Winter 2025 NewsAccount Publications COCPA

NEWS ACCOUNT

COLORADO SOCIETY OF CPAs • WINTER 2025

Making a Difference: Meet the 2024 Everyday Heroes and Heroines, Women to Watch Honorees PAGE 10

Uniting the Profession to Strengthen the CPA Talent Pipeline: Part Two PAGE 18

A BEACON OF LIGHT Steve Van Meter's JOURNEY ON

THE COLORADO TRAIL

4 A Beacon of Light: Steve Van Meter’s Journey on the Colorado Trail COCPA member Steve Van Meter, CPA (Retired), knows a few things about life in the great outdoors, having climbed mountains since he was 15. In 2024, Van Meter set his sights on completing the Colorado Trail, a 491-mile journey that starts at the mouth of Waterton Canyon, southwest of Denver, and continues to Durango. He shares his experiences and takeaways from the adventure.

10 Making a Difference: Meet the 2024 Everyday Heroes and Heroines, Women to Watch Honorees

On Nov. 6, 2024, the profession gathered at the DoubleTree by Hilton Denver to recognize seven individuals for the difference that they’re making in their communities and workplaces. We applaud their accomplishments and appreciate their commitment to making our world better.

18 Uniting the Profession to Strengthen the CPA Talent Pipeline: Part Two

How does the accounting profession continue to make headway on the pipeline challenges when so many other professions are also seeking – and struggling to find – talented individuals? In the second of a threepart series, learn how the COCPA and its members are working to make the accounting education experience more engaging and address the time and cost of education – two recommendations from the National Pipeline Advisory Group’s (NPAG) Accounting Talent Strategy Report.

26 The Path from CFO to CEO: COCPA Members Share Their Stories

Far from the number crunchers of early days, today’s chief financial officers (CFOs) are analysts, strategists, risk managers, futurists, and big-picture thinkers who can carry an organization forward. With these shifts in the CFO role over the last few years, it’s clear that finance leaders are developing the necessary skill set to move from CFO to chief executive officer (CEO).

NEWSACCOUNT

A publication of the Colorado Society of Certified Public Accountants

Vol. 70, No. 3 Winter 2025

Officers

Tobias "Toby" Clary, Chair

Alexandra Tune, Vice Chair Jim Gilbert, Treasurer

Diego Baca, Immediate Past Chair

Alicia Gelinas, Secretary

Directors

Erin Breit, Kevin Gibson, Amy King, Lisa Kutcher, Patrick Lytle, Greg Pfahl, Tiffany Davis

Editorial Board

Isaac Adamu, Jack Allgood, Paul Elggren, Ken Fichter, Laura Theiss, Steve Van Meter, Michael West, Charlie Wright

Kelli Davis, Editor

Sarah Knight, Blue Ocean Ideas, Design

NewsAccount (ISSN #10899952) is published quarterly by the Colorado Society of Certified Public Accountants, 7887 E. Belleview Ave., Suite 200, Englewood, CO 80111. NewsAccount is published in Winter, Spring, Summer, and Fall and reports information, news, and trends in the accounting profession. The Colorado Society of CPAs assumes no liability for readers’ business decisions in reference to advertisements or other information included in this publication. Links to external websites are provided for convenience and are not under the control of the COCPA. The inclusion of such links does not constitute an endorsement of the content or the views expressed therein.

Membership dues include a $5.00 one-year subscription to NewsAccount 303-773-2877 • 800-523-9082 Fax: 303-773-6344

CHAIR COLUMN

New Year, New Digs, New Opportunities

BY TOBY CLARY, CPA, CHAIR

A new year often brings a fresh look at things, and this year is no exception. By the time you’re reading this issue of NewsAccount, the COCPA will be well on its way to planning a move to new office space in the Galleria Office Towers, just north of I-25 and Colorado Boulevard in Denver.

The move follows an extensive sixmonth search and analysis by a committee of COCPA members. Thank you to everyone who took part in the process!

With the Society’s existing lease expiring March 31, 2025, it was the perfect time to take a look at what we need as an organization – both for our staff and our members.

As the committee began its search, we considered what has changed about the way we work, interact, and connect in an office environment. When we first moved to the Belleview location, the Society hosted a lot of in-person CPE courses, which required a large training room and kitchen, and staff members worked in the office full time. While Belleview has been a great space, it was clear from the beginning of the search that our existing space wasn’t being utilized to its capacity.

The search committee set out to find a space that was not only more fiscally responsible, but also more suited to today’s hybrid work environment.

Above all, we wanted to maintain a collaborative feel, providing an even better experience for members when they come

to the COCPA office to connect in person for meetings, events, and trainings.

The solution has been found in a new-tous-space in Denver’s Galleria Office Towers. When you come to visit the new office, you will see that there are new areas for members to gather and connect that we just don’t have in our current location.

And with a coffee bar on the building’s main floor, what’s not to love?

What we’re most looking forward to with this office move is the opportunity to get our membership together again. We have so many new CPAs and young professionals. What better way to get them involved than to encourage them to come to the office in person, meet with their peers, and experience this new space for themselves?

Our new office will foster and support connection and collaboration as we look to continue to add value for our members.

Stop by for a coffee, a chat, or a class later this spring. We look forward to welcoming you!

Toby Clary is a shareholder with Soukup, Bush & Associates, CPAs, P.C. in Fort Collins. Contact him at toby@soukupbush.com.

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A BEACON OF LIGHT

Steve

Van Meter's

JOURNEY ON THE COLORADO TRAIL

BY NATALIE ROONEY

Steve Van Meter, CPA (Retired), recounts his adventures thru-hiking the Colorado Trail – 491 miles stretching from Denver to Durango.

COCPA member Steve Van Meter, CPA (Retired), knows a few things about life in the great outdoors. The California native began climbing mountains when he was 15. Since then, he has climbed some of the world’s most challenging peaks, including Mt. Logan in the Yukon Territory of Canada, Mt. Foraker in Alaska, and Mt. Aconcagua in Argentina, to name just a few. He has climbed Denali three times, including one memorable summit with his son Eric. He also led four climbing expeditions to the Himalayas, including Mt. Everest in 1987.

After Van Meter retired on Dec. 31, 2020, from his career as an audit partner with CLA, he took up fly fishing. It was enjoyable enough, but eventually he was ready to stretch his legs, and he began thinking about new challenges.

In 2023, Van Meter and his wife, Donna, hiked the Haute Route in Switzerland, which runs from Chamonix to Zermatt. While it wasn’t mountain climbing, he enjoyed the trip immensely.

“I started thinking that as I get older, I don't want to be ‘that guy’ who has to be rescued from these highlevel mountain climbs I’ve always done,” he says.

As the Switzerland hike progressed, Van Meter began considering that it might be fun to do a big hike in the United States. “I was thinking about the Pacific Crest Trail, the Continental Divide Trail, or the Appalachian Trail,” he says. “Then a friend recommended starting with the Colorado Trail first to see how I liked it.”

Donna also encouraged him to try the Colorado Trail before thinking of doing something bigger. “She has been supportive of my outdoor pursuits over the years, and I have learned to trust her judgment about a proposed trip. I couldn’t have undertaken such a rigorous hike without her support.”

So, Van Meter set his sights on completing the Colorado Trail (CT), a 491-mile journey that starts at the mouth of Waterton Canyon, southwest of Denver, and continues to Durango. Its highest point is 13,271 feet, and most of the trail is above 10,000 feet.

He had hiked and crossed parts of the CT multiple times over the years as he climbed many of Colora-

do’s 14ers, but hiking the full length was going to be something else altogether.

“Most of my outdoor experience over the last 50-plus years has been mountaineering and climbing,” Van Meter says. “I was always focused on reaching the top of something.”

PLANNING, TRAINING, PACKING

Van Meter began researching and planning in November 2023 in anticipation of an August 2024 departure. He spoke with individuals who had hiked the CT in sections but hadn’t encountered anyone who completed it as a thru-hike.

Even though he planned resupply stops and meet-ups with friends and family, he needed to be comfortable carrying enough food and gear to go for as much as a week without seeing anyone.

He researched and invested in cutting-edge, ultra-light equipment to make his pack as light as possible.

To prepare himself physically, Van Meter started hiking for several hours three times a week, gradually increasing the weight of his pack and the length of time he hiked. Eventually, he was hiking six to eight hours a day, multiple days in a row. “You don’t always get a rest day on the trail when you need it,” he notes. “Out there, it’s your job, and you have to keep going.”

He also hit the gym or worked out at home to build strength. “Core strength is so important,” he explains. “Your core keeps you safe and balanced when you’re carrying a pack.”

Van Meter eventually built up to carrying a 42-pound pack, although he never ended up carrying that much on the CT.

In the first week of February, Van Meter’s training hit a stumbling block. Sick with a cold, he passed out from dehydration, fell, and hyperextended his leg. “For the next month, I couldn’t do any training,” he recalls. “It put me out of commission.”

Bit by bit, Van Meter slowly regained his strength. “I decided if I didn’t get in the shape I wanted to be in before the trip, I’d slowly build endurance on the trail,” he says. “It worked out.”

THE OTHER SIDE OF CPA

CONTINUED FROM PAGE 5

GETTING HIS TRAIL LEGS

Van Meter completed the hike solo, but he says his wonderful support team provided a lot of moral support, meeting up with him at various pit stops along the way.

He set off on Aug. 2 from Waterton Canyon, accompanied by a small group of well-wishers. One friend hiked along for the first six miles. Then Van Meter was off on his own.

The first 10 days to two weeks were all about getting his trail legs underneath him. “I was in good shape before I left, but it still takes a while to build up your trail legs,” he explains. “You get stronger, fitter, and more capable as you progress from day one.”

Despite the training and careful preparation, Van Meter says the first two weeks came with a lot of blisters, and he ultimately swapped out his Gore-Tex hiking shoes for a more breathable pair. He also realized he needed to size up his shoes.

After six days, he reached his first rest stop: Breckenridge. There was Donna with a larger pair of hiking shoes – relief for Van Meter’s sore feet.

Van Meter had created his itinerary in an Excel spreadsheet. While weather and other hazards created some unforeseen delays, for the most part, Van Meter knew when and where he would meet Donna for supplies. On Kenosha Pass, she surprised him with a pizza. Some resupply spots were set up prior to the start of the trip. In Buena Vista, Van Meter was reunited with a six-day supply box he’d dropped weeks earlier.

THE MENTAL HURDLE

The section of the CT leading to Salida should have been a seven-day hike, but it stretched to eight thanks to weather delays. Van Meter realized he’d made a mistake by not bringing a bag of emergency food. “My dinner on the last night before getting to Salida was a packet of split pea soup and a Snickers bar,” he chuckles. “Breakfast was a little packet of instant oats. I had two energy bars to get me 10 miles to my next pickup. I was running on fumes!”

After that episode, Van Meter says he never forgot his emergency food supplies, even though he did give them away at one point to another hiker who needed food.

“You’re out there on the trail, often by yourself,” Van Meter describes. “There were a couple of days that I only saw one or two people. You’d better like yourself if you’re going to do something like this!”

