TheDebitsandCredits
BetaAlphaPsiandSocietyofAccountingStudentsMonthlyNewsletter Issue #5. Vol #3. May 2024
AnotherYeartoCelebrate
By: Dr. Amanda Marcy
On May 2nd, the Accounting Department held its Annual Accounting Celebration, sponsored by Baker Tilly and PwC, in the Brennan Hall Rose Room. The event featured alumnus Mark W. Santarsiero (’80), President and CEO at Marshall & Stevens, Inc., as the keynotespeaker, who provided the students withadvice for career and life success. Dr. Amanda Marcy welcomedeveryonetotheeventfortheevening,andMs. Rose Jacklinski, Career Relations Manager from the Center for Career Development, provided the invocation. Drs. Ashley Stampone and Marcy highlighted the achievements of the Accounting program,faculty,students,andalumnioverthecourseof theyearandpresentedtheAccountingDepartmentHonoraryAwards:
Brian W. Carpenter Research Award:AmandaSerafin(’22),KPMG
Daniel P. Mahoney Mentoring Award:RobertGrasso(’98),Deloitte
John P. McLean Leadership Award:MarkSantarsiero(’80),Marshall&Stevens,Inc.
Michael O. Mensah Service Award:EnisMurtaj(’20,G’21),OCC
Douglas M. Boyle Ph.D. Outstanding Research Awards:
o Dr.SamanathaFalgout(Ph.D.‘24),NichollsStateUniversity
o BryantRichards,NicholsCollege
Accounting Department Professional Alumni Council:
o PatrickMcDonough(’98),MilwaukeeBucks
o PaulUrsich(’95),Wiss&Company
Dr. Marcy presented graduating BAP senior, Kaleigh Timmons, with the Sophie V. West Service Award, namedinhonorofthelateSophie West(’17),acknowledgingher dedicationtoacademic excellence,commitmenttoservice,andherloveforadventure.
Dr. Marcy also presented the BAP and SAS MVP Awards to thetopparticipatingBAPmemberandSASmemberbasedon their continued, extraordinary involvement in BAP and SAS professional, community service, and fundraising activities: AnnalisaMechanick(BAP)andCharlesHowley(SAS).
Additionally, Dr. Marcy, BAP and SAS Faculty Advisor, inducted nine new BAP members, honored 17 graduating seniors and three outgoing officers, and installed the 20242025 officers. Furthermore, Dr. Stampone, IMA Faculty
Advisor,recognizedtheoutgoingIMAofficers,andinstalledthe20242025 officers. She also recognized the 2024 CMA Scholarship recipients: Christiana Elikplim Amevegbe, Maria Scalisi, and Ramsha Siddiqui. Finally, Dr. Jeh-Hyun Cho, ACFE Faculty Advisor, recognizedthe2024-2025ACFEofficers.
Dr. Stampone closed the event by thanking everyone for coming, acknowledging those who helped coordinate the event, and the congratulatingeveryoneontheiraccomplishments.
Beta Alpha Psi Nu Kappa Chapter and Society of Accounting
KaleighTimmons, President
MadelynRonan, Vice President
NinaFigetakis, Secretary
JohnSheehan, Treasurer
BriannaKerrane, Social Engagement Dir.
RyanHanley, Junior Officer
Students Officers
RyanHanley, President
BriannaKerrane, Vice President
NinaFigetakis, Secretary
CharlesHowley, Treasurer
AlaynaWocniski, Social Engagement Dir.
Institute of Management Accountants Student Chapter Officers
SarahBoyle, President & Outreach
RyanHanley, Documentation
BrettMcCartney, Secretary
AnnalisaMechanick, Treasurer/Social Media
AndreaNavarro, Fundraising & Service
MadelynRonan, Advertising
RyanHanley, President & Outreach
RachelTuman, Documentation
BrettMcCartney, Secretary
AndreaNavarro, Treasurer/Social Media
DylanPortVliet, Fundraising & Service
IzabellaRose, Advertising Association of Certified Fraud Examiners Student Chapter Officers
2024-2025
GabrielleGreene, President
ShaneLayer, Secretary
ByronMaldonado, Treasurer
2023-2024 2024-2025
2023-2024 2024-2025
MeetYour2024-2025BAP&SASOfficers!
By: Ryan Hanley
Forthe2024-2025academicyear,BAPandSASwillhavetwonewofficersjoiningtheexecutive board,inadditiontothreereturningofficers.
