1 RISCPA Membership Day 2010 September 30, 2010 Providence Marriott.

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RISCPA Membership Day 2010

September 30, 2010

Providence Marriott

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Mission Statement

To provide leadership and resources which promote to society the high standards of integrity and honor of the CPA profession and contribute to the success of our members.

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Overarching Strategic Goal

Remain relevant to our Members

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Three Strategic Objectives

I. Attract and retain the best and brightest members for the Society and the accounting profession.

II. Utilize technology to become more efficient internally and to achieve outstanding communication with our members and the general public.

III. Develop future leaders of the Society and the profession.

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Membership Survey Results

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Who Responded?

201 Responses: 1,824 Members 60% Male, 40% Female 21% - 10 or fewer years as a CPA

34% - 11 to 20 years as a CPA

45% - more than 20 years as a CPA 80% - members of the AICPA

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Do you serve on a Society Committee?

Yes - 30% No - 70%

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Are you practicing in Public or Business, Industry, Government (BIG)?

Public - 69% BIG - 31%

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Are you licensed for security sales or advisory work?

Yes - 7% No - 93%

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Do you utilize the CPE tracking tool provided by the Society?

Yes - 58% No - 42%

The Board of Accountancy reported 151 out of 681 licensees used the CPE tracker for the 2009 reporting year.

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Have you encountered difficulty using the CPE tracker?

Yes – 23% No – 55% No Response – 22%

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Why do you take CPE with the Society?

Subject Matter - 52% Location - 26% Other Reasons - 15% Speaker - 7%

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If the Society used social media, would you participate?

Yes - 51% No - 49%

(50% of responders use social media already)

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Are you satisfied with the Society website and electronic publications?

Yes - 97% No - 3%

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Why are members not participating in committee activities ?

No Time 60%

Involved with other Boards 11%

Family commitments 10%

Total Time Related 81%

Lack of understanding: operations/availability 7%

Location of meetings 6%

Unimpressed with prior involvement 4%

Other reasons 2%

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Where did you receive your undergraduate degree?

Bryant University (College) 76 38%

University of Rhode Island 34 17%

Providence College 27 14%

Rhode Island College 13 6%

Other 51 25%

Total 201 100%

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Where did you receive your graduate degree?

Bryant University (College) 49 51%

University of Rhode Island 18 19%

Providence College 6 6%

Bentley University 6 6%

Other 16 18%

Total 95 100%

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If you could change one thing about the Society, what would it be?

Nothing – don’t change a thing. 55

Reduce membership & CPE fees. 19

More BIG activities & CPE (Timing of which is different than Public)

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Advocate, assist through blogs, and provide more local information for RI CPA’s 8

Locate more CPE & Committee Meetings south of Providence 7

More Networking, Social, & Community events 6

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If you could change one thing about the Society, what would it be?

Improve CPE speakers, using local and more diverse presenters. 5

CPE course selection and timing 5

Promote Society more actively to younger members and mentor younger CPA’s 5

Better Lunches ! 1

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How Can I Get Involved?

Committees Task Forces Board Service

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Committees/Task Forces

Most committees have continuous enrollment Check website for list of committees/task

forces, their descriptions and chairs Talk to any of the chairs or board members

about your interests Send an email to Bob with your interest

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Nominating Committee

Comprised of 5 members– Chaired by Past- President– One member elected directly by the board– Three members elected by membership at Annual Meeting

Provides slate of officers and directors for ensuing year (by January 31st of each year)

Every three years nominates individual for 3-year AICPA Council position

Nominates candidate for RISCPA mission award

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Nominating Committee Election

Interested individuals must be a member of the Society in good standing during the preceding 5-year period

Notice of interest must be submitted at least 90 days prior to the annual meeting

If notice from 3 candidates is not received by the 90 day deadline, Nominating Committee nominates qualified candidates

Membership is notified of candidates by February 15th of each year

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Board of Directors

13 members Each term is for 1 year Directors – 7, can serve 3 terms Officers – 5, at least 3 must be in active practice of

public accounting at the time of election Any vacancies are filled by the Board Intent is to have a cross section of membership

serving on the board

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Officers and Directors Election

Call for nominations is made prior to the first committee meeting

Nominations are provided to Secretary by 1/31 Nominations are provided to membership by 2/15 Counter nominations must be received at least 30

days prior to the annual meeting Election takes place at the annual meeting

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Pick me!

