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DEVELOPING OUR FUTURE

2015 BAP ANNUAL REPORT

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2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE 1

2015 BETA ALPHA PSI ANNUAL REPORT TABLE OF

CONTENTS3 President’s Letter

4 Board of Directors

5 Chapter Advocates

6 Professional Partners

7 Business Information Professionals of the Year

10 Lifetime Service Award

12 Outstanding Dean

13 Outstanding Faculty Advisors

14 Regional Meetings

15 Regional Meeting Best Practices

16 2015 Annual Meeting

17 BAP International Day of Literacy

18 Annual Meeting Best Practices

23 Project Run With It

24 Ethics Award

25 Gold Challenge

26 Superior and Distinguished Chapters

27 Inclusive Leadership Awards

28 VITA Awards

29 Medal of Inspiration Award

30 Expansion

31 Financial Statements

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BETA ALPHA PSI EXECUTIVE OFFICE STAFFMargaret Fiorentino — Executive DirectorLisa Wicker — Manager, Chapter Services

Samantha Simunyu — Associate Manager, Beta Alpha Psi Marketing

VISION STATEMENTBeta Alpha Psi will shape the financial and business information professions

by developing members into ethical, professional, and confident leaders.

MISSION STATEMENTThe mission of Beta Alpha Psi, the premier international honor and service organization for financial

and business information students and professionals, is to inspire and support excellence by:

• encouraging the study and practice of accountancy, finance, and information systems; • providing opportunities for service, professional development, and interaction among members and financial professionals; and • fostering lifelong ethical, social, and public responsibilities


Dear Friends,

It has been a wonderful year for Beta Alpha Psi and your involvement in our organization has contributed to this success. Whether you are a member; candidate; alumnus; faculty advisor; chapter advocate; accounting, finance, or information systems faculty; department chair; dean; executive office staff; professional partner; board member; or represent one of our sponsoring firms, companies, or professional associations; or support us through exhibiting or speaking at our events, your participation matters and your commitment to Beta Alpha Psi is definitely appreciated.

Beta Alpha Psi made several strategic decisions this year. Alerted that the terms “Beta Alpha Psi” needed protection, we filed for the trademark in both the United States and abroad. The trademark has been published in the United States, and we are awaiting international approval. To address the trend of early student recruitment, the Chapter Advocates conducted a review of the Bylaws and Policies and Procedures. As a result of their efforts, changes were made to the Bylaws to clarify membership requirements and to bring consistency throughout the documents. The number of online programs and students is increasing, and policies were put into place to proactively deal with this issue. Finally, we continue to work toward international expansion as our focus this year was on building relationships with schools in Canada. We look forward to seeing the result of our global outreach in the coming year.

Led by our two Board Alumni Representatives Alex Johnson and Jay Knight, the position of Regional Alumni Representatives was established to assist with each of our regions. Nominations for this new position were solicited and five Regional Representatives were selected. Alex and Jay also initiated a successful pilot testing of “Dinner with Professionals” as part of Regional Meetings. We’re excited for this effort to expand next year. Rather than developing activities for alumni, the efforts of the Alumni Representatives have been refocused to helping current chapters by presenting a student perspective on organizational strategy and initiatives. Alumni outreach still is an important activity, but with the intent of enhancing the student membership experience.

Operational changes instituted last year requiring chapters to attend either a regional or annual meeting in order to achieve Superior Chapter status as well as the requirement to include essential skill programs in order to be an award-seeking chapter worked well and will continue. We have advanced our member engagement and communication efforts through increased outreach via social media, email marketing, and webcasts.

It was also a good year for BAP meetings. We had more than 2,000 attendees participate in this year’s Regional Meetings in the U.S. and the Oceania region. There were over 1,100 attendees at this year’s Annual Meeting in Milwaukee, WI, including representatives from our Oceania chapters in Australia and New Zealand. These meetings provided students the opportunity to network, socialize, learn from each other in operational sessions, hear from guest speakers and professional partners, compete in the Deloitte sponsored Best Practices competition, and provide service to three Milwaukee nonprofits through our annual Project Run With It competition sponsored by Moss Adams. Several awards were recognized at the Annual Meeting, including the AICPA Medal of Inspiration, IMA Business Information Professional of the Year award, McGladrey Outstanding Faculty Advisor award, the EY Inclusive Leadership award, the Grant Thornton Ethics award and the KPMG Superior and Gold Chapter status awards.

We hosted our 3rd annual International Day of Literacy in collaboration with KPMG LLP, the KPMG Foundation and United Way of Greater Milwaukee and Waukesha County. This event represented BAP’s 17th annual International Day of Service. Nearly 1,000 BAP volunteers visited four year-round Milwaukee Public Schools, five Boys & Girls Clubs, and two youth-serving non-profit organizations. About 2,800 K4–8th grade students participated in the annual event. BAP volunteers also put together 200 backpacks full of 3,113 school supplies to be given to underprivileged youth.

So much has been accomplished this past year. We will continue to strive to make Beta Alpha Psi one of the most valuable aspects of our members’ educational experience. Thank you for a wonderful 2014–15. I have been honored to serve as your president, and I look forward to seeing what we will accomplish together next year as we continue our international expansion and seek new ways to engage our members and partners.

Kevin Stocks Board President 2014–2015

PRESIDENT’S LETTER

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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 2015 include initiating an effort to open membership options for online students at AACSB or EFMD/EQUIS accredited institutions and installation of four new Beta Alpha Psi chapters.

BOARD MEMBERS Kevin Stocks — President

Jan Taylor Morris — Past President

Shawn Harter — President-Elect

George Gamble — Director of Administration

Moez Limayem — Dean Representative

Alex Miller — Professional Partners Chair

Greg Burton — Director of Global Activities

Sonya Guthrie — AICPA Liaison

Alex Johnson — Alumni Representative

Jay Knight — Alumni Representative

Janice Klimek — 3rd Year Chapter Advocate, Rocky Mountain & Missouri Valley Regions

Mehmet Kocakulah — 3rd Year Chapter Advocate, Midwest Region

Pearl Rozenberg — 3rd Year Chapter Advocate, Oceania Region

2015–16 INCOMING BOARD MEMBERS Merle Hopkins — President-Elect

Rita Grant— Director of Global Activities

Paige Sacks — Professional Partners Chair-elect

Veronda Willis — 3rd Year Chapter Advocate, Southwest Region

Linda Schain — 3rd Year Chapter Advocate, Atlantic Coast Region

Ozoemena “Ozo” Nnamadim— Alumni Representative

BOARD OF DIRECTORS


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 Chapter Advocate Manual, Policy and Procedures Manual, Petitioning Manual and Program for Chapter Activities (PCA) and conducting site visits to expand Beta Alpha Psi.

