ANNUAL MEETING - Kansas Society of CPAsANNUAL MEETING November 19, 2014 • Hyatt regency • wichita of the Kansas Society of CPAs and its Educational Foundation ... is also a graduate

ANNUAL MEETING

www.kscpa.org

November 19, 2014 • Hyatt regency • wichita

of the Kansas Society of CPAs and its Educational Foundation

Executive CommitteeMelinda A. Hitz, Chair Michelle Schneider, Vice ChairMatthew List, Secretary/TreasurerM. Aron Dunn,, Immediate Past Chair

Board of DirectorsChad M. AllenMatt BellomoStephanie L. BowenRebecca J. CaseySean M. CoppMitchell FiserKate GrantAmber K. Goering Gregg C. GoodwinCharles GnizakDaniel KjergaardJay LangleyChristina RickeDamon WardJames A. WurbsGary C. Allerheiligen, AICPA Elected Member of CouncilJohn Helms KSBOA LiaisonDeAnn A. Hill, AICPA Board MemberL. Gary Boomer, AICPA Member of Council at LargeDominic Ortiz, AICPA Member of Council at Large

Educational Foundation Board of TrusteesNorman P. Hope, ChairKenneth A. Selzer, Vice ChairCheryl G. Hayward, Secretary/TreasurerMonty AllenDan CrumbMelinda HitzJohanna D. LylePaul T. MasonGary A. SchlappeGail L. Yarick

It has been a pleasure to serve as the 81st Chair of the Kansas Society of CPAs. This year has gone by too fast to accomplish all the areas I wished to address but I know the future leadership will continue to strive to take this organization to the next level.

Back in August, the Board of Directors met in Colorado Springs for the Board Retreat. A central focus of the first day of the retreat was to ponder WHY we do what we do. Most organizations focus on what and how they do something, but the most successful organizations zero in on the WHY because that is the inspiration and the reason for wanting to belong.

We, therefore, approached our strategic planning session on why we have the “Big Rocks.” We built a “Strat House” for each of the “Big Rocks,” starting with the roof, which is the WHY. During the second day of the retreat, we built the walls of the houses (actions), identified the deliverables, and stated our Guiding Principles.

2014-15 KSCPA “Big Rocks” – and our WHYs

PROFESSIONAL DEVELOPMENT: Enhancing our members’ success through professional development opportunities.

MEMBER ENGAGEMENT & GROWTH: Creating opportunities for members and their organizations to sustain the CPA profession through member engagement.

ADVOCACY: Protecting the integrity of CPAs and those they serve through our advocacy.

PROMOTION OF THE CPA BRAND: Preserving the value proposition of the CPA brand – trust, value, excellence.

These “Big Rocks,” along with the Accounting & Assurance, Taxation and Young Professional Task Forces, determine what initiatives the KSCPA will undertake in the coming year. Task force membership is open to all members. If you are interested in joining a task force, contact Mary MacBain, KSCPA President/CEO, at [email protected].

WELCOME!Letter from the Chair:

The mission of the Society is as follows:The KSCPA is dedicated to supporting and developing its members and promoting the accounting profession.

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Warm regards,

Melinda A. Hitz, CPA, CGMA81st Chair of the Kansas Society of CPAs

mailto:mary%40kscpa.org?subject=

CONTENTS2

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6 KSCPA Accomplishments

2014 Nominations

Letter from the Chair

5 2014 Life Members

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12 Membership Report

KSCPA Financial Statements

13 Educational Foundation Financial Statements

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 company 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. He has served as an active member of the Board of Driectors and subsequently on the Executive Committee for the last four years. 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.

Michelle 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 and

subsequently on the Executive Committee, for the last five years. She is the Champion of the Professional 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.

