U N D AC C O U N TA N C Y :
EXCELLENCE B E Y O N D
T H E
N U M B E R S
Embracing change Chelsey Enderle’s accounting experiences at UND lead to new opportunities and stellar achievements.
2015 EDITION
Greetings F R O M
As I enter my second year as dean of the College of Business & Public Administration, I feel more privileged than ever to be a part of this outstanding university. It did not take me long to realize that our Department of Accountancy is a crown jewel of the College of Business & Public Administration and UND; the success of the department’s graduates and their commitment and devotion attest to this. As most of you know, the success of our graduates is evidenced by a CPA Exam pass rate consistently 20 percentage points above the national average; numerous Elijah Watt Sells Award winners, the most recent of whom, Chelsey Enderle, is highlighted in this publication; and the placement of our alumni in a range of positions within our state and region and across the globe who serve on a daily basis to create value for their organizations. The dedication of our alumni is also apparent from their generosity (the department alone has an endowment of nearly $6 million, producing earnings of $230,000 each year to support students, faculty, and programs) and their continued engagement with our college (alumni return to recruit and hire our students as interns and employees, participate in classes, and share their experiences with the next generation of accountants.) This outstanding level of achievement is possible because of the dedication of our faculty in Accountancy. Everywhere I travel on behalf of the college I hear statements such as: “My accounting professor [you can fill in any number of names here]: changed my life; was my favorite professor ever; took an interest not only in my career, but in me as a person; is responsible for my career success.” This is what has made and will continue to make the Department of Accountancy special. The department is going through some important transitions this year. This past spring we celebrated the careers of three faculty members who retired in 2015: Ken Hansen, Mary Loyland, and Harold Wilde, representing more than 80 years of teaching experience among them. Before the end of the year, two more faculty will have retired: Victoria Beard and Steve Carlson. All of us — students, alumni, friends, and colleagues — owe a debt of gratitude to these outstanding faculty members for all they have done for the Department of Accountancy, the College of Business & Public Administration and the University of North Dakota. They will be missed.
T H E
D E A N
We have a strong group of faculty who will continue to lead the Department of Accountancy into the future. Professor Kate Campbell, in her role as interim department chair, is working with departmental faculty to continue to offer an outstanding educational experience for students and to support the important role of research within the college. The department is also looking for the new faculty who will join us to shape the accounting curriculum to respond to the future needs of the profession. Your help and support are needed now more than ever! Please visit us, mentor students, speak in classes, recruit our students for internships and jobs, and continue to stay engaged. Opportunities abound to support our students and our work financially: through the North Dakota state matching grant program, responding to a challenge grant to fund a faculty professorship to honor our recent retirees, and considering a gift to support the new and/ or renovated facilities we need to educate future business professionals. Please let me know how I may be of service. Warm regards,
Margaret Williams Dean
INSIDE 2 Accountancy Hall of Fame 6 Chelsey Enderle finds success and opportunities with change 8 Student Profiles 10 Phil Gisi credits accounting education as a foundation for entrepreneurial success 12 Executive in Residence Mike Hendrickson stresses ethics 14 Alum Al Royse heads American Heart Association board 16 Alumni Association presents Sioux Awards to Herr, Dirk 18 Faculty Profiles 20 Retiring faculty leave a legacy of leadership 22 Student Managed Investment Fund yields real-life experience 23 Beta Gamma Sigma 24 Scholarship recipients PUBLISHER University of North Dakota Department of Accountancy CONTENT EDITOR Carissa Green WRITERS Laura Arneson, Kate Campbell, Dee Ann Ellingson, Carissa Green EDITORIAL MANAGEMENT Laura Arneson
QUESTIONS OR COMMENTS External Relations College of Business & Public Administration 701-777-6397 Email: dean@business.UND.edu UND Main Line 1-800-CALL-UND (1-800-225-5863)
Content may be reprinted without prior permission for non-commercial purposes. The University of North Dakota is an equal opportunity/affirmative action institution.
COVER PHOTOGRAPH BY SHAWNA NOEL SCHILL
Embracing change It is an exciting time for UND’s Department of Accountancy, and I am privileged to serve as interim chair of the department. As faculty we are used to celebrating our students as they graduate and leave UND to begin careers. Each year we welcome a new group of students, and over the following years we build relationships as we prepare them to enter the accounting profession. We then watch with pride as our students obtain their first positions, pass certification exams, and become successful professionals. This is a familiar, ongoing cycle; we embrace the change that is the foundation of this cycle. The department is now experiencing a similar change, as several long-serving faculty members retire and begin new phases in their lives. Last spring we celebrated with Kenneth Hansen, Mary Loyland, and Harold Wilde as they marked their retirements. In addition, Victoria Beard completed her phased retirement in August. Steve Carlson will retire in December, while Phil Harmeson has entered phased retirement. After years of stability in the composition of our faculty, this change seems startling. While multiple retirements leave big shoes to fill, we have started recruiting and look forward to introducing you to outstanding new faculty in next year’s issue of this magazine. The theme of this issue is “embracing change.” Change is one of the few certainties in life. How we anticipate, react to, embrace, resist, or drive change significantly affects our happiness and success. Our alumni play an important role. They enrich our students’ educations by visiting classrooms, providing opportunities for internships, sponsoring events and competitions, advising and encouraging students, serving as executives in residence, and making generous contributions that fund student activities and scholarships. These contributions have a multiplying effect, as new alumni pass it forward by beginning to support the department and our students, sometimes as early as the day after graduation. Each year we look forward to honoring alumni at our UND Department of Accountancy Hall of Fame event. Inductees to our Hall of Fame are individuals with outstanding personal character and accomplishments, and they are testaments to the legacy of the department. This year’s inductees are: Wayne Dewald, R.D. Koppenhaver, Ludwik Kulas, and Sara Lord. I invite you to read the profiles of each in the Hall of Fame section of the magazine and join us in celebrating their outstanding professional achievements and contributions to society. This year the department also joins the university community in recognizing Henry Herr and Patrick Dirk, two accounting alumni who will receive the prestigious Sioux Award from the UND Alumni Association and Foundation during Homecoming week. This magazine is about people who have learned, developed relationships, helped others, and changed through their interactions at UND and the Department of Accountancy. Please join us in celebrating the past and present and in building the department’s future. Sincerely,
Kate Campbell, Professor of Accountancy Interim Department Chair University of North Dakota
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The Department of Accountancy will induct four individuals into its Hall of Fame for 2015. Criteria for this recognition include career achievements as well as service to and/or support for the University. The induction ceremony will be held Friday, October 9, 6:30-8 p.m., in the Alerus Center Ballroom in Grand Forks. Please RSVP to ndvorak@business.UND.edu.
HALL OF FAME Ludwik “Louie” Kulas (1922 – 2004)
Bachelor of Science in Commerce 1943 Juris Doctor 1951 Professor of Accounting and Department Chair
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To many of his students, Ludwik “Louie” Kulas was known as Mr. Government. Louie taught the fund accounting (governmental) course that was required for all accounting majors at that time. In addition, he served for 20 years as president of the Grand Forks City Council, often bringing his realworld experiences into the classroom. To the UND Department of Accountancy, however, Louie was much, much more. Born and raised on a farm near Warsaw, N.D., Louie received his bachelor’s degree from UND in 1943. After serving in the Navy during World War II, Louie was hired by R.D. Koppenhaver in 1946 as a full-time accounting instructor while also pursuing his law degree at UND, which he completed in 1951. When Koppenhaver retired as chair in 1971, Louie took on the role and served as chair of the department until his retirement in 1988. To all who knew him, Louie Kulas was a very dedicated and gifted teacher. During his 42 years of teaching, Louie earned every major teaching award offered by UND. At the conclusion of his university career, he received the Sioux Award, the highest honor bestowed by the UND Alumni Association. Louie took great pleasure in helping his students succeed. Harold Wilde, who succeeded Louie as department chair,
Department of Accountancy Alumni Magazine – 2015 Edition
described him as “the type who would go out of his way to help students and other faculty.” To practice what he taught, Louie established an accounting firm in 1949 with his UND colleagues R.D. Koppenhaver and Tom Clifford. The firm specialized in income taxes and audit. Louie was actively involved in the accounting profession and UND community, including the North Dakota CPA Society, Beta Alpha Psi, Beta Gamma Sigma, and his college fraternity, Tau Kappa Epsilon. He was also active in the Grand Forks community in addition to serving on the City Council, including the American Legion, VFW, Knights of Columbus, and his church. Louie and his wife, Dorothy, raised five children: L. Joseph, Timothy, Ronald, Mary Kay, and John. In their leisure time, they enjoyed fishing for bluegills and following UND sports. A newly remodeled classroom, the Kulas Koppenhaver Memorial Accounting Learning Center, was made possible through the generous contributions of accounting alumni. In addition, the Kulas Koppenhaver Memorial Endowment was established to support classroom technology and priority needs of the Department of Accountancy.
