LEADING AT THE CROSSROADS - Beta Alpha PsiLEADING AT THE CROSSROADS. 1. 2014 BETA ALPHA PSI ANNUAL...

LEADING AT THE

CROSSROADS2014 Beta Alpha Psi Annual Report

2014 BETA ALPHA PSI ANNUAL REPORT | LEADING AT THE CROSSROADS 1

2014 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 Outstanding Dean

11 Lifetime Service Award

12 Outstanding Faculty Advisors

13 Regional Meetings

14 Regional Meeting Best Practices

15 2014 Annual Meeting

16 BAP International Day of Literacy

17 Annual Meeting Best Practices

18 Project Run With It

22 Ethics Award

23 Gold Challenge

24 Superior and Distinguished Chapters

26 Inclusive Leadership Awards

27 VITA Awards

28 Medal of Inspiration Award

29 Expansion

30 Financial Statements

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BETA ALPHA PSI EXECUTIVE OFFICE STAFFMargaret Fiorentino — Executive Director

Lisa 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, Beta Alpha Psi has truly seen a successful year and we count your commitment as a contributing factor 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 association; or support us through exhibiting or speaking at our events, your contribution matters and your commitment to Beta Alpha Psi is definitely appreciated. Beta Alpha Psi made several strategic decisions this year. The mission statement was revised to better reflect our organizational goals and ideals; and a vision statement was introduced into the Bylaws. Furthermore, we renewed a three-year contract with the American Institute of CPAs (AICPA). Finally, we established a framework for international expansion, narrowing our focus to university chapters beyond the Oceania region by exploring opportunities at universities in Hong Kong and Canada. We look forward to seeing the result of these international initiatives in the coming year. An additional initiative implemented this year, led by our two Board Alumni Representatives, Natalie Steverson and Alex Johnson, was an alumni survey. More than 110 participants highlighted an interest in connecting with local chapters and in mentoring opportunities. Stay tuned for further developments in this alumni outreach effort. Some operational changes were also implemented this year. Chapters were required to attend either a regional or annual meeting in order to achieve Superior Chapter status, and were also required to include essential skill programs in order to be an award-seeking chapter. We chose to discontinue BAPConnect and reviewed other platforms for meeting the social networking needs of our members. These operational changes were made with the goal of improving the value received by our members. 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 regions. There were over 1,200 attendees at this year’s annual meeting in Atlanta, GA, including representatives from our Oceania chapters in Australia and New Zealand and visiting faculty and students from prospective chapters in Hong Kong. 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 Best Practices competition, sponsored by Deloitte, and provide service to three deserving Atlanta not-for-profits through our annual Project Run With It competition, sponsored by Moss Adams. We hosted our 2nd annual International Day of Literacy in collaboration with KPMG LLP, the KPMG Foundation and United Way of Greater Atlanta. This event represented BAP’s 16th annual International Day of Service. With the help of nearly 1,000 BAP volunteers, 3,500 students from eight elementary schools in the Atlanta Public Schools participated in the annual event. BAP volunteers also put together backpacks full of school supplies to be given to underprivileged youth and prepared curriculum at the Junior Achievement’s Finance Park. So much has been accomplished this past year and 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 fantastic 2013–2014. I have appreciated the opportunity 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. With warmest regards,

Jan Taylor MorrisBoard President 2013–2014

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 2014 include initiating a rebranding effort that

resulted in an updated BAP logo and redesigned website; the launch of the new Reporting Intranet system

and installation of three new Beta Alpha Psi chapters.

BOARD MEMBERS

Jan Taylor Morris — President

Blane Ruschak — Past President

Kevin D. Stocks — President-Elect

Noel Addy — Director of Administration and Development

Rick Niswander — Dean

Scott McQuillan — Professional Partners Chair

Lee H. Radebaugh — Director of Global Activities

Alex Miller — Professional Partners Chair-Elect

Joanne Fiore — AICPA Liaison

Natalie Steverson — Alumni Representative

Alex Johnson — Alumni Representative

Deborah Medlar — 3rd Year Chapter Advocate, Western & Northwest Regions

Gwendolyn Highsmith-Quick — 3rd Year Chapter Advocate, Southeast Region

2014–2015 INCOMING BOARD MEMBERS

Shawn Harter — President-Elect

Moez Limayem — Dean Representative

George Gamble — Director of Administration

Janice Klimek — 2nd Year Chapter Advocate, Rocky Mountain & Missouri Valley Regions

Mehmet Kocakulah — 2nd Year Chapter Advocate, Midwest Region

Pearl Rozenberg — 2nd Year Chapter Advocate, Oceania Region

Jay Knight — Alumni Representative

Greg Burton — Director of Global Activities

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 regional meeting host manual and Program

for Chapter Activities (PCA) and conducting institutional site visits to expand Beta Alpha Psi.

CHAPTER ADVOCATES

Janice Klimek — 2nd Year Chapter Advocate, Rocky Mountain and Missouri Valley Regions

Mehmet Kocakulah — 2nd Year Chapter Advocate, Midwest Region

Pearl Rozenberg — 2nd Year Chapter Advocate, Oceania Region

Linda Schain — 1st Year Chapter Advocate, Atlantic Coast Region

Veronda Willis — 1st Year Chapter Advocate, Southwest Region

2014–2015 INCOMING CHAPTER ADVOCATES

David DeBoskey — Western & Northwest Regions

Raymond Elson — Southeast Region

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 2014 include continued commitment to raising their visibility with

the student members of BAP; a new partnership with the Concord Coalition to deliver interactive professional

development at regional meetings; and improved relevancy of sessions given by Professional Partners at

regional meetings.

