ASCPA September 2015

ALABAMA CPA MAGAZINE SEPTEMBER 2015

State of t he Society

Open t he door to ASCPA’s future

THE ALABAMA CPA MAGAZINE Alabama Society of Certified Public Accountants P.O. Box 242987 Montgomery, Alabama 36124-2987 1-800-227-1711 334-834-7650 www.ascpa.org OFFICERS Dr. Lowell S. Broom, Chair James R. L. Carroll, Chair-Elect Don McCleod, Past Chair BOARD OF DIRECTORS Lynne N. Bozeman Michael L. Brand Caitlin F. Glass Paul Marcus Hamilton M. Buddy Johnsey Lisa M. McKinney Gregory E. Sellers Dennis E. Sherrin Rachel M. Taylor Macaroy Underwood AICPA COUNCIL MEMBERS Dr. Lowell S. Broom E. Lamar Reeves John P. Shank Jimmy L. Williamson, Past Chair, AICPA The Alabama CPA Magazine is published by Alabama Society of Certified Public Accountants as a membership service to Society members.

Views and opinions appearing in this publication are not necessarily endorsed by the ASCPA. The deadline for submitting materials for publication is the first of the month preceding issue date.

Jeannine P. Birmingham, CPA, CAE, CGMA President and CEO Diane L. Christy, Editor

Message from the Chair...

While I wouldn’t say that fall is in the air just yet, the winds of change are clearly blowing. Students at all levels are heading back to school and football season is right around the corner. It is an exciting time of year in Alabama!

For the ASCPA, there is a bit of excitement on the horizon, as well. Our audited financial statements for fiscal 2015 are about to be released! Now who among us doesn’t get goose bumps at the thought of that? Never mind. Don’t answer that question.

While it may not be goose bump material, the financial management of our Society certainly should be a matter of interest to all of us. No organization can hope to accomplish its mission unless it rests on a strong financial foundation. I am pleased to tell you that the ASCPA is in a great place financially. Now I wouldn’t say we are awash in free cash flow or that we have more money than we can ever hope to spend, but we are well managed and in solid financial shape.

That should be important to all of us. After all, it’s our money!

You should know that the financial management of the Society’s resources is a highly structured process in which many people are involved. Jeannine Birmingham and her staff do the vast majority of the grass roots, nuts and bolts work, but your Board is heavily involved in the process. Each year a very detailed budget is developed by the ASCPA staff and presented first to the Executive Committee of the Board and then to the full Board itself for approval. The ASCPA staff is then charged with operating within that budget. Any changes require Board approval.

As a part of that process the ASCPA’s numbers and operation are benchmarked against a group of ten to twelve other state CPA societies who are similar in size to the ASCPA. That group includes the states adjacent to us as well as several states around the country whose membership size is comparable to ours. It should be good news to our members that our dues rank among the lowest in our peer group. Some may actually argue that that is not a good thing because it indicates a lack of resources for our Society to work with in representing our members’ interest. However, such a relatively low rate of dues certainly gives us options to deal with changes in our revenue streams in future years. I’m sure it comes as no surprise to any of you that the largest revenue stream for the ASCPA has for many years been CPE revenue.

But that revenue stream has been declining each year for the past several years. There are several reasons why that is true, but the primary reason is the growth of many low cost and even free options for CPE that have developed over the past several years. That trend is very likely to continue and it is important that we properly manage that process. Our Society employs talented people who are on the cutting edge of what is developing in the CPE space and are working very hard to deliver quality options to our membership based on what the membership needs and wants. Even though that is true, it is unlikely that the trend in Society CPE revenues is likely to reverse.

Another fact that you may find of interest is that our Society staff is among the smallest per professional member among our peer group even though the range of services that are offered to our members is among the best for our membership size. I have been very impressed at the quality and quantity of what our staff is able to accomplish. As a Society, we are very fortunate to have such dedicated and hard-working professionals working on our behalf. Jeannine is very much involved at the national level with the AICPA and is highly respected by accounting professionals throughout the US. For our size, it is amazing to me the voice we in Alabama have in the discussions regarding numerous national issues that affect our profession. That did not happen by accident.

In conclusion, I am pleased to tell you that our Society is in excellent financial shape. We are in a position to weather a small financial storm or two without having to immediately seek additional financial resources. We are very fortunate to be in such a condition and credit for that goes to our current and former staff members, the current and past Board members, and to our membership at large. Together we make a great team, of which I am very honored to be a part.