RyanHanley,President
RyanisarisingJuniorAccountingandFinancedoublemajorfrom Dumont,NJ.Heis alsoin the Business Leadership Honors Program. In addition to Beta Alpha Psi, he will serve as President of the Institute of Management Accountants Student Chapter and CoPresident of PRISM next year. Additionally, Ryan writes business-related articles as a Staff Writer for The Aquinas. Outside of school, he enjoys golfing, fishing, and baseball card collecting and is a volunteer firefighter in his hometown.HealsorunshisownbusinessandisanavidNew York Rangers fan. His goal as the incoming President is to continue to increase younger student involvement by introducingafreshperspectiveandcreativeideas.
BriannaKerrane,VicePresident
Briis arisingGraduateStudentintheMAcc Program from NewHydePark,NY.Sheearnedher BSdegreeinAccounting,withminorsinBusinessAnalyticsand Business Leadership as part of the Class of 2024. She is a member of KWIB and serves as a Tutor on campus. She previously interned with MWSK Equipment and Grassi AdvisorsandhasanupcominginternshipwithEYthissummer. Outside of school, she enjoys Orange Theory and Bar Method andlovesspendinghersummersatthebeach.Asanofficer,she hopes to continue to serve KSOM students and her local communitybyactivelyplanningandparticipatinginnetworking andcommunityserviceevents.
NinaFigetakis,Secretary
Nina isarisingGraduate StudentintheMBAProgram,withaconcentrationinAccountingfrom Little Neck, NY. In May 2024, she earned her BS degree in Accounting with a minor in Forensic Accounting as part of the Business Honors Program. She was active in Colleges Against Cancer, KWIB, the Association of Certified Fraud Examiners (ACFE) Student Chapter, the United Cultures Organization (UCO), and intramural volleyball. She has previous work experience as a Business Analyst for Highway Safety Protection Corp. and interned at Wiss & Company, LLP in their audit practice. This summer, she will be interning in audit at Forvis. As Secretary, she intends to use her organizational skills to better track member attendance and engagement,aswellasbeinvolvedwithdifferentideastobettertheclubs.
CharlesHowley,Treasurer
Charlesisa risingsophomoreFinance major fromPutnamValley,NY. In addition to SAS, he writes business-related articles as a Staff Writer forTheAquinas.HeisalsoactivelyinvolvedinPRISMandparticipates in the Wall Street Bootcamp Program. Charles is an avid New York Giantsfan.AsTreasurer, Charlesintendstobringasense ofdedication andenthusiasmwhileensuringthattheorganizationremainssuccessful forthefuture!
AlaynaWocniski,SocialEngagementDirector
Alayna is a rising sophomore Accounting major, with a Business AnalyticsminorfromCampHill,PA.InadditiontoSAS,sheisinvolved inKWIB,PRISM,KindnessforChemo,andtheBusinessClub,andwill serve as an officer on the KSOM Advisory Board. Outside of the classroom, Alayna volunteers at animal shelters, and enjoys snowboarding. As Social Engagement Director, she intends to bring a fresh perspective and innovative ideas into BAP and SAS and hopes to increaseengagementandparticipation.
AlumniSpotlight:JeffreyColucci,CPA
By: Brianna Kerrane
JeffreyColucci,CPAis adistinguishedScranton alumniwhograduated withabachelor’s degree in Accounting and Finance in 2021. Jeff obtained all his CPA requirements quickly upon starting his career. During his time at theUniversity,Jeffwasveryinvolvedoncampusandparticipated inStudentGovernment(servingasVicePresidentandPresident), the Business Club, Scranton Emerging Leaders, Council for Diversity & Inclusion, Beta Alpha Psi (BAP), Society of Accounting Students, and the Association of Certified Fraud Examiners (ACFE), among other service commitments. Additionally,hereceived theinauguralSophieV.West Awardin hissenioryear.
Jeff interned at ConnectOneBank as a Finance Intern, MMQas a TaxIntern,andKPMGasanAuditIntern.Aftergainingvaluableexperiencefromhisinternships, JeffacceptedafulltimepositionatKPMGintheirNYCofficeandbeganhiscareertherefollowing graduation. Starting off as an Audit Associate, Jeff was promoted to Senior Audit Associate in May2023.