PROFESSIONAL PARTNERS

FIRMS/CORPORATIONS

BDO USA LLP Becker Professional Review Bisk CPA Chevron Corporation CPAexcel Exam Review Deloitte LLP Ernst & Young LLP Fifth Third Bank Grant Thornton LLP Kaplan CPA Review KPMG LLP McGladrey LLP Moss Adams LLP The Office of the Comptroller of the Currency PricewaterhouseCoopers LLP Protiviti Inc. Robert Half International Surgent Kolar CPA Review

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 The Institute of Internal Auditors

National Association of Enrolled Agents The Institute of Internal Auditors Institute of Management Accountants (IMA) International Association for Accounting

Education & Research (IAAER) NASBA Center for Public Trust

STATE SOCIETY ORGANIZATIONS

California Society of CPAs Illinois CPA Society Indiana CPA Society Kansas Society of CPAs Kentucky Society of CPAs New York State Society of CPAs Texas Society of CPAs Washington Society of CPAs Wisconsin Institute of CPAs

2014–2015 INCOMING PROFESSIONAL PARTNERS Alabama Society of CPAs Roger 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

Dennis Hanno — President, Wheaton College

Nominating Chapter — Delta Nu (University of Massachusetts, Amherst)

Dennis Hanno was appointed the eighth president of Wheaton College on in 2014. He most recently served as Babson College provost, senior vice president, and President’s Endowed Professor of Accounting.

Previously, he served as the associate dean for Undergraduate Matters in the Isenberg School of Management at the University of Massachusetts Amherst, and on the faculty of Boston College.

Hanno leads Babson’s many initiatives in Africa as the executive director of the Babson-Rwanda Entrepreneurship Center, focusing on creating a more entrepreneurial environment across the continent. He has empowered thousands of youths in four African countries through a unique curriculum he has developed called From Ideas to Action as founder and director of the Babson Entrepreneurial Leadership Academies.

A vocal advocate for responsible management education, Hanno serves on the Board of the Globally Responsible Leadership Initiative, a worldwide network dedicated to developing a next generation of responsible leaders. He also plays an active role in the United Nations Principles of Responsible Management Education movement, including contributing to several of its annual forums and publications.

“I’m honored to be recognized with this award by Beta Alpha Psi. From my initial involvement with BAP as an undergrad all the way up to the work I have done with the chapter at the University of Massachusetts Amherst, I have always been proud to be a member and appreciated the many development opportunities the organization provides. In particular, BAP has exerted a strong influence on me through its focus on social responsibility, something that drives many of my own activities and that I have tried to develop in the many students I have worked with during my career in academia. Earning the Business Information Professional of the Year award validates the importance of my work in this area and is a true honor. Thank you!”

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BUSINESS INFORMATION PROFESSIONALS OF THE YEAR BUSINESS AND INDUSTRY

Glenn Johnson — President — Horizon Air and Executive Vice President Alaska Air Group

Nominating Chapter — Mu Psi (University of Washington Bothell)

Glenn Johnson was appointed president of Horizon Air in June 2010. He also serves as an executive vice president of Alaska Air Group. Johnson joined Alaska Air Group in 1982. In his nearly 30 years with Horizon Air and Alaska Airlines, he has served the company in a wide range of roles, including:

Chief financial officer and executive vice president of finance at Alaska Air Group and Alaska Airlines, leading the finance, information technology, corporate real estate, strategic planning and fuel administration organizations

Alaska Airlines executive vice president of airport services and maintenance and engineering, leading the airline’s maintenance, ground operations and airport customer service functions

Horizon Air senior vice president of customer services, leading station operations at 40 airports in the United States and Canada

Horizon Air vice president of finance and treasurer.

A graduate of the University of Washington, Johnson worked in public accounting, where he achieved his CPA designation, before entering the airline business

“I am honored to receive this award from Beta Alpha Psi,” Glenn Johnson said. “My association with Beta Alpha Psi during my college career at the University of Washington was an important foundational element in my career success over the years.”

BUSINESS INFORMATION PROFESSIONALS OF THE YEARPROFESSIONAL SERVICES

Thomas Hilton — Partner & Director— Forensic and Valuation Services Group, Anders Minkler Huber & Helm LLP

Nominating Chapter — Zeta Nu (Saint Louis University)

After earning a Masters of Finance from Saint Louis University and a CPA designation, Thomas Hilton began his career at Anders Minkler & Diehl LLP, and now leads the Forensic and Valuation Services Group at the firm.

As a practicing professional for nearly 35 years, Hilton also stands as a leader in the profession in his contribution toward building the CPA pipeline. He sits on the Board of Directors of the American Institute of CPAs, where he spends time ensuring the future success of the accounting profession.

Hilton also is an adjunct professor of forensic accounting at the John Cook School of Business at Saint Louis University where he stands as the Chair of the Accounting Advisory Board.

Outside of the profession, Hilton serves his local community as the current President of the Board of Governors for Cardinal Glennon Children’s Foundation.

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“Judging from the quality of the young people I saw and met at the BAP annual meeting, the future of the accounting profession has never been better.”