CHAPTER ADVOCATES Janice Klimek — 3rd Year Chapter Advocate, Rocky Mountain & Missouri Valley Regions

Mehmet Kocakulah — 3rd Year Chapter Advocate, Midwest Region

Pearl Rozenberg — 3rd Year Chapter Advocate, Oceania Region

Linda Schain — 2nd Year Chapter Advocate, Atlantic Coast Region

Veronda Willis — 2nd Year Chapter Advocate, Southwest Region

David DeBoskey — 1st Year Chapter Advocate, Western & Northwest Regions

Raymond Elson — 1st Year Chapter Advocate, Southeast Region

2015–16 INCOMING CHAPTER ADVOCATES Brett Govendir — Oceania Region

Mark Myring — Midwest Region

Chris Lyon — Rocky Mountain & Missouri Valley Regions

CHAPTER ADVOCATES

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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 2015 include continued commitment to raising their visibility with the student members of BAP; an introduction of leadership activities that delivered interactive professional development at regional meetings; and improved relevancy of sessions given by Professional Partners at regional meetings.

PROFESSIONAL PARTNERS

FIRMS/CORPORATIONS Bisk CPA Review BDO USA LLP Becker Professional Review The Carlyle Group Chevron Corporation Deloitte LLP EY Fifth Third Bank Grant Thornton LLP Kaplan CPA Review KPMG LLP McGladrey LLP Moss Adams LLP The Office of the Comptroller of the Currency PwC Protiviti Inc. Robert Half International Roger CPA Review Surgent CPA Review Wiley CPAexcel

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 GMAC The Institute of Chartered Accountants in

England & Wales (ICAEW)

The Institute of Internal Auditors Institute of Management Accountants (IMA) International Association for Accounting Education &

Research (IAAER) NASBA Center for Public Trust National Association of Enrolled Agents

STATE SOCIETY ORGANIZATIONS Alabama Society of CPAs 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

2015–16 INCOMING PROFESSIONAL PARTNERS Yaeger CPA Review


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.

BUSINESS INFORMATION PROFESSIONALS OF THE YEAR

EDUCATION

Mark Taylor — Professor of Accounting and Auditing and Department of Accountancy Chair, Case Western Reserve University

Nominating Chapter — Pi (Case Western Reserve University)

Mark Taylor is the Andrew D. Braden Professor of Accounting and Auditing and Chair of the Department of Accountancy at the Weatherhead School of Management, where he teaches in the corporate governance and auditing/assurance areas. Mark is Past President of the Auditing Section of the American Accounting Association, having assumed the office in August 2014 after stepping down from serving as President. He completed a three-year term of service on the Senior Technical Committee of the American Institute of CPAs’ Auditing Standards Board in January 2012 and fulfilled a one-year term as an Academic Fellow in the Professional Practice Group of the Office of the Chief Accountant at the United States Securities and Exchange Commission in Washington, DC, from 2005–06.

“I am deeply humbled and tremendously honored to receive the Business Information Professional of the Year — Education Award from Beta Alpha Psi. Beta Alpha Psi is the premier accounting honorary society and touches the lives of so many students annually. Beta Alpha Psi opens doors and more importantly reveals horizons for students looking to succeed as professionals. Beta Alpha Psi certainly did this for me and continues to do so for so many. We’re very proud of our Pi Chapter here at Case Western Reserve University, the charter for which was granted in 1930 as the 10th Chapter to be created. I certainly see this award as one that also recognizes the success of our long established chapter. As an educator, Beta Alpha Psi stands out as the most important place students can find to catch the vision of the accounting profession and from which to launch their careers. Thank you!”

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BUSINESS INFORMATION PROFESSIONALS OF THE YEAR INDUSTRY AND GOVERNMENT

Dave DeFreitas — Group CFO — Caterpillar Inc.

Nominating Chapter — Zeta Lambda (Bradley University)

Dave is Group CFO for Corporate Services at Caterpillar. He has been with Caterpillar for 26 years and has held 17 different Accounting (internal audit, budgeting, activity based costing, financial reporting, inventory & legal entity accounting, parts pricing, and investment & business analysis) and general business (product manager) roles in Peoria and Aurora, IL, and Leicester, England. His current responsibilities include: Providing leadership to the business managers and financial reporting teams who support finance services, human services, global information services and the strategic services divisions at Caterpillar. Dave’s team also oversees Board of Directors advance material preparation, supports the quarterly financial release, and provides direct support for the Company CFO.

After graduating from Bradley University with a B.S. in Accounting in 1987, Dave started his career in Public Accounting before moving to Caterpillar. He is a Certified Public Accountant and has his MBA from Northern Illinois University (1994).

Outside of work, Dave chairs the National Council of Advisors to the Foster College of Business at Bradley University and is a past chair and current member of the Department of Accounting Advisory Council at Bradley. He is the Treasurer of his fraternity Housing Corporation and volunteers with the Illinois High School Association at the state basketball championships. Dave is a co-chair for the Passage to India Easter Seals Fundraising Banquet and Leadership Summit and is a past co-chair of the Central Illinois annual Easter Seals fundraising campaign. He has also co-authored two articles in professional magazines.

“Beta Alpha Psi is a magnificent organization that has a significant influence on the accounting profession and the entire business community. It is an organization I have been proud to be affiliated with since becoming a member about 30 years ago. To have been chosen as one of this organization’s Business Professionals of the year is truly special. I will strive to live up to this special honor bestowed upon me by continuing to give of my time and advice to students and faculty at Bradley University and to individuals in the community in which I live and work. My hope is that others can benefit from my professional experience and volunteering efforts.”

DeFreitas with nominating chapter (Zeta Lambda)

BUSINESS INFORMATION PROFESSIONALS OF THE YEARPROFESSIONAL SERVICES

Leslie A. Murphy — CEO and President — Murphy Consulting, Inc.

Nominating Chapter — Eta Phi (Oakland University — Michigan)

Leslie A. Murphy, CPA, is a retired partner and former member of the senior leadership team of Plante & Moran, one of the nation’s 15 largest public accounting and management consulting firms. During her tenure at Plante & Moran, she held numerous leadership positions, including Group Managing Partner in charge of all client services at the firm.

In October 2005, Leslie became only the third woman to chair the 350,000-member American Institute of CPAs (AICPA). Leslie continues her service to the profession as a member of the AICPA governing Council and the Relations with the Judiciary Subcommittee of the AICPA. In October 2012, the AICPA presented Leslie with the Gold Medal for Distinguished Service, the highest individual award within the profession. She is a National Association of Corporate Directors (NACD) Board Leadership Fellow and serves as a member of the NACD’s Advisory Council on Risk Oversight.

