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A Magazine for Friends of the Tippie College of Business Department of Accounting 2016


Mission Statement The national prominence of our department stems from the reputation for excellence of our programs and research of our faculty. A primary goal is to provide undergraduate and Master of Accountancy students with a broad and deep educational experience that will facilitate their professional growth. This objective entails providing students with a strong technical foundation in core accounting competencies; developing their skills in critical thinking, analysis, and communication; and fostering an awareness of ethical matters and a sense of professional integrity and judgment. We also seek to educate students from other departments in a manner that enables them to become informed users of accounting information. We aim to cultivate the future leaders in the academic community by training and working with doctoral students. Promoting the research enterprise, which requires faculty to update their professional skills continually by participating in the creation and dissemination of accounting knowledge, is critical in its own right and in accomplishing our curriculum goals.

The Iowa Ledger is an annual publication for alumni and friends of the Department of Accounting, Tippie College of Business, University of Iowa.

Editor Misti Huedepohl misti-huedepohl@uiowa.edu

Department Executive Officer

Designer

Amy An

Lisa Dutchik

Lecturer

Lecturer

Amy Belice Graphic Design

H. Scott Asay

Carl Follmer

Contributing Writers

Assistant Professor

Assistant Director, Accounting Writing Program

Ramji Balakrishnan C. Woody Thompson Professor of Accounting Director, RSM Institute of Accounting Education and Research

Cristi Gleason

Joyce Berg

Lecturer

Sidney G. Winter Professor of Accounting Director, Iowa Electronic Markets

Thomas J. Carroll The University community was proud to participate in the opening of the new Hancher Auditorium in September 2016. Photo by Justin Torner.

Daniel Collins daniel-collins@uiowa.edu

ACCOUNTING FACULTY

Lecturer and Director, M.Ac. Program

Daniel Collins Professor and Department Executive Officer Henry B. Tippie Research Chair in Accounting

Douglas DeJong Professor Lloyd J. and Thelma W. Palmer Professor of Accounting

Kevin J. Den Adel Lecturer and Director, Accounting Undergraduate Program

Associate Professor Henry B. Tippie Research Fellow

Robert Hartman Paul Hribar Leonard A. Hadley Research Professor of Accounting Director, Ph.D. Program in Accounting

Kevin S. Markle Assistant Professor

Samuel Melessa Assistant Professor

Richard Mergenthaler Assistant Professor Ernst & Young Research Fellow

Mary Murphy Adjunct Lecturer

Mark Penno Professor Ray William Shearman Research Fellow

Emily Archer Dan Collins Lesanne Fliehler Paul Hribar Marleen Linares Ruth Paarmann

Beta Alpha Psi members created hand-made blankets for donation to Iowa City community members. Community service is an important component required for membership in the Beta Alpha Psi student organization.

Contributing Photographers Emily Archer Katie Cannon Misti Huedepohl Joe Photo/IMPACT Photo Katie LaCroix Alexandra Marquardt Susan McClellen Brian Ray/hawkeyesports.com Justin A. Torner

Contact Us Your feedback is always welcome! Direct correspondence to: Misti Huedepohl Editor, The Iowa Ledger S208 PBB University of Iowa Iowa City, IA 52242-1994 319-335-1554 misti-huedepohl@uiowa.edu

FEATURES 8

Alumnus Ben Miller brings M.Ac. course full-circle

10 20

Bob Nicolls Named Outstanding Alumnus He encounters love for Hawkeyes all around the world

22

How Whistleblowing Changes the Game The power whistleblowers bring to penalties and punishments

Email your changes to alumni-records@uiowa.edu or mail to: Alumni Records, UI Alumni Association, 100 Levitt Center for University Advancement, University of Iowa, Iowa City, IA 52242-1797.

The University of Iowa prohibits discrimination in employment, educational programs, and activities on the basis of race, creed, color, religion, national origin, age, sex, pregnancy, disability, genetic information, status as a U.S. veteran, service in the U.S. military, sexual orientation, gender identity, associational preferences, or any other classification that deprives the person of consideration as an individual. The university also affirms its commitment to providing equal opportunities and equal access to university facilities. For additional information on nondiscrimination policies, contact the Director, Office of Equal Opportunity and Diversity, the University of Iowa, 202 Jessup Hall, Iowa City, IA, 52242-1316, 319-335-0705 (voice), 319-335-0697 (TDD), diversity@uiowa.edu. W24525/11-16

Balancing Business & Basketball Ally Disterhoft is exceptional in the classroom and on the court

Address Changes

Cover photo: Beautiful Hancher Auditorium was relocated on the University of Iowa campus after devastating flooding in 2008. The new auditorium opened September 2016. Photo by Justin A. Torner.