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OUTSTANDING DEAN

Dr. Bob Wood was the Dean of Salisbury University’s Franklin P. Perdue School of Business. In July, he assumed the dean’s position at Mitchell College at the University of South Alabama. Before joining Salisbury, Dr. Wood was Associate Dean and Heidtke Professor of Finance at the College of Business at Tennessee Tech University. Professionally, he has published and presented nationally and internationally.

Wood holds a B.S. and M.B.A. from Arkansas State University and a Ph.D. (Finance) from Louisiana State University. Prior to entering higher education, Wood worked for Dean Witter Reynolds, The Upjohn Company and Abbott Laboratories. He is a member of Phi Kappa Phi, Beta Gamma Sigma, and Omega Delta Kappa honor societies.

The Outstanding Dean Award recognizes deans for their significant contribution in faculty support and/or financialsupport 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 programsand activities needed to provide an adequate Beta Alpha Psi experience.

Dr. Bob Wood — Provost and Senior Vice President, Babson College

Nominating Chapter — Iota Pi (Salisbury University)

“Dean Wood makes his No. 1 job priority evident to all who meet him: the success of his students,” said Lori Defnet, former chapter president. “He consistently sets himself apart by getting active in the lives of the students in the business school, and especially those students in Iota Pi.”

“I recommended the establishment of the award after realizing the full scope of Bernie and KPMG’s notable impact on Beta Alpha Psi,” said Jan Taylor Morris, Beta Alpha Psi outgoing President. “We have been able to offer incomparable value and many benefits to our members due to Bernie’s championing of Beta Alpha Psi through the years.”

The title of the award recognizes the continual financial support of KPMG and the KPMG Foundation, as well as Milano’s exceptional commitment in securing said funding and his service to the Beta Alpha Psi Board of Directors, both as President (1999–2000) and as an advisory figure to the Board.

“While I am honored and humbled by this award, it is the vision, courage, commitment and generosity of KPMG that has allowed our programs to achieve the results this award celebrates,” Milano said. “Few organizations are willing to stay the course; KPMG has been steadfast in its approach to systemic change in business education.”

The KPMG Foundation, created in 1968, has operated on a platform that is defined by the concept of corporate social responsibility. The KPMG Foundation has embraced this concept of giving back and has invested resources to a number of initiatives that have greatly affected business higher education. It is through these ideals that Bernard J. Milano has contributed a lifetime’s worth of value not only to Beta Alpha Psi but also to the accounting profession.

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 will recognize individuals who have shown a lifetime commitment to the advancement of Beta Alpha Psi, through service efforts, financial contributions or advocacy of the organization.

Recipient: Bernard J. Milano

LIFETIME SERVICE AWARD


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.

“It is an amazing honor to receive the Outstanding Faculty Advisor award. As a faculty advisor of BAP, it has been an incredibly rewarding experience to work with so many outstanding students as they prepare for their careers in accounting. I am thankful for all of my colleagues who help to advise me in this role.”

Cheryl Westen — Western Illinois University, Zeta Beta Chapter

“It is such a privilege to work with amazing students and I feel very honored to be recognized by Beta Alpha Psi. It is an organization that I truly believe will make a huge difference in the lives of my students.”

Marci Butterfield — University of Utah, Epsilon Xi Chapter

“I truly appreciate the students nominating me for this award. It’s been a joy to work with the Anderson School Beta Alpha Psi members over the years. It’s been one of my favorite parts of my career in academia.”

Craig White — The University of New Mexico, Theta Xi Chapter

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Regional meetings focus on 1) promoting inter-chapter activities; 2) encouraging student interest in emerging business issues; 3) providing students the opportunity to develop communication skills, both written and oral; 4) providing members with the opportunity to exchange ideas concerning chapter operations and activities in both formal and informal settings; 5) providing the opportunity for general-leadership training for officers and members; and 6) fostering innovative and unique activities to promote and share best practices.

MORE THAN 2,000

ATTENDEES TOTAL 224

CHAPTERS REPRESENTED

9 MEETING

LOCATIONS

Anaheim, CAOrlando, FL

San Antonio, TXHartford, CT

Salt Lake City, UTIndianapolis, IN

Omaha, NEPortland, OR

Auckland, New Zealand

Students at the Atlantic Coast Regional meeting participate in an activity to gauge personality types.

HIGHLIGHTS More than 2,000 attendees total

224 chapters represented

Collaboration Exercise — The Search for the Lost Dutchman’s Gold Mine

Opening keynote sessions delivered by various high-ranking executives from companies such as the IMA, Public Company Accounting Oversight Board (PCAOB) and Intel Corporation

REGIONAL MEETINGS

Beta Alpha Psi members pose for a picture between sessions.

Beta Alpha Psi members pose for a picture between sessions.


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 2014 included: enhancing a soft skill through an innovative program (innovation category); inspiring high school or community college students to pursue a career in accounting, finance or information systems (inspiration category); and developing a program to improve business writing skills of BAP members and candidates (imagination category).