Today, Leslie serves as President and CEO of Murphy Consulting, Inc. She also serves on the Boards of the following Corporations and performs the role of qualified financial expert and Chair of the Audit Committee: Kelly Services, Inc. (NASDAQ: KELYA, KELYB), a world leader in human resource solutions, operating in 37 countries and territories, with revenue approximating $6 billion; VSP Global, a $5 billion Company and the largest vision insurance provider in the country, with international frame manufacturing and distribution operations and a network of laboratories fabricating eyewear; and, the Detroit Legal News Corporation. In addition, Leslie is on the Boards of numerous charitable organizations, in her community, including St. John Providence Health System, United Way for Southeastern Michigan, Early Childhood Investment Corporation, Children’s Leadership Council and Covenant House Michigan.

.

“I am deeply honored to be named the Beta Alpha Psi 2015 Business Professional of the Year in the Professional Services category and thank Beta Alpha Psi for this incredible honor. I wish each of you as much enjoyment and fulfillment as I have had throughout my career as a CPA. I truly believe it is the BEST TIME EVER to begin your careers in the accounting profession. You truly are in the RIGHT PLACE at the RIGHT TIME and I look forward to cheering your success!”


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“Words cannot possibly describe how incredibly humbled I am to be the recipient of the 2015 KPMG/Bernard J. Milano Service Award,” Pattison said. “The two representatives for which this award was named, KPMG and Bernard J. Milano, have demonstrated exemplary lifetime service, and each has supported and served Beta Alpha Psi for many years! I am honored to be considered in the same genre.”

Beta Alpha Psi is pleased to announce that Diane Pattison, Academic Director, University of San Diego Graduate Accountancy Programs, was the recipient of the KPMG/Bernard J. Milano Lifetime Service Award at the 2015 Beta Alpha Psi Annual Meeting in Milwaukee, WI.

The KPMG/Bernard J. Milano Lifetime Service Award was created to honor distinguished and sustained service to the goals and purpose of Beta Alpha Psi. The award recognizes individuals who have shown a lifetime commitment to the advancement of Beta Alpha Psi, through service efforts, financial contributions or advocacy of the organization.

“Diane has served Beta Alpha Psi for decades in almost every position in the organization,” said Kevin Stocks, Past-President, Beta Alpha Psi. “She promotes and represents the values of the organization, and her focus on and love for the students is reflected in the detailed attention she gives to her areas of responsibility.”

A veteran in the Beta Alpha Psi network, Pattison not only witnessed but also played a significant role in many of the organization’s strategic shifts. She was a member of the Board Executive Committee that opened Beta Alpha Psi’s membership to Information Systems and Finance students. Furthermore, the organization welcomed its first international chapter, thus positioning Beta Alpha Psi as an integral factor in the global market.

Following her tenure as the organization’s President (2000–01), Pattison sustained her involvement and served as an advisory figure to the Board. “She has the admiration and respect of her peers,” Stocks added “and no one deserves this recognition more than Diane for her lifelong dedicated service to Beta Alpha Psi.”

Recipient: Diane Pattison

LIFETIME SERVICE AWARD

Diane Pattison with Bernie Milano.

LARZETTE GOLDEN HALE-WILSON BETA ALPHA PSI’S 1ST AFRICAN-AMERICAN NATIONAL PRESIDENT

It is not surprising that Larzette Golden Hale-Wilson was the first African-American to serve as National President of Beta Alpha Psi. In retrospect, the surprise was how early it was. Larzette served as president in 1990. How amazing considering that when Larzette

was recognized as an Outstanding Faculty Vice President 10 years earlier, she was the second African-American to be in the national spotlight. Still, four years later, that remained unchanged and there were no additional African- Americans on the national scene.

“A mighty force in the lives of all she touched.” “A trailblazer in terms of promoting diversity within her profession.” “Great lady – few comparables.” These are just a few of the accolades for Larzette Hale. She has many other well-documented awards for teaching, service and leadership. Her journey, however, is less well-known. Although she was appreciative of the awards, her greatest joy was in making a difference. “I would advise all young people thinking about public accounting as a career — especially African-Americans: Work hard. Accounting is an excellent field to be in. If you are serious about it, you can go far.” [As told to Linda Segall, JofA, Aug. 1, 2009]

Larzette was placed in an orphanage at the age of 11. Her father had died and her mother could not take care of her sister and her because they were at-risk in the deep rural South. Larzette indicated “... it was the best thing that ever happened to us, because our lives got more structured and sort of sheltered.” [Hale interview by Theresa Hammond, Aug. 17, 1997] An excellent performance in a typing class led to a recommendation to help out in the orphanage’s business office. Larzette came under the wings of the orphanage’s accountant, Ms. Brooks, and began to assist with bookkeeping. Thus, Larzette’s first mentor inspired her to want accounting as a profession and to become a CPA.

Larzette’s second mentor was her accounting-typing- shorthand teacher at Langston University, Mrs. Allen. She nurtured her star student and welcomed her into her home on weekends. According to Larzette, “and she took a liking to me, and we would go to her home and work accounting problems all weekend. And just have fun! And now that sounds stupid, but I was in awe of having the teacher ask me out.” [Hale Interview, 1997]

Larzette worked in the business office at Langston University after graduation, then later joined her husband at the University of Wisconsin-Madison (UW) to work on her master’s. The State of Oklahoma eagerly paid her train fare and tuition to complete a graduate program external to Oklahoma.

While at UW, Larzette met her next mentor, Fayette Elwell, who was not only her intermediate accounting professor, but was also dean of the business school. Elwell rewarded her academic success with scholarships. Moreover, he continued to maintain a lifelong interest in her career.

After leaving UW, Larzette and her husband taught at Clark College (now Clark Atlanta University) in Atlanta. While there, she was befriended by Jesse Blayton, the most prominent CPA of that era, who helped establish and tutor a study group for African- Americans to pass the CPA Exam.

A few years after Larzette obtained her CPA license, Elwell lured her back to UW with the understanding that she would complete the doctorate program before his retirement. Under his tutelage, Larzette earned her Ph.D. in 1955 and become the first African-American woman to hold both the CPA license and the Ph.D. degree.

Upon completing the degree, Larzette and her husband returned to Clark College. As a sole proprietor, she started her own accounting firm and continued to operate it for six years while in Atlanta, and for another four years from Oklahoma. Her clients were so enamored of her services that they voluntarily increased Larzette’s fees so she could return for a monthly close.

The Hales returned to Langston University, Larzette as a faculty member and her husband as president. At that time, Larzette decided to concentrate on her teaching career and eventually closed her firm.