Master of Accountancy

HIGHLIGHTS 2

Letter from the Chair

26

Exploring New Ideas

3

Preparing for Tomorrow

30

Building a Better World

Applying Accounting

34

Honor Roll

14

Tippie College of Business

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Preparing for Tomorrow

From the Chair

ACCOUNTING DEPARTMENT ALUMNI AND FRIENDS: I want to begin with a feel-good story. One of the favorite parts of my job is sending thank-you letters to the many loyal alums who support the department through financial gifts to the University of Iowa Foundation. Outside gifts are used to support many things in our department that are simply not possible without outside support. As I was processing the August thank-you letters, I learned that one of our alums, Leonard Brcka, has been making gifts to the department for 51 straight years! Leonard is 96 years young and lives in Iowa City.

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The Iowa Ledger

Misti Huedepohl (editor of this magazine) and I visited Leonard recently and we have developed a short story about Leonard (p. 18) and why he has been so loyal to our department for all these years. I hope you will take time to read this story. Another feel-good story I’d like to share is the outstanding teaching skills and dedication of our faculty. Each spring, when undergraduate students apply for graduation, they complete a survey that asks them to identify faculty members who have made a significant difference in their educational experience at Iowa. A list of faculty mentioned in this exit survey is published in The Daily Iowan. This past year, we had eight faculty members who were mentioned by five or more students. No other department in the Tippie College had this many faculty mentioned. Recognized faculty members include Amy An, Joyce Berg, Kevin Den Adel, Cristi Gleason, Kevin Markle, Sam Melessa, Rick Mergenthaler and Jaron Wilde. We congratulate these outstanding faculty members for their dedication and commitment to making the classroom experience of our students the best that it can be. I have always maintained that a key to having engaging faculty in the classroom is to have faculty who are research active. Our faculty continue to excel in publishing cutting-edge research in the very best academic accounting journals, and in presenting this work both nationally and internationally. In the 2015-16 academic year, our faculty had 10 publications/acceptances in top-tier accounting journals, and they have presented their work in France, England, Germany, Spain, Ireland, Hong Kong, and China. We clearly have an internationally known accounting faculty here at Iowa. Further evidence of this is reflected in the fact that we have hosted visiting doctoral students for a semester of study from Australia, Germany, France, England, and China over the last five years.

Our undergraduate and master’s programs continue to receive national attention and are a source of pride for us. A 2016 survey of over 200 accounting department administrators across the country conducted by the Public Accounting Report ranks the University of Iowa’s BBA program 7th and the M.Ac. program 9th among mid-sized programs nationally. The first-time pass rate results for University of Iowa students on the national CPA exam in 2015 was 79.6%, which ranks our department 13th nationally among large programs (at least 60 candidates). Our pass rate ranks second behind the University of Wisconsin for Big Ten schools and is the highest in the state of Iowa. The national average first-time pass rate is 55%. Our local chapter of Beta Alpha Psi (BAP), the honorary organization for financial information/accounting students, received superior chapter status once again in 2015. This marks the 18th time out of the last 19 years that our chapter has received this status. This award was received for the chapter’s participation in various public service projects like Habitat for Humanity builds, Volunteer Income Tax Assistance programs, and participation in various regional and national BAP events. In closing, I hope you take as much pride in the accomplishments of our students and faculty as I do. I hope you will invest in the future success of our department by making a financial gift to our department through the UI Foundation. Please see the inside back cover of this edition of The Iowa Ledger for how to support our program. Together, we can accomplish great things! Thank you and best wishes. Dan Collins

Accounting Department Executive Officer Henry B. Tippie Research Chair in Accounting

Beta Alpha Psi Promoting Professionalism Beta Alpha Psi (BAP) is the international honorary organization for financial information professionals. It recognizes academic excellence; promotes interaction among students, faculty, and professionals; and encourages lifelong growth, service, and ethical conduct. The University of Iowa Alpha Pi Chapter of BAP was chartered on January 1, 1954, making it the 39th chapter to join the national organization. The objective of the UI chapter is to cultivate an increased interest and awareness of the accounting field, both in its members and in the other students on campus. We hope to instill in our members a desire

for continuing self-improvement, high moral and ethical standards, a sense of responsibility and service, and a respect of professionalism. We promote the collegiate study of accounting and encourage and recognize scholastic and professional excellence. The fellowship and ideas exchanged through the association among our members and practicing accountants will help us in reaching these goals. The BAP Organization was founded in 1919. Currently there are over 270 chapters worldwide on college and university campuses. Over 300,000 members have been initiated since the formation of BAP.

