DEVELOPING
OUR FUTURE
2015 BAP ANNUAL REPORT
13416-332
2015 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
23 Project Run With It
6 Professional Partners
24 Ethics Award
7 Business Information
Professionals of the Year
25 Gold Challenge
10 Lifetime Service Award
12 Outstanding Dean
13 Outstanding Faculty Advisors
14 Regional Meetings
15 Regional Meeting Best Practices
26 Superior and Distinguished Chapters
27 Inclusive Leadership Awards
28 VITA Awards
29 Medal of Inspiration Award
30 Expansion
31 Financial Statements
16 2015 Annual Meeting
2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE
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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, Beta Alpha Psi Marketing
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PRESIDENT’S LETTER
Dear Friends,
It has been a wonderful year for Beta Alpha Psi and your involvement in our organization has contributed to this success. Whether
you are a member; candidate; alumnus; faculty advisor; chapter advocate; accounting, finance, or information systems faculty;
department chair; dean; executive office staff; professional partner; board member; or represent one of our sponsoring firms,
companies, or professional associations; or support us through exhibiting or speaking at our events, your participation matters and
your commitment to Beta Alpha Psi is definitely appreciated.
Beta Alpha Psi made several strategic decisions this year. Alerted that the terms “Beta Alpha Psi” needed protection, we filed for
the trademark in both the United States and abroad. The trademark has been published in the United States, and we are awaiting
international approval. To address the trend of early student recruitment, the Chapter Advocates conducted a review of the Bylaws
and Policies and Procedures. As a result of their efforts, changes were made to the Bylaws to clarify membership requirements
and to bring consistency throughout the documents. The number of online programs and students is increasing, and policies were
put into place to proactively deal with this issue. Finally, we continue to work toward international expansion as our focus this year
was on building relationships with schools in Canada. We look forward to seeing the result of our global outreach in the coming year.
Led by our two Board Alumni Representatives Alex Johnson and Jay Knight, the position of Regional Alumni Representatives was
established to assist with each of our regions. Nominations for this new position were solicited and five Regional Representatives
were selected. Alex and Jay also initiated a successful pilot testing of “Dinner with Professionals” as part of Regional Meetings.
We’re excited for this effort to expand next year. Rather than developing activities for alumni, the efforts of the Alumni
Representatives have been refocused to helping current chapters by presenting a student perspective on organizational strategy
and initiatives. Alumni outreach still is an important activity, but with the intent of enhancing the student membership experience.
Operational changes instituted last year requiring chapters to attend either a regional or annual meeting in order to achieve
Superior Chapter status as well as the requirement to include essential skill programs in order to be an award-seeking chapter
worked well and will continue. We have advanced our member engagement and communication efforts through increased
outreach via social media, email marketing, and webcasts.
It was also a good year for BAP meetings. We had more than 2,000 attendees participate in this year’s Regional Meetings in
the U.S. and the Oceania region. There were over 1,100 attendees at this year’s Annual Meeting in Milwaukee, WI, including
representatives from our Oceania chapters in Australia and New Zealand. These meetings provided students the opportunity to
network, socialize, learn from each other in operational sessions, hear from guest speakers and professional partners, compete in
the Deloitte sponsored Best Practices competition, and provide service to three Milwaukee nonprofits through our annual Project
Run With It competition sponsored by Moss Adams. Several awards were recognized at the Annual Meeting, including the AICPA
Medal of Inspiration, IMA Business Information Professional of the Year award, McGladrey Outstanding Faculty Advisor award, the
EY Inclusive Leadership award, the Grant Thornton Ethics award and the KPMG Superior and Gold Chapter status awards.
We hosted our 3rd annual International Day of Literacy in collaboration with KPMG LLP, the KPMG Foundation and United Way
of Greater Milwaukee and Waukesha County. This event represented BAP’s 17th annual International Day of Service. Nearly
1,000 BAP volunteers visited four year-round Milwaukee Public Schools, five Boys & Girls Clubs, and two youth-serving
non-profit organizations. About 2,800 K4–8th grade students participated in the annual event. BAP volunteers also put together
200 backpacks full of 3,113 school supplies to be given to underprivileged youth.
So much has been accomplished this past year. We will continue to strive to make Beta Alpha Psi one of the most valuable aspects
of our members’ educational experience. Thank you for a wonderful 2014–15. I have been honored to serve as your president, and
I look forward to seeing what we will accomplish together next year as we continue our international expansion and seek new ways
to engage our members and partners.
Kevin Stocks
Board President 2014–2015
2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE
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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 2015 include initiating an effort to open
membership options for online students at AACSB or EFMD/EQUIS accredited institutions and installation
of four new Beta Alpha Psi chapters.
BOARD MEMBERS
Kevin Stocks — President
Jan Taylor Morris — Past President
Shawn Harter — President-Elect
George Gamble — Director of Administration
Moez Limayem — Dean Representative
Alex Miller — Professional Partners Chair
Greg Burton — Director of Global Activities
Sonya Guthrie — AICPA Liaison
Alex Johnson — Alumni Representative
Jay Knight — Alumni Representative
Janice Klimek — 3rd Year Chapter Advocate, Rocky Mountain & Missouri Valley Regions
Mehmet Kocakulah — 3rd Year Chapter Advocate, Midwest Region
Pearl Rozenberg — 3rd Year Chapter Advocate, Oceania Region
2015–16 INCOMING BOARD MEMBERS
Merle Hopkins — President-Elect
Rita Grant— Director of Global Activities
Paige Sacks — Professional Partners Chair-elect
Veronda Willis — 3rd Year Chapter Advocate, Southwest Region
Linda Schain — 3rd Year Chapter Advocate, Atlantic Coast Region
Ozoemena “Ozo” Nnamadim— Alumni Representative
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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/encouragement to chapters with special circumstances, such as chapters
on probation, petitioning chapters and chapters in danger of going on probation. Chapter Advocate
accomplishments for this year include updating the Chapter Advocate Manual, Policy and Procedures
Manual, Petitioning Manual and Program for Chapter Activities (PCA) and conducting site visits to expand
Beta Alpha Psi.
CHAPTER ADVOCATES
Janice Klimek — 3rd Year Chapter Advocate, Rocky Mountain & Missouri Valley Regions
Mehmet Kocakulah — 3rd Year Chapter Advocate, Midwest Region
Pearl Rozenberg — 3rd Year Chapter Advocate, Oceania Region
Linda Schain — 2nd Year Chapter Advocate, Atlantic Coast Region
Veronda Willis — 2nd Year Chapter Advocate, Southwest Region
David DeBoskey — 1st Year Chapter Advocate, Western & Northwest Regions
Raymond Elson — 1st Year Chapter Advocate, Southeast Region
2015–16 INCOMING CHAPTER ADVOCATES
Brett Govendir — Oceania Region
Mark Myring — Midwest Region
Chris Lyon — Rocky Mountain & Missouri Valley Regions
2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE
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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 member fees, which subsidize the regional and annual meetings each
year. Representatives use their personal networks to secure speakers for these meetings, or deliver presentations
themselves. Representatives function as judges for competitions and awards. Many Partners also sponsor a
competition or award.
Professional Partner accomplishments for 2015 include continued commitment to raising their visibility with
the student members of BAP; an introduction of leadership activities that delivered interactive professional
development at regional meetings; and improved relevancy of sessions given by Professional Partners at
regional meetings.
