2016 unleash - Beta Alpha Psi [PDF]

2016 UNLEASH OUR POTENTIAL

ANNUAL REPORT

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2016 BETA ALPHA PSI ANNUAL REPORT TABLE OF CONTENTS 3 President’s Letter

17 BAP International Day of Literacy

4 Board of Directors

18 Annual Meeting Best Practices

5 Chapter Advocates

19 Project Run With It

6 Professional Partners

23 Ethics Award

7 Business Information Professionals of the Year

24 Gold Challenge

10 Lifetime Service Award

25 Superior and Distinguished Chapters

11 Outstanding Dean

27 Inclusive Leadership Awards

12 Outstanding Faculty Advisors

28 VITA Awards

14 Regional Meetings

29 Medal of Inspiration Award

15 Regional Meeting Best Practices

30 Expansion

16 2016 Annual Meeting

31 Financial Statements

Beta Alpha Psi Annual Report | Unleash Our Potential

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VISION STATEMENT Beta Alpha Psi will shape the financial and business information professions by developing members into ethical, professional and confident leaders.

MISSION STATEMENT The mission of Beta Alpha Psi, the premier international honor and service organization for financial and business information students and professionals, is to inspire and support excellence by: encouraging the study and practice of accountancy, finance, and information systems; providing opportunities for service, professional development and interaction among members and financial professionals; and fostering lifelong ethical, social, and public responsibilities

BETA ALPHA PSI EXECUTIVE OFFICE STAFF Margaret Fiorentino — Executive Director Lisa Wicker — Manager, Chapter Services Samantha Simunyu — Associate Manager, Marketing

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PRESIDENT’S LETTER Beta Alpha Psi has another groundbreaking year under its belt, and I would like to thank all of you for your contribution to that success. Members; candidates; alumni; faculty advisors; chapter advocates; accounting, finance and information technology faculty; department chairs; deans; executive office staff; professional partners; board members; firms; companies; professional associations; sponsors; speakers; exhibitors; and AICPA conference planners — your commitment and time dedicated to Beta Alpha Psi is truly appreciated. Let’s unleash our potential! Unrealized potential is what limits you, what keeps you in a mediocre state. Our goal this past year has been to position ourselves to excel, to go from good to great and become leaders in our communities. This past year, we have focused on the development and understanding that each and every one of us is a leader. Leaders are innovative, accepting and strive for greatness. Beta Alpha Psi has started to trend down the path of innovation by embracing social media and the evolution of technology. For the first time, we featured Snapchat geofilters at regional and annual meetings, as well as continued to boost our Facebook and Twitter postings. In an effort to transition to paperless meetings, we moved to using a BAP App for event programs and documents. We are using webcasts to cover important processes, such as mid-year and end-of-year reporting processes with the chapters. The website is more mobile-friendly as our cellular devices become more and more important for accessing content in a fast, efficient manner. We have added security to all of the screens on our Reporting Intranet for an added layer of cybersecurity. Our regional meetings took on a global outlook as we examined fiscal issues for our government during Principles and Priorities activity the Concord Coalition facilitated. Location, demographic and many other aspects were taken into account to try to balance a very complex budget. Perhaps our Beta Alpha Psi students were more productive in problem-solving than many of our nation’s leaders! That type of creative compromise and leadership is what our future BAP alum will bring to their new organizations after graduation. Our mission to grow internationally continues to be realized as we had attendance at our annual meeting and participation in our Best Practices Competition from our Oceania Region. We installed eight new chapters in the United States and also added five petitioning chapters. Overall membership has remained strong at 11,190. Our annual meeting saw an attendance of 1,100+, and our KPMG Day of Literacy had more than 866 volunteers with a distribution of 3,084 books and more than 3,500 school supplies to children who otherwise would not have access to these resources. Long-term sustainability and growth play an important role in ensuring that our potential can be developed for many years to come. To that end, we have opened an Insured Cash Sweep (ICS account) to guarantee that more of our funds are FDIC insured. We have also moved matured CDs to a CDARS investment program. This past year is one of which I am very grateful and proud to have been a part. Beta Alpha Psi continues to evolve and become better each year. I thank each and every one of you for your contributions to this fantastic organization and wish you nothing but the best for the coming year.

Shawn Harter

Board President 2015–2016 Beta Alpha Psi Annual Report | Unleash Our Potential

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BOARD OF DIRECTORS

The Beta Alpha Psi Board of Directors works diligently to promote the mission of Beta Alpha Psi. A diverse makeup of education and industry professionals and recent graduates of Beta Alpha Psi chapters bring many perspectives to the board. Board accomplishments for 2016 include initiating an effort to open membership to students who have completed one and one half years of collegiate courses and at least one major course, and installation of eight new Beta Alpha Psi chapters. BOARD MEMBERS Shawn Harter — President Kevin Stocks — Past President Merle Hopkins — President-elect George Gamble — Director of Administration Moez Limayem — Dean Representative Alex Miller — Professional Partners Chair Paige Sacks — Professional Partners Chair-elect Rita Grant — Director of Global Activities Yvonne L. Hinson — AICPA Liaison Jay Knight — Alumni Representative Ozoemena “Ozo” Nnamadim — Alumni Representative Veronda Willis — 3rd Year Chapter Advocate, Southwest Region Linda Schain — 3rd Year Chapter Advocate, Atlantic Coast Region

2016–2017 INCOMING BOARD MEMBERS Sandra Richtermeyer — President-elect Eric P. Jack — Dean Representative Stephanie Tyler — Professional Partners Chair-elect David DeBoskey — 2nd Year Chapter Advocate, Western & Northwest Regions Raymond Elson — 2nd Year Chapter Advocate, Southeast Region Danielle Brannock — Alumni Representative

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CHAPTER ADVOCATES

The Beta Alpha Psi Chapter Advocates are considered the voice of the chapters. They also support faculty advisors, and offer assistance and encouragement to chapters. Chapter Advocate accomplishments for this year include updating the Chapter Advocate Manual, Policy and Procedures Manual, Petitioning Manual, Host Chapter Manual and Program for Chapter Activities (PCA); conducting site visits to expand Beta Alpha Psi and installing eight chapters; and leading nine successful regional meetings. CHAPTER ADVOCATES David DeBoskey — 2nd Year Chapter Advocate, Western & Northwest Regions Raymond Elson — 2nd Year Chapter Advocate, Southeast Region Brett Govendir — 1st Year Chapter Advocate, Oceania Region Mark Myring — 1st Year Chapter Advocate, Midwest Region Chris Lyon — 1st Year Chapter Advocate, Rocky Mountain & Missouri Valley Regions

2016–17 INCOMING CHAPTER ADVOCATES Kelly Noe — Southwest Region

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Arthur Reed — Atlantic Coast Region


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PROFESSIONAL PARTNERS

The Beta Alpha Psi Professional Partners further the mission of Beta Alpha Psi through the commitment of financial and people resources, knowledge and talent. Members of the Beta Alpha Psi Professional Partners financially support BAP through annual partner fees, which subsidize the regional and annual meetings each year. Representatives use their professional networks to secure speakers for these meetings, or deliver presentations themselves. Representatives function as judges for competitions and awards. Many partners also sponsor a competition or award. Professional Partner accomplishments for 2016 include continued commitment to raising their visibility with the student members of BAP; a facilitation of leadership activities that delivered applicable professional development at regional meetings; and improved relevancy of sessions given by Professional Partners at regional and annual meetings. FIRMS/CORPORATIONS BDO USA LLP Becker Professional Education Chevron Corporation Deloitte LLP EY Fifth Third Bank Grant Thornton LLP KPMG LLP Moss Adams LLP Office of the Comptroller of the Currency PwC LLP Protiviti Robert Half Roger CPA Review RSM US LLP Surgent CPA Review The Carlyle Group Wiley CPAexcel Yaeger CPA Review