LEADERSHIP

STRATEGIC PLANNING

COLLABORATION

REGIONAL MEETING BEST PRACTICES

REGIONWesternSoutheast

SouthwestAtlantic Coast MidwestMissouri Valley Rocky Mountain Northwest

REGIONWesternSoutheastSouthwest Atlantic CoastMidwestMissouri Valley Rocky Mountain Northwest

REGIONWesternSoutheastSouthwest Atlantic CoastAtlantic CoastMidwestMissouri Valley Missouri ValleyRocky Mountain NorthwestNorthwest

UNIVERSITYSan Diego State University University of North Carolina at CharlotteNew Mexico State UniversityJames Madison UniversityKent State UniversityMissouri State UniversityBrigham Young UniversityWestern Washington University

UNIVERSITYUniversity of San Diego The University of TampaUniversity of Louisiana at LafayetteOld Dominion UniversityWestern Illinois UniversityUniversity of Nebraska-LincolnUniversity of Northern ColoradoPacific Lutheran University

UNIVERSITYSan Diego State University University of Central FloridaUniversity of Texas at El Paso Pace University*Towson University*Youngstown State UniversitySoutheast Missouri State UniversityUniversity of Central Missouri*University of Denver University of Washington*Seattle University*

CHAPTER NAMEBeta Eta Eta Alpha

Delta LambdaEta DeltaBeta PsiTheta PiGamma AlphaTheta Phi

CHAPTER NAMEZeta Kappa Lambda BetaKappa Zeta Zeta PiIota LambdaDelta OmicronTheta PsiDelta Rho

CHAPTER NAMEBeta Eta Epsilon GammaTheta BetaIota LamdaIota ZetaKappa XiMu XIIota MuAlpha Zeta DeltaDelta Eta

*Teams who collaborated together on presentations

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ATLANTA, GA, AUG. 7–9

HIGHLIGHTS

More than 1,200 attendees representing 230 chapters

Participation in BAP International Day of Literacy

27 chapters competed in Best Practices competitions

72 members participated in Project Run With It

90 chapters participated in chapter operations presentations

700+ attendees, Atlanta Braves baseball game

MORE THAN

1,200 ATTENDEES

230 CHAPTERS

REPRESENTED

27 COMPETED IN BEST

PRACTICES COMPETITIONS

72 PARTICIPATED

IN PROJECT RUN WITH IT

90 PARTICIPATED

IN CHAPTER OPERATIONS

2014 ANNUAL MEETING

Students at the annual meeting..


BAP International Day of Literacy

During the 2014 annual meeting in Atlanta, BAP partnered with KPMG LLP, KPMG Foundation, First book and the United Way of Greater Atlanta for BAP International Day of Literacy. Volunteers visited eight elementary schools and one Junior Achievement center in Atlanta to distribute books and engage in activities focused around early literacy. The program introduced More than 4,000 students to the exciting world of reading. Also, as a part of BAP International Day of Literacy volunteers donated school supplies.

960

VOLUNTEERS

4,409 BOOKS DELIVERED

200 BACKPACKS

DONATED BY ROBERT HALF

INTERNATIONAL

700 TICKETS PURCHASED

FOR BRAVES BASEBALL GAME

BAP INTERNATIONAL DAY OF LITERACY

KEY METRICS

960 volunteers

4,409 books donated

200 backpacks donated by 360 Degrees of Financial Literacy

2,642 school supply items donated by BAP Annual Meeting attendees

2,000 bottles of water donated by Coca-Cola

SCHOOL SUPPLIES DONATED

250 glue sticks

300 notebooks

450 pencils

25 scissors

50 miscellaneous other items

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Each category winner from the eight regional meetings competed at the annual meeting against other regional winners — 27 chapters competed. The annual meeting Best Practices competition is sponsored by Deloitte.

ANNUAL MEETING BEST PRACTICES

LEADERSHIP 1st Place New Mexico State University Delta Lambda Chapter

2nd Place San Diego State University Beta Eta Chapter

3rd Place Missouri State University Theta Pi Chapter

University of Denver Alpha Zeta Chapter

University of Washington and Delta and Delta Eta Seattle University Chapter

Pace University and Iota Lambda and Iota Towson University Zeta Chapter

COLLABORATION 1st Place

2nd Place

3rd Place

STRATEGIC PLANNING 1st Place University of Tampa Lambda Beta Chapter

2nd Place Old Dominion University Zeta Pi Chapter

3rd Place University of Nebraska-Lincoln Delta Omicron Chapter


Sponsored by Moss Adams LLP, Project Run With It (PRWI) involves up to 72 BAP chapter members working together during the annual meeting to develop solutions to real life business problems of actual not-for-profit (NFP) agencies. The students work in 18 teams of four and have about one day to develop a formal presentation showcasing their solution to the business issues presented by the NFPs in their “request for proposal” for consulting services. Before the meeting, the NFP agencies provide background information and during the meeting are available to answer the participating students’ questions.

PROJECT RUN WITH IT

NOT-FOR-PROFIT WINNERJewish Family & Career Services A6

CaringWorks Inc. B2

Georgia Center for Nonprofits C3

Team A6

Team C3

Team B2

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2014 PARTICIPANTS

David LascoLisa Ward Emily WaiNick Bresnahan

Fordham UniversityUniversity of Texas at Tyler University of Technology Sydney, AustraliaThe University of Alabama

Matthew BarryCaitlyn Saxton Harriette MooreJohn Pezzatti

Hofstra UniversityCleveland State University Victoria University of WellingtonUniversity of South Florida St. Petersburg

Maria MartinezJennifer SymmondsSyavie Ghamry Tully Lineberger

Virginia Commonwealth UniversityWestern Illinois UniversityThe University of Auckland Business School Valdosta State University

Jeremy BartulaAmy ZimmermannMandeep SinghChaoran Zhang

SUNY at BuffaloBradley UniversityUniversity of WaikatoLouisiana Tech University

Old Dominion UniversityGrand Valley State UniversityFort Lewis CollegeUniversity of Texas at Arlington

