FY2013 Dept of Economics, Finance and Accounting …ANNUAL)REPORT)FY2013 ’ 1’) ’ ’ ’...

DEPARTMENT ANNUAL REPORT FY2013

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FY2013 DEPARTMENTAL ANNUAL REPORT OF CONTINUOUS IMPROVEMENT

Department of Economics, Finance and Accounting

Fort Hays State University

I. DEPARTMENTAL OVERVIEW

The Department of Economics, Finance, and Accounting offers outstanding undergraduate and graduate instruction in the economics, finance, and accounting disciplines. Currently, the degree and majors offered by the department are a B.B.A. in International Business and Economics; a B.B.A. in Finance; a B.B.A. in Finance with concentrations in banking, economics, and financial planning; a B.B.A. in Accounting; and a B.B.A. in Accounting with a concentration in public accounting. Minor programs in economics, finance, accounting, and international business and economics and a certificate program in accounting are also offered. The financial planning program is registered with the Certified Financial Planner Board of Standards Inc. (CFP Board). Students who complete this major meet the CFP Board’s education requirements that will allow them to take the CFP® Certification Examination. The College of Business and Entrepreneurship is the only business school in the State of Kansas that offers an undergraduate degree program in financial planning. Students that complete the B.B.A. in Accounting with a concentration in Public Accounting with 150 total credit hours are eligible to sit for the CPA Examination in Kansas. The Department is also heavily involved in the College of Business and Entrepreneurship MBA Program that involves teaching multiple sections of graduate level classes each semester. Three of the four MBA leveling classes and four of the eight MBA core classes are taught by faculty in the Department of Economics, Finance, and Accounting. In addition, many MBA students take 600-‐level classes in the economics, finance, and accounting areas as part of their concentration in the MBA Program. The department services the MBA concentrations in Accounting, in Finance, and in International Business.


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A. Departmental Mission and Vision Statements

Mission:

The mission of the Department of Economics, Finance, and Accounting is to support the missions of the College of Business and Entrepreneurship and Fort Hays State University by: (1) providing quality instruction to students to prepare them for successful careers; (2) engaging in scholarly activity to maintain academic currency and to advance knowledge in fields of specialization of departmental faculty; and (3) providing service to the university and greater community. Vision:

The Department of Economics, Finance, and Accounting aspires to: • uphold high standards of academic performance • respect students and provide them with quality education • promote employment opportunities for students • maintain a collegial work environment • interact with the greater community • sustain continuous improvement and innovation.

B. Departmental Goals, Objectives, and Strategic Priorities

Goals and objectives for the 2012-‐2013 academic year: 1. Develop marketing efforts for student recruiting into majors; 2. Continue program and course assessments; 3. Focus on research efforts of faculty; 4. Consider additional certificate programs.

Strategic Priorities for the 2012-‐2013 academic year: 1. Continue involvement with the accreditation process for the College of Business and

Entrepreneurship; 2. Continue with the development of student learning outcomes at the course and program

levels; and 3. Develop and improve assessment methodologies.


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C. Department Productivity and Distinctive Accomplishments

The following are a few highlights of departmental accomplishments: Awards:

• Mr. Cole Engel received the College of Business and Entrepreneurship Outstanding Faculty Award for 2013.

• Dr. Bobby Alexander was awarded a 2013 Summer Research Award. • Dr. Glenn Growe was awarded a 2013 Summer Research Award.

Publications:

• Dr. Charles Gnizak had an article published in TAXPRO Journal. • Dr. Win Jordan had an article published in TAXPRO Journal.

Presentations:

• Dr. Bobby Alexander presented a paper at the Business and Leadership Symposium. • Dr. Emily Breit presented a paper at the Missouri Valley Economic Association Meeting. • Mr. Cole Engel presented a paper at the Business and Leadership Symposium. • Dr. Glenn Growe presented a paper at the Decision Sciences Institute Annual Meeting. • Ms. Jessica Heronemus presented two papers at the Business and Leadership

Symposium. • Dr. Win Jordan presented a paper at the Business and Leadership Symposium. • Dr. Indu Khurana presented a paper at the Business and Leadership Symposium. • Dr. Samuel Schreyer presented two papers at the Missouri Valley Economic Association

Meeting. Other Activity:

• The Department Advisory Council Meeting was held on October 5, 2012. • The department held a Back-‐to-‐School Pizza Party for department majors on September

4, 2012. • The department participated in the Majors Fair on March 12, 2013. • The department participated in Tiger Mania on April 3, 2013. • The department hosted a reception in honor of Alan Burton (FHSU accounting graduate)

for receiving the Elijah Watt Sells Award from the AICPA. • Accounting faculty members and accounting majors participated in the Volunteer

Income Tax Assistance (VITA) Program in the Spring of 2013 and helped prepare more than 100 tax returns for students and members of the local community.

• Dr. Emily Breit fulfilled the duties of FHSU Faculty Senate President for the 2012-‐2013 academic year.

• Mr. Cole Engel and two undergraduate accounting majors helped conduct an annual review of the Kansas Cavalry books and prepared annual financial statements for the Kansas Department of Commerce.

• Mr. Cole Engel traveled to Garden City Community College for recruiting purposes.


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• Dr. Charlie Gnizak attended the Kansas Society of CPAs Board Meeting. • Dr. Charlie Gnizak attended the CPA Day at the Statehouse and the Kansas Society of

CPAs Legislative Reception. • Dr. Charlie Gnizak attended the Kansas Society of CPAs 62nd Annual Kansas Tax

Conference and Leadership Cabinet Meeting of the Kansas Society of CPAs. • Dr. Charlie Gnizak and Mrs. Joan Rumpel attended the Wichita State University

Accounting and Auditing Conference. • Ms. Jessica Heronemus attended the Association of Certified Fraud Examiners Global

Fraud Conference. • Ms. Jessica Heronemus traveled to Dodge City Community College for recruiting

purposes. • Dr. Carl Parker attended the 2012 Meeting of the Kansas Board of Regents Core

Outcomes Project. • Mrs. Joan Rumpel traveled to Phillipsburg to pursue internship opportunities for

students. • Dr. Sam Schreyer attended the American Economic Association Meeting at the Allied

Social Science Association Conference. • Dr. Dosse Toulaboe attended two speakers programs sponsored by the World Trade

Council of Wichita.