NOT-FOR-PROFIT ORGANIZATIONS

Accounting & Financial Women’s Alliance American Accounting Association American Institute of CPAs American Woman’s Society of Certified Public Accountants Association of Government Accountants Center for Audit Quality Graduate Management Admission Council

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IMA International Association for Accounting Education & Research NASBA Center for the Public Trust National Association of Enrolled Agents The Institute of Chartered Accountants in England & Wales The Institute of Internal Auditors

STATE SOCIETY ORGANIZATIONS

California Society of Certified Public Accountants Illinois CPA Society Indiana CPA Society Kansas Society of Certified Public Accountants Kentucky Society of Certified Public Accountants Texas Society of Certified Public Accountants Washington Society of Certified Public Accountants

BUSINESS INFORMATION PROFESSIONALS OF THE YEAR

IMA sponsors the Business Information Professional of the Year award, which recognizes individuals who make significant contributions to business information professions. This year’s winners have made substantial contributions in education, industry and government, and professional services.

EDUCATION Dr. Philip J. Harmelink — Professor of Accounting and Auditing and Department of Accounting Chair — University of New Orleans

Nominating Chapter — Gamma Sigma (University of New Orleans)

Dr. Philip J. Harmelink is the EY Professor of Accounting at the University of New Orleans where he has been chair of the Department of Accounting for 26 years. In the last 10 years after Hurricane Katrina wreaked catastrophic havoc on the University of New Orleans and the city, he has been responsible for raising funds for over 800 scholarships for accounting students, totaling over $1,000,000. He has always been very supportive of Beta Alpha Psi and other student organizations with his time and resources. Dr. Harmelink has taught tax courses at both the undergraduate and graduate levels. He has co-authored two tax textbooks, which have been revised annually for over 30 years. Dr. Harmelink is the author or co-author of over 110 articles in refereed academic and professional journals. He has served in editorial capacities for many journals including Advances in Taxation, 1993–2009, The Accounting Review, 1982–85, Associate Editor, The Journal of the American Taxation Association, 1981–84, and Accounting Perspectives. Dr. Harmelink has been a member of numerous committees including the American Accounting Association, the American Taxation Association, the Federation of Schools of Accountancy and the Accounting Programs Leadership Group. In the last 15 years, Dr. Harmelink has served as Peer Review Team member for AACSB Accounting accreditation for about 20 schools and served on the 12-member national Accounting Accreditation Committee for the AACSB from 2007–10.

“I am greatly humbled and I feel very honored to receive the 2016 Business Professional of the Year Award in the Education category. Beta Alpha Psi is a wonderful organization where students can have the opportunity to network with other students and with countless individuals in the accounting profession. I am extremely proud of our chapter at the University of New Orleans. The chapter has done so many innovative things and carried out so many worthwhile projects that have benefited the university and the city. Year after year, I am impressed with Beta members’ dedication and enthusiasm. I certainly plan to continue to do what I can to help Beta members accomplish their goals and to support them with my fundraising for scholarships for students. Thank you for this award!”


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BUSINESS INFORMATION PROFESSIONALS OF THE YEAR INDUSTRY AND GOVERNMENT Stephen J. Moore — Supervisory Special Agent — IRS Criminal Investigation Nominating Chapter — Eta Phi (Oakland University-Michigan)

In July 2014, Stephen Moore was selected as a Supervisory Special Agent in the Detroit Field Office in Detroit, MI. Moore’s responsibilities included planning, directing and coordinating the work of a group of special agents engaged in conducting investigations of criminal tax fraud, money laundering and bank secrecy violations. His group investigative emphasis includes human trafficking; return preparer and questionable refund fraud; Organized Crime Drug Enforcement Task Force; gaming casino industry; Business Opportunities Program; arson; and employment tax fraud.

“It is truly an honor to be the recognized as one of the recipients of the 2016 Business Professional of the Year Award. The law enforcement profession is extremely rewarding in many aspects; but one of my greatest joys as an IRS Criminal Investigation Special Agent has been my ability to develop and foster relationships with organizations such as Beta Alpha Psi; particularly, the Oakland University chapter, who nominated me for this prestigious award.”

Moore began his Internal Revenue Service career in 1983 as a special agent in Detroit. As a special agent, his areas of concentration included organized crime, Michigan Arson Task Force, narcotics, money laundering, forfeiture, undercover operations, health care fraud, Border Enforcement Security Team, the Financial Investigative Team and an IRS liaison with Canadian law enforcement. From November 2000 until November 2011, he was the public information officer, responsible for acting as a liaison between IRS Criminal Investigation and other government bodies, private organizations, and the media. He also has supervised and trained newly hired special agents, was the Michigan Coordinator for a program aimed at educating school children on the dangers of drugs, and developed a national one-day workshop, the Adrian Project, which exposes college and high school students to the inner workings of a financial fraud investigation. In 2004, the Adrian Project was recognized with the IRS Criminal Investigation Chief’s Award. In 2006, he was also selected Special Agent of the Year, a national award presented once every two years. Moore received a Bachelor of Arts degree in 1983 from Albion College in Albion, MI, and a Juris Doctor Cum Laude in 1990 from Detroit College of Law. He has been a member the State Bar of Michigan since 1990. He is a native of Bad Axe, MI, and is married with two boys.

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BUSINESS INFORMATION PROFESSIONALS OF THE YEAR PROFESSIONAL SERVICES Lynne Doughtie — Chairman and Chief Executive Officer — KPMG LLP Nominating Chapter — Gamma Lambda (Virginia Polytechnic Institute and State University)

Lynne Doughtie is chairman and CEO of KPMG LLP, the fastest growing Big Four professional services firm in the United States. She leads a high-performing team of more than 29,000 professionals that provide innovative business solutions and audit, tax and advisory services to many of the world’s largest and most prestigious organizations. She began her career in 1985 in KPMG’s Audit practice, and has served in a number of national, regional and global leadership roles. In addition to her U.S. leadership role, she serves on KPMG’s Global Board and Executive Committee. Doughtie most recently served as vice chair of KPMG’s Advisory business (2011–15). During the course of her leadership, Doughtie steered the firm’s U.S. Advisory practice on a path of tremendous growth that has established it as the firm’s fastest growing business. She is a Governing Board member for the Center for Audit Quality and a member of The Committee of 200. She also serves as a board member for both NAF and the Partnership for New York City. Doughtie has received numerous recognitions, including being named one of Fortune’s Most Powerful Women in Business, Accounting Today magazine’s Top 100 Most Influential People, and the National Association of Corporate Directors’ 100 most influential people in the boardroom. Doughtie also was named the 2015 “Woman of Achievement” by the National Association for Female Executives. She is a graduate of Virginia Tech, where she earned a Bachelor of Science degree in accounting in 1985, and remains an active alumnus. She is a Governing Board member for the Center for Audit Quality and a member of The Committee of 200. She also serves as a board member for NAF, LUNGevity Foundation, and the Partnership for New York City.