Beta Alpha Psi Officers Fall 2016 Alex Hardie—President Ben Hansen—Vice President Yanyu Zhang—VP of Reporting Xuna Yan—Asst. VP of Reporting Yuqi Liu—Treasurer Rebekah Jalilian-Nosraty—Asst. Treasurer Kelsi Larsen—VP of Community Service Matt Rosi—Asst. VP of Community Service Kelly Schmidt—VP of Communications Joyce Berg—Faculty Advisor

Tippie College of Business

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Preparing for Tomorrow PROFESSIONAL PROGRAM SUMMARY CPA Exam Performance Summary

80%

Summary of performance for the 2015 calendar year See below for first-time candidate performance compared to Big Ten institutions, Iowa State University, University of Northern Iowa, and the national average.

Congrats, Philip Harmelink

first-time pass rate

100%

80% pass rate for first-time candidates, which rates: 13th overall in the United States for large programs (at least 60 candidates).

Philip Harmelink, PhD82, was selected as the 2016 Business Professional of the Year in the education category by Beta Alpha Psi and was presented with an award at the national meeting of Beta Alpha Psi in Baltimore in August. He was selected for his contributions to academia, scholarship fundraising for accounting students, and his support for the Beta Alpha Psi chapter at the University of New Orleans. Harmelink is the Ernst & Young Professor of Accounting and chair of the Department of Accounting at the University of New Orleans.

employed after graduation

2nd overall among Big Ten institutions. Highest of the state of Iowa’s public universities. Significantly higher than the 55% national first-time pass rate.

Students provide a service to the Iowa City community by raking leaves.

Summary of performance for the 2012-2015 calendar years See next page for first-time candidate performance from 2012-2015 compared to Big Ten institutions, Iowa State University, University of Northern Iowa, and the national average. 75% pass rate for first-time candidates, which rates:

First-time Pass Rates

Weighted

3rd overall among Big Ten institutions.

School

Highest of the State of Iowa’s public universities.

BIG TEN CONFERENCE Wisconsin 84.5% 87.3% 83.8% 82.9% 84.5%

Significantly higher than the 55% national first-time pass rate.

2015 First-time CPA Exam Performance

School

BIG TEN CONFERENCE Wisconsin

Number of Number of Candidates Exam Sections

Percent Passed

Average Score

(Pass = 75)

202 510 84.5 83.3

2015

2014

2013

2012 Average*

Michigan

77.9 82.7 83.4 81.8 81.1

Iowa

79.6 74.3 71.7 74.5 75.2

Indiana

69.2 71.5 73.0 72.5 71.7

Michigan State 73.1 73.9 69.8 70.1 71.6 Minnesota

65.9 65.5 73.1 70.8 69.1

Nebraska

68.2 65.9 69.5 70.3 68.5

Illinois

67.2 66.9 65.8 65.4 66.4

80.4

Ohio State

66.8 65.5 68.0 59.0 65.7

Michigan

135 375 77.9 82.2

Penn State

67.9 65.2 59.9 59.7 63.0

Michigan State

327

Maryland

64.8 63.0 63.8 55.3 61.8

Indiana

364 834 69.2 77.7

Purdue

57.9 49.9 54.3 55.5 54.6

Nebraska

110 255 68.2 77.0

Rutgers

51.2 50.2 46.5 48.8 49.2

Penn State

427

Illinois

657 1,721 67.2 77.1

Ohio State

410

Minnesota

213 499 65.9 75.5

Maryland

226 466 64.8 76.2

Purdue

215 504 57.9 73.9

Rutgers

515 955 51.2 70.8

Iowa

Beta Alpha Psi provides opportunities for students to develop professional networking skills and explore careers in the accounting field.