Hall of Fame
R.D. “Kope” Koppenhaver (1905 – 1988)
In the history of the UND Accounting Department, Robin Dee “R.D.” Koppenhaver stands out as a legend. Known as “R.D.” or simply “Kope,” he was born in Iowa and moved to North Dakota as a child. R.D. came to UND for his master’s degree in 1937 and stayed on to serve the department as a faculty member for 39 years, including 31 years as chair, from 1940 to 1971.
Master of Science in Commerce 1938 Professor of Accounting and Department Chair
As chair, R.D. believed in staffing the department with excellent teachers who had ties to North Dakota, due in part to his concern that faculty from warmer climates often left after experiencing the area’s cold winter. If asked how they came to UND, a number of the faculty might respond that the department needed a faculty member, and Kope called and asked them to come. As the story goes, when Tom Clifford was discharged from the Marine Corps in 1945, he contacted R.D. for a letter of recommendation to the University of Michigan Law School. Instead, R.D. convinced Clifford to come to UND to help teach, as R.D. was teaching all sections of accounting by himself. Clifford, of course, went on to become UND’s eighth president. R.D. was known by many as the “father of accounting in North Dakota.” He was one of a handful of people who organized the North Dakota CPA Society and the State Board of Accountancy. He chaired the first annual NDCPAS convention in 1947 and served as the first executive director of both the NDCPAS and ND State Board of Accountancy. On a national level, R.D. was a member of the National Association of State Boards of Accountancy (NASBA) and two-term member of the American Institute of Certified Public Accountants (AICPA) Board of Examiners.
In addition to teaching accounting, R.D. also practiced it. Together with two UND colleagues, Louie Kulas and Tom Clifford, R.D. established an accounting firm in 1949. Locally, R.D. was involved in community and civic organizations and boards, including 20 years as secretary/ treasurer of the Grand Forks Rotary Club. R.D.’s love of athletics rivaled his love of accounting. Before coming to UND, he served as athletic director at Reeder, N.D., High School and at the North Dakota State School of Forestry in Bottineau. While at UND, R.D. was UND’s faculty athletic representative to the Western Collegiate Hockey Association (WCHA) and North Central Conference (NCC), and was a basketball bench official for many years. He was named an Honorary Letterman and was inducted into the UND Athletic Hall of Fame and the NCC Hall of Fame. In 1975, R.D. received the title of “University Professor,” an honor similar to today’s Chester Fritz Distinguished Professorship. A big man with a big personality, R.D. could be intimidating to students, especially those who may not have been entirely serious about their studies. As one former colleague put it, “Kope was a colorful person who was probably as well known for his love of stories and jokes as for his influence in the accounting profession.” In appreciation of the dedication of R.D. Koppenhaver and Ludwik Kulas, generous donations from accounting alumni have been used to remodel a classroom, the Kulas Koppenhaver Memorial Accounting Learning Center. In addition, the Kulas Koppenhaver Memorial Endowment was established to support classroom technology and priority needs of the Department of Accountancy.
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Wayne Dewald
Bachelor of Accountancy 1973 Partner, Deloitte (retired) San Jose, Calif.
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Wayne L. Dewald has more than 40 years of professional experience, the majority of his career in service at Deloitte. As a Deloitte partner, his primary client was one of the largest premier private equity firms in the world. For nearly 10 years Wayne was the global lead client service partner for this client, until his retirement in May 2014. As a global leader, Wayne developed dedicated client service teams throughout the world, including London, Paris, Tokyo, Hong Kong, Beijing, Seoul, Sydney, Mumbai, Singapore, and Sao Paulo, which exceeded 150. During his tenure, Wayne led or participated in numerous M&A transactions from a multi-functional basis and was viewed by his client as one of their most trusted business advisors. His hands-on approach and creative solutions to structuring transactions were critical in their public offerings. Wayne led his team in developing many cutting-edge, firstto-the-market solutions for their business needs. As their trusted business advisor, Wayne maintained a close working relationship with their founders and key executives, along with playing an active role with their Board while gaining the confidence of their senior third-party executives on the Board. He regularly provided advice to them in many areas, including risk management, the roles of IT, accounting and tax positions, and governance in a growth environment. He initiated a first-of-its-kind program for introducing them to key executives and company relationships of the firm. Wayne was an active advisor as well to many of the 80-plus portfolio companies they owned and managed, addressing critical issues on a timely basis. For more than 10 years, he also served as the lead tax partner on Safeway Inc. Wayne also led a Deloitte team that
Department of Accountancy Alumni Magazine – 2015 Edition
advised Peter Magowan and his investor group in acquiring the San Francisco Giants in January 1993. Wayne was Peter’s business advisor on many early player transactions. Wayne worked closely with the Private Equity Council for several years, addressing proposed legislation that would affect private equity. In addition to his expertise in the taxation of mergers and acquisitions, he has substantial experience in partnerships, corporations, REITs, international taxation, and consolidated tax returns. A native North Dakotan, Wayne grew up in Streeter and received his bachelor’s degree with a major in accounting in 1973. He earned the Broeker Hendrickson Award given at that time to the top accounting student. After graduation, he became a CPA and joined Haskins & Sells, where he remained until 1978. He then spent several years with several other companies, including Genstar Corporation, a Canadian building materials and financial services firm; Carma Developers, a Canadian residential developer; and Coopers & Lybrand, where he worked in international tax. He returned to Deloitte in June 1984 as a senior manager in the real estate practice. He was admitted to the partnership in June 1986 and began working on the Company X account two months later. He is a member of the American Institute of Certified Public Accountants and California Society of Certified Public Accountants. Wayne has a daughter, Stephanie, and a son, Eric, both of whom are now working at Deloitte. His son is engaged to be married in 2016. Wayne’s mother, June, lives with his sister, Pamela, and her husband, Les, on a farm near LaMoure, N.D.
Sara Lord
Bachelor of Accountancy 1998 National Director of Assurance Services, McGladrey
Hall of Fame Sara Lord is the national director of assurance services for McGladrey. In her role, she is responsible for the firm’s methodologies, guidance, and training for all assurance services. McGladrey is a leading provider of assurance, tax, and consulting services focused on the middle market. The firm employs nearly 8,000 professionals and associates across 80 cities nationwide and has access to more than 32,000 people in 110 countries through its membership in RSM International. Sara serves on multiple professional committees and working groups as well as supporting the firm’s engagement in responding to consultation and exposure documents related to standard setting and regulatory change. Prior to joining McGladrey, Sara was a partner in a regional accounting firm, where she served as an engagement quality review partner for SEC registrants, served clients primarily in the real estate and professional services industries, and served as a concurring and consultation
resource for accounting and assurance needs. Sara also worked for a Big Four accounting firm in a variety of roles, including audit client service, national office consultation, and global office public policy. She recently served as a member of the Private Company Practice Section Technical Issues Committee of the American Institute of Certified Public Accountants and has been involved in various Center for Audit Quality committees. Sara received her Bachelor of Accountancy degree from the University in 1998. While at UND, she was active in Beta Alpha Psi, Beta Gamma Sigma, and Golden Key. Sara and her husband, Josh — also a UND alum — live in the Minneapolis area with their three children. She enjoys coaching and attending their activities and events.
It’s fast and easy. Give online at undalumni.org/impact. Funds can be designated to the Accounting Department or the impact area of your choice. University of North Dakota
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PHOTO BY SHAWNA NOEL SCHILL
Embracing
CHANGE Chelsey Enderle finds success in unexpected directions.