FIRMS/CORPORATIONS
Bisk CPA Review
BDO USA LLP
Becker Professional Review
The Carlyle Group
Chevron Corporation
Deloitte LLP
EY
Fifth Third Bank
Grant Thornton LLP
Kaplan CPA Review
KPMG LLP
McGladrey LLP
Moss Adams LLP
The Office of the Comptroller of the Currency
PwC
Protiviti Inc.
Robert Half International
Roger CPA Review
Surgent CPA Review
Wiley CPAexcel
NOT-FOR-PROFIT ORGANIZATIONS
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Accounting & Financial Women’s Alliance
American Accounting Association
American Institute of CPAs
American Woman’s Society of CPAs
Association of Government Accountants
GMAC
The Institute of Chartered Accountants in
England & Wales (ICAEW)
The Institute of Internal Auditors
Institute of Management Accountants (IMA)
International Association for Accounting Education &
Research (IAAER)
NASBA Center for Public Trust
National Association of Enrolled Agents
STATE SOCIETY ORGANIZATIONS
Alabama Society of CPAs
California Society of CPAs
Illinois CPA Society
Indiana CPA Society
Kansas Society of CPAs
Kentucky Society of CPAs
New York State Society of CPAs
Texas Society of CPAs
Washington Society of CPAs
2015–16 INCOMING
PROFESSIONAL PARTNERS
Yaeger CPA Review
BUSINESS INFORMATION PROFESSIONALS OF THE YEAR
Sponsored by the IMA, the Business Information Professional of the Year award recognizes individuals who
make significant contributions to business information professions. This year’s winners have made substantial
contributions in academia, business and government, and professional services.
EDUCATION
Mark Taylor­— Professor of Accounting and Auditing and Department of Accountancy Chair,
Case Western Reserve University
Nominating Chapter ­— Pi (Case Western Reserve University)
“I am deeply humbled and tremendously
honored to receive the Business Information
Professional of the Year — Education Award
from Beta Alpha Psi. Beta Alpha Psi is
the premier accounting honorary society
and touches the lives of so many students
annually. Beta Alpha Psi opens doors and
more importantly reveals horizons for students
looking to succeed as professionals. Beta
Alpha Psi certainly did this for me and
continues to do so for so many. We’re very
proud of our Pi Chapter here at Case Western
Reserve University, the charter for which
was granted in 1930 as the 10th Chapter to
be created. I certainly see this award as one
that also recognizes the success of our long
established chapter. As an educator, Beta
Alpha Psi stands out as the most important
place students can find to catch the vision of
the accounting profession and from which to
launch their careers. Thank you!”
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Mark Taylor is the Andrew D. Braden Professor of Accounting
and Auditing and Chair of the Department of Accountancy at
the Weatherhead School of Management, where he teaches
in the corporate governance and auditing/assurance areas.
Mark is Past President of the Auditing Section of the American
Accounting Association, having assumed the office in August
2014 after stepping down from serving as President. He
completed a three-year term of service on the Senior Technical
Committee of the American Institute of CPAs’ Auditing
Standards Board in January 2012 and fulfilled a one-year term
as an Academic Fellow in the Professional Practice Group
of the Office of the Chief Accountant at the United States
Securities and Exchange Commission in Washington, DC,
from 2005–06.
2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE
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BUSINESS INFORMATION PROFESSIONALS OF THE YEAR
INDUSTRY AND GOVERNMENT
Dave DeFreitas —
­ Group CFO — Caterpillar Inc.
Nominating Chapter ­— Zeta Lambda (Bradley University)
Dave is Group CFO for Corporate Services at Caterpillar. He
has been with Caterpillar for 26 years and has held 17 different
Accounting (internal audit, budgeting, activity based costing,
financial reporting, inventory & legal entity accounting, parts
pricing, and investment & business analysis) and general
business (product manager) roles in Peoria and Aurora, IL,
and Leicester, England. His current responsibilities include:
Providing leadership to the business managers and financial
reporting teams who support finance services, human services,
global information services and the strategic services divisions
at Caterpillar. Dave’s team also oversees Board of Directors
advance material preparation, supports the quarterly financial
release, and provides direct support for the Company CFO.
After graduating from Bradley University with a B.S. in Accounting
in 1987, Dave started his career in Public Accounting before
moving to Caterpillar. He is a Certified Public Accountant and
has his MBA from Northern Illinois University (1994).
“Beta Alpha Psi is a magnificent
organization that has a significant
influence on the accounting
profession and the entire business
community. It is an organization I
have been proud to be affiliated with
since becoming a member about
30 years ago. To have been
chosen as one of this organization’s
Business Professionals of the year
is truly special. I will strive to live up
to this special honor bestowed upon
me by continuing to give of my time
and advice to students and faculty at
Bradley University and to individuals
in the community in which I live
and work. My hope is that others
can benefit from my professional
experience and volunteering efforts.”
Outside of work, Dave chairs the National Council of Advisors
to the Foster College of Business at Bradley University and is a
past chair and current member of the Department of Accounting
Advisory Council at Bradley. He is the Treasurer of his fraternity
Housing Corporation and volunteers with the Illinois High School
Association at the state basketball championships. Dave is a
co-chair for the Passage to India Easter Seals Fundraising
Banquet and Leadership Summit and is a past co-chair of the
Central Illinois annual Easter Seals fundraising campaign. He
has also co-authored two articles in professional magazines.
DeFreitas with nominating chapter (Zeta Lambda)
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BUSINESS INFORMATION PROFESSIONALS OF THE YEAR
PROFESSIONAL SERVICES
Leslie A. Murphy —
­ CEO and President — Murphy Consulting, Inc.
Nominating Chapter ­— Eta Phi (Oakland University — Michigan)
Leslie A. Murphy, CPA, is a retired partner and former member
of the senior leadership team of Plante & Moran, one of
the nation’s 15 largest public accounting and management
consulting firms. During her tenure at Plante & Moran, she held
numerous leadership positions, including Group Managing
Partner in charge of all client services at the firm.
In October 2005, Leslie became only the third woman to chair
the 350,000-member American Institute of CPAs (AICPA).
Leslie continues her service to the profession as a member
of the AICPA governing Council and the Relations with the
Judiciary Subcommittee of the AICPA. In October 2012, the
AICPA presented Leslie with the Gold Medal for Distinguished
Service, the highest individual award within the profession.
She is a National Association of Corporate Directors (NACD)
Board Leadership Fellow and serves as a member of the
NACD’s Advisory Council on Risk Oversight.
Today, Leslie serves as President and CEO of Murphy
Consulting, Inc. She also serves on the Boards of the following
Corporations and performs the role of qualified financial
expert and Chair of the Audit Committee: Kelly Services,
Inc. (NASDAQ: KELYA, KELYB), a world leader in human
resource solutions, operating in 37 countries and territories,
with revenue approximating $6 billion; VSP Global, a $5 billion
Company and the largest vision insurance provider in the
country, with international frame manufacturing and distribution
operations and a network of laboratories fabricating eyewear;
and, the Detroit Legal News Corporation. In addition, Leslie
is on the Boards of numerous charitable organizations, in her
community, including St. John Providence Health System,
United Way for Southeastern Michigan, Early Childhood
Investment Corporation, Children’s Leadership Council and
Covenant House Michigan.