“I am deeply honored and humbled to be recognized as a recipient of the 2016 Business Professional of the Year Award. It’s especially exciting to have been nominated by the students of Gamma Lambda — my ‘home’ chapter at Virginia Tech. “I credit my involvement in Beta Alpha Psi as one of the key underpinnings of my personal and professional success. My involvement in this prestigious organization taught me to ‘think’ — not just analytically — but strategically. It also afforded me numerous growth and leadership development opportunities, which proved invaluable as I started my career at KPMG. “I am proud that KPMG continues to work with Beta Alpha Psi chapters across the country, and am especially gratified when we come together to serve our communities through KPMG’s ‘Family for Literacy’ program, which is helping to eradicate childhood illiteracy.”


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

KPMG/BERNARD J. MILANO LIFETIME SERVICE AWARD — Dennis R. Reigle

Alpha Psi President Nominator — Shawn Harter, 2015–16 Beta Alpha Psi President

— Former Beta

Denny was managing partner, Partner Matters and Human ResourcesNorth America at Arthur Andersen LLP prior to electing for early retirement Aug. 31, 2001. He also was responsible for Recruiting and University Relations, served as Trustee and Secretary of the Arthur Andersen Foundation, and chaired the Investment Committee for pension and profit sharing plans.

“When I think of lifetime achievement, I think of Denny Reigle. Not only because of the things he has accomplished but also because of the lives he has touched.” — Shawn Harter

Diane Pattison with Bernie Milano.

Denny joined the New York office of Arthur Andersen in 1977, with prior experience in higher education, government and philanthropic foundations. As a member of the American Accounting Association, he formerly served on the Executive Committee as Vice President (Practice), as well as on the New Faculty Consortium Committee and the Accounting Program Leadership Group Board. He also was an active committee and/or board member of the Federation of Schools of Accountancy, the American Assembly of Collegiate Schools of Business, and the American Institute of CPAs where he served on the Academic and Career Development Executive Committee. He has served as president, board member and National Advisory Forum member for Beta Alpha Psi. Denny has served on the boards of trustees of numerous educational organizations, including the Graduate Management Admission Council, where he served as board chairman, the Woodrow Wilson National Fellowship Foundation, the Wake Forest Calloway School Board of Visitors (former chairman) and AIESEC-US Inc (former chairman). He was an honorary member of the National Council of INROADS Inc., a not-for-profit career development organization for minority students, and is the chairman of the Board of Directors for the PhD Project. Denny was inducted into the National Association of Colleges & Employers’ Academy of NACE Fellows, recognizing contributions to the career planning, placement and recruitment profession through leadership, the advancement of knowledge or excellence in professional practice. He was the first corporate member so honored. He also was awarded the Federation of Schools of Accountancy Practitioner Service Award (twice), recognizing his efforts on the behalf of post-baccalaureate accounting education. Denny has a B.A. in liberal arts from the University of Cincinnati, and an MBA from the Harvard Graduate School of Business. He is married and has two daughters. His memberships include the Harvard Club of New York City and the Cliffs at Glassy, SC.

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OUTSTANDING DEAN The Outstanding Dean Award recognizes deans for their significant contribution in faculty support and/or financial support to helping achieve the goals and objectives of their university’s Beta Alpha Psi chapter. Without the deans’ support, many Beta Alpha Psi chapters would be underfunded and not able to deliver the types of programs and activities needed to provide an adequate Beta Alpha Psi experience.

OUTSTANDING DEAN — Dr. Stephanie M. Bryant

Chair, Missouri State University Nominating Chapter — Theta Pi (Missouri State University)

— Dean and David D.Glass Distinguished Leadership

Dr. Stephanie M. Bryant is the Dean of the College of Business at Missouri State University, overseeing 5,150 undergraduate and graduate business students. She previously was the Director of the University of South Florida School of Accountancy, overseeing a program of nearly 1,000 undergraduate, master’s and Ph.D. accounting students. She also served as Interim Associate Dean of Graduate Programs, and was a USF faculty member from 2001–11. Prior to that, she was an assistant professor of accounting at James Madison University from 1996–2001. She received her Ph.D. and B.S. in accounting from Louisiana State University and is a Louisiana CPA (inactive). Dr. Bryant specializes in accounting information systems, and previously worked for KPMG Peat Marwick. She has also helped develop an accounting symposium for the U.S. Army Corps of Engineers, and taught Corps accountants from all over the world for many years. Dr. Bryant has co-authored two accounting textbooks and over 30 academic articles. Dr. Bryant has won nine teaching awards. In 2003, Dr. Bryant received the USF President’s Award for Faculty Excellence. She also is active in the American Accounting Association, having served as the 2005–06 national President of the Information Systems Section. She also served as the 2006–09 International President of Beta Alpha Psi, overseeing 275 chapters and over 10,000 students in the United States, Hong Kong, Australia and New Zealand. Dr. Bryant also is active nationally in financial literacy efforts, and was one of 25 financial literacy experts invited to participate in the 2008 U.S. Treasury Department’s Symposium on Financial Literacy in America. Dr. Bryant’s research includes studying behavioral implications of financial literacy, as well as technology. In 2004, Dr. Bryant was named as the inaugural Dan R. and Tina P. Johnson Distinguished Professor in Accounting at USF. She is the 2014–15 chair of the Accounting Accreditation Committee (AAC) of the AACSB. Dr. Bryant was named one of Springfield’s Most Influential Women in 2014. She and her husband of 37 years, Gary, have two daughters, Samantha (34) and Amber (28).

“I am beyond honored to be recognized by Beta Alpha Psi in this important way. Having been involved with Beta Alpha Psi for 30 years now, first as a student, then regional director, then International president, I believe Beta Alpha Psi is an invaluable bridge to developing leadership, service-mindedness, academic success and character in our accounting, finance and information professionals. It has been one of the great joys of my professional life to have had this opportunity to be involved with Beta Alpha Psi. It is a pleasure to support our great students at Missouri State University Theta Pi Chapter as they work to change the world. Thank you to them for nominating me.”


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OUTSTANDING FACULTY ADVISORS One of the most vital elements in the success of a Beta Alpha Psi chapter is the faculty advisor. Through countless hours of commitment, individual faculty advisors make substantial contributions to the professional growth and development of business financial information students. Beta Alpha Psi, through its cooperation with RSM US LLP, is privileged to recognize outstanding faculty advisors who have demonstrated those rare qualities that place them at the top of all the dedicated faculty advisors. Honorees receive a plaque and a cash award of $5,000 in recognition of their service to Beta Alpha Psi.

Sarah Bee, Seattle University, Delta Eta Chapter

“Serving as a Beta Alpha Psi faculty advisor has been a source of pride for 18 years. My students continue to amaze me with their professionalism, their academic achievements, and their generosity of spirit. If one were keeping score, I think they’d win in the balance of who has given the most to Beta Alpha Psi and the community. I am only the facilitator — they do all the heavy lifting. Thank you to my wonderful students, past and present, for their nomination, the executive board for selecting me for this award, and to RSM for their generous contribution. Beta Alpha Psi is the gift that keeps on giving — to both students and involved faculty.”

Jimmy Carmenate, Florida International University, Eta Iota Chapter

“Receiving the Outstanding Faculty Advisor Award is a wonderful accolade for my continued support of the strong members in this organization. Since becoming faculty advisor for FIU’s Eta Iota Chapter in 2009, the chapter has been relentless in providing outstanding opportunities to the top accounting, finance and MIS students, continuously exceeding my expectations.”