Chelsey Enderle says that she has never liked change. When she entered the accounting program at UND, Chelsey expected to live in Grand Forks for four years, obtain an accounting degree, and start her career working in private accounting somewhere close to her hometown of Fergus Falls, Minn. However, her experiences, expectations, and career path have taken her in some unanticipated directions. “With the support and encouragement of my family and the UND accounting faculty, I decided to step outside my comfort zone and embrace all the opportunities I had available to me at UND,” Chelsey said. “Although I would have initially called myself a shy person, at UND I found myself opening up and attending every career fair and networking event that I was able to.” This engagement ultimately led Chelsey to complete four internships during her accounting program; two were in private accounting, and the other two were in public accounting. These internships took Chelsey to four different cities. “I went into each internship opportunity with minimal knowledge or experience specific to the internship and knowing almost nobody. To say the least, each was a big change for me!” Upon graduating from UND in the fall of 2013 with Accounting and Managerial Finance and Accounting degrees, Chelsey completed the Certified Public Accountant exam right away and accepted a position in the tax department at Brady,
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“I will encounter many new diverse opportunities and experiences. Though I know this endeavor will pose a great challenge, I am definitely ready, willing, and excited to embrace it.” Martz, & Associates, P.C. in Grand Forks. But Chelsey did more than just pass the exam; she earned some of the highest exam scores in the nation and was awarded the Elijah Watt Sells award. She also received a North Dakota award for earning the highest CPA exam score in 2014. The 2014 Sells Award was presented by the American Institute of CPAs to those who: • Obtained a cumulative average score above 95.50 across all four sections of the Uniform CPA Examination
UND and the CPA CPA EXAM PASS RATES Our graduates continue to excel on the CPA exam. In 2014, 20 UND alums completed the exam in North Dakota, passing all four sections of the challenging examination. Over the last three calendar years, average pass rates of UND graduates taking the exam in North Dakota compared to those of others in the state and across the country are: EXAM ND SECTION UND (excluding UND) NATIONAL AUD 53% 44% 47% BEC 73% 55% 54% FAR 69% 51% 48% REG 64% 49% 49%
• Passed all four sections of the examination on their first attempt, and • Completed testing in 2014. More than 91,000 people sat for the CPA Examination in 2014, and Chelsey was one of just 60 honored with the Sells Award. As a student at UND, Chelsey felt she needed to put aside her fear of change and embrace it order to take advantage of the opportunities that culminated in her position at Brady, Martz, & Associates, P.C. “If I had backed away because of my fear of change,” she said, “I would have never ended up with many of the great opportunities and experiences I have had, met all the amazing people I’ve had the opportunity to meet, and ultimately I wouldn’t have found out that what I originally thought I wanted to do or be wasn’t actually what I wanted.” “Of course, that change has definitely posed many challenges, but I have grown professionally and personally, because of it. It has made me comfortable enough to accept an offer at the William Mitchell College of Law to begin law school this fall.” Chelsey will have a whole new set of changes to embrace as she enters law school. “I will be moving away from Grand Forks to Saint Paul, Minn., into an apartment with two other incoming law students who I have met only once,” she said. “I will be expanding my network with all new professors, students, and professionals. I will be studying a field that is brand new to me. I will encounter many new diverse opportunities and experiences. Though I know this endeavor will pose a great challenge, I am definitely ready, willing, and excited to embrace it. I’m not going to plan exactly where I want to go upon graduation, but if this experience is anything like my experience at UND, that may be a great thing.”
ELIJAH WATT SELLS AWARD Since 1986, Department of Accountancy graduates have earned the prestigious Elijah Watt Sells Award ten times. This national award was established in 1923 and annually recognizes the candidates who earn the highest cumulative score across all four parts of the CPA Examination. Chelsey Enderle is the most recent UND alum to receive the Elijah Watt Sells Award. In 2014, more than 91,000 individuals sat for the exam, and only 60 candidates met the criteria for the award. We congratulate Chelsey on this outstanding achievement. This award is named for Elijah Watt Sells, one of New York’s first CPAs. A leader in advancing professional education, he helped establish what is now the American Institute of CPAs. The UND graduates who have received the award are: NAME
EXAM TAKEN
HOMETOWN
Steve Opdahl
1986
Fargo, N.D.
Dave Eberly
1986
Minot, N.D.
Brenda Zent
1987
Mott, N.D.
John Schell
1989
Minot, N.D.
Jeff Kersten
1990
Newburg, N.D.
Kory Schimke
1990
Harvey, N.D.
Melissa Derrig
1993
Fargo, N.D.
Patricia Kalil Margarit
1993
Williston, N.D.
Chris Rohrich
2004
Fargo, N.D.
Chelsey Enderle
2014
Fergus Falls, Minn. University of North Dakota
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STUDENT Profiles Kasey Bosch Kasey Bosch found both UND and her future in accounting in the branches of her family tree. The Woodbury, Minn., native is majoring in Accounting and minoring in International Business. She decided to attend UND because “I sort of have a family legacy here,” she said. “My grandparents on my dad’s side both went to UND and started to raise their family here.” Many other family members also are alumni. In addition to her school choice, her career path also is inherited. “I decided to major in Accounting because having a Bachelor of Accountancy offers many career options,” she said. She’s witnessed lives in those careers firsthand growing up. “Along with feeling like accounting was a good fit for me, my grandpa on my mom’s side was an accountant, and both my parents still are accountants (they actually met at work!),” Kasey said. “I never felt pressured by my family to choose accounting as a major, so I guess it really does run in the family.” Kasey found her fit academically after deciding on a business major. “I like learning things that I can use in real-life situations,” she said. “I took my first accounting course and really liked it, so I narrowed my major down to accounting.” “I love the challenge accounting brings, and it feels so rewarding to finally understand a difficult concept or problem,” Kasey said. Kasey has taken advantage of many opportunities for engagement at UND. She was on the UND women’s swimming and diving team for two years. She also interns at the UND Alumni Association and Foundation. Kasey has served as the historian for Beta Alpha Psi, and with the support of the Richard J. Peters Alumni Fund, she and two other students are participating in the 2015 Beta Alpha Psi Annual Meeting in Milwaukee. A member and treasurer of Student Leaders International, Kasey works with other students to promote study abroad experiences, including hosting an Education Abroad Fair on campus. She studied at the University of Stirling in Scotland during the 2014 fall semester. Kasey said, “It was the best experience of my life; I learned a lot about myself and became more independent.”
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Department of Accountancy Alumni Magazine – 2015 Edition
“Before I started classes at Stirling, I traveled around Europe for two weeks,” Kasey said. “During school, I also traveled to Liverpool, England, to see where the Beatles grew up. I’m a huge Beatles fan.” For the 2015-2016 academic year, Kasey was awarded the Audrey E. Stoltz Accounting Scholarship and the Terri and Todd Zimmerman Family Scholarship from UND Accountancy and College of Business & Public Administration. Kasey appreciates the impact these scholarships are having in making her education more affordable and said, “It makes me proud to be part of the business school and accounting department where so many great scholarships are offered.”
Samuel Daufenbach A major change from Air Traffic Control to Accounting has meant more adventure and opportunity for Mankato, Minn., native Samuel Daufenbach. He came to UND after his parents recommended spending at least a year away from his hometown. After taking his first course in accounting, he knew he’d found the best fit for his education. “I have never regretted my decision to come to UND because of the amount of different things I have been able to experience here,” Sam said. “When I switched my major to accounting, I got many questions about if I would transfer back to Mankato to complete my accounting degree there. There was never a doubt in my mind that I would stay at UND, because of the great experiences I had as an Air Traffic Control student, and I wanted to continue to have great experiences as an accounting student.” Two of Sam’s favorite things about UND Accounting, “the connections the department has with top accounting firms and the support from the professors,” came together in the past academic year year. In the fall, Sam was one of four students to represent UND in the Deloitte Audit Case Competition. Sam describes this as an “amazing experience” and said, “The team put in a lot of hours, but I would encourage anyone who has the opportunity to do it.” In 2015, Sam completed two different accounting internships.
In the spring of 2015, he interned in Tax with Deloitte in Minneapolis, and in the summer of 2015, he interned with Cargill’s Grain and Oilseed Supply Chain of North America in Cedar Rapids, Iowa. “I had received my Cargill internship offer and was extremely excited,” Sam said. “Then Dr. Loyland told me, ‘Congratulations on your internship offer; you are going to try for a public accounting internship, too, right?’ I was a little taken aback at first, but then realized that being able to experience two different companies would probably be the best for me.” He applied for the internship with Deloitte shortly thereafter. “Looking back, this was one of the best pieces of advice I could have received during the Career Fair process in fall 2014,” he said. In addition to his accounting major, Sam continues to have a passion for aviation. His original career interest and his newfound one both have Sam on an upward trajectory that he hopes will lead him to an eventual leadership position in finance or accounting.