Interested in Nominating Committee or Board Position?– Send an email to Bob with a summary of your

professional background

Know of someone who you would like to nominate for one of those positions?– Send an email to Bob with the person’s name and

he will make contact for his/her bio

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Financial ReviewJames Morrison

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We’ll Review

Comparisons to peer groups– Membership Dues – Funds and Liquidity Ratios

RISCPA Financial HistoryFinancial Philosophies Outlook for 2011

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MembershipDemographics

0

50

100

150

200

250

300

350

400

450

500

Princ Staff Indus Gvt Edu Out Ret Assoc Unemp Stud

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Dues as of August 2010New England Societies

0

50

100

150

200

250

300

350


RI

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Dues as of August 2010(Illustrating 100% Firms)

0

50

100

150

200

250

300

350


RI

100%

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Dues Comments

The RISCPA dues are in the lower quartile for most members as compared to other New England societies

The 100% participation program for major firms is a significant benefit for the largest contributors to the society

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Financial Philosophy #1

Low DuesWe likey!

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Funding Ratios - Definitions

Liquidity Ratio is cash plus investments less deferred CPE revenue / divided by total revenues

Funding ratio is total unrestricted funds / divided by total revenues

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Financial HealthComparison to Small Society Group 2009

0%

20%

40%

60%

80%

100%

120%

140%

Liquidity Ratio Funds Ratio

RI

WY

VT

ME

HI

ID

DE

NH

WV

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Financial HealthComparison to Small Society Group 2009

0%

20%

40%

60%

80%

100%

120%

140%

Liquidity Ratio Funds Ratio

AICPA

RI

WY

VT

ME

HI

ID

DE

NH

WV

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Funding Comments

Compared to the small state societies– RISCPA is at the low end on both

ratios– The AICPA has higher liquidity

but lower funding ratios

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Liquidity and Funding Ratios20% to 25%

Healthy Balance Sheet

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Financial History

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Revenue HistoryThousands Dollars

$0

$200

$400

$600

$800

$1,000

$1,200

2004 2005 2006 2007 2008 2009 2010 2011B

Re

ve

nu

e

CPE Dues Other

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Revenue HistoryPercent by Type

0%

20%

40%

60%

80%

100%

2004 2005 2006 2007 2008 2009 2010 2011B

Re

ve

nu

e

CPE Dues Other

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Revenue Comments

CPE makes up 60% of the Society’s revenue Dues provide about 30% Other revenues about 10% Small CPA Societies average about 53%

CPE New England Societies range from 37% to

57% from CPE revenue

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Revenue and Net Income

$0

$200

$400

$600

$800

$1,000

$1,200

2004 2005 2006 2007 2008 2009 2010 2011B

Re

ve

nu

e T

ho

us

an

ds

-$100

$0

$100

$200

$300

$400

$500

Ne

t In

co

me

Th

ou

sa

nd

s

CPE Dues Other Net Income

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Net Income Comments

Four out of last seven years ended in deficits

Last three years average deficit is $43,000 or about 4% of revenue.

Year end 2010 unrestricted funds $255k– Were about 23% of revenues– Multiple of 6 times the last three years average

deficit

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Net Income Comments

We have reinvested in the society– Computer and system upgrade $31k– Web-site development $44k– New CPE tracking software $38k

Impact of the economy– Many societies lost 40% of their investment

value– RISCPA investments were in cash, but cash is

earning much lower interest income

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We will manage for a balanced annual budget

At times, we will invest up to 5% of unrestricted funds back into the

Society

We will maintain a minimum 20% funding ratio

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Outlook

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Outlook 2011 Budget

Targeting to breakeven on a cash basis. Depreciation on last two years capital

investments will result in a small deficit. CPE slowly declining year over year

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Membership

Support by booking CPE at the RISCPA Book in-house vendor-provided CPE

through the RISCPA. – We get a commission with no additional cost

to you.

Provide your talented instructors for our CPE courses to keep our costs down

Market our CPE programs to your clients

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We still like low dues

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Strategic Objective I Champion – Martha Conn Hultzman

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Goal

Attract and retain the best and brightest members for the Society and the accounting

profession

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Attract the best and brightestAction Plan

Involve several society committees in activities at colleges and high schools

Increase our student membership and measure our demographics

Educate the educators and develop “Society Road Show”

Develop an organized internship program including internship opportunities at the Society

Reduce or waive fees for student membership and events

Enhance the “for the student” section of our website

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Attract the best and brightestCommittees Involved

Financial planning Cooperation with educational institutions Scholarship Communications

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Attract the best and brightestAccomplishments

Colleges and Schools Headed for Success Joint effort of Financial Planning and Cooperation with

Educational Institutions Committees Three modules created by Beth Cannata, Leigea Landry

and students from PC for presentation by college students at high schools

Five colleges and 13 high schools have expressed an interest in participating

Scholarship Committee– Solicited applications from all colleges and

universities with an accounting program

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Attract the best and brightestActivities in the hopper

Campus Gatherings – Two scheduled for October 2010 (JWU and RIC)– Three to Five CPAs from different backgrounds

present to students, followed by networking Students may attend RISCPA networking

events at reduced cost– Meet members of NYPN committee in attendance

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Attract the best and brightestWhat's Next?

