The Iowa Ledger, Fall 2010

Dr. Herb Miller: The Grand Life of a Modest Man

The Climb to CFO

Rice Named Outstanding Alumnus

A Magazine for Friends of the Tippie College of Business Department of Accounting

Fall 2010

Accounting FAculty And StAFF

A climb to the peak of Italy’s Mount Grappa

is just one highlight from two accounting

students’ study abroad experience.

Wesley Rondinelli, Urbandale, Iowa, and

Ashley Moroz, Chicago, spent four months

studying in Italy. They attended intensive

academic classes and capitalized on

opportunities to tour Europe.

Ashley explains, “Being taken out of your

comfort zone really teaches you how to

take initiative and adapt to change. These

are valuable lessons I’ll take with me into

my career.”

Read about more Accounting Adventures

found on page 14.

Amy AnLecturer

Ramji BalakrishnanProfessor and Director, RSM McGladrey Institute of Accounting Education and Research Carlson-KPMG Professor

Joyce BergProfessor and Director, Iowa Electronic Markets Pioneer Hi-Bred Research Fellow

thomas carrollLecturer and Director, M.Ac. Program

daniel collinsProfessor and Director, Ph.D. Program Henry B. Tippie Research Chair

douglas deJongProfessor and Departmental Executive Officer Arthur Andersen Alumni/Faculty Professor

Kevin den AdelLecturer and Director, Undergraduate Accounting Program

cristi gleasonAssociate Professor Larry and Lori Wright Research Fellow

Robert HartmanLecturer

Paul HribarAssociate Professor Lloyd J. and Thelma W. Palmer Research Fellow

W. Bruce JohnsonProfessor Sidney G. Winter Professor

Val lembkeEmeritus

Richard MergenthalerAssistant Professor

Mary MurphyLecturer

Mark PennoProfessor Soumyo Sarkar Research Fellow

Sonja o. RegoAssociate Professor Lloyd J. and Thelma W. Palmer Research Fellow

Albert SchepanskiProfessor

Jean thompsonProgram Assistant

Richard M. tubbsEmeritus

Kay WheelerProgram Assistant

Ryan WilsonAssistant Professor

1Henry B. Tippie College of Business

The Iowa Ledger is an annual publication for alumni and friends of the Department of Accounting, Henry B. Tippie College of Business, The University of Iowa.

Departmental Executive OfficerDouglas DeJong [email protected]

Executive EditorW. Bruce Johnson [email protected]

EditorMisti Huedepohl [email protected]

DesignerAmy Belice Graphic Design

Contributing PhotographersJim Gianopoulos Hawk City Productions Impact Photo/Joe Photo Linda Knowling Susan McClellen Paari Dominic Swaminathan Andrew Tucker

Contact UsWe want to hear from you! Direct correspondence to:Misti Huedepohl Editor, The Iowa LedgerC352 PBB The University of IowaIowa City, IA 52242-1994Phone: (319) 335-1554 Fax: (319) [email protected]

Address ChangesE-mail: [email protected]. Mail: Alumni Records, UI Alumni Association, 100 Levitt Center for University Advancement, The University of Iowa, Iowa City, IA 52242-1797.

The University of Iowa prohibits discrimination in employment, educational programs, and activities on the basis of race, national origin, color, creed, religion, sex, age, disability, veteran status, sexual orientation, gender identity, or associational preference. The University also affirms its commitment to providing equal opportunities and equal access to University facilities. For additional information, contact the Office of Equal Opportunity and Diversity, 319-335-0705. 78645/12-10

Cover Photo: An evening view of Beckwith Boat-house, the new home for the UI rowing team. Photo by Paari Dominic Swaminathan.

Departments 2 LetterfromtheChair

6 theYearinreview

16 professionalaccountingCouncil

Features 3 TheGrandLifeofaModestMan

Alumnus Dr. Herb Miller has had a profound impact on educating millions of accounting students and influencing the country’s accounting standards and practices.

14 AccountingAdventuresTippie accounting program members create their own adventures near and far during summer months.

18 AccountingSummitStudents from 14 regional institutions garnered access to high-level execs and expanded their perspective on the accounting profession during this two-day event.

22 TheClimbtoCFOFollow the career paths of three prominent alumni who are financial leaders in the private sector.

20 alumninotes

28 Facultynews

31 studentLife

35 Honorroll

Accounting students enjoy the start of the academic year during the Beta Alpha Psi barbecue at the Tippie College of Business. Pictured (left) Ashley Moroz, Mickey Untiedt, and Lisa Ortner. See more on Beta Alpha Psi on page 6.

2 theIowaLedger

Mission Statement

The national prominence of our department stems from the reputation for excellence of our programs and research. A primary goal is to provide undergraduate and Master of Accountancy students with a broad and deep educational experience that will facilitate their professional growth.

This objective entails providing students with a strong technical foundation in core accounting competencies; developing their skills in critical thinking, analysis, and communication; and fostering an awareness of ethical matters and a sense of professional integrity and judgment. We also seek to educate students from other departments in a manner that enables them to become informed users of accounting information.

We aim to cultivate the future leaders in the academic community by training and working with doctoral students. Promoting the research enterprise, which requires faculty to update their professional skills continually by participating in the creation and dissemination of accounting knowledge, is critical in its own right and in accomplishing our curriculum goals.

LetterfromtheChair

“Act well your part, there all the honor lies.” —Alexander Pope

When I consider the many people associated with the Department of Accounting at The University of Iowa, I am reminded of this timeless quote from the eighteenth-century English poet.

In the position of departmental chair, I have the luxury of seeing so many of our students, alumni, and faculty who act with honor every day. One vivid example is our 1936 alumnus, Herb Miller. He has lived an amazing life and our story details his tremendous influence on accounting education and the nation’s accounting standards and practices, as well as his reputation for honor and integrity. You will be surprised to discover where his trustworthy reputation led him.

I can’t help but consider the accounting students of Beta Alpha Psi and other business students who are committed to serving others in the community through Tippie Build’s Habitat for Humanity home-building project. Our students’ dedication in providing a home to a needy family is truly honorable. You’ll read in this issue that our accounting students are not alone in this effort. They are supported by accounting firms who not only offer their financial support, but send teams of volunteers to the job site to work alongside students. Thank you, firms, for your continued support and for demonstrating to our students that community engagement doesn’t end with graduation.

Our Outstanding Accounting Alumnus, Ann Madden Rice (M.Ac. 1983) is an excellent example of acting well as she built her 27-year career as an executive in the health care industry. With her M.Ac. degree in hand, her career started at The University of Iowa Hospitals and Clinics and today she serves as CEO of University of California Davis Medical Center in Sacramento.

As you read through these pages, I hope you will consider the actions you see our accounting students, faculty, and alumni taking, and share my pride in all they have achieved. As alumni, you have a significant impact on helping us attract top faculty, advance accounting research and education, and excel in developing future leaders of the accounting profession.

Thank you.

Douglas DeJongChair


Dr. Herb MillerThe Grand Life of a Modest Man

When Dr. herb Miller, bA 1936, reflects on his life of 96 years, his many accomplishments rival his bountiful years. he achieved great professional suc-cess in both the private sector and academia and it all began nearly 80 years ago when this modest man first arrived at The University of iowa.

The Great Depression had a strong hold on the country when herb Miller graduated from high school in DeWitt, iowa. his father encouraged him to go to college, and The University of iowa was geographically the logical choice.

he enrolled in business classes at the College of Commerce in the 1930s, when approximately 360 students were enrolled and 38 faculty members were on staff. At the time, the College was housed on the Pentacrest in University hall (later renamed Jessup hall) and yearly tuition was approximately $50.

herb was dedicated to his studies, but clearly his fondest memories in iowa City include playing in a band with friends and entertaining sororities and fraternities on weekends. he polished his musical

Stories of foreign intrigue and a record-setting test score;

Coauthoring the book that sold millions and educated a generation of accountants.

He’s had a profound influence on accounting practice in this country.

4 theIowaLedger

talent by playing saxophone, clarinet, and drums. even today, music remains an important part of his life as he enjoys playing the organ regularly.

Building a Futureherb first met his wife of 72 years, lenore (Snit-

key) Miller, at the College of Commerce. She, too, was studying accounting and was the only female accounting major. lenore’s interest in accounting began in humboldt, iowa, where her family owned a grocery store. her mother was the bookkeeper and lenore would fill in from time to time.

“back then i studied accounting, but i didn’t know it. We called it arithmetic,” she jokes.

Upon graduation in 1936, lenore struggled to secure job interviews as few professional account-ing opportunities were available for women during the Depression. eventually she found work with brown-harriman Company, a Chicago bond house.

herb also received his undergraduate degree in 1936 and completed a master’s degree in account-ing in 1937. With the recommendation of Sidney G. Winter, who would later be named dean of the College, herb landed his first teaching post at Simpson College in indianola, iowa. herb and lenore were married at the little brown Church in nashua, iowa, in 1938.

herb’s academic career prospered later at the University of Minnesota where he earned his Ph.D. as well as at the University of Michigan where he headed the accounting department. Despite work-ing in academia, herb began to develop profes-sional relationships with Mr. Arthur Andersen and other key influential accountants of the time.

Highest Accoladesin 1945 herb won one of the most prestigious

honors of his profession; the elijah Watts Sells Gold Medal by the American institute of Certified Public Accountants (AiCPA) for achieving the high-est score in the country on the CPA exam. “Sydney Winter invited me to Des Moines where he would present the award to me, so i got on a fast train to head down there.” herb was stunned to receive this recognition.

his innovative thinking combined with his CPA examination success inspired him to develop the CPA exam review manual. First published in 1952, this text became the model for exam study guides published today.

A Trusted ManWhile teaching at the University of Michigan,

herb was still a young husband and new father. That’s when he was approached with a rare odd-job opportunity for the summer. his qualifica-tions? herb’s integrity and trustworthiness.

The job involved transporting gold to China on behalf of the American government.

“When they first asked herb to take on this task, he initially declined,” explains lenore. “So they phoned our home and asked what i thought. i said he’d do it,” she recounts with a smile. “his salary was just $1,800 per year and he would be paid $50 per day. That impressed me, and we were trying to buy a house in Ann Arbor.”

“They needed someone to carry gold bullion from banks in hong Kong to China. They couldn’t just send anyone. They had to send someone they could trust and they knew they could trust herb,” she says.

A friend, eric Kohler, of the U.S. Treasury and later an Accounting hall of Fame member, approached herb about transporting the gold bul-lion. These monies were provided to China as part of the Foreign Assistance Act of 1948 (a program similar to the Marshall Plan for european nations) to assist the economic reconstruction of China.

“i never felt i was in any danger, but i knew the future was dangerous,” herb recalls. “At the time, Mao Zedong was coming from the north with an army to take over mainland China. At times i could hear the troops and gunfire, but by some miracle they were stopped at the border. hong Kong remained safe and so was i.”

he recalls one instance when an invasion seemed inevitable, so his english-speaking escort advised him to flee immediately. he hurriedly traded hong Kong currency for U.S. dollars on a street corner and left on the next flight.

“i had quite a bag of U.S. dollars at that point. i took that money directly to Washington to return it where it rightfully belonged.”

That summer while herb made numerous trips to China, lenore cared for their daughter, barbara, and stayed with family. he returned to teaching in the fall after completing his international duties.