2012-2015 First-time CPA Exam Performance

174

441 711

941 936

Weighted Average*

79.6 73.1

67.9 66.8

67.5

78.7

76.8 77.2

77.0

IOWA PUBLIC UNIVERSITIES Northern Iowa

64.4% 65.8% 69.6% 58.7% 64.0%

Iowa State

58.1 45.5 57.5 57.1 54.6

Iowa

79.6 74.3 71.7 74.5 75.2

ALL CANDIDATES 55.0 55.0 54.6 54.3 54.7 * Weighted by the number of exam sections taken. Source: Uniform CPA Examination Candidate Performance, Appendix B-1 (2015) and Appendix C

IOWA PUBLIC UNIVERSITIES Northern Iowa

Weighted Average* 67.5% 67.4% 66.6% 66.0% 66.9%

71

236

64.4

76.7

Iowa State

114

241

58.1

74.7

Iowa

174 441 79.6 80.4

ALL CANDIDATES 70,209 140,101

55.0

72.6

*Weighted by the number of exam sections taken.

(2012-14), National Association of State Boards of Accountancy (NASBA).

Deloitte Case Competition A student team represented the Tippie College at the Deloitte Central Region Audit Case Competition in Chicago. Students presented a case on revenue recognition to a panel of four Deloitte partners. Other competing schools in the central region were DePaul, Illinois, Marquette (2nd place), Nebraska, Wisconsin, Loyola (Chicago), and Saint Benedict/Saint John’s (1st place). Pictured is Team Tippie which included Elliott Smith, Rebekah Jalilian-Nosraty, Yanyu Zhang, James Havran, and Austin Moss.

Source: 2015 Candidate Performance on the Uniform CPA Examination, Appendix B-1, National Association of State Boards of Accountancy (NASBA). 4

The Iowa Ledger

Tippie College of Business

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Preparing for Tomorrow

Ph.D. Program

Congratulations to Brad Hepfer and Christopher Small, who completed the Ph.D. program in May. Pictured are the dissertation chairs Dan Collins, Cristi Gleason, and Paul Hribar. Brad joined the faculty at the May School of Business at Texas A &M University and Christopher accepted a position at Joseph Rotman School of Management at the University of Toronto in Toronto, Canada.

Brad Badertscher MBA01, PhD07

Jeffrey Burks PhD07

PhD Alum Update Congratulations to Brad Badertscher, MBA01, PhD07, who was promoted to full professor at the University of Notre Dame’s Mendoza College of Business. Brad earned a bachelor’s degree in actuarial science from the University of Nebraska—Kearney and his MBA and Ph.D. in accounting from the University of Iowa. He is a member of the editorial advisory and review board for The Accounting Review and The Journal of Financial Reporting. Jeffrey Burks, PhD07, associate professor of accountancy at the University of Notre Dame’s Mendoza College of Business recently published a study, “Accounting Errors in Nonprofit Organizations,” in the journal Accounting Horizons. The study revealed nonprofits make accounting errors at a relatively high rate— almost twice that of similar-sized for-profit corporations.

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The Iowa Ledger

DEAR FRIENDS AND ALUMNI, It has been a tremendous year for our Ph.D. program and I want to share some of our accomplishments with you. This year, the Financial Accounting and Reporting Section of the American Accounting Association introduced the Distinguished Ph.D. Mentoring Award to recognize an individual’s distinguished efforts in teaching and mentoring doctoral students over the course of his/her career. The recipient of this prestigious national award was none other than our own Dan Collins. Dan received his doctorate from the University of Iowa in 1973 and has been a tenured faculty member at Iowa since 1978. Dan has been instrumental in making the Iowa Ph.D. program one of the most respected programs nationally. It is also a testament to the remarkable success of our graduates of this program that Dan would be chosen as the inaugural recipient of this national award. Congratulations, Dan, and to all the graduates of the Iowa Ph.D. program—this is something we can all be proud of! This October, we once again hosted the Sidney Winter Lecture series. This biannual event brings our Ph.D. alumni back to Iowa City for two days to hear from some of the most prominent researchers in accounting. This year is special because it is a celebration of the success of the Iowa Ph.D. program and a recognition that some of the top researchers are our very own graduates. Ramji Balakrishnan assembled a list of six speakers that represented a variety of Ph.D. alumni at various ages and stages of their careers. In addition to myself (PhD 2000), the list of speakers also included S.P. Kothari (PhD86), Ed Maydew (PhD93), Hollis Skaife (PhD97), Guojin Gong (PhD05), and JaeWoo Kim (PhD13). The lifeblood of accounting