II. DEPARTMENTAL PERFORMANCE METRICS A. Department Performance Indicators

Key Performance Indicator FY2009 FY2010 FY2011 FY2012 FY2013

Freshmen [20TH DAY FALL SEMESTER, HEADCOUNT]

39 41 37 34 45

Accounting (BBA,403-‐0502) 26 23 27 13 21

Finance (BBA,403-‐0504) 12 18 8 16 18

International Business and Econ (BBA,403-‐0505) 1 0 2 5 6

Transfer Students [20TH DAY FALL SEMESTER, HEADCOUNT]

24 32 29 29 41

Accounting (BBA,403-‐0502) 13 16 19 17 28

Finance (BBA,403-‐0504) 11 15 10 11 5


Undergraduate (first majors/second majors) [20TH DAY FALL SEMESTER, HEADCOUNT OF FIRST MAJORS, HEADCOUNT OF SECOND MAJORS]

247/19 259/29 238/27 228/15 247/14

Accounting (BBA,403-‐0502) 151/8 163/8 146/10 138/5 141/2

Finance (BBA,403-‐0504) 94/11 89/21 86/17 77/10 76/10

International Business and Econ (BBA,403-‐0505) 2/0 7/0 6/0 13/0 30/2


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Major Retention [20TH DAY FALL SEMESTER, PERCENT OF MAJORS RETURNING]

83.33% 84.62% 72.50% 72.97% 73.53%

Undergraduate Student Credit Hours [TOTAL UNDERGRAD SCH]

9,849 10,238 7,782 8,328 7727

Graduate Student Credit Hours [TOTAL GRAD SCH]

753 789 1,032 1,173 1551

Tenured or Tenure-‐track Faculty (Headcount) [FTE OCCUPIED FROM POSITION CONTROL]

10 9 10 10 9

Non Tenure-‐Track Faculty (Headcount) [FTE OCCUPIED FROM POSITION CONTROL]

2 4 3 3 4

Undergraduate Degrees [ UNDERGRAD DEGREES AWARDED]

51 55 42 49 49

Accounting (BBA,403-‐0502) 24 33 23 32 32

Finance (BBA,403-‐0504) 27 22 19 17 14


Briefly note 2-‐3 improvements over the last year prompted from the above enrollment indicators. The number of freshman and transfer students has increased. The department will continue to try to focus on attracting new students and increasing our overall number of majors.

Number of books, book chapters, and refereed articles published [TOTAL NUMBER PUBLISHED]

4 9 4 7 2

Percent of faculty publishing refereed books, chapters, or articles [PERCENT OF FACULTY PUBLISHING FOR FY2008 (FACULTY PUBLISHING/TOTAL FACULTY)]

50% 57% 31% 69% 15%

Number of non-‐refereed articles and presentations [TOTAL NUMBER COMPLETED]

7 12 5 12 8

Percent of faculty publishing non-‐refereed articles or presentations [PERCENT OF FACULTY COMPLETING (FACULTY PUBLISHING/TOTAL FACULTY)]

42% 50% 38% 54% 62%

Number of scholarly performances and other creative activities [TOTAL NUMBER OF CREATIVE PERFORMANCES]

0 0 0 0 0

Percent of faculty in scholarly performances or other creative activities [PERCENT OF FACULTY IN CREATIVE SCHOLARSHIP (FACULTY PERFORMING CREATIVE ACTIVITY/ TOTAL FACULTY)]

0% 0% 0% 0% 0%

Total number of external grant applications submitted/percent of faculty submitting [TOTAL NUMBER OF EXTERNAL GRANT APPLICATIONS/PERCENT FUNDED]

0 0 0 0 0


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Total number of funded external grants/percent of faculty funded [DOLLAR AMOUNT OF EXTERNAL GRANT APPLICATIONS, PERCENT OF FACULTY FUNDED]

0 0 0 0 0

Total number students successfully completing an undergraduate research/creative project [TOTAL NUMBER OF UNDERGRAD STUDENTS COMPLETING, CONTRIBUTING TO, OR PRESENTING A CREATIVE OR SCHOLARLY PROJECT]

15 21 16 23 11

Briefly note 2-‐3 improvements over the last year prompted from the above scholarly/creative activities indicators. Although the number of refereed publications was lower this year, faculty have been working on research this past year and currently have articles under review. The percentage of faculty making presentations increased this year and was the highest percentage over the last five years.

[NOTE: Each department MUST report at least two direct measures of student learning outcomes and two indirect measures. Examples of direct measures include: first-‐time pass rate or average scores on standard exit exam, number of students successfully completing reviewed portfolios. Indirect measures would include student satisfaction, alumni and employer data, or any other perception based data.]

Direct Outcome 1 Number/percentage of seniors graduating with honors.

10/18%

8/19%

12/24%

8/16%

Direct Outcome 2 Percentage of students passing the Intermediate Accounting II class (a major requirement) with a grade of “A” or “B”

71%

71%

63%

53%

66%

Direct Outcome 3 Percentage of students passing the Intermediate Finance class (a major requirement) with a grade of “A” or “B”

76%

77%

54%

52%

50%

Direct Outcome 4 The financial planning team’s placement in the Financial Planning Challenge national competition

N/A Competition was not held

N/A Competition was not held

Second in nation

First in nation

Did not participate

Indirect Indicator 1 Satisfaction with major as measured by the Senior Survey (score is out of 5). [A new survey instrument was implemented in Spring 2010. See Appendix D.]

4.22

3.89

4.00

3.90

3.99

Indirect Indicator 2 Online Course Evaluation: I would recommend this instructor to other students. TEVAL: Overall effectiveness as a teacher. (Max of 5; Online Course Evaluation measurement used beginning FY 2012)

3.80

3.76 (F ’09)

Not

available

4.00

4.03

Dept senior students’ Level of Academic Challenge [FHSU LAC SCORE, DEPT LAC SCORE]

54.65 58.55

55.9 53.88

56.4 51.86

56.2 55.09

58.5 53.43

Dept senior students’ Active and Collaborative Learning [FHSU ACL SCORE, DEPT ACL SCORE]

45.34 55.16

46.1 45.29

43.9 38.24

44.5 43.61

45.1 54.09


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Dept senior students’ Student-‐Faculty Interaction [FHSU SFI SCORE, DEPT SFI SCORE, N, %]

45.34 56.00

41.0 35.68

38.5 34.44

38.4 44.00

38.6 48.15

Dept senior students’ Enriching Educational Experiences [FHSU EEE SCORE, DEPT EEE SCORE, N, %]

34.72 29.59

34.0 33.08

32.9 26.00

32.7 23.85

34.0 30.21

Dept senior students’ Supportive Campus Environment [FHSU SCE SCORE, DEPT SCE SCORE, N, %]

59.57 52.44

60.3 60.60

60.8 60.37

59.8 59.03

61.9 56.48

Number of NSSE participants [NUMBER OF DEPT SR STUDENTS, PERCENT]

6 13%

28 40%

16 29%

11 19.64%

19 30.6%

Briefly note 2-‐3 improvements over the last year prompted from the above student learning/engagement indicators. Direct Outcomes 2 and 3 reflect that academic standards are being upheld. Direct Outcomes 1 and 4 provide evidence that our students develop skill sets that allow them to be competitive with students from other schools.