He coauthored an extraordinarily popu-lar textbook series.

Herb Miller, circa 1980

Lenore Miller in 1936

4 theIowaLedger


Key HonorsAICPA’s Gold Medal Award, 1981, one of the few educators to be honored

Published the first CPA exam review manual in 1952

Accounting Hall of Fame, 1982

Outstanding Accounting Alumnus, The University of Iowa, 1984

Active member of the American Institute of Certified Public Accountants, serving as a member of the AICPA Committee on Accounting Procedures, the Accounting Principles Board, the Board of Directors, and chairman of its Standards for Programs and Schools of Professional Accounting.

Past president of American Accounting Association, Beta Alpha Psi, Federated Schools of Accountancy

Problems Are No Problem

eventually herb would move to Michigan State University where he began publishing his own accounting textbooks. he was invited by Account-ing hall of Fame member harry A. Finney to coauthor the well-known Finney and Miller three-volume series of Principles of Accounting —introductory, intermediate, and advanced textbooks.

As an award-winning problem solver, herb was responsible for the problem portions of the books. This publication was a staple in account-ing curricula, educating a remarkable number of accountants and strongly impacting accounting educators. The Finney-Miller books are likely to have reached a staggering four million account-ing students, an unparalleled feat in accounting publishing.

Along with influencing the education of future accountants, herb had a profound impact on the practice of accounting and financial reporting during a time when the SeC relied on the AiCPA to develop and enforce accounting standards. responding to the growing need to report reli-able financial information, the AiCPA created the Accounting Principles board (APb) of which herb was a member from 1959 to 1963. This was the first private sector organization to establish accounting standards. During herb’s tenure on the APb, he encountered controversial financial issues such as the accounting treatment for the investment tax credit, which received sharp criti-cism from politicians, government regulators, and the business community.

Private Sector CallsAfter 33 years of teaching, herb joined Arthur

Andersen & Co. in 1970, serving as a partner in the firm’s world headquarters. While working in Chicago, herb and his family enjoyed living in a condominium on the 69th floor of the John hancock Center. he retired from the firm at the company’s mandatory retirement age in 1978.

he wasn’t ready to embrace retirement yet so when the University of Georgia in Athens received regent’s approval to establish a school of accounting in the College of business, he seized the opportunity. in an odd twist of fate, our own henry b. Tippie College Dean, William (Curt) hunter, was assistant professor of banking and finance at the University of Georgia’s College of business at this time and interacted with herb

on a numerous occasions. herb was inducted in the Accounting hall of Fame in 1982 and retired from academia in 1983 when golf games with close friends would fill his schedule in place of budget meetings and curriculums.

in 1984 herb was named Outstanding Accounting Alumnus at The University of iowa and remains an important supporter of the Department of Account-ing in the Tippie College of business. in 2000 herb and lenore endowed the Sidney G. Winter Profes-sorship to honor herb’s mentor and friend. herb and lenore still call Athens home today.

Although herb’s life accomplishments have been nothing short of grand, he remains modest as he humbly describes himself as a man who has simply lived “a good life.”

6 theIowaLedger

theYearinreview

Beta Alpha PsiThis year was filled with opportunities to cultivate profes-

sional development and community service. beta Alpha Psi is the international honorary accounting organization; membership is open to all accounting majors who have been admitted to the Tippie College of business and have met grade-point and service requirements.

2009-2010BetaAlphaPsiOfficersDaniel Teper, President (Fall 2009)

Danielle Protexter, President (Spring 2010)

Wilson Roorda, Vice President (Spring 2010)

Michael Less, Vice President of Reporting (Fall 2009)

Samantha Feldman, Vice President of Reporting (Spring 2010)

Michael Untiedt, Assistant Vice President of Reporting (Spring 2010)

Katie Fuchs, Treasurer (Fall 2009)

Brian Nowack, Treasurer (Spring 2010)

Joshua Heine, Assistant Treasurer (Spring 2010)

Benjamin Miller, Vice President of VITA Programming

Eric Hartter, Vice President of Networking (Fall 2009)

Tim Roesner, Vice President of Networking (Spring 2010)

Katy Pratt, Vice President of Community Service (Fall 2009)

Staci Meade, Vice President of Community Service (Spring 2010)

Maranda Brandt, Assistant Vice President of Community Service (Spring 2010)

Kristin Hanson, Vice President of Communications

BetaAlphaPsiPresentationsMembers of Beta Alpha Psi have the opportunity to meet

and network with accounting professionals during weekly meetings. We would like to thank the following companies for volunteering their time to interact with BAP members and for presenting information on important business topics during those meetings.

Ernst & Young (Teaming in a Global Marketplace)

Deloitte (Choosing a Career Path: Tax Versus Audit)

KPMG

PricewaterhouseCoopers (Corporate Social Responsibility)

Accenture (Steps to Success: Initial Steps in Becoming a Business Advisor)

RSM McGladrey (Maximizing Your Interview Success)

Terry, Lockridge & Dunn (The Advantages of Working for a Local Firm)

Institute of Internal Auditors (Internal Audit as a Career)

Peace Corps and AmeriCorps (What Does the Peace Corps/AmeriCorps Have to Offer?)

AEGON (Issues in International Taxation)

Rockwell Collins

ConAgra

CNA

Federal Bureau of Investigation

Special thanks to PricewaterhouseCoopers and UnitedHealthcare for hosting us during a professional trip to Minneapolis.

Turk Pierson and Michelle White work the Beta Alpha Psi table during Tippie Fest, the annual student organization fair at the Tippie College of Business.

Beta Alpha Psi continues to serve the community through the Volunteer Income Tax Assistance (VITA) program and Tippie Build’s Habitat for Humanity. Discover how undergraduate student, Ben Miller, developed his leadership skills by leading VITA; story on page 7. Read how Tippie Build is partnering with accounting firms on page 12, and how student David Mapes dovetailed his construction know how with his accounting educa-tion on page 31.


Each tax season Beta Alpha Psi participates in VITA (Volunteer Income Tax Assistance) where University of Iowa accounting and law students volunteer to assist with filing income taxes for qualified Johnson County residents. The VITA program consistently serves more residents each year, and this year was no exception.

A new record number of 1,018 tax returns were filed but Ben Miller, BAP vice president of VITA programming, says they’re exploring ways to serve even more residents. “We have outgrown the Iowa City Public Library facility, so we are limited to how many volunteers can work in the space available. One of our goals for next year is to expand. With the country’s current economic situation, we are very busy and will likely continue to be.”

VITA is spearheaded by the BAP vice president of VITA programming who works closely with Professor Joyce Berg, faculty advisor, to coordinate this large undertaking.

Miller, a senior accounting student, filled the role of VITA programming officer and faced the challenges of recruiting and training the many volunteers. He estimates he personally dedicated 250 hours on the project all while maintaining his academic course load and a part-time job.

“Most volunteers are Beta Alpha Psi

Valuable VolunteeringBen MillerVITA expAnded HIs TAx knowledge

$202,000

members. But we also visit classes in the fall to recruit other volunteers. They are required to have at least one tax course before they can begin preparing personal tax returns. We encourage volunteers to receive 15 hours of training with Professor Berg. They also must pass IRS certification testing,” he says.

This year 59 BAP members, 34 other accounting students, and 6 law students prepared tax returns at four locations in Johnson County. Together they totaled 2,519 volunteer hours for the project.

Volunteers gain experience while providing a service to the community.

“Each taxpayer’s situation is unique and may require further research. We face a variety of situational complexities that include nonresident taxes, partnerships, trust and estates,

sole proprietorships, and more. If the software could handle it, and it was within the IRS guidelines, we dealt with it,” Miller says.

Coordinating this effort for BAP not only helped Miller to expand his tax knowledge considerably, it was also an opportunity to learn other valuable skills like leadership and time management.

“I knew in the beginning that if I tried to do everything myself, I wasn’t going to get anything accomplished. I recruited a few friends who were especially valuable in the reviewing process.”

Miller explains that after taxpayers complete their session with a volunteer, the tax return is prepared, it’s quality reviewed on location, and then reviewed again at another site before being submitted to the IRS.

VITASTATSNumber of student volunteers • 99Total volunteer hours • 2,519Completed tax returns • 1,018Estimated savings to taxpayers • $202,000

8 theIowaLedger

theYearinreview

As a van stuffed with soccer gear and numerous 15-year-old boys speeds down the highway, M.Ac. student Paul nylen is in the passenger seat with his accounting textbook reviewing material for a test in three days.

This unlikely study spot is typi-cal for Paul as he works as head soccer coach for the iowa City Alli-ance Soccer Club, a competitive youth travel team that frequently travels out of state on weekends for tournament play.

“i grew up playing soccer – club, high school, and Olympic Development Program (OPD). When i came to iowa City during the second semester of my fresh-man year, my old OPD coach was in town. he contacted me and asked if i had any interest in coaching. i had never considered it until then, but it’s been an outstanding experience.”

As a soccer coach, Paul spends a lot of time with people who are not his age. The players are usu-ally 10 years younger while their parents are at least 10 years older than Paul. but he sees the value in serving as a coach in a game he’s passionate about. he says working with this varied group has helped him become a leader and become very comfortable with public speaking.

Paul’s love of soccer was a contributing factor in returning to The University of iowa for a graduate degree. he majored in economics and political science, completing an undergraduate

degree in 2006, then worked for a manufacturing company in Des Moines, a position that offered opportunities for international travel to hong Kong and China. he planned to attend graduate school but was undecided about the area of study. That’s when the soccer field and the field of accounting intersected.

lecturer and director of the M.Ac. Program, Tom Carroll spends plenty of time on the side-lines of the soccer fields in iowa City. his children play club soccer and eventually Tom and Paul were introduced. When Tom learned of Paul’s interest in graduate school, he persuaded Paul to consider a Master of Accountancy degree, and soon after, Paul enrolled in the program at the Tippie College of business.

“Since my undergraduate degree was something other than accounting, i enrolled in a two-year master’s program. This means i take all intermediate accounting courses along with the M.Ac. classes at the same time. it’s the busiest of both worlds.”

Paul considered working as a TA (teaching assistant), one of the shining aspects of the M.Ac. Pro-gram. he taught introduction to Financial Accounting three times a week for two semesters. “Teach-ing helps to keep the knowledge fresh in my mind. it forces me to hone my technical and mechani-cal skills too,” he says.

“And it helps me connect to the Department of Accounting in

From Classroom to CoachPaul NylenM.Ac. sTudenT CoACHes soCCer And TeACHes


another dimension. When you’re a TA, you have office hours, and responsibilities like grading exams and helping people with home-work. it’s a different experience than being a student.”

So how does he do it all—a full-time student, TA, and soccer coach with practices three times a week and weekend games? his schedule is loaded, yet he stays organized. he attributes his successful time management to canceling cable and no longer owning a TV.

“it’s amazing how much time it frees up in my day. i still like to watch pro sports, but i just don’t watch them at home.”

Paul has served as a licensed youth soccer coach since 2005. After completing the M.Ac. Pro-gram, he will shift his focus from scoring goals to achieving career goals. he enrolled in law school at Marquette University this fall.

UndergraduateEnrollmentTotal enrollment in the Tippie College of Busi-ness is over 2,200 students, a 2% increase from spring 2009.