In 1971, Larzette joined the faculty at Utah State University and, thus, began her long and illustrious career in academia in Utah. “Despite the lack of diversity, she [Larzette] found it a more hospitable environment than she had experienced in the South.” (Hammond, A White Collar Profession, p. 109)

Although Larzette retired from Utah State University in 1990, she continued to teach at other institutions, including Brigham Young. It wasn’t until 1998 that according to Larzette, “… I finally hung up my visor and put away my chalk.” (Segall, JofA 2009)

Larzette Golden Hale-Wilson, Beta Alpha Psi’s first African-American National President, passed away on Feb. 5, 2015, at the age of 94.


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OUTSTANDING DEAN

Denise D. Schoenbachler has been the Dean of the College of Business at Northern Illinois University since 2006. In addition to her current role as Dean, Denise’s 20-year academic career at Northern Illinois University has included positions as Chair of the Department of Marketing, Professor of Marketing, and Coordinator for the Interactive Marketing Area of Study. As Dean of a large public university, Denise’s responsibilities include managing more than 150 employees, providing outstanding educational opportunities for over 3,500 students, and building relationships with the college’s 50,000+ alumni. She is past president of the Mid-America Business Dean’s Association, Past-President and Board member of the Women Administrators in Management Education affinity group for AACSB, a past member of AACSB Committee on Accreditation Policy, and vice-chair of the AACSB Initial Accreditation committee. She is a member of the Board of Governors for Beta Gamma Sigma Honor Society. An award-winning teacher and scholar, Denise’s primary teaching and research interests are in interactive marketing, marketing strategy and privacy issues in marketing. She holds a Ph.D. in marketing from the University of Kentucky, and an MBA and BBA from the University of Louisville.

The 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. Denise D. Schoenbachler — Professor and Dean, Northern Illinois University College of Business

Nominating Chapter — Gamma Pi (Northern Illinois University)

“I was truly humbled and honored with the Beta Alpha Psi recognition as Outstanding Dean of The Year. It is a recognition from the students that affirmed my commitment to our NIU students. To be honored by one of the most recognized and prestigious student organizations was truly humbling. I can honestly say this award means a great deal to me.”


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.

“This award is very special in so many ways. I am so grateful for the recognition by my students. Their appreciation for our hard work and commitment to their education is shared by my co-advisor, Professor Virginia Cortijo, our department and especially Stonehill College for assimilating the professional ideals and values of Beta Alpha Psi into our community. I am also honored to stand among some of the most outstanding teachers in higher education that carry the title Beta Alpha Psi Faculty Advisor. You are an inspiration to your students and to me.”

Michael Mullen — Stonehill College, Mu Omega Chapter

“My recognition as Outstanding Faculty Advisor is solely a reflection of the talent and continued hard work of the members of our chapter,” says Nesper, who was a charter member of UB’s chapter as a student in 1981. “The students always surpass my expectations with their dedication and enthusiasm.”

Kathleen Nesper — University at Buffalo, Zeta Theta Chapter

Being selected as an outstanding faculty advisor for Beta Alpha Psi is one of the highlights of my 28 year teaching career. I love the organization and working with students. They are the best! I appreciate McGladrey providing an award for a part of my job that is so enjoyable.

“Being a faculty advisor for Beta Alpha Psi is one of the most rewarding roles that I play. Every year I get to work with the very best students in our program. I stay in touch with many of our former chapter officers and really enjoy following their success in the profession. I believe in Beta Alpha Psi as an important “two-way” bridge between the academic world and the profession and feel like it is a great privilege to live on that bridge enjoying association with the world on either side. Beta Alpha Psi facilitates lifetime networking. I am grateful to my student officers for nominating me for this honor and to the executive board for their recognition of the nomination. I hope to be involved for many, many years to come.”

Patty Cox — Elon University, Lambda Xi Chapter

Bonnie Villarreal — Utah State University, Delta Omega Chapter

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 218

CHAPTERS REPRESENTED

9 MEETING

LOCATIONS

Las Vegas, NVAtlanta, GA

Dallas, TXAlexandria, VA

Indianapolis, INSt. Louis, MO

Denver, COSeattle, WA

Sydney, Australia

HIGHLIGHTS More than 2,000 attendees total

218 chapters represented Leadership and Collaboration Exercise — e-Factor Ethics Game & Making It Count Opening keynote sessions delivered by various high-ranking executives from companies such as

Coca-Cola, Alaska Airlines and the Illinois CPA Society.

REGIONAL MEETINGS

Beta Alpha Psi members listen to keynote speaker.

Deloitte’s Scott McQuillan speaks to students.

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Sponsored 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 2015 included: enhancing chapter governance and operations (effective operations category); encouraging responsible financial practices (financial literacy category); and developing a global perspective (international impact).

EFFECTIVE OPERATIONS

FINANCIAL LITERACY

INTERNATIONAL IMPACT

REGIONAL MEETING BEST PRACTICES

REGIONWestern

SoutheastSouthwestAtlantic CoastMidwestMissouri ValleyNorthwestRocky Mountain

REGIONWesternSoutheastSouthwest Atlantic CoastMidwestMissouri Valley Northwest Rocky Mountain

REGIONWesternSoutheastSouthwestAtlantic CoastMidwestMissouri ValleyNorthwestRocky Mountain

UNIVERSITYCalifornia Polytechnic State University, PomonaUniversity of South FloridaUniversity of Central ArkansasPace UniversityGrand Valley State UniversityMissouri State UniversityGonzaga UniversityUniversity of Denver

UNIVERSITYSan Diego State UniversityMiddle Tennessee State UniversityTexas State University (San Marcos)University at BuffaloBradley UniversitySoutheast Missouri State UniversityPacific Lutheran UniversityUniversity of Wyoming

UNIVERSITYUniversity of Southern CaliforniaNorth Carolina A&T State UniversitySam Houston State UniversityStonehill CollegeWestern Illinois UniversityUniversity of IowaUniversity of WashingtonUtah State University

CHAPTER NAMEIota Chi

Delta GammaTheta LambdaIota LambdaKappa BetaTheta PiIota DeltaAlpha Zeta

CHAPTER NAMEBeta EtaZeta GammaKappa EtaZeta ThetaZeta LambdaMu XiDelta RhoDelta Alpha

CHAPTER NAMEIotaZeta SigmaKappa MuMu OmegaZeta BetaAlpha PiDelta Delta Omega


MORE THAN

1,100 ATTENDEES

200+ CHAPTERS

REPRESENTED

25 COMPETED IN BEST PRACTICES

COMPETITIONS

72 PARTICIPATED IN PROJECT

RUN WITH IT

84 PARTICIPATED

IN CHAPTER OPERATIONS

PRESENTATIONS

MILWAUKEE, WI, AUG. 6–8

HIGHLIGHTS

More than 1,100 attendees representing 200+ chapters Participation in BAP International Day

of Literacy 25 chapters competed in Best Practices

competitions 72 members participated in Project Run With It 84 chapters participated in chapter operations

presentations 700+ attendees, Milwaukee Brewers game

2015 ANNUAL MEETING

Milwaukee Brewers baseball game attendees.