Catherine Lowry, University of Massachusetts — Amherst, Delta Nu Chapter

“I am honored and humbled to have been nominated by my students, and then selected as a Beta Alpha Psi Outstanding Faculty Advisor of the Year. The students I work with, and have worked with, are truly exemplary. The programs and opportunities my students find in Beta Alpha Psi help them to grow academically, professionally and personally. It is rewarding to see our students year after year exceed their own expectations through being involved in Beta Alpha Psi. I love being an advisor to our chapter and I thank the board and RSM for all their support.”

Brian McGuire, University of Southern Indiana, Lambda Mu Chapter

“I feel truly honored to be a recipient of the Beta Alpha Psi Outstanding Faculty Advisor Award, especially given my great admiration and appreciation of Beta Alpha Psi and the positive impact it has on its members and the accounting profession. I am appreciative for the nomination by our students at the University of Southern Indiana, and I thank them for their determination and accomplishments that help make us a ‘Superior Chapter’ year after year. I am also appreciative for RSM LLP’s sponsorship of the Outstanding Faculty Advisor Award, as it provides recognition of faculty members who go above and beyond the requirements of a faculty advisor!”

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Kelly Noe, Stephen F. Austin State University, Epsilon Mu Chapter

“The award of Outstanding Faculty Advisor is a great honor to me because Beta Alpha Psi is a student organization. To be recognized by the students for my service is amazing! Serving as Faculty Advisor in such a fantastic organization has been a joy because the students work so hard and are so dedicated. The recognition I have received is purely a result of the efforts by the students I have been so fortunate to work with as Faculty Advisor.”

Lisa Owens-Jackson, North Carolina A&T State University, Zeta Sigma Chapter

“I feel truly honored to be a recipient of the Beta Alpha Psi Outstanding Faculty Advisor Award, especially given my great admiration and appreciation of Beta Alpha Psi and the positive impact it has on its members and the accounting profession. Beta Alpha Psi is certainly blessed with a talented and professional staff and numerous faculty advisors who are dedicated to the success of their students and their chapters.

J Shaw, University of Mississippi, Alpha Theta Chapter

“Being selected as an outstanding faculty advisor is one of the highlights of my career. It has been my great honor to work with the dedicated officers of Beta Alpha Psi. They have been an outstanding group of leaders. I am grateful to RSM LLP for their generosity in funding this award.”

Carl Keller, Missouri State University, Theta Pi Chapter

“Over the years, I have always believed that Beta Alpha Psi membership benefitted my career, and it continues to do so. I am thankful for the opportunity to work with some of our best students, who through their hard work and professionalism continue to be the most rewarding aspect of my job. I am privileged to be one of their faculty advisors and very honored to be recognized as an Outstanding Faculty Advisor.”

George Schmelzle, Missouri State University, Theta Pi Chapter

“I am very honored and to win the Advisor of the Year Award. I am proud to be part of the Beta Alpha Psi family, and I am especially proud of the hard work of our chapter members and all that they have achieved. For me, it is rewarding to watch our officers and members grow and become young professionals. I am grateful that I have an outstanding co-advisor to work with and I am appreciative of all the administrative support our chapter has received. I would also like to thank Beta Alpha Psi, for choosing me for this honor and I would like to thank our president for nominating me.”


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REGIONAL MEETINGS

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

HIGHLIGHTS More than 1,900 attendees total 243 chapters represented Leadership Exercise — Concord Coalition Opening keynote sessions delivered by various high-ranking executives from companies such as Kroger, Urban Futures Inc. and the Maryland Association of Certified Public Accountants.

MORE THAN

1,900

ATTENDEES TOTAL

243

CHAPTERS REPRESENTED

Beta Alpha Psi student speaks at regional meeting.

9MEETING

LOCATIONS

San Jose, CA Birmingham, AL Houston, TX Baltimore, MD Omaha, NE Covington, KY Salt Lake City, UT Spokane, WA Auckland, New Zealand

Beta Alpha Psi students during Concord Coalition leadership activity.

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REGIONAL MEETING BEST PRACTICES

Sponsored by Deloitte, the Best Practices competitions give members a chance to present their expertise in a topic of their choice. The Best Practices topics for 2016 included: exploring the differences between leadership and management (Leadership and Management); aligning chapter performance, efforts and goals (Alignment of Officer Activities); and striving to move from good to great (Good or Great!). GOOD OR GREAT! REGION Western Southeast Southwest Atlantic Coast Missouri Valley Midwest Northwest Rocky Mountain

UNIVERSITY California State University Sacramento University of Tampa University of Central Arkansas St. John’s University-Staten Island Missouri State University University of Notre Dame Pacific Lutheran University University of Denver

CHAPTER NAME Beta Phi Lambda Beta Theta Lambda Kappa Zeta Theta Pi Beta Sigma Delta Rho Alpha Zeta

ALIGNMENT OF OFFICER ACTIVITIES REGION Western Southeast Southwest Atlantic Coast Missouri Valley Midwest Rocky Mountain Northwest Oceania

UNIVERSITY San Diego State University Valdosta State University University of Houston St. John’s University-Staten Island Missouri State University Northern Illinois University Colorado State University Western Washington University University of Sydney

CHAPTER NAME Beta Eta Mu Zeta Gamma Delta Kappa Zeta Theta Pi Gamma Pi Gamma Tau Theta Phi Lambda Omega

UNIVERSITY University of Southern California North Carolina A&T State University University of Louisiana at Lafayette Pace University Missouri State University Southern Illinois University at Edwardsville University of Denver Portland State University University of Technology Sydney

CHAPTER NAME Iota Zeta Sigma Kappa Theta Iota Lambda Theta Pi Kappa Lambda Alpha Zeta Epsilon Alpha Upsilon Tau Sigma

LEADERSHIP AND MANAGEMENT REGION Western Southeast Southwest Atlantic Coast Missouri Valley Midwest Rocky Mountain Northwest Oceania


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2016 ANNUAL MEETING, BALTIMORE, MD, AUG. 4–6

HIGHLIGHTS More than 1,100 attendees representing 200+ chapters Participation in BAP International Day of Literacy 22 chapters competed in Best Practices competitions 72 members participated in Project Run With It 70 chapters participated in chapter operations presentations 500+ attendees, Seadog Cruise and Baltimore Ghost Walking Tour Beta Alpha Psi students pose for a picture.

MORE THAN

1,100 ATTENDEES 200+

CHAPTERS REPRESENTED

Annual meeting location.

22 COMPETED IN BEST PRACTICES COMPETITIONS

72 PARTICIPATED IN PROJECT RUN WITH IT

70 PARTICIPATED Beta Alpha Psi students pose for a picture in between sessions.

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IN CHAPTER OPERATIONS PRESENTATIONS

BAP INTERNATIONAL DAY OF LITERACY

During the 2016 annual meeting in Baltimore, BAP partnered with KPMG LLP, KPMG Foundation and the United Way of Central Maryland for BAP International Day of Literacy. Volunteers visited local schools in under-served neighborhoods. The program introduced over 2,800 K4-8th grade students to the exciting world of reading. Also, as a part of BAP International Day of Literacy volunteers donated school supplies.

HIGHLIGHTS 866 volunteers 200 backpacks donated by AICPA’s 360 Degrees of Financial Literacy — stuffed with a book and school supplies 2,000 piggy banks and bags donated by AICPA’s 360 Degrees of Financial Literacy 2,030 bottles of water donated by SGC Power 3,500+ school supplies donated 3,084 Books donated to children in need in Baltimore

BAP International Day of Literacy


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ANNUAL MEETING BEST PRACTICES

Each category winner from the eight regional meetings competed at the annual meeting against other regional winners — 22 chapters competed. Deloitte sponsors the annual meeting Best Practices competition.