Van Meter’s biggest surprise came when he was expecting to meet Donna at Monarch Pass to head into Salida. While he ate ice cream and waited inside the Monarch Crest store, Donna arrived, and with her was Van Meter’s five-year-old granddaughter. “I had a few tears when Liesel came running up to give me a big hug,” he says.

And while it was all a fun, welcome surprise, Van Meter says it actually created his hardest day on the trail: resuming his hike alone and leaving Donna and his granddaughter behind. “They walked with me for about half a mile,” he recalls. “Then I was in a funk after saying goodbye.”

But life on the trail often provides its own little surprises. Later that day, Van Meter was eating lunch in a meadow when he met five women. As he sat and visited with them, they started comparing notes about where they were from. One of the ladies used to live in Van Meter’s neighborhood and knew his house and that his two grandchildren lived with him. “That touch of home gave me the boost I needed that day,” he says.

As one nears completion of the CT, "you start reflecting on everything you’ve done, the wonderful people you met, and the experiences you’ve had," says Van Meter, shown at left celebrating his 491-mile completion at the Junction Creek Trailhead near Durango. "It was bittersweet."

MOTHER NATURE CALLS THE SHOTS

Having already followed the Collegiate East Loop over the years, Van Meter chose the more challenging Collegiate West Loop on this trip. Entire days were spent above 12,000 feet. One challenging day sent him over five passes in the course of 16 miles. An unexpected heavy monsoon season added to the difficulty.

Occasionally, Van Meter found himself hiking alongside others. “We were stuck in it together,” he says, recounting treacherous ascents and descents in the wet weather.

Early one afternoon, Van Meter and his trail buddies knew it wasn’t safe to go any further that day due to thunderstorms and lightning. They stopped and put up their tents far earlier than normal. One out-of-state hiker thought he could beat Mother Nature at her own game, however, and continued on in his quest to get over Cottonwood Pass. “He came back with his tail between his legs,” Van Meter recounts. “The weather always dictates your plans.”

Van Meter says the mental aspect of thru-hiking the CT is actually harder than the physical aspect. “You’re out there on the trail, often by yourself,” he describes. “There were a couple of days that I only saw one or two people. You’d better like yourself if you’re going to do something like this!”

He would often talk to himself or sing a tune to deal with the loneliness. “In my 50 years of climbing and being in business, I’ve built up mental toughness,” he says. “You can have all the ‘right’ gear and spend months getting into physical shape, but if you don’t have the mental and emotional fortitude for what a thru-hike entails, it’s going to be tough to make it.”

He was in bad shape that night, and he knew it. Now there’s a forever bond between us.” “

Van Meter frequently encountered other people who were struggling. “Physically they were fine, but emotionally they were struggling,” he notes, which he says comes from becoming overwhelmed and anxious by the big distance instead of taking it one day at a time. Some of those hikers dropped out. “I didn’t focus on tomorrow or what was a week away,” he added. “That’s too overwhelming.”

A BEACON OF LIGHT

Nearly everyone who does long-distance trail hiking ends up with a trail name. “You get your name from other people because of something you do or are known for,” Van Meter explains.

One night, Van Meter was hunkered down in his tent at 11,700 feet next to Hancock Lake, which is just north of Chalk Creek Pass. It had been raining all day and all night. Thunder and lightning boomed. Around 9 pm, Van Meter was writing in his diary when a young man came over a rise and saw the orange glow of Van Meter’s headlamp in his tent. The young man was cold, wet, and shaking. “He was in a bad way,” Van Meter recounts. “He was showing signs of hypothermia. He knew he was close to Hancock Lake, but he couldn’t read his map app because the rain was blowing sideways. When he saw the glow of my headlamp, he was forever grateful.”

And that’s how Van Meter got his trail name – Beacon – because he was a beacon of light in the dark when that young man needed it most.

From then on, when other hikers asked his trail name, they said they had heard the story of the young man lost in the horrible, cold rain. “He finished a week ahead of me, and we still talk,” Van Meter says. “He was in bad shape that night, and he knew it. Now there’s a forever bond between us.”

THE BITTERSWEET ENDING

Sept. 13 marked Van Meter’s last day on the trail. “As I packed up my tent, I knew it was the last time I’d sleep in it on this trip,” he says. “You start reflecting on everything you’ve done, the wonderful people you met, and the experiences you’ve had. It was bittersweet.”

But Van Meter was also excited about getting to the end. He describes some of the bests and worsts he encountered on his adventure:

Worst day: Day two, hiking through the Buffalo Creek burn zone, an awful, 10-mile stretch with no water and very little shade. It was 102 degrees in Denver. “It was brutal, like walking in an oven,” Van Meter says. “I had blisters, and my feet were on fire.” He carried six liters of water that day and went through all of it.

Favorite day: Twin Lakes over Hope Pass, which he crossed on the day the Leadville 100 Trail Run was taking place on Aug. 17. “We’re a running family,” he says. “It was so cool to see these runners out on the trail.”

Worst section: Segment 17 from Sargent’s Mesa to Highway 114. Van Meter calls this 20-mile stretch “downright nasty” with scarce water, sharp rocks of varying sizes, and exposed tree roots on the trail. “You have to be totally focused on where you’re stepping,” he says.

Favorite section: The Collegiate West Loop. Van Meter says while it’s longer and harder than the standard East Loop, the views are spectacular.

Biggest challenge: Loneliness. Some days he saw very few people, but there were other days where he made camp near a group of three to eight people, and they enjoyed joint dinners. “I didn’t hike with just one trail family,” he recounts. “I’d encounter a group, and we’d stick together for a while, but then they’d move on because they were hiking faster.” Van Meter says going at your own pace is important; otherwise, you risk injury. As far as he knows, he was the oldest person on the CT at age 69. Most of the people he saw were in their 20s and 30s.

Dangers on the trail: Hidden dangers like altitude sickness, hypothermia, or falling when trail conditions are bad are the biggest threats. He himself tripped on a tree root and took a nasty tumble the first day going downhill to the South Platte River. “Fortunately, I landed in some prickly bushes off the trail,” he says. “Had I landed on the trail, I would have been severely bruised or injured. That fall was a wakeup call for me.” He encountered one woman with a puncture wound from a dead tree. He helped patch her up and encouraged her to go to urgent care in Breckenridge.

Dehydration is another hidden danger. Van Meter says there are several sections of the CT that do not have any water. These stretches ranged from 8 to 15 miles in length.

Van Meter also had another close encounter when he came around the corner of a switchback, and just 30 yards away was a large black bear. “Fortunately, it decided to run away,” he says. “That’s a little more excitement than I like.” CONTINUED FROM PAGE 7

Wildlife encounters: Van Meter saw a few elk and a lot of moose, including a cow and her calf. “I was taking a break, and the moose and her calf came out of the bushes and continued eating on the trail 20 yards away. I made sure she knew I was sitting there. I had to wait 30 minutes before they returned to the bushes.”

THE NEXT GREAT ADVENTURE

If you know Van Meter, you also know that he’s already planning his next adventure, which he says will be “chunk hiking” the Continental Divide Trail (CDT), which runs between the U.S. border with Chihuahua, Mexico, and the border with Alberta, Canada, beginning in May 2025.

He has already hiked 315 miles of the CDT, which partially shares its route with the CT. His plan for 2025 is to hike 850 miles from the Southern Terminus in New Mexico to where the CDT joins the CT in the San Juans. He hopes to complete this stretch in two months and finish the remaining roughly 1,700 miles during 2026 and 2027.

Then, in September 2025, Van Meter and Donna will be off on another international adventure, joining another couple to hike the England Coast to Coast trail, which is 200 miles and takes 17 days.

Steve Van Meter has been a COCPA member for nearly 41 years, and in 2005 was honored with the COCPA Everyday Hero Award. After more than 17 years of service on the Society’s Editorial Board, Steve retired from his position in January 2025. The Society and the Editorial Board thank Steve for his many years of service, wisdom, and insights, all of which combined to help shape NewsAccount’s editorial content and voice. Whether in the board room, on the Zoom screen, or on the trail, we concur that Steve is a beacon of light whenever he goes, and we wish him well in his future adventures.

VAN METER’S COLORADO TRAIL HIKE BY THE NUMBERS

Meet the 2024 Everyday Heroes and Heroines, Women to Watch Honorees

BY NATALIE ROONEY

CPAs make a DIFFERENCE

On Nov. 6, 2024, the profession gathered at the DoubleTree by Hilton Denver to recognize seven individuals for the difference that they’re making in their communities and workplaces. We applaud their accomplishments and appreciate their commitment to making our world better.

COCPA Chair Toby Clary, far left, and CEO Alicia Gelinas, far right, join Everyday Heroes and Heroines honorees Johnny Youngs, Jim Gilbert, and Aloah Kincaid at the CPAs Make a Difference celebration. Women to Watch honorees Heidi O’Neil, Maria Montoya, and Danielle Starks gather. (Not pictured: Ali Haller Van Fossen)

2024 EVERYDAY HEROES AND HEROINES

Whether engaged in professional advocacy, technology initiatives, international relief efforts, wildlife conservation, or literacy projects, these Colorado CPAs are making a difference every day.

W2024 EVERYDAY HEROINE

Aloah

Kincaid, CPA, MBA

Accounting, Tax, and Management Consultant

ith a history of service both inside and outside of the profession, Aloah Kincaid has been impacting the future of the profession for more than 25 years. For her entire adult life, she has volunteered for a wide range of community service projects, from participating in her daughter’s preschool board to supporting a U.S. Senate campaign and serving on the board of the Alliance Francaise of Denver. Aloah believes it is a duty and privilege to participate in community life and to give back to others whenever possible.

From 1998 to 2006, Aloah drew on her professional knowledge and expertise while she served on the Colorado State Board of Accountancy. She was president for the Board’s 2000-2001 year.

Outside of the profession, Aloah served as president of the Denver Chapter of the National Association of Women Business Owners, an organization that promotes small, women-owned businesses, during its 2006-2007 membership year.

Since 2015, Aloah has been a member of the Rotary Club of Denver Southeast and has also been the organization’s secretary and membership chair. Over the years, she has taken part in numerous volunteer projects designed to help both local and international communities. In 2017, she traveled to Guatemala for a Rotary Literacy Project and then to Nepal to support a women's health program. In Katmandu, she participated in the Nepal Global Dental Project, providing dental care to local school children.

J2024 EVERYDAY HERO

Johnathan “Johnny” Youngs, CPA

Reese, Henry & Company, Inc.

ohnathan “Johnny” Youngs is making a name for himself, not just as an up-and-coming accounting professional at Reese Henry & Company, Inc., in Aspen, but for bringing fun and excitement to the profession. His colleagues will tell you that Johnny has a personality that lights up the room, and he can talk to anybody about anything. They describe him as a CPA who focuses on leading an active outdoor lifestyle and is redefining how people think about the accounting profession.

I2024 EVERYDAY HERO

Jim Gilbert, CPA, CITP, CGMA

Managing Principal, Jim Gilbert, CPA, LLC

f you’ve ever met Jim Gilbert, you know how passionate he is about supporting the CPA profession, not only by helping his peers embrace technology to prepare for the ever-changing landscape of business and automation, but also through his many volunteer efforts.