researchers is publishing in top-tier journals. Editorial positions at these journals are highly coveted and awarded only to the most respected researchers in the field. This year, three Iowa alumni accepted editorial positions at some of the top journals in the field. Mike Welker PhD93, agreed to serve as editor-in-chief at Contemporary Accounting Research, Shiva Rajgopal, PhD98, became the co-departmental editor for accounting at Management Science, and Brad Badertscher PhD07, will become an editor for The Accounting Review under Senior Editor Mary Barth. Congratulations, Mike, Shiva, and Brad! These are exceptionally prestigious appointments and ensures that Iowa alumni will continue to be influential in shaping the landscape of accounting research. Last year, three students accepted full-time positions at academic institutions. Bradford Hepfer accepted a full-time tenure-track position at Texas A&M University after completing a Hawkeye trifecta by obtaining bachelor’s, master’s, and doctorate degrees in accounting all from the University of Iowa. Christopher Small completed his doctorate and accepted a full-time tenure-track position at the University of Toronto, Canada. Chris also holds a master’s degree from Harvard University and a bachelor’s degree from Benedictine College. Justin Wood accepted a fulltime tenure-track position at Idaho State University, although we expect to see him back on campus this year to formally defend his dissertation and receive his doctorate degree. Congratulations to Brad, Chris, and Justin as they start their academic careers. We also welcomed three new students into the Ph.D. program. Yunchen (Betty) Liu received her undergraduate degree in econom-

ics from the University of Chicago. Chandrani Chatterjee received a bachelor’s degree in accounting from Ranchi University and a master’s degree from Indira Gandhi National Open University. Xiaodong Zhao received his bachelor’s degree from Shandong University and master’s degree in accounting from the University of Maryland. Betty, Chandrani, and Xiaodong have settled in nicely and are currently taking the revised economics Ph.D. course sequence, so expect to see them wandering the halls of the Pappajohn Business Building with glossy eyes and vacant stares all semester. Once again, I want to express a sincere thank you to alumni and friends who contribute to the Ph.D. program. We currently have two funds providing direct support to the Ph.D. program. The Iowa Accounting Ph.D. Fellowship Fund provides supplemental fellowship support to our doctoral students, which helps us recruit students and compete with the top Ph.D. programs at other public and private institutions. This fund was launched by a generous

gift from a non-Ph.D. alumnus, and has since received contributions from many of our outstanding Ph.D. alumni. We also have the Accounting Ph.D. Support Fund, which provides funding for travel and other supplemental expenses for our Ph.D. students. Anyone wishing to contribute to either of these funds can do so by sending a check to the department and designating either “Ph.D. Fellowship Fund” or “Ph.D. Support Fund” or you can contribute online at www.givetoiowa.org/accounting. Thank you, all, for your continued support of our nationally ranked program. Given the size of our program and the resources we have, the accomplishments of our graduates never ceases to amaze me. It is truly a pleasure to be able to write each year about the great things that our graduates do. Best wishes,

Paul Hribar Director, Ph.D. Program in Accounting Leonard A. Hadley Research Professor of Accounting

Tippie College of Business

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Preparing for Tomorrow

Master of Accountancy Advanced Auditing Course Goes Full-Circle Once a student consulting for class credit himself, alum Ben Miller returns to Tippie to enlist students as consultants. Six years ago, when Ben Miller, BBA10, MAc11, was a student in the Master of Accountancy (M.Ac.) program, he enrolled in the Advanced Auditing course. The course focuses on applying auditing skills by creating opportunities for students to execute what they’ve learned with real-life clients. “I valued the real-world application from this course,” says Miller. “It is one thing to memorize or read about principles, rules, and theories, but it takes a more in-depth understanding of the knowledge to apply it.” Today, Miller is controller for Illini Precast in Westchester, Ill. When the company experienced a surge of rapid growth, he felt his team could benefit from an outsider’s perspective. “Many departments, including the accounting team, needed to update or create controls and procedures to handle the growth,” says Miller. Miller connected with his past instructor, Kevin Den Adel, accounting lecturer, to pro-