There are 310 declared undergraduate account-ing majors, a 5% increase from the previous year.

The Professional Program in Accounting contin-ues to attract quality students by requiring 3.00 cumulative GPA for admission. Other business majors require a 2.75 GPA.

CurriculumWe continue to expand international account-ing content across the curriculum to increase global awareness among our students. In addi-tion to regular textbooks, students in financial accounting courses use a supplementary handbook on International Financial Reporting Standards (IFRS) to better understand the simi-larities and differences with U.S. GAAP. Interna-tional content is emphasized in managerial, tax, and auditing courses.

IntegratedLearningObjectivesThe Professional Programs Committee devel-oped new Integrated Learning Objectives (ILO) for graduates of our undergraduate and M.Ac. programs. These include: communication skills, critical thinking skills, ethical values, leadership effectiveness, and technical proficiency.

RankingsGraduates of our programs excel at passing the CPA exam, based on Candidate Performance on the Uniform CPA Examination, 2009 edi-tion, published by the National Association of State Boards of Accountancy. University of Iowa undergraduates ranked in the top ten nationally with a 67% success rate on their first attempt. Public Accounting Report ranked the undergrapduate program in the top ten among mid-size accounting programs.

plACeMenT

The challenging economic climate proved to be a double-edged sword for the pro-gram. While the poor job market contrib-uted to increased interest in the program from students with undergraduate degrees in areas other than accounting, it also posed significant placement challenges as this year’s job market was the tightest since the 1992-93 recession. The department turned to Chenhall Staffing Services to consult with M.Ac. students on job-search strategies.

exIT surVeys reVeAled

In spite of difficult market conditions, 69% of our 2009-10 graduates had accepted positions by graduation. Salaries averaged nearly $50,000, which is comparable to prior years.

Professional Program

masterofaccountancyAYearofFirstsThe Master of Accountancy (M.Ac.) Program reached a record-setting level of enrollment in the 2009-2010 academic year. Fall and spring semester enrollment exceeded 60 students for the first time.

M.Ac. graduates rank at the top of Big 10 institutions with a 69% success rate on the CPA exam.

Our first graduate selected for a Financial Accounting Standards Board (FASB) post-graduate technical assistanceship, Katie Mohrhauser, began her tenure with the FASB.

Public Accounting Report, in its first ranking of mid-size accounting programs, ranked The University of Iowa’s M.Ac. Program in the top ten nationally.

Foreign students comprised more than 25% of the student body.

$108,000 in financial aid was distributed.

surveysays:80% of our December 2009 and May 2010 accounting undergraduates were employed at graduation (or pursuing a graduate degree).

79% (of those employed) started careers in public accounting.

80%

10 theIowaLedger

2Despite tight budgets, the institute supported two faculty members during summer 2009 and 2010.

theYearinreview

10 theIowaLedger

RSM McGladrey Institute of Accounting Education and Research

The rSM McGladrey institute of Accounting education and research fosters excellence in accounting at The University of iowa by encour-aging and participating in the creation and dis-semination of knowledge in academic, business, and government communities.

RSMMcGladreyNationalSpeakerSeries

The national Speaker Series is an opportunity for our students to learn about the latest in accounting thought from prominent account-ing experts. This year we enjoyed two outstand-ing speakers.

in november 2009, our featured speaker was Jay hansen, national director of accounting for McGladrey & Pullen, llP. he is currently chair of the industry Working Group for the Financial Accounting Standards board’s business report-ing research Project, the Accounting Standards executive Committee of the American institute of Certified Public Accountants (AiCPA), and the AiCPA’s Derivatives implementation Technical Practice Aid Task Force. Jay shared his thoughts on mark-to-market accounting, an issue that gained front page attention in national newspa-pers during the 2008 global financial crisis.

Orry Fiume addressed students in May 2010, on lean Accounting, a concept that has received considerable attention from industry. Orry authored several best-selling books and consults widely on lean issues. he convinced students of the shortcomings of traditional accounting metrics and persuasively argued that account-ing measures must change to keep in tune with changes in the modern workplace.

sudipta BasuTemple University

Jan BouwensTilburg University

david BurgstahlerUniversity of Washington

Feng liUniversity of Michigan

Michal MatějkaUniversity of Michigan

sean McguireTexas A&M University

lillian MillsUniversity of Texas at Austin

steve stubbenUniversity of North Carolina at

Chapel HillJayanthi sunder

Northwestern Universitykristi Towry

Emory Universityrodrigo Verdi

Massachusetts Institute of Technology sarah Zechman

University of Chicago

pwC worksHop speAkers 2009-2010

PricewaterhouseCoopersAccountingResearchWorkshopsAs an integral part of Ph.D. and faculty educa-tion in the Department of Accounting, these workshops bring prominent scholars to Iowa City to present their research, and they help maintain a vibrant intellectual climate here. The department thanks the Iowa alumni of Pricewa-terhouseCoopers for their ongoing support of this crucial activity.


Ph.D. ProgramDespite the difficult economic climate that caused

many schools to cancel or curtail recruiting this past year, the iowa Ph.D. Program in Accounting continued its long tradition of strong placements.

rong Zhao received her doctoral degree in May and accepted a position at Drexel University, Philadelphia. We wish rong the very best as she embarks on her aca-demic career.

Deloitte&ToucheDoctoralFellowship

Xiaolin Tian, a doctoral student in accounting, received a Deloitte & Touche Doctoral Fellowship from the Deloitte & Touche Founda-tion. The award provides financial support to outstanding doctoral students in accounting as they complete their course work and dissertations. Up to 10 students are selected nationwide to be Deloitte & Touche Fellows each year, and each receives a grant of $25,000. The Deloitte & Touche Foundation is the philanthropic arm of Deloitte & Touche.

NewStudentsWe welcomed two new Ph.D. students, Justin Wood

and Brad Hepfer. Brad joins Chelsea Rae Austin and Michelle Shimek as an ADS Fellowship recipient. Chel-sea and Michelle entered our doctoral program in fall 2009 to study in the tax area.

Docotoral degree recipient Rong Zhao, and her advisor, Bruce Johnson.

BrAd HepFer

• Recipient of a four-year fel-lowship sponsored by the new Accounting Doctoral Scholars Program that was initiated to increase the supply of doctoral-qualified faculty in the tax and audit areas.

• Received his BBA and M.Ac. degrees in accounting from The University of Iowa in 2006 and 2007 where he maintained a 4.0 GPA and graduated with highest distinction.

• Worked three years in the Chicago office of PricewaterhouseCoopers as a tax consultant. Brad’s research interests are in the empirical tax area.

JusTIn wood

• Received his BS in account-ing from Brigham Young University in 2004.

• MBA from BYU in 2010.• Worked as a deal-sourcing

analyst for Sorenson Capital Partners, a middle market private equity fund based in Salt Lake City, Utah, 2006-2008.

• Fluent in Spanish and a former Eagle Scout.

• Research interests are in the empirical financial area.

theYearinreview

12 theIowaLedger

For the third consecutive year, Tippie College of business students have banded together to raise funds for Tippie build, an iowa Valley habitat for humanity home constructed by students and potential employers.

Two years ago beta Alpha Psi, the honorary student organization for accounting majors, which spearheads the massive community service project, began inviting accounting firms to join in the Tippie build effort.

Students not only asked for firms’ financial support, but for their employ-ees’ time and talents too.

“Tippie build is a meaningful com-munity project for our students and for anyone who wants to contribute to improving the life of a family,” explains Professor Joyce berg. “it’s a huge under-taking for us and we considered the emphasis many accounting firms place on community enrichment. We invited firms to pitch in and we’ve been very pleased with the results.”

Accounting firms responded by send-ing employees in droves to iowa City to the Tippie build job site where accoun-tants roll up their sleeves alongside current accounting students.

Dan Koestner, partner at ernst & Young, Des Moines, and member of the Professional Accounting Council at the Tippie College of business, is heavily involved in recruiting at The University of iowa. he came to iowa City with a crew of 12 to 15 employees to work on building the home and he recognizes the advantages of supporting Tippie build.

Career BuildersEmployers work alongside students at Tippie Build

446TIPPIEBUILDSTATS446volunteerslogged1,825volunteerhoursto constructthehome

Teams from Ernst & Young (top) and PricewaterhouseCoopers (above) joined Tippie students to help construct the house.


“it’s a great opportunity to spend time working shoul-der to shoulder with students. We get to build relation-ships and view their work ethic,” he says. “We can spend time with students who could be potential eY employees and we can evaluate if they’re a good fit for our company and our culture.”

Koestner says his firm’s strategy is to split into small groups on the job site where students work together with eY employees. They can see firsthand how a stu-dent performs in a team environment and how they communicate.

“We can see from a student’s transcripts that they understand accounting, but at Tippie build, the differ-entiating factor becomes clear; we’re interested in how well a student communicates in a team. everything we do at eY is in a team environment,” he says.

PricewaterhouseCoopers also eagerly sends a fleet of volunteers to support Tippie build. eileen Cleirig, PwC campus recruiter, visits The University of iowa campus often and is no stranger to the power tools and perspira-tion found at Tippie build.

“The University presents wonderful traditional oppor-tunities where we can meet students. There are mock interviews, formal interviews, Meet the Firms night, socials, and case competitions. but the environment at Tippie build is very different from those settings. We see their work ethic, energy, and engagement in tasks.”

She says it doesn’t matter if students have any con-struction experience. She’s scouting for behaviors that transfer from the worksite to the office.

“Things like initiative and assertiveness are important. We’re curious how students handle new tasks in areas where they are unfamiliar.”

both Koestner and Cleirig agree Tippie build is an important initiative in community engagement. Many firms, including PwC and eY, support their employees’ involvement in creating positive change in their local communities and abroad. For more information about volunteering to support Tippie build, contact Joyce berg, faculty advisor, at [email protected].

AEGON Companies

Becker Professional Review

Bergan, Paulsen & Company, P.C.

Clifton Gunderson

ConAgra Foods

Deloitte

Ernst & Young

Federal Bureau of Investigation

General Mills

Grant Thornton

GreatAmerica Leasing Corporation

H&R Block

Internal Revenue Service

John Deere

Kaplan

Kohler Company

KPMG

Latta, Harris, Hanon & Penningroth, LLP

McGladrey & Pullen

Nestle PURINA Pet Care Company

Northwestern Mutual Financial Network

PepsiCo

PricewaterhouseCoopers

Principal Financial Group

Ralcorp Holdings, Inc.

Rockwell Collins

Terry, Lockridge & Dunn

Thomson Reuters

Union Pacific Railroad

U.S. Department of Education—Office of the Inspector General

MeettheFirmsNight2009This annual career fair caters specifically to accounting majors. Meet the Firms Night provides students with opportunities to meet face to face with employers to learn more about accounting careers. While on campus, many firms conduct valuable mock interviews with students. Thank you to all of the organizations for making this event a success.

14 theIowaLedger

Summer is an ideal time to explore, discover, and make the most of those long sunny days. here’s a look at how some members of the Tippie accounting program turned their summer days into adventures.

Accounting Adventures

Coast to CoastAfter his 2010 May graduation, Rich Guidolin packed his bicycle

and headed for San Francisco where he began a coast-to-coast bike ride for Journey of Hope, an initiative of PUSH America that raises awareness for people with physical and mental disabilities.