Stephani Pastir In her years at UND, accounting major Stephani Pastir has learned important lessons about networking, both in the corridors of Gamble Hall and in airports around the country. The Hallock, Minn., native remembers Accounting faculty member Mary Loyland motivating the students as they gathered in the hallway between classes. “She rounded the corner and clapped her hands to get everyone’s attention,” Stephani said. “She talked to us about networking and not missing opportunities to meet the people around us. She emphasized that you may not know where you will end up someday.” Stephani had an audit internship with Deloitte in the summer of 2015 in which she traveled by airplane 10 times and had six delayed flights. She also had 17 nights in a hotel. All of those have been networking opportunities, based on Professor Loyland’s lessons. “Now when I’m in the elevator with coworkers at Deloitte, I start a conversation with them, regardless if I have seen them or not, because you never know how it will play out.” “On a traveling team, you are bound to those team members; you eat breakfast, lunch, and dinner together, work long hours, and get delayed in an airport together,” Pastir said. “Networking and making connections outside of the workplace is what got me through those long hours traveling.”
Stephani also participated in the Deloitte Audit Case Competition in the fall of 2014. “I learned great time management skills and got hands-on feedback from three partners at Deloitte.” She is a member of Beta Gamma Sigma and this year is president of Beta Alpha Psi. Stephani has earned many scholarships during her time at UND, including: UND Scholarship-CLSP, Lanterman Foundation Scholarship, Clifford Anderson 200-201 Scholarship, Feragen Scholarship, Bob and Joan Bender Scholarship, Deloitte & Touche Accounting Scholarship, Greg and Cindy Page Scholarship, R. Peters Scholarship, and Branley Scholarship. “The impact these scholarships have had on me has been tremendous,” she said. “With the wonderful gifts I have received, I have been able to study more and work less.” She plans to graduate in 2016 with her accounting degree and a minor in mathematics.
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Foundation for success UND alumnus Phil Gisi’s accounting education has helped drive his career as an entrepreneur.
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Department of Accountancy Alumni Magazine – 2015 Edition
PHOTO BY SHAWNA NOEL SCHILL
Although
University of North Dakota alumnus Phil Gisi never planned to work in public accounting, he knew the value of an accounting education for an entrepreneur. Growing up in New Rockford, N.D., he found his interest in accounting because of a great high school business teacher, interesting accounting classes, and strong math skills. Gisi entered the accounting program at UND knowing that his goal was to own a business and that having a good understanding of accounting would help him succeed. “Without an accounting degree I would have to rely on someone else,” said Gisi. “Having more technical knowledge really pays off in the long run.” While attending UND, Gisi worked each summer on the oil rigs and quickly completed a Bachelor of Accountancy in three and a half years. He finished his last exam on a Tuesday morning and started his first position the following Thursday morning as CFO for Custom Contractors, Inc., and he hasn’t stopped working since. Custom Contractors, Inc. was an oil field service and construction company located in Dickinson, N.D. When oil prices fell in the mid-80s, the company shut down. “This was the best experience ever, as it helped me to learn how bad it could get,” said Gisi. After the business closed, Gisi fell back on his accounting training. He hit the road, going out on his own and providing accounting services for convenience stores. In 1986, he joined St. Joseph’s/UniMed Medical Center as controller, was named vice president/CFO in 1988, and president/CEO in 1995.
Since 1995,
Gisi has been involved in the senior housing and assisted living business. He is now the owner and president of Edgewood Management Group LLC (EMG), Grand Forks, N.D., a company that develops, owns, and operates assisted living and memory care facilities. It employs approximately 1,800 people at 42 locations in seven states. He is also the president of EMG Financial, Inc., and Edgewood REIT, companies involved with real estate investments and other business ventures in the Upper Midwest; and president/CEO of SBG Energy Services LLC, a North Dakota oil field service company. With all of his ventures, Gisi continues to rely on his accounting background. Although he now employs numerous accounting professionals, many of whom are UND graduates, he still closes the books and personally prepares the consolidation. Gisi admits that he enjoys spreadsheets and accounting and believes that his accounting skills are an advantage. Personally preparing the consolidation allows him to quickly identify areas of the business that need attention. “Looking at the books, I can know what is happening without having to be there,” he said. In addition to being involved with financial accounting, until two years ago Gisi also prepared the tax returns for all 54 of the Edgewood entities. “I always thought about how it was going to end up on my tax return, and this was an advantage,” he said. Preparing tax returns gave Gisi insights about how to structure transactions and businesses: “Everything is tied to accounting
Phil Gisi’s service to the College of Business & Public Administration has included working with the Dakota Venture Group, UND’s studentrun venture capital fund.
and tax work.” His accounting staff is not surprised when Gisi sends a 3 a.m. email identifying an expense that has been misclassified in a way that could affect taxes.
Despite
being responsible for 54 entities, Gisi still manages to find time to give back through numerous philanthropic projects. Gisi is a community board member of Altru Health System in Grand Forks, a board member of the UND Alumni Association and Foundation, and a CoBPA Advisory Council member. Gisi is also committed to supporting experiential learning opportunities for students through his engagement with the Dakota Venture Group, a student-run venture capital fund at UND. Gisi has been working with these highly motivated students since 2009 and each year reserves a seat on the Edgewood Board for a DVG student. Through the UND Alumni Leadership Endowment, Gisi supports faculty and programs focused on leadership. In addition, he recently established a new endowment to support corporate governance programs. Gisi sees accounting as inextricably linked to entrepreneurship and provides an excellent example of how business owners can benefit from understanding accounting. He encourages students who express interest in finance or other areas to consider an accounting major. Would he major in accounting again? “Yes, I would,” Gisi responds emphatically. “It has been an advantage in making good business decisions.”
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A passion for teaching and a better world UND alumnus and Executive in Residence Mike Hendrickson discusses ethics in business and values in life.
UND alumnus Mike Hendrickson has been sharing his wealth of knowledge as an Executive in Residence within the Department of Accountancy for the past four years. Executive in Residence programs bring professionals into the classroom to share experiences and networking opportunities with students. Hendrickson received a Bachelor of Science in Business Administration with a major in Accounting in 1965 and a Master of Science in Accounting in 1967. Since retiring as Assurance partner with Price Waterhouse in 1998, he has actively engaged with accounting students by taking on a variety of roles, including that of lecturer at UND and the University of Northern Colorado. Hendrickson shared with Interim Department Chair Kate Campbell thoughts on his experiences at UND and the development of his ethics class. You have been teaching ethics at UND for four years. How did this start? I stayed in contact with accounting professors like Rod Medalen and Harold Wilde over the years, and shortly after returning from Russia in 1998, I spent a full week at UND sharing experiences and teaching about such things as the communist economy, privatization, and the Russian tax system. A few years later, I helped organize a two-day ethics symposium following the failures of Enron and WorldCom and the demise of Arthur Andersen. While attending a Department of Accountancy reception at Homecoming, I asked Steve Carlson if the department had an
MULTIPLY YOUR GIFTS TO THE
University of North Dakota through the North Dakota Higher Education Challenge Fund
From July 1, 2015 through December 31, 2016, the State of North Dakota will match $1 for every $2 given by private donors to the University of North Dakota Foundation on gifts of at least $50,000. Qualified gifts must be used to fund endowments supporting scholarships or faculty positions. $7 million has been allocated to the University of North Dakota: the first $2 million must be used for scholarships; when that has been fulfilled, the remaining $5 million may be used for scholarships or faculty support.
ethics course. When he said no, I suggested it was important for them to have one, as states were beginning to require an ethics course prior to taking the CPA examination. His immediate response was, “That would be nice, but we would have to develop one. Would you like to do that?” I thought for about 10 seconds and said, “I can do it!” What have you appreciated most about your teaching experience? Everyone at UND is so welcoming and appreciative and, while it is nice to be appreciated, I assure you that it has been a tremendously rewarding and mutually beneficial experience for both my wife, Lori, and me. It isn’t really just about “giving back,” but rather about doing something I love: teaching students about life, about happiness, and about what is really important in life. What has been most surprising about your experience? The success of the class and the reception of the students come to mind immediately. The class has been way more successful even than I had hoped it would be. We had 10 students the first year and went to two sections the second year when the number of students doubled — and my fun doubled as well! The reception of the course has been quite enthusiastic. What do you think the students find most appealing about the class? Of course they enjoy the stories from my Price Waterhouse experiences as an auditor in Russia and elsewhere. The class sizes are small, so they are able to share their views and have one-onone dialogues about the things that matter to all of us. You mentioned that you teach what is important in life — so, what is important? Appreciating our connections to one another and embracing our goodness. We are all in this together. It isn’t as much about competition and winning as it is about interdependence and cooperation. We tend to make assumptions about what it is that brings happiness — things like wealth and power are assumed — but I see little evidence that those things make people happy. Sure, money counts, but people who count their money aren’t made happy by doing so, and they don’t seem to be happy because of the number of possessions they can accumulate, either.