In his two decades as a COCPA member, Jim has held a variety of volunteer positions, including as a founding member of the Technology Users Group, in which he remains active. Jim currently serves on the COCPA Board of Directors as treasurer.

Over the years, Jim’s professional efforts have extended well beyond his time spent on COCPA initiatives. At the national level, he is a past chair of the AICPA’s CITP Credential Champions Group and a past member of the AICPA CITP Credential Committee and the AICPA Engage Technology Planning Committee. He is a frequent speaker on a variety of technology topics, willingly sharing his knowledge with audiences.

Jim remains committed to helping others learn, implement, and understand technology and to feel more comfortable with it. He emphasizes that the adoption of technology and its impact on CPAs is profound, and CPAs must be leaders who get in front of the pending change to provide value to clients and all types of organizations.

When he’s not working, volunteering, or waxing poetic about technology, you’ll find Jim traveling, working out at the gym, and spending time with his family. He also enjoys spending time on self improvement and being a continuous learner.

Johnny is always ready to jump in and help. He has spent his first years in the profession in audit but eagerly helped the tax department during the extension season.

Johnny’s co-workers describe him as a breath of fresh air in an industry that is often negatively stereotyped. Need some help with the newest tech? He’s ready to help. Johnny is always ready to take on the next project, even if it looks intimidating at first. His co-workers love working with him, noting that he’s not only a reliable CPA, but an important piece of Reese Henry's future plans.

Outside the office, Johnny spends his free time volunteering with Mountain Rescue Aspen, Pitkin County’s search and rescue team, assisting in backcountry search and rescue efforts and providing mountain safety education.

CELEBRATING THE PROFESSION

2024 WOMEN TO WATCH

Among the 2024 Women to Watch honorees, Leaders of Note have attained leadership positions within their organizations, made notable contributions to the accounting profession, helped improve their workplaces, and mentored others. Emerging Leaders have demonstrated leadership and made significant contributions to the profession and to their communities while on the path to the highest level of advancement. We congratulate them on their achievements and look forward to watching them soar.

LEADER OF NOTE

Maria Montoya, CPA

Managing Director and Shareholder, Kundinger, Corder & Montoya,

P.C.

As the first minority woman to become a managing director at what was then known as Kundinger, Corder & Engle, Maria Montoya is an inspiration to her colleagues. Trustworthy, dependable, patient, and hardworking are just a few of the words that people use to describe her.`

She is known for creating an atmosphere of trust that generates accountability and flexibility, and she is always available to share her knowledge with colleagues and clients.

One nominator, a colleague at Maria’s firm, now known as Kundinger, Corder & Montoya, writes, “I have a lot of pride and comfort knowing I work at a firm and for a managing director who wants me to succeed and gives me the tools to do so.

“I’ve learned so much from working with Maria, from direct interactions to just trying to emulate her style in communicating with peers and clients. I am the manager I am today because of this and the culture she fosters at the firm.”

Maria has a strong presence in the nonprofit community as well, providing valuable advice to nonprofit organizations throughout Denver.

A current member of the Colorado Nonprofit Development Center’s board, Maria has previously served on the boards of Museo De Las Americas, Mi Casa Resource Center, Reach Out and Read Colorado, Halcyon Hospice, the Finance Committee of Mile High United Way, and on the Colorado Nonprofit Association’s Leadership Advisory Committee.

LEADER OF NOTE

Heidi O’Neil, CPA, CGMA, IAP

Senior Vice President – Accounting, Denver International Airport

While many people pass through Denver International Airport (DIA) briefly, on their way to or from somewhere, Heidi O’Neil is known for her efforts behind the scenes at DIA, continually improving the workplace at the United States’ third-busiest airport (ranking according to Airports Council International in 2023).

Colleagues express their admiration for Heidi’s deep understanding of finance and accounting principles and her ability to navigate complex financial situations with precision and integrity. She led the finance department through two of the most impactful GASB pronouncements while maneuvering through the evolution of how the accounting department operated and how her employees engaged with their work during and after the COVID-19 pandemic.

In addition to her technical expertise, Heidi is known for her leadership and commitment to mentoring others. She has championed initiatives within her department for minority equity, diversity, and inclusion, and actively participates in the DEN internship and mentoring summer programs for high school and college students.

But nominators say what truly sets Heidi apart is her talent for balancing her demanding career with her equally demanding roles as a wife and mother of three sons, the oldest of whom has special needs.

Co-workers say Heidi inspires everyone around her with her unwavering commitment to her family and career. “She is a shining example of strength and perseverance, showing that you can excel in your profession while providing unconditional love and care for your family,” they write. “It is hard to count all the ways Heidi has given back to the public.”

Colorado CPAs who became licensed in 2024 gather at the November 2024 CPAs Make a Difference celebration, as fellow attendees offer congratulatory fist bumps and high fives.

EMERGING LEADER

Alexandra “Ali” Haller Van Fossen, CPA

Assurance Manager, Plante Moran

“Evidence of a true leader is not only seen through the eye of those they lead, but also by the individuals that run alongside them as peers.”

Within Plante Moran’s Denver office, Alexandra “Ali” Haller Van Fossen is a sought-after counselor for younger staff and a true example of a trusted advisor with her clients.

In 2022, Ali was awarded the Hermann Staff Development Award, a Plante Moran recognition of the best staff developer, as nominated by her peers. She is known for being thoughtful in supporting the professional development of others, explaining the “why” behind a task and not just the “how.”

She works to enable learning at all levels so that it can be carried through multiple assignments, and is skilled at making complex concepts easier to grasp.

Passionate about the future of women in the accounting profession, Ali recognizes that despite the profession’s best efforts, there are still challenges to overcome to support a woman’s experience in the workplace.

She has taken a personal approach to modeling boundaries and advocating for her needs in a respectful manner that also supports her employer’s objectives. Ali aims to prove that you can succeed in public accounting as a woman, and she lifts others as she herself rises.

Ali’s success extends beyond her own firm, and others are noticing her achievements. In December, she attended the 2024 AICPA Leadership Academy as one of only 30 CPAs nationwide chosen for this prestigious honor.

EMERGING LEADER

Danielle Starks, CPA, MPAcc Tax Manager, CBIZ MHM, LLC

When it comes to being an exemplary professional, colleagues recognize the efforts of Danielle Starks. Her “remarkable dedication, organizational acumen, development of others, and commitment to community service set her apart as a leader with exceptional potential,” one nominator writes.

At CBIZ, Danielle has demonstrated outstanding organizational skills and a talent for developing and mentoring others, investing considerable time and energy into training colleagues who need additional support.

She proposed and launched a "Day of Learning" for the firm’s tax team members. The initiative not only enhanced the team’s knowledge and skills but also promoted a culture of continuous learning and development within the organization.

As the leader of CBIZ’s Associate Professional Development program in Colorado, Danielle has made significant strides in enhancing team members’ soft skills and job performance. Her leadership has been instrumental in improving the team’s overall effectiveness and efficiency.

One nominator described how Danielle has been her mentor since her own accounting career began: “Her guidance, her leadership, her willingness to go above and beyond is unmatched.”

Danielle’s contributions extend far beyond her professional responsibilities. Her deep commitment to community service is evident through such activities as volunteering to restock produce at the food market of Metro Caring, an anti-hunger organization. Danielle embodies the qualities of an emerging leader through her unwavering dedication, innovative thinking, and commitment to both her professional and community endeavors.

COMMITTEE DIGEST

Updates and Opportunities Related to COCPA Committees, Working Groups, and Boards

DIVERSITY, EQUITY, AND INCLUSION COMMITTEE

“See Us the Same, See Us Different, See Us Together:” Last month, the Diversity, Equity, and Inclusion Committee rounded out the year with this session, the latest installment of its series, See Me: Stories of Diversity, Equity, and Inclusion. Featuring COCPA members and past See Me presenters, the session discussed what makes the accounting profession and its people uniquely diverse and welcoming.

Miss an event? Check out all of the past presentation recordings of the See Me and For Me series here.

See page 30 for DE&I Committee chair Jim Brendel’s article, “Diversity Matters Even More: Insights from McKinsey & Company's Latest Report.”

Visit the DE&I Committee web page for more information on this group’s activities.

INDEPENDENT ACCOUNTANTS ALLIANCE

Independent Accountants Alliance (IAA) members from the Durango area have been meeting quarterly, most recently earlier this month. Special thanks to members Michelle Kooi and Connie Bechtolt, who are leading these efforts. The group will pause its quarterly meetings in April and resume in July.

COCPA members who have chosen an entrepreneurial career path, the IAA is your place to connect with other independent accountants for support, resources, and best practices.

IAA members hold a monthly virtual call to connect, build a network, and discuss issues pertinent to the group. To be added to this call, please email Derrol Moorhead at derrol@cocpa.org

Visit the IAA webpage to learn more.

Members of the Emerging Professionals Initiative Committee (EPIC) recently met at Upstairs Circus for an evening of crafting, connecting, and creating. EPIC is a group of students and young accounting professionals who are working toward offering content, tools, and events for those studying accounting, working toward CPA licensure, or navigating the workplace as a new CPA.

Visit the EPIC web page to learn more and get involved.

MEMBER CONNECTIONS COMMITTEE

Football and Finance: A special thanks to all who came out for the COCPA’s football-themed mixer with the Financial Planning Association of Colorado, at Rock Bottom Brewery –South Denver.

Summer is a ways off but … we’re already beginning to think about the 2025 Summer of Fun! Be on the lookout for details this spring.

Visit the MCC web page to learn more about this group.

NONPROFIT WORKING GROUP

Office Hours: Ask a CPA: The Nonprofit Working Group once again partnered with the Colorado Nonprofit Association to host this virtual program, which gives nonprofit organization representatives the opportunity to ask questions and seek advice. Many thanks to Tiffany Knight, Nathan Oberle, and Lori Anne Reinwald, who recently served as CPA panelists. They gave general advice to new nonprofits and answered questions on fiscal sponsorship agreements, how and when to value donated stock, and tracking inventory.

CPAs Give Back Day: COCPA member Brittany DeMino joined COCPA staff members Tiffany Carson and Stacy Svendsen in volunteering at Food Group of the Rockies in November. In four hours, this industrious trio sorted 11,730 pounds of apples into 391 30-pound boxes, which will provide 9,775 meals!

Learn more about the Nonprofit Working Group and consider joining us.

TECHNOLOGY USERS GROUP (TUG)

The Technology Users Group (TUG) presented two free, backto-back one-hour CPE online events in October. The first was a “2024 Technology Year End Review and 2025 Trends,” featuring panelists Mike Ellerhorst, Jim Gilbert, Wesley Harman, Steve Schelonka, Anthony Shibata, and Blaise Wabo

The second session was “Beneficial Ownership Reporting for CPAs,” hosted by FincenFetch

Miss a past TUG presentation? Check out the Technology Users Group (TUG) web page for available recordings. You’re also invited to join the monthly one-hour TUG online meetings.

Visit the TUG web page for more information on this group’s activities.

SHARE YOUR EXPERTISE!