Matthew R. List

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Michelle Schneider

Jim Boomer

Brandi DiGiorgioBrandi specializes in providing assurance and business consulting services to manufacturing and distribution companies. She also helps her clients with their employee benefit plans by providing ERISA audits to companies with more than 100 employees. Her ultimate goal is to not only provide clients with the assurance they

need, but also the level of service they deserve. Brandi joined MarksNelson LLC in 2004 as a supervisor and was promoted to manager in 2007. Prior to joining the firm, she worked in the audit department at KPMG and was a reporting manager for a publicly-held company. Brandi has expertise in manufacturing and distribution and

specializes in employee benefit plans. She is a member of the American Institute of Certified Public Accountants, the Kansas Society of Certified Public Accountants, the Kansas City Manufacturing Network and the Kansas City Industrial Council. She graduated summa cum laude with a Bachelor’s of Science in Business Administration from Creighton University.

Jim is a shareholder and the CIO for Boomer Consulting, Inc. He is the director of the Boomer Technology Circles, The Producer Circle, The CIO Advantage and an expert on managing technology within an accounting firm. He also serves as a strategic planning and technology consultant and firm adviser to CPA firms across the country. Jim is ranked by Accounting Today as one of the “100 Most Influential People in

Accounting “and has been named to The CPA Practice Advisor’s “Forty Under Forty” and “Top 25 Thought Leaders” lists multiple times. He is also a graduate of the AICPA Leadership Academy and the KSCPA’s “20 up to 40” Leadership Program. He is an active member of the KSCPA and AICPA, serving on the AICPA’s CITP credentials and TECH+ Steering Committees. Jim served on the KSCPA board of directors and was champion of the technology task force. He is a frequent writer with a monthly column in The CPA Practice Advisor and has been published

in a number of industry publications including Accounting Today, Accounting Web, the International Group of Accounting Firms and several state society publications. Jim holds a bachelor’s degree in Accounting and Management Information Systems from Kansas State University in Manhattan, Kansas and a Masters of Business Administration from the University of Texas at Austin in Austin, Texas. He and his wife, Mary, live in Prairie Village, KS with their son, Miles and daughter, Larren.

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Chris is a Certified Public Accountant and shareholder in charge of the audit practice for Marsh and Company PA. Prior to joining Marsh, Johnston developed her consulting practice over twenty years. Her diverse background includes manufacturing, service sector, medical and dental practices, wholesale and retail firms, trade, professional and

social service organizations, education and governmental entities. She has helped organizations solve critical problems in accounting information systems, cash flow analysis and controls, understanding financial statements, product costing, employee benefits, project management.programs, computer hardware and software conversions. Chris earned her Bachelor

of Science in Business Administration/Accounting and Master of Accountancy from Kansas State University. She active in the Central Exchange, Commercial Real Estate Women, and the Kansas Preservation Alliance. Chris has also served on committees for the Kansas Society of Certified Public Accountants and the Missouri Society of Certified Public Accountants.

Lori is a senior manager in EY’s assurance practice. Her areas of focus include energy, manufacturing and aerospace and defense. Lori was a member of the KSCPA’s inaugural “20 up to 40” class, and she was a “Women to Watch” nominee in 2013. Lori also serves on the executive board of Communities In Schools of Wichita/Sedgwick County and is a member

of Young Professionals of Wichita. Lori is currently the Co-Champion of the Young Professionals Task Force of the Kansas Society of Certified Public Accountants. When Lori isn’t at work, you can find her camping at the lake in the summer time or attending her favorite athletic events during the other months of the year. She is an avid fan of the Kansas State Wildcats, Kansas City Chiefs and Oklahoma

City Thunder.