[NOTE: Departments may pick up to three key performance indicators they currently measure but are not captured above. These measures could be used to track departmental results on specific yearly goals. Examples might include: number of SRPs attended, number of new freshmen contacted. (These will vary by department based on goals.)]

Outcome/Indicator 1 Financial Planning curriculum registered with the Certified Financial Planner Board of Standards

Yes

Yes

Yes

Yes

Yes

Outcome/Indicator 2 The curriculum for the B.B.A. in Accounting with a concentration in public accounting is accepted by the Kansas Board of Accountancy to qualify students to sit for the CPA Exam if they have 150 college credit hours

Yes

Yes

Yes

Yes

Yes

Outcome/Indicator 3 Number of accounting majors participating in the Volunteer Income Tax Assistance (VITA) program

32

25

30

25

Briefly note 2-‐3 improvements over the last year prompted from the above indicators. The department has a continued commitment in critical areas. The VITA Program shows a significant effort by students and faculty to engage in community service.


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B. Department Quality Initiatives and Results

FY2013 Quality Initiatives Results

Develop marketing efforts for student recruiting into majors

The department contacted all the high school counselors in the state of Kansas via mail and sent brochures and other information about our programs to them. Faculty members conducted recruiting efforts at Garden City Community College and Dodge City Community College. The website was kept up-‐to-‐date and there was more use of social media.

Program and course assessments will continue

-‐-‐Program and course assessment is on-‐going -‐-‐Pre-‐ and Post-‐tests are being used in some beginning level classes -‐-‐Standardized rubrics have been and continue to be developed -‐-‐Students take ETS Exam and CLA Exam -‐-‐A survey of graduating seniors is sent out each semester

Focus on research efforts of faculty Each faculty member is actively engaged in at least one research project with the objective of submitting a paper for review to a refereed journal. Faculty had 2 publications and 8 paper presentations this academic year.

Consider additional certificate programs

Faculty decided not to add any additional certificates this year, but may consider them in the future.

FY2014 Quality Initiatives Responsible Party, Resources, and Plan

Continue to develop marketing efforts for student recruiting into majors

The department will continue to focus on what can be done to increase interest in its majors and try to determine what recruiting tools to use to accomplish this goal.

Focus on research efforts of faculty Faculty members will be held accountable to maintain a research agenda that will meet accreditation standards. The expected research agenda for each faculty member is outlined in the Annual Statement of Responsibilities signed by the faculty member, chair, and dean.

C. Institutional Quality Results

FY2013 University Initiatives Department Activities/Results

Align Programs and Services with North Central Kansas Technical College (NCKTC)

Not applicable.

Increase Enrollment The department has focused more on recruiting. Brochures and other departmental information were sent to all high school counselors in the state of Kansas. Faculty went to community colleges for recruiting efforts.

Improve Persistence and Retention The department hosted a Back-‐to School Pizza Party for departmental majors in September to develop camaraderie. Faculty also regularly engage with students outside the classroom. The department encourages students to participate in extra-‐curricular activities and become involved in student organizations such as Accounting Club, Association of Certified Fraud Examiners, Economics Club, Finance Club, and Tiger Investment Group.

Improve Student Learning The department hired tutors for the beginning economics, finance, and accounting courses to assist student that were having trouble in these classes.


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FY2013 STRATEGY AND OPPORTUNITIES FOR IMPROVEMENT A. Departmental Reflection of Strengths, Needs, Opportunities, and Threats

A department advisory council meeting was held on October 5, 2012 that enabled the department to receive input about our degree programs from our external constituents. The department also held a strategic planning retreat on March 15, 2013.

Current Strengths Current Needs

1. Academically qualified faculty that are recognized as leaders in the College of Business & Entrepreneurship (COBE):

• Dr. Schreyer chairs the COBE Research Committee

• Dr. Terry chairs the COBE MBA Committee

• Dr. Toulaboe co-‐chairs the COBE BBA Continuous Improvement Committee.

2. Sustained faculty research productivity. 3. Collegial work environment. 4. Outstanding departmental student organizations. 5. Strong work ethic of department majors.

1. Need to hire an Academically Qualified (AQ) faculty member to help staff courses for the MBA program. 2. Need to be competitive with faculty salaries to attract and retain good faculty.

Future Opportunities Future Threats

1. Increased opportunities for all faculty in the department to work jointly on research projects. 2. The ability to recruit community college transfers by signing 2+2 articulation agreements with community colleges in Kansas. 3. The International Business and Economics major has the potential to grow rapidly with on-‐line availability.

1. Faculty workloads are close to capacity in terms of in-‐load plus overload assignments for full-‐time faculty. 2. The department is responsible for staffing 3 of the 4 MBA leveling classes and 4 of the 8 MBA core classes. The core classes are offered both online and on-‐campus, with multiple sections which puts a great strain on the department and takes faculty away from servicing our undergraduate majors. 3. Decrease in western Kansas population could impact on-‐campus enrollment.

B. Opportunities for Improvement

Opportunity for Improvement Resources Required Expected Result

and Completion Date

Develop a better marketing plan for the International Business and Economics major to try and increase the number of majors in that program.

Another faculty member in the economics area is needed to assist with the MBA classes so current faculty are able to concentrate on teaching the courses for this undergraduate major.

Dr. Toulaboe and Dr. Schreyer continue to develop marketing for this major. The Economics Club, which was formed last year, may help to generate interest in the area of economics.

Develop a fraud/forensic accounting concentration.