Beta Alpha Psi members pose for a picture between sessions.

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Annual Meeting location.

HIGHLIGHTS

866 Volunteers 200 Backpacks donated by AICPA’s 360

Degrees of Financial Literacy – stuffed with a book and school supplies 2,000 Piggy banks and bags donated by

AICPA’s 360 Degrees of Financial Literacy 2,016 bottles of water donated by Coca Cola 3,113 School Supplies donated by meeting

attendees 4,502 Books donated to children in need in

Milwaukee!


During the 2015 annual meeting in Milwaukee, BAP partnered with KPMG LLP, KPMG Foundation, and the United Way of Greater Milwaukee and Waukesha County for BAP International Day of Literacy. Volunteers visited four year-round Milwaukee Public Schools, five Boys & Girls Clubs, and two youth-serving not-for-profit organizations. The program introduced over 2,800 K4-8th grade students to the exciting world of reading. Also, as a part of BAP International Day of Literacy volunteers donated school supplies.

BAP INTERNATIONAL DAY OF LITERACY

BAP International Day of Literacy

Each category winner from the eight regional meetings competed at the annual meeting against other regional winners — 25 chapters competed. The annual meeting Best Practices competition is sponsored by Deloitte.

ANNUAL MEETING BEST PRACTICES

FINANCIAL LITERACY 1st Place Texas State University (San Marcos) Kappa Eta Chapter

2nd Place San Diego State University Beta Eta Chapter

3rd Place Bradley University Zeta Lambda Chapter

INTERNATIONAL IMPACT 1st Place North Carolina A&T State University Zeta Sigma Chapter

2nd Place University of Southern California Iota Chapter

3rd Place Western Illinois University Zeta Beta Chapter

EFFECTIVE OPERATIONS 1st Place Missouri State University Theta Pi Chapter

2nd Place University of Denver Alpha Zeta Chapter

3rd Place University of Central Arkansas Theta Lambda Chapter

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Sponsored by Moss Adams LLP, Project Run With It 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 WINNERMeta House A2Sojourner Family Peace Center B6Wisconsin Women’s Business Initiative Corporation C5

Team A2

Team B6

Team C5


2015 PARTICIPANTS

Joshua CulpChris Dandreo Justice SolgosLauren Potje

University of Texas at TylerSuffolk UniversityOhio UniversitySoutheast Missouri State University

John KramerWilliam StamerisJordon CollisNathan Rasmussen

Ohio Northern UniversityBentley UniversityLouisiana Tech UniversityUniversity of Missouri-Kansas City

Michiru TsujiMarquee ShinerJeff ShockleyMichael Schneider

Seattle UniversityIdaho State UniversityUniversity of Central MissouriUniversity of Notre Dame

Sarah FordEric NishonAvneet NagraJessica Archer

Middle Tennessee State UniversityOakland University (Michigan)St. John’s University (Staten Island Campus)University of Central Arkansas

San Diego State UniversityClemson UniversityIthaca CollegeEastern Illinois University

Michael SongGrant McMillanMelissa LaiMikayla Neese

Carrie WintleBen ReulingSayrah JonesJennifer Johns

University of South DakotaUniversity of UtahWestern Kentucky UniversityMiami University

TEAM A1 UNIVERSITY

TEAM A2 UNIVERSITY

TEAM A3 UNIVERSITY

TEAM A4 UNIVERSITY

TEAM A5 UNIVERSITY

TEAM A6 UNIVERSITY

PROJECT RUN WITH IT

20

2015 PARTICIPANTS

William CovaltRamanan ArampamoorthyRyan HerringAlik Parry

University of Texas at ArlingtonThe University of Sydney (Australia)Elon UniversityUniversity of Nebraska at Omaha

Abdulla TokhieBeau WalesKatrina NieveenAaron Barnes

Hofstra UniversityWestern Washington UniversityUtah State UniversityUniversity of North Carolina at Greensboro

Gerald RyanSarah PuccioSadie PurkArin Nakahara

University of North DakotaUniversity of South CarolinaBowling Green State UniversityUniversity of Hawaii at Manoa

Henry deBlasiTyler HodgesAndrew CheneyChance Mildenberger

Fordham UniversityUniversity of San DiegoUniversity of Technology Sydney (Australia)Boise State University

Portland State UniversityWestern Illinois UniversityUniversity of Alabama at BirminghamSam Houston State University

Jessica HoffmanScott PepmeyerChase LewisAlexis Allen

Briana JansonJordan MaddoxMartha RamirezNajjuwah Walden

SUNY University at BuffaloStephen F. Austin State UniversityCentral Washington UniversityNorth Carolina A&T State University

TEAM B1 UNIVERSITY

TEAM B2 UNIVERSITY

TEAM B3 UNIVERSITY

TEAM B4 UNIVERSITY

TEAM B5 UNIVERSITY

TEAM B6 UNIVERSITY

PROJECT RUN WITH IT


2015 PARTICIPANTS

Shannon PotterOtis BryantAllie MartinJonah Anderson

Washington State University VancouverOld Dominion UniversityUniversity of South Florida St. PetersburgCSU Sacramento

Charles ArcherPenny ChiangCallan CarsonAndrea Owen

James Madison UniversityThe University of Auckland Business SchoolUniversity of ArkansasWashington &Lee University

Joseph DiLascioNate HenryDana ShapiroSally Williams

University of South FloridaGonzaga UniversityCalifornia State University, FullertonUniversity of Arkansas – Fort Smith

Tashi NamgyalRobert LaPortaAdam ZakiYoon Sung Choi

SUNY OswegoUniversity of DenverThe University of TampaUniversity of Southern California

California State University, FresnoQuinnipiac UniversityCoastal Carolina UniversityMorgan State University

Nicole WarmerdamWilliam N’DouaShelby HubbardThelburt Williams

Kiara WilsonDonna YangMorgan WeiserTyler Rixon

Valdosta State UniversityVictoria University of WellingtonSouthern Illinois University EdwardsvillePacific Lutheran University

TEAM C1 UNIVERSITY

TEAM C2 UNIVERSITY

TEAM C3 UNIVERSITY

TEAM C4 UNIVERSITY

TEAM C5 UNIVERSITY

TEAM C6 UNIVERSITY

PROJECT RUN WITH IT

22

Sponsored by Grant Thornton LLP, the purpose of this award is to help encourage ethical behavior throughout the accounting, finance and information technology professions. The business world has experienced the ethical failures of many individuals and organizations in the accounting and finance profession over the past decade. These actions have had detrimental and lasting effects on the economy and individual investors and have damaged the reputation of information professions.