pose the idea of Tippie students working with Illini Precast on a class project. “I thought it would be a fun challenge that would give the students experience while assisting me in improving our controls,” he says. Over the next several months, students reviewed the existing controls and procedures, identified weak areas, and suggested new or improved controls to help strengthen the organization. Matt Folgers, a junior accounting major from Mokena, Ill., was assigned to review Illini Precast’s purchasing processes. He says he found meeting with Miller extremely beneficial to better understand the company’s needs. “It taught me just how cost-oriented the decision-making process is for management,” says Folgers. “Even when we agreed on the benefits of a change, it had to be compared relative to the cost, and alternatives that could potentially be a more beneficial use of resources.” Students faced challenges during the class project, Folgers says. “Justifying our recommendations to managers with years of industry experience, and a bit of bias against change, was sometimes an issue. We had to effectively convey how

Students of the Advanced Auditing course visited the office and manufacturing facility at Illini Precast to better understand the client and the scope of the project.

the benefits of our recommendations would outweigh the initial implementation costs, and would be necessary for the organization to sustain operational growth.” The students’ recommendations were seriously considered and several were implemented immediately and many continue to be, says Miller. “I always find it helpful to have an outside party take an objective look at your work. They often identify things that you glaze over or just don’t notice anymore as you consider them either normal or fail to notice the impact that it could have,” he says. This was the first time Den Adel has partnered with an organization outside of Iowa City for a class project. “In fact, this client was out of state and four hours away, so that created a few additional obstacles, but we worked to overcome them,” he says. Since regular face-to- face meetings weren’t an option, students used email and video conferencing to meet with representatives of Illini Precast throughout the semester. “Early in the semester, the class traveled to Illini Precast where students met directly with Ben and his team and we toured their production facility in Marseilles, Ill,” says Den Adel. “This trip was on the students’ personal time and I was pleased that almost the entire class was able to attend. I also greatly appreciate Ben’s willingness to partner with our students.” A face-to-face meeting with students was important to Miller. “I wanted the students to meet us and get an understanding of what we do at Illini Precast,” he says. “I feel there’s a big push to do things remotely, but there’s always something to gain from face-to-face interaction.”

Den Adel is open to partnering on consulting projects again in future semesters. If you have questions about the Advanced Auditing course or if your organization

Alvin Roth speaks about his noted kidney (transplant) exchange program.

Nobel Prize Winner Visits Tippie Nobel Laureate and Stanford University Economics Professor Alvin Roth studies the design of markets. Using game theory as the core, Roth’s most famous design is the donor kidney exchange, which matches those needing an organ transplant with a compatible donor. The design has increased both the number and efficiency of kidney transplants. Last fall, Roth visited the University of Iowa where he gave a lecture in the College of Business on the kidney exchange program. Topics included the development of an option for transplant candidates who have a living donor who is medically able but can’t donate a kidney due to incompatibility by pairing them with another couple in the same situation. Among other work, Roth has directed the redesign of the National Resident Matching Program, through which newly graduated doctors find their first employment as residents in hospitals. He has also designed elementary school matching programs where parents supply their preferences for particular schools in the school system they and their children reside in. Roth is a sought-after advisor to Silicon Valley for his design of exchanges. His visit to campus was a collaboration between the Carver College of Medicine, the Tippie College of Business, the Distinguished Biomedical Scholars Lecture Series, and the Ida Beam Distinguished Lecture Series.

would like to work with M.Ac. students for a semester, please contact Kevin Den Adel at kevin-denadel@uiowa.edu. 8

The Iowa Ledger

Tippie College of Business

9


g n i c n a l a B s s e n i s Bu & l l a b t e k s Ba ure t a n e v i t i t t e Co mp Disterhof s drive