The department will need funding for faculty training related to this specialization.

If the MBA doesn’t pull resources from our undergraduate program, new courses need to be developed.


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III. SUPPORTING MATERIALS A. Appendix A – Department Degree Program Affinity Diagram(s)

B. Appendix B – Department Staffing Plan

C. Appendix C – Bibliography of Departmental Scholarly Activity

D. Appendix D – Department Program Assessment Results

E. Appendix E – Other Departmental Information


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Appendix A

Department Degree Program Affinity Diagrams

for

Accounting Major Accounting Major (Public Accounting Concentration)

Finance Major Finance Major (Banking Concentration)

Finance Major (Economics Concentration) Finance Major (Financial Planning Concentration)

International Business and Economics Major


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Department of Economics, Finance, and Accounting Affinity Diagram for B.B.A. in Accounting Program

Characteristics of B.B.A. in Accounting

Expected Learning Outcomes Curriculum Assessment Approach

and Methods Results Curricular and/or

Pedagogical Changes

Competent in Their Discipline Effective Communicators Analytical Thinkers/Problem Solvers Effective in a Teamwork Environment Aware of the Global Environment Knowledgeable in Information Technology Aware of Legal, Social, and Ethical Environments

Demonstrate competency in understanding and applying the accounting functions Ability to research, organize, and deliver effective oral and written presentations in a professional manner Ability to evaluate, analyze, and interpret data and information to solve business problems Ability to participate effectively in teams Demonstrate understanding of planned convergence of international and U.S. financial reporting standards Demonstrate understanding of information technology used in the accounting profession Demonstrate awareness of ethics and the legal and social environment of business

Business Core Principles of Accounting I Principles of Accounting II Business Law I Business Communication Management Principles Marketing Principles Managerial Finance Production/Operations Mgt Business Policy Accounting Major Cost Accounting Intermediate Accounting I Intermediate Accounting II Income Tax Procedures Accounting Info. Systems Auditing Accounting Electives by advisement Required General Education Courses Elements of Statistics Calculus Methods Prin. of Economics: Micro Prin. of Economics: Macro

Instructor evaluation of students’ assignments, case studies, simulations, presentations, research papers, examinations and formal course work Instructor evaluation using standard rubrics where appropriate Performance evaluation of students on pre-‐ and post-‐tests in ACCT 203 and 204 Performance evaluation of students on ETS exam in the Accounting subject area Performance evaluation of accounting students on CLA exam in written communication and critical thinking

Formal student assessment is conducted across courses related to subject matter content. Assessment results are analyzed annually, and faculty evaluate and make curriculum recommendations.

Course objectives for all courses are reviewed each year. An Ethics for Accountants class was created to provide students in-‐depth coverage of ethical issues in the accounting functional areas. A Fraud Examination class was created to provide students in-‐depth coverage of issues relating to fraudulent activities in accounting functional areas.


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Department of Economics, Finance, and Accounting Affinity Diagram for B.B.A. in Accounting (Public Accounting Concentration) Program


(Public Accounting)



Pedagogical Changes

Competent in Their Discipline Effective Communicators Analytical Thinkers/Problem Solvers Effective in a Teamwork Environment Aware of the Global Environment Knowledgeable in Information Technology

-‐Demonstrate competency in understanding and applying the accounting functions -‐Demonstrate awareness of requirements for the CPA examination as established by the American Institute of Public Accountants Ability to research, organize, and deliver effective oral and written presentations in a professional manner Ability to evaluate, analyze, and interpret information and data to solve business problems Ability to participate effectively in teams Demonstrate understanding of planned convergence of international and U.S. financial reporting standards Demonstrate understanding of information technology used in the accounting profession

Business Core Principles of Accounting I Principles of Accounting II Business Law I Business Communication Management Principles Marketing Principles Managerial Finance Production/Operations Mgt Business Policy Accounting Major Cost Accounting Intermediate Accounting I Intermediate Accounting II Income Tax Procedures Accounting Info. Systems Auditing Gov’t & Institutional Acct. Ethics for Accountants Advanced Accounting Advanced Tax Procedure Adv. Auditing/Acct. elective Commercial Law Business Organizations and Government Regulations Money and Banking or Managerial Economics Required General Education Courses Elements of Statistics

Instructor evaluation of students’ assignments, case studies, simulations, presentations, research papers, examinations and formal course work Instructor evaluation using standard rubrics where appropriate Performance evaluation of students on pre-‐ and post-‐tests in ACCT 203 and 204 Performance evaluation of students on ETS exam in the Accounting subject area Performance evaluation of accounting students on CLA exam in written communication and critical thinking Evaluation of the percentage of graduates passing the CPA examination.

Formal student assessment is conducted across courses related to subject matter content. Assessment results are analyzed annually and faculty evaluate and make curriculum recommendations.

Course objectives for all courses are reviewed each year. An Ethics for Accountants class was created to provide students in-‐depth coverage of ethical issues in the accounting functional areas. A Fraud Examination class was created to provide students in-‐depth coverage of issues relating to fraudulent activities in accounting functional areas. CPA Exam content specification outlines are reviewed periodically for alignment with course topical coverage.


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(Public Accounting)



Pedagogical Changes

Aware of Legal, Social, and Ethical Environments

Demonstrate awareness of ethics and the legal and social environment of business

Calculus Methods Prin. of Economics: Micro Prin. of Economics: Macro


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Department of Economics, Finance, and Accounting Affinity Diagram for B.B.A. in Finance (No Concentration) Program

Characteristics of B.B.A. in Finance

Expected Learning Outcomes

Curriculum

Assessment Approach and Methods

Results

Curricular and/or Pedagogical Changes

Competent in their Discipline Effective Communicators Critical/Analytical Thinkers Effective in a Teamwork Environment Aware of the Global Environment Ethical Decision Makers

-‐Demonstrate an understanding of Corporate terminology -‐Demonstrate an understanding of Corporate Funding Sources -‐Demonstrate an understanding of the time value of money -‐Demonstrate an understanding of Capital Budgeting -‐Demonstrate an understanding of Risk and Return -‐Demonstrate an understanding of Working Capital Management -‐Ability to research, organize, and deliver an effective oral and written presentation in a professional manner using correct finance/ Corporate terminology -‐Ability to evaluate, analyze, and interpret data and information to solve business problems -‐Ability to participate effectively in teams -‐Knowledgeable in the international aspects of finance issues -‐Awareness of ethical issues in business

Business Core Accounting I Accounting II Business Law I Business Communication Management Principles Marketing Principles Managerial Finance Production/Operations Mgt. Business Policy Finance Major Fundamentals of Investments Quantitative Methods Intermediate Finance Money, Banking, and the Macro-‐economy Financial Markets and Institutions Corporate Finance Electives by advisement Required General Education Courses Elements of Statistics Calculus Methods Prin. Of Economics: Micro Prin. Of Economics: Macro

Instructor evaluation of assignments, simulations, research papers, examinations and formal course work. Instructor evaluation using standardized rubrics Performance evaluation of students on pre and post tests Performance evaluation of students on ETS exam in the Finance subject area. Performance evaluation of Finance students on CLA exam in written communication and critical thinking.