As president of Pi Kappa Phi’s Theta Theta chapter, he says he wanted to set an example for younger chapter members. And he could think of no better way than to ride, alongside 90 other Pi Kappa Phi members from across the country, from San Francisco to Washington, D.C., for an important cause.

“We don’t just ride our bikes; we also make friendship visits to summer camps that serve disabled people. And we volunteer in service projects too.” Rich says he’ll never forget a meaningful day spent riding a bike with a blind child in Park City, Utah.

Rich pedaled 4,000 miles in eight weeks and he personally raised over $6,000 to benefit PUSH America.

Rich has parked his bike for now and has enrolled at Indiana University–Bloomington where he will participate in the master of science in accounting program.

London TimesUndergraduate student Suzy Levett found adventure in London where she experienced her first internship. Her job responsibilities at BVCA (British Equity and Venture Capital Association) included researching the U.S. private equity training market, assisting in organizing and implementing two venture capital training and networking events, managing databases, and more. Highlights of her London exploits include attending her first cricket match, a game she still finds puz-zling, and jamming to a Jay-Z con-cert (American rap artist) on July 4.


Film Debut Times TwoNot one, but two, undergraduate accounting students

appear in new web videos representing the Tippie Col-lege of Business. Dan Smith, of Westchester, Ill., serves as a host of the Pappajohn Business Building Tour. Dan, along with a fellow student co-host, escorts view-ers throughout the business building noting its great resources and characteristics. The video is aimed at pro-spective undergraduate students considering a business major.

In addition to launching his film career, Dan spent a portion of the summer with Ernst & Young in London where his internship presented him with many opportu-nities to enhance his experience in auditing for diversi-fied clients.

Jessica Orseno also made her film debut by represent-ing the Department of Accounting in the College’s Tippie Majors video. The video gives a brief overview of the College’s six academic programs. Jessica introduces viewers to the accounting major and later reflects on the importance of the Tippie Honor Code.

Jessica’s summer adventures took her to State Farm’s corporate headquarters in Bloomington, Ill., where she worked as a credit analyst in the fixed income division of the investment department. Between family visits and work, her summer was full. With her remaining time she planned events for two student organizations, Women in Business and Tippie Build, to make sure both were prepared for a successful fall semester.

Both videos were produced by Hawk City Productions, a student team located in the Bedell Entrepreneurship Learning Lab (BELL). Check out both videos at tippie.uiowa.edu/undergraduate.

Barbecue ChampWhen Chris Cox, BBA 1989, and current Professional Accounting Council member, says he has plans to barbecue over the weekend, he means business. During the week Chris is senior vice president and chief accounting officer at AMC Entertainment Inc. in Kansas City, but most summer weekends he is a competitive barbecue chef. This summer his barbe-cue team, Brew ‘N’ Bar-B-Que, have competed in ten (and counting) contests throughout the Midwest where he received two grand champion honors, two reserve grand champion honors, and numerous indi-vidual category grand champion awards in chicken, ribs, pork, and brisket.

16 theIowaLedger

professionalaccountingCouncil

While Chris Hoffman (BBA 1985) continues to build his 25-year accounting career as partner at PricewaterhouseCoopers, he is also renewing his relationship with the Department of Accounting and The University of Iowa by serving as a member of the Professional Accounting Council.

In 2005 he was invited to serve on the PAC where he meets directly with members of the Department of Accounting and the leadership of the Tippie College of Business.

“As business professionals, PAC members give feedback on the performance of graduates of the program. We offer recommendations to the department regarding curriculum innovations and the other traits and skills students could obtain while at the University.

“Our goal is to make graduates more attractive to employers now and over time,” he says.

But PAC members like Chris contribute much more than their observations. Chris has been directly involved in teaching students about ethics. The departmental goal was to add more ethics training into Tippie’s classrooms. Chris valued

the training materials used by PwC and had hoped to share ethics training videos with accounting students, but when that proved not to be a viable option, he wasn’t deterred. Instead Chris, along with a PwC team comprised of several Iowa alumni, created their own ethics-focused training videos. The team scripted, filmed and starred in the productions and then shared their creation with Tippie students.

“Iowa alumni appear in the majority of the vignettes.” The end product is now embedded in accounting classroom instruction, and shared with entering accounting majors.

“Our message was to help students discover personal ethics and business ethics are one in the same.”

The training was so successful, they share it with other universities.

Chris has also worked to raise awareness regarding a subject close to his heart – diversity.

He says, “It is a topic that has become more important to our business, and our clients want us to bring more diverse points of view to their issues.”

He’s worked closely with clients who desire a diverse team to handle their

audit and he’s concerned the supply may not meet the demand.

“It wasn’t the easiest thing to do because less diverse candidates are coming out of business schools than the general population, and over time we have struggled with attraction and retention,” he explains. “I was concerned about this issue and as I became more involved with the PAC and the University, I voiced my perspective and I’ve been pleased with the department’s response.”

A departmental diversity initiative was presented to the PAC and plans are under way to implement diversity-focused strategies.

He has also worked with fellow PAC members to influence how the department integrates International Financial Reporting Standards (IFRS) into the current curriculum and the delicate balance of course offerings and the timing of internship opportunities.

“I really enjoy my role with the University. It is a great opportunity to remain connected to the faculty and the students.”

Inside the PACChris Hoffman’s Perspective on the Professional Accounting Council


ProfessionalAccountingCouncil2010-2011

PatrickE.AllenSenior VP & CFOrockwell Collins

HollyAshbaugh-SkaifeAssociate Professor University of Wisconsin

StephenBelynDirector/Corporate Finance FTi Consulting

ChrisCox VP/Chief Accounting Officer AMC entertainment inc.

SusanDavisAssurance Partner rSM McGladrey

GregoryC.Ellisonresident Partner banks, Finley, White, & Company

ScottErickson Partner Deloitte & Touche llP

ChrisHoffmanPartner PricewaterhouseCoopers llP

MelissaKoeppelWisconsin Managing Partner Grant Thornton llP

DanielKoestnerPartnerernst & Young llP

EricJ.MartinSenior Vice President—FinanceAegon USA inc.

MichaelW.NelsonChief Financial Officer Geolearning inc.

LauraNewinskiPartner KPMG llP

JoelSchmidtVice President—regulation and Financial Planning Alliant energy

JeffreyWesthoffController John Deere Power Products

The Presence of the PACThe PAC continues to be the department’s strongest link to the professional

accounting community. it plays an important role in the development of accounting programs at the Tippie College of business. PAC members are business leaders who support excellence in accounting education, and they come from public accounting, private industry, the government and not-for-profit sectors, and academia. Many PAC members are graduates of our programs and all have demonstrated sustained inter-est in the department’s success.

PAC members meet twice a year on campus to discuss issues confronting the accounting profession, the department, and the Tippie College of business. The PAC provides valuable input to our curriculum improvement initiatives and helps ensure that our graduates are equipped with the skills and knowledge employers require today.

The PAC is financed entirely by contributions from active and sustaining mem-bers. Financial support from PAC members has helped fund first-year accounting scholarships and our writing program.

Our entire department wishes to express our gratitude for the generous support and counsel of former and current PAC members.

PAC member Greg Ellison, BBA 1973, met with small groups of accounting students to gain student feedback regarding the curriculum during the spring PAC meeting.

PACScholarCongratulations to accounting student Jennifer England, Oak Forest, Ill., named PAC Scholar for the 2009-10 academic year. Generous contributions by PAC members support accounting scholarships and programming.

18 theIowaLedger

The Accounting Summit, held in February 2010, created a rare oppor-tunity for accounting students from 14 regional colleges and institutions to engage with senior-level business professionals. For two days under-graduate students gained access to top-level executives to explore the accounting profession and its essen-tial components.

“We were very fortunate to have such high-quality, prominent speak-ers throughout the summit,” explains Kevin Den Adel, lecturer and director of the accounting undergraduate program.

“Students expressed sincere grati-tude for the opportunity to interact with and learn from these respected professionals,” he says.

Over a dozen speakers filled the program. Some speaker highlights included rockwell Collins Chairman,

President, & CeO Clay Jones and Patrick Allen, senior vice president & CFO also from rockwell Collins. Tony Anderson, vice chair and Midwest managing partner, ernst & Young, and Doug DeJong, professor and departmental executive officer, presented their views on accounting today and its future.

“The Accounting Summit is a great opportunity for accounting students,” says Ui student Amanda Wolcott. “You not only learn from professionals who have spent years developing their careers, but you also get involved in group activities that challenge you.”

An afternoon session was filled with competition and collaboration through team exercises. Student teams were formed and tasks were designed to encourage creativity, com-munication, time management, and cooperation.

“The program activities are designed not only to encourage but require that students are active par-ticipants,” says Den Adel.

“Case breakout sessions involve analysis and discussion of current accounting issues including interna-tional Financial reporting Standards (iFrS) and loan loss reserve estimation during the banking crisis. Overall, stu-dents leave the Accounting Summit with a new perspective on the emerg-ing opportunities and challenges in the accounting profession.”

Seven $500 scholarships were awarded to students who displayed excellent leadership and participation throughout the program.

The third Accounting Summit is scheduled for spring 2012.

Executive access for students2010 Accounting Summit

Below and right: The “Team Blast” session presented students with a variety of activities challenging them to work together while solving problems under pressure.

Center: Students discuss case studies.


Participating InstitutionsAugustana College

Mount Mercy College

Central College

St. Ambrose University

Coe College

University of Dubuque

Drake University

The University of Iowa

Iowa State University

University of Northern Iowa

Loras College

University of Wisconsin– Platteville

Luther College

Western Illinois University

Accounting Summit SpeakersAAP/IFRS Road to Convergence (Leases)Dan Koestner, Partner, Ernst & Young

Marsha Schulte, V.P. Finance & Controller, Rockwell Collins

Estimating Loan Loss ReservesChris Yuska, Senior Manager, Financial Services Industry, Ernst & Young

Marsha Schulte, V.P. Finance & Controller, Rockwell Collins

Anatomy of a RestatementDoug Stenske, V.P. & General Auditor, Rockwell Collins

Jeff Everson, Fraud Investigation & Dispute Services, Ernst & Young

Perspectives from the C-SuitePatrick Allen, Senior V.P. & CFO, Rockwell Collins

Clay Jones, Chairman, President, & CEO, Rockwell Collins

The “R Factor”Jim Dalbey, Senior Development Consultant, Ernst & Young

Conversation with Tony AndersonTony Anderson, Vice Chair and Midwest Managing Partner, Ernst & Young

Douglas DeJong, Professor and Department Executive Officer, The University of Iowa

SponsorsThe Accounting Summit is cosponsored

by The University of Iowa’s Accounting Department, Ernst & Young, and Rockwell Collins. We gratefully acknowledge the generous financial support provided by Rockwell Collins and by our Ernst & Young alumni through the Ernst & Young Accounting Excellence Fund.

“We were very fortunate to have such high-quality, prominent speakers throughout the summit.”

—Kevin Den Adel, lecturer and director of the accounting undergraduate program

Tony Anderson, vice chair and Midwest managing partner, Ernst & Young, shares insights on the future of accounting.