From campus to the accounting firm– Presentation to accounting faculty from RI area

colleges and universalities– Coordinated by Coop with Ed. Inst. Committee

and targeted for May 2011 Student section of the web site

– Coop with ed. committee will propose career content for review by communications committee

– May include postings for internships

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Strategic Objective II Champion – Steven Ursillo, Jr.

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Goal

Utilize technology to become more efficient internally and to achieve outstanding

communication with our members and the general public

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Utilize technology for efficiency2 Phases

Phase I: Upgrade hardware & internal support software based upon current committee recommendations and adopt long term leading edge technology plan

Phase II: Implement a state-of-the-art application software solution to enhance and streamline the Society’s operational functional duties and adopt long term leading edge technology plan

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Utilize technology for efficiency Action Items

Perform a current technology and operational assessment Evaluate the features of relevant operational applications and

examine other ways to use technology to increase operational effectiveness and efficiency

Build the requirements Evaluate technology and vendor solutions Design a phased project plan for implementation Review post implementation results against initial requirements

and goal

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Utilize technology for efficiency Accomplishments

Complete upgrade of the Society’s technology infrastructure

New servers and workstations utilizing state of the art technology

Remote conferencing capability Mobile office capability Wireless access for society guests Implementation of a complete operational processing

application and database for specific society requirements

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Utilize technology for efficiency What's Next?

Complete the AM-Net integration and allow for process enhancements and operational maturity.

Integration of the RISCPA website to the new operational processing application and database system (AM-Net).

Continue the evaluation of CPE tracking technology.

Define and refine the “knowledge piece” that is available - determine what information the RISCPA should be delivering.

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Utilize technology for efficiency What's Next?

Evaluate addition technology solutions for information collaboration. (ex. SharePoint)

Continue to evaluate information sharing through social networking and web based distribution.

Evaluate further training and CPE delivery platforms. (ex. Webinars)

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Strategic Objective III. Champion - Sam Suls

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Goal

Develop Future Leaders of the Society and the profession

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Develop Future LeadersAction Plan

Increase number of NYPN members. Determine whether NYPN should continue as

a task force or become a Society Committee. Determine the mission of the NYPN 12. Determine the governance, replacement,

rotation, and future appointment to other Society committees of the NYPN 12.

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Develop Future LeadersAction Plan (con’t)

Survey our membership to help identify new leaders.

Focus on getting more young members actively involved on committees, and lowering the average age of committee members.

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Develop Future Leaders Accomplishments - People

Jennifer Freitas – Chair, Piccerelli Gilstein & Co., L.L.P.

John Teixeira – Asst. Chair, Sansiveri Kimball & Co. Andrew Bicknell, KPMG LLP Michelle Cullion, DiSanto Priest & Co. Brendon Donovan, CBIZ Tofias/Mayer Hoffman

McCann P.C. Boyd Foster, Sullivan & Company, LLP

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Develop Future Leaders Accomplishments - People

Andrew Hayes, Kahn Litwin Renza & Co., Ltd. Mariann Lackey, YKSM CPA’s, Ltd. Elizabeth Mulligan, Batchelor Frechette McCrory

Michael & Co. Erica Olobri, Braver PC Molly O’Marra, Lefkowitz, Garfinkel, Champi &

DeRienzo, PC Julie Steffes, CCR LLP

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Develop Future Leaders Accomplishments - Events

Breakfast Meetings– May 13, 2010 – Speaker: Jack Renza– August 20, 2010 – Speaker: Ernie Almonte

Networking Events– May 27, 2010 – Aqua, Marriott Hotel– August 5, 2010 – Pawtucket Red Sox– October 21, 2010 – RI Philharmonic

8 Task Force Meetings

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Develop Future Leaders What’s Next?

Continue the enthusiasm. Increase number of NYPN members. Determine whether NYPN should continue as a task.

force or become a Society Committee. Survey our membership to help identify new leaders. Focus on getting more young members actively

involved on committees, and lowering the average age of committee members.

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Thank you!

1 RISCPA Membership Day 2010 September 30, 2010 Providence Marriott.

Documents

Transcript of 1 RISCPA Membership Day 2010 September 30, 2010 Providence Marriott.