Like many companies, KPMG offers a hybrid work experience, so Jeff divides his time working onsitewithclients,intheoffice,andremotely.Whenheisnotinmeetingswithhisteamorclients, Jeffspendshistimefocusingonworkpapersanddocumentationprocessestoprepareforupcoming engagements. Jeff’s main responsibility is to complete daily tasks and oversee the work of incomingassociatesaswellastoreporttomanagersandpartnersaboutauditprogress.Jeffserves
as the primary client contact and coordinates requests for information and interactions among clients and his team. His other responsibility is to conduct testing of different financial statement accountstoensureaccuracyinreporting.
As of now, Jeff hopes to one day become a company CFO or take on a similar position in industry. Jeff emphasizes how much hard work pays off and how this lesson applies to both academic studies and strong work ethic. Jeff is an active Scranton alumnus and participates in many campusrecruitingeventsandotheractivities.Ifyou are interested in speaking to Jeff about his experiences orcareeropportunitiesatKPMG,then you should feel welcomed to reach out to him via LinkedIn.
“A
BookisaGiftYouCanOpenAgainandAgain”
By: Brianna Kerrane
BAP and SAS held its 4th annual children’s book drive April 8th-17th benefitting the United Neighborhood Centers (UNC) of Northeastern Pennsylvania. We hold this event annually in support of BAP’s “Donation of 100 Books to Support Literacy” campaign to promote literacy in our local communities.The past three years, we have been able to meet and well exceed our 100book goal. This year, we were able to donate 357 books to UNC, making this our most successful driveyet!
OnApril 17th,weheldourbookmarkmakingparty, where we collaborated with the Scranton Art Club to make over one hundred bookmarks decorated with personalized designs, stickers, and words of encouragement. The staff at UNC were so grateful for our generous donation and wanted to extend their appreciationtotherestoftheUniversity.
UNC locations provide affordable childcare services throughoutnortheasternPennsylvaniaincludingbefore-andafter school care and preschool services. UNC understands thatreliableandaccessiblechildcareisessentialforachild’s success and development and works to staff locations with experienced and licensed professionals. This wonderful association also provides community services to older citizens, young teenagers, housing aid, and careerandeducationguidance.
ExploringCareerOpportunitiesforStudentsattheIRS
By: Madelyn Ronan
Working for the Internal Revenue Service (IRS) provides a plethora of career opportunities for accounting students. From tax examination to criminal investigation, the IRS offersdiverse roles where accounting skills are highly valued. The IRS has established various programs aimed at students and recent graduates, providing them with internship and career development opportunities in fields such as Information Technology, Auditing, Investigations, Leadership, Management,andClericalroles.
ExploringCareerPathsattheIRS:
1. Tax Examiners reviewtaxreturns,ensurecompliancewithtaxlaws,anddeterminetaxesowed byindividualsorbusinesses.
2. Revenue Agents specialize in auditing and examining financial records to ensure compliance withtaxlawsandregulations.
3. Tax Specialists provideexpertiseonspecifictaxissuessuchascorporatetaxation,international taxation,andtaxlawinterpretation.
4. Criminal Investigators (Special Agents) investigate cases of tax fraud, evasion, and other financialcrimes.
5. Tax Compliance Officers work with individuals and businesses to ensure compliance with tax lawsandregulations.
IRSProgramsforStudents:
1. Pathways Program offers internship and long-term career development opportunities for studentsandrecentgraduateswithpotentialforconversiontopermanentpositions.
2. Internship Program provides paid opportunities for students to gain experience in Federal careersalignedwiththeiracademicgoals.
3. Recent Graduates Program isaone-yeardevelopmentalprogramforrecentgraduates,offering comprehensivetrainingandcareerdevelopmentopportunities.
4. Presidential Management Fellows (PMF) Program is a two-year leadership development program for outstanding individuals with advanced degrees, with the potential for conversion to permanentpositions.
5. Student Volunteer Program (SVP) offers unpaid training opportunities for high school and collegestudentstogainworkexperiencerelatedtotheiracademicprogram.
TheIRSisnotonlyaplaceforaccountingprofessionalstothrive,butalsoahubforcareergrowth anddevelopmentforstudentsandrecentgraduates.Withvariousprogramstailoredtosupporttheir transition into the workforce, the IRS aims to attract diverse talent and provide invaluable opportunities for those interested in pursuing careers in public service. To learn more and apply fortheseexcitingopportunities,visit IRSCareersStudentwebsitetoday.