Why do you keep coming back to teach at UND? I teach for the sheer joy of it. But there is a deeper reason: I am convinced that we can change the way we treat each other, the way we care for our planet (or not), and that we can co-create a different world by adopting paradigms that will create a world that works for everyone. If enough of us believe that we can make it happen, I believe it will. It can be summed up this way: “Never doubt that a small group of thoughtful committed citizens can change the world. Indeed it is the only thing that ever has.” – Margaret Mead
Making a difference In 2014 Mike Hendrickson involved his class in a unique project to help students discover that they can change the world. Mike and his wife, Lori, live in Colorado and have had connections with the Pine Ridge Indian Reservation in South Dakota for many years. While talking with individuals from the reservation, they identified a significant need for winter coats. Mike and Lori initially worked with Walmart to collect coats for the reservation, and last year Mike presented the concept of a coat drive to his Accounting 494 class as a service project. Students in the course enthusiastically embraced the project and collected nearly 400 coats, along with gloves, scarves, and stocking caps. Emily Asche, a senior Accounting major, expressed her appreciation of the project: “It was cool because you usually don’t do anything besides schoolwork, and with this you get to make an impact.” The first Accounting 494 coat drive was a great success, and Mike enjoyed seeing students experience how they could change the world for the better.
Where do the ideas for your class come from? The course is an intuition-based ethics course for accountants. I wove intuition into the course, as I tend to believe that the concept of “ethics rules” is a bit of an oxymoron. I also knew that I operated more intuitively as an auditor, and I was convinced that intuition could be developed with some training. Intuition was important to my career, and the students begin to appreciate that it can be important to theirs as well. Certainly, the ideas came from my own experiences as an auditor and trusting my intuition on many occasions. But more importantly, they came from my philosophy about life. It is eye opening for students when they see that it isn’t necessary to operate from conditioning and start to appreciate that they have a unique purpose for being here.
Students in the Accounting 494 class service project collected nearly 400 items of winter wear for donation to the Pine Ridge Indian Reservation.
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Heart to Heart From volunteer to leader After an outstanding career with Deloitte, UND alum Alvin Royse brings his leadership skills to the national board of the American Heart Association. ABOVE: Bernard P. Davis (right) presents a pin to incoming Chairman Alvin Royse at the American Heart Association’s Gold Heart Banquet June 23, 2015, in Plano, Texas. Photograph by Amy Gutierrez. 14
Department of Accountancy Alumni Magazine – 2015 Edition
Alvin Royse, J.D., CPA, a retired senior partner with the national accounting firm Deloitte, has been named chairman of the board for the American Heart Association. As chairman, Royse will be responsible for the association’s business affairs, public relations, and fundraising, and will preside over all board of directors and executive committee meetings. An association volunteer for more than 15 years, Royse was the association’s secretary-treasurer for 2012-13 and chairman of its Western States Affiliate from 2008 to 2010. He is also a past chairman of the organization’s San Francisco division. After a colorful path to chairman of the AHA board, Royse focused on healthier communities. Al Royse readily admits he had no idea what he was getting into back in 1997, when representatives from the American Heart Association asked him to become chairman of the San Francisco Heart Walk. Royse knew little about the organization. He knew little about heart disease. He knew even less about how it had affected his family. But here’s what he did know: The organization had a great reputation. He trusted and respected the two people who’d recommended him for the gig. And there was his newfound personal connection to the mission — the very week he was mulling the offer, an employee’s wife died of a stroke while on a field trip with their first-grade daughter.
“Put those three things together and I couldn’t see how I wouldn’t do it,” Royse said. What Royse expected would be a one-and-done commitment turned into a lifelong devotion. He’s risen within the organization ever since, so much so that he recently started a two-year term as chairman of the national board. There’s a tidy narrative behind Royse’s climb up the AHA ladder. Basically, he peeked in, looked around and liked what he saw. The more he stuck around, the more comfortable he felt. He also thought he could make a difference and, indeed, he did. What’s really fascinating is how much his entire life has followed that narrative. Royse grew up in Mandan, N.D., the smaller half of the metropolitan area that also includes Bismarck. His parents owned a family business that specialized in selling fruits and vegetables (especially watermelons, still his favorite food). The business kept Royse and his four siblings plenty busy growing up. His big contribution as a child was coining a slogan they still use today: “A Royse Melon Is A Choice Melon.” He went to the University of North Dakota, graduating with honors with degrees in accounting and economics. What he really wanted to do was teach. So he spent another year at UND, getting a master’s degree in accounting and serving as a graduate teaching assistant. Having scratched his itch for teaching, he decided to pursue an interest in law. He had planned to attend an out-of-state law school, but something happened to keep him in North Dakota: He was elected to the state House of Representatives. Reviving a slogan he’d used successfully while running for grade-school offices — “Vote Royse For The Best Choice!” — the 22-year-old became the second-youngest person ever elected to the North Dakota Legislature. During his time in office, he was the only legislator under the age of 30. As if that wasn’t impressive enough, he was elected as a Republican in a heavily Democratic area, displaying a characteristic that he still has to this day: a knack for uniting people and building their confidences. He followed this by being voted the top freshman legislator, then getting re-elected . . . all while earning that law degree. Along the way, he made national news by giving one of the key legislative speeches, and casting one of the key votes, in getting North Dakota’s support of the Equal Rights Amendment to the U.S. Constitution, one of the biggest issues of that era. North Dakota was the 34th of 35 states to ratify it; however, 38 were needed. “It was an incredible experience,” Royse said. “The legislature was designed for citizen involvement, not full-time politicians. We met in formal session every other year, with monthly committee meetings in the off year. It gave people like me a chance to participate without having to give up our daily responsibilities.” As of 1976, Royse was in his mid-20s with a résumé showing he was a CPA, lawyer, two-term lawmaker, and teacher. With so many potential paths, Royse settled on getting some “real world” business experience at a major accounting firm, then becoming a business lawyer, probably somewhere in the Midwest.