Marissa TrudoRyan MillironAmanda GwaltneyTyler Peschka

Alexandria Beehler-EvansJessica HadleyFrancis BennettVidhee Patel

Ohio Northern University Brigham Young UniversitySouthern Illinois University EdwardsvilleMarshall University

TEAM A1 UNIVERSITY

TEAM A2 UNIVERSITY

TEAM A3 UNIVERSITY

TEAM A4 UNIVERSITY

TEAM A5 UNIVERSITY

TEAM A6 UNIVERSITY

PROJECT RUN WITH IT


2014 PARTICIPANTS

Caleb NewcombGeorge HylindMatthew HillMegan Neal

Elon University Loyola University Maryland Xavier University Stephen F. Austin State University

Doug SchmidHunter Hoyer Alexander WilloughbyFranz Hutter

Bentley UniversityUniversity of Central Missouri Mississippi State UniversityTexas State University

Josh JareckeBrandon MyhreJennifer Kingsmore Sergio Robles

University of Colorado DenverUniversity of North DakotaUniversity of South Carolina University of Texas at El Paso

Lingzhi DaiKatherine BaremanJames CarneyBrian Gehres

Pace University Western Washington University University of Central Arkansas The University of Tampa

Lamar University Salisbury University Pacific Lutheran University University of South Florida

Jason BurkettRyan SchlegelNicholaus Townsend-FalckSara Winston

Frank CalifanoMargaret HansenKelsey GarrowMatthew Aguilar

St. John’s University-Staten Island Campus Seattle University Sam Houston State University Clemson University

TEAM B1 UNIVERSITY

TEAM B2 UNIVERSITY

TEAM B3 UNIVERSITY

TEAM B4 UNIVERSITY

TEAM B5 UNIVERSITY

TEAM B6 UNIVERSITY

PROJECT RUN WITH IT

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2014 PARTICIPANTS

Nicholas BonasoroVivek Parekh Saxon JohnsonSusan Xing

Suffolk University Middle Tennessee State University Gonzaga University University of Southern California

Rose WardJulie Parsons Omozokpia OlumeseKurt Osterkamp

SUNY Oswego Washington State University - Vancouver North Carolina A&T State University California State University-Fullerton

Shannon BiggsTyler AsheSabrina McEnaney Amiee Moser

San Diego State University Ithaca College Boise State University University of North Carolina at Charlotte

Corey PorterCatie MaasJenna LehkampAntonio Jarek Fernandes

Ohio University University of Idaho Western Kentucky University San Francisco State University

University of Notre Dame University of Washington Samford University University of Hawaii-Manoa

Shailee KumarAnna ClyburnMichael EngerKaniala Gomes

Zachary Johnson Katie ZoellnerLaurence BaudertStevie Post

The University of Memphis Northern Illinois University The University of Sydney-Australia California State University-Northridge

TEAM C1 UNIVERSITY

TEAM C2 UNIVERSITY

TEAM C3 UNIVERSITY

TEAM C4 UNIVERSITY

TEAM C5 UNIVERSITY

TEAM C6 UNIVERSITY

PROJECT RUN WITH IT

Pace University Western Washington University University of Central Arkansas The University of Tampa

Lamar University Salisbury University Pacific Lutheran University University of South Florida


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

WINNERSUniversity of Massachusetts, Amherst Delta Nu Chapter

Washington State University, Vancouver Nu Theta Chapter

Seattle University Delta Eta Chapter

Portland State University Epsilon Alpha Chapter

Ethics Award winners

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BAP recognizes that many chapters often go above and beyond what is required to become a Superior Chapter. In an effort to reward these chapters, the KPMG and the KPMG Foundation work with BAP to sponsor the KPMG Gold Challenge, a competition that provides an annual $2,500 award to several top chapters. Eligible chapters are required to submit a 7-minute video presentation which explains and/or demonstrates why their chapter deserves the KPMG Gold Challenge award.

GOLD CHALLENGE

The Gold chapter status is the highest award level a chapter can receive. Only a limited number of chapters can be awarded the Gold chapter status within one academic year. The award is given to chapters that continually demonstrate and exemplify the highest values of Beta Alpha Psi: leadership, scholastic success, lifelong learning and development, service, and ethical behavior.

WINNERSFlorida International University Eta Iota Chapter

University of Central Florida Epsilon Gamma Chapter

Bradley University Zeta Lambda Chapter

University of South Florida Delta Gamma Chapter

Seattle University Delta Eta Chapter

San Diego State University Beta Eta Chapter

Valdosta State University Mu Zeta Chapter

Hofstra University Delta Pi Chapter

Texas State University Kappa Eta Chapter

Western Illinois University Zeta Beta Chapter

University at Buffalo Zeta Theta Chapter

University of Utah Epsilon Xi Chapter

The University of Alabama Alpha Beta Chapter

University of Washington Delta Chapter

University of Arkansas Alpha Iota Chapter

Gold Challenge Winners


To qualify as superior or distinguished, each chapter must report a designated amount of Reaching Out Activities and each chapter member/candidate must have a certain number of professional and service hours, as set forth in the Program for Chapter Activities. Each Superior Chapter receives a monetary award of $275 from KPMG LLP and the KPMG Foundation.