Formal student assessment conducted across courses related to subject matter content. Specific courses continue to be evaluated relative to comparable courses at other universities. Evidence from syllabi support that comparability is being achieved. Assessment results are analyzed annually and faculty evaluate and make curriculum recommendations.

Finance majors must have a minimum GPA of 2.5 for all courses in the signed major, with no grade lower than a “C” for these major courses. Course objectives for all courses are reviewed each year. New Standardized Syllabus contains information about how each course meets the Program objectives


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Department of Economics, Finance, and Accounting Affinity Diagram for B.B.A. in Finance (Banking Concentration) Program

Characteristics of B.B.A. in Finance (Banking)

Expected Learning Outcomes

Curriculum

Assessment Approach and Methods

Results


Competent in their Discipline Effective Communicators Critical/Analytical Thinkers Effective in a Teamwork Environment Aware of the Global Environment Ethical Decision Makers

-‐Demonstrate an understanding of banking terminology -‐Demonstrate an understanding of loans/mortgages -‐Demonstrate an understanding of the time value of money -‐Demonstrate an understanding of bonds -‐Demonstrate an understanding of stocks -‐Demonstrate an understanding of financial markets & institutions -‐Ability to research, organize, and deliver an effective oral and written presentation in a professional manner using correct finance/banking terminology -‐Ability to evaluate, analyze, and interpret data and information to solve business problems -‐Ability to participate effectively in teams -‐Knowledgeable in the international aspects of finance issues -‐Awareness of ethical issues in business

Business Core Accounting I Accounting II Business Law I Business Communication Management Principles Marketing Principles Managerial Finance Production/Operations Mgt. Business Policy Finance Major Fundamentals of Investments Quantitative Methods Intermediate Finance Real Estate Finance Bank Policy and Analysis Money, Banking, and the Macroeconomy Financial Markets and Institutions Bank Management Financial Statement Analysis Banking Concentration Electives by advisement Required General Education Courses Elements of Statistics Calculus Methods Prin. Of Economics: Micro Prin. Of Economics: Macro

Instructor evaluation of assignments, simulations, research papers, examinations and formal course work. Instructor evaluation using standardized rubrics Performance evaluation of students on pre and post tests Performance evaluation of students on ETS exam in the Finance subject area. Performance evaluation of Finance students on CLA exam in written communication and critical thinking.


Finance majors must have a minimum GPA of 2.5 for all courses in the signed major, with no grade lower than a “C” for these major courses. Course objectives for all courses are reviewed each year. A new course was created, ECFI 643: Bank Policy and Analysis, to provide students with a more in-‐depth application of their coursework.


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Department of Economics, Finance, and Accounting Affinity Diagram for B.B.A. in Finance (Economics Concentration) Program

Characteristics of B.B.A. in Finance (Economics)

Expected Learning Outcomes Curriculum Assessment Approach and

Methods Results


Competent in their Discipline Effective Communicators Critical/Analytical Thinkers Effective in a Teamwork Environment Aware of the Global Environment

-‐Demonstrate an understanding of basic microeconomic concepts including the supply and demand model, price and output considerations at the firm level as well as economic concepts applicable to individuals -‐Be able to utilize both micro and macro economic concepts to evaluate current social, political, and business issues -‐Understand the basic functioning of the overall economy including measures of economic performance, economic growth, inflation, unemployment and international trade -‐Be able to develop an economic research project using both conceptual and quantitative methods -‐Demonstrate an understanding of how the U.S. monetary system functions -‐Be able to research, develop, and present an economic research topic -‐Ability to evaluate, analyze, and interpret economic data and information related to social and business problems -‐Ability to participate effectively in teams -‐Demonstrate an understanding of international economics and international finance concepts

Business Core Principles of Accounting I Principles of Accounting II Business Law I Business Communication Management Principles Marketing Principles Managerial Finance Production/Operations Mgt. Business Policy Finance Major Fundamentals of Investments Quantitative Methods Intermediate Finance Options and Futures Markets Money, Banking, and the Macroeconomy Financial Markets and Institutions International Economics Managerial Economics ECFI Electives by advisement Required General Education Courses Elements of Statistics Calculus Methods Prin. of Economics: Micro Prin. of Economics: Macro Economic Ideas and Current Issues

Instructor evaluation of assignments, simulations, research papers, examinations and formal course work. Instructor evaluation using standardized rubrics Performance evaluation of students on pre and post tests Performance evaluation of students on ETS exam in the Finance and Economics subject areas. Performance evaluation of finance students on CLA exam in written communication and critical thinking.

Formal student assessment conducted across courses related to subject matter content. Specific courses continue to be evaluated relative to comparable courses at other universities. Evidence from syllabi support that comparability is being achieved.

Finance majors must have a minimum GPA of 2.5 for all courses in the signed major, with no grade lower than a “C” for these major courses. Course objectives for all courses are reviewed each year.