“I am deeply honored to be named
the Beta Alpha Psi 2015 Business
Professional of the Year in the
Professional Services category
and thank Beta Alpha Psi for this
incredible honor. I wish each of you
as much enjoyment and fulfillment
as I have had throughout my
career as a CPA. I truly believe it
is the BEST TIME EVER to begin
your careers in the accounting
profession. You truly are in the
RIGHT PLACE at the RIGHT TIME
and I look forward to cheering your
success!”
.
2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE
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LIFETIME SERVICE AWARD
Beta Alpha Psi is pleased to announce that Diane Pattison, Academic Director, University of San Diego Graduate
Accountancy Programs, was the recipient of the KPMG/Bernard J. Milano Lifetime Service Award at the 2015
Beta Alpha Psi Annual Meeting in Milwaukee, WI.
The KPMG/Bernard J. Milano Lifetime Service Award was created to honor distinguished and sustained service
to the goals and purpose of Beta Alpha Psi. The award recognizes individuals who have shown a lifetime
commitment to the advancement of Beta Alpha Psi, through service efforts, financial contributions or advocacy of
the organization.
“Diane has served Beta Alpha Psi for decades in almost every position in the organization,” said Kevin Stocks,
Past-President, Beta Alpha Psi. “She promotes and represents the values of the organization, and her focus on
and love for the students is reflected in the detailed attention she gives to her areas of responsibility.”
A veteran in the Beta Alpha Psi network, Pattison not only witnessed but also played a significant role in many of
the organization’s strategic shifts. She was a member of the Board Executive Committee that opened Beta Alpha
Psi’s membership to Information Systems and Finance students. Furthermore, the organization welcomed its first
international chapter, thus positioning Beta Alpha Psi as an integral factor in the global market.
Following her tenure as the organization’s President (2000–01), Pattison sustained her involvement and served
as an advisory figure to the Board. “She has the admiration and respect of her peers,” Stocks added “and no one
deserves this recognition more than Diane for her lifelong dedicated service to Beta Alpha Psi.”
Recipient: Diane Pattison
“Words cannot possibly describe how incredibly
humbled I am to be the recipient of the 2015
KPMG/Bernard J. Milano Service Award,” Pattison
said. “The two representatives for which this award
was named, KPMG and Bernard J. Milano, have
demonstrated exemplary lifetime service, and each
has supported and served Beta Alpha Psi for many
years! I am honored to be considered in the
same genre.”
Diane Pattison with Bernie Milano.
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LARZETTE GOLDEN HALE-WILSON
BETA ALPHA PSI’S 1ST AFRICAN-AMERICAN NATIONAL PRESIDENT
It is not surprising
that Larzette Golden
Hale-Wilson was the
first African-American
to serve as National
President of Beta Alpha
Psi. In retrospect, the
surprise was how early it
was. Larzette served as
president in 1990. How
amazing considering
that when Larzette
was recognized as an Outstanding Faculty Vice President
10 years earlier, she was the second African-American to be
in the national spotlight. Still, four years later, that remained
unchanged and there were no additional African- Americans
on the national scene.
“A mighty force in the lives of all she touched.” “A trailblazer in
terms of promoting diversity within her profession.” “Great lady
– few comparables.” These are just a few of the accolades for
Larzette Hale. She has many other well-documented awards
for teaching, service and leadership. Her journey, however, is
less well-known. Although she was appreciative of the awards,
her greatest joy was in making a difference. “I would advise
all young people thinking about public accounting as a career
— especially African-Americans: Work hard. Accounting is an
excellent field to be in. If you are serious about it, you can go
far.” [As told to Linda Segall, JofA, Aug. 1, 2009]
Larzette was placed in an orphanage at the age of 11. Her
father had died and her mother could not take care of her
sister and her because they were at-risk in the deep rural
South. Larzette indicated “... it was the best thing that ever
happened to us, because our lives got more structured and
sort of sheltered.” [Hale interview by Theresa Hammond,
Aug. 17, 1997] An excellent performance in a typing class led
to a recommendation to help out in the orphanage’s business
office. Larzette came under the wings of the orphanage’s
accountant, Ms. Brooks, and began to assist with bookkeeping.
Thus, Larzette’s first mentor inspired her to want accounting as
a profession and to become a CPA.
Larzette’s second mentor was her accounting-typingshorthand teacher at Langston University, Mrs. Allen. She
nurtured her star student and welcomed her into her home on
weekends. According to Larzette, “and she took a liking to me,
and we would go to her home and work accounting problems
all weekend. And just have fun! And now that sounds stupid,
but I was in awe of having the teacher ask me out.”
[Hale Interview, 1997]
Larzette worked in the business office at Langston University
after graduation, then later joined her husband at the University
of Wisconsin-Madison (UW) to work on her master’s. The State
of Oklahoma eagerly paid her train fare and tuition to complete
a graduate program external to Oklahoma.
While at UW, Larzette met her next mentor, Fayette Elwell,
who was not only her intermediate accounting professor, but
was also dean of the business school. Elwell rewarded her
academic success with scholarships. Moreover, he continued
to maintain a lifelong interest in her career.
After leaving UW, Larzette and her husband taught at Clark
College (now Clark Atlanta University) in Atlanta. While there,
she was befriended by Jesse Blayton, the most prominent CPA
of that era, who helped establish and tutor a study group for
African- Americans to pass the CPA Exam.
A few years after Larzette obtained her CPA license, Elwell
lured her back to UW with the understanding that she would
complete the doctorate program before his retirement. Under
his tutelage, Larzette earned her Ph.D. in 1955 and become the
first African-American woman to hold both the CPA license and
the Ph.D. degree.
Upon completing the degree, Larzette and her husband
returned to Clark College. As a sole proprietor, she started her
own accounting firm and continued to operate it for six years
while in Atlanta, and for another four years from Oklahoma. Her
clients were so enamored of her services that they voluntarily
increased Larzette’s fees so she could return for a monthly close.
The Hales returned to Langston University, Larzette as a faculty
member and her husband as president. At that time, Larzette
decided to concentrate on her teaching career and eventually
closed her firm.
In 1971, Larzette joined the faculty at Utah State University
and, thus, began her long and illustrious career in academia
in Utah. “Despite the lack of diversity, she [Larzette] found it a
more hospitable environment than she had experienced in the
South.” (Hammond, A White Collar Profession, p. 109)
Although Larzette retired from Utah State University in 1990,
she continued to teach at other institutions, including Brigham
Young. It wasn’t until 1998 that according to Larzette, “… I
finally hung up my visor and put away my chalk.”
(Segall, JofA 2009)
Larzette Golden Hale-Wilson, Beta Alpha Psi’s first
African-American National President, passed away on Feb. 5,
2015, at the age of 94.
2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE
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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.
Dr. Denise D. Schoenbachler­— Professor and Dean, Northern Illinois University College of Business
Nominating Chapter ­— Gamma Pi (Northern Illinois University)
“I was truly humbled and honored
with the Beta Alpha Psi recognition
as Outstanding Dean of The Year. It
is a recognition from the students
that affirmed my commitment to
our NIU students. To be honored
by one of the most recognized and
prestigious student organizations
was truly humbling. I can honestly
say this award means a great deal
to me.”