Note:Theinformationprovidedhereisasummaryofcareeropportunitiesandprogramsavailable attheIRS.Fordetailedeligibilitycriteriaandapplicationprocesses,candidatesareencouragedto visittheofficialIRSwebsite.
FinancialFusionNetworkingEventforFutureFinancialLeaders
By: Kaleigh Timmons
OnTuesday,March19th,BAPhosteditsFinancialFusionNetworkingEvent.Thepurposeofthis event was to allow underclassmen students interested in accountingtheopportunitytonetworkwithandaskquestions ofourstudentsandfacultyinaninformalmanner. Thestudentsinvitedtothiseventwerethosewhohaveshown interest in accounting and/or demonstrated extraordinary performance in their introductory accounting courses. Networking events like these serve as invaluable opportunities for our students and faculty to connect, learn fromoneanother,andestablishmeaningfulrelationships.
Attheevent,17ofourBAPmembersandtwoofourfaculty members networked with 12 first-year and sophomore studentguests,sharingtheirexperiencesin theAccounting, Finance, and Business Analytics fields. This also gave the BAP members an opportunity to share their experience as BAP members, promoting the organization and its membership. Each student guest also received a certificate ofachievement.
BAP&SASMembersWinMVPAwards
By: Dr. Amanda Marcy
BAP and SAS are proud to announce the recipients of their 2023-2024 MVP Awards: Annalisa Mechanick(BAP)andCharlesHowley(SAS). Theseawardsarepresentedtothetopparticipating BAP memberandSASmemberbasedontheir continued,extraordinaryinvolvementinBAP and SASprofessional,communityservice,andfundraisingactivities.
Annalisa graduated with her BS in Accounting with minors in ForensicAccountingandPhilosophyinMay2023andherMAccin Forensic Accounting in May 2024. She was also in the Business Honors Program. In addition to her membership in BAP and SAS, shewasanofficerfortheIMAStudentChapter,campustourguide, and a member of Alpha Sigma Nu, Beta Gamma Sigma, Omega Beta Sigma. She will be working as an Audit Associate at KPMG intheirShortHills,NJofficewhilepursuingherCPAlicense.
"BAP has allowed me to form closer connections with my peers, professors, and alumni. I have always enjoyed attending meetings because I was able to learn more about opportunities in the accounting field, as well as participate in service activities. I can even say that because of BAP I got the chance to attend an accounting conference, giving me the opportunity to meet individuals from other schools, hear presentations from professionals, and explore a new city with my peers."
CharlesisarisingSophomoreFinancemajorintheBusinessHonorsProgram,involvedinPRISM, WallStreetBootCamp,Aquinas,andrecentlymadeaboardmember for KSAB. He is expected to graduate in May 2027 with a BS in Financewithaspirationsofworkinginhighfinance.
“SAS has been an incrediblelearning experience in terms of hearing from industry professionals, experienced upperclassmen, and generallygainingaclearerperspectiveontheaccountingprofession and its many avenues.”
Both members were honored with Certificates of Achievement and gifts at the Annual Accounting Dinner held on May 2nd . Congratulations,AnnalisaandCharles!
Want to be a contender for this coveted award for the 2024-2025 academicyear?Makesuretomeetandexceedtheminimumannualrequirementsformembership! If you have any questions regarding BAP or SAS membership requirements, please contact Dr. AmandaMarcy,FacultyAdvisor,orNinaFigetakis,Secretary.
SoothingtheBurn(out)
By: John Sheehan
Burnout is a state of emotional, physical, and mental exhaustion caused by excessive and prolongedstress.Itoccurswhenonefeelsoverwhelmed,emotionallydrained,andunabletomeet constant demands. There are five main factors which lead to burnout. First, long working hours paired with a high workload combines for increased pressure. This creates both physical and mental exhaustion. Typically, occurring during busy season, it is not uncommon for accountants to get burned out due to long hours. Next, lack of a work-life balance is a common trigger of burnout. When accountants consistently sacrifice worklifebalance,feelingsofburnoutcanbuildupovertime.In the accounting world specifically, ever changing regulations and standards puts increased pressure on workers.Itcanbetaxingtolearnnewstandardsyear-overyear. Fourth, for accountants in client facing roles, client expectationscanincrease feelingsofburnout.Highclient expectations can create increased pressure and induce a fear or making mistakes. Finally, lack of autonomy is a factor for burnout. At larger firms, employees may feel liketheyarea“coginamachine”anddonothavecontrolovertheirwork.