SUPERIOR AND DISTINGUISHED CHAPTERS

SUPERIOR WINNERSAppalachian State University

Auburn University

Ball State University

Bentley University

Boise State University

Bowling Green State University

Brigham Young University

California State Polytechnic University-Pomona

California State University-East Bay

California State University-Fresno

California State University-Fullerton

California State University-Los Angeles

California State University-Northridge

California State University-Sacramento

Case Western Reserve University

Central Washington University

Coastal Carolina University

Colorado State University

Creighton University

CUNY-Baruch College

Eastern Illinois University

Eastern Michigan University

Elon University

Florida Atlantic University

Florida Gulf Coast University

Florida State University

Fordham University

Fort Lewis College

Georgia Southern University

Georgia State University

Gonzaga University

Idaho State University

Ithaca College

James Madison University

Kent State University

Long Island University-Post

Louisiana State University

Louisiana Tech University

Loyola University Maryland

Manhattan College

Marquette University

Marshall University

Middle Tennessee State University

Missouri State University

Murray State University

North Carolina A&T State University

Northern Arizona University

Northern Illinois University

Oakland University

Ohio Northern University

Ohio University

Oklahoma State University

Old Dominion University

Oregon State University

Pace University

Portland State University

Saint Louis University

Salisbury University

Sam Houston State University

Samford University

San Francisco State University

San Jose State University

Southeast Missouri State University

Southeastern Louisiana University

St. John’s University

St. John’s University - Staten Island Campus

Stephen F. Austin State University

Stonehill College

Suffolk University

SUNY Oswego

Syracuse University

Tennessee Tech University

The Ohio State University

The University of Memphis

The University of New Mexico

The University of Southern Mississippi

The University of Sydney - Australia

The University of Tampa

Towson University

Truman State University

University of Akron

University of Alabama at Birmingham

University of Central Arkansas

University of Central Missouri

University of Connecticut

University of Dayton

University of Denver

University of Hawaii-Manoa

University of Houston - Clear Lake

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SUPERIOR WINNERS CONTINUED

University of Idaho

University of Iowa

University of Kentucky

University of Louisiana at Lafayette

University of Louisiana at Monroe

University of Louisville

University of Massachusetts - Amherst

University of Miami

University of Michigan-Dearborn

University of Mississippi

University of Missouri-St. Louis

University of Missouri-Kansas City

University of Montana

University of Nebraska-Lincoln

University of Nebraska at Omaha

University of Nevada-Las Vegas

University of Nevada-Reno

University of New Orleans

University of North Carolina at Charlotte

University of North Carolina at Greensboro

University of Northern Colorado

University of Oregon

University of Pittsburgh

University of San Diego

University of South Alabama

University of South Carolina

University of South Dakota

University of South Florida St. Petersburg

University of Southern California

University of Southern Indiana

University of Tennessee at Knoxville

University of Tennessee at Chattanooga

University of Texas at Arlington

University of Texas at El Paso

University of Texas at Tyler

University of Washington Bothell

University of Wisconsin-Whitewater

University of Wyoming

Utah State University

Virginia Commonwealth University

Virginia Tech

Washington State University

Washington State University - Vancouver

Weber State University

West Chester University

Western Kentucky University

Western Michigan University

Western Washington University

Wichita State University

Winston-Salem State University

Wright State University

Youngstown State University

DISTINGUISHED WINNERSArizona State University

Belmont University

California State University-San Bernardino

Clemson University

Cleveland State University

Eastern Washington University

Grand Valley State University

Iowa State University

Kennesaw State University

Lamar University

Montana State University-Bozeman

New Mexico State University

New York University

North Carolina State University

Pittsburg State University

Quinnipiac University

Southern Illinois University Edwardsville

The University of Auckland Business School

University at Albany

University of Arizona

University of Colorado Denver

University of Georgia

University of North Georgia

University of North Texas

University of Notre Dame

University of Toledo

University of Wisconsin - Madison

University of Wisconsin Oshkosh

Wayne State University

MOST IMPROVED CHAPTER WINNERUniversity of Tennessee at Chattanooga (Eta Kappa Chapter)


An inclusive work environment that values and leverages the unique differences of a diverse team is critical for the future success of the global business community. More than 90 percent (90%) of the Fortune 500 companies have active diversity initiatives in place and most include diversity as part of its business strategy. Ernst & Young leadership fully understands the importance of an inclusive environment that values the contributions of its entire people. The firm believes that a key element of effective teaming is the diversity of thought generated from team members from different backgrounds and perspectives. Highly effective leaders are those who are experienced at leading diverse teams. Ernst & Young also believes that it is important for future leaders of the business community to have a great appreciation and understanding of how to successfully team in a diverse and inclusive environment. Accordingly, EY has created the Ernst & Young LLP 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

WINNERS1st place University of Missouri - St. Louis Gamma Psi

2nd place Western Washington University Theta Phi

3rd place University at Buffalo Zeta Theta

3rd place The University of Memphis Gamma Chi

3rd place Wright State University Eta Psi

Inclusive Leadership Award winners with EY representative Paige Sacks

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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 2014.