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Denise D. Schoenbachler has been the Dean of the College
of Business at Northern Illinois University since 2006. In
addition to her current role as Dean, Denise’s 20-year
academic career at Northern Illinois University has included
positions as Chair of the Department of Marketing, Professor
of Marketing, and Coordinator for the Interactive Marketing
Area of Study. As Dean of a large public university, Denise’s
responsibilities include managing more than 150 employees,
providing outstanding educational opportunities for over 3,500
students, and building relationships with the college’s 50,000+
alumni. She is past president of the Mid-America Business
Dean’s Association, Past-President and Board member of
the Women Administrators in Management Education affinity
group for AACSB, a past member of AACSB Committee
on Accreditation Policy, and vice-chair of the AACSB Initial
Accreditation committee. She is a member of the Board of
Governors for Beta Gamma Sigma Honor Society. An awardwinning teacher and scholar, Denise’s primary teaching and
research interests are in interactive marketing, marketing
strategy and privacy issues in marketing. She holds a Ph.D. in
marketing from the University of Kentucky, and an MBA and
BBA from the University of Louisville.
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
McGladrey LLP, is privileged to recognize outstanding faculty advisors who have demonstrated those rare qualities
that place them at the top of all the dedicated faculty advisors. Honorees receive a plaque and a cash award of
$5,000 in recognition of their service to Beta Alpha Psi.
Kathleen Nesper — University at Buffalo, Zeta Theta Chapter
“My recognition as Outstanding Faculty Advisor is solely a reflection of
the talent and continued hard work of the members of our chapter,” says
Nesper, who was a charter member of UB’s chapter as a student in
1981. “The students always surpass my expectations with their
dedication and enthusiasm.”
Michael Mullen — Stonehill College, Mu Omega Chapter
“This award is very special in so many ways. I am so grateful for the recognition
by my students. Their appreciation for our hard work and commitment to
their education is shared by my co-advisor, Professor Virginia Cortijo, our
department and especially Stonehill College for assimilating the professional
ideals and values of Beta Alpha Psi into our community. I am also honored to
stand among some of the most outstanding teachers in higher education that
carry the title Beta Alpha Psi Faculty Advisor. You are an inspiration to your
students and to me.”
Patty Cox — Elon University, Lambda Xi Chapter
Being selected as an outstanding faculty advisor for Beta Alpha Psi is
one of the highlights of my 28 year teaching career. I love the organization
and working with students. They are the best! I appreciate McGladrey
providing an award for a part of my job that is so enjoyable.
Bonnie Villarreal — Utah State University, Delta Omega Chapter
“Being a faculty advisor for Beta Alpha Psi is one of the most rewarding roles that
I play. Every year I get to work with the very best students in our program. I stay
in touch with many of our former chapter officers and really enjoy following their
success in the profession. I believe in Beta Alpha Psi as an important “two-way”
bridge between the academic world and the profession and feel like it is a great
privilege to live on that bridge enjoying association with the world on either side.
Beta Alpha Psi facilitates lifetime networking. I am grateful to my student officers for
nominating me for this honor and to the executive board for their recognition of the
nomination. I hope to be involved for many, many years to come.”
2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE
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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 2,000 attendees total
218 chapters represented
Leadership and Collaboration Exercise — e-Factor Ethics Game & Making It Count
Opening keynote sessions delivered by various high-ranking executives from companies such as
Coca-Cola, Alaska Airlines and the Illinois CPA Society.
MORE THAN
2,000
ATTENDEES TOTAL
218
CHAPTERS
REPRESENTED
9
MEETING
LOCATIONS
Beta Alpha Psi members listen to keynote speaker.
Deloitte’s Scott McQuillan speaks to students.
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Las Vegas, NV
Atlanta, GA
Dallas, TX
Alexandria, VA
Indianapolis, IN
St. Louis, MO
Denver, CO
Seattle, WA
Sydney, Australia
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 2015 included: enhancing chapter governance and operations
(effective operations category); encouraging responsible financial practices (financial literacy category); and
developing a global perspective (international impact).
EFFECTIVE OPERATIONS
REGION
Western
Southeast
Southwest
Atlantic Coast
Midwest
Missouri Valley
Northwest
Rocky Mountain
UNIVERSITY
California Polytechnic State
University, Pomona
University of South Florida
University of Central Arkansas
Pace University
Grand Valley State University
Missouri State University
Gonzaga University
University of Denver
CHAPTER NAME
Iota Chi
UNIVERSITY
San Diego State University
Middle Tennessee State University
Texas State University (San Marcos)
University at Buffalo
Bradley University
Southeast Missouri State University
Pacific Lutheran University
University of Wyoming
CHAPTER NAME
Beta Eta
Zeta Gamma
Kappa Eta
Zeta Theta
Zeta Lambda
Mu Xi
Delta Rho
Delta Alpha
UNIVERSITY
University of Southern California
North Carolina A&T State University
Sam Houston State University
Stonehill College
Western Illinois University
University of Iowa
University of Washington
Utah State University
CHAPTER NAME
Iota
Zeta Sigma
Kappa Mu
Mu Omega
Zeta Beta
Alpha Pi
Delta
Delta Omega
Delta Gamma
Theta Lambda
Iota Lambda
Kappa Beta
Theta Pi
Iota Delta
Alpha Zeta
FINANCIAL LITERACY
REGION
Western
Southeast
Southwest
Atlantic Coast
Midwest
Missouri Valley
Northwest
Rocky Mountain
INTERNATIONAL IMPACT
REGION
Western
Southeast
Southwest
Atlantic Coast
Midwest
Missouri Valley
Northwest
Rocky Mountain
2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE
15
2015 ANNUAL MEETING
MILWAUKEE, WI, AUG. 6–8
HIGHLIGHTS
More than 1,100 attendees representing
200+ chapters
Participation in BAP International Day
of Literacy
25 chapters competed in Best Practices
competitions
72 members participated in Project Run With It
84 chapters participated in chapter operations
presentations
700+ attendees, Milwaukee Brewers game
Annual Meeting location.
MORE THAN
1,100
ATTENDEES
+
200
CHAPTERS
REPRESENTED
Beta Alpha Psi members pose for a picture between sessions.
25
COMPETED IN BEST PRACTICES
COMPETITIONS
72
PARTICIPATED IN PROJECT
RUN WITH IT
84
PARTICIPATED
Milwaukee Brewers baseball game attendees.
16
IN CHAPTER
OPERATIONS
PRESENTATIONS
BAP INTERNATIONAL DAY OF LITERACY
During the 2015 annual meeting in Milwaukee, BAP partnered with KPMG LLP, KPMG Foundation, and the
United Way of Greater Milwaukee and Waukesha County for BAP International Day of Literacy. Volunteers
visited four year-round Milwaukee Public Schools, five Boys & Girls Clubs, and two youth-serving not-for-profit
organizations. The program introduced over 2,800 K4-8th grade students to the exciting world of reading. Also,
as a part of BAP International Day of Literacy volunteers donated school supplies.
HIGHLIGHTS
866 Volunteers
200 Backpacks donated by AICPA’s 360
Degrees of Financial Literacy – stuffed with a
book and school supplies
2,000 Piggy banks and bags donated by
AICPA’s 360 Degrees of Financial Literacy
2,016 bottles of water donated by Coca Cola
3,113 School Supplies donated by meeting
attendees
4,502 Books donated to children in need in
Milwaukee!