Get Involved with Committees, Groups, and More

The COCPA offers numerous opportunities for members to grow their professional and personal networks with like-minded colleagues through committees, groups, roundtables, and special programs. Get involved to help shape the future of the COCPA and enhance your professional experience. Click here to learn more.

TIn today’s digital age, where information is paramount, ensuring data security is crucial for organizations across all industries.

he security landscape is rapidly evolving, presenting new challenges worldwide. Cyber threats are increasingly sophisticated, with social engineering attacks such as business email compromise (BEC) on the rise. A recent analysis shows a significant increase in pretexting incidents – the use of a fabricated story to gain a victim's trust and manipulate them into sharing sensitive information, downloading malware, sending money, or otherwise harming themselves or their organization – over the past six years, doubling in frequency and now accounting for more than 50% of social engineering attacks.

High-profile data breaches at companies like AT&T, Change Healthcare, and MGM Resorts International highlight the pervasive threat of cyberattacks, resulting in financial losses, reputational damage, and legal ramifications. These threats underscore the need for robust security measures and a proactive approach to safeguarding information.

CONSEQUENCES OF DATA BREACHES

The repercussions of data breaches extend far beyond immediate financial losses and include:

• Tarnished reputation: Loss of customer trust and confidence

• Legal liabilities: Potential lawsuits and regulatory fines

• Financial costs: The global average cost of data breaches reached $4.45 million in 2023

In response to these threats, 51% of organizations plan to increase their security investments.

UNDERSTANDING COMPLIANCE

Compliance provides a framework by which organizations can protect their assets and meet legal and internal requirements, including

Navigating the Complex Security Landscape: The Intersection of Security, Compliance, and Culture

BY BLAISE WABO, CPA, CITP, CISA, CCP (CMMC), CCSK, CCSFP

contractual obligations and regulatory standards related to security, data privacy, and protection.

Key regulations include the General Data Protection Regulation (GDPR), the Health Insurance Portability and Accountability Act (HIPAA), and the Payment Card Industry Data Security Standard (PCI DSS), depending on the type of data being handled.

DEFINING SECURITY

Security involves a blend of technologies, processes, and practices designed to safeguard networks, devices, programs, and data from unauthorized access or malicious attacks. It is crucial to understand that cybersecurity is a collective responsibility, requiring efforts from all levels of an organization, not just information technology departments.

CULTIVATING A SECURITY CULTURE

A security culture entails a collective mindset and set of practices within an organization that prioritize and promote security measures. Key components include:

• Executive leadership commitment: Top management prioritizing security

• Continuous education and training: Regular updates and training for employees

• Proactive risk assessments: Regular evaluations of potential threats

• Employee engagement programs: Initiatives to involve all employees in security practices

IMPLEMENTING A CYBERSECURITY PLAN AND SECURITY CULTURE

To effectively implement a cybersecurity plan and cultivate a security culture, organizations should:

• Appoint a security and privacy officer: Dedicated personnel for overseeing security measures

• Form cross-departmental security committees: Collaborative efforts across departments

• Conduct regular risk assessments: Ongoing evaluation of security risks

• Implement security controls: Utilize tools and protocols to protect data

• Document policies and procedures: Clear guidelines for handling data securely

• Conduct security awareness training and testing: Educate and test employees regularly

PRODUCT/SERVICE + SECURITY AND PRIVACY = CONSUMER TRUST

In today’s digital landscape, the relationship among security, privacy, and consumer trust is critical. Robust security and privacy measures are essential for maintaining and enhancing consumer trust. Security and privacy are fundamental components of consumer trust, not just regulatory requirements.

A deep commitment to security and privacy holds many benefits, including the following:

• Increased consumer confidence: Secure data handling increases customer engagement and loyalty.

• Enhanced regulatory compliance: Adhering to regulations demonstrates a commitment to data protection.

2. Ensure compliance with privacy regulations

- Data protection policies: Develop and implement policies that comply with regulations.

- Regular training: Educate employees on data protection laws and best practices.

- Monitoring and reporting: Establish systems for monitoring compliance and reporting breaches.

3. Foster a culture of security

- Leadership commitment: Top management must prioritize security.

- Employee engagement: Involve all employees in understanding the importance of security.

- Continuous improvement: Encourage ongoing improvements in security practices.

INTEGRATING COMPLIANCE AND CULTURE

Integrating compliance initiatives with security culture objectives drives cultural transformation within an organization. Align compliance goals with company objectives and use compliance frameworks as roadmaps. Effective communication strategies are vital in fostering shared responsibility, collaboration, and accountability among employees.

• Improved competitive advantage: Prioritizing security and privacy differentiates companies in the marketplace.

BUILDING A SECURE, PRIVATE ENVIRONMENT

To build consumer trust, organizations must integrate security and privacy into every aspect of their operations through a multi-faceted approach that encompasses technology, processes, and culture.

1. Implement robust cybersecurity measures

- Advanced threat detection: Use firewalls, intrusion detection systems, and antivirus software.

- Encryption: Encrypt data both at rest and in transit.

- Regular security audits: Identify vulnerabilities and make necessary improvements.

Navigating the intersection of compliance and security requires a holistic approach that prioritizes regulatory adherence and cultural transformation. By integrating compliance initiatives with security culture objectives and fostering a collective mindset of security consciousness, organizations can build resilient defenses against the evolving threat landscape.

Blaise Wabo, CPA, CITP, CISA, CCP (CMMC), CCSK, CCSFP, is director of sales engineering at A-LIGN in Denver. He is a member of the COCPA Technology Users Group (TUG) and serves on the COCPA Educational Foundation Board of Trustees. Reach him at blaise.wabo@a-lign.com.

Case Studies in Data Protection

E-COMMERCE

FINANCIAL SERVICES

An e-commerce giant used PCI-DSS compliance to transform its security practices, upgrading payment processing systems and implementing robust access controls. These measures reduced unauthorized access and fraud.

A leading bank implemented stringent compliance measures to meet GDPR requirements. This initiative enhanced data protection practices and included a companywide training program, significantly reducing phishing incidents.

TELECOMMUNICATIONS

AT&T's April 2024 data breach affected 73 million customer accounts and underscored the need for rigorous compliance and robust security measures. The company responded by enhancing data encryption protocols and conducting extensive employee training.

Learn more about TUG by visiting its web page or contacting Stacy Svendsen at stacy@cocpa.org.

HEALTHCARE

The February 2024 ransomware attack on Change Healthcare highlighted the need for robust cybersecurity measures in the healthcare industry. In response, healthcare organizations improved HIPAA compliance, upgraded cybersecurity infrastructure, and invested in advanced threat detection systems.

ENTERTAINMENT AND HOSPITALITY

The September 2023 data breach at MGM Resorts International highlighted industry vulnerabilities. In response, companies revisited compliance strategies, implemented stringent data protection measures, and conducted comprehensive security audits.

UNITING the Profession to Strengthen the CPA Talent Pipeline: Part 2

This article is the second in a three-part series about the accounting talent pipeline issues and the collective efforts by the COCPA and its members to drive meaningful change. Building on part one, here we’ll cover two additional themes and recommendations from the National Pipeline Advisory Group’s (NPAG) Accounting Talent Strategy Report, with a third article, coming in the spring 2025 issue of NewsAccount, addressing the final two NPAG recommendations.

These insights aim to align ongoing initiatives and highlight opportunities for further engagement in strengthening the profession’s future.

How does the accounting profession continue to make headway on the pipeline challenges when so many other professions are also seeking – and struggling to find – talented individuals?

Census data show the U.S. working-age population grew just 3% from 2010 to 2020. Meanwhile, data from Pew Research Center show baby boomers leaving the workforce at an increasing rate.

Additionally, the U.S. Bureau of Labor Statistics reports that accounting job openings will grow by 4% between 2022 and 2032.

The good news is that the COCPA and members from all sectors of the profession continue to work collaboratively to come up with solutions, and are sharing how they’re already moving forward on the recommendations from the National Pipeline Advisory Group (NPAG).

NPAG RECOMMENDATION: MAKE THE ACADEMIC EXPERIENCE MORE ENGAGING

According to data from the National Student Clearinghouse Research Center, higher education enrollment is a mixed bag of statistics, depending on school size, location, and whether it’s a two- or fouryear institution, but in general, the data show that Winter 2025 undergraduate enrollment actually rose 3%.

It’s a trend that Greg Clifton, JD, LLM, chair and associate professor in the department of accounting at Metropolitan State University of Denver (MSU), and Gary Hypes, CPA (WV), instructor at Colorado Mesa University (CMU), are both seeing – and celebrating – but they emphasize that now isn’t the time to relax just because numbers are edging up.

“It’s critically important to change students’ perceptions of accounting,” Clifton says. “While I can appreciate the grind we all went through, today’s young professionals have different expectations and interests. We’ve learned there’s a better way to do things. Offering students more experiential opportunities sooner increases their engagement and interest and helps them develop more quickly as professionals. The more technical support they can provide earlier in their career, the greater the benefit to everyone in the ecosystem.”

Providing Real-World Experience

Over his 20 years in higher education, Clifton has observed significant changes in teaching styles. “We’re moving away from the traditional methods of lecture, note taking, and testing to a more experiential approach to engage students,” he says.

The faculty at MSU is using case work and analysis – even in lower-level classes – to expose students early on to real-life scenarios. Master’s-level forensic accounting students spend a semester preparing for their final exam: testifying in live court before a judge. Professionals visit the classroom to guide students through the process of preparing and presenting based on actual resolved tax cases. Students are assigned roles. Some will testify as the CPA, some will serve as counsel, and others are on the defense team.

At 5 pm on the day of their final, students head to court, and the judge takes over. “It all happens just as it would in the real world,” Clifton says.

After the cases are presented and argued, the judge debriefs the students. “They’re given a lot of things to consider,” Clifton says. “This is real-world experience so they can see what it’s like to be a forensic accountant.”

The Accounting Road Show

In the wake of the pandemic, Hypes says the accounting club at CMU was struggling. Now, thanks to career-oriented road trips, accounting students can visit firms in person and learn more about career opportunities. The trips have club membership booming again.

In the fall, the club travels to Denver, focusing on public accounting firm visits. “The goal is to make the profession exciting for students and allow them to see all of the ins and outs and day-to-day activities,” Hypes says. “The trips help break through a lot of the preconceived notions and barriers students have about the profession. They can see that accounting goes beyond sitting at a desk.”

Students also visit the IRS Criminal Division, opening their eyes to the many different career paths a CPA license can offer. “They can even try on the bullet proof vests and talk to the accountants who wear them,” Hypes says. “Our goal is to expose them to different people in the profession so they can ask questions.”

A spring trip to Salt Lake City will focus on corporate accounting roles.

The visits have even led to internship opportunities. “Each of these visits pays dividends,” Hypes says.

COCPA Initiatives

Student outreach. The COCPA is not only continuing with some of its longstanding, key initiatives related to student outreach, but also keeping an ear to the ground to understand what’s important to today’s accounting students.