20 theIowaLedger

alumninotes

The Department of Accounting presented Ann Madden rice (M.Ac. 1983) with the 2010 Outstand-ing Alumnus Award during the beta Alpha Psi spring awards banquet. rice also was inducted into beta Alpha Psi as an honorary member.

rice is the chief executive officer of University of California Davis Medical Center in Sacramento. in her role as CeO, she oversees more than 6,500 employees at the medical center, an acute-care teaching hospital licensed at 645 beds with an annual budget of over $1 billion and medical clin-ics in 10 communities in California. every year, the medical center treats nearly 1 million patients.

As an iowa native from Mason City, rice has strong professional and personal ties to the state and The University of iowa. Prior to joining UC Davis, rice worked for University of iowa hospitals and Clinics, where she served as chief financial officer and later as chief operating officer.

“i was glad to have the career opportunities

afforded me at UihC,” rice said. “There are won-derful people there, and iowa City is a great place to live.”

rice received her undergraduate degree in accounting and logistics in 1979 from iowa State University. She began her accounting career at a manufacturing company and then relocated to iowa City, where she attended The University of iowa and earned a Master of Accountancy degree in 1983.

That’s when she first established a professional connection with University of iowa hospitals and Clinics.

“i started working at UihC as a financial ana-lyst,” rice said. “i really enjoyed the combination of accounting work and its connection to business strategy. i didn’t necessarily execute strategy in that position, but it was fulfilling to see how deci-sion makers would use my work and how it eventu-ally filtered into decision-making processes.”

rice said she had found her niche.“i quickly gained an appreciation for a teaching-

hospital environment,” rice said. “it is unique and stimulating. You’re surrounded by bright people who have a great deal of energy.”

her husband, Tom rice, earned a doctoral degree in political science at The University of iowa and accepted a position in Vermont, where they relocated.

rice began working at Fletcher Allen Medical Center in burlington, Vt., the teaching hospital for the University of Vermont.

“My title was financial accountant and it was a wonderful opportunity,” rice said. “i worked directly with the CFO and CeO and they were great mentors.” She credits the valuable experience she gained in that position at an early age as impor-tant preparation for her career growth.

“i worked with board members, the finance committee of the holding company, and the CeO and CFO, which gave me the opportunity to watch decisions being made in a way that someone right out of grad school would not be able to see. i think it jump-started my career,” rice said.

rice rose through the ranks and eventually took her first CFO position at Central Vermont Medical Center in barre, Vt.

rice and her husband returned to iowa, where she made a lateral move to CFO at Mary Greeley Medical Center, a municipally owned hospital in Ames, before joining the executive leadership at UihC.

rice has received many accolades during her prestigious 27-year career, including the Muncie Gold Merit Award by the healthcare Financial Management Association, and she is a fellow of

Ann Madden rice named Outstanding Alumnus


1998Michael F. Cooney III KPMG Peat Marwick

1999David J. Kirkpatrick KPMG Peat Marwick

2000Lloyd J. Palmer Nalco Chemical Company

2001

James G. Darby Deere & Company2002Anne L. Buettner Walt Disney Company

2003Jonathan F. Eisele Deloitte & Touche

2004Kay Hegarty RSM McGladrey

2005David F. Licko Gannett Company

2006Terri Bobek PricewaterhouseCoopers

2007Bill Travis Bailiwick Data Systems

2008Dale Baker Baker Healthcare Consulting

2009Greg Ellison Banks, Finley, White & Co.

We’d like

to hear

from you!

AlumniNews

RecentRecipientsoftheOutstandingAlumnusAward

Jason Baer, BBA96, was recently promoted to regional sales manager for Qwest Communications, covering the state of California.

Michael Bousselot, BBA05, M.Ac.06, passed the Iowa Bar Exam. He is an associate attorney with Betty, Neuman & McMahon in Davenport.

Alan A. Daedlow, BBA72, is a Certified Public Accountant for Latta, Harris, Hanon and Penningworth accounting and consulting firm.

Jim Dixson, BBA96, is vice president of Barclays Capital in New York City. He spent the last two years in Dubai and London with Barclays. He and his family are “readjusting to the amenities of U.S. living,” such as water pressure and ice water.

Scott W. Friestad, BBA83, is deputy director of the U.S. Securities and Exchange Commission’s Division of Enforcement.

Kevin M. Hansen, BBA07, is a program analyst in the office of Adrian Fenty, mayor of Washington, D.C. He advises the city administrator on funding decisions, budget efficiencies, and performance improvement initiatives.

Kevin Mellinger, BBA96, is a controller and treasurer for MPC (Midwest Precast Concrete) Enterprises in Mt. Pleasant.

Glen E. Perkins III, BBA03, is vice president of Hawkeye Paving.

Kristy Pfeiler, BBA05, is a senior financial analyst with Rockwell Automation in Milwaukee.

Julie A. Revell, 05BBA, M.Ac.06, is a Certified Public Accountant for the KPMG professional services firm.

Rick L. Ruehs, BBA78, is an airline pilot for US Airways in Charlotte.

Paul L. Schuh, BBA66, has retired as an accountant and payroll manager from Fleming Packaging.

Brian Stief, BBA78, is chief financial officer at Johnson Controls, Milwaukee.

Nathan Stouder, BBA09, is a tax accountant with AEGON in Cedar Rapids.

Loren J. Trimble, BBA86, is president and chief executive officer of AArete, management consulting firm in Chicago.

Visit us at tippie.uiowa.edu/alumni/update

Henry Tippie Receives Honorary Doctorate

The University of Iowa awarded an honorary doctorate to UI accounting alumnus and benefactor Henry B. Tippie at December commencement ceremonies.

Tippie graduated in 1949 with a BSC degree in accounting completing his course work in just two years. He has owned or managed businesses involved in ranching, motorsports, and radio, and serves as chairman of Dover Motorsports Inc. and Dover Downs Entertainment Inc.

William C. (Curt) Hunter, dean of the Tippie College of Business, presents Henry Tippie with an honorary doctorate during commencement ceremonies at Carver-Hawkeye Arena.

the American College of healthcare executives. She received the Senior level healthcare executive Award in 2010 from the Association of healthcare leaders and the iSU College of business Citation of Achievement in 2005. rice was named a Modern healthcare Up and Comer in 1994. She serves on several local boards and is a member of the iSU Dean’s Advisory Council, the executive board and Finance Committee of the University health System Consortium, and the board of the hospital Council of northern California.

rice’s daughters both attend college. her oldest is at Yale University and her youngest daughter is following in her mother’s footsteps by studying account-ing at iowa State University.

The primary

responsibilities of a

CFO are to oversee a

company’s controllership,

treasury, and financial

planning functions. The

CFO also serves as a vital

member of the organization’s

executive management team.

These significant responsibilities

come to professionals who

possess a well-rounded business

background and solid financial

knowledge.

We spent time with three alumni

who are CFOs in the private sector.

They are similar in that they are all

iowa natives who graduated from The

University of iowa’s accounting program.

All worked in public accounting early in

their careers, and made the transition to

the private sector to eventually lead their

organization’s financial operations.

They shared their memories of their time on

The University of iowa campus and details

of their climb to the CFO position.

The Climb to CFOWhen the weight of a com-pany’s financial well-being rests on your personal shoulders, you’d better know accuracy, analysis, and anticipation.

And you better know accounting.

22 theIowaLedger

What are your campus memories?

The most memorable class for me was intermediate accounting; it was a really tough course taught by Professor Maynard. it was a privilege to have him as an instructor. i also enjoyed Alpha Kappa Psi where i was an active member and an officer.

What were your career plans then?

i expected to go into public accounting, but i had also gained exposure to John Deere’s corporate leaders during an Alpha Kappa Psi visit to their corporate headquar-ters, and they impressed me. i had a sense i would eventually move into corporate.

How did your UI accounting degree prepare you for your career?

The University provided a great founda-tion; the basics of accounting along with timely and accurate reporting. i would not be able to do what i’ve done without this foundation.

What was your career journey?i worked with McGladrey and Pullen in

Cedar rapids where we had the audit work for a client called Speidel newspapers. i had prepared their iPO (initial Public Offering) in 1972 and in the spring of 1973 they offered me a job. i had been the in-charge auditor on their process of going public, so i was very familiar with the company and i took the offer. Speidel was acquired by the Gannett Company and soon after i went to Sioux Falls and became CFO at age 31 at the Sioux Falls Argus Leader, a medium-size newspaper in a medium-size market; it was a great experi-ence. i became regional group controller and later spent time at the Gannett corporate office in the Washington, D.C., area. Then i returned to newspapers through the India-napolis Star, and now in Denver.

Senior Vice President and CFO, Denver Newspaper AgencyDave Licko, BBA 1969Hometown: Mediapolis, IowaCompany Description: Denver Newspaper Agency is a privately held multimedia news and information source including The Denver Post daily newspaper, over 80 web sites, daily blogs and forums, etc.

How are you most challenged as CFO?

navigating through this recession and helping the business leaders change our business plan during this accelerated time of change – especially in our industry. Web and mobile are now other ways of delivering news and information. We have been challenged to embrace that change and adjust the financial model. Although we’ve been through some difficult times, we are working very hard to be the first to the web and mobile all while providing a daily newspaper.

What skills and attributes make a well-qualified CFO?

in addition to the obvious, the basics of accounting, understanding what makes the business tick is key. And understanding the sales arm, the concepts of marketing and maximizing our share of the market – being able to walk in the shoes of the sales arm is very important in doing a good job on the finance side.

What is the size of your financial team at Denver Newspaper Agency?

37 people

What advice do you offer students considering a CFO position some day?

“i think public accounting is a fine start. if they’ve got reasons for going directly into industry, that is fine, but be inquisitive. Work hard at learning from mentors that you respect; people who follow the rules and understand how to make a buck.


What do you remember most about Iowa City?

i’m an iowa City native so i have decades of memories. Some of my earli-est childhood memories include living with my parents in married-student housing Quonsets (lightweight prefab-ricated steel structures) on the campus. My father was completing his degree and then worked more than 30 years at the University. i also worked at the University as an undergraduate stu-dent. i was an assistant to the campus fire marshal in the Physical Plant. i remember playing basketball at the Field house and selling peanuts and popcorn at hawkeye football games as a kid.

What was your career goal when you were in college?

i wanted to get my CPA. i knew that gaining a public accounting certificate would open a lot of doors.


it gave me the ability to understand the basics of business and prepared me for problem solving. The breadth and quality of my accounting education allowed me to get into a big eight firm.

Richard Emde, BBA 1978Hometown: Iowa City, IowaCompany description: Sun-Maid Growers of California is a farmers’ cooperative best known for its raisins and dried fruits.

Vice President and CFO, Sun-Maid Growers of California

24 theIowaLedger

What was your career journey like after college?

i worked two and a half years in public accounting, primarily with Arthur Anderson in Minneapolis. Then General Mills offered me an outstanding opportunity in its train-ing program. i rotated through five increasingly responsible positions in six years, which added great breadth in my training. i started in internal audit, rotated into a supervisory financial systems position, then gained experience as accounting and credit manager at the Yoplait yogurt subsidiary when it was first pur-chased by General Mills. i returned to the main office as a senior financial analyst for a CFO where i was involved in budgeting and perfor-mance tracking. in my final rotation i was moved to lodi, Calif., the site of General Mills’ largest manufacturing facility at the time, where i worked as plant controller. i then had the opportunity to join Sun-Maid in December, 1987. My title was vice president—controller. Twenty two years later i’m vice president—finance and CFO, but essentially i sit at the same desk and do primarily the same job.