Lowell 2

THE ALABAMA CPA MAGAZINE

MORNING SESSIONS 8:00 - 8:10

Opening Comments

8:10 – 10:25

Update on Auditing Standards

Michael Glynn, CPA

American Institute of Certified Public

23RD ANNUAL FINANCIAL ACCOUNTING & AUDITING CONFERENCE Sponsored by

Accountants 10:25 – 10:35

Break

10:35 – 11:35

SSARs 21 Update

Michael Glynn, CPA

American Institute of Certified Public

ALABAMA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS and

SCHOOL OF ACCOUNTANCY AUBURN UNIVERSITY AT MONTGOMERY Taylor Center Rooms 121-123 Auburn University at Montgomery Montgomery, Alabama Friday, September 25, 2015

THE ALABAMA CPA MAGAZINE

Accountants

LUNCHEON 11:35 - 1:00 Luncheon with Comments Dr. Rhea Ingram

AFTERNOON SESSIONS 1:00 - 2:45

Internal Controls & Fraud Prevention

Tommy Stephens, CPA, CITP

K2 Enterprises

2:45 – 3:00

Break

3:00 – 4:15 Cyber Security Tommy Stephens, CPA, CITP K2 Enterprises

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FNANCIAL UPDATE Selected Financial Information Revenues 2015

Alabama Society of CPAs Conferences & Meetings 14%

SELECTED FINANCIAL INFORMATION REVENUES 2015 Alabama Society of CPAs

Contributions 3%

Membership 30%

Other Program Charges 1%

Newsletter 1%

Selected Financial Information Expenses 2015

Investment Income 6%

Alabama Society of CPAs

Other Program Costs 14%

Membership 2%

Conferences & Meetings 9%

Quality Review 4% CPE Seminars 41% Newsletter 3%

Public Relations 10%

Alabama Society of CPA's Condensed Statement of Position For the Year Ended April 30 Compiled from consolidated audited financial statements 2015 Assets Cash equivalents and certificates of deposit Pledge receivables (net) Other current assets Property and equipment, net Investments in stocks and bonds, fair value

Administration 20%

CPE Seminars 39% Quality Review 3%

$

882,758 147,240 72,085 1,680,952 3,164,112

$

1,201,741 226,775 81,524 1,688,602 2,700,502

$

5,947,147

$

5,899,144

$

315,606 100,899 324,710 11,582

$

352,981 100,814 339,710

Total Liabilities

$

752,797

$

793,505

Net Assets

$

5,194,350

$

5,105,639

Total Assets Liabilities Deferred revenues Other current liabilities Deferred compensation - Long-term portion Long-term portion of debt

SELECTED FINANCIAL INFORMATION EXPENSES 2015 Alabama Society of CPAs

Alabama Society of CPA's Condensed Schedule of Activities For the Years Ended April 30 Compiled from consolidated audited financial statements Expenditures

Charges for Services, Dues, and Contributions

2014

2015 Net Revenues Over (Under) Expenditures

2014 Net Revenues Over (Under) Expenditures

Programs: Professional Development Seminars Membership Quality Review Public Relations Scholarships and awards Newsletter Conferences & committees Chapter activities Political Contributions

$

72,719 735,572 43,300 (159,636) (30,559) (43,302) (88,281) (739) (47,750)

$

$

481,324

$

656,541

Management and general expenses Net realized/unrealized gain on assets Other revenues

$

(593,697) 186,616 14,468

$

(539,619) 100,243 72,701

Net Revenues Over Expenditures

$

88,711

$

289,866

$

830,389

Total Program Services

4

$

$

988,038 84,803 100,044 159,636 99,600 68,306 340,133 216,595 47,750

$

2,104,905

$

1,060,757 820,375 143,344 69,041 25,004 251,852 215,856

2,586,229

240,935 728,643 33,013 (242,087) (3,078) (35,374) (20,044) (44,967) (500)

THE ALABAMA CPA MAGAZINE

MESSAGE FROM THE PRESIDENT

T

he Alabama Society of CPAs: Your Professional Advocate. In my office there is a handwritten, poster-sized post-it stating the ASCPA Membership Value Proposition created by the ASCPA governing board.

This statement is the foundation of all Alabama Society programs and services; the board and the Society staff use this guide to make decisions about how to serve you, the Alabama CPA. It is our goal to be your professional advocate, the organization that you want to belong to because of the services, assistance, support and future vision that we have. If you do not know our full membership value proposition it reads: The Alabama Society of CPAs advocates to enhance the public perception of the CPA, to sustain the future of the profession, to advance professional knowledge, to voice concerns to elected officials Jeannine Birmingham and to cultivate future leaders. My hope is that by reading a short summary of last year’s accomplishments you will be proud of your professional organization and perhaps be inspired to participate in some of the many opportunities we have to serve.

Leadership: 2014-15 began under a new governance structure due to a 2014 by-law amendment. The ASCPA board now operates with a limit of 15 board members, all of whom come to the board by way of atlarge nomination, application and, perhaps, an interview with a member of the nominating committee. It was an exciting year to work with the board as we accomplished the goal of creating board diversity, a board that brings forth different ideas and opinions about Society matters. The board did not always agree unanimously with certain decisions, but that is the beauty of having such diversity. Our conversations were in depth, sometimes uncomfortable, and a couple of times discussions were left “open”, so that additional research could be done before a final decision was made. This is exactly how a board should operate and I could not be more pleased with the leaders who I have the opportunity to work with and for.

Legislation was a priority for the ASCPA during the 2015 legislative session. We began the year with an organized joint task force of Alabama State Board members and ASCPA members to discuss Alabama’s 150 hour rule for CPA Exam eligibility. After several years of tracking where Alabama accounting students actually take the CPA exam (geographically), seeing that more than 50% of them take the exam in another state, realizing that 34 states have established a 120/150 rule for exam eligibility and licensure, it was decided that Alabama needed legislation to amend our UAA to shift to 120 hours. The hour requirement to become a licensed CPA remains at 150 hours. We were successful in our effort to pass legislation with an effective date of January 1, 2016.