10 The Iowa Ledger

As a Hawkeye women’s basketball player, direct admit to the Tippie College of Business, finance and accounting major, and an Academic All-American, it’s clear that Ally Disterhoft doesn’t shy away from a challenge. “I don’t know what I’d do with spare time if I had it,” she says. “I feel like I’d go crazy or something.” Her driven nature comes from growing up in a competitive environment. Her mother played basketball and softball for Drake University, playing with the same women who coach Ally today, and she inspired Ally to be a student athlete in college. “It was something my mom and I really bonded over,” said Ally. Ally started playing basketball when she was in fourth grade, and made history as the girl looking at the court in Carver and dreaming of becoming a college basketball player on the “Dream Big” poster for the Iowa Women’s Basketball team in 2004. She worked her way up the ranks, playing part-time on her varsity basketball team during her freshman year of high school. By her senior year, she was receiving offers from different colleges to play basketball for them, but she waited for the call from the University of Iowa. “In the back of my mind, I think I always knew I wanted to be a Hawkeye.” As an Iowa City native, Ally wanted a place where her family could easily watch her play as well as the athletic experience that comes with playing at a Division I school. “I trusted the coaches. I met a lot of the girls on the team. I felt really comfortable with them,” she said. Ally also thought the University of Iowa had a great balance of athletics with academics that she couldn’t find anywhere else. That’s how she found the Tippie College of Business. Tippie College of Business 11


Ally’s Athletic Stats Position: Guard Height: 6 ft.

High School: Iowa City West Hometown: Iowa City, Iowa

2016 Second Team All-Big Ten

2016 CoSIDA Academic All-America of the Year

2016 First Team CoSIDA Capital One Academic All-American 2016 Academic All-Big Ten

2016 Big Ten Sportsmanship Award 2015 Second Team All-Big Ten

2015 Third Team CoSIDA Capital One Academic All-American 2015 Academic All-Big Ten

2015 Big Ten Distinguished Scholar 2015 Dean’s List (fall & spring)

2014 Big Ten All-Freshman Team

2014 Honorable mention All-Big Ten by league coaches and media 2014 Big Ten All-Tournament Team

Tippie Undergraduate Accounting Criteria 3.6 high school GPA

26 or higher composite ACT score

Additional Accounting Requirements 3.0 UI and cumulative GPA

A 2.67 average in ACCT:2100 Introduction to Financial Accounting and ACCT:2200 Managerial Accounting

Passing score on the writing skills assessment 12 The Iowa Ledger

“I’ve always recognized that athletics are very important. I was recruited here for a reason,” Ally said. “But I’m here to have a great education because at the end of the day, you’re going to hang up the jersey.” Ally knew she was in good hands at Tippie, so she applied for direct admission. She was interested in business, but wasn’t sure exactly what she wanted to study within the college. She discovered a natural interest in accounting and finance after taking a class in high school. And like her mother imparted her knowledge of basketball, her father, Jeff Disterhoft, MBA03, gave her insight into the banking world. Jeff is president and CEO of the University of Iowa Community Credit Union. “The apple doesn’t fall far from the tree,” she jokes. Ally had a firsthand glimpse of what it’s like to work with numbers in a professional setting by visiting her dad’s office as a kid on Bring Your Child to Work days. When Ally came to Tippie as a direct admit, she enrolled in all the intro business classes, but it was still the accounting and finance classes that most resonated with her. “I really wanted to challenge myself,” Ally said. “I found that the courses that pushed me the most and the classes I was most interested in were definitely my finance and accounting classes.” While Ally spends most of her time between basketball and her studies, she says she rarely mixes the two. When she’s at a game, she concentrates on the court, and in her classes, she is focused on the task at hand. In between practices, games, and studying, Ally has found time to do other extracurriculars, from the Hawkinson Institute (Tippie’s undergraduate investment banking program) to Athletes in Action, to a short stint in the University of Iowa Student Government. “It definitely takes great timemanagement skills,” Ally said. “I some-

times have to sacrifice having a social life because sometimes it doesn’t feel like there are enough hours in the day.” Because of her competitive nature, Ally enjoys the challenge of balancing her full academic plate, being a student athlete, participating in all the student orgs she can, and meeting new people on campus. She was also awarded the 2015-16 Academic All-America of the Year honors. She is the youngest athlete to have received this honor and has the highest GPA of all the Academic All-Americans. “I put in a ton of work and to see that rewarded was a really good feeling,” she said. On top of it all, Ally took an internship in Chicago with PwC over the summer as an assurance intern. She worked closely with her co-workers on core insurance practice and pharmaceutical and health care practices. She wasn’t allowed to leave her basketball practices behind while in Chicago— Ally had full days, working an 8-to-5 then going straight to the gym to keep up with her basketball training schedule. Her internship experience left her feeling excited for a professional career in finance after graduation, which she says will make hanging up the jersey at the end of her basketball career a little easier. While she still has time to choose whether or not to go pro, Ally said nothing can really compare to college basketball. “You have people playing together because they love the sport. It’s that comradery that you have with the team,” said Ally. Next summer Ally will work at Barclays investment bank in New York City as an analyst, and she will graduate in December 2017. After that she still plans on keeping basketball in her life, playing in local community teams, and telling everyone about her glory days at the University of Iowa “like old people do.” Tippie College of Business 13