As COCPA CEO Alicia Gelinas, CPA, and Chair Toby Clary, CPA, traveled throughout Colorado on the Better Together Tour, they stopped at the University of Colorado – Colorado Springs (UCCS), Colorado State University – Pueblo, and Fort Lewis in Durango, where the accounting students weren’t shy about asking questions.

“Speaking directly with students gives us valuable insight into their priorities and concerns,” Gelinas says. “They’re asking important questions about the value of the CPA designation, how to find

Colorado Mesa University accounting students make a stop at EY's Denver office as part of the CMU accounting club's Winter 2025 Accounting Road Show.

FUTURE OF THE PROFESSION

CONTINUED FROM PAGE 19

employers that feel like a cultural fit, the future of accounting in the age of artificial intelligence, and strategies for balancing the CPA exam with the demands of starting a full-time career.

“We’ve also had the chance to see firsthand how faculty are making accounting more engaging for students,” Gelinas continues. “One group of students we visited had just completed a gamification exercise through a creative audit escape room simulation. The students were genuinely excited after solving the challenges with the correct audit answers. It’s a great example of how professors are innovating to make accounting both fun and meaningful.”

Mentor Program. In 2016, the Educational Foundation of the COCPA launched its Mentor Program to connect experienced COCPA members with Educational Foundation scholarship winners, fostering personal and professional growth for both mentors and mentees. The program started with seven mentor/mentee matches and has expanded to 19 mentor/mentee partnerships for the Winter 2025 cohort. Some students have participated multiple years, benefiting from mentorship with different professionals to gain a broader perspective on accounting opportunities. Students consistently highlight mentorship as a crucial support in navigating early career decisions.

The COCPA Educators Conference. Each year, this event brings together accounting educators to share and workshop new and interesting ways to engage students. Conference attendance is complimentary for educators, with costs covered by a portion of COCPA members' annual dues to reflect the profession's commitment to a strong academic experience for accounting majors.

NPAG RECOMMENDATION:

ADDRESS THE TIME AND COST OF EDUCATION

Data show that college costs have been on a mostly upward trend for the last two decades. In addition to rising tuition prices, paying for housing, food, transportation, textbooks, and other school-related fees usually adds thousands of dollars to college expenses.

According to the Colorado Department of Higher Education, Colorado has mirrored national trends over the past 15 years as the cost of higher education has shifted from the state to the student. In fiscal year (FY) 2000-01, the state covered 68% of the cost of college, while students and families were

responsible for 32%. By FY 2011-12, the balance had effectively reversed, leaving students and families responsible for two-thirds of the costs while the state paid a third.

But after decades of rapid growth in student tuition and fees, something extraordinary happened to the cost of a college education in Colorado over the past five years: It actually fell relative to inflation. Nationally, when inflation is considered, in-state tuition decreased slightly by about 0.4% from 20232024 to 2024-2025.

Even so, college tuition in Colorado remains among the highest in the country.

How do we help students who are facing an additional year? By exploring all options and taking an “everything is on the table” approach.

Seeking Avenues to Defray Costs

At Colorado State University, Lisa Kutcher, CPA, Ph.D., who serves as the accounting department chair and a professor, as well as on the COCPA Board of Directors, hears mixed comments about students’ perceptions of the time and cost of education. “It depends on the institution and where someone chooses to go,” she says.

Kutcher notes that today, many students take college-level courses in high school. “They come in with so many credits that they’re able to complete the 150 hours in four years.”

But cost is an issue for some students more than others, she emphasizes, including those who are paying their own way. “They’re putting themselves through school, and an extra year is costly. You see both sides right now.”

To help, CSU is tackling the issue on multiple fronts. “We strongly believe students should be able to finish their undergraduate degree and go to work,” Kutcher says. “Our department’s philosophy is that students should be 150-ready after getting a bachelor’s degree, and we offer pathways to double majors or concentrations to 150 hours that aren’t as costly.”

To help defray costs, the department offers graduate assistantships and scholarship money. “We spend a lot of time raising money for scholarships, and we drive it toward that fifth year,” Kutcher says. “We have the undergraduate pathway to 150, but we strongly encourage students to think about a master’s degree.”

Many other schools are also following this strategy to help students get the additional

30 hours, Kutcher says. “We want to get them into the profession by supporting and helping them through that fifth year.”

A Student’s Story

Karalyn Tool, a fifth-year master’s student and former president of CSU’s Beta Alpha Psi chapter, didn’t start out as an accounting major, but she discovered that accounting “clicked for me in a way I didn’t expect, and I could see a career path.” She will graduate in May with a dual concentration in accounting and computer information science.

Tool says she knew from the outset that accounting required 150 semester hours. An accounting graduate assistantship provides her with discounted tuition and a monthly stipend.

“Being a graduate assistant helps a lot of people,” Tool says. “Summer internships also pay well and help sustain everyone during the year. In the past, undergraduates had spring internships that helped with the costs, but within the master’s program, it’s hard to work at the same time.”

Initiatives Across the Profession

Various initiatives across the profession not only focus on reducing financial barriers and providing alternative pathways to achieving the current 150-credit-hour requirement, but are also exploring opportunities for introducing greater flexibility to the licensure model.

Experience, Learn, and Earn (ELE). In fall 2023, the AICPA and NASBA launched a trial period of ELE, an integrated education and experience program for students who need or want a path to the 150 credit hours of education required for CPA licensure. The program integrates online academic coursework with work experience, allowing students to earn up to 30 educational credit hours at a significantly reduced cost while working in a paid accounting position.

Educational Foundation of the COCPA scholarships. The COCPA’s scholarship program, administered through the Educational Foundation, provides scholarships to students in Colorado who are on the path to a CPA career.

In 2024, the Educational Foundation awarded more than $98,000 in scholarships to 33 juniors, seniors, and graduate students for the 2024-25 academic year, spread across nine Colorado colleges and universities, including a community college-specific scholarship that was introduced in 2023. STEM designation advocacy. In May 2024, the COCPA joined the AICPA and other

state CPA societies to encourage support for legislation recognizing accounting as a science, technology, engineering, and math (STEM) field. The letter, sent to leadership in both chambers of Congress, requests co-sponsorship of bipartisan, bicameral legislation –H.R.3541, the STEM Accounting Pursuit Act, and S.1705, the STEM Education in Accounting Act.

Potential changes to the licensure model. In a September 2024 exposure draft, the AICPA and NASBA announced a proposal introducing a potential new pathway to CPA licensure that would not replace the existing licensure pathways that require 150 hours of education, but would create a new substantially equivalent flexible pathway that responds to market changes and expands opportunities for future generations.

Under the proposed “CPA Competency-Based Experience Pathway,” CPA candidates could meet initial licensing requirements by

exhibiting competency in specific professional and technical areas through a minimum of one year of competency-based experience. Candidates would still be required to earn a bachelor’s degree, complete one additional year of general experience, pass the CPA Exam, and obtain the state-specified number of accounting or business specific credit hours.

The AICPA noted that the draft pathway is still in development and will require further evaluation and input from across the profession.

The COCPA encouraged members to respond during the comment period that ended Dec. 6, 2024, and submitted a response based on feedback from members and the Board of Directors.

Visit the COCPA blog post, “COCPA Advocates for an Additional Modernized CPA Licensure Pathway,” to learn more about the Society’s response to the AICPA/NASBA “CPA Competency-Based Experience Pathway” exposure draft.

STATE-BASED SOLUTIONS IN THE WORKS

While national conversations about licensure reform continue, a few states are forging ahead with their own proposed solutions. These include the following as of press time:

OHIO: The Ohio House of Representatives voted on Dec. 18, 2024, to concur with Senate changes on Sub. H.B. 238, Ohio Society of CPAsbacked legislation. If signed into law by the governor, this legislation would introduce an alternative pathway to licensure that replaces a year of college education with a second year of experience, such that Ohio CPA candidates would have two different options for licensure starting Jan. 1, 2026:

1. A master’s degree, completing the required accounting concentration of coursework, one year of experience, and passing the CPA Exam, or

2. A bachelor’s degree, completing the required accounting concentration of coursework, two years of experience, and passing the CPA Exam.

TEXAS: As the Texas legislative session prepared to convene on Jan. 14, 2025, Sen. Charles Perry, CPA, South Plains, filed S.B. 262, which aims to create an additional pathway to licensure for Texas CPA candidates. S.B. 262 would create a new pathway requiring the completion of a baccalaureate degree – with the required accounting and business concentration; completion of two years of work experience – the Texas State Board of Public Accountancy would establish rules about the details and specificity of the work experience requirements; and the passage of the Uniform CPA Exam. The Texas Society of CPAs and others will be advocating for a Jan. 1, 2027, effective date so that all stakeholders can properly implement the new pathway.

MINNESOTA: As the first state to introduce a proposed legislative change in 2023, House File 1749 and Senate File 1660 proposed legislation to broaden the pathways to CPA licensure through two new pathways, including one that requires 120 college credits and two years' work experience, providing a more accessible route compared to the current 150-credit and one-year work experience requirement. The two-year legislative session ended in 2024 without a resolution, but the Minnesota Society of CPAs intends to reintroduce the legislation in 2025.

COLORADO

While Colorado currently has no proposed legislation for the 2025 session (January-May), the COCPA remains actively engaged in discussions to shape its positions. These efforts include evaluating potential future proposed legislative changes in response to developments at the state level and aligning with national proposals.

Contributing now to the CPAPAC is crucial to help equip the profession in building relationships with legislators whose influence and buy-in may be key to educating and garnering support for future CPA licensure model changes in Colorado. Your contributions help to ensure that we have the necessary foundation to activate effectively on behalf of our profession.

Check out the COCPA blog post, “CPA-PAC Election Impact: A Look at Our Influence and the Road Ahead,” to learn more about the success of the CPA-PAC in the November 2024 election.

Click here to donate .

CONTINUED FROM PAGE 21

"The issue of pipeline shortages will continue to be a matter of critical importance. In an ever-evolving world, collaboration remains the cornerstone of meaningful progress."

– Alicia Gelinas, CPA, CEO, COCPA

In Colorado: Advocating for removing licensure barriers. While engaging in the national conversation about requirements for licensure, the COCPA has actively been advocating since November 2023 for the Colorado State Board of Accountancy to reduce commonly reported barriers specific to Colorado’s educational and experience requirements for CPA licensure.

These efforts were particularly important given Colorado’s unique position as a state that attracts candidates who often complete their education elsewhere but begin their careers in Colorado. Two primary issues were identified as challenges for these candidates: 1) the advanced auditing course requirement and 2) the accounting- and business-specific ethics requirement. Despite meeting the 150-hour education standard, many candidates found themselves needing to enroll in a Colorado institution post graduation in order to meet these specific requirements, leading to significant frustration and disruption.

On Oct. 16, 2024, following an extensive rulemaking process, the State Board adopted several changes to Colorado rules, effective Dec. 15, 2024, to offer more flexibility in meeting the total credit hours requirements to obtain licensure, while still maintaining appropriate public protection.

CONTINUED COLLABORATION

As Hypes reflects on the efforts to improve the pipeline, he says the key element is bringing everyone together across the profession. “We need to see what we can do collectively to sell the profession,” he

says. “We’re all doing our own little things, but we can coordinate and make things even better.”