VITA AWARDS

University at Buffalo Zeta Theta Chapter

San Francisco State UniversityUniversity of Massachusetts, Amherst University at Buffalo

Beta Chi ChapterDelta Nu ChapterZeta Theta Chapter

University of Washington, BothellPortland State University University of Montana

Mu Psi Chapter Epsilon Alpha ChapterDelta Kappa Chapter

Utah State UniversityUniversity of Massachusetts, AmherstSan Francisco State UniversityUniversity of ConnecticutUniversity at BuffaloGonzaga University

Delta Omega ChapterDelta Nu ChapterBeta Chi ChapterEpsilon Lambda ChapterZeta Theta ChapterIota Delta Chapter

Northern Michigan UniversityUniversity at BuffaloUtah State University

Lambda Iota ChapterZeta Theta ChapterDelta Omega 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 THE MOST VOLUNTEERS WITH AT LEAST 25 HOURS)

RETURN PREPARATION (CHAPTERS WHO PREPARED MORE THAN 500 RETURNS)

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


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: A. Lucien Butler, Utah State University From a very young age, Butler was prevented from receiving an education and was required to work at home. His situation was not discovered until he was 14, at which point a court order was issued that finally allowed him to attend school.

Once in school, Butler was substantially behind his peers and struggled to grasp academic concepts. However, through hard work with his teachers and taking extra classes, he was able to overcome these challenges.

Eventually at 16, he left the unfortunate and difficult situation at home. He began living with the Butler family, who had volunteered to take him in until he finished high school, and ultimately adopted him.

After graduating high school, Butler joined the National Guard and went on combat missions in Afghanistan. For his service, he was awarded the Honor of the Purple Heart, an award that commemorates the sacrifices of America’s servicemen and servicewomen who were wounded in battle.

After completing his National Guard service, Butler acquired an accounting degree at Utah State University. While at USU, he worked with Grant Thornton on a tax internship and performed volunteer work in his Beta Alpha Psi chapter and in the community, all the while excelling in the classroom.

Butler is a Master of Accounting candidate at Utah State University where he holds a 3.9 GPA. He also is the incoming vice president for the USU Delta Omega Chapter of Beta Alpha Psi.

MEDAL OF INSPIRATION AWARD

“One of the great things school did for me was it opened my eyes to what the world was like. I started to understand that the only way I was going to make something of myself would be through education.”

Lucien Butler, Utah State University

Medal of Inspiration Award winner: Lucien Butler

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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: 3

West Chester University — Nu Zeta Chapter

Washington State University Vancouver — Nu Theta Chapter

University of Waikato — The Waikato Chapter

New Petitions: 6

Active chapters: 298

Active members: 17,000+

17,000+ ACTIVE MEMBERS

298

ACTIVE CHAPTERS 6

NEW PETITIONING CHAPTERS

3 NEW CHAPTER

INSTALLATIONS

West Chester University — Nu Zeta Chapter

Washington State University Vancouver

— Nu Theta Chapter

University of Waikato — The Waikato Chapter

EXPANSION


FINANCIAL STATEMENTS

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, 2014 and 2013, and the related statements of activities and Cash flows for the years then ended, and the related-notes-to the-financial-statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Beta Alpha Psi as of April 30, 2014 and 2013, 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 LLPRoseland, New JerseyJuly 8, 2014

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STATEMENTS OF FINANCIAL POSITION

YEARS ENDED APRIL 30, 2014 APRIL 30, 2013

Current assets

Cash and cash equivalents $1,923,292 $1,638,399

Investments 145,000 186,000

Accounts receivable 93,177 63,210

Prepaid expenses and other assets 61,369 19,866

Total current assets $2,222,838 $1,907,475

Long-term assets

Investments 94,000 145,000

Website development, net of accumulated amortization $65,153 and $170,595

189,715 231,963

TOTALS $2,506,553 $2,284,438

Liabilities

Accounts payable $161,964 $93,286

Unearned revenue 41,510 43,910

Total liabilities $203,474 $137,196

Net assets

Unrestricted 2,218,049 2,053,736

Temporarily restricted 85,030 93,506

Total net assets $2,303,079 $2,147,242

TOTALS $2,506,553 $2,284,438

See Notes to Financial Statements.


STATEMENTS OF ACTIVITIES

CHANGES IN UNRESTRICTED NET ASSETS APRIL 30, 2014 APRIL 30, 2013

Revenue and support

Membership fees $724,180 $645,040

Associates program contributions 195,000 184,000

Chapter maintenance fees 85,500 83,400

Annual student convention 305,648 253,663

Charter and petition fees 7,000 9,000

Regional meetings 166,690 145,620

Interest income 3,437 5,131

Contributed services 60,400 64,480

Net assets released from restrictions 215,002 204,192

Miscellaneous 3,260 5,501

Total unrestricted revenue and support $1,766,117 $1,600,027

Expenses

Program expenses

Annual student convention $477,118 $345,425

Community service day 32,771 50,000

Board of Directors meetings 38,089 28,245

Chapter installations and visitations 712 6,839

Banners and gavels 3,225 4,274

Regional meetings 259,735 278,957

Superior Chapter Award Program 40,700 37,125

Best practice awards 29,625 29,750

Diversity awards 13,250 11,500

Faculty advisor awards 25,000 25,000

Gold Challenge awards 30,000 22,500

Project Run With It awards 12,000 12,000

BIPOY awards 6,000 6,000

Ethics awards 19,000 15,000

Miscellaneous 5,859 5,039

Total program expenses 993,084 877,654

General and administrative 608,720 559,561

Total expenses 1,601,804 1,437,215

Change in unrestricted net assets $164,313 $162,812

Change in temporarily restricted net assets

Contributions 206,526 216,675

Net assets released from restrictions (215,002) (204,192)

Change in temporarily restricted net assets (8,476) 12,483

Change in net assets 155,837 175,295

Net assets, beginning of year 2,147,242 1,971,947

Net assets, end of year $2,303,079 $2,147,242


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STATEMENTS OF CASH FLOWSAPRIL 30, 2014 APRIL 30, 2013