BAP International Day of Literacy
2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE
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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 — 25 chapters competed. The annual meeting Best Practices competition is sponsored by Deloitte.
FINANCIAL LITERACY
1st Place Texas State University (San Marcos)
Kappa Eta Chapter
2nd Place San Diego State University
Beta Eta Chapter
3rd Place Bradley University
Zeta Lambda Chapter
INTERNATIONAL IMPACT
1st Place
North Carolina A&T State University Zeta Sigma Chapter
2nd Place
University of Southern California Iota Chapter
3rd Place
Western Illinois University Zeta Beta Chapter
EFFECTIVE OPERATIONS
18
1st Place Missouri State University
Theta Pi Chapter
2nd Place University of Denver
Alpha Zeta Chapter
3rd Place University of Central Arkansas
Theta Lambda Chapter
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
Meta House
A2
Wisconsin Women’s Business Initiative Corporation
C5
Sojourner Family Peace Center
B6
Team A2
Team C5
Team B6
2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE
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PROJECT RUN WITH IT
2015 PARTICIPANTS
TEAM A1
University of Texas at Tyler
Suffolk University
Ohio University
Southeast Missouri State University
Joshua Culp
Chris Dandreo
Justice Solgos
LaurenPotje
TEAM A2
MichaelSong
Grant McMillan
MelissaLai
MikaylaNeese
TEAM A6
Carrie Wintle
Ben Reuling
Sayrah Jones
Jennifer Johns
20
UNIVERSITY
Middle Tennessee State University
Oakland University (Michigan)
St. John’s University (Staten Island Campus)
University of Central Arkansas
Sarah Ford
Eric Nishon
Avneet Nagra
JessicaArcher
TEAM A5
UNIVERSITY
Seattle University
Idaho State University
University of Central Missouri
University of Notre Dame
MichiruTsuji
Marquee Shiner
Jeff Shockley
MichaelSchneider
TEAM A4
UNIVERSITY
Ohio Northern University
Bentley University
Louisiana Tech University
University of Missouri-Kansas City
John Kramer
William Stameris
Jordon Collis
NathanRasmussen
TEAM A3
UNIVERSITY
UNIVERSITY
San Diego State University
Clemson University
Ithaca College
Eastern Illinois University
UNIVERSITY
University of South Dakota
University of Utah
Western Kentucky University
Miami University
PROJECT RUN WITH IT
2015 PARTICIPANTS
TEAM B1
University of Texas at Arlington
The University of Sydney (Australia)
Elon University
University of Nebraska at Omaha
WilliamCovalt
Ramanan Arampamoorthy
Ryan Herring
Alik Parry
TEAM B2
JessicaHoffman
Scott Pepmeyer
Chase Lewis
Alexis Allen
TEAM B6
Briana Janson
Jordan Maddox
Martha Ramirez
Najjuwah Walden
UNIVERSITY
Fordham University
University of San Diego
University of Technology Sydney (Australia)
Boise State University
Henry deBlasi
Tyler Hodges
AndrewCheney
ChanceMildenberger
TEAM B5
UNIVERSITY
University of North Dakota
University of South Carolina
Bowling Green State University
University of Hawaii at Manoa
Gerald Ryan
Sarah Puccio
Sadie Purk
Arin Nakahara
TEAM B4
UNIVERSITY
Hofstra University
Western Washington University
Utah State University
University of North Carolina at Greensboro
AbdullaTokhie
Beau Wales
KatrinaNieveen
Aaron Barnes
TEAM B3
UNIVERSITY
UNIVERSITY
Portland State University
Western Illinois University
University of Alabama at Birmingham
Sam Houston State University
UNIVERSITY
SUNY University at Buffalo
Stephen F. Austin State University
Central Washington University
North Carolina A&T State University
2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE
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PROJECT RUN WITH IT
2015 PARTICIPANTS
TEAM C1
UNIVERSITY
Washington State University Vancouver
Old Dominion University
University of South Florida St. Petersburg
CSU Sacramento
Shannon Potter
Otis Bryant
Allie Martin
Jonah Anderson
TEAM C2
James Madison University
The University of Auckland Business School
University of Arkansas
Washington &Lee University
CharlesArcher
Penny Chiang
Callan Carson
Andrea Owen
TEAM C3
Nicole Warmerdam
William N’Doua
Shelby Hubbard
Thelburt Williams
TEAM C6
Kiara Wilson
Donna Yang
MorganWeiser
Tyler Rixon
22
UNIVERSITY
SUNY Oswego
University of Denver
The University of Tampa
University of Southern California
Tashi Namgyal
Robert LaPorta
Adam Zaki
Yoon Sung Choi
TEAM C5
UNIVERSITY
University of South Florida
Gonzaga University
California State University, Fullerton
University of Arkansas – Fort Smith
JosephDiLascio
Nate Henry
Dana Shapiro
Sally Williams
TEAM C4
UNIVERSITY
UNIVERSITY
California State University, Fresno
Quinnipiac University
Coastal Carolina University
Morgan State University
UNIVERSITY
Valdosta State University
Victoria University of Wellington
Southern Illinois University Edwardsville
Pacific Lutheran University
ETHICS AWARD
Sponsored by Grant Thornton LLP, the purpose of this award is to help encourage ethical behavior throughout
the accounting, finance and information technology professions. The business world has experienced the ethical
failures of many individuals and organizations in the accounting and finance profession over the past decade.
These actions have had detrimental and lasting effects on the economy and individual investors and have
damaged the reputation of information professions.
It is a core value of Beta Alpha Psi to encourage ethical behavior. One way to encourage this behavior is to
examine difficult situations demanding ethical responses and by recognizing the resulting exemplary ethical
behavior by individuals and/or organizations in the professions, government, business, academia and not-forprofits. 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
Bradley University
Zeta Lambda Chapter
Kent State University
Beta Psi Chapter
Fordham University
Alpha Omega Chapter
University at Buffalo
Zeta Theta Chapter
2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE
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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 several top chapters. Eligible chapters
are required to submit a seven-minute video presentation which explains and/or demonstrates why their chapter
deserves the KPMG Gold Challenge award.
WINNERS
The University of Alabama
Alpha Beta Chapter
Boise State University
Zeta Psi Chapter
University of South Florida
Delta Gamma Chapter
Pace University
Iota Lambda Chapter
University of Nevada, Las Vegas
Theta Omicron Chapter
Sam Houston State University
Kappa Mu Chapter
Western Illinois University
Zeta Beta Chapter
Bradley University
Zeta Lambda Chapter
Florida International University
Eta Iota Chapter
University at Buffalo
Zeta Theta Chapter
California State University, Sacramento
Beta Phi Chapter
Winner
KPMG’s Blane Ruschak with a winner.
Winner
Winner
The Gold chapter status is the highest award level a chapter can receive. Only a limited number of
chapters can be awarded the Gold chapter status within one academic year. The award is given to
chapters that continually demonstrate and exemplify the highest values of Beta Alpha Psi: leadership,
scholastic success, lifelong learning and development, service, and ethical behavior.
24
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 $275 from KPMG LLP
and the KPMG Foundation.