As a first meaningful step to joining the profession-wide effort to transform and grow the accounting talent pool, please consider signing the Pipeline Pledge. By signing the pledge, you’ll be making a commitment to participate in at least two activities each year that will positively impact the talent pool.

While the possibilities are endless, activities might include visiting a local middle school, participating in a high school career fair, mentoring a CPA candidate, or advocating for policy changes in your workplace. Visit NPAG’s Pipeline Pledge resources page for more ideas on activities in this realm, or reach out to the COCPA for volunteer opportunities and resources.

Once you’ve signed the pledge, be sure to download and begin sharing your Pipeline Pledge badge to let others know of the difference that you’re making, whether as a participant, employer, or educator.

“The issue of pipeline shortages will continue to be a matter of critical importance,“ Gelinas notes. “In an ever-evolving world, collaboration remains the cornerstone of meaningful progress. By coming together to identify innovative solutions and dedicating our individual time, talent, and resources, we ensure that we are collectively creating a lasting, positive impact. When students witness this spirit of collaboration, it becomes a powerful attraction in itself.”

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The Long Game: The Power of Networking

BY TOM HALL, CPA, CFA

Ask many young (and older) professionals how they feel about networking, and you might hear words like “anxiety,” “frightening,” “intimidating,” and even “torture.” While networking with others can be hard work and can take us way out of our comfort zone, the risks are very low and the rewards are so high!

Below are just a few of the many benefits of networking that make it well worth the effort.

EFFECTIVE NETWORKING CAN DRAMATICALLY IMPROVE YOUR ODDS OF SUCCESS

Several years ago, a partner with whom I had worked at Deloitte more than 15 years earlier helped me get my current teaching position in the University of Denver’s School of Accountancy (SOA). He had taught several adjunct courses in the SOA, and we had stayed in touch a bit in the interim, so I called him to seek his advice after I applied for the position.

Of his own accord, he offered to send an email to the director of the SOA, on which he copied me, and practically recommended me for the position. I’d like to think that I earned the position myself based on my experience and interview skills, but wow –how helpful was that interpersonal connection in my success!

Did I network with him over those years because I thought he could be useful to me at some point in the future? No! I got to know him and stayed in touch because he was a great guy, we shared some interests, and I enjoyed getting to know him and learning from his experiences. I would have been more than willing to help him out if he had reached out to me instead.

Likewise, if you want to succeed in your own personal and professional endeavors, you must employ all of the resources available to you, including your personal connections. You

may have networked with someone who knows of various opportunities or can put you in touch with others who know. People are generally more willing to help than we think. Getting their help is not cheating; it’s simply giving yourself every advantage to succeed. But … you likely won’t get help from people who you don’t know.

YOU MAY BE ABLE TO HELP OTHERS SUCCEED

The saying, “It’s better to give than to receive” is actually true. Think about the last time you genuinely helped someone, especially if that person was truly grateful for your assistance. You actually got a shot of dopamine to your brain that made you feel good.

It’s been said that it’s impossible to feel good without doing good. I’ve found that to be true so many times in my life. Furthermore, clinical studies have shown that people who give more of their time and their treasure are actually wealthier than people who don’t. Getting rich should never be your end game in helping and serving others, but personally, I’ve been poor, and I’ve been rich. I’d rather be rich!

INTERPERSONAL CONNECTIONS IMPROVE YOUR HEALTH AND HAPPINESS

An 85-year Harvard study recently concluded that the No. 1 key to a happy life is strong relationships – more so than wealth, IQ, or social class. Connecting with someone you know and enjoy being with is like a shot of dopamine to your brain. (More dopamine!) So, get to know other people, network, ask about and take a genuine interest in them. This applies to everyone, everywhere – not just people who you think might be helpful to you sometime later.

And when we consider our own employment, I think the No. 1 key to a happy work life is liking the people with whom you work. If you get to know these people and enjoy being around them, it makes any “work” not feel so much like work.

Did I love the work that I did at Deloitte, Goldman Sachs, or PIMCO? Well, it was generally very fulfilling, and I was very good

at it, and it felt like I was making a difference, but “love” is probably not the right word. It still felt like “work” on most days. Yet, my career was truly amazing because of my colleagues. I don’t miss the actual work that much, but I sure do miss the people. Perhaps you could make a habit of having lunch or coffee with a different person each week or each month as a way to get to know them. Think about how many great people you’ll meet over the course of a single year!

DON’T DO IT FOR SOMETHING IN RETURN

Networking is so powerful, but never do it because you might want something from the other person; do it because it’s good to get to know other people and to expand your horizons.

It’s true that networking can be scary. Because of that, too many people network only when they’re looking for a job, but not so much once they have a job. Network within your organization, outside your organization, everywhere. Take the long view, and it will definitely pay off.

With substantial experience in both public accounting and industry, Tom Hall, CPA, CFA, is an associate professor of the practice with the University of Denver School of Accountancy. Reach him at tom.hall@du.edu. Watch for his semiregular Career Chronicles column in future issues of NewsAccount

The Emerging Professionals Initiative Committee (EPIC) unites students and other emerging professionals through special events, resources, and programs to support your professional growth. Visit COCPA's EPIC homepage to learn more .

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The Path from CFO to CEO: COCPA Members Share Their Stories

BY NATALIE ROONEY

Far from the number crunchers of early days, today’s chief financial officers (CFOs) are analysts, strategists, risk managers, futurists, and big-picture thinkers who can carry an organization forward. With these shifts in the CFO role over the last few years, it’s clear that finance leaders are developing the necessary skill set to move from CFO to chief executive officer (CEO).

In fact, recent research by Russell Reynolds Associates showed that in 2022, 33% of S&P 500 CFOs who changed jobs became CEOs, compared to 8.8% in 2021.

Bloomberg reported that in 2023, 8.4% of S&P 500 and Fortune 500 companies promoted a CFO to CEO, up from 5.8% a decade ago.

Read on as three COCPA members share how they have leveraged their skills to move from a CFO into a CEO position, and how their CPA designation played a role.

A LEADER OF HER PEERS

Alicia Gelinas, CPA President and CEO, Colorado Society of CPAs

Alicia Gelinas knew early on that she wanted to be an accountant. After experiencing childhood adversity, she wanted to be someone called to help people in their deepest times of need. “I witnessed how impactful financial well-being is to the resilience of families and communities, and I wondered how I could help people with money,” she recalls.

In a memory of assisting her older sister search the classified ads for jobs, Gelinas noticed that accounting was always at the top of the listings and found herself circling words in the job descriptions that captured who she knew she wanted to be: an accountant.

Throughout high school, Gelinas took every available business class, creating her own independent study when she exhausted the

school’s catalog of course options. “I knew if someone wasn’t teaching what I wanted to learn, I needed to figure out how to learn it myself,” she says. “That’s one of the critical skills that has supported me throughout my career, especially now as CEO.”

After graduating from the University of Denver, Gelinas spent nine years in EY’s audit practice, making her way to senior manager – a level at which many professionals pause to evaluate their long-term career ambitions. “I loved EY, and I was continuously learning and connecting with others, but I was questioning my long-term personal impact on the local community and ability to stay in Colorado, avoiding relocation.”

Making the decision to leave EY, Gelinas explored the many options afforded to those in an accounting career, and reminisces on what guided her next steps: “I realized if I was really going to help drive change, I had to get in tune with my own changing professional identity and learn more about leading others through change. Coaching helped me navigate my own transition, and I realized it would be a great skill set to add to my leadership toolbelt,” she says.

“Coaching is about meeting people where they are and walking with them as they bridge the gaps between their current state and ideal future,” she continues. “It ignited a new passion for me.”

During and after becoming an International Coaching Federation-certified coach, Gelinas’ professional journey embodied a phase of exploration: consulting, coaching, volunteering, outsourced accounting support, nonprofit, industry, and small business support.

Through it all, Gelinas maintained her CPA certification and connection with her professional network built through the years of active COCPA membership.

Always looking for ways to turn her passions into paychecks, Gelinas leaped at the opportunity to join the COCPA as its CFO in 2017. “I saw this as a unique way to combine my accounting background with a greater purpose of supporting Colorado professionals in their career journeys at the COCPA, an organization that I’d been volunteering with for so long,” she says. “It brought together my mind and my heart, which I have found to be the key to a fulfilling professional life.”

Five years later, Gelinas was tapped as the COCPA’s president and CEO. She says the skills she built as a CPA have helped her navigate this role. “One of the strengths of a CPA is the ability to comprehensively view data and provide deep analysis,” she says. “As a CEO, you're not just focused on the numbers or profits, but also understanding a broader context and analyzing the strategic decisions that will move the organization forward.”

Gelinas explains that as a CEO, leveraging her skills as a CPA and mindset of a coach are necessary. “It’s essential to meet the organization and the profession it serves where it is today while having the foresight to analyze potential future contexts,” she notes. “The ability to assess current realities, envision future opportunities and risks, and bridge the gap through informed decision making is a skill that I honed as an auditor and as a coach.”

Gelinas says one of the most underestimated yet crucial skills for a CEO is communication – not just conveying your own message, but truly listening to others, even when words aren’t spoken. “What are their approach, tone, and unspoken cues?” she asks. “'It’s about reading emotions, understanding what’s not being said, and using that insight to guide your actions. As an auditor, you're trained to identify, analyze, and leverage subtle details, and it's the same skill set as a CEO, just applied to people and strategy instead of numbers.”

Gelinas reflects that while she sometimes felt more in control of directly achieving results as a CFO, she has come to realize that true success as a CEO comes from not controlling outcomes, but from empowering others to see the vision and achieve more than what was thought possible.

“That can be scary,” she admits. “As CFO, you’re at the control panel with access to numbers, data, and systems. But as CEO, you’re in the pilot’s seat – you don’t have the same visibility. Instead, you need to ask the right questions, trust your team, and make decisions based on their input. Success becomes about influencing and empowering those around you, relying on their strengths so the entire organization can move forward together.”

It was a shift that Gelinas found challenging. “What made you strong in one role can block your growth in another role. I have wrestled with that in the transition,” she says.

Leading a professional organization made up of peers presents unique challenges, and Gelinas has leaned heavily on her coaching skills and experience to navigate them. “As CFO, I could satisfy people with data and reports,” she explains. “But as a CEO, success and accomplishment take on a new meaning.

“The resolution to a problem won’t always make everyone happy. My role now involves something deeper – I still do what I did as an

auditor: I deliver trust. I focus on building relationships and ensuring that my decisions, leadership, and communication are rooted in the principle that even if consensus isn’t always achieved, success comes from fostering trust. When an employee, member, or stakeholder feels heard, valued, and understood, I know I’ve done my job.”

Gelinas highlights that there’s no training manual for being a successful CEO. "No one can tell you exactly how to handle each situation, how to address every challenge, or whether taking a certain risk will pay off," she explains. As demonstrated by Gelinas’ journey, what sets effective CEOs apart is the ability to analyze and learn from the past like an auditor, envision the future like a coach, and embrace a curious, “I’ll learn it myself” attitude. This combination of skills and mindset is crucial for navigating the uncertainty and complexity of the CEO role.