A job in the San Francisco office of the company that would become Deloitte seemed like the perfect launching pad. Royse specialized in tax work and, as would happen with his AHA career, one thing led to another. “After two years, I decided that I liked my clients so much and I liked San Francisco so much that I’d spend another couple of years there,” he said. “Then you get promoted and it turns into a lot more years.” About 34. Royse retired in 2010, having held titles such as Deputy National Managing Tax Partner, Partner-In-Charge for the entire Western Region Tax practice, Managing Tax Partner for the San Francisco and North Pacific Region, the first-ever national tax partner for the company-wide Clients and Markets programs and initiatives, and both U.S. and global leader for Deloitte’s tax industry programs. He is still considered the “godfather” to many of Deloitte’s most successful initiatives. When he left, a tribute sent to all employees detailed much of his career. It also noted his fondness for powerful quotes and his tendency to group things into threes. The story focused on his incredible impact on Deloitte and offered this three-pronged postscript of his Deloitte tenure: • A rare talent • A true leader • An innovator
It started with a “Walk” The ‘97 San Francisco Heart Walk set a local record for dollars raised and number of walkers. So Royse was invited to lead the way again the following year. Next came a spot on the local board. Then he became its chairman. Yes, things were moving quickly, but the offers tapped into one of Royse’s treasured quotes: “Always say ‘yes’ before you say ‘no.’ ‘No’ doesn’t get you anywhere.” Something else happened, too. “As I got more involved, the ‘yes’ become stronger and stronger,” he said. Part of the lure came from hearing survivors’ stories. He instituted a practice of having a survivor speak at the start of every board meeting to remind everyone why they were there. He also became more familiar with the stories of heart disease among his relatives — aunts, uncles and other branches of the family tree. The San Francisco chapter thrived under his leadership. After two terms as the local board chair, he was asked to join the board of the Western States Affiliate. A few years later, he started a two-year run as chair of that board. Royse ended up spending about a decade on the Affiliate board. Along the way, the Western States expanded to include what had been the Pacific Northwest Affiliate (covering 10 states), improved advocacy efforts at the local and state levels, (Continued on Page 16) University of North Dakota
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Heart to Heart
(continued from Page 15) and became more strategic and tactical about fundraising. The national board came calling in 2011, and Royse was ready. Or so he thought. During his first week of national board meetings, he flashed back to 1997. It was as if he was learning the AHA all over again. “I had no idea we were international,” he said. “I had no idea we actually had mission-aligned businesses. I had no idea the breadth of the advocacy in our Washington group. I had no idea of the scope of our fundraising. I had no idea of all the events we held and the impact they made. I had been fairly myopic in looking at the Western States. Frankly, I was blown away by what this organization really was.” While he felt a bit embarrassed, he also felt encouraged. The organization he already believed in was even better than he thought. “It was like a kid going into a candy store who’d been used to getting only licorice and all of a sudden he sees chocolates and gummy bears, things he wasn’t even aware existed,” Royse said, laughing at the fact a candy metaphor probably wasn’t best for an AHA story. Royse quickly filled his metaphorical candy dish, chairing a variety of committees that first year. He became SecretaryTreasurer the next year; then in July 2013 he began a two-year term as Chairman-Elect, preparing him to take over from Bernie Dennis. The former politician brings an ambitious platform to this
UND Alumni Association honors Herr, Dirk 16
Department of Accountancy Alumni Magazine – 2015 Edition
position. Not surprisingly, it includes an emphasis both on the future and the present, in particular continuing to connect the dots between local, affiliate, and national leaders, policies that are already an AHA focus. “To me, the local level is the ground attack, and the national level is the air support,” Royse said. “The two have to be working in alignment to maximize your chances for success. So the fact that local markets fully understand the resources available helps make them more successful.” As Royse said in his acceptance speech at the AHA Passing of the Torch dinner, “We plan to have one foot on the path for today and the other foot on the road to tomorrow.” “The pace of change in the world is beyond comprehension, and we need not only to be abreast of it, but in front of it,” Royse continued. “As former hockey great Wayne Gretzky used to say, ‘You skate not to where the puck is, but where it will be.’” Royse goes into this with some crucial experience from his Deloitte days. He knows someone at a lower level can feel undue pressure when people at a higher level reach out, and he also knows how to avoid it. “As national leaders, we want to be a value add, not a new task,” he said. Royse’s sincerity can be judged this way: He considers understanding and adapting to the future and success at the community level two of his top priorities. In fact, they are part of the foundation upon which his other priorities are built. They include a continued focus on science
The UND Alumni Association and Foundation will recognize two Accounting alumni by presenting them the Sioux Award at a banquet during Homecoming 2015, Oct. 8-10. The Sioux Award is the highest honor given by the Alumni Association and Foundation for achievement, service, and loyalty. Since its inception in 1962, the Sioux Award has been presented to distinguished leaders in government and business, high achievers in various professions, and alumni who have dedicated their lives to serving others.
and research as the foundation of the AHA, the organization’s devotion to building a Culture of Health, and turning the AHA into a billion-dollar organization (up from roughly $700 million in the 2014-15 fiscal year). “The community effort is broader than tapping into our local AHA offices,” Royse said. “It’s about assisting and enabling our local schools, churches, and city councils to take a stronger role in helping us implement a Culture of Health. We have opportunities to really have the country embrace it. There’s a need for it, and there’s an awareness of it that we’ve never seen before, and the AHA will be right at the forefront of making it happen.”
Many “irons in the fire” Since leaving Deloitte, Royse has kept plenty busy aside from his AHA work. He’s gotten back into teaching, spending four to six weeks a year as a guest lecturer at the University of Shanghai for Science and Technology, Shanghai, China. He’s back in politics, having been elected to the city council in Hillsborough, California, in 2012. He chaired the University of North Dakota Foundation. He is involved in several family businesses. He’s also on several other nonprofit boards. He’s especially excited about a program founded by a former Deloitte Managing Partner and supported by Deloitte called Courageous Principals, which trains K-12 principals to become more effective leaders. “If you can affect one principal, you can affect 100 teachers,” he said. “If you’re going to change education, change trajectories of lives, this is a great way to do it.”
There’s also his immediately family. His daughter, Jennifer, is an actress-turned-real estate broker in New York City, married to a fireman and mother of his 10-month-old grandson, Rory. His son, Matthew, is a tax consultant for Deloitte in Salt Lake City. For leisure, Royse might be found walking his black labrador, Abby, doing yoga on the beach, biking, hiking, or skiing. (A serious hiker, Royse climbed Mount Kilimanjaro in 2006.) He also might be at a ballgame. An avid sports fan, he has season tickets to the San Francisco Giants and 49ers (both former clients of his while at Deloitte, as was the San Jose Sharks), and the newly crowned NBA champion Golden State Warriors. A self-professed political and history junkie, he also might be reading up on those areas, looking for a few more quotes to add to his collection. Here are two at the front of his mind as he steps into his new role: • “The future is made up of a series of nows.” • “If you save a life, you save the world.” Royse especially likes how both dovetail with the work of the AHA. “We save lives; it’s what we do,” he said. “You never know the impact of a life you save. So it’s not beyond rhyme or reason that one of the lives we save now — or someone they impact — may one day save the world. I am humbly looking forward to continuing being a part of it.” Republished from the American Heart Association News, June 26, 2015.
Henry Herr, ’68, ’71
Patrick Dirk, ’71, ’72
Henry Herr graduated from UND in 1968 with a bachelor’s degree in accounting and a master’s degree in accounting in 1971. The Bismarck, N.D., native retired in 2001 as executive vice president, chief financial officer, and co-founder of American Healthways, Inc., and then served an additional eight years on the board of directors. Herr also co-founded a spin-off company called AmSurg, which is now the largest ambulatory surgery center company in the country with over 250 locations. Herr has received numerous awards for his achievements, including the 1996 Outstanding Alumnus Award from the Zeta chapter of Beta Alpha Psi. He was named to the UND Accounting Department Hall of Fame in 2011.
Patrick Dirk graduated from UND in 1971 with a bachelor’s degree in accounting and a master’s degree in accounting in 1972. Born in Carson, N.D., Dirk lived in numerous farming communities throughout North Dakota. After attending UND he moved to Minneapolis and joined Peat Marwick (KPMG). Dirk left KPMG to become the controller of Kroy, Inc., and after five years became the company’s president. In 1982 he and his wife, Mary, co-founded Pierce Companies, which later became TROY Group, Inc., where he has served as CEO and Mary as a vice president for 33 years.
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FACULTY Profiles
Matthew Notbohm Assistant Professor of Accountancy Ph.D., Florida State University
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In just five years at UND Accountancy, Matthew Notbohm has been recognized for his success in both teaching and research. Upon completing his Ph.D. in Business Administration with an Accounting Concentration at Florida State University in 2010, the St. Louis, Mo., native began his academic career at UND. “I love my job!” said Notbohm. “Every day I’m given incredible opportunities in two different areas. The teaching part of my job is to inspire students to do things that many believe they cannot do. The research part of my job is to be a detective, investigating questions that nobody knows the answer to. What an amazing opportunity that I’ve been given!” At UND Notbohm has taught elements of accounting I, independent assurance, and accounting information for decision and control. His excellent teaching has not gone unnoticed: He has been recognized with two College of Business & Public Administration Junior Faculty Teaching Awards and the prestigious North Dakota Spirit Faculty Achievement Award. When asked what he likes most about UND’s Department of Accountancy, Notbohm said, “It’s definitely the students. Our students work very hard. They’re smart too, but their work ethic really sticks out here.” His teaching philosophy is that successful instruction requires enthusiasm, active learning, and motivated students. “Of course I want my students to take away knowledge of accounting. But in a broad sense, I would really like them to walk away with confidence in themselves,” Notbohm said. “I want my students to believe that they can achieve, if they are willing to invest themselves into their goals. My students
Department of Accountancy Alumni Magazine – 2015 Edition
can be partners, CFOs, or whatever they wish to be, but it will require hard work.” In his time at UND, Dr. Notbohm has also excelled at research, and he has earned the CoBPA Junior Faculty Research Award. His primary research interests involve financial reporting quality, governance mechanisms (including audits), and management characteristics. He has published nine academic journal articles, one of which was cited by the Public Company Accounting Oversight Board (PCAOB) in two related policy proposals. He earned his bachelor’s degree in Accounting at Southeast Missouri State University and in 2001 his Master of Accounting Science at the University of Illinois at Urbana-Champaign. After passing the CPA exam in Illinois, he worked as a financial statement auditor at Ernst and Young. He then taught accounting as an instructor at Southeast Missouri State before beginning his Ph.D. program at Florida State. His dissertation was titled “Auditor Office-Level Size and Auditor Reputation.”