Operating Activities

Change in net assets $155,837 $175,295

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

Amortization 64,950 1,744

Changes in operating assets and liabilities

Accounts receivable (29,967) (12,130)

Prepaid expenses and other assets (41,503) 3,678

Accounts payable 68,678 (206,189)

Unearned revenue (2,400) 6,540

Net cash provided by (used in) operating activities $215,595 ($31,062)

Investing activities

Capital expenditures (22,702) (131,949)

Proceeds from maturation of investments 186,000 237,000

Purchase of investments (94,000) (145,000)

Net cash used in investing activities 69,298 (39,949)

Net increase (decrease) in cash and cash equivalents 284,893 (71,011)

Cash and cash equivalents, beginning of year 1,638,399 1,709,410

Cash and cash equivalents, end of year $1,923,292 $1,638,399



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 three months or less when purchased to be cash equivalents. As of April 30, 2014 and 2013, the Organization’s cash equivalents consisted primarily of money market funds.

Investments Short and long-term investments· at April 30, 2014 and 2013, 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 amount under the Federal Deposit Insurance Corporation (“FDIC”) and the Securities Investor Protection Corporation (“SIPC”). As of April 30, 2014 and 2013, the Organization’s cash balance exceeded the current insured amount under FDIC and SIPC by $1,029,962 and $874,156, 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, 2014 and 2013, 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.

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NOTE 1 — PURPOSE AND SUMMARY OF ACCOUNTING POLICIES

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, 2014 and 2013, represent outsourced costs associated with new site development and enhancements.

Net assets The Organization’s financial resources have been combined into two net asset classes (unrestricted and temporarily restricted) based upon stipulations imposed by donors. Unrestricted net assets include expendable resources over which the Organization’s Board of Directors has discretionary control and are used to carry out the Organization’s operations in accordance with its by-laws. Temporarily restricted net assets include resources expendable only for those purposes specified by a donor or grantor. The restrictions are satisfied by specific expenditures of the Organization.

Contributed services The Organization recognizes contribution revenue for certain contributed services received at the fair value of those services. Those services include facilities and organizational support valued at $20,400 and $24,480 for the years ended April 30, 2014 and 2013, respectively, furnished by the American Institute of Certified Public Accountants (“AICPA”). See Note 5 for additional services provided by the AICPA. In addition, a significant amount of time, for which no value has been assigned as it does not meet the criteria for recognition, was volunteered by professionals, professors and students to the activities of the Organization.

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, 2014 and 2013. The Organization’s Federal income tax returns prior to fiscal year ended April 30, 2011, 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, 2014 and 2013, the Organization did not incur any interest and penalties associated with tax matters.

Reclassifications Certain accounts in the 2013 financial statements have been reclassified to conform with the current year’s presentation.

Subsequent events The Organization has evaluated subsequent events through July 8, 2014, the date which the financial statements were available to be issued. No subsequent events requiring disclosure were noted by management.


NOTE 2 — INVESTMENTS

The certificates of deposit are valued at cost, plus accrued interest.

Investment income consists of interest income of $3,437 and $5,131 in 2013 and 2012, respectively.

INVESTMENTS APRIL 30, 2013 APRIL 30, 2012

Investments consist of the following

Certificates of deposit — short-term $145,000 $186,000

Certificates of deposit — long-term $94,000 145,000

TOTALS $239,000 $331,000

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 2014 and 2013 in fulfillment of the following purposes:

2014 2013

Best practice awards $29,625 $29,750


Community service day 22,771 40,000

Superior chapter awards program 40,700 37,125

Diversity awards 13,250 11,500

Project Run With It awards and program expenses 28,656 17,317

Gold Challenge awards 30,000 22,500

Ethics awards 19,000 15,000

BIPOY awards 6,000 6,000

TOTALS $215,002 $204,192

2014 2013

Best practice awards $ 9,375 $11,850


Superior chapter awards program 2,150 2,150

Inclusive leadership awards 8,750

Project Run With It 33,975 25,956

Community service day 25,730

BIPOY awards 6,000

TOTALS $85,030 $93,506

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Investment in website development, at cost, consists of the following at April 30, 2013 and 2012:

2014 2013 ESTIMATED USEFUL LIVES

Website development $254,868 $402,558 3 Years

Less accumulated amortization 65,153 170,595 -

TOTALS $189,715 $231,963

Amortization expense was $64,950 and $1,744 for the years ended April 30, 2014 and 2013, 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, 2014 is as follows:

NOTE 4 — WEBSITE DEVELOPMENT

YEAR ENDING APRIL 30 AMOUNT

2015 $85,020

2016 84,625

2017 20,070

TOTAL $189,715

NOTE 5 — RELATED PARTY

General and administrative expenses include charges from the AICPA for payroll, benefits and out of pocket expenses, which amounted to $388,809 and $394,605 for the years ended April 30, 2014 and 2013, respectively. 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. For the year ended April 30, 2013, the Organization owed $17,630, to the AICPA for actual expenses charged exceeding payments made. This amount was included in accounts payable.


LEADING AT THE CROSSROADS - Beta Alpha PsiLEADING AT THE CROSSROADS. 1. 2014 BETA ALPHA PSI ANNUAL...

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Transcript of LEADING AT THE CROSSROADS - Beta Alpha PsiLEADING AT THE CROSSROADS. 1. 2014 BETA ALPHA PSI ANNUAL...