STEPPING INTO THE BREACH

Colleen Knoll, CPA

Former Interim CEO, Canvas Credit Union

When the Canvas Credit Union board of directors found itself without a CEO last year, board members knew just who to turn to: the organization's CFO, Colleen Knoll, CPA. She agreed to step in as the interim CEO of Colorado's third-largest credit union, and she says both the interim role and her years as CFO were made possible after a career U-turn to earn her CPA.

Knoll originally majored in finance at the University of Wyoming, and later added an MBA in management from the University of Colorado – Denver.

After working for 20 years in the retirement industry, which she found to be subject to consolidations, Knoll sought more stability. Working for the State of Colorado conducting bank and securities exams offered just that. During her tenure with the State, she realized that if she wanted to be a CFO one day, having her CPA would be a great asset.

Knoll returned to school, and while working full time, earned the final hours needed to sit for the CPA Exam, setting her on her way to her next career goal.

During her years conducting bank examinations, Knoll made many professional connections, but putting her resume back into circulation meant her contacts were seeing her skills in a new light. Until that point, her professional connections said they had no idea she had her CPA and could talk about accounting as well. “I wanted them to know I wasn’t just the person who worked on their bank exam,” she said. “My CPA credential opened people’s eyes.”

After a job search, Knoll joined Canvas as its new CFO, where she is responsible for all of the organization's financial activity. “That ability to know the background of accounting has been really helpful as we discuss various financial decisions,” she says.

When Canvas’s CEO resigned last April, Knoll was prepared. “After 12 years, I had a strong basis of what goes on around here,” she says. “The board expressed its confidence in my ability to understand the business and how it works, financially and in a number of other areas.”

Knoll says having her CPA has contributed to her “big world view,” and during her time as interim CEO, the people element added

CAREER JOURNEYS

CONTINUED FROM PAGE 27

another layer of understanding. “Managing both people and culture is one of the biggest challenges anyone can take on,” she says. “CPAs see how everything relates, what happens to balance sheets and income statements, and how things change through the numbers. Having that core knowledge around the whole business is something CPAs don’t get credit for.”

Knoll says everyone who takes on a new role brings a unique perspective, but adds that someone who moves into the CEO role from CFO isn’t looking at information at the same level because a CPA’s view encompasses all aspects of the organization. “Our view isn’t right or wrong or good or bad, just different,” she says.

As the interim CEO, she also served as the public face of the credit union, which has more than 700 employees throughout Colorado. She found herself in more meetings and attending events at the trade association level. “I represented us as an organization beyond the things I did behind the scenes as CFO,” she says. “I enjoyed getting out there and representing Canvas. I believe in our organization, and it was important to retain our culture and standing in communities to ensure people knew what a value we are. I’m a credit union advocate – we’re all members and we all get a say. Those are the kinds of messages I wanted to get out there. As a CFO, I don’t have as much of an opportunity to do that. As interim CEO, it was what made the position attractive.”

Knoll encourages CPAs to take on new challenges. “Be brave, put yourself out there, and take the steps to let people know you want these next-level roles. I see finance and accounting people who don’t do this, but you can do it. You have the skills. Tell people you want the job!”

CAPITALIZING ON HIS STRENGTHS

Brad Siler, CPA CEO, ARC Relocation

Growing up, Brad Siler didn’t have one particular vision for his career, but he was always driven to maximize his strengths. So, when he took a high school accounting class, liked the teacher, and realized that accounting made sense to him, he figured he might as well run with it.

Now, after serving as CFO at several organizations, he has run all the way to the top and is president and CEO for ARC Relocation in Denver.

Siler worked his way through Colorado State University as a forklift driver at a warehouse club. After graduation, he went to the corporate headquarters and asked for a full-time role in accounting. He received an offer, and even though he thought he would quickly earn his CPA, preparing for the exam took a backseat. “I didn’t realize at the time how beneficial having my CPA would be,” he says.

While Siler did pass the CPA exam, he discovered it was challenging to fulfill the experience requirement working in industry versus public accounting. After several years and a few job changes, he landed at Graebel Companies, Inc., reporting to a CFO who was also a CPA and who structured Siler’s role to include internal audit work. Finally, he was able to fulfill his experience requirement. At Graebel, Siler observed the many roles a CFO must fulfill. He also learned that communication and relationship building were key.

“My CFO was knowledgeable, but he didn’t work cooperatively, and it put up barriers to getting things done. It was a great learning from the negative side.”

Siler resolved to grow those important skill sets for himself.

Another area of interest for Siler was technology – not just the hardware, but truly knowing and understanding financial and operating systems and the data underneath it.

“I learned how to get behind the scenes, access data, and analyze it,” he says. “And then I could report it, not just as numbers, but help interpret it, offering analysis and scenarios. It’s important for CPAs to be able to convey and communicate how to transform the underlying information into actionable information.”

Siler says the communication skills he developed helped identify him as a different type of CFO – one who can understand the business beyond the financial aspects of a CFO. “This was critical as it allowed my peers and my current organization to see that I was more than just a typical CFO and someone who took the initiative to learn the entire business,” he says.

After 25 years at Graebel and a career arc that took him from supervisor to manager to controller and finally to CFO, Siler felt ready for a change. He left Graebel and took a year-long vacation before accepting the CFO role at a smaller company where he found himself much more hands on with daily operations.

“It was a chance to get back to my roots and actually perform some of the financial operations,” he says. “Having my technical skills was critical as it allowed me to immediately engage and understand this new business.”

While he enjoyed the smaller company feel, Siler quickly discovered he missed being involved in the big-picture decisions that came from working for a large company. “I started asking myself if it was in my DNA to be CEO,” he says.

Two years later, ARC Relocation Services came calling. The company was seeking someone to step into their president and CEO role. Siler accepted. Siler says being a CFO before becoming CEO helped him learn how companies work starting at the transactional level. “You have to understand the entire flow from beginning to end. You want a CEO who understands risks, complexities, and contracts. To me, a CFO seems like a natural fit for that. With an overarching view of the company, CFOs have an advantage.”

For CFOs who would like to go on to become CEO, Siler recommends being open to listening and learning. “The more you understand about a company, the better you’ll do in your role as CFO,” he says. “You’re protecting the owners from risk. Having your CPA is critical to that foundational background.”

Siler says just five years ago, he might have said no to ARC’s offer, but now, he loves the role, position, and big-world view. “It’s a different mindset. I’m willing to take on the stress and pressure of the organization, but the key is being able to communicate with anyone at any time. The CEO is a combination of technical skills, stress, knowledge, and more than anything else, relationships and communication.”

Diversity Matters Even More: Insights from McKinsey & Company's Latest Report

BY JIM BRENDEL, CPA

In today’s fast-paced, ever-evolving global business landscape, diversity is no longer just a buzzword – it’s a strategic imperative. McKinsey & Company’s latest report, Diversity Matters Even More, builds on its previous studies and underscores the growing significance of diversity in driving business performance, innovation, and employee satisfaction.

In a study of more than 1,200 companies from across the globe, McKinsey found that the goals of achieving strong financial performance and creating an internal culture of transparency and inclusion are not mutually exclusive, but in fact are strongly related.

THE IMPORTANCE OF DIVERSITY

McKinsey’s work on diversity began with its groundbreaking 2015 report, Diversity Matters, which demonstrated a clear correlation between diversity and business performance. The findings were simple yet powerful: Companies with more diverse leadership teams tend to outperform their less-diverse peers in terms of profitability and value creation. Companies in the top quartile for ethnic and racial diversity were significantly more likely to have financial returns above their industry medians.

A 2020 report, Why Diversity Matters , further reinforced these findings, showing that the positive relationship between diversity and performance remains across different industries and geographical regions. In Diversity Matters Even More , McKinsey takes a deeper dive into the trends and outcomes that have shaped diversity efforts in the corporate world over the last few years.

DIVERSITY AND FINANCIAL PERFORMANCE

The 2023 report continues to show that diversity is not just a “nice-to-have” characteristic but a key driver of business performance. McKinsey found that companies with higher levels of gender and ethnic diversity are more likely to have above-average profitability. Organizations in the top quartile for ethnic diversity were 27% more likely to achieve financial returns above their peers, and those in the top quartile for gender diversity were 18% more likely to achieve financial overperformance.

Significantly, companies in the bottom quartile for gender and ethnicity diversity were 66% more likely to underperform their competitors financially. All of these gaps have steadily grown since McKinsey’s first report in 2015.

In addition to financial performance, companies with greater diversity also experience higher levels of innovation and more robust decision making. Diverse teams bring a variety of perspectives to problem solving, which leads to more creative solutions and better outcomes.

DIVERSITY IN LEADERSHIP:

A CRITICAL PRIORITY

Gender diversity on executive leadership teams and boards has increased substantially since McKinsey’s first study in 2015, while ethnic diversity has increased more slowly. McKinsey urges companies to focus on leadership diversity as a key lever for change. Diverse leadership teams tend to make more inclusive decisions, which, in turn, creates a more supportive and innovative organizational culture.

The report also highlights that the business case for diversity in leadership is stronger than ever. Diverse leaders are better equipped to navigate the complexities of a globalized market, to connect with a wider range of stakeholders, and to reflect the diverse customer bases that companies serve.

LEVERS FOR CHANGE

The report offers several practical recommendations for organizations looking to turn words into action:

• Commit to a systematic, purpose-led approach to benefit all stakeholders. Companies should frame and pursue their DEI aspirations – both internally and publicly – as core to their mission and embedded into their strategic goals.

• Embed your strategy in company-wide business initiatives while tailoring to local context. While DEI strategy is typically shaped at the top, giving local teams the ability to tailor to local contexts is key to building ownership and local impact.

• Prioritize belonging and inclusive practices to unlock performance. Diverse representation will have the most impact within a culture that fosters inclusion and belonging – which also facilitates retaining diverse talent, innovation, and customer centricity. This support should include making inclusive leadership the norm through management training and accountability, as well as providing high-impact support to affinity and employee resources groups (ERGs) to boost employee satisfaction.

• Embolden and activate champions and allies by providing adequate resources and support. The DEI efforts of individual leaders, particularly women, are often less high profile or officially rewarded, including their contributions to inclusive leadership,

allyship, and employee well-being. Companies that recognize these efforts and provide a supportive environment can help these leaders thrive. This support could include mentorship and sponsorship, as well as encouraging and celebrating allyship. Leaders could be measured on their contributions to DEI and employee wellness in their performance evaluations.

• Act on feedback, including dissenting voices. A culture of feedback on DEI strategy from the workforce and wider stakeholders can provide valuable insights, identifying both strengths and opportunities for change. Leaders can use routine company pulse surveys to collect feedback internally and social listening externally. It is important for dissenting voices to also be heard to pinpoint root causes of any roadblocks and contribute toward optimizing the impact of the DEI strategy.

McKinsey’s Diversity Matters Even More report presents a compelling case for why diversity is increasingly a critical factor in business success. The research makes it clear that diversity is not just a social issue, but a business imperative that drives financial performance, innovation, and long-term sustainability. As companies strive to navigate an increasingly complex and competitive landscape, embracing diversity – and holding themselves accountable for meaningful progress – will be key to achieving lasting success.