To spot burnout at your firm, watch for these signs: decline in performance, absenteeism and increased turnover, increased conflict and tension, and stale communication and collaboration. To preventburnout,firmscantakeanumberofactions. First, workload should bereevaluated to ensurethat excessive pressure is not put on workers. Second, firms should watch for micromanagement amongst management, which reduces autonomy of the staff. Also,providingflexibleschedulingandtakingother
actions to encourage a healthy work-life balance will reduce burnout throughout the workforce. Finally,offeringmentalhealthresourcesandsupportwithinthefirmmakeemployeesmorelikely toseekhelp.
On the other hand, staff should also prioritize their own wellness. Practicing self-care, setting boundaries, and managing yourworkloadareeffectivetactics to prevent burnout from occurring. It is important to remember that burnout is not uncommon, so emerging accountants should be preparedtoeffectivelynavigateburnoutthroughouttheircareers.
MemberSpotlight:JosephMazich
By: Nina Figetakis
Joseph Mazich, from Sparta, NJ, is rising Junior BAP member majoring in Business Analytics with a minor in Accounting. As a first-year student, he was selected as a member of the elite Special Jesuit Liberal Arts (SJLA) Honors Program which provides students with the opportunity to enhance their writing, oral and critical-thinking skills through specially designed courses in philosophy, theology, and literature. He is also involved on campus as a memberofPRISM.
“I chose to join Beta Alpha Psi because I felt that it is an extremely comprehensive society that will allow me to pursue both my professional and social goals. I am intrigued and excited to use the networking and alumni resources available as well as to participate in the community-based volunteer projects.”
Lastsummer,Josephparticipatedinatwo-weekjobshadowingprogramatNisivoccia,oneofthe top accounting firms in NJ. He learned to follow and engage in work with one of the firm’s data processors and analysts. After the program had ended, he was offered an internship role in the wealthmanagementbranchofthefirmwherehewillhelptoorganizeclientdatausingExceland SmartOffice. Also this past summer, he had the opportunity to participate as a representation of theCenterforServiceandSocialJusticeintheKinoBorderInitiative,locatedinNogales,Arizona. He collaborated in discussion with migrants, local ranchers,borderpatrol,andothervolunteers,seekingto understand the complex and national topic of immigration.
Joseph’sotheractivitiesoutsideofschoolincludesoccer,golf,traveling,andreading.Whenasked abouthisfuturecareergoals,heresponded, “Ultimately, Iwould loveto work in the financial side of the sports industry, either in the form of a player agent or a backroom staff of a particular organization. Sports area hugepassion ofmine, and working inthatbusiness sector wouldfillme with lots of happiness and enjoyment.”
CongratulationstoJosephforhisrecentinductionintoBetaAlphaPsi!Wecannotwaittoseewhat hehasinstorefortherestofhistimeatScranton!
AccountingKnowledgeIsPower
By: Ryan Hanley
“SeeHowMuchtheIRSisSendingfortheAverage2024TaxRefund” by Aimee Picchi
IRSdatadepictedthatthisyear’stypicaltaxrefundwillamountto$3,213,a4%increasefromlast year’s average refund. The rebound in 2024’s average refund may stem from the I.R.S.’s adjustmentsforinflation.
Readmoreat:https://www.cbsnews.com/news/tax-refund-2024-irs/
“SupremeCourttoDecideEstateTaxImpactofLifeInsuranceinCloselyHeld Businesses”
By: Carol Warley & Michael Reeves
The Supreme Court is expected to make a crucial decision regarding the estate tax impact of life insurance policies as received by “a closely held business and its shareholder redemption obligations.”Thecase,Connellyv.UnitedStates,washeardbytheSupremeCourtonMarch27th .
Readmoreat:https://www.thetaxadviser.com/news/2024/apr/supreme-court-to-decide-estate-taximpact-of-life-insurance-in-closely-held-businesses.html
“SECAdoptsClimate-RelatedDisclosureRule”
By: Bryan Strickland
The SEC adopted a climate-related rule that requires large accelerated filers to disclose Scope 1 and Scope 2 GHG beginning in 2026. This landmark decision is a massive step in the right directionforthosewhohopetoseegreaterEnvironmental,Social,andGoverance(ESG)policies implementedforlargecorporations.
Read more at: https://www.journalofaccountancy.com/news/2024/mar/sec-adopts-climaterelated-disclosure-rule.html