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Department of Economics, Finance, and Accounting Affinity Diagram for B.B.A. in Finance (Financial Planning Concentration) Program

Characteristics of B.B.A. in Finance

(Financial Planning)

Expected Learning Outcomes Curriculum

Assessment Approach and

Methods

Results


Competent in their Discipline Effective Communicators Critical/Analytical Thinkers Effective in a Teamwork Environment Aware of the Global Environment

-‐Demonstrate at the appropriate cognitive domain of Bloom’s taxonomy the 89 financial planning topics as specified by the CFP Board of Standards -‐Demonstrate an understanding of the time value of money -‐Demonstrate an understanding of financial markets & institutions -‐Demonstrate an understanding of financial management -‐Demonstrate an understanding of investment management -‐Ability to research, organize, and deliver an effective oral and written presentation in a professional manner using correct financial planning terminology -‐Ability to evaluate, analyze, and interpret data and information to solve business problems -‐Ability to participate effectively in teams to prepare comprehensive financial plans and focused plans including: investment plans, estate management plans, retirement plans, insurance plans, and personal income tax plans that are appropriate for the needs, risk choices and resources of clients -‐Knowledgeable in the international aspects of finance and financial planning

Business Core Accounting I Accounting II Business Law I Business Communication Management Principles Marketing Principles Managerial Finance Production/Operations Management Business Policy Finance Major Fundamentals of Investments Quantitative Methods Intermediate Finance Personal Financial Planning Options and Futures Markets Investment Theories and Strategies Risk Management Financial Markets and Institutions Estate Planning Retirement and Employee Benefit Planning Income Tax Procedure Financial Planning Electives by advisement Required General Education Courses Elements of Statistics Calculus Methods

Instructor evaluation of assignments, simulations, research papers, examinations and formal course work. Instructor evaluation using standardized rubrics Performance evaluation of students on ETS exam in the Finance subject area. Performance evaluation of Finance students on CLA exam in written communication and critical thinking. Annual survey of all graduating seniors. Survey results used to refine curriculum and individual courses. Successful completion of integrative capstone course: ECFI 450, Personal Financial Planning.


Finance majors must have a minimum GPA of 2.5 for all courses in the signed major, with no grade lower than a “C” for these major courses. Course objectives for all courses are reviewed each year. Comparison of financial planning curriculum and course content to the CFP Board of Standards model curriculum.


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Ethical Decision Makers

issues -‐Awareness of ethical issues in business and financial planning

Prin. Of Economics: Micro Prin. Of Economics: Macro


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Department of Economics, Finance, and Accounting Affinity Diagram for B.B.A. in International Business and Economics Program

Characteristics of B.B.A. in

International Business and Economics


Methods Results


Competent in their Discipline

Critical/Analytical Thinkers Effective Communicators

-‐Demonstrate an understanding of the international financial markets and how they facilitate Int’l transactions -‐Demonstrate an understanding of how exchange rates are determined, how to manage exchange rate risk, and how currency derivatives are used for hedging or speculation. -‐Demonstrate an understanding of the critical relationships pertaining to exchange rates. -‐Demonstrate an understanding of international trade relations: Sources of comparative advantages, tariffs and nontariff trade barriers, and trade regulations -‐Demonstrate an understanding of international marketing -‐Develop a strong inter-‐disciplinary complementary skill set drawing from non-‐business disciplines. -‐Ability to evaluate, analyze and interpret data and information to solve Int’l business and economics problems. -‐Ability to research, organize, and deliver an effective oral and written presentation in a professional manner using correct Int’l

Business Core – 27 Hours Accounting I Accounting II Business Law I Business Communication Management Principles Marketing Principles Managerial Finance Production/Operations Mgt. Business Policy Major Core – 39 Hours International Economics International Finance International Business International Marketing Major Electives -‐ 27 hours from the following, with a minimum of 12 hours with ECFI designation: Quantitative Methods Intermediate Finance Internship (3–6 hours) Options and Futures Markets Risk Management Money, Banking, and the Macroeconomy

Instructor evaluation of students’ assignments, case studies, simulations, research papers, examinations and formal course work. Instructor evaluation using standardized rubrics Performance evaluation of students on pre and post tests Performance evaluation of students on ETS exam in the Int’l Business and Econ. subject area. Performance evaluation of Int’l Business and Econ. students on CLA exam in written communication and critical thinking.

Formal student assessment conducted across courses related to subject matter content. Comparison of specific courses to those of peer institutions. Evidence from syllabi support that comparability is being achieved. Assessment results are analyzed annually and faculty evaluate and make curriculum recommendations.

International Business and Economics majors must have a minimum GPA of 2.5 for all courses in the signed major, with no grade lower than a “C” for these major courses. Course objectives for all courses are reviewed each year.


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Characteristics of B.B.A. in

International Business and Economics


Methods Results


Effective in a Teamwork Environment

Awareness of the Legal, Social, and Ethical Environments

business and economics terminology -‐Ability to contribute, exchange ideas, and collaborate effectively to meet the needs of teams -‐Demonstrate an understanding of the political, socio-‐cultural, and communications issues facing multinational corporations

Financial Markets & Institutions Bank Management Managerial Economics Labor Economics Global Business Communication Intro to Geographic Information Systems Cultural Geography Leadership and Team Dynamics Project/Program Management Intro. to International Relations Comparative Cultures and Societies Required General Education Courses Prin. of Economics: Micro Prin. of Economics: Macro World Geography Elements of Statistics Calculus Methods Economic Ideas & Current Issues


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Appendix B

Department Staffing Plan

FY 2013

(1) (2) (3) (4) (5) (6) (7) (8) (9)

Current Department Needs

Faculty Member Current Faculty Expertise Birthdate Assigned Instructional

FTE's

Rank Current Date

Degree Completed

Track Current Salary In Line

Managerial Finance Financial Planning Options and Futures Real Estate Finance

B. Alexander Personal Finance Managerial Finance Options and Futures

1970 1.0 Assistant 2012 Professor

Ph.D. Temporary $77,500

Managerial Finance Financial Institutions Bank Management Bank Policy

E. Breit Managerial Finance Financial Institutions Banking


Ph.D. Tenured $86,531

Financial Accounting Managerial Accounting Intermediate Accounting CPA Review

C. Engel Financial Accounting Managerial Accounting Intermediate Accounting Accounting Info. Systems CPA Review

1983 1.0 Instructor 2009 ABD, MBA, CPA

Temporary $54,679

Income Tax Advanced Tax Governmental Acct. Accounting Ethics

C. Gnizak Income Tax Advanced Tax Governmental Accounting Accounting Ethics

1955 1.0 Professor 2011 Ph.D. Tenured $95,550

Financial Accounting Intermediate Accounting Financial Statement Analysis

G. Growe Financial Accounting Intermediate Accounting Financial Statement Analysis


Ph.D. Tenure-‐Track

$86,000

Financial Accounting Intermediate Accounting Fraud and Forensics Accounting Auditing

J. Heronemus Financial Accounting Intermediate Accounting Fraud Examination Auditing

1971 1.0 Instructor 2007 ABD, MBA Temporary $56,772

Acct. Info. Systems Managerial Accounting Adv. Managerial Acct.