When i joined Sun-Maid it was rebounding from a difficult financial situation, so i had a great oppor-tunity at a young age to have a job reporting to the president in a lead financial position with one of the world’s most recognized brands. Today we are one of the strongest cooperatives with about $320 million in sales.

What do you enjoy most about the CFO position?

What i enjoy is also one of the greatest challenges. i get involved in all areas of the business and that’s good. in addition to being respon-sible for all areas of financial manage-ment, i am a member of the execu-tive team where we develop company strategy and manage the business. i enjoy working in these areas, but since we don’t have the depth of a larger company, it is a challenge to stay on top of the developing issues.

What makes your position unique?

Sun-Maid is a farmers’ coopera-tive so we are somewhere between a privately owned company and a publically held company. We have 800 owners, but the structure is simi-lar to a large partnership. it creates unique aspects of financial reporting, tax and owner relations. We have the opportunity to help growers get their product to the marketplace.

What is the size of the financial team at Sun-Maid?

23 people

What is your advice for college graduates with CFO career goals?

become technically proficient. Get your CPA credential. The CPA will get you in the door, but try to broaden your experience and improve your communication skills as much as pos-sible. These increased skills will lead you to higher level positions.


What college memories stand out for you?

When i think back to college, it really is all about people; the relationships with fellow students and faculty. i also remember the great atmosphere of the iowa campus. Of course, i remember all of the time spent at the library and Phillips hall, which was the center of the business school then. i really enjoyed iowa City and have since moved back into the area and i currently live in Coralville.

What were your career plans when you were in college?

i knew i wanted to work in a core account-ing role in either public accounting or in a public company. And i wanted to pass the CPA; that was important to me. in college, i also knew i wanted to work as a finance executive in an advanced level as a longer-term goal.


Getting my accounting degree was huge. Whether i worked in a public accounting firm or private industry, i needed the degree. Getting it from the Ui put me a step ahead of qualified candidates because of the school’s great reputation.

Steve Klyn, BBA 1988, MBA-PM 1998Hometown: Pella, IowaCompany description: Paladin is a leading independent provider of material handling industrial attachment tools. It is a wholly owned subsidiary of Dover Corporation (DOV).

Vice President and CFO, Paladin

What was your career journey?in 1988 i took a job with ernst & Young

in Ft. Worth, Texas. i was a staff and senior auditor. in 1991 i relocated back to iowa where i worked in internal audit with Maytag, the start of a 14- year career there. i had a fantastic experience in internal audit because you get to touch a variety of areas and it’s not just debits and credits. You’re out there talking about order-to-cash conversion cycles; deferring items and eventually paying them through cash payable; etc. You also interface with middle to top management to talk about business improvement or control issues, and that’s good experience and valu-able exposure. After three years, i transferred to the corporate accounting department where i progressed upward to director of public reporting. i was responsible for the 10-K filings, annual report, the consolidated financials, and board of directors’ information packets, etc. Then i had a great opportunity to become VP and corporate treasurer, a position i held for five years at Maytag. i dealt with investor relations, shareholders, pension plan investments, funding, risk management and insurance, and raising public debt. i loved that job.

in 2006 Whirlpool Corporation acquired Maytag and i was offered a job as vice presi-dent, finance market operations for the north American region. The region was around $10 billion in sales after the integration. i reported to the regional CFO. My job was focused more on operations finance: analyzing volume, price, product mix, and financial analysis. i did that job for two years. Then the CFO position at Paladin was available, and i made the transition. Paladin is a wholly owned sub-sidiary of Dover and is based in Cedar rapids, iowa.

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How did your MBA degree impact your career?

in 1998 i received my MbA degree. i went to night school for three years at the campus in newton. i believe that afforded me the opportunity for the corporate treasury role and made a real impact on my short-term and long-term career opportunities.

What attributes are most important to be a successful CFO?

A big piece of the job is about how much you can get accomplished as a team – the amount of work, being productive, and the value your team brings. Attracting and developing the talent on a team is very important. it’s essential to coach and mentor; to bring the team up the learning curve and present opportunities in the same way that people provided them to me along the way. Analytical skills are critical to understand and anticipate the perfor-mance of the business. it is also important to lead by example through high ethical standards, openness, and trust.

What’s most appealing about being CFO?

You’re in a position to help guide the direction of the company. You’re a part of the team that establishes the vision and the goals of the company; you do it qualitatively as well as quantitatively as we establish certain goals, the management system, and processes to measure performance against those goals over time. it is truly a rewarding experience.

What is the size of your financial team at Paladin?

About 30 people

What is your advice for graduates interested in a future CFO role?

Traditionally, it might have been enough to be an accountant and to know a good deal about controls, but in the new model that is not enough. Along the way you need to get financial planning and analysis. You spend a lot of time understanding, forecast-ing and analyzing the business, developing strategic plans for the business and driving the operations plans. having treasury expe-rience like cash management, public debt, and equity markets is a bonus. i also encour-age people to ask questions; to challenge assumptions and challenge individuals to understand why they see things the way they do.


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Facultynews

Current Faculty Research

DidFIN48Stop“LastChance”EarningsManagementThroughTaxReserves?RICHARD CAZIER, SonJA REgo, XIAoLI TIAn, AnD RyAn WILSon

We utilize new income tax reserve disclosures required under FIN 48 to examine whether man-agers use discretion over this accrual to manage earnings to meet the consensus analyst forecast.We collect FIN 48 data for firms listed on the S&P 500 and S&P 400 indices for the 2007 and 2008 fiscal years. We find that firms with earn-ings before the change in the tax reserve that are below the consensus analyst forecast are far more likely to reduce their tax reserves and thus report higher net income. In fact, we find that 37 percent of firm-years with earnings before the change in the tax reserve below the consensus forecast meet the forecast when the change in the tax reserve is included in earnings. In con-trast, only 9.8 percent of firm-years with earnings before the change in the tax reserve above the consensus forecast increased their tax reserves to the extent that it caused them to miss the consensus forecast. This asymmetric result is consistent with managers using their discretion over tax reserves to meet consensus analyst forecasts. We also find that firms with earnings before the change in the tax reserve above the consensus forecast are far more likely to increase their tax contingencies and thus build reserves that can be used to manage earnings in future time periods. Our results raise questions about whether the new FIN 48 disclosures have achieved the FASB’s intended purpose of increas-ing the informativeness and comparability of firms’ tax footnote disclosures.

TheConfoundingEffectsofFirmGrowthonTestsofEarningsManagementDAnIEL W. CoLLInS, RAunAq S. PungALIyA, AnD AnAnD M. VIJh

We show that Jones-type discretionary accrual models do not adequately control for the work-ing capital effect that naturally occurs due to firm growth. This biases tests of earnings man-agement in many settings where the partition-ing variable is correlated with firm growth. Using a comprehensive sample of Compustat firms, we estimate the biases associated with existing dis-cretionary accrual measures that control for per-formance (ROA), but not firm growth. We show

that there is a severe problem of falsely rejecting the null hypothesis of no earnings management in both high growth and low growth subsamples when using performance-adjusted discretion-ary accruals. This problem is particularly acute with quarterly data. We show that inferences regarding earnings management being associ-ated with stock splits and stock-based executive compensation are overturned after Jones-type discretionary accrual estimates are adjusted for both performance (ROA) and firm growth. Finally, we show that discretionary accrual models that control for both performance and firm growth are well specified and do not sacrifice power.

TheTimelinessofEarningsNewsandLitigationRiskDAIN DONELSON, JOHN MCINNIS, RICk MERgEnThALER, AND YONG YU

We investigate whether timely revelation of bad earnings news is associated with a lower threat of litigation. To measure the timeliness of all earnings news, we examine the evolution of the consensus analyst earnings forecast over the quarter that triggers litigation for a sample of sued and non-sued firms. Holding total earnings news over the litigation quarter constant, we find strong evidence that earlier revelation of bad earnings news is associated with a lower probability of litigation. Further, we examine analysts’ research reports to provide evidence on the information source for analyst forecast revi-sions. We find that the vast majority of forecast revisions in our sample are driven by manage-ment disclosure of some form. More importantly, while sued firms are more likely to issue press release “warnings,” non-sued firms provide earlier disclosures through alternative channels such as conference calls or management presentations. Overall, our findings provide strong support for Skinner’s (1994) hypothesis that earlier revelation of bad earnings news deters litigation.

Vagueness,Precision,andDiscretioninAccountingRegulationMARk PEnno

This paper reviews arguments for and against vagueness in accounting standards. While accounting academics have traditionally eschewed vagueness, certain academics from other fields regard vagueness as synonymous with the discretion delegated by a regulator to the regulatee (here the reporting firm). The paper then demonstrates that vagueness-induced discretion may enable regulatees to report knowledge that is highly tacit, and serves to achieve general regulatory compliance in the short term. Finally, the paper examines the seemingly paradoxical assertion that more preci-sion (more regulation) does not always mean less vagueness.

IncomeShiftingbyChineseDomesticFirmsTERRY SHEVLIN, TANYA TANG, AND RyAn WILSon,

To encourage economic development in spe-cific regions and industries, the Chinese central government offers a series of corporate income tax incentives (tax exemptions, reduced tax rates, tax holidays, and tax refunds). This paper investigates the effect of these tax incentives on income shifting by Chinese national firms. We take advantage of a unique disclosure in the tax footnotes of Chinese listed firms to examine how much and how firms shift income among subsidiaries within the consolidated group in response to these incentives. We find that intan-gible intensive firms and firms concerned with meeting minimum earnings thresholds to issue equity shift greater amounts of income. We find no evidence of implicit taxes offsetting the tax benefits from income shifting. We interpret the apparent lack of implicit taxes associated with income shifting as also being consistent with firms using transfer pricing to shift income rather than shifting real operations.

In MEMoRIAM

Byron RossSept. 12, 1928–Jan. 19, 2010

A native of southwestern iowa, byron graduated from braddy-ville high School in 1946 and enlisted in the U.S. Army, serv-ing three years with engineers stationed in Japan, China, Guam, Manus island, Guadalcanal, and Okinawa. Following his service, he received a b.S. in education from north-west Missouri State Teachers College and then enrolled in iowa’s graduate accounting program.

After an internship, byron left school and accepted a full-time position with McGladrey, hansen, Dunn & Company (now McGladrey & Pullen llP) as a staff accountant in iowa City. in 1957, he was promoted to partner and remained in that position until his retirement in 1984.

Upon retirement, bryon returned to his textbooks and finished his master’s degree in accounting from iowa in 1986. For the next 15 years, he served the Department of Accounting as a lecturer and taught financial, managerial, and tax accounting courses. his classroom skills and commit-ment to accounting education have been recognized through numerous awards, including the Tippie College’s Chester A. Phillips Award and the department’s Outstanding Accounting Alumnus Award.

The byron r. ross Award for Teaching excellence was established in 1992 to recognize iowa teaching assistants who have demonstrated an exceptional commitment to accounting education. in 2000, his friends and colleagues established a permanent endowment for the award through the Ui Foundation. As of 2010, 31 graduate students in accounting had received awards from this fund.

byron will be greatly missed for his dedication to iowa’s accounting pro-gram, his sense of humor, and his deep love and commitment to his family.