It is a core value of Beta Alpha Psi to encourage ethical behavior. One way to encourage this behavior is to examine difficult situations demanding ethical responses and by recognizing the resulting exemplary ethical behavior by individuals and/or organizations in the professions, government, business, academia and not-for-profits. Chapters submit an abstract for a planned project that encourages ethical behavior and a summary with outcomes and an overall assessment after the project is completed.

ETHICS AWARD

WINNERSBradley University Zeta Lambda ChapterUniversity at Buffalo Zeta Theta ChapterKent State University Beta Psi ChapterFordham University Alpha Omega Chapter


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 seven-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.

WINNERSThe University of Alabama Alpha Beta ChapterCalifornia State University, Sacramento Beta Phi Chapter Boise State University Zeta Psi ChapterUniversity of South Florida Delta Gamma ChapterPace University Iota Lambda ChapterUniversity of Nevada, Las Vegas Theta Omicron Chapter Sam Houston State University Kappa Mu Chapter Western Illinois University Zeta Beta ChapterBradley University Zeta Lambda ChapterFlorida International University Eta Iota Chapter University at Buffalo Zeta Theta Chapter

KPMG’s Blane Ruschak with a winner.

Winner

Winner Winner

24

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 WINNERSAppalachian State UniversityAuburn UniversityBall State UniversityBaruch College — CUNYBentley UniversityBowling Green State UniversityBrigham Young UniversityCalifornia State University, East BayCalifornia State University, FresnoCalifornia State University, Long BeachCalifornia State University, Los AngelesCalifornia State University, San BernardinoCalifornia State University, FullertonCase Western Reserve UniversityCentral Michigan UniversityCentral Washington UniversityClemson UniversityCoastal Carolina UniversityColorado State UniversityCreighton UniversityEastern Illinois UniversityEastern Michigan UniversityEastern Washington UniversityElon UniversityEmporia State UniversityFlorida Gulf Coast UniversityFlorida State UniversityFordham UniversityFort Lewis CollegeGeorge Mason UniversityGeorgia Southern UniversityGeorgia State University School of Accountancy

Gonzaga UniversityGrand Valley State UniversityHofstra UniversityIdaho State UniversityIthaca College James Madison UniversityKansas State UniversityKennesaw State UniversityKent State UniversityLong Island University Post Louisiana Tech UniversityLoyola University MarylandManhattan CollegeMarquette UniversityMarshall UniversityMiddle Tennessee State UniversityMissouri State UniversityMorgan State UniversityMurray State UniversityNew Mexico State UniversityNorth Carolina A&T State UniversityNorth Carolina State UniversityNorthern Arizona UniversityNorthern Illinois UniversityOakland University (Michigan)Ohio Northern UniversityOhio UniversityOklahoma State UniversityOld Dominion UniversityOregon State UniversityPortland State UniversityQuinnipiac UniversitySaint Louis UniversitySalisbury UniversitySamford University

San Diego State UniversitySan Francisco State UniversitySan Jose State UniversitySeattle UniversitySoutheast Missouri State UniversitySouthern Illinois University at CarbondaleSt. John’s UniversitySt. John’s University Staten Island CampusStephen F. Austin State UniversityStonehill CollegeSuffolk UniversitySUNY OswegoSyracuse UniversityTennessee Tech UniversityTexas State UniversityThe George Washington UniversityThe University of MemphisThe University of New MexicoThe University of Southern MississippiThe University of Sydney (Australia)The University of TampaTowson UniversityTruman State UniversityUniversity of AkronUniversity of Alabama at BirminghamUniversity of ArizonaUniversity of ArkansasUniversity of Central ArkansasUniversity of Central MissouriUniversity of CincinnatiUniversity of Colorado DenverUniversity of Connecticut


SUPERIOR WINNERS continuedUniversity of DaytonUniversity of DenverUniversity of Hawaii at ManoaUniversity of IowaUniversity of KentuckyUniversity of Louisiana at LafayetteUniversity of Louisiana at MonroeUniversity of Massachusetts AmherstUniversity of MiamiUniversity of Michigan-DearbornUniversity of MississippiUniversity of Missouri-Kansas CityUniversity of Missouri- St. LouisUniversity of MontanaUniversity of Nebraska-LincolnUniversity of Nebraska at OmahaUniversity of Nevada, RenoUniversity of New OrleansUniversity of North Carolina at CharlotteUniversity of North Carolina at GreensboroUniversity of North GeorgiaUniversity of North TexasUniversity of Northern ColoradoUniversity of OregonUniversity of PittsburghUniversity of San DiegoUniversity of San FranciscoUniversity of South AlabamaUniversity of South CarolinaUniversity of South DakotaUniversity of South Florida St. PetersburgUniversity of Southern CaliforniaUniversity of Southern IndianaUniversity of Tennessee at Chattanooga

University of Tennessee at KnoxvilleUniversity of Texas at ArlingtonUniversity of Texas at El PasoUniversity of ToledoUniversity of UtahUniversity of WashingtonUniversity of Washington BothellUniversity of Wisconsin-WhitewaterUniversity of WyomingUtah State UniversityValdosta State UniversityVirginia Commonwealth UniversityVirginia TechWashington State UniversityWashington State University VancouverWayne State UniversityWest Chester UniversityWest Virginia UniversityWestern Kentucky UniversityWestern Michigan UniversityWestern Washington UniversityWichita State UniversityWright State UniversityYoungstown State University

DISTINGUISHED WINNERSArizona State UniversityBelmont UniversityDrexel UniversityIowa State UniversityLamar UniversityMississippi State UniversityMontana State University - Bozeman Pacific Lutheran UniversityPittsburg State UniversityPurdue UniversitySoutheastern Louisiana UniversitySouthern Illinois University EdwardsvilleThe University of PortlandUniversity at AlbanyUniversity of GeorgiaUniversity of HartfordUniversity of Houston-Clear LakeUniversity of LouisvilleUniversity of Notre DameUniversity of Texas at San AntonioUniversity of Texas at TylerUniversity of TulsaUniversity of Wisconsin-MadisonUniversity of Wisconsin-MilwaukeeUniversity of Wisconsin OshkoshWeber State UniversityWinthrop University

MOST IMPROVED CHAPTER WINNERUniversity of Cincinnati (Alpha Sigma Chapter)

26

An inclusive work environment that values and leverages the unique differences of a diverse team is critical for the future success of the global business community. More than 90 percent of the Fortune 500 companies have active diversity initiatives in place and most include diversity as part of its business strategy. EY 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. EY 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 Inclusive Leadership 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.