GOOD OR GREAT! 1st Place

St. John’s University–Staten Island

Kappa Zeta

2nd Place

University of Tampa

Lambda Beta

3rd Place

Missouri State University

Theta Pi

ALIGNMENT OF OFFICER ACTIVITIES 1st Place


Theta Pi

2nd Place

University of Sydney

Lambda Omega

3rd Place

St. John’s University—Staten Island

Kappa Zeta

LEADERSHIP AND MANAGEMENT

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1st Place

North Carolina A&T State University

Zeta Sigma

2nd Place

Pace University

Iota Lambda

3rd Place

University of Technology Sydney

Upsilon Tau Sigma

PROJECT RUN WITH IT

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

WINNER

Ulman Cancer Fund for Young Adults

A6

Back on My Feet Baltimore

B2

Bike Maryland

C3

Team A6

Team C3

Team B2


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PROJECT RUN WITH IT

2016 PARTICIPANTS TEAM A1

Josiah Hurst Lauren Armendarez Matthew Jackson Sara White

TEAM A2

The University of Memphis University of Texas at Arlington The University of Auckland Business School Western Illinois University

Timothy McGrath Qiu Yan Liang Savana McClure Faical Amedja

TEAM A3

John Spiezio Kane Spillar Darrian Carr Alon Elezra

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UNIVERSITY SUNY Oswego Ohio Northern University Florida International University Sam Houston State University

Nikolas Karsos Meredith Gillespie Matthew Slania Geoffrey Taylor

TEAM A6

UNIVERSITY University of North Dakota The University of Tampa California State University-Sacramento Pace University

Noah Oliver Jacob Crowley Erick Morales Tyler Williams

TEAM A5

UNIVERSITY University of Texas at Tyler University of Hawaii-Manoa Salisbury University North Carolina A&T State University

Paige Vetter Kelsie Woodman-Bodden Jennifer Richardson Matthew Silverman

TEAM A4

UNIVERSITY

UNIVERSITY Fordham University Ohio University Gonzaga University Mississippi State University

UNIVERSITY Ithaca College University of Denver Louisiana Tech University University of Alabama at Birmingham

PROJECT RUN WITH IT

2016 PARTICIPANTS TEAM B1

William Sennott Ismael Pascual Brandon Taylor Nicole Ray

TEAM B2

University of Massachusetts-Amherst University of Nebraska at Omaha Middle Tennessee State University California State University-Fresno

Rilley Ramos Amelia Biggs Josh Richards Matthew Farsjo

TEAM B3

Samantha Hord Kimberly Lake Kendal Murphy Andrew Cline

UNIVERSITY Bradley University The University of Alabama University of Texas at El Paso University of Washington

Kourtney Greco Michael Moreau Michelle Gbadebo-Great Blake Aguiar

TEAM B6

UNIVERSITY Towson University University of Utah San Francisco State University Coastal Carolina University

Samantha Newmark McKenzie Gravitt Bethany Belmonte Michelle Henderson

TEAM B5

UNIVERSITY Old Dominion University Southern Illinois University Edwardsville Utah State University Western Kentucky University

Leanna Steele Jason Barth Heather Washington Morgan Loucks

TEAM B4

UNIVERSITY

UNIVERSITY Bowling Green State University Boise State University Georgia Southern University San Diego State University

UNIVERSITY College of Charleston University of Central Missouri University of Arkansas Washington State University-Vancouver


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PROJECT RUN WITH IT

2016 PARTICIPANTS TEAM C1

Katherine Cauley Jonathan Perez Rosina Thettayil Darren Wong

TEAM C2

Marshall University University of South Florida St. Petersburg University of Technology Sydney University of Southern California

Patrick O’Connor Sly Giffard Joshua Grzenda Dallas Forbes

TEAM C3

Kelsey Valente Chen Li Amanda Simmons Anastasia Tarasova

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UNIVERSITY Northern Illinois University University of South Dakota Victoria University of Wellington Samford University

Stacy Wayland Germel Chisholm Chrisoforo Benavides Jeffery Swalwell

TEAM C6

UNIVERSITY University at Buffalo Brigham Young University Valdosta State University Stephen F. Austin State University

Maxwell Williams Dalton Hoekstra Jared Cotton Avery White

TEAM C5

UNIVERSITY Manhattan College University of Colorado Denver Florida Gulf Coast University University of Central Arkansas

Emily Wheeler Spencer Robbins Patricia Lawrence King Jacquelyn

TEAM C4

UNIVERSITY

UNIVERSITY Youngstown State University Winthrop University Texas State University University of Nevada-Reno

UNIVERSITY Bentley University Southern Illinois University at Carbondale University of South Carolina University of San Diego

ETHICS AWARD The purpose of this award, which Grant Thornton LLP sponsors, is to encourage ethical behavior throughout the accounting, finance and information technology professions. The business world has experienced the ethical failures of many individuals and organizations in the accounting and finance profession over the past decade. These actions have had detrimental and lasting effects on the economy and individual investors and have damaged the reputation of information professions. It is a core Beta Alpha Psi value to encourage ethical behavior. One way to encourage this behavior is to examine difficult situations demanding ethical responses and by recognize the resulting exemplary ethical behavior by individuals and/or organizations in the professions, government, business, academia and not-for-profits. Chapters submit an abstract for a planned project that encourages ethical behavior and a summary with outcomes and an overall assessment after the project is completed. WINNERS University of North Carolina at Charlotte

Eta Alpha Chapter

University at Buffalo

Zeta Theta Chapter


Zeta Sigma Chapter

California State University Sacramento

Beta Phi Chapter

University of North Carolina at Charlotte



California State University Sacramento


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GOLD CHALLENGE BAP recognizes that many chapters often go above and beyond what is required to become a Superior Chapter. In an effort to reward these chapters, the KPMG and the KPMG Foundation work with BAP to sponsor the KPMG Gold Challenge, a competition that provides an annual $2,500 award to up to 10 chapters. Eligible chapters are required to submit a seven minute video presentation that explains and/or demonstrates why their chapter deserves the KPMG Gold Challenge award. WINNERS University at Buffalo

Zeta Theta Chapter

University of Denver

Alpha Zeta Chapter

University of Utah

Epsilon Xi Chapter

University of South Florida

Delta Gamma Chapter

Pace University

Iota Lambda Chapter

Florida International University

Eta Iota Chapter

The University of Tampa

Lambda Beta Chapter

University of Southern California

Iota Chapter


University of Denver

University of Utah


Pace University

Florida International University

The University of Tampa

University of Southern California

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

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SUPERIOR AND DISTINGUISHED CHAPTERS

To qualify as superior or distinguished, each chapter must report a designated amount of Reaching Out Activities and each chapter member/candidate must have a certain number of professional and service hours, as set forth in the Program for Chapter Activities. Each Superior Chapter receives a monetary award of $500 from KPMG LLP and the KPMG Foundation. SUPERIOR WINNERS Appalachian State University