Memorial donations can be made to the byron r. ross Award for Teach-ing excellence through the University of iowa Foundation.

The generous support from alumni and friends has shaped the success of Iowa’s accounting programs. Thank you!


ContractingBenefitsofCorporateGiving:AnExperimentalInvestigation RAMJI BALAkRIShnAn, GEOFFREY B. SPRINKLE, AND MICHAEL G. WILLIAMSON

This study uses a laboratory experiment to examine whether corporate giving motivates employees. We find a strong altruism effect. Even when employee actions cannot be rewarded, employee contributions significantly increase as the level of corporate giving increases. We also find that corporate giving can both promote and erode employee trust. For employees who believe giving to charity is important, trust-based contributions initially increase as the level of corporate giving increases. For high levels of corporate giving, however, the remaining amount to be split between employees and employers becomes too small to justify trust-based contri-butions. Moreover, for employees who do not believe giving to charity is important, trust erodes at any level of corporate giving. Collectively, our results suggest that corporate giving may be an effective lever for motivating employee effort and contributions to organizational endeavors. Corporate giving can both increase the efficacy of implicit (trust-based) contracts and reduce the need for formal accounting-based reward systems and controls. Finally, corporate giving appears to have significant selection effects.

LIFOLiquidationsandEarningsThresholdsCRISTI A. gLEASon, BRuCE JohnSon, AnD XIAoLI TIAn

This study investigates the use of LIFO liquida-tions to meet or beat earnings benchmarks. We find that the likelihood of liquidation is higher for firms that would otherwise miss the consensus forecast than for firms that are already beating the consensus forecast. This result is incremental to controlling for the tax costs of liquidation and other factors predicted to partially explain man-agers’ inventory liquidation decisions. The market response to unexpected earnings arising from liquidation gains is negative, relative to the overall response to unexpected earnings. However, the liquidation gain is positively associated with the announcement period return for firms that appear to have used the liquidation to beat earn-ings benchmarks. In contrast, firms that liquidated earnings for non-benchmark related reasons have no significant market response to the liquidation gain. One explanation for this result is that liqui-dations to beat benchmarks have less negative implications for future sales and profitability.

TopChefsAccounting faculty members Bruce Johnson and Cristi Gleason competed in the Faculty Grill-Off sponsored by Delta Sigma Pi as part of fund-raising activities to benefit Tippie Build 3 Habitat project. The duo’s delicious entry of fish tacos and mango salsa was a strong contender for the the coveted golden spatula award.

30 theIowaLedger30

Facultynews

Amy An: The 2009-2010 academic year brought a change to Amy An’s Introduction to Taxation class. Students in Amy An’s Fall 2009 Introduction to Taxation class, on their own initiative, organized a Volunteer Help Lab for the Spring 2010 students. Amy has often been heard claiming that our UI accounting students are the best, not only academically, but also in terms of personal attributes. She is proud that her students reliably exhibit the teamwork and camaraderie that she strives to foster in them.

On the personal front, Amy continues to enjoy traveling. A few months after college graduation (many years ago), she had occasion to pass by Carcassonne, France, late one night, but was not able to stop to visit it. That medieval walled city has continued to fascinate her, and in 2010, Amy finally returned to Carcassonne to explore it in depth. She can now check one more item off her Bucket List.

Ramji Balakrishnan: Ramji, the Carlson-KPMG Professor and director, RSM McGladrey Institute of Accounting Education and Research, received accolades from the American Accounting Association. Ramji won a Best Paper award from the Journal of Management Accounting Research for his work “Spending Patterns with Lapsing Budgets: Evidence from U.S. Army Hospitals,” coauthored with Naomi Soderstrom and Tim West. Ramji traveled to Michigan State University where he gave a plenary talk at the 2010 Global Management Accounting Research Conference. He also has a forthcoming paper in the Journal of Accounting Research entitled “The Influence of Institutional Constraints on Outsourcing,” with Leslie Eldenburg, Ranjani Krishnan, and Naomi Soderstrom. On a personal note, Ramji and his wife celebrated their 25th wedding anniversary with a trip to Hawaii.

Joyce Berg: Joyce, professor and Pioneer Hi-Bred Research Fellow, has a new title. After serving as interim director of the Iowa Electronic Markets (IEM), she was named director in 2010. As the nation’s political environment heats up, so does the IEM, The University of Iowa’s online futures market, so watch for more developments with IEM. Joyce continues to serve as the faculty advisor for Beta Alpha Psi and remains closely involved in its Habitat for Humanity Tippie Build initiatives. Tippie Build 4 broke ground August 30, 2010.

Tom Carroll: Tom, lecturer and director, M.Ac. Program, has a slightly emptier nest. Tom’s son, Eamonn, is now attending Lehigh University to study engineering.

Dan Collins: Dan, professor and director, Ph.D. Program in Accounting and Henry B. Tippie Research Chair, is an invited speaker at the London Business School this fall. He will also present a series of research workshops as a guest lecturer at the University of Kentucky.

Kevin Den Adel: Kevin thoroughly enjoyed his first year on the accounting faculty as director of the undergraduate program. His primary teaching responsibilities include the undergraduate and M.Ac. auditing courses and the professional seminar for accounting majors. During the year, Kevin accompanied student teams to the Eller Ethics Case Competition at the University of Arizona and the Deloitte Midwest Region Audit Case Competition in Chicago. He also assisted in planning and coordination for the 2010 Accounting Summit hosted by Iowa’s Department of Accounting. An avid Hawkeye fan, Kevin’s year was highlighted by attending the football team’s Orange Bowl victory in Miami and the wrestling team’s national championship win in Omaha.

Bob Hartman: Bob, lecturer, managed to log approximately 1,500 miles of bike riding on America’s trails and roads. He spent about 10 days in Pennsylvania where he enjoyed Pittsburgh and State College. Bob also spent quality time in Florida during the month of August working on home projects including but not limited to hanging hurricane shutters, installing new doors, and bathroom plumbing. A summer high point included time working on his dad’s 1946 Luscombe airplane.

Bruce Johnson: Given the unprecedented wave of accounting standards exposure drafts issued recently by the FASB and IASB, it should come as no surprise that much of Bruce Johnson’s time is spent digesting the various proposals and writing comment letters as a

member of the Accounting Standards Executive Committee (AcSEC) of the American Institute of Certified Public Accountants. His paper on “The Earnings Forecast Accuracy, Valuation Model Use, and Price Target Performance of Sell-Side Equity Analysts,” coauthored with CristiGleason and Haidan Li, is forthcoming in Contemporary Accounting Research. Much of the past spring and summer was devoted to working on the 5th edition of Financial Reporting and Analysis, coauthored with Dan Collins and Fred Mittlestaedt. He continues to teach financial accounting courses for MBA and Executive MBA students, and will be teaching in the CIMBA program (Asolo, Italy) this fall 2010. When he is not in the classroom or his campus office, you can often find Bruce on a trout stream or solving electrical problems on one of his British sports cars.

Rick Mergenthaler: Assistant professor Rick Mergenthaler continues to strive for excellence in the classroom and research. He received the Gilbert P. Maynard Excellence in Accounting Instruction Award. In addition, his research was featured in a May CFO.com article entitled “GAAP’s Lawsuit Buffer.” Rick’s other research investigates the career consequences to CEOs and CFOs of failing to meet analysts’ quarterly earnings forecasts, whether top executives alter their earnings communications strategies in response to changing investor sentiment, how rules-based accounting standards affect the likelihood of accounting fraud, whether the timely revelation of bad news lowers the threat of litigation, and how rules-based standards impact litigation outcomes. His research was presented at MIT, the Lone Star Accounting Research Conference, the Financial Accounting Research Conference, and at the 2010 American Accounting Association’s annual meeting. Rick and his family also welcomed a new baby

boy, Sean Allen Mergenthaler, into their home in February.

Mary Murphy: Mary, lecturer, ensures that Iowa accounting students understand the guiding principles and nuances of business law. She is a past recipient of the Gilbert P. Maynard Excellence in Accounting Instruction Award.

Mark Penno: Mark, professor, continues to be our “road-warrior.” He has taught in Cedar Rapids, Des Moines, and Davenport for our evening MBA program during the past academic year. His current research focuses on trying to better understand the nature and use of rules in accounting.

Sonja Rego: Sonja, a Lloyd J. and Thelma W. Palmer Research Fellow, has served as the chair of the the department’s Professional Program Committee in Accounting since August 2009. She also served on the Board of Trustees of the American Taxation Association (ATA) and was its Publications Committee Chair during 2009-2010, spearheading the search for the editor-elect of the Journal of the American Taxation Association. Sonja’s research interests continue to explore the use of corporate tax disclosures to identify aggressive financial reporting and tax practices. She did a “Texas Tax Research Tour” and presented her research at the University of Texas and Texas A&M University during fall 2009. This past summer Sonja’s family enjoyed regular “family bike rides” on the local bike paths. Sonja’s husband Lopo, who typically towed daughter Leah on these rides, looks forward to next summer when Leah is ready to hit the trails on her own.

Al Schepanski: Al, professor, helps our students understand the intricacies of consolidation accounting and other advanced financial accounting topics. As faculty coordinator for our sophomore financial accounting course of 1,200 plus students each year, he is responsible for curriculum design and innovation, supervision of the graduate teaching assistants, and for teaching several sections of the course.

Ryan Wilson: Ryan, assistant professor, discussed papers at both the National Tax Association meeting and at the Journal of the American Taxation Association Conference, both in Denver. He also presented at the American Taxation Association mid-year meeting. Ryan and his wife, Nicole, welcomed their first child, Ainsley Wilson, in December. Ainsley has been a great joy to her parents. Her favorite hobbies are watching ceiling fans spin and trying to eat her own feet.

FacultyHighlights


studentLife

When David Mapes transferred from a community college to The University of Iowa, he didn’t expect that building a home would become an important part of his accounting education.

While attending high school in Geneseo, Ill., David participated in a student training program where he attended classes for half a day, then worked at a construction company for the remainder.

“After graduation, I worked full time in construction, traveling the U.S. building cell phone towers. Over time I broadened my construction skills and experience, and I realized I was working very hard every day and I could better myself through education.”

David enrolled at The University of Iowa and majored in accounting and finance. He joined Beta Alpha Psi and decided to contribute to Tippie Build in the best way he knew.

It didn’t take long for David’s years of building experience to shine on the Tippie Build job site. He became a student comanager and worked closely with representatives from Habitat for Humanity. He was also directly involved in fund raising and invited firms to assist University of Iowa students not only with

financial support for the project, but to put in a day’s work at the job site, too. Firms lined up for the opportunity to work alongside accounting students and to support this worthy cause.

“David was an instrumental part of our Habitat for Humanity projects,” explains Professor Joyce Berg and Beta Alpha Psi advisor. “He shared his leadership, construction experience, and knowledge with us and we are grateful for all he has taught us.”

He estimates he volunteered 120 hours building the home and 80 hours dedicated to fund raising and planning for Tippie Build 3.

“His dedication to Tippie Build is truly inspirational,” she said.

David graduated in spring 2010 and began his accounting career at Ernst & Young working in corporate tax practice in Chicago.

