird Graduate Scholarship - $3,000, community service.John J. Killian Scholarship - $2,500, Junior accounting major at independent school. (Killian was first full-time executive director).Mary Ellen Kirkpatrick Leadership Scholarship - $2,500, Junior accounting major at a Kansas college/university.7 Kansas Regent & Washburn Universities Undergraduate - $2,250 each7 Kansas Regent & Washburn Universities Graduate - $2,500 each7 Kansas Regent & Washburn Universities Faculty Grants - $600 each2 Kansas Independent Colleges Faculty Grants - $300 each

It is very hard to remember that events now long in the past were once in the future.

Frederic William Maitland (1850-1906)

The KSCPA will be the premier organization representing Kansas CPAs by innovatively creating value for its members through:

Leadership Opportunities Advocacy Networking Professional Development

The KSCPA is dedicated to supporting and developing its members and promoting the accounting profession.

Integrity and respect Proactive leadership Innovation Member value creation Maintain staff excellence Fiscal accountability and responsibility

Documents

ANNUAL MEETING - Kansas Society of CPAs · 2013-12-16 · ANNUAL MEETING November 20, 2013 • DoubleTree by Hilton Corporate Woods • Overland Park of the Kansas Society of CPAs