(For more information, please reference the ASBPA website, www.asbpa. alabama.gov. The ASBPA is proceeding through the amended rules, which will detail the new CPA Exam eligibility requirements.) We also successfully saw the Alabama Senate appointment of Connie SheppardHarris to the ASBPA Board and we created and worked with an organized team of tax CPAs to help certain senators with the concept of “Flat Tax”, the pros and cons.

Equally important as our legislative efforts, the ASCPA state taxation team has been very busy this year working on many important fronts.

This committee meets at least two times each year with members of the Alabama Department of Revenue (ADOR), they attend public hearings

on ADOR proposed rules, they review drafted Alabama tax forms for the upcoming filing season to offer constructive suggestions and they definitely go to bat for Alabama CPAs with specific issues and concerns such as combined reporting, composite returns and foreign tax credits.

Information about this committee can be found at www.ascpa.org.

Education: In complete transparency, ASCPA continuing education did not have its best year. In fact, the trend we are navigating is a defined downward one. CPE continues to be a major program for the society and we continue to be successful and financially sound with our programs, but we also faced the fact that CPE of yester-year is just that, in the past. ASCPA staff, committee volunteers and board members continue to keep alive a dialog about our education efforts, their direction and how we can best deliver the education programs members need. Presently, there is a team of ASCPA members who are working as a task force to develop “customized CPE”, i.e. proposed classes, both live learning and web programs, which will help members to select a pre-planned CPE offering built for the individual CPA. More to come, so please stay tuned.

Pipeline: It is very important to the ASCPA board of directors and to you, our members, that we engage with future accounting students, future CPAs. Recently, the AICPA published its 2015 Trend in the Supply of Accounting Graduates and Demand for Public Accounting Recruits report. The data states that enrollment in undergraduate and graduate accounting programs has increased, crossing the 250,000 threshold for the first time. While these are strong enrollment numbers, the number of students actually becoming CPAs is flat – so we have much work to do. ASCPA continues to promote the accounting profession and the CPA designation. The Young CPA Annual Classroom Blitz in Alabama high schools, Interview Skills Workshops for collegiates, CPA Career Opportunity presentations to college accounting students, and one-onone mentoring are just a few of the programs that ASCPA organizes and actively participates in every year. We are especially proud of the YCPA effort and the numbers of high school students successfully reached each year – more than 23,000 so far - and we are very pleased with our second year training program that preps high school teachers to teach a college accounting course. Our goal is to move forward with this course and qualifying exam, even though the College Board has not yet approved accounting as an advanced placement class.

So what is next for the profession and the ASCPA? We are participating with national task force groups related to the future of peer review and Practice Monitoring of the Future; we will continue to study and shape Alabama CPE based on the needs and demands of our membership; more government advocacy is certainly mandated; and we will continue our efforts to lead more and more bright students into the accounting profession. Take notice of the changes in Annual Meeting on pages 10 and 11. We celebrate the Society’s 100th anniversary soon and you will see programs renewed and refreshed beginning in 2016.

It continues to be my passion and privilege to serve Alabama CPAs. I hope that you recognize ASCPA’s progress, as well as its challenges, and that you will join in any effort, committee, function or opportunity that inspires you. In closing, I would like to recognize and extend my great appreciation to the talented ASCPA Board of Directors, Young CPA Cabinet members and staff who not only run your membership organization, but also strive to move it forward and make it better. I hope you will join me in thanking each of them for their commitment and service to the ASCPA.

ASCPA hopes that firms and companies will continue to support young professionals as they participate in the Leadership Academy and to remain engaged in the profession’s many efforts.

THE ALABAMA CPA MAGAZINE

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IN MEMORY

JOE ROBERTSON

I

t is with a heavy heart that the Alabama Society of CPAs announced the death of Executive Secretary Emeritus Joseph G. Robertson on Saturday, August 8, following a brief illness.

Robertson served the Society as Joe Robertson its executive officer 1976-1988 and continued to be active in ASCPA affairs for the next 27 years. He particularly enjoyed the chance to see old friends at the Society’s Annual Meeting.

Attendees sang Happy Birthday to him at the 96th Annual Meeting’s business luncheon on June 4. He had celebrated his 90th birthday just a few weeks before.

Robertson attended the United States Military Academy at West Point and the Citadel before graduating from the University of Alabama. He was a member of Alpha Tau Omega and a roommate and lifelong friend of future Alabama Governor John Patterson.

He served in World War II and the Korean War as an Air Force officer, and joined the Alabama National Guard following active duty, retiring as a Lt. Colonel. In 1954 he was activated to serve in Phenix City when martial law was declared following the assassination of attorney general-elect Albert Patterson, John Patterson’s father. Patterson vowed to avenge his death and clean up “Sin City” by running for attorney general himself. Robertson became Patterson’s body guard and travel companion during the election, then served as his executive assistant (1955-59) and chief of staff (1959-63) when Patterson was elected governor.