INCLUSIVE LEADERSHIP AWARDS

WINNERS

1st place University of Missouri-Kansas City Epsilon Delta Chapter

2nd place University at Buffalo Zeta Theta Chapter

3rd place Valdosta State University Mu Zeta Chapter

3rd place Pace University Iota Lambda Chapter

3rd place Kent State University Beta Psi Chapter

Inclusive Leadership 1st Place Award winner 2nd Place Winner 3rd Place Winners


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 Competition for 2015.

VITA AWARDS

University at Buffalo Zeta Theta Chapter

St. John’s UniversityUtah State University California State University, Los Angeles

Eta Mu ChapterDelta Omega ChapterBeta Lambda Chapter

University of Massachusetts AmherstUniversity at Buffalo Brigham Young UniversityPace University

Delta Nu Chapter Zeta Theta ChapterGamma Alpha ChapterIota Lambda Chapter

Utah State UniversityUniversity of Massachusetts AmherstSan Francisco State UniversityUniversity of ConnecticutUniversity at BuffaloBrigham Young University

Delta Omega ChapterDelta Nu ChapterBeta Chi ChapterEpsilon Lambda ChapterZeta Theta ChapterGamma Alpha Chapter

Northern Michigan UniversityCoastal Carolina UniversityCalifornia Polytechnic State University, PomonaOhio Northern UniversityQuinnipiac UniversitySouthern Illinois UniversityPortland State University

Lambda Iota ChapterLambda Kappa ChapterIota Chi ChapterMu Delta ChapterNu Alpha ChapterGamma Zeta ChapterEpsilon Alpha Chapter

University of Massachusetts AmherstUniversity of Nebraska at OmahaMurray State UniversityOhio University

Delta Nu ChapterGamma Kappa ChapterEpsilon Nu ChapterAlpha Kappa Chapter

SUPERIOR AWARD (OUTSTANDING PERFORMANCE IN ALL 3 CATEGORIES)

VOLUNTEER HOURS (TOP THREE CHAPTERS WITH THE MOST VOLUNTEER HOURS)

VOLUNTEER HOURS AT DIFFERENT LOCATION (TOP THREE CHAPTERS WITH AT LEAST 10 HOURS)

RETURN PREPARATION (CHAPTERS WHO PREPARED MORE THAN 500 RETURNS)

RETURN PREPARATION (50 WHO PREPARED MORE THAN 100 RETURNS)

INNOVATIVE AWARD (CHAPTERS WHO PARTICIPATED IN THE VIRTUAL VITA PROGRAM)

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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: Abdullahi Abdullahi, University of Memphis In midst of the early years of the Somali Civil War, Abdullahi’s family fled to seek refuge in the neighboring country of Kenya. They settled in the United Nations refugee camp, Dadaab, where Abdullahi remained until his college years. Life in the camp, which was the largest refugee settlement in the world at the time, was extremely bleak and full of hardships. Despite of the significant challenges he endured at the camps, Abdullahi gave back to his community by coordinating youth engagement activities, speaking against female genital mutilation and volunteering with HIV/AIDS awareness programs.

He eventually was granted the opportunity to relocate to the United States as part of a resettlement program. Life in the U.S. also came with its own difficulties as he missed his loved ones back home. However, Abdullahi’s volition to serve continued and he quickly became an advocate for his fellow immigrants.

“Despite the challenges I have faced, I have always remained optimistic that I would reach my goal of receiving an education,” Abdullahi said. “The United States has truly been the land of opportunity for me and I am grateful for the chance to go attend college, and I look forward to entering the accounting profession.”

He enrolled in the University of Memphis where he majored in accounting. While at UofM, he worked with Volunteer Income Tax Assistance (VITA) volunteering to provide free Income Tax Preparation Assistance to low-income, elderly, disabled, and limited English speaking people. Through the Beta Alpha Psi Chapter, he tutored and performed other volunteer work while supporting his family.

“Working with the people in my community — regardless of where that community is located — is very important to me. Make a positive impact on the lives of those around me brings me a sense of belonging,” Abdullahi added.

Abdullahi is a graduate of the University of Memphis with a B.S. in accounting. His goal is to make those who have invested in his success proud by continuing his education on a graduate level and eventually earning his CPA license.

MEDAL OF INSPIRATION AWARD

Abdullahi with Faculty Advisor and chapter members. (Gamma Chi)

Medal of Inspiration Award winner: Abdullahi Abdullahi


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: 4 Washington University in St. Louis — Nu Iota Chapter Victoria University of Wellington — The Victoria Wellington Chapter University of Arkansas Fort Smith — Nu Eta Chapter University of Scranton — Nu Kappa Chapter

New Petitions: 7 Active chapters: 289 Active members: 17,000+

17,000+ ACTIVE MEMBERS

298

ACTIVE CHAPTERS 7

NEW PETITIONING CHAPTERS

4 NEW CHAPTER

INSTALLATIONS

EXPANSION

30

To the Board of DirectorsBeta Alpha Psi

We have audited the accompanying financial statements of Beta Alpha Psi, which comprise the statements of financial position as of April 30, 2015 and 2014, 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 StatementsManagement 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.

Auditors’ ResponsibilityOur 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.

OpinionIn 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, 2015 and 2014, 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 JerseyJuly 9, 2015


INDEPENDENT AUDITOR’S REPORT FINANCIAL STATEMENTS

STATEMENTS OF FINANCIAL POSITION

YEARS ENDED APRIL 30, 2015 APRIL 30, 2014Current assets Cash and cash equivalents $1,717,866 $1,923,292 Investments 440,015 145,000 Accounts and other receivables 74,414 93,177 Prepaid expenses and other assets 59,584 61,369 Total current assets $2,291,879 $2,222,838Long-term assets Investments 300,420 94,000 Website development, net of accumulated amortization $150,173 and $65,153 104,695 189,715

TOTALS $2,696,994 $2,506,553 Liabilities Accounts payable $135,906 $161,964 Unearned revenue 47,170 41,510 Total liabilities $183,076 $203,474Net assets Unrestricted 2,398,996 2,218,049 Temporarily restricted 114,922 85,030 Total net assets $2,513,918 $2,303,079TOTALS $2,696,994 $2,506,553

See Notes to Financial Statements.