W. Jordan Acct. Info. Systems Managerial Accounting Adv. Managerial Acct.



Economics Principles Economic Issues Statistics Business Research

I. Khurana Economic Principles Applied Micro Economics Economic Issues Business Research


Ph.D. Temporary $66,000

Economics Principles Research Methods

C. Parker Economics Labor Economics Managerial Economics Research Methods

1942 0.25 (0.50 Admin and 0.25 Director of Empl. Rel.)

Professor 1980 and Chair 2000


Financial Accounting Managerial Accounting Cost Accounting

J. Rumpel Financial Accounting Managerial Accounting Cost Accounting


MBA, CPA Tenured $69,198

Economics Principles Economics Issues Money and Banking Quantitative Methods

S. Schreyer Economics Principles Economics Issues Money and Banking Quantitative Methods


Ph.D. Tenure-‐Track

$72,229

Corporate Finance Investments Risk Mgt/Insurance Retirement Planning

R. Terry Corporate Finance Investments Risk Mgt/Insurance Retirement Planning


Economics Principles International Econ. Managerial Economics Economic Issues

D. Toulaboe Economics International Economics Managerial Economics Economic Issues



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Appendix C

Bibliography of Departmental Scholarly Activity

Refereed Publications for FY 2013: Charles Gnizak – “Tax Court: Top Ten Most Litigated Federal Tax Issues and What We Can Learn from Them” TAXPRO Journal, Fall 2012, Vol. 19, No. 4, pp. 12-‐17. Win Jordan – “Where Did All the Data Go? Building System Reliability from the Ground Up” TAXPRO Journal, Summer 2012, Vol. 19, No. 3, pp. 18-‐23. Presentations: Glenn Growe – “Using Financial Statement Data and Machine Learning Techniques to Predict Earnings Growth,” Decision Sciences Institute Annual Meeting, San Francisco, CA, November 18, 2012. Emily Breit and Samuel Schreyer – “Relationship Lending and Compensating Balances,” Missouri Valley Economic Association Meeting, Memphis, TN, October 26, 2012. Samuel Schreyer – “The Determinants of Sudden Stop Intensities,” Missouri Valley Economic Association Meeting, Memphis, TN, October 25, 2012. (Co-‐authored with Chiratus Ratanamaneichat) Jessica Heronemus and Tony Gabel – “Using Problem-‐Based Learning in the Classroom: Challenges and Rewards,” Business and Leadership Symposium, Hays, KS, September 28, 2012. Bobby Alexander – “Are Corporate Managers and Investors Homo Economici or Homo Sapiens,” Business and Leadership Symposium, Hays, KS, September 27, 2012. Cole Engel – “Acceptability of Online Degrees Earned as Credentials for Obtaining Employment in the Accounting Profession,” Business and Leadership Symposium, Hays, KS, September 27, 2012. Jessica Heronemus, Win Jordan, and Trisha Goetz – “Fraud Education in the Business Curriculum: Where Is It and Where Should It Be,” Business and Leadership Symposium, Hays, KS, September 27, 2012. Indu Khurana – “Speed of Entrepreneurial Learning and Firm Growth,” Business and Leadership Symposium, Hays, KS, September 27, 2012.

June 30, 2008


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Appendix D

Department Program Assessment Results


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Results of the Survey of Graduating Seniors (FY 2010 – FY 2013)

FY 2013 FY 2012 FY 2011 FY 2010

Average Average Average Average

In my major: (5 strongly agree to 1 strongly disagree) Max of 5 Max of 5 Max of 5 Max of 5 I received high-‐quality advising. 4.11 4.04 3.55 4.05 I received support in finding appropriate employment or pursuing graduate study. 3.33 3.52 3.50 3.20 faculty are accessible for out-‐of-‐class assistance. 3.72 4.11 3.95 4.20 faculty are effective teachers. 3.89 3.78 4.10 4.05 faculty are interested in the personal development of students. 4.17 3.93 4.05 3.45 faculty are interested in the academic and professional development of students. 4.28 4.07 4.10 4.10 faculty introduced students to a broad range of ideas, perspectives, and worldviews. 4.06 3.67 3.95 3.90 faculty listen and respond to student needs, concerns, and suggestions. 4.11 3.56 4.15 3.75

I found my major to be: Max of 5 Max of 5 Max of 5 Max of 5 characterized by mutual respect between students and professors. 4.11 4.07 4.40 4.00 academically stimulating. 4.17 4.30 4.25 4.15

Average (Satisfaction with Major) 3.99 3.90 4.00 3.89

As a result of your experience at FHSU, how much progress do you feel you have made in each of the following areas? (4 very much to 1 none) Max of 4 Max of 4 Max of 4 Max of 4 Improving written communication 3.33 2.96 3.20 3.30 Improving oral communication 3.67 3.04 3.35 3.15 Understanding the ethical standards of your discipline or profession 3.44 3.52 3.20 3.45 Understanding other people and their abilities, interests, and perspectives 3.50 3.30 3.20 3.35 Ability to participate as a team member 3.78 3.33 3.55 3.40 Ability to interact positively with people who are different from you 3.44 3.33 3.55 3.25 Ability to think critically (analytically and logically) 3.56 3.37 3.60 3.55 Quantitative thinking 3.39 3.37 3.60 3.55 Ability to put ideas together, to see relationships, similarities, and differences between ideas 3.39 3.44 3.50 3.50 Ability to learn on your own, pursue ideas, and find information you need 3.56 3.37 3.55 3.65 Ability to locate and evaluate information sources 3.56 3.26 3.35 3.40

Average 3.51 3.30 3.42 3.41


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Results of the Survey of Graduating Seniors (FY 2005 – FY 2009)