Robertson operated several successful businesses during the next twenty years, including a funeral home and furniture company. In 1972 he succeeded David Young as executive secretary of the Alabama Society of CPAs. His keen business sense led the ASCPA to greater financial health. One of his proudest accomplishments was construction of the office building at 1103 South Perry Street where the Society was housed for more than 30 years.

Bryan Hassler, former executive director of the ASCPA, spoke movingly at Robertson’s graveside service on August 12 of Robertson’s loyalty, intelligence, service to others and financial management skills. But mostly he cited Robertson’s deep love for family and devotion to his wife of 28 years, Lou Moore Robertson.

Mrs. Robertson and the family wish to thank the ASCPA community for its generosity in making donations to the Educational Foundation in his name.

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THE ALABAMA CPA MAGAZINE

MEMBERS IN MOTION PROMOTIONS AND NEW POSITIONS Culotta, Scroggins, Hendricks and Gillespie announced the promotion of Joel Cash to audit manager of the firm. Cash has been with the firm for three years and previously served as a senior supervisor. He is a graduate of Auburn University and specializes in accounting and financial statement preparation including audits of for profit, nonprofit and employee benefit plans. As manager of the firm, his primary responsibility will be the management of staff in delivering high quality Joel Cash audit and compliance services for existing businesses as well as new business opportunities and development. Cash is also an active volunteer in the community, providing assistance to local nonprofit organizations.

Jackson Thornton announced that Tuan Blank and Will Jones were both promoted to senior manager. Blank, who joined the firm in 2005, specializes in healthcare consulting and small business tax. She is located in the firm’s Nashville office. Blank served as a Southwest Chapter Board Member 2006 – 2012. She

Tuan Blank

Will Jones

is currently a member of the Nashville Medical Group Management Association and Leadership Health Care, an initiative of the Nashville Health Care Council. Blank received her undergraduate and graduate degrees from the University of West Florida. Jones joined the firm in 2007, specializes in tax with a focus on the utilities industry and closely-held businesses in the Montgomery office. Jones holds professional memberships in the National Telecommunications Cooperative Association (NTCA) and the National Society of Accountants for Cooperatives (NSAC). Jones received his undergraduate and graduate degrees from Auburn University.

Jackson Thornton also promoted Dana Hess, Elizabeth Stough, Will Tucker, Crystal Smith, Matthew Hilburn, and Sarah Chandler to manager. In the Wetumpka office, the firm promoted Ben Mustin to manager.

Doug Marshall has formed North Shore Press, LLC, publisher of Alabama’s newest weekly newspaper, The Selma Sun. It will promote economic development in Selma and Dallas County as well as share news about the community.

Doug Marshall Marshall also serves as CFO of the Alabama Family Trust, which administers special needs trusts for disabled children and adults. He is the former CFO of United Cerebral Palsy of Greater Birmingham and spent 25 years

at Energen as tax director and VP/controller of Alagasco. In that role he was a key player in dayto-day operations of the natural gas utility. Marshall is a graduate of the University of West Florida and became a CPA in 1986. He was named a distinguished graduate of UWF in 2012. Marshall served as chair of the Miles College School of Business and Accounting’s Advisory Council for 5 years.

AWARDS AND NEW DESIGNATIONS Michael Brand has been appointed to the AICPA Professional Ethics Executive Committee for the 2015-2016 volunteer service year that will begin in October 2015. Brand is a partner with Athens firm Johnson, Feigley, Newton & Brand, LLC and instructs educational seminars for the AICPA and the ASCPA. Renee Hubbard, Jackson Thornton and Ryan Campbell, Anglin Reichmann Snellgrove & Armstrong, will be named to the Troy University Accounting Hall of Honor on September 10. Hubbard is the firm’s tax principal and a former chair of the ASCPA. In addition to her tax duties, she conducts recruiting for the firm.

Hubbard is an Auburn graduate but was nominated for the honor as a non-alumna. Campbell is a partner at the Huntsville-based firm and has been with them for twelve years. He is a past member of the Young CPA Board and has volunteered for the Young CPA Charity golf tournament since its inception. Campbell was graduated from Troy in 2003.

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THE ALABAMA CPA MAGAZINE

7/27/15 3:42 PM

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THE ALABAMA CPA MAGAZINE

YOUNG CPA CABINET

T

he Young CPA Cabinet met on August 28 for a day-long retreat to chart their goals for the next year. The cabinet is a transformation of the Young CPA Board of Directors into an even more energized, involved and strategic leadership pool. Following the by-law amendment approved at the 96th Annual Meeting, the Young CPA Cabinet is now considered a permanent committee. Members are appointed for twoyear terms through an application process.

On the agenda for their first meeting as a cabinet were Past Chair Renee Hubbard discussing leadership in the ASCPA, as well as CEO Jeannine Birmingham with the latest news on changes to Annual Meeting and the Young CPA session within it.

THE ALABAMA CPA MAGAZINE

The Young CPAs reviewed their initiatives including the Classroom Blitz, Best and Brightest campaign (high school and college outreach) and annual charity golf tournament. On the table were a new program for recognition of Young CPAs, Trail Blazers, which would highlight activities of emerging professionals. They also discussed ways to be more integrally involved in the governing board’s initiatives, strategic planning and advocacy efforts.