Christine “Chris” Johnston

Lori Wenrich

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Rebecca CaseyBecky is a Certified Public Accountant who holds a MBA from Pittsburg State University. She joined the Pittsburg State University faculty in 2002, following 20 years of corporate accounting experience, including five years with NPC International, the world’s largest Pizza Hut franchisee, where she served in the capacity of Division Controller and Senior Corporate

Accounting Analyst. Her experience also includes ten years in the banking industry, where she held positions from Controller to Vice President and CFO. Becky served as the Director of the Accounting and Information Systems for Pittsburg State University for six years. She teaches Financial Accounting, Accounting Information Systems, and Construction Accounting. She is currently

pursuing a doctorate in Higher Education Leadership at the University of Arkansas. She also served on the Kansas Society of Certified Public Accountants Board of Directors. Her husband of 33 years is Rick Casey, a Pittsburg business owner. Both are Pittsburg natives. They have a daughter Jeni and son-in-law, Brad Crockett, as well as a son, Drew Casey.

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RS Michele HerzogMichele is a Certified Public Accountant and Information Technology Professional with over 23 years of experience in business management, financial analysis, information technology and human resources. Her experience includes 14 years in CFO/Controller roles in industries including retail, wholesale, manufacturing, franchise, entertainment, pharmaceutical

and public relations. In addition, her experience includes seven years as a financial and systems consultant. Michele is a sole practitioner. Her company, Herzog Financial Solutions, LLC, provides tax preparation, financial and systems consulting. She graduated with honors from the University of Kansas City, Missouri.

Michele has a 23yr old son. She enjoys exercising, shopping and vacationing on the beach.

52014 KSCPA ANNUAL MEETING

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.

2014 Life Member Nominees:

• Willam L. Beaton

• Terrance W. Brown

• Judith H. Byrum-Sutton

• Steve Clinkinbeard

• Jayson C. Cyr

• Kay B. Denny

• Richard J. Hendrix

• Michael K. Herrman

• Thomas A. Hintz

• Steven A. Houlik

• Jay D. Langley

• Stephen B. LaPrad

• Derry A. Larson

• Michael D. McLain

• Christopher W. Merchant

• Lana M. Miller

• Deborah Clements Paulsen

• Greg D. Peterson

• Layne C. Shirk

• Kurtis G. Siemers

• Randy C. Staub

• Lary G. Stoppel

• Michael H. Urbom

• Arnold F. Wheeler

From the President and CEO:ACCOMPLISHMENTS!

Dear KSCPA Members and Guests,

It is again an honor and a privilege to report that the KSCPA completed another successful year. This year is a milestone for me, as I completed my 5th year as the President and CEO.

Thank you to our competent KSCPA team for making my job not only easy, but also very worth-while. Our goal is to provide the highest-quality programs with exceptional customer service. We work together as a team on each project, utilizing our individual talents to accomplish success in everything we do. Financially, we met the goal of reaching a net income, and our professional development programs finally achieved break-even status.

Thank you to everyone who stepped up to the plate to create strategies, to develop professional development programs, and to serve on various committees and task forces. The leaders of the Kansas Society of CPAs continue to work together to create value for all members and CPAs in Kan-sas, protecting our brand.

Thank you to all our members and guests who attended our events and professional development programs. Coming together to learn, to network, and to build relationships brings tremendous value to our state association. This is what we are all about – like-minded professionals who share common core values and who strive to continuously improve our competencies by coming together to share knowledge.

Our members are more engaged than ever - from the local chapters to the American Institute of CPAs. The generational diversity of our board of directors is at an all-time high due to the suc-cess of the “20 up to 40” program, now in its sixth year. The KSCPA chapters are reaching beyond monthly luncheon meetings to networking events, new CPA dinners, and sponsorship of KSCPA events, like the “Women to Watch Awards Luncheon.”

Several of our leaders serve on AICPA committees, “20 up to 40” graduates continue to be select-ed to the AICPA Leadership Academy, DeAnn Hill is a member of the AICPA board of directors and Gary Boomer and Dominic Ortiz are at-large members of Council. Our board chair, Melinda Hitz, was honored with the AICPA CPA in Government Impact Award, and Dr. Dan Deines received the Special Projects Award for his work on the Accounting Pilot Bridge project.