See more about the Tippie Build project, page 12.

Know How

David MapesConsTruCTIon skIlls

CreATe InsTruMenTAl leAdersHIp

EthicsEssayWinnerWilson Roorda, an accounting

major from Pella, Iowa, won first price ($2,000 savings bond) in the Mary Thomas Prappas Business 2009 Ethics Essay Competition. Funded through a generous con-tribution by business alum Mary Thomas Prappas, the competition is open to all Tippie undergraduate business students, and the initial round of essay submissions is a requirement for students in the Foundations of Business course.

FIrsT-yeAr sCHolArs 2009-2010For 13 years, the Department of Account-

ing has sponsored scholarships for deserving first-year students who plan to major in accounting. We thank our alumni and friends for their generosity in supporting these students.

Left to right, front row: Brett Lacey, Allison Fagerbakke, Wendy Tan. Middle row: Blake Archibold, Kody Murphy, Mike Rubel. Back row: Matthew Peterson, Jennifer England, Troy Hess. Kacey Swainey & Natasha Chap-man, not pictured.

Congratulations to both of The University of iowa and Tippie College of business teams for their 2009 honorable Mention finishes in the Deloitte Case Competition. Students who represented the Tippie College of business were accounting students Christina Bunte, Meghan Lemens, Mike less, Ben Miller, Sara Schoenfish, Rachel Stevens, Dan Teper, and Andy Zajicek.

PricewaterhouseCoopers came to The University of iowa for the xACT Competition where accounting students laura Donaldson, rachel Stevens, Michelle White, Daniel Smith, and Yuankai Yang were selected as the winning team on campus.

Case competitions present accounting student with the opportunity to study and resolve complex real-world financial accounting issues. They also encourage students to work in a team environment to achieve a goal while gaining exposure to account-ing and financial professionals.

NiglClaimsTwoTopHonors

Congratulations to Jessica nigl. She was awarded one of five national scholarships by the American Institute of Certified Public Accountants. The AICPA/Accountemps student scholarship is awarded to accounting, finance, or information systems majors who demonstrate leadership, academic excellence, and future career inter-ests in accounting and business.

Jessica was also selected by PwC to participate in the 2010 International Internship Program in London. She was one of ten students chosen nationwide for this three-week international opportunity.

Jessica completed her under-graduate degree last spring and is currently enrolled in the Master of Accountancy Program at The University of Iowa.

The UI Tippie College of Business Deloitte case study team takes a break as they prepare for competition. Pictured are (left) Ben Miller, Dan Teper, Sara Schoenfish, Rachel Stevens, Andy Zajicek, Christina Bunte, Meghan Lemens, and Mike Less.

Tippie Students Compete in national Case Competitions

32 theIowaLedger

studentLife

33Henry B. Tippie College of Business 33Henry B. Tippie College of Business

Student Awards and Scholarships for 2009-2010Awards2009-2010 Faculty ScholarsNathan BarnesChristina BunteMary Beth KennerJiwon KimMichael LessCandice LongBenjamin MillerJessica NiglBrian NowackJuan PangXuan Zhang

Iowa Society of CPAs Outstanding Senior AwardMichael Less

Hawkeye Chapter of Iowa Society of CPAs Outstanding Junior AwardWilson Roorda

Federation of Schools of Accountancy Award for Outstanding M.Ac. StudentRyan Lester

Mary L. Collins Doctoral Fellowship in Accounting AwardJaewoo Kim

Byron R. Ross Award for Teaching ExcellenceJohn FeimsterMohamad Mazboudi

Amy An Award of Merit for Enthusiastic and Committed Participation in Beta Alpha PsiBrandon LobberechtTurk Pierson

University of Iowa Honors Program Collegiate ScholarMichael Raczka

Mary Thomas Prappas Ethics Essay Contest— First PrizeWilson Roorda

2010 Excellence in Writing AwardsSukriti Nayar

Theodore LockhartWilliam Jump

Scholarships 2009 Accounting Department First-Year ScholarshipBlake ArchiboldAllison FagerbakkeZachary HalsteadTroy HessBrett LaceyKody MurphyMatthew PetersonMichael RubelWendy Tan

2009 Accounting Department Second-Year ScholarshipElizabeth Fuller Lauren GrimmerHaley Jeppson

Accounting Department ScholarshipLaura DonaldsonAlyssa GonnermanStaci MeadeLisa OrtnerAndrew OswaltAmy SlettenTimothy Walker

Becker Award in Business AdministrationWilson Roorda

Carl Stach ScholarshipDrew Miles

Cannon ScholarshipPatrick CornallyBradley MihmCory Walter

Chester Phillips ScholarshipNeha Tandon

Chuck & Mary Ann Peters ScholarshipAnne Hagerty

CNA Foundation ScholarshipNicole FaronAnne Hagerty

Colvin/Cox ScholarshipFawwaz AhmedWei BuiAlex ChristTheodore LockhartKarie MeisgeierApurwa PokhrelCaleb Wilson

Cory Schuster Memorial ScholarshipAlyssa GonnermanMichael LessRyan Nelson

E. Lester and Frances M. Williams ScholarshipNicole Cox

Ernest Zuber Accounting ScholarshipAndrew Zajicek

Evelyn Barker Oehrle ScholarshipChelsea Fields

F. Preston and Lois Reed ScholarshipYan Lin

Fethke Scholarship in BusinessWilson Roorda

Frank Warner Memorial ScholarshipAdam KimuraHeeju Lee

Garreans Memorial ScholarshipSarah Langlas

Goedkin/Clifton Gunderson & Co. ScholarshipAshley Moroz

Gordon Campbell ScholarshipFawwaz Ahmed

Harrison Mitnick Memorial Accounting ScholarshipBrett Nixon

Henry B. Tippie Accounting ScholarshipHarshil PatelBrady QuinnBrandon RookJonathan Stromert

Jack & Marilyn MacAllister ScholarshipMichael Raczka

Jo & Bill Barnes Accounting ScholarshipKody Murphy

John F. Murray ScholarshipSarah LanglasJuan Pang

John W. & Mabel G. Schoen Business ScholarshipAdam KimuraMichael LessBradley MihmJessica NiglJuan PangMichael RaczkaSarah Stanley

Judy Walke ScholarshipRonald LongmuirJohn Runde

Kalid Igram Accounting ScholarshipElizabeth Fuller

Keith and Janet Benson ScholarshipAlexandra Spellman

Krapfl/Barnes ScholarshipChristina Bunte

Lowell & Dorothy Christy Business ScholarshipFawwaz AhmedAndrew Lavery

Mark Smith Business ScholarshipMatthew Young

Martin Rouse Accounting AwardScott Wilcox

Murray Undergraduate Scholars (EAP Mentor Program)Patrick Cornally

Professional Accounting Council ScholarshipJohn Feimster

R Bendigeri Memorial ScholarshipRuohong XuZenggong Yao

Raymond & May Lewis Birkholtz ScholarshipShuai Wang

Reva Kusher Memorial ScholarshipJill Morrison

Richard Sheehan Memorial ScholarshipPatrick Cornally

Robert & Eleanor Williams ScholarshipNicole Simmerman

Robert A. Young ScholarshipMary KennerJessica Nigl

Rockwell Collins ScholarshipMorgan StraderXuan Zhang

Tim Emmett Steele Business ScholarshipRebecca DennisLauren Hegg

Tippie College of Business Scholarship for WomenYan LinNicole Simmerman

Tippie Outstanding Scholar AwardMeghan LemensJessica Orseno

Women in Business ScholarshipChelsea Fields

34 theIowaLedger

studentLife

When she was just 15 years old, Sukriti nayar took advantage of an opportunity to jump-start her college career. As a high school freshman, she enrolled in her first college credit courses offered at Valley high School in Des Moines, and boosted herself closer to a college degree.

Thanks to her high school’s agreement with an area community college, she began earning dual credit, taking courses that would appear on both her high school and college transcripts. by the time Sukriti stepped onto The University of iowa campus, at age 17, she already had earned 48 hours of college credit, catapulting her to nearly junior credit status. Sukriti was admitted directly to the College of business, putting her on a fast track to business degrees in accounting and finance, and an english minor.

“Many schools don’t accept advanced placement (AP) credit in your chosen major. Coming to iowa meant i had almost all the general education requirements already out of the way, and it gave me an opportunity to not only start early, but to do more than i would be able to if i went to another school,” she says. “i will gradu-ate with two majors and a minor, and i will have had 12-15 semester hours every semester. My course load is not packed full. This way, i can still be involved in student organizations and do more in the community.”

Sukriti is capitalizing on this opportu-nity by engaging in a variety of campus activities. She immediately immersed herself into the college experience and dedicated a great deal of time her fresh-man year to The University of iowa’s mock trial team. She had participated in mock trial while in junior high and high school, so she was eager to compete at the next level.

“i loved it. Competing felt natural, but it demanded a lot of my time. i valued the experience, but i’m focusing more on my studies now,” she says.

her years of mock trial experience won’t go wasted as Sukriti’s long-term career plans include a CPA and J.D. with inten-tions to work in the nonprofit sector.

During her second year of college, Sukriti helped to found the University’s first ethics bowl team, which competed on a regional level. She also serves as a peer tutor at the Frank business Communica-tions Center housed in the Pappajohn busi-ness building.

“This has been my favorite experience in the business school, because i enjoy work-ing with undergraduate students from across campus on writing issues,” she says. “i love to read and consequently i love to write.”

She says she appreciates the mutual learning that being a peer tutor provides her by sharpening her knowledge of writ-ing and constantly finding ways to hone her own skills. Sukriti earned the Depart-ment of Accounting’s Junior excellence in Writing Award for 2009-2010.

She has sought additional leadership roles on campus, including her involve-ment in the student organization World health initiative, where she was executive secretary-treasurer and now holds the executive chair position.

With the ambition and foresight Sukriti possesses, it seems she could find suc-cess in nearly any major. So, why choose accounting?

“i’ll admit when i was 11, i didn’t dream about being an auditor, but both my par-ents are accountants and my grandfather was chairman of a bank for 40 years.”

being surrounded by accountants opened her mind to possibilities.

“To me, business is a stepping stone to a more specific career choice. You can’t go wrong with a business degree because it has enough theory and enough practical application that whatever path life takes me on, i’ll find a way to use it. Accounting is by far the best preparation for the busi-ness world no matter what you choose to do.”

Preparing for the FutureSukriti NayareArly plAnnIng leAds To FAsT TrACk

The University of IowaHenry B. Tippie College of BusinessDepartment of Accounting108 John Pappajohn Business Bldg.Iowa City, Iowa 52242-1994

nonprofit organization

uS Postage Paid

Permit no. 45

iowa city, iowa

Quilt maker and Tippie Ph.D. Program Coordinator, Renea

Jay crafted this black-and-gold quilt and donated it to

Beta Alpha Psi to raise funds for Tippie Build’s Habitat

home. Renea is pictured at center with lucky winner (right)

Meredith Ploeger, a friend to (left) Matt Glendening. Matt

is a Ph.D. accounting student currently in his fourth year.

The quilt raffle raised $2,460 to benefit Tippie Build 3.

The Iowa Ledger, Fall 2010

Documents

Transcript of The Iowa Ledger, Fall 2010