For more information about the Young CPAs or any of their programs, contact Amanda Freeman, afreeman@ascpa.org or Rebecca Vosghanian, rvosghanian@ascpa.org.

9

Open the doors to AS The Alabama Society of CPAs will celebrate its 100th anniversary for an entire year starting immediately after the 99th Annual Meeting in June 2018. The three years leading up to that year will demonstrate that your Society is ready for another century of service to its members. What will that look like in 2016? Here’s a preview, starting with an improved, expanded, more robust and flexible annual meeting week.

Wednesday, June 8 Young CPA Annual Charity Golf Tournament RTJ Oxmoor Valley The tournament continues to bring more teams, more sponsors, more volunteers and more revenue for two great beneficiaries, The Exceptional Foundation of Homewood and the ASCPA’s Educational Foundation. The 19th Hole after party has been a wonderful way to relax following the tournament and connect with colleagues and honored guests, often including the chair or chair-elect of the American Institute of CPAs.

Thursday and Friday, June 9 and 10 97th Annual Meeting Sheraton Birmingham Hotel Tired of fighting the traffic on Highway 280, regardless of the direction of travel? Downtown Birmingham is just the ticket. The amazing meeting spaces at the Sheraton will not only accommodate education sessions, but also an expanded trade show. Attendees will be 5 minutes from the Birmingham Museum of Art and close to a hip restaurant scene hitting its stride. You can run or walk in Railroad Park, visit the McWane Center or join Frank Stitt at his storied Highlands Bar & Grill for award-winning cuisine. The conference staff will work closely with the Birmingham Business Alliance to offer options for you and your family while attending.

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THE ALABAMA CPA MAGAZINE

SCPA’s Future.....

Education will function as a cluster of four-hour sessions both on Thursday afternoon, 1:00-4:30, and all-day Friday, 8:30-12:00 and 1:00-4:30.

Courses can be ordered singly or in multiples, with quantity discounts available. Lunch between sessions on Friday will be casual and optional. While the agenda is not complete, under consideration are state and federal tax sessions, a professional issues update, an A&A panel with representatives from major regulatory bodies, a YCPA topic and sessions for members in industry.

ALABAMA CPA MAGAZINE I FEBRUARY / MARCH 2013

ASCPA Awards will be presented during a reception on Thursday evening. The relaxed atmosphere will encourage connecting with colleagues from around the state and a chance to applaud ASCPA members who have risen to the very top of the profession in Alabama.

Alabama CPA Magazine – Keeping Pace

Governmental Relations/Tax Issue

THE ALABAMA CPA MAGAZINE

The Branding and Communications Task Force proposed to the ASCPA Board of Directors the following changes to the Alabama CPA magazine, effective January 2016.

1.

Bi-monthly schedule starting with the January/February issue.

2. Beefier look and feel – 32 pages, more magazine-like cover and contents.

3.

Updated advertising rates and specifications, including inside front, back and outside back cover premium positions.

4. More features by, for and about Alabama CPAs. 5.

Classified advertising will continue to remain a members-only benefit, but classifieds in the Tuesday digital newsletter will be open to everyone.

11

STUDENT SUCCESS SUMMER INTERN: KRISTEN MATURI Kristen Maturi came to the ASCPA unexpectedly in May. She jumped in as intern when the student originally scheduled became unavailable. Maturi is a student at Auburn Montgomery, pursuing the School of Accountancy’s brand new MAcc degree.

Q: You worked in the Alabama Department of Forensic Sciences for 15 years. Why did you choose a career in forensics?

A: I was a pre-med student at Troy University and took an entomology course (study of insects). The forensic aspect of entomology fascinated me.

Q: What was rewarding about your position with the state of Alabama?

A: I loved forensics in that you knew every day you were doing something to help those who couldn’t help themselves. Whether finding evidence to convict a rapist or exonerating someone, it was a great feeling. Putting together the pieces of the puzzle with facts and aiding investigations was rewarding.

Q: Why did you elect to leave your post and make a change of career?

A: We will call it a mid-life crisis. Most people buy a new car, I decided to get a new career! Though I loved my position with forensics, promotions were slim, as were pay raises. I was looking for a new challenge.

Q: Why was accounting the profession you chose?

A: I love math! Montgomery is home for me and my little girl. Being a single mom I wanted to keep her grounded and also pursue a career that could give us a comfortable lifestyle. God kept putting accounting in my path. The more research I did, the more correlation I seemed to find with problem-solving and forensics. There is also the opportunity to help others, which is important to me.

Q: What does the path to CPA look like for you, given the fact that you already have both bachelor’s and master’s degrees?

A: Fortunately, with my education, I was able to jump right in and work towards a master’s of accountancy. I’ve just about completed my prerequisite accounting classes and have begun some of the master’s level courses. I’m about three semesters shy of sitting for the CPA exam with another three semesters after that until graduation.

Q: Has the curriculum at Auburn Montgomery been a good fit for you?

A: AUM has been terrific. A majority of the master’s courses are offered at night, which allows me to work while being in the program. This was very important when I was looking at schools. My original plan was to continue with the Department of Forensics while getting my accounting degree. Unfortunately, one of my pre-requisite courses interfered with my position and it forced me to completely commit to my new adventure. This was a blessing, as it enabled me to work for the ASCPA this summer and gain exposure to other opportunities.