The CPA brand recognition and image is at an all-time high. The tendency might be to rest on our laurels. Yes, there are more students pursuing accounting, however, the number of graduates tak-ing the CPA examination is flat. Many who become CPAs choose not to stay within the profession. To encourage the best and the brightest to consider the CPA, it is our job to recruit and to retain these individuals. The KSCPA leaders are creating strategies through its initiative, Promotion of the CPA Brand, to communicate Why CPA? and to encourage students to consider the CPA. Other

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leaders are working on Member Engagement and Growth to create opportunities for CPAs to come together to determine ways to retain CPAs within the profession. Our other “big rocks” – Profes-sional Development and Advocacy protect our brand.

It is easy for me to be very positive about the KSCPA, but we are not without our challenges. Fortu-nately, we are trained to accept responsibility for challenges, to create action plans, and to solve problems. If you face an issue you cannot solve or identify a problem that affects our profession, please contact me. If we can’t solve the problem within our membership, we will reach out to oth-ers, including the AICPA, for help.

I look forward to working for you in the coming year.

Best regards,

Mary R. MacBain, CPA.CITP, CGMAPresident/CEO, Kansas Society of CPAs

8/31/14 8/31/13 Difference

Current assets:Cash and cash equivalents 329,776$ 273,862$ 55,914$ Investments 414,136 413,285 851 Accounts receivable 8,511 3,618 4,893 Prepaid expenses:

Continuing professional education 3,036 5,867 (2,831) 20 up to 40 3,410 ‐ 3,410 Peer review/other 12,336 6,079 6,257 Total current assets 771,205$ 702,711$ 68,494$

Furniture, equipment and software , net of accumulated depreciation of $185,202 and $154,123 102,332 135,730 (33,398)

Total assets 873,537$ 838,441$ 35,096$

Current liabilities:Accounts payable 28,776$ 34,741$ (5,965)$ Accrued compensated absences 7,476 10,584 (3,108) Accrued continuing professional education expenses ‐ 1,155 (1,155) PAC contributions payable 110 150 (40) Dues assessments payable Educational Foundation 1,920 17,161 (15,241) Due to KSCPA Chapters 12,298 15,327 (3,029) Other 128 193 (65) Deferred revenue:

Continuing professional education 39,474 61,946 (22,472) Membership dues 193,627 178,790 14,837 20 up to 40 12,200 7,250 4,950 Peer review 23,425 6,450 16,975 Total current liabilities 319,434$ 333,747$ (14,313)$

Unrestricted net assets:Undesignated 527,694 481,987 45,707 Designated for 20 up to 40 program 26,409 22,707 3,702

Total unrestricted net assets 554,103 504,694 49,409

Total liabilities and net assets 873,537$ 838,441$ 35,096$

THE KANSAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS, INC.

Statements of Financial Position (Unaudited)

Assets

Liabilities and Net Assets

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Actual $ Actual % 2014 Budget $

Budget

Remaining

Budget

Remaining %

Revenue:CPE 519,902$ 44% 533,500$ 13,598$ 2.5%Membership dues 519,107 44% 516,240 (2,867) ‐0.6%Advertising and other 52,622 5% 53,500 878 1.6%Peer review registration 67,610 6% 90,600 22,990 25.4%Interest income 9,255 1% 10,000 745 7.5%Total revenue 1,168,496$ 100% 1,203,840$ 35,344$ 2.9%

Expenses:CPE 322,196$ 28% 395,000$ 72,804$ 18.4%Membership services 21,232 2% 28,850 7,618 26.4%Leadership 62,599 5% 82,900 20,301 24.5%Legislative 32,185 3% 33,500 1,315 3.9%Peer review 28,713 2% 42,000 13,287 31.6%Human resources 487,513 42% 445,325 (42,188) ‐9.5%Memberships 3,525 0% 3,550 25 0.7%Facility and office 86,404 7% 88,629 2,225 2.5%Insurance 1,652 0% 1,700 48 2.8%Taxes 452 0% 700 248 35.4%Bank service charges 265 0% 300 35 11.7%Credit card charges 25,902 2% 29,000 3,098 10.7%KMAAG 45 0% 100 55 55.0%Bad debt expense ‐ 0% 500 500 100.0%Total expenses 1,072,683$ 92% 1,152,054$ 79,371$ 6.9%