Ithaca College

Stonehill College

Auburn University

Kansas State University

SUNY Oswego

Ball State University

Kennesaw State University

Syracuse University

Bentley University

Kent State University

Tennessee Tech University

Boise State University

Louisiana Tech University

The University of Alabama

Bowling Green State University

Loyola University Maryland

The University of Memphis

Bradley University

Marquette University

Brigham Young University

Marshall University

The University of Southern Mississippi

California State University-East Bay

Middle Tennessee State University

California State University-Fresno


Truman State University

California State University-Northridge

Morgan State University

University at Albany

Murray State University

University of Akron

New Mexico State University

University of Alabama at Birmingham

California State University-Sacramento California State University-Fullerton

North Carolina A&T State University North Carolina State University

Case Western Reserve University

Northern Arizona University

Central Michigan University

Oakland University-Michigan

Central Washington University Cleveland State University Coastal Carolina University Creighton University Eastern Michigan University Eastern Washington University Elon University Florida Atlantic University Florida Gulf Coast University Florida State University Fordham University Fort Lewis College George Mason University Georgia Southern University Georgia State University Gonzaga University Grand Valley State University Hofstra University Iowa State University

Northern Illinois University Ohio University Oklahoma State University Old Dominion University Oregon State University Quinnipiac University Salisbury University Samford University San Diego State University San Francisco State University Seattle University Southeast Missouri State University Southeastern Louisiana University Southern Illinois University at Carbondale Southern Illinois University Edwardsville Stephen F. Austin State University

The University of Sydney Towson University

University of Arkansas University of Arkansas–Fort Smith University of Central Arkansas University of Central Florida University of Central Missouri University of Cincinnati University of Colorado Denver University of Connecticut University of Dayton University of Florida University of Georgia University of Hawaii-Manoa University of Idaho University of Iowa University of Kentucky University of Louisiana at Lafayette University of Louisiana at Monroe University of Massachusetts-Amherst University of Miami University of Michigan-Dearborn University of Mississippi


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SUPERIOR WINNERS (continued) University of Montana

Western Illinois University

The University of New Mexico

University of Nebraska-Lincoln

Western Kentucky University

The University of Portland

University of Nebraska at Omaha

Western Michigan University

University of Arizona

University of Nevada-Las Vegas

Western Washington University

University of Hartford

University of Nevada-Reno

Wichita State University

University of Louisville

University of New Orleans

Wright State University

University of Missouri-St. Louis

University of North Carolina at Charlotte

Youngstown State University

University of North Dakota

University of North Carolina at Greensboro

DISTINGUISHED WINNERS

University of North Georgia

Arizona State University

University of North Texas

California State Polytechnic University-Pomona

University of Northern Colorado University of Oregon University of Pittsburgh University of San Diego University of South Alabama University of South Carolina

Colorado State University Eastern Illinois University Emporia State University Jacksonville State University

University of South Dakota

James Madison University

University of South Florida St. Petersburg

Lamar University

University of Southern Indiana University of Tennessee at Knoxville

University of San Francisco University of St. Thomas-Houston University of Technology Sydney University of Tennessee at Chattanooga University of Texas at San Antonio University of Tulsa University of Wisconsin-Madison University of Wyoming Virginia Commonwealth University

Louisiana State University

Washington State University

Manhattan College

Washington University in St. Louis

Marist College Minnesota State University Mankato

Wayne State University

University of Texas at Tyler

Montana State University-Bozeman

MOST IMPROVED CHAPTER WINNER

University of Toledo

New York University

University of Washington

Ohio Northern University

University of Washington Bothell

Pacific Lutheran University

University of Wisconsin-Milwaukee

Portland State University

University of Texas at Arlington University of Texas at El Paso

University of Wisconsin-Whitewater

Purdue University Saint Louis University

University of Wisconsin Oshkosh

Sam Houston State University

Utah State University

San Jose State University

Valdosta State University

St. John's University

Virginia Tech Washington State University-Vancouver

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Clemson University

University of Notre Dame

St. John's University-Staten Island Stetson University

Weber State University

Temple University

West Chester University

Texas State University

University of Florida (Upsilon Chapter)

INCLUSIVE LEADERSHIP AWARDS An inclusive work environment that values and leverages the unique differences of a diverse team is critical for the future success of the global business community. More than 90 percent (90%) of the Fortune 500 companies have active diversity initiatives in place and most include diversity as part of its business strategy. EY leadership fully understands the importance of an inclusive environment that values the contributions of its entire people. The firm believes that a key element of effective teaming is the diversity of thought generated from team members from different backgrounds and perspectives. Highly effective leaders are those who are experienced at leading diverse teams. EY also believes that it is important for future leaders of the business community to have a great appreciation and understanding of how to successfully team in a diverse and inclusive environment. Accordingly, EY has created the Inclusive Leadership Award. Chapters submit an abstract on what diversity means to the chapter and its importance in the professional world. Chapters must also include a plan to make an impact at the chapter level and strategies that could be employed by the school of business to impact their overall diversity.

WINNERS 1st place


Epsilon Alpha Chapter

2nd place


Delta Gamma Chapter

3rd place


Zeta Theta Chapter

3rd place

Pace University

Iota Lambda Chapter

3rd place

University of Massachusetts-Amherst

Delta Nu Chapter




Pace University

University of Massachusetts-Amherst


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VITA AWARDS The VITA Program offers free tax help to people who make $50,000 or less and need assistance in preparing their own tax returns. IRS-certified volunteers provide free basic income tax return preparation to qualified individuals in local communities. They can inform taxpayers about special tax credits for which they may qualify, such as the Earned Income Tax Credit, Child Tax Credit, and Credit for the Elderly or the Disabled. Members of Beta Alpha Psi proudly contribute their time by volunteering for VITA. Below are the results from our VITA Competition for 2016.

SUPERIOR WINNERS (OUTSTANDING PERFORMANCE IN ALL 3 CATEGORIES) Brigham Young University San Francisco State University University of Utah

VOLUNTEER HOURS (TOP 3 CHAPTERS WITH 50–100 MEMBERS WITH THE MOST VOLUNTEER HOURS) Rutgers University-New Brunswick Pace University Portland State University

VOLUNTEER HOURS (TOP 2 CHAPTERS WITH >100 MEMBERS WITH THE MOST VOLUNTEER HOURS) Marist College New York University

VOLUNTEER HOURS AT DIFFERENT LOCATION (TOP FIVE CHAPTERS WITH AT LEAST 10 HOURS) San Francisco State University University of Massachusetts University at Buffalo Pace University Creighton University

VOLUNTEER HOURS AT DIFFERENT LOCATION (TOP FIVE CHAPTERS WITH AT LEAST 25 HOURS) California State University-Northridge Florida International University Pace University California State University-Los Angeles University of Hartford

RETURN PREPARATION (CHAPTERS WHO PREPARED MORE THAN 500 RETURNS) University of Massachusetts Dartmouth San Francisco State University University of Iowa University of Utah University at Buffalo University of Akron

Eastern Washington University California State University-Chico University of Southern California University of Connecticut Utah State University

RETURN PREPARATION (CHAPTERS WITH FEWER THAN 50 WHO PREPARED MORE THAN 100) Idaho State University Quinnipiac University Northern Michigan University

RETURN PREPARATION (ALTERNATIVE FILING) Eastern Michigan University University of Missouri-Kansas City Utah State University Stetson University

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Portland State University Pennsylvania State University California State University-Chico University of Utah

