2013 Annual Report - Beta Alpha Psi

2 0 1 3 B A P A N N U A L R E P O R T

OF TOMORROW BECOMING REALITY

DREAMSTODAY

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 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.


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


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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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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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


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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.


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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


“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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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


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


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


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


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


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.


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


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


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


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


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


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


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.


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


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


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


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.


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


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 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


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


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


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.


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


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.


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.


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


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


Community service day 40,000 10,000

Superior chapter awards program 37,125 36,575


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


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


Superior Chapter Awards Program 2,150 2,150


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.


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:

2013 Annual Report - Beta Alpha Psi

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