SUPERIOR WINNERS
Appalachian State University
Auburn University
Ball State University
Baruch College — CUNY
Bentley University
Bowling Green State University
Brigham Young University
California State University, East
Bay
California State University,
Fresno
California State University, Long
Beach
California State University, Los
Angeles
California State University, San
Bernardino
California State University,
Fullerton
San Diego State University
Gonzaga University
Grand Valley State University
Hofstra University
Ithaca College
James Madison University
Kansas State University
Kennesaw State University
Kent State University
Long Island University Post
Louisiana Tech University
Loyola University Maryland
Manhattan College
Middle Tennessee State
University
Murray State University
Morgan State University
New Mexico State University
North Carolina A&T State
University
Colorado State University
North Carolina State University
Creighton University
Northern Arizona University
Eastern Illinois University
Northern Illinois University
Eastern Michigan University
Eastern Washington University
Elon University
Emporia State University
Florida Gulf Coast University
Florida State University
Fordham University
Fort Lewis College
George Mason University
Georgia Southern University
Georgia State University School
of Accountancy
Southern Illinois University at
Carbondale
St. John’s University
St. John’s University Staten
Island Campus
Stephen F. Austin State
University
Stonehill College
SUNY Oswego
Marshall University
Central Michigan University
Coastal Carolina University
Southeast Missouri State
University
Suffolk University
Marquette University
Missouri State University
Clemson University
San Jose State University
Seattle University
Idaho State University
Case Western Reserve
University
Central Washington University
San Francisco State University
Oakland University (Michigan)
Syracuse University
Tennessee Tech University
Texas State University
The George Washington
University
The University of Memphis
The University of New Mexico
The University of Southern
Mississippi
The University of Sydney
(Australia)
The University of Tampa
Towson University
Ohio Northern University
Truman State University
Ohio University
University of Akron
Oklahoma State University
Old Dominion University
Oregon State University
Portland State University
Quinnipiac University
Saint Louis University
Salisbury University
Samford University
University of Alabama at
Birmingham
University of Arizona
University of Arkansas
University of Central Arkansas
University of Central Missouri
University of Cincinnati
University of Colorado Denver
University of Connecticut
2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE
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DISTINGUISHED WINNERS
SUPERIOR WINNERS continued
University of Dayton
University of Denver
University of Hawaii at Manoa
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
University of
Missouri-Kansas City
University of MissouriSt. Louis
University of Montana
University of Nebraska-Lincoln
University of Nebraska at Omaha
University of Nevada, Reno
University of New Orleans
University of North Carolina
at Charlotte
University of Texas at Arlington
University of Texas at El Paso
University of Toledo
University of Utah
University of Washington
Drexel University
Iowa State University
Lamar University
Mississippi State University
University of
Wisconsin-Whitewater
Pittsburg State University
University of Wyoming
Utah State University
Valdosta State University
Virginia Commonwealth
University
Virginia Tech
Washington State University
Washington State University
Vancouver
Wayne State University
West Chester University
West Virginia University
Western Kentucky University
Western Michigan University
University of North Georgia
Wright State University
University of Oregon
Belmont University
Montana State University
- Bozeman
Western Washington University
University of Northern Colorado
Arizona State University
University of Washington Bothell
University of North Carolina
at Greensboro
University of North Texas
Wichita State University
Youngstown State University
Pacific Lutheran University
Purdue University
Southeastern Louisiana
University
Southern Illinois University
Edwardsville
The University of Portland
University at Albany
University of Georgia
University of Hartford
University of Houston-Clear Lake
University of Louisville
University of Notre Dame
University of Texas at San
Antonio
University of Texas at Tyler
University of Tulsa
University of Wisconsin-Madison
University of
Wisconsin-Milwaukee
University of Wisconsin Oshkosh
Weber State University
University of Pittsburgh
Winthrop University
University of San Diego
MOST IMPROVED CHAPTER WINNER
University of San Francisco
University of South Alabama
University of South Carolina
University of South Dakota
University of South Florida St.
Petersburg
University of Southern California
University of Southern Indiana
University of Tennessee at
Chattanooga
26
University of Tennessee at
Knoxville
University of Cincinnati (Alpha
Sigma 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 of the Fortune 500 companies have
active diversity initiatives in place and most include diversity as part of its business strategy. EY leadership fully
understands the importance of an inclusive environment that values the contributions of its entire people. The
firm believes that a key element of effective teaming is the diversity of thought generated from team members
from different backgrounds and perspectives. Highly effective leaders are those who are experienced at leading
diverse teams. EY also believes that it is important for future leaders of the business community to have a great
appreciation and understanding of how to successfully team in a diverse and inclusive environment. Accordingly,
EY has created the Ernst & Young LLP Inclusive Leadership Award.
Chapters submit an abstract on what diversity means to the chapter and its importance in the professional world.
Chapters must also include a plan to make an impact at the chapter level and strategies that could be employed
by the school of business to impact their overall diversity.
WINNERS
1st place
University of Missouri-Kansas City
Epsilon Delta Chapter
2nd place
University at Buffalo
Zeta Theta Chapter
3rd place
Valdosta State University
Mu Zeta Chapter
3rd place
Pace University
Iota Lambda Chapter
3rd place
Kent State University
Beta Psi Chapter
Inclusive Leadership 1st Place Award winner
2nd Place Winner
3rd Place Winners
2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE
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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 2015.
SUPERIOR AWARD (OUTSTANDING PERFORMANCE IN ALL 3 CATEGORIES)
University at Buffalo
Zeta Theta Chapter
VOLUNTEER HOURS (TOP THREE CHAPTERS WITH THE MOST VOLUNTEER HOURS)
St. John’s University
Utah State University
California State University, Los Angeles
Eta Mu Chapter
Delta Omega Chapter
Beta Lambda Chapter
VOLUNTEER HOURS AT DIFFERENT LOCATION (TOP THREE CHAPTERS WITH AT LEAST 10 HOURS)
University of Massachusetts Amherst
University at Buffalo
Brigham Young University
Pace University
Delta Nu Chapter
Zeta Theta Chapter
Gamma Alpha Chapter
Iota Lambda Chapter
RETURN PREPARATION (CHAPTERS WHO PREPARED MORE THAN 500 RETURNS)
Utah State University
University of Massachusetts Amherst
San Francisco State University
University of Connecticut
University at Buffalo
Brigham Young University
Delta Omega Chapter
Delta Nu Chapter
Beta Chi Chapter
Epsilon Lambda Chapter
Zeta Theta Chapter
Gamma Alpha Chapter
RETURN PREPARATION (50 WHO PREPARED MORE THAN 100 RETURNS)
Northern Michigan University
Coastal Carolina University
California Polytechnic State University, Pomona
Ohio Northern University
Quinnipiac University
Southern Illinois University
Portland State University
Lambda Iota Chapter
Lambda Kappa Chapter
Iota Chi Chapter
Mu Delta Chapter
Nu Alpha Chapter
Gamma Zeta Chapter
Epsilon Alpha Chapter
INNOVATIVE AWARD (CHAPTERS WHO PARTICIPATED IN THE VIRTUAL VITA PROGRAM)
University of Massachusetts Amherst
University of Nebraska at Omaha
Murray State University
Ohio University
28
Delta Nu Chapter
Gamma Kappa Chapter
Epsilon Nu Chapter
Alpha Kappa Chapter
MEDAL OF INSPIRATION AWARD
Sponsored by the AICPA, the Medal of Inspiration is bestowed upon a student who has experienced
extreme hardships in his or her life and who has demonstrated an unusually high level of success despite
that adversity. The award includes a $5,000 cash stipend.