MEDAL OF INSPIRATION AWARD The AICPA sponsors the Medal of Inspiration, which is bestowed upon a student who has experienced extreme hardships in his or her life and who has demonstrated an unusually high level of success despite that adversity. The award includes a $5,000 cash stipend. Winner: Julya Faulkner, Ohio Northern University Today, Julya Faulkner is a standout student who holds a stellar academic record, volunteers in her local community and runs her own business. Her road to get there, however, is what makes her remarkable. At the age of eight, Faulkner was diagnosed with Ewing’s Sarcoma, a rare form of bone cancer. The next chapter of her life was filled with surgeries, chemotherapy and medical procedures to alleviate the effects of radiation treatment. And while her cancer thankfully entered remission, the challenges of the illness follow her to this day. Despite these hardships, Julya went on to graduate with honors from high school, and was accepted to Ohio Northern University with a full scholarship. “Julya is a perfect example of why the Medal of Inspiration Award was created. From a very young age she experienced extreme hardship in her life, yet continued to persevere and achieve all of her academic goals,” said Yvonne Hinson, AICPA Academic in Residence. “She is truly an inspiration to her peers and anyone who hears her story. The AICPA is proud to sponsor an award that recognizes courageous students like Julya.” While at ONU, she served on the executive board of her Beta Alpha Psi chapter, tutored fellow students, and worked with the Volunteer Income Tax Assistance program to provide free income tax preparation assistance. She was recognized for her exemplary leadership when awarded the DeBow Freed Award, the highest honor bestowed on an Ohio Northern University student. Outside of school, Faulkner runs a successful cake-decorating business, Cakes by Julya, which often provides desserts for events on campus. She also volunteers with the Make-A-Wish Foundation and has initiated numerous programs to raise funds for the organization, including the annual Ride-For-Wishes event. For her business success and community involvement, the Future Farmers of America (FFA) awarded her the American FFA Degree, an award that celebrates members who have demonstrated the highest level of commitment to FFA values. “While Julya’s challenges in life may be more than the average young adult, she is determined to tackle every obstacle and achieve the goals she set for herself both personally and professionally,” said Matthew A. Phillips, Ohio Northern University Assistant Professor of Accounting. For 13 years, Faulkner has faced extreme adversity brought on as a result of her illness. She has met the challenges head-on, overcoming cancer and embarking on a career in the accounting profession. She is now a graduate of Ohio Northern University, a Master of Science in Accounting candidate, and will begin the next phase of her career at EY.

Julya Faulkner, Ohio Northern University


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EXPANSION Beta Alpha Psi has a long-standing history of providing development, leadership and service opportunities to its members, which total more than 300,000 since its inception in 1919. Like so many organizations in today’s globally based world, a strategic decision was made to expand our organizational borders beyond the United States and become an international organization with the ultimate goal of providing the same opportunities noted above to students across the globe. The organization has accomplished a great deal in a short time. HIGHLIGHTS

New chapter installations: 8

New Petitions: 5

Roger Williams University — Nu Lambda Chapter

Active chapters: 310

Washington & Lee University — Nu Mu Chapter

Active members: 11,190

Siena College — Nu Xi Chapter Iona College — Nu Omicron Chapter University of California, Irvine — Nu Pi Chapter University of California, Riverside — Nu Rho Chapter Fairleigh Dickinson University — Nu Sigma Chapter University of Arkansas at Little Rock — Epsilon Pi Chapter

11,190

ACTIVE MEMBERS

310

ACTIVE CHAPTERS

5

NEW PETITIONING CHAPTERS

8

NEW CHAPTER INSTALLATIONS

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INDEPENDENT AUDITOR’S REPORT FINANCIAL STATEMENTS To the Board of Directors Beta Alpha Psi We have audited the accompanying financial statements of Beta Alpha Psi, which comprise the statements of financial position as of April 30, 2016 and 2015, and the related statements of activities and cash flows for the years then ended, and the related notes to the financial statements.

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

Auditors’ Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Beta Alpha Psi as of April 30, 2016 and 2015, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Cohn Reznick LLP Roseland, New Jersey June 22, 2016


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STATEMENTS OF FINANCIAL POSITION

YEARS ENDED

APRIL 30, 2016

APRIL 30, 2015

$1,650,207

$1,717,866

974,399

440,015

Current assets Cash and cash equivalents Investments Accounts and other receivables

44,417

74,414

Prepaid expenses and other assets

51,563

59,584

$2,720,586

$2,291,879

170,839

300,420

28,462

104,695

$2,919,887

$2,696,994

$180,542

$135,906

34,736

47,170

$215,278

$183,076

2,596,980

2,398,996

107,629

114,922

Total current assets Long-term assets Investments Web site development, net of accumulated amortization of $236,476 and $150,173 TOTALS Liabilities Accounts payable Unearned revenue Total liabilities Net assets Unrestricted Temporarily restricted Total net assets TOTALS See Notes to Financial Statements.

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$2,704,609

$2,513,918

$2,919,887

$2,696,994

STATEMENTS OF ACTIVITIES

CHANGES IN UNRESTRICTED NET ASSETS

APRIL 30, 2016

APRIL 30, 2015

Chapter fees

827,350

830,065

Annual convention and regional meetings

464,505

489,289

Associate and other contributions

216,156

220,657

7,569

5,200

50,670

50,879

Revenue and support

Interest income Contributed services Net assets released from restrictions Total unrestricted revenue and support

204,493

237,312

$1,770,743

$1,833,402

Expenses Program expenses Chapter programs

$56,073

$43,393

Annual convention and regional meetings

734,479

837,771

Awards

180,020

180,405

970,572

1,061,569

50,670

50,879

551,517

540,007

602,187

590,886

Total expenses

1,572,759

1,652,455

Change in unrestricted net assets

$197,984

$180,947

197,200

267,204

(204,493)

(237,312)

(7,293)

29,892

Total program expenses Supporting services Contributed services General and administrative Total supporting services

Change in temporarily restricted net assets Contributions Net assets released from restrictions Change in temporarily restricted net assets Change in net assets

190,691

210,839

Net assets, beginning

2,513,918

2,303,079

$2,704,609

$2,513,918

Net assets, end See Notes to Financial Statements.


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STATEMENTS OF CASH FLOWS APRIL 30, 2016

APRIL 30, 2015

$190,691

$210,839

86,303

85,020

29,997

18,763

Cash flows from Operating activities Change in net assets Adjustments to reconcile change in net assets to net cash provided by operating activities: Amortization Changes in operating assets and liabilities Accounts and other receivables Prepaid expenses and other assets

8,021

1,785

Accounts payable

44,636

(26,058)

Unearned revenue

(12,434)

5,660

$347,214

$296,009

Net cash provided by operating activities Cash flows from Investing activities Capital expenditures Proceeds from maturation of investments Purchase of investments Net cash used in investing activities

145,000

(842,063)

(646,435)

(414,873)

(501,435)

(67,659)

(205,426)

Cash and cash equivalents, beginning

1,717,866

1,923,292

Cash and cash equivalents, end

$1,650,207

$1,717,866

Net decrease in cash and cash equivalents

See Notes to Financial Statements.