Net income less expenses 95,813$ 8% 51,786$

Other revenue (expense):Depreciation (43,046)$ ‐4%Gain (loss) on asset disposal (4,209) 0%Net unrealized gain (loss) on investments 851 0%Total other income (expense) (46,404)$ ‐4%

Net income (loss) 49,409$ 4%

Unrestricted net assets, beginning of year 504,694

Unrestricted net assets, end of year 554,103$


Statements of Activities Year Ended August 31, 2014 (Unaudited)Budget * FYE 2014


Actual $ Actual % Actual $ Actual % Change

Revenue:CPE 519,902$ 44% 491,578$ 44% 28,324$ Membership dues 519,107 44% 479,881 42% 39,226 Advertising and other 52,622 5% 59,510 5% (6,888) Peer Review registration 67,610 6% 87,360 8% (19,750) Interest income 9,255 1% 11,367 1% (2,112) Total revenue 1,168,496$ 100% 1,129,696$ 100% 38,800$

Expenses:CPE 322,196$ 28% 364,063$ 32% (41,867) Membership Services 21,232 2% 26,781 2% (5,549) Leadership 62,599 5% 91,608 8% (29,009) Legislative 32,185 3% 32,728 3% (543) Peer Review 28,713 2% 45,170 4% (16,457) Human resources 487,513 42% 404,668 36% 82,845 Memberships 3,525 0% 3,178 0% 347 Facility and office 86,404 7% 84,220 7% 2,184 Insurance 1,652 0% 1,721 0% (69) Taxes 452 0% 879 0% (427) Bank service charges 265 0% 290 0% (25) Credit card charges 25,902 2% 27,724 2% (1,822) KMAAG 45 0% ‐ 0% 45 Bad debt expense ‐ 0% ‐ 0% ‐ Total expenses 1,072,683$ 92% 1,083,030$ 96% (10,347)$

Net income less expenses 95,813$ 8% 46,666$ 4% 49,147$

Other revenue (expense):Depreciation (43,046)$ ‐4% (41,134)$ ‐4% (1,912) Gain (loss) on asset disposal (4,209) 0% ‐ 0% (4,209) Net unrealized gain (loss) on investments 851 0% (102) 0% 953 Total other income (expense) (46,404)$ ‐4% (41,236)$ ‐4% (5,168)$

Net income (loss) 49,409$ 4% 5,430$ 0% 43,978$

8/31/2014 8/31/2013


Comparative Statements of Activities * Year Ended August 31 (Unaudited)

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8/31/2014 8/31/2013 8/31/2012 8/31/2011 8/31/2010 8/31/2009Cash flows from operating activities:

Change in net assets 49,409$ 5,430$ (33,359)$ (7,313)$ (1,064)$ (123,314)$ Adjustment to reconcile change in net assets to net cash provided

by (used in) operating activities: Depreciation expense 43,046 41,134 37,692 25,244 13,467 16,633

Abandoned property ‐ ‐ ‐ ‐ ‐ 21,744 Unrealized (gain) loss on investments (851) 102 (10,662) 6,947 7,341 (23,137) Changes in operating assets and liabilities:Accounts receivable (4,893) 1,088 5,952 780 (6,556) 2,297 Prepaid expenses (6,836) 11,856 (7,422) (7,524) 323 (5,765) Deposits ‐ ‐ ‐ ‐ (2,379) 2,379 Accounts payable (5,965) 13,941 (12,592) (6,132) (55,921) 51,931 Accrued compensated absences (3,108) (613) 7,434 (11,732) (2,007) 2,492 Accrued CPE expenses/other liabilities (19,530) 7,029 593 23,733 (1,307) 731 Deferred revenue 14,290 29,725 55,085 117,016 (1,715) 13,558 Net cash provided by (used in) operating activities 65,562$ 109,692$ 42,721$ 141,019$ (49,818)$ (40,451)$