Winner: Abdullahi Abdullahi, University of Memphis
In midst of the early years of the Somali Civil War, Abdullahi’s family fled to seek refuge in the neighboring country
of Kenya. They settled in the United Nations refugee camp, Dadaab, where Abdullahi remained until his college
years. Life in the camp, which was the largest refugee settlement in the world at the time, was extremely bleak
and full of hardships. Despite of the significant challenges he endured at the camps, Abdullahi gave back to
his community by coordinating youth engagement activities, speaking against female genital mutilation and
volunteering with HIV/AIDS awareness programs.
He eventually was granted the opportunity to relocate to
the United States as part of a resettlement program. Life in
the U.S. also came with its own difficulties as he missed his
loved ones back home. However, Abdullahi’s volition to serve
continued and he quickly became an advocate for his fellow
immigrants.
“Despite the challenges I have faced, I have always
remained optimistic that I would reach my goal of receiving
an education,” Abdullahi said. “The United States has truly
been the land of opportunity for me and I am grateful for the
chance to go attend college, and I look forward to entering
the accounting profession.”
He enrolled in the University of Memphis where he majored in
accounting. While at UofM, he worked with Volunteer Income
Tax Assistance (VITA) volunteering to provide free Income
Tax Preparation Assistance to low-income, elderly, disabled,
and limited English speaking people. Through the Beta Alpha
Psi Chapter, he tutored and performed other volunteer work
while supporting his family.
Medal of Inspiration Award winner: Abdullahi Abdullahi
“Working with the people in my community —
regardless of where that community is located —
is very important to me. Make a positive impact on
the lives of those around me brings me a sense of
belonging,” Abdullahi added.
Abdullahi is a graduate of the University of
Memphis with a B.S. in accounting. His goal is
to make those who have invested in his success
proud by continuing his education on a graduate
level and eventually earning his CPA license.
Abdullahi with Faculty Advisor and chapter members. (Gamma Chi)
2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE
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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: 4
New Petitions: 7
Washington University in St. Louis — Nu Iota Chapter
Active chapters: 289
Victoria University of Wellington — The Victoria
Wellington Chapter
Active members: 17,000+
University of Arkansas Fort Smith — Nu Eta Chapter
University of Scranton — Nu Kappa Chapter
17,000+
ACTIVE MEMBERS
298
ACTIVE CHAPTERS
7
NEW PETITIONING
CHAPTERS
4
NEW CHAPTER
INSTALLATIONS
30
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, 2015 and 2014, and the related statements of activities and cash flows for the
years then ended, and the related notes to the financial statements.
Management’s Responsibility for the Financial 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, 2015 and 2014, and the changes in its net assets and its cash flows
for the years then ended in accordance with accounting principles generally accepted in the United States of
America.
Cohn Reznick LLP
Roseland, New Jersey
July 9, 2015
2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE
31
STATEMENTS OF FINANCIAL POSITION
YEARS ENDED
APRIL 30, 2015
APRIL 30, 2014
$1,717,866
$1,923,292
440,015
145,000
74,414
93,177
Current assets
Cash and cash equivalents
Investments
Accounts and other receivables
Prepaid expenses and other assets
59,584
61,369
$2,291,879
$2,222,838
Investments
300,420
94,000
Website development, net of accumulated
amortization $150,173 and $65,153
104,695
189,715
$2,696,994
$2,506,553
$135,906
$161,964
47,170
41,510
$183,076
$203,474
2,398,996
2,218,049
Total current assets
Long-term assets
TOTALS
Liabilities
Accounts payable
Unearned revenue
Total liabilities
Net assets
Unrestricted
Temporarily restricted
Total net assets
TOTALS
See Notes to Financial Statements.
32
114,922
$2,513,918
$2,696,994
85,030
$2,303,079
$2,506,553
STATEMENTS OF ACTIVITIES
CHANGES IN UNRESTRICTED NET ASSETS
APRIL 30, 2015
APRIL 30, 2014
Chapter fees
830,065
816,680
Annual convention and regional meetings
489,289
472,338
Associate and other contributions
220,657
198,260
Revenue and support
Interest income
Contributed services
Net assets released from restrictions
Total unrestricted revenue and support
5,200
3,437
50,879
60,400
237,312
215,002
$1,833,402
$1,766,117
Expenses
Program expenses
Chapter programs
$43,393
$42,026
Annual convention and regional meetings
837,771
769,624
Awards
180,405
181,434
1,061,569
993,084
Total program expenses
Supporting services
Contributed services
50,879
60,400
540,007
548,320
590,886
608,720
Total expenses
1,652,455
1,601,804
Change in unrestricted net assets
$180,947
$164,313
Contributions
267,204
206,526
Net assets released from restrictions
(237,312)
(215,002)
29,892
(8,476)
General and administrative
Total supporting services
Change in temporarily restricted net assets
Change in temporarily restricted net assets
Change in net assets
Net assets, beginning of year
Net assets, end of year
210,839
155,837
2,303,079
2,147,242
$2,513,918
$2,303,079
See Notes to Financial Statements.
2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE
33
STATEMENTS OF CASH FLOWS
APRIL 30, 2015
APRIL 30, 2014
$210,839
$155,837
85,020
64,950
18,763
(29,967)
1,785
(41,503)
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 receivable
Prepaid expenses and other assets
Accounts payable
Unearned revenue
Net cash provided by operating activities
(26,058)
68,678
5,660
(2,400)
$296,009
$215,595
Investing activities
Capital expenditures
Proceeds from maturation of investments
Purchase of investments
Net cash provided by (used in) investing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
See Notes to Financial Statements.
34
(22,702)
145,000
186,000
(646,435)
(94,000)
(501,435)
69,298
(205,426)
284,893
1,923,292
1,638,399
$1,717,866
$1,923,292
NOTE 1 — PURPOSE AND SUMMARY OF ACCOUNTING POLICIES
Purpose
Beta Alpha Psi (the “Organization”) is a nonprofit international honor and service organization for accounting,
finance and information systems students at AACSB (The Association to Advance Collegiate Schools of
Business) or EQUIS (European Quality Improvement System) accredited universities. The Organization
provides opportunities for development of technical and professional skills to complement university education;
participation in community service; and interaction among students, faculty and professionals. The Organization’s
objectives are accomplished through the activities of its chapters. Financial resources to promote these activities
are provided by the chapters and various public and private firms.
Accounting method
The accompanying financial statements are prepared on the accrual basis of accounting.
Use of estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect certain reported amounts
and disclosures. Accordingly, actual results could differ from those estimates.
Cash and cash equivalents
The Organization considers instruments with an original maturity of ninety days or less when purchased to be
cash equivalents. As of April 30, 2015 and 2014, the Organization’s cash equivalents consisted primarily of money
market funds.
Investments
Short and long-term investments at April 30, 2015 and 2014, consist of certificates of deposit with varying maturity
lengths. Certificates of deposit with maturities of greater than ninety days, but less than one year are considered
short-term. Certificates of deposit with maturities greater than one year from the current fiscal year end are
considered held long-term.