FY 2009 FY 2008 FY 2007 FY 2006 FY 2005 Average Average Average Average Average SATISFACTION WITH MAJOR (5 strongly agree to 1 strongly disagree) I am satisfied . . . Max of 5 Max of 5 Max of 5 Max of 5 Max of 5 1. with the teaching ability of faculty in the department. 4.42 3.90 3.50 3.58 3.28 2. with the professional expertise of departmental faculty. 4.50 4.07 3.63 4.17 3.67 3. with opportunities for interaction with departmental faculty. 4.42 4.03 3.75 4.08 3.83 4. with faculty advising in the department. 4.25 4.17 3.69 4.08 3.67 5. with the availability of required courses in my major. 3.83 4.00 3.63 3.75 4.00 6. with feedback from instructors about my academic progress. 3.92 3.93 3.13 3.67 3.28 Overall Average 4.22 4.02 3.55 3.89 3.62 FACULTY CONTRIBUTION (4 excellent to 1 poor) Please evaluate how well faculty members in the ECFI Department do each of the following: Max of 4 Max of 4 Max of 4 Max of 4 Max of 4 1. Set high expectations for you to learn. 3.25 3.00 3.06 2.92 2.78 2. Encourage you to be an actively involved learner. 3.08 2.93 2.69 2.83 2.83 3. Encourage student-‐faculty interaction, in and out of the classroom. 2.75 2.76 2.69 2.83 2.83 4. Give you frequent and prompt feedback. 2.67 2.83 2.31 2.58 2.39 5. Encourage you to devote sufficient time and energy to your coursework. 3.17 2.93 2.94 3.00 2.78 6. Care about your academic success and welfare. 3.17 3.03 2.81 3.17 2.67 Overall Average 3.01 2.91 2.75 2.89 2.71 QUALITY OF INSTRUCTION (4 excellent to 1 poor) All things considered, how would you evaluate the quality of instruction: Max of 4 Max of 4 Max of 4 Max of 4 Max of 4 1. in the University General Education Program for courses taken at FHSU. 3.09 2.96 2.63 2.67 2.89 2. in the College of Business and Leadership Business Core courses taken at FHSU. 3.27 3.10 2.81 3.17 3.06 3. in the Economics and Finance Major courses taken at FHSU. 3.50 3.21 2.81 3.17 2.94


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Appendix E

Other Departmental Information

Awards: Cole Engel received the College of Business and Entrepreneurship Outstanding Faculty Award for 2013. Bobby Alexander was awarded a 2013 Summer Research Award to work on research entitled “DPS-‐End Clustering and Rigidity in Dividend Policy.” Glenn Growe was awarded a 2013 Summer Research Award to work on research entitled “Bank-‐Specific and Macroeconomic Determinants of Bank Profitability.” Conferences Attended: Jessica Heronemus – Association of Certified Fraud Examiners Global Fraud Conference, Las Vegas, NV, June 23-‐26, 2013. Charlie Gnizak – Kansas Society of CPAs Board Meeting, Wichita, KS, June 6, 2013. Charlie Gnizak and Joan Rumpel – Wichita State University Accounting and Auditing Conference, Wichita, KS, May 22-‐23, 2013. Charlie Gnizak – CPA Day at the Statehouse and the Kansas Society of CPAs Legislative Reception, Topeka, KS, January 17, 2013. Sam Schreyer – American Economic Association Meeting at the Allied Social Science Association Conference, San Diego, CA, January 4-‐6, 2013. Dosse Toulaboe – World Trade Council Program entitled “Britain and Kansas: A Business Relationship for the 21st Century,” Wichita, KS, November 29, 2012. Charlie Gnizak – Kansas Society of CPAs 62nd Annual Kansas Tax Conference and Leadership Cabinet Meeting of the Kansas Society of CPAs, Wichita, KS, November 14-‐16, 2012. Carl Parker – 2012 Meeting of the Kansas Board of Regents Core Outcomes Project, Manhattan KS, October 19, 2012. Dosse Toulaboe – World Trade Council Program entitled “Integrated Global Logistics,” Wichita, KS, October 18, 2012.


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University Committees Served by Department Faculty:

• Academic Assessment and Review Committee • Council for Institutional Effectiveness Committee • Faculty Senate President • General Education Committee • Human Subjects Research Institutional Review Board • Phased Retirement Committee • Post-‐Tenure Review Committee • Promotion Committee • Residence Classification Appeals Committee • Sabbatical Review Committee • Scholarship Environment Committee • Scholarships Committee • Service Learning Committee • Special Events Committee • Steering Committee for Strategic Planning • Torch Award Selection Committee • Undergraduate Research Experience Committee • University Press of Kansas Editorial Committee

Student Accomplishments: Alan Burton, FHSU accounting graduate, received the Elijah Watt Sells Award from the AICPA this spring for his performance on the CPA exam in 2012. He was one of 39 winners nationwide – out of a pool of 92,000 – to be presented with this prestigious award. Accounting majors participated in the Volunteer Income Tax Assistance (VITA) Program in the Spring of 2013 and helped prepare more than 100 tax returns for students and members of the community. Two undergraduate accounting majors (Ryan Baalmann and Morgan Hagerman), under the supervision of Cole Engel, helped conduct an annual review of the Kansas Cavalry books and prepared annual financial statements for the Kansas Department of Commerce.

Tiger Financial Advisors (finance majors in the finance club) provided free financial advice for students.

Other Highlights: A Back-‐to-‐School Pizza Party was held on September 4, 2012 for all department majors.

The department participated in the Majors Fair on March 12, 2013.


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The department participated in Tiger Mania on April 3, 2013. Mr. Cole Engel and Ms. Jessica Heronemus traveled to Garden City Community College and Dodge City Community College respectively last fall for recruiting purposes. Mrs. Joan Rumpel traveled to Phillipsburg in October to pursue internship opportunities for students. The Economics Club traveled to Washington DC in August, the Finance Club traveled to Chicago in October, the Accounting Club traveled in Wichita in November, and the Association of Certified Fraud Examiners traveled to Las Vegas in June for university sponsored student organization trips to tour various business and financial institutions or to participate in conferences. General Parameters 1. No more than 20 pages, excluding appendix information. 2. Report submitted electronically to Dean, Assistant Provost for Quality Management, and Provost. 3. Note deadlines attached below. Annual Timeline for Department Annual Report April 1 Final template and Directions distributed to Department Chairs. Selected enrollment data (fall

20th day counts) distributed to Chairs and Deans in the departmental template.

June 1 Student system information (graduates, SCH) delivered to Chairs. Final cutoff date for elements to be considered in the Department’s Annual Report.

June 30 Complete Department Annual Report due to Deans, Assistant Provost for Quality Management, and Provost. Submit electronically.

August 15 Completed College Annual Report due to Assistant Provost for Quality Management and Provost.

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