Q: Did you feel awkward, coming back to school after 15 years as a forensics professional?

A: Not really. During 2008-2010, I had gone back to school to receive my master’s in forensics, so it wasn’t too difficult. Of course being in 12

my late 30s vs. early 30s does seem a bit more stressful, as does the complete change in careers. There are lots of non-traditional students at AUM which helps to lessen the culture shock.

Q: What has been the biggest surprise as you embarked on your journey to the CPA exam?

A: It’s been learning about all the different avenues one can pursue as a CPA. Being in such a specific field for so many years, this seems so wonderful. I’ve been gratified by the connections I’ve made this past year.

There are many wonderful people in the field that I already knew, but never knew what they did.

Q: What is your timeline for becoming a CPA and where do you want to land?

A: As I mentioned, I’m about a year away from sitting for the CPA exam and about another year to completing my master’s. My goal is to obtain a position in a local firm soon, allowing me to get my feet wet while continuing with school. This would also give me the experience necessary to be a fully-licensed CPA as quickly as possible.

Q: Is there a specific area of accounting which appeals to you?

A: Of course…forensic accounting! Fraud and forensic accounting seem to be the main areas where I could use the background I already possess in providing expert testimony. I hear the position or avenue of accounting typically picks you, so I’m staying open minded and am ready for any new challenge.

Q: How did your career in forensics prepare you for a career in accounting?

A: Forensics made me tough and made me realize I can achieve anything I set my mind to. Anyone who can sit before a jury in a capital homicide or rape case and testify, or make it through the Montgomery Police Academy, can definitely set goals and achieve them. I learned to push through my fear and realize wow, I did that and I made a difference. It’s sheer perseverance.

Q: Have you discovered transferable skills?

A: I am extremely organized, even a bit OCD, when it comes to work.

One of my co-workers at forensics, Teryn Bostick, used to enjoy moving my pens around to see how long it would take me to fix them. This will definitely be a skill that I carry with me! Organization, methodical processes and creative problem-solving are my strong suits.

Q: Tell us about your family and interests outside of work and school.

A: We moved to Alabama from Massachusetts when I was in second grade. So I was born a Yankee (and am still a huge Boston fan) but have become a Southerner at heart (War Eagle). My parents, Debbie and Chris, my sister Heather and brother-in-law Keith, are amazing and have been so encouraging of my new endeavor. They have been fully supportive and I could not have done this without them. I have one little girl, Kayla, who is my world and my life outside of work and school. She’s a fifth grader at Trinity where my sister teaches. She’s a terrific athlete. I love to watch her play softball with the other girls on the travel ball team, the Bad News Babes.

Q: What else would you like to share?

A: I loved being a part of the team at ASCPA this summer and I am thankful for the opportunity. It was so nice to get to know the staff and to see the Society at work for CPAs around the state (and country). I cannot wait until the day I’ll be calling [education coordinator] Mary McCallister to sign me up for continuing education courses!

THE ALABAMA CPA MAGAZINE

2015 STUDENT GUIDE

TO ACCOUNTING FIRMS IN ALABAMA

Fortune Forward Campaign Named Scholarships for 2015/16 The Fortune Forward capital campaign to increase the ASCPA’s Educational Foundation endowment was tremendously successful. Six organizations contributed $50,000, earning them a named scholarship for five years. The scholarships rotate among Alabama colleges and universities.

Warren Averett

University of Mobile

ASCPA Birmingham Chapter University of Montevallo Kassouf & Company

University of Alabama in Huntsville

Barranco Family Foundation Troy University

Student’s Guide to Alabama Accounting Firms 2016 Edition

T

hank you to all the firms who support the ASCPA’s Student’s Guide to Alabama Accounting Firms. This tool, published in December of each year, is shared with more than 1000 college students at meet the firm, career day, accounting club, Beta Alpha Psi, NABA and Accounting Interview Day events.

Jackson Thornton

Auburn Montgomery

Carr Riggs & Ingram

University of South Alabama

On behalf of the board of directors of the Educational Foundation, thank you to these generous donors who are ommitted to the future of the profession. The ASCPA accepts contributions to the Educational Foundation at any time through the website.

Each participating firm has the chance to attract talented students by giving a snapshot of their practice and firm culture. This information helps students to narrow (or maybe expand) their searches of Alabama public accounting firms to find a congenial home as they enter the profession.

Administrative assistant Shirley Carroll will coordinate the Guide. You can reach her at scarroll@ascpa.org, 334.834.7650. The registration form is available on the ASCPA.org website.

Deadline for submission is November 20 and the cost is $100 for a firm listing or $500 for a listing and full-page ad opposite.

Don’t miss this opportunity to get in front of students at a critical moment in their career!

THE ALABAMA CPA MAGAZINE

CHANGE IS INEVITABLE . DIRECTION IS INTENTIONAL. PANGEATWO successfully matches clients with talented professionals. Our seasoned understanding of human potential, including individual strengths, lets us design far-reaching and personalized workforce solutions for employers. Our experience gives candidates an advantage and creates common ground between companies and professionals.