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 Purchase of furniture and equipment (9,648) (15,097) (38,898) (53,641) (69,730) (7,761) Insurance proceeds for furniture and equipment ‐ ‐ 2,257 ‐ ‐ ‐ Sale of furniture and equipment ‐ ‐ ‐ ‐ ‐ ‐

Net cash provided by (used in) investing activities (9,648)$ (17,577)$ (41,418)$ (40,791)$ (181,779)$ 83,552$

Net increase (decrease) in cash and cash equivalents 55,914$ 92,115$ 1,303$ 100,228$ (231,597)$ 43,101$

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

Cash and cash equivalents, end of year 329,776$ 273,862$ 181,747$ 180,444$ 80,216$ 311,813$

Investments 414,136$ 413,285$ 410,907$ 395,468$ 415,265$ 310,557$ Cash and cash equivalents 329,776 273,862 181,747 180,444 80,216 311,813

Total investments and cash 743,912$ 687,147$ 592,654$ 575,912$ 495,481$ 622,370$

Statements of Cash Flows (Unaudited)



$524,053 , 45%

$540,381 , 46%

$68,149 , 6%

$25,754 , 2%$10,159 , 1%

KSCPA FY 2014Program Revenue

CPE

Membership

Peer Review

20 up to 40

KMAAG

$526,300 , 49%

$424,778 , 40%

$81,951 , 8%$38,256 , 3%

$1,397 , 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

FY2014 2013 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

600,000

FY2014 2013 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

FY2014 2013 2012 2011 2010

Peer ReviewRevenue

Expenses

KANSAS SOCIETY of CPAS MEMBERSHIP REPORT

Membership as of August 31, 2013 2,740 New Members 133

Reinstatements 21 +154

2,894

Resignations 47Deceased 10

Terminations 104 -161

Membership as of August 31, 2014 2,733

Kansas Society of CPAs Membership Report

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6.7%8.0%

14.4%

15.4%27.9%

27.6%

Membership by Age

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

48.6%

29.9%

2.3%

2.6%

1.9%1.7% 3.4%

1.2%

8.4%

Membership by Billing ClassPublic Practice

BIG/E

Out of State

Retired

Affiliates

Student/CPA Candidate

Admin

In‐Transition

Life

11.2%

56.7%3.0%1.6%

24.3%

1.4% 1.8% Member Industry by Type

Unknown

Public Practice

Education

Government

Business and Industry

Legal Services

Other

6.7%8.0%

14.4%

15.4%27.9%

27.6%

Membership by Age


48.6%

29.9%

2.3%

2.6%

1.9%1.7% 3.4%

1.2%

8.4%


BIG/E

Out of State

Retired

Affiliates


Admin

In‐Transition

Life

11.2%

56.7%3.0%1.6%

24.3%


Unknown

Public Practice

Education

Government


Legal Services

Other

6.7%8.0%

14.4%

15.4%27.9%

27.6%

Membership by Age


48.6%

29.9%

2.3%

2.6%

1.9%1.7% 3.4%

1.2%

8.4%


BIG/E

Out of State

Retired

Affiliates


Admin

In‐Transition

Life

11.2%

56.7%3.0%1.6%

24.3%


Unknown

Public Practice

Education

Government


Legal Services

Other

8/31/14 8/31/13

Current assets:Cash and cash equivalents 24,941$ 13,635$ Investments 152,814 128,111 Due from KSCPA 1,920 17,161