Retired as a Moss Adams partner since 2021, Jim Brendel is active in the community as a volunteer, board member, and audit committee member, and serves as chair of the COCPA Diversity, Equity, and Inclusion Committee. Reach him at jim. brendel1@outlook.com. To learn more about the committee’s activities, contact Stacy Svendsen at stacy@cocpa.org.

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Welcome, New COCPA Members

The COCPA welcomes the following new members, who joined between September and November 2024.

FELLOW MEMBERS

Michael Attridge

Lillian Avery

Andy Avila

Kari Barber

Courtney Barratt

Christopher Barratt

Scott Barry

Megan Bartsch

Shane Bohlender

Stephanie Cantrell

Grace Carlson

Blake Chidester

Campbell Cooksey

Vincent Coppola

Heather Crum

William Daniel

Carl Daugherty

Nicholas DiLuca

Kaycee Dolan

Katherine Doyle

ASSOCIATE MEMBERS

Giselle Abundez

Chase Brown

Jesus "David" Compean

Serenity DeFrancesco

Matthew Farley

Sajit Khadka

Lucien Layne

Kierstyn Leo

Oscar Lomeli

Marty MacCallum

Katelyn Miller

Anas Nafie

Bill Evert

Laura Flynn

Matthew Folgers

Travis "TJ" Garhart

Kevin Gay

Christopher Gentry

Monica Gerard

Michael Gibson

Stephanie Grasic

Emilee Gribben

Christie Guthrie

Darlene Hartmann

Katie Hettinger

Megan Hollingsworth

T Holman

Jaclyn Holowecky

Nicole Jackson

Deborah Jackson

Jada Jacques

Danielle Keen

Erin O'Connor

Tianna Poeck

Emma Schwarz

Sydney Skiles

Erica Talley

Adna Tipura

Elisha Titre

Ali Vance

Vince Viruni

Brianna Weatherspoon

Delaney Whalen

Jonathan Wintenburg

Sherri Kuhn

Suraj Kumar

Will Lanehart

Theresa Laurienti

Brian Lawrie

Lauren Levy

Megan Lewis

Oliver Little

Jessica Long

Cecily Lopez

Tingwei Ma

Julianne Malek

Stephen Mann

Christopher Manuszak

Meredith Marchand

Lance McMahon

Ryan McNamee

Jerrod Monsees

Michael Moran

Willie Mullin

STUDENT MEMBERS

Jenise Alexander

Holly Bacon

Leila Boland

Victoria Cardona Meza

Elizabeth Cihacek

Jasmine Cook

Rachel Cox

Christopher Dawson

Madeline Duffield

Isenia Fregoso

Nicole Gaynor

GET INVOLVED GET CONNECTED

Know any of these members? Reach out and welcome them to our community!

Visit the COCPA Member Directory at cocpa.org/member-directory.

Tammy Nelson

Emily Newton

Jessica Ng Loo

Jason Nicholson

Jonathon Noolas

Christine O'Connor

Kristina Oswald

Elle Otten

Matt Palen

Debra Patterson

Jessica Perez

Seth Phillips

Gabriel Quezada

Alexander Ritter

Todd Roberts

Caden Robinson

Tessa Schneider

Andrew Schulz

Danielle Shafer

Kimberly Sheahan

Cole Siders

Ryan Swift

Anna Tam

Margaret Thayer

Jennifer Todling

Sydney Turner

Jennifer Ulrich

Jose Vega Cancel

Nicholas Vehorn

Dyess Verfurth

Emily Visaez Andarcia

Kelsey Walla

Sierra Wallace

James Welch

Julia Wilcox

Lukas Wilson

Mark Wise

Liuzhe Zhang

Nicole Zichterman

Daniel Graney

Jarec Henderson

Courtney Hunt

Kiersten Johnson

Ryan Kertz

Camille Lamarque

Kendall Madine

Benjamin Michaels

Michael Portman

Thomas Rauchut

Janette Rodriguez Ibanez

Tanner Rozek

Kristal Sandoval

Vivian Siewert

Avrahm Skor

Alleepra Stutzman

Kawika Watt

Mabrion White

Kathleen Wortman

Madison Wright

New members, are you looking for a way to get involved, meet others, and connect with your new professional community? Whether your passion is serving on a committee, participating in a special-interest group, or bettering your community, find the opportunity that speaks to you and join in! For more information on volunteering, contact Stacy Svendsen at stacy@cocpa.org

MOVERS & SHAKERS

DIEGO J. BACA, CPA

Immediate Past COCPA Chair Diego J. Baca, CPA, was named to the Denver Business Journal 40 Under 40.

MICHAEL CHMELIK, CPA, AND NICOLE JURA, CPA

Michael Chmelik, CPA, and Nicole Jura, CPA, were named partners with Moss Adams, Denver.

STEPHANIE DANIELS, CPA, MACC

Stephanie Daniels, CPA, MAcc, has joined HCA HealthONE, Denver, as assistant controller.

SARAH FLISCHEL, CPA

Sarah Flischel, CPA, was awarded the AAFCPAs 2024 Innovation Award, and was one of 14 finalists for CPA.com's 2024 Innovative Practitioner Award.

WILL KERNS, CPA

Will Kerns, CPA, was promoted to Colorado market leader at Eide Bailly, Denver.

DARREL LOYD, CPA

Darrel Loyd, CPA, has joined Bennett Thrasher, Denver, as an assurance partner.

CAITLYN O'NEIL, CPA, MT

Caitlyn O'Neil, CPA, MT, has joined Topel Forman, LLC, Denver, as a senior tax associate.

CLASSIFIEDS

SELLING YOUR PRACTICE IN 2025 OR LOOKING TO PURCHASE A PRACTICE? LET’S TALK!

If 2025 is your year to sell, please call us today to start the process. Selling your firm is complex. ACCOUNTING BIZ BROKERS can help simplify the process! We have 31 years of combined experience selling CPA firms. We know your market, have a large database of active buyers, and work with industry specific lenders eager to assist buyers with financing. Kathy Brents, CPA, CBI, at 866-260-2793 or Kathy@AccountingBizBrokers.com, or visit our website: www.AccountingBizBrokers.com.

CURRENT LISTINGS: Colorado Based Virtual Payroll Service Gross $711k (Sale Pending)

DIANNE E. RAY, CPA, MPA

Former Colorado state auditor Dianne E. Ray, CPA, MPA, was appointed to a second term on the Governmental Accounting Standards Board.

FERNANDO VARELA, CPA

Fernando Varela, CPA, has joined CohnReznick, LLP, Denver, as a transaction advisory manager.

TOP 200 PRIVATE COLORADO COMPANIES

ColoradoBiz magazine named two Colorado CPA firms to its Top 200 Private Colorado Companies List: DWC CPAs and Advisors, with offices in Glenwood Springs, Grand Junction, and Montrose; and Boulder CPA Group, PC, in Boulder.

DWC CPAS AND ADVISORS, announced these staff members’ newly attained professional certifications: Ana Partas Hurlburt, Sydney Trichler, and Paul Vejraska, to certified public accountant; and Seth Knighton, to enrolled agent.

We extend our sympathies to the family and friends of the following COCPA members and friends:

Gerald “Jerry” E. Buchholz Longmont, member since 1966

Peter A. Firmin

Littleton, former dean, University of Denver College of Business Administration; and director of development, School of Accountancy

Joseph “Joe” A. Garin Denver, member since 1980

John “Trey” McCavit Denver, member since 2017

Former IRS District Director Jerry Mihlbachler Leaves a Legacy of Servant Leadership

Gerald “Jerry” L. Mihlbachler, a 50-year COCPA member who served as Colorado’s Internal Revenue Service (IRS) district director from 1974 until his retirement in 1988, passed away peacefully on Oct. 28, 2024, at age 92.

Jerry was a dedicated and highly respected Department of the Treasury public servant for 30 years. A promotion to the IRS’s Denver office came after he played a key role in unraveling the financial details of the infamous Watergate scandal.

Active in the COCPA and the AICPA, Jerry also worked tirelessly in support of Colorado’s Volunteer Income Tax Assistance (VITA) programs. More than once over the years, he was named volunteer of the year at the Aurora Senior Center for his VITA work, providing tax filing assistance and advice to senior citizens.

Mary E. Medley, retired COCPA CEO, remembers Jerry not only for his passion for supporting the CPA community, but also for his warm manner and willingness to go the extra mile.

“Though his position naturally commanded respect, former IRS District Director Gerald M. Mihlbachler, CPA, Retired, was ‘Jerry’ to me, the man I respected because of who he was and how he engaged with the CPA community,” Mary says.

LIGHTS, CAMERA, TAXES

In the 1980s, Mary and Jerry teamed up, along with other COCPA members, to appear on “Tax Talk,” a live cable television call-in show on United CableVision. The show launched in 1983, with Jerry participating from 1984 through 1986.

Jerry Mihlbachler joins now-retired COCPA CEO Mary Medley on the set of Tax Talk, a live call-in show that aired on United CableVision in the 1980s.

“Imagine: Call the number on your TV screen, and ask your question of the IRS district director and another COCPA member tax professional. Jerry made it fun and informative,” Mary remembers.

“A whip-smart, dedicated professional, Jerry always brought his problem-solving skill to the table, along with his ever-present smile and engaging demeanor,” she continues.

"I loved working with Jerry because I knew he would do everything possible to achieve the best outcome. He was a true servant leader long before the term was coined, and he inspired everyone with whom he worked to do their best."

A TRUE FAMILY MAN

Jerry was deeply devoted to his family, and was married for 58 years to wife Barbara. Together, Jerry and Barbara traveled throughout the United States and world. Avid hikers, campers, backpackers, and skiers, together they climbed all 54 Colorado fourteeners, Tanzania’s Mount Kilimanjaro, and to the second base camp at Mount Everest.

Other trips took them to 34 foreign countries, as well as state and national parks and monuments. Jerry also enjoyed tennis, golf, and playing basketball and softball on traveling senior Colorado teams.

Jerry and Barbara raised a loving family that included four children: Brian (wife Cathryn), Elizabeth, John (wife Angela), and Rosann (husband Shane). Sadly, wife Barbara, daughter Elizabeth, and brother Carl Bernard Mihlbachler preceded Jerry in death.

Six grandchildren survive him: Erin and Thomas Mihlbachler, J. Caserotti (Caz) and Zachary Mihlbachler, and Mackenzie and Hunter Bryant.

Donations may be made to the Alzheimer’s Foundation or Doctors Without Borders .

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Advance CPA Priorities

Empower our profession by supporting candidates who champion CPA priorities. Together, we can tackle key concerns such as:

Simplifying Tax Administration: Addressing Sales & Use Tax, Property Tax, TABOR Refunds and more.

Enhancing Business Climate: Reducing regulatory burdens.

CPA Workforce Development: Attracting talent and improving education.

“Through our support, we ensure our concerns are heard and have a seat at the table in decisions that affect us.”

– Randy Watkins, Audit Principal, BDO

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