PANGEATWO is a leader in recruitment and staffing solutions in accounting and financial services. Call today, and we’ll help you connect talent and potential.

Birmingham, AL 205.444.0080 | Mobile, AL 251.732.3000 www.pangeatwo.com

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Learn how to claim approximately $10.5 million in state tax credits for the 2014 tax year.

Schedule your �irm’s Lunch & Learn

Two CPE Credit Hours Lunch is on us

Presented by the Alabama Opportunity Scholarship Fund (AOSF), the Alabama Accountability Act (AAA) Course “Tax credit donations focuses on the AAA legislation, give me an opportunity!” taxpayers’ bene�its, Scholarship Granting Organizations, and how to claim dollar-for-dollar tax credits.

For more information or to schedule your �irm’s Lunch and Learn, contact Bri Jackson at 205-206-7803 or bjackson@alosf.org.

AOSF’s 2014-2015 School Year: 2,851 students were awarded.

12,000 students applied. $16,899,434 in scholarship funds were distributed. www.alabamascholarshipfund.org 14

P.O. Box 59188

Birmingham, Alabama 35259

205-206-7803

THE ALABAMA CPA MAGAZINE

SAVE THE DATE

Hit your target at the 8th ASCPA Educator Conference!

Friday, October 9 • 10:00-3:00 Alabama Society of CPAs’ office • $100

The ASCPA invites accounting educators at two and four-year institutions, CPAs teaching adjunct and CPAs in public accounting and private industry.

AGENDA INCLUDES:

‘ On-line Accounting Education – How it works for us. ‘ Service Learning Pays Off ‘ Update on the Accounting Pilot and Bridge Project ‘ Ethics as a Cornerstone of Business THE ALABAMA CPA MAGAZINE

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THE ALABAMA CPA MAGAZINE

THE ALABAMA CPA MAGAZINE

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2015 No.

Date

City

Credit

CPE Calendar

Hours Title

Standard Fee

Non-Member Fee

Free 285 190 190 190 190 285 285 285 285 285 190 285 285 285 285 285 285 190 190 190 190 190 190 285 285 285 285 190 190 190 190 190 190 285 285

+50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50

285 285 285 285 285 190 190 285 285 285 285 285 285 285 285 190 285 285

+50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50 +50

Seminars September 192 118 119 120 121 122 183 123 124 125 126 191 127 128 129 130 131 132 160 161 133 134 135 136 137 138 139 144 145 146 147 149 176 186 140 141 148

9/2/15 9/10/15 9/11/15 9/11/15 9/11/15 9/11/15 9/11/15 9/14/15 9/14/15 9/14/15 9/14/15 9/14/15 9/15/15 9/15/15 9/15/15 9/16/15 9/17/15 9/17/15 9/17/15 9/17/15 9/18/15 9/18/15 9/18/15 9/18/15 9/18/15 9/22/15 9/22/15 9/22/15 9/22/15 9/22/15 9/22/15 9/22/15 9/22/15 9/22/15 9/23/15 9/23/15 9/23/15

Montgomery Montgomery Auburn Auburn Auburn Auburn Montgomery Birmingham Birmingham Mobile Mobile Birmingham Mobile Birmingham Birmingham Montgomery Huntsville Montgomery Huntsville Huntsville Tuscaloosa Tuscaloosa Tuscaloosa Tuscaloosa Birmingham Mobile Mobile Birmingham Birmingham Birmingham Birmingham Birmingham Montgomery Montgomery Montgomery Montgomery Birmingham

152 154 142 143 150 151 153 155 169 174 038 156 157 170 188 158 159

9/23/15 9/23/15 9/24/15 9/24/15 9/24/15 9/24/15 9/24/15 9/24/15 9/28/15 9/28/15 9/28/15 9/29/15 9/29/15 9/29/15 9/29/15 9/30/15 9/30/15

Birmingham Birmingham Montgomery Montgomery Birmingham Birmingham Birmingham Birmingham Mobile Mobile Birmingham Birmingham Birmingham Mobile Mobile Montgomery Montgomery

AA AA AA Tax AA Tax AA AA Other AA Tax Other AA Other AA Tax AA Tax Tax Tax AA Tax AA Tax Tax Tax Tech Tax Tax Other Tax Other Tax Tax Tax Tech Mgm

4 Drive Your Competitive Edge with Audit Quality 8 2015 Accounting & Auditing Update for the Real World 4 2015 Accounting & Auditing Update for the Real World 4 Tax Planning Strategies for Small Businesses: Corporations, Partnerships and LLCs 4 2015 Compilation and Review Update: Change is Here 4 Reviewing Individual Tax Returns: What Are You Missing?