32

STATEMENTS OF ACTIVITIES

CHANGES IN UNRESTRICTED NET ASSETS APRIL 30, 2015 APRIL 30, 2014 Revenue and support

Chapter fees 830,065 816,680 Annual convention and regional meetings 489,289 472,338 Associate and other contributions 220,657 198,260 Interest income 5,200 3,437 Contributed services 50,879 60,400 Net assets released from restrictions 237,312 215,002 Total unrestricted revenue and support $1,833,402 $1,766,117

Expenses Program expenses

Chapter programs $43,393 $42,026 Annual convention and regional meetings 837,771 769,624 Awards 180,405 181,434 Total program expenses 1,061,569 993,084

Supporting services Contributed services 50,879 60,400 General and administrative 540,007 548,320 Total supporting services 590,886 608,720 Total expenses 1,652,455 1,601,804

Change in unrestricted net assets $180,947 $164,313Change in temporarily restricted net assets

Contributions 267,204 206,526 Net assets released from restrictions (237,312) (215,002)Change in temporarily restricted net assets 29,892 (8,476)Change in net assets 210,839 155,837Net assets, beginning of year 2,303,079 2,147,242 Net assets, end of year $2,513,918 $2,303,079



STATEMENTS OF CASH FLOWSAPRIL 30, 2015 APRIL 30, 2014

Operating activitiesChange in net assets $210,839 $155,837

Adjustments to reconcile change in net assets to net cash provided by operating activities:

Amortization 85,020 64,950 Changes in operating assets and liabilities Accounts and other receivable 18,763 (29,967) Prepaid expenses and other assets 1,785 (41,503) Accounts payable (26,058) 68,678 Unearned revenue 5,660 (2,400) Net cash provided by operating activities $296,009 $215,595

Investing activitiesCapital expenditures (22,702)Proceeds from maturation of investments 145,000 186,000Purchase of investments (646,435) (94,000) Net cash provided by (used in) investing activities (501,435) 69,298

Net increase (decrease) in cash and cash equivalents (205,426) 284,893Cash and cash equivalents, beginning of year 1,923,292 1,638,399 Cash and cash equivalents, end of year $1,717,866 $1,923,292


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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 firms.

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 ninety days or less when purchased to be cash equivalents. As of April 30, 2015 and 2014, the Organization’s cash equivalents consisted primarily of money market funds.

Investments Short and long-term investments at April 30, 2015 and 2014, consist of certificates of deposit with varying maturity lengths. Certificates of deposit with maturities of greater than ninety days, but less than one year are considered short-term. Certificates of deposit with maturities greater than one year from the current fiscal year end are considered held long-term.

Concentrations of credit risk Financial instruments which 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 amounts under the Federal Deposit Insurance Corporation (“FDIC”). As of April 30, 2015 and 2014, the Organization’s cash balance exceeded the current insured amounts under FDIC by $1,306,359 and $1,029,962, respectively.

Accounts and other receivables Credit risk with respect to accounts and other receivables 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 and other receivables 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, 2015 and 2014, 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, 2015 and 2014, represent outsourced costs associated with new site development and enhancements. Impairment analysis is performed when triggering events occur for finite-lived intangibles. As of April 30, 2015 and 2014, there have been no indicators of impairment.

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 by-laws.

Temporarily restricted net assets include resources expendable only for those purposes specified by a donor or granter. 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 attest services, facilities and organizational support valued at $50,879 and $60,400 for the years ended April 30, 2015 and 2014, respectively, furnished by CohnReznick LLP and 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.

Revenue recognition Revenue from membership, chapter maintenance, 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, 2015 and 2014. The Organization’s Federal income tax returns prior to fiscal year ended April 30, 2012 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, 2015 and 2014, the Organization did not incur any interest and penalties associated with tax matters.

Reclassifications Certain accounts in the 2014 financial statements have been reclassified to conform with the current year’s presentation. The reclassification on the statements of activities are due to the consolidation of revenue and expense captions on the related statement.

Subsequent events The Organization has evaluated subsequent events through July 9, 2015, the date which the financial statements were available to be issued. No subsequent events requiring disclosure were noted by management.

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NOTE 2 — INVESTMENTS

The certificates of deposit are valued at cost, plus accrued interest.Investment income consists of interest income of $5,200 and $3,437 in 2015 and 2014, respectively.

INVESTMENTS APRIL 30, 2015 APRIL 30, 2014Investments consist of the following

Certificates of deposit — short-term $440,015 $145,000Certificates of deposit — long-term $300,420 94,000

TOTALS $740,435 $239,000

NOTE 3 — TEMPORARILY RESTRICTED NET ASSETS

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:

Temporarily restricted net assets were released from restrictions in fiscal 2015 and 2014 in fulfillment of the following purposes:

2015 2014Best practice awards $29,375 $29,625Faculty advisor awards 15,000 25,000Community service day 40,000 22,771Superior chapter awards program 38,775 40,700Inclusive leadership awards 13,250 13,250Project Run With It awards and program expenses 37,412 28,656Gold Challenge awards 37,500 30,000Ethics awards 20,000 19,000BIPOY awards 6,000 6,000

TOTALS $237,312 $215,002

2015 2014Best practice awards $ 9,625 $9,375Faculty advisor awards 43,800 13,800Superior chapter awards program 2,150 2,150Inclusive leadership awards 8,750Project Run With It 34,868 33,975Community service day 15,729 25,730

TOTALS $114,922 $85,030


Investment in website development, at cost, consists of the following at April 30, 2015 and 2014:

2015 2014 ESTIMATED USEFUL LIVES

Website development $254,868 $254,868 3 YearsLess accumulated amortization 150,173 65,153 -

TOTALS $104,695 $189,715

Amortization expense was $85,020 and $64,950 for the years ended April 30, 2015 and 2014, respectively.The website and reporting intranet were placed in service in April 2013 and August 2013, respectively. The estimated aggregate amortization expense for each of the years subsequent to April 30, 2015 is as follows:

NOTE 4 — WEBSITE DEVELOPMENT

YEAR ENDING APRIL 30 AMOUNT2016 84,6252017 20,070

TOTAL $104,695

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1341

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NOTE 5 — RELATED PARTY

General and administrative expenses include charges from the AICPA for payroll, benefits. and out of pocket expenses which amounted to $372,145 and $388,809 for the years ended April 30, 2015 and 2014, respectively. For the year ended April 30, 2015, the Organization owed $28,201 to the AICPA for actual expenses charged exceeding payments made. This amount was included in accounts payable. For the year ended April 30, 2014, the Organization had a receivable of $1,517 from the AICPA for payments made exceeding actual expenses charged. This amount was included in accounts and other receivables.


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