Dee Ann Ellingson Associate Professor of Accountancy Ph.D., Virginia Polytechnic Institute and State University
Dee Ann (Hetland) Ellingson joined the faculty in the fall of 1993, but her association with UND began long before that. She came to UND in the Master of Accountancy program after completing her bachelor’s degree in math and business at Minot State University. One day, Louie Kulas called her into his office and offered her a graduate teaching assistantship. “It changed my life,” said Dee Ann. “That’s when I discovered a love of teaching, and it became my dream to someday return to UND as a faculty member.” After completing her master’s and passing the CPA exam, Ellingson gained professional experience working in audit at Deloitte and then internal audit at the Pillsbury Company, both in Minneapolis. She returned to North Dakota and taught at Minnesota State-Moorhead for four years until marrying and moving to their farm near Dahlen, N.D. She then worked as accounting manager for the hospital in Park River, N.D., and part-time instructor at UND. “It was then we realized it was time to pursue my dream,” she said. With the help of faculty members Hans Johnson and Mary Loyland, she enrolled in the accounting Ph.D. program at Virginia Tech. As she was completing her Ph.D., the UND Accounting Department was recruiting for a faculty position. “Sometimes dreams really do come true,” she said. Ellingson credits the UND accounting faculty with much more than a great education. “The faculty prepared me for the accounting profession and mentored me throughout my career. I am especially indebted to Louie Kulas, Lyle Steinmeier, Art Hiltner, Rodney Medalen, Don Bostrom, Hans Johnson, Mary Loyland, and Harold Wilde for all they’ve done for me,” said Ellingson. Ellingson has aspired to continue the legacy of her mentors. “I am privileged to work with such talented students,
dedicated faculty, and supportive recruiters and alumni,” she said. She has taught cost accounting, accounting principles I and II, and the managerial accounting course for the MBA. She has received the Milton Larson Teaching Excellence Award, the Beta Alpha Psi Outstanding Accounting Instructor Award, and most recently, the Beta Gamma Sigma Professor of the Year Award in 2014 for her teaching excellence. Ellingson’s research interests include executive compensation and corporate governance, marketing accounting services, accounting education, and financial reporting. Her research has been presented at numerous regional, national, and international conferences, and she has published in academic and practitioner journals, including most recently, The CPA Journal. She has received the Distinguished Paper Award at the MBAA International Conference (twice) and the UND College of Business & Public Administration Meritorious Research Award. Ellingson is also active in service to the accounting profession and the university. She maintains her CPA license and serves as a trustee for the North Dakota CPA Society Foundation and on the NDSCPA Members in Industry Committee. She is on the Executive Board and the Advisory Council of MBAA International, the umbrella organization that hosts an annual academic conference in Chicago for 11 business disciplines. She is past president of the North American Accounting Society. At UND, she serves on numerous department, college, and university committees. Ellingson lives on the family farm near Dahlen with her husband, Terry, and their children, John and Marit.
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public accounting before joining the Accountancy Department in 1981. She is active in the community and has served on several boards, including Valley Memorial Homes and the Greater Grand Forks Community Foundation. She’s known for her connections and for heading the extremely successful Accountancy internship program. E A native of Madison, S.D., Harold Wilde joined the Department of Accountancy in 1982. Harold began by teaching the department’s auditing courses, but over his 33 years of service, he has taught many of the other accounting courses, most recently the Accountancy capstone. Harold also served as department chair from 1992 to 2009. He has been actively involved with the accounting
FROM LEFT: Retiring Accountancy faculty members Harold Wilde, Mary Loyland, and Ken Hansen were joined by Steve Carlson, then chair of the department.
Mary Loyland
A legacy of
LEADERSHIP The Department of Accountancy is proud to celebrate a legacy of leadership with exceptional faculty and highly motivated students. In spring 2015, the department honored recent retirees Ken Hansen, Harold Wilde, and Mary Loyland and in summer 2015 the retirement of Victoria Beard. These faculty members made significant contributions to the department, the college, and student advancement.
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E Before coming to UND, Ken Hansen worked as an IRS agent for three years and was a practicing attorney for seven years, all in Indiana. He began teaching in the Department of Accountancy in 1991 as an assistant professor and was named a full professor in 2002. During his 24 years in Accountancy, he mainly taught the department’s tax courses. E A Grand Forks native, Mary Loyland taught high school math and practiced
Department of Accountancy Alumni Magazine – 2015 Edition
“Dr. Loyland is truly a class act. She was one of those gifted instructors who had the ability to make a lasting impression on every student, both inside and outside the classroom.” – Alison Anderson
profession by serving on committees within the North Dakota Society of CPAs and offering continuing education courses to CPA firms around the country. He also served as the president of the North Dakota State Board of Accountancy from 1990 to 2000. E Victoria Beard served in many roles during her time at the University of North Dakota. As an associate professor of accounting, she also served as director of International Business Programs at the CoBPA and played a key role in coordinating UND’s very active exchange program with the University of Shanghai for Science and Technology College of Management. She later went on to serve as UND’s associate provost from 2003 to 2011. Victoria has continued
Harold Wilde
“Dr. Wilde always amazed me with his infinite knowledge of accounting and the CPA exam. Any time I had a question, it was almost guaranteed that he knew the answer!” – Libby Rabon
to serve as the director of the Joint Undergraduate Business Management Program between the University of Shanghai for Science and Technology and the University of North Dakota. The college congratulates all of our exceptional retirees for their many years of dedicated service to UND and wishes them well in retirement.
Legacy Professorship Endowment With a generous contribution from a CoBPA alumnus, a new UND Accountancy Legacy Professorship Endowment has been established to recognize the invaluable contributions the retired and current faculty have made to the educational experience for accounting students. This endowment
Ken Hansen
“Professor Hansen wanted to educate us not just in tax, accounting, or academics, but in all aspects of life. He taught us completely, and we’ve benefited so much from that, both personally and professionally.” – Marjory Heap
honors and seeks to support the continuation of this legacy. Our goal is to raise sufficient funding of $1 million for this new endowed faculty professorship. “We in the college have several unique leverage opportunities to share with our investors that could allow us to exceed this goal,” said Kim Woods, CoBPA senior director of development. Seed money of $500,000 is available to our investors on a 1:1 match for this new faculty endowment. We also have the ND Challenge Grant available on a 1:2 match with a minimum donation of $50,000 to this endowment. For more information about honoring our retired and current faculty, please contact Kim Woods at KimW@undfoundation.org.
Victoria Beard
“Victoria made learning and traveling relaxing.” – Andrew Leizens “Dr. Beard had a vision for international accounting before it was popular and widely discussed.” –Marjory Heap
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The fund competes in international competitions; the most recent win was Best Fixed Income Portfolio for an Undergraduate Program from the Quinnipiac G.A.M.E. V Forum in March 2015. The fund has a win in the same category from G.A.M.E. in 2011 and two wins from the University of Dayton R.I.S.E. Competition for equity in 2009 and fixed income in 2010.
UND’s A. Kirk Lanterman Investment Center provides exceptional learning experiences with real-time financial market data from around the world.
Accounting students embrace experiential learning opportunities UND Accounting students have made the most of a great in-college opportunity to enhance their educational experiences by participating in the investment world. The UND College of Business & Public Administration’s Student Managed Investment Fund — or SMIF, as it’s popularly known — is an active investment fund with a current value of about $1.3 million dollars in equities, fixed income, and alternative securities. Made possible by donations from UND alumni and friends, the fund is managed by a team of approximately 30-40 students who meet in fall and spring classes and organize in a traditional hierarchy, with a president, five senior officers, six junior officers, and nine sector lead analysts. They receive mentorship from faculty and industry professionals. While the course is required for Investments majors, it attracts students from across CoBPA. In recent years, Accounting students have emerged to fill officer positions, including the last three SMIF presidents. Accounting students take pride in both helping SMIF and learning from it.