Total current assets 179,675$ 158,907$

Restricted cash, cash equivalents and investments 16,196 8,210

Total assets 195,871$ 167,117$

Total liabilities ‐$ ‐$

Net assets:Unrestricted 179,675 158,907 Temporarily restricted 1,473 190 Permanently restricted 14,723 8,020

Total net assets 195,871 167,117

Total liabilities and net assets 195,871$ 167,117$

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 48,810$ ‐$ ‐$ 48,810$ 51,811$ ‐$ ‐$ 51,811$ Incentive programs ‐ ‐ ‐ ‐ 62 ‐ ‐ 62 Investment income (loss) 23,445 1,283 ‐ 24,728 25,165 190 ‐ 25,355 Contributions 15,057 ‐ 6,703 21,760 14,969 ‐ 8,020 22,989 Net assets released from restrictions ‐ ‐ ‐ ‐ 50,300 ‐ (50,300) ‐

Total revenue and support 87,312$ 1,283$ 6,703$ 95,298$ 142,307$ 190$ (42,280)$ 100,217$

Expenses:Program services:

Scholarships 53,050$ ‐$ ‐$ 53,050$ 50,550$ ‐$ ‐$ 50,550$ Faculty grants 4,800 ‐ ‐ 4,800 4,800 ‐ ‐ 4,800 Doctoral scholar contribution ‐ ‐ ‐ ‐ 300,000 ‐ ‐ 300,000 Student activities 5,350 ‐ ‐ 5,350 7,575 ‐ ‐ 7,575

Supporting services:Management and general:

Professional fees 3,150 ‐ ‐ 3,150 3,000 ‐ ‐ 3,000 Miscellaneous 194 ‐ ‐ 194 111 ‐ ‐ 111 Total expenses 66,544$ ‐$ ‐$ 66,544$ 366,036$ ‐$ ‐$ 366,036$

Change in net assets 20,768$ 1,283$ 6,703$ 28,754$ (223,729)$ 190$ (42,280)$ (265,819)$

Net assets, beginning of year 158,907 190 8,020 167,117 382,636 ‐ 50,300 432,936

Net assets, end of year 179,675$ 1,473$ 14,723$ 195,871$ 158,907$ 190$ 8,020$ 167,117$

THE EDUCATIONAL FOUNDATION OF THE KANSAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS

Statements of Activities (Unaudited)

Year Ended 8/31/2014 Year Ended 8/31/2013

KSCPA Educational Foundation

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

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

15

2014-2015 Scholarships Awarded: $57,850

8/31/2014 8/31/2013 8/31/2012Cash flows from operating activities:

Change in net assets 28,754$ (265,819)$ 47,370$ Adjustment to reconcile change in net assets to net cash provided

by (used in) operating activities: Unrealized and realized (gain) loss on investments (18,177) (21,481) (35,131) Changes in assets and liabilities:Due from KSCPA 15,241 (1,390) (1,620) Net cash provided by (used in) operating activities 25,818$ (288,690)$ 10,619$

Cash flows from investing activities:Purchase of investments (11,526)$ (15,345)$ (8,282)$ Gross sales proceeds 5,000 286,500 ‐

Net cash provided by (used in) investing activities (6,526)$ 271,155$ (8,282)$

Net increase (decrease) in cash and cash equivalents 19,292$ (17,535)$ 2,337$

Cash and cash equivalents, beginning of year 21,845 39,380 37,043

Cash and cash equivalents, end of year 41,137$ 21,845$ 39,380$

Financial Statement Presentation:Cash and cash equivalents 24,941$ 13,635$ 9,002$ Restricted cash and cash equivalents 16,196 8,210 30,378

41,137$ 21,845$ 39,380$

THE EDUCATIONAL FOUNDATION OF THE KANSAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS

Statements of Cash Flows (Unaudited)

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 CPAsANNUAL MEETING November 19, 2014 • Hyatt regency • wichita of the Kansas Society of CPAs and its Educational Foundation ... is also a graduate