Concentrations of credit risk
Financial instruments which potentially subject the Organization to concentrations of credit risk consist of cash
and cash equivalents and certificates of deposit. The Organization maintains its cash and cash equivalents
and certificates of deposit in account balances, which may at times exceed the insured amounts under the
Federal Deposit Insurance Corporation (“FDIC”). As of April 30, 2015 and 2014, the Organization’s cash balance
exceeded the current insured amounts under FDIC by $1,306,359 and $1,029,962, respectively.
Accounts and other receivables
Credit risk with respect to accounts and other receivables is limited because the Organization deals with a large
number of members in a wide geographic area. The Organization closely monitors the extension of credit to its
members. On a periodic basis, the Organization evaluates its accounts and other receivables and establishes
an allowance for doubtful accounts, based on a history of past write-offs and collections and current credit
considerations. As of April 30, 2015 and 2014, the Organization has no significant concentrations of credit risk and
there is no allowance for doubtful accounts established as management believes that all amounts are collectible.
Website development costs
All costs incurred in planning the development of a website are expensed as incurred. Costs, other than general
and administrative and overhead costs, incurred in the website application and infrastructure development stage,
which involve acquiring or developing hardware and software to operate the website, are capitalized. Fees paid
to an Internet service provider for hosting a website on its server(s) connected to the Internet are expensed over
2015 BETA ALPHA PSI ANNUAL REPORT | DEVELOPING OUR FUTURE
35
the estimated period of benefit. Other costs incurred during the operating stage, such as training, administration
and maintenance costs, are expensed as incurred. Costs incurred during the operating stage for upgrades and
enhancements of a website are capitalized if it is probable that they will result in added functionality. Capitalized website
development costs are amortized on a straight-line basis over their estimated useful life. The unamortized costs remaining as
of April 30, 2015 and 2014, represent outsourced costs associated with new site development and enhancements. Impairment
analysis is performed when triggering events occur for finite-lived intangibles. As of April 30, 2015 and 2014, there have been no
indicators of impairment.
Net assets
The Organization’s financial resources have been combined into two net asset classes (unrestricted and temporarily restricted)
based upon stipulations imposed by donors.
Unrestricted net assets include expendable resources over which the Organization’s Board of Directors has discretionary control
and are used to carry out the Organization’s operations in accordance with its by-laws.
Temporarily restricted net assets include resources expendable only for those purposes specified by a donor or granter. The
restrictions are satisfied by specific expenditures of the Organization.
Contributed services
The Organization recognizes contribution revenue for certain contributed services received at the fair value of those services.
Those services include attest services, facilities and organizational support valued at $50,879 and $60,400 for the years ended
April 30, 2015 and 2014, respectively, furnished by CohnReznick LLP and the American Institute of Certified Public Accountants
(“AICPA”). See Note 5 for additional services provided by the AICPA. In addition, a significant amount of time, for which no value
has been assigned as it does not meet the criteria for recognition, was volunteered by professionals, professors and students to
the activities of the Organization.
Revenue recognition
Revenue from membership, chapter maintenance, charter and petition fees is recorded in the period the fees are due.
Contributions are recognized in the period received. Revenue received from the annual student convention, regional meetings and
other conferences is recognized in the period in which the event occurs.
Income taxes
The Organization is a not-for-profit agency exempt from Federal income tax under Section 501(c)(3) of the Internal Revenue Code
and has been classified as a charitable organization that qualifies for the maximum charitable contribution deduction by donors.
The Organization has no unrecognized tax benefits at April 30, 2015 and 2014. The Organization’s Federal income tax returns
prior to fiscal year ended April 30, 2012 are closed and management continually evaluates expiring statutes of limitations, audits,
proposed settlements, changes in tax law and new authoritative rulings.
As of April 30, 2015 and 2014, the Organization did not incur any interest and penalties associated with tax matters.
Reclassifications
Certain accounts in the 2014 financial statements have been reclassified to conform with the current year’s presentation. The
reclassification on the statements of activities are due to the consolidation of revenue and expense captions on the related
statement.
Subsequent events
The Organization has evaluated subsequent events through July 9, 2015, the date which the financial statements were available
to be issued. No subsequent events requiring disclosure were noted by management.
36
NOTE 2 — INVESTMENTS
INVESTMENTS
APRIL 30, 2015
APRIL 30, 2014
$440,015
$145,000
$300,420
94,000
$740,435
$239,000
Investments consist of the following
Certificates of deposit — short-term
Certificates of deposit — long-term
TOTALS
The certificates of deposit are valued at cost, plus accrued interest.
Investment income consists of interest income of $5,200 and $3,437 in 2015 and 2014, respectively.
NOTE 3 — TEMPORARILY RESTRICTED NET ASSETS
Temporarily restricted net assets were released from restrictions in fiscal 2015 and 2014 in fulfillment of the
following purposes:
2015
2014
$29,375
$29,625
Faculty advisor awards
15,000
25,000
Community service day
40,000
22,771
Superior chapter awards program
38,775
40,700
Inclusive leadership awards
13,250
13,250
Project Run With It awards and program expenses
37,412
28,656
Gold Challenge awards
37,500
30,000
Ethics awards
20,000
19,000
BIPOY awards
6,000
6,000
$237,312
$215,002
Best practice awards
TOTALS
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:
2015
2014
$ 9,625
$9,375
43,800
13,800
Superior chapter awards program
2,150
2,150
Inclusive leadership awards
8,750
Best practice awards
Faculty advisor awards
Project Run With It
Community service day
TOTALS
34,868
33,975
15,729
25,730
$114,922
$85,030
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NOTE 4 — WEBSITE DEVELOPMENT
Investment in website development, at cost, consists of the following at April 30, 2015 and 2014:
Website development
Less accumulated amortization
TOTALS
2015
2014
ESTIMATED
USEFUL LIVES
$254,868
$254,868
3 Years
150,173
65,153
$104,695
$189,715
-
Amortization expense was $85,020 and $64,950 for the years ended April 30, 2015 and 2014, respectively.
The website and reporting intranet were placed in service in April 2013 and August 2013, respectively. The
estimated aggregate amortization expense for each of the years subsequent to April 30, 2015 is as follows:
YEAR ENDING APRIL 30
AMOUNT
84,625
2017
20,070
TOTAL
$104,695
13416-332
2016
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NOTE 5 — RELATED PARTY
General and administrative expenses include charges from the AICPA for payroll, benefits. and out of pocket
expenses which amounted to $372,145 and $388,809 for the years ended April 30, 2015 and 2014, respectively. For
the year ended April 30, 2015, the Organization owed $28,201 to the AICPA for actual expenses charged exceeding
payments made. This amount was included in accounts payable. For the year ended April 30, 2014, the Organization
had a receivable of $1,517 from the AICPA for payments made exceeding actual expenses charged. This amount
was included in accounts and other receivables.
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NOTES
220 Leigh Farm Road, Durham, NC 27707–8110
Phone: 919.402.4044 | Fax: 919.402.4040 | Email: bap@bap.org | Website: bap.org
Twitter: @_BetaAlphaPsi | Facebook: Facebook.com/BetaAlphaPsiIntl | LinkedIn: Beta Alpha Psi
18354-332
Beta Alpha Psi