Britta Boe, incoming SMIF vice president of operations and accounting and an Accounting and Investments double major, enjoys the application of classroom knowledge to an in-play investment situation. “It’s nice to be able to look at the financial statements and have some knowledge of what could have caused the changes in the statements from year to year,” she said. Accounting major David Talley was a sector lead for utilities and is a junior officer for alternatives this fall. He finds SMIF’s accounting presence a benefit for the organization. “Accounting students provide a more diverse group of students to SMIF and give a different point of view when looking at investing in a company,” he said. By participating in SMIF, Accounting students are able to benefit from a unique experiential learning opportunity. Students develop working professional relationships with members of the investment community, take leadership roles with progressive amounts of responsibility, make professional presentations in a variety of settings, make actual investment decisions, and learn to accept the accountability that comes with decision making. Former SMIF president and Accounting and Investments double major Christian Wolfe found that having SMIF experience on his résumé was invaluable as he interviewed for jobs. “The skills I developed during SMIF not only provided a key differentiator during the interview process, but also provided a performance differentiator on a daily basis,” he said. He found he had valuable experience and many interesting talking points for interviews. The experiences of SMIF students cannot be replicated by any other class on campus. Accounting majors bring skills and vision to the group and will likely continue to be leaders as the fund grows and SMIF builds a national and international profile.
Shane O’Brien, a double major in Managerial Finance and Accounting and Investments, rose from sector lead to SMIF president. “The skills I learned in accounting courses proved to be invaluable in the Student Managed Investment Fund because I was able to apply them and make sound investment decisions,” he said. Investments majors must take some accounting courses, but the Accounting students’ depth of knowledge about financial statements and other accounting issues makes a unique contribution to SMIF’s success.
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Department of Accountancy Alumni Magazine – 2015 Edition
Left to right: Student Managed Investment Fund President Shane O’Brien is assisted by Sawyer Diseth and Ben Salaba.
UND’s chapter of Beta Gamma Sigma welcomed these new members from the College of Business & Public Administration in 2015.
Beta Gamma Sigma announces honors Beta Gamma Sigma membership recognizes the academic accomplishments of business students at AACSB accredited schools. Of all those in the U.S. who receive baccalaureate or master’s degrees in business each year, only 8 percent earn membership in Beta Gamma Sigma. The faculty, students, and alumni of the Department of Accountancy are well represented in the University of North Dakota Chapter. The extensive involvement of the department with Beta Gamma Sigma reflects the high level of academic accomplishments of accounting majors, the teaching excellence of the faculty, and the success of UND accounting alumni. Donna Altepeter has served the college’s chapter as chapter secretary and faculty advisor since 1999. In 2014 she was recognized by the Beta Gamma Sigma organization for her outstanding service when she was selected as the National Outstanding Chapter Advisor.
Gilbert Gimbel Endowed Scholarship: Vanessa Burkel. UND graduate Gilbert Gimbel (Accounting, 1959; Law, 1962) started the endowment to provide a scholarship to the “highest ranking junior working toward a Bachelor of Business Administration degree at UND.” 2015 Chapter Honoree Award: Linda Nelson Butts. Accounting majors recognized as Chapter Honorees: 2006, Lyle Kasprick; 2010, Philip Gisi; 2011, Kevin Moug; 2013, Jeff Gendreau; 2015, Linda Nelson Butts. Accounting faculty recognized as Beta Gamma Sigma Professors of the Year: 2003, Harold Wilde; 2004, Ken Hansen; 2005, Art Hiltner; 2007, Mary Loyland; 2009, Robert Dosch; 2010, Kate Campbell; 2014, Dee Ann Ellingson; 2015, Donna Altepeter.
Donna Altepeter
2014/15 officers (Accounting students): Alison Anderson, Taylor Ruebke, and Jamie Terry. Accounting majors inducted in April 2015: sophomores Macy Anderson, Zsofia Barandi, Paige Diede, Rebecca Hackenmueller, and Joseph Hackman; juniors Erica Anderson, Ian Ballantyne, Vanessa Burkel, Eric Christensen, Britten Croves, Hunter Jerome, Danielle Kloek, and John Storebo; and seniors Brett Kosel, Kelsey Lee, and Shelby Varnson.
Margaret Williams (right), dean of the College of Business & Public Administration, congratulates Linda Nelson Butts as Beta Gamma Sigma’s 2015 Chapter Honoree.
University of North Dakota
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2014-2015 Accountancy Scholarship Recipients AUTUMN 2014 $51,500 awarded in scholarships Bernt Anderson Memorial Scholarship Emily Scholtz Clifford Anderson Scholarship Christian Quam Meinhardt “Mike” Bader Memorial Scholarship Alison Anderson
Herr Family Scholarships Kaitlin Bezdicek Tanner Bjerke Dana Kraus Madison Porter Taylor Ruebke
Niles Family Scholarship Samantha Ritten
Stan and Dorothy Hoistad Scholarship Erica Turner
Richard J. Peters Scholarships William Bata Dallas Dupey Emily Seelan
Bob and Joan Bender Scholarship Stephani Pastir
Kukla Family Scholarship Christopher Seeba
Donald Bertheuson Memorial Scholarship Kyle Harren
Ludwik Kulas Scholarships Adam Christianson Erik McLaughlin
Robert and Cassie Brostrom Scholarship Ben Doda
Ochoco Lumber Bruce Daucsavage Scholarship Tiffany Shiu
Diana and Harold Randall Family Scholarship Alivia Sterton Eldon H. Reinke Memorial Scholarship Brennan Thorlakson
Floyd B. Case Memorial Scholarship Kyle Harren
Ernest Lindstrom Scholarships Erica Anderson Danielle Kloek Jed Swenson
Leonard and Carmel Cherlet Scholarship Alex Kohns
Mary and Art Loyland Scholarship Elizabeth Rabon
DuWayne Wacker Memorial Scholarship Trenton Egan
Lori and Mike Hendrickson Scholarship Taylor Erickson
Stuart Lundberg Memorial Scholarship Brian Zerface
Neil J. Wells Memorial Scholarship Kyle Harren
Mike and Lori Hendrickson Scholarship Rachel Hoffert
Rodney Medalen Scholarship Paige Biederstedt
CJ and Kathleen Whalen Scholarship Emily Asche
Emil and Audrey Stoltz Scholarship Kelsie Leintz
SPRING 2015 $35,700 awarded in scholarships Clifford Anderson Scholarships Zsofia Barandi Paige Vetter Baker Tilly Virchow Krause Scholarships Jordan Anderson Jacob Fisher John C. Berg Memorial Accounting Scholarships Erik McLaughlin Christopher Seeba Brady Martz Scholarships Amanda Christian Brett Kosel
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Deloitte Scholarships Alison Anderson Samuel Daufenbach Alex Kohns Stephani Pastir Erica Turner Drees, Riskey & Vallager Scholarship Anna Lind Eide Bailly Scholarships Britta Boe Alivia Sterton
Mike and Lori Hendrickson Scholarship Rachel Hoffert North Dakota Society of CPAs Foundation Scholarships Paige Biederstedt Britta Boe Rachel Hoffert Samantha Ritten Emily Scholz
KPMG Scholarship Michael Johnson
PriceWaterhouseCoopers Scholarships Kaitlin Bezdicek Elizabeth Rabon Katie Weigel
Lori and Mike Hendrickson Scholarship Daros Zahn
Al P. Swanson Scholarship Britten Croves
Department of Accountancy Alumni Magazine – 2015 Edition
Be the
impact. Change the life of a student like Shannah by supporting scholarships at the University of North Dakota. Multiply your gifts to scholarships at UND! Through Dec. 31, 2016, the State of North Dakota may match $1 for every $2 you give to a scholarship endowment at UND. To learn more, contact: Kim Woods Senior Director of Development kimw@undfoundation.org 701.777.4106 undfoundation.org/NDChallenge
“There is a huge difference between going to school and being involved during your time at school. These scholarships have allowed me to be involved at UND and that is where I am networking and practicing all of the skills I have been learning. These scholarships are enhancing the student experience here at UND and they truly make a difference for every student who receives them.” — Shannah Henk, Senior, College of Business & Public Administration
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OCTOBER
Sioux Awards Banquet Alumni & Friends Social Accounting Hall of Fame Ceremony Mellem Business Symposium
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NOVEMBER
Olafson Ethics Symposium
Thursday, November 12
Visit us at business.UND.edu for all upcoming events!