8 Fraud Update 8 Calculating Damages when Cash is Hard to Trace 8 Getting Things Done - Engaging People to Execute Effectively 8 Small Business Fraud: The Lessons Behind the Stories 8 Oil and Gas Taxation: Landowner & Investors 4 Common Issues in Family Law 8 2015 Accounting & Auditing Update for the Real World 8 Leadership and Retaining Talent: How the Generational Shifts Changing Leadership 8 Small Business Internal Controls, Security, and Fraud Prevention and Detection 8 Basis Calculations and Distributions for Pass-Thru Entity Owners - Schedule K-1 Analysis 8 2015 Accounting & Auditing Update for the Real World 8 Federal Tax Update - Individual & Business Current Developments 4 IRS Disputes: Identifying Options for Your Client 4 Health Care Reform Act: Critical Tax and Insurance Ramifications 4 2015 Accounting & Auditing Update for the Real World 4 Sirote’s Hottest Tax Topics for CPAs 4 2015 Compilation and Review Update: Change is Here 4 Top Ten Rules for Partnerships 8 Federal Tax Update - Individual & Business Current Developments 8 Income Taxation of Trusts and Estates: Planning and Preparation of Form 1041 8 Excel Best Practices 8 Getting More Active with the Passive Acitivity Rules and the Net Investment Income Tax 4 Sirote’s Hottest Tax Topics for CPAs 4 Shorten Month-End: Closing Best Practices 4 Cost Segregation and the Tangible Property Regulations 4 Cash Management Techniques, Systems & Solutions 4 Alabama Tax Update 4 Timber Taxation in Alabama 8 Red Flag Issues: Areas the IRS Attacks in Examinations 8 Technology for CPAs - Don’t Get Left Behind 8 A Practical Guide to Small Business Health Insurance and Fringe Benefits: 2015 and BeyondA Practical Guide to Small Business Health Insurance and Fringe Benefits: Other 8 Annual Financial Management Spotlight: 4 Current Topics AA 8 FASB’s “Big 3” - Revenue Recognition, Leases, and Financial Insturments Tax 8 Repair Regs and Disposition of Property 4AA/4Other 8 Advanced Excel AA 4 Recent Frauds Occurring in the Not for Profit Entities and Governments AA 4 The Statement of Cash Flows: Preparation Guidance and Presentation Illustrations AA 8 Audit Workpapers: Documenting and Reviewing Fieldwork Tax 8 Surgent’s Ferderal Tax Camp Tax 8 A Practitioner’s Guide to IRAs and Qualified Retirement Plans AA 8 Advanced Controller and CFO Skills AA 8 Community Banking Update (rescheduled from July 31) AA 8 Governmental and Not-for-Profit Annual Update Tax 8 Surgent’s Individual and Financial Planning Tax Camp Tax 8 Financial Planning Concepts and Techniques-Beyond the Basics Tax 4 Sirote’s Hottest Tax Topics for CPAs AA 8 Applying the Uniform Guidance for Federal Awards in Your Single Audits Other 8 Transforming Your Role as Controller to Business Partner

Ready to register?

18 Go to www.ascpa.org

THE ALABAMA CPA MAGAZINE

ASCPA Continuing Professional Education Registration Form

THE ALABAMA CPA MAGAZINE

Save $25 when you register at least 10 days before class date.

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Presorted Std US Postage PAID Permit No. 131 Montgomery, AL SEPTEMBER

2015

The Alabama Society of Certified Public Accountants 1041 Longfield Court P.O. Box 242987 Montgomery, AL 36124

CLASSIFIED CLASSIFIED CLASSIFIED CLASSIFIED

YOUR PRACTICE WANTED: We are North America’s leader in practice sales. Let us navigate the complexities, locate the best match from a deep pool of qualified and serious buyers, and optimize your return on the years invested in building your practice. If you are considering a change, contact Alabama broker Lori Newcomer, CPA, at (888) 277-6040 or LNewcomer@ apsleader.com for a confidential discussion.

PRACTICES FOR SALE Gross revenue shown: Hoover CPA $55K, South of Knoxville CPA $330K, NE of Knoxville CPA $260K, Rutherford County TN $75K, Oxford MS CPA $350K, Central MS CPA $380K, MS Gulf Coast near Biloxi $100K. For more info, please contact Lori Newcomer, CPA at 888-277-6040 or LNewcomer@APSLeader.com. Seller pays brokerage fee.

Financial Reporting Manager – Cadence Bank: This person will play a vital role in the completeness and accuracy of external financial reporting, ensuring external reports are prepared in accordance with GAAP, applicable regulation and industry best practice, as well as participate in accounting policy research and implementation. Please visit www.cadencebank.com CPA WANTED: Rapidly-expanding North Alabama firm needs qualified CPA to share growth opportunities.

Minimum of 3 years’ experience with exposure to both audit and tax a plus. Negotiable salary and benefits.

Send resume to tcochran@ckbusinesssolutions.net.

Selling in 2015? Ready to Buy a Firm? Considering selling your CPA firm this year? Knowing what your firm is worth is the first step. Contact us TODAY to receive a free no-obligation market analysis of your firm. Accounting Biz Brokers has been offering personalized business brokerage services to CPAs for over 10 years and we know your market. Our process is strictly confidential. Visit our website at www.AccountingBizBrokers. com to request additional information about the sales process. Current Listings: Montgomery Area Gross $40k, Virgin Islands Gross $480k. Kathy Brents, CPA, CBI, Cell 501.514.4928 Office 866.260.2793; Kathy@AccountingBizBrokers.com

2015 Classroom Blitz November 16-20

Volunteer at a school near you!