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(10,070)

437,260

NOTES TO FINANCIAL STATEMENTS — APRIL 30, 2016 AND 2015 NOTE 1 – PURPOSE AND SUMMARY OF ACCOUNTING POLICIES Purpose Beta Alpha Psi (the “Organization”) is a nonprofit international honor and service organization for accounting, finance and information systems students at AACSB (Association to Advance Collegiate Schools of Business) or EQUIS (European Quality Improvement System) accredited universities. The Organization provides opportunities for development of technical and professional skills to complement university education; participation in community service; and interaction among students, faculty and professionals. The Organization’s objectives are accomplished through the activities of its chapters. Financial resources to promote these activities are provided by the chapters and various public and private firms. Accounting method The accompanying financial statements are prepared on the accrual basis of accounting. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash and cash equivalents The Organization considers instruments with an original maturity of ninety days or less when purchased to be cash equivalents. As of April 30, 2016 and 2015, the Organization’s cash equivalents consisted primarily of money market funds. Investments Short and long-term investments at April 30, 2016 and 2015 consist of certificates of deposit with varying maturity lengths. Certificates of deposit with maturities of greater than ninety days, but less than one year, are considered short-term. Certificates of deposit with maturities greater than one year from the current fiscal year end are considered held long-term. Concentrations of credit risk Financial instruments which potentially subject the Organization to concentrations of credit risk consist of cash and cash equivalents and certificates of deposit. The Organization maintains its cash and cash equivalents and certificates of deposit in account balances, which may at times exceed the insured amounts under the Federal Deposit Insurance Corporation (“FDIC”). As of April 30, 2016 and 2015, the Organization’s cash balance exceeded the current insured amounts under FDIC by $815,290 and $1,306,359, respectively. Accounts and other receivables Credit risk with respect to accounts and other receivables is limited because the Organization deals with a large number of members in a wide geographic area. The Organization closely monitors the extension of credit to its members. On a periodic basis, the Organization evaluates its accounts and other receivables and establishes an allowance for doubtful accounts, based on a history of past write-offs and collections and current credit considerations. As of April 30, 2016 and 2015, the Organization has no significant concentrations of credit risk and there is no allowance for doubtful accounts established as management believes that all amounts are collectible. Web site development costs All costs incurred in planning the development of a web site are expensed as incurred. Costs, other than general and administrative and overhead costs, incurred in the web site application and infrastructure development stage, which involve acquiring or developing hardware and software to operate the web site, are capitalized. Fees paid to an Internet service provider for hosting a web site on its server(s) connected to the Internet are expensed over Beta Alpha Psi Annual Report | Unleash Our Potential

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NOTE 1 – PURPOSE AND SUMMARY OF ACCOUNTING POLICIES (continued) the estimated period of benefit. Other costs incurred during the operating stage, such as training, administration and maintenance costs, are expensed as incurred. Costs incurred during the operating stage for upgrades and enhancements of a web site are capitalized if it is probable that they will result in added functionality. Capitalized web site development costs are amortized on a straight-line basis over their estimated useful life. The unamortized costs remaining as of April 30, 2016 and 2015 represent outsourced costs associated with new site development and enhancements. Impairment analysis is performed when triggering events occur for finite-lived intangibles. As of April 30, 2016 and 2015, there have been no indicators of impairment. Net assets The Organization’s financial resources have been combined into two net asset classes (unrestricted and temporarily restricted) based upon stipulations imposed by donors. Unrestricted net assets include expendable resources over which the Organization’s Board of Directors has discretionary control and are used to carry out the Organization’s operations in accordance with its by-laws. Temporarily restricted net assets include resources expendable only for those purposes specified by a donor or grantor. The restrictions are satisfied by specific expenditures of the Organization. Contributed services The Organization recognizes contribution revenue for certain contributed services received at the fair value of those services. Those services include attest services, facilities and organizational support valued at $50,670 and $50,879 for the years ended April 30, 2016 and 2015, respectively, furnished by CohnReznick LLP and the American Institute of Certified Public Accountants (“AICPA”). See Note 5 for additional services provided by the AICPA. In addition, a significant amount of time, for which no value has been assigned as it does not meet the criteria for recognition, was volunteered by professionals, professors and students to the activities of the Organization. Revenue recognition Revenue from membership, chapter maintenance, charter and petition fees is recorded in the period the fees are due. Contributions are recognized in the period received. Revenue received from the annual student convention, regional meetings and other conferences is recognized in the period in which the event occurs. Income taxes The Organization is a not-for-profit agency exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code and has been classified as a charitable organization that qualifies for the maximum charitable contribution deduction by donors. The Organization has no unrecognized tax benefits at April 30, 2016 and 2015. The Organization’s Federal income tax returns prior to fiscal year ended April 30, 2013, are closed and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. As of April 30, 2016 and 2015, the Organization did not incur any interest and penalties associated with tax matters. Subsequent events The Organization has evaluated subsequent events through June 22, 2016, the date which the financial statements were available to be issued. No subsequent events requiring disclosure were noted by management.

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NOTE 2 – INVESTMENTS INVESTMENTS

APRIL 30, 2016

APRIL 30, 2015

Certificates of deposit — short-term

$974,399

$440,015

Certificates of deposit — long-term

$170,839

300,420

$1,145,238

$740,435

Investments consist of the following

TOTAL

The certificates of deposit are valued at cost plus accrued interest. Investment income consists of interest income of $7,569 and $5,200 in 2016 and 2015, respectively.

NOTE 3 – TEMPORARILY RESTRICTED NET ASSETS Temporarily restricted net assets were released from restrictions in fiscal 2016 and 2015 in fulfillment of the following purposes: Best practice awards

2016

2015

$29,500

$29,375

Faculty advisor awards

20,000

15,000

Community service day

20,516

40,000

Superior chapter awards program

43,175

38,775

Inclusive leadership awards

13,250

13,250

Project Run With It awards and program expenses

24,552

37,412

Gold Challenge awards

27,500

37,500

Ethics awards

20,000

20,000

BIPOY awards

6,000

6,000

$204,493

$237,312

TOTAL

All temporarily restricted net assets are restricted for use for specific program activities in future periods. Temporarily restricted net assets as of the end of the fiscal year consist of funds restricted for the following purposes: Best practice awards Faculty advisor awards

2016

2015

$10,125

$9,625

23,800

43,800

Superior chapter awards program

2,425

2,150

Inclusive leadership awards

8,750

8,750

Project Run With It

37,315

34,868

Community service day

25,214

15,729

$107,629

$114,922

TOTAL


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NOTE 4 – WEB SITE DEVELOPMENT Investment in website development, at cost, consists of the following at April 30, 2016 and 2015:

Web site development Less accumulated amortization TOTAL

2016

2015

ESTIMATED USEFUL LIVES

$264,938

$254,868

3 Years

236,476

150,173

$28,462

$104,695

-

Amortization expense was $86,303 and $85,020 for the years ended April 30, 2016 and 2015, respectively. The website and reporting intranet were placed in service in April 2013 and August 2013, respectively. The estimated aggregate amortization expense for each of the years subsequent to April 30, 2016 is as follows:

AMOUNT 2017

23,427

2018

3,357

2019

1,678

TOTAL

$28,462

NOTE 5 – RELATED PARTY General and administrative expenses include charges from the AICPA for payroll, benefits and out-of-pocket expenses which amounted to $338,001 and $372,145 for the years ended April 30, 2016 and 2015, respectively. For the years ended April 30, 2016 and 2015, respectively, the Organization owed $16,882 and $28,201 to the AICPA for actual expenses charged exceeding payments made. This amount was included in accounts payable.

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13416-332


39

NOTES

40


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Beta Alpha Psi 220 Leigh Farm Road, Durham, NC 27707–8110 Phone: 919.402.4044 | Fax: 919.402.4040 Email: [email protected] | Website: bap.org Twitter: @_BetaAlphaPsi Facebook: Facebook.com/BetaAlphaPsiIntl LinkedIn: Beta Alpha Psi Instagram: @_BetaAlphaPsi

20600-332