Applying Accounting Professional Accounting Council field trip

Thank You, PAC Members The Professional Accounting Council (PAC) consists of professionals representing public accounting, private industry, academia, government, and not-for-profit sectors. They serve as an important link between the Department of Accounting and the professional accounting community by providing valuable input to our curriculum improvement initiatives. They are indispensable to ensuring that our graduates are equipped with the skills and knowledge employers require today. The PAC is financed entirely by contributions from active and sustaining members. PAC member financial support helps fund first-year accounting scholarships and the Accounting Writing Program. Our department wishes to express our deepest gratitude for the generous support and counsel of former and current PAC members.

Typically PAC members meet in the Pappajohn Business Building, but this time they added a stop at Hancher Auditorium performing arts center in honor of its grand opening in September. During June 2008, the University of Iowa sustained the worst natural disaster in its history when severe flooding sent the Iowa River out of its banks and into the campus and Iowa City communities. Hancher was damaged beyond repair and has been reconstructed near the old auditorium, but on higher ground.

1 Joe Ceryanec, Chief Financial Officer, Meredith Corporation

2 Jorge Garcia, Senior Vice President and Corporate Comptroller, Popular Inc.

3 David Kirkpatrick, sustaining member 4 Chuck Mersch, CFA, FRM, Senior Finance Manager, Transamerica

5 Todd Caven, Managing Director, Saguaro Capital Partners

6 Stephen Belyn, Managing Director/Corporate Finance-Transaction Advisory Services, FTI Consulting Inc.

7 Nicole Thorne Jenkins, Associate Professor,

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University of Kentucky

8 Tiffani Conrey, Chief Financial Officer and

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Treasurer, Skogman Companies

9 Joe McCarragher, Partner, Tax, RSM US 10 Wolfe Tone, Partner and National Tax Leader,

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Deloitte

11 Gordon Epping, CPA, sustaining member 12 Jeff Westhoff, Controller, John Deere Power Products

13 Gregory Ellison, CPA, Resident Partner, Banks, Finley, White & Co. Certified Public Accountants

14 Steven Buesing, Vice President & Controller, Commercial Systems, Rockwell Collins

15 Bob Nicolls, CPA, Monarch Investment & Management Group

FIRST-YEAR SCHOLARSHIP RECIPIENTS Thank you to the Professional Accounting Council for its support in making one of the First-Year Scholarships possible. Recipients of the First-Year Scholarship are (back row left) Jake Smalling, Jarrett Benson, Tyler Brinning, Michael Gerot, Judson White, Kyle Speckman, William Towne. (Front left) Macy Meredith, Arthur Brown, Alexander Palensky, Anna Barrera, Paige Overmohle.

14 The Iowa Ledger

16 Michael Trettin, Auditing Managing Director, KPMG Not pictured: • Kyle Cannon, Partner, Ernst & Young International Tax Service

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• Steve Klyn, Vice President and Chief Financial Officer, International Equipment Solutions • Melissa Koeppel, Partner, National Leadership Team, Grant Thornton LLP • Chad Kokenge, National Leader, Transaction Services—Capital Marketing and Accounting Advisory Services, PwC

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Tippie College of Business 15


Applying Accounting Cannon: In public accounting especially, we seek a diverse workforce, but the talent pool has not reflected our needs. The PAC has worked closely with the Tippie College of Business and the Department of Accounting to highlight this issue and take action.

After completing a fouryear term on the Professional Accounting Council (PAC), Kyle Cannon, partner at Ernst & Young, specializing in international tax in Minneapolis, is ready for another term. He takes us inside the PAC as he shares his experience as a member with The Iowa Ledger.

PAC Member Profile International tax specialist Kyle Cannon helps keep Tippie adapting to industry needs

Ledger: Tell us what it’s like to be a member of the Professional Accounting Council. Cannon: Being a member of the PAC has been a really interesting experience. An interdependent relationship exists between the industry, who hires candidates, and schools who develop the candidates. When the two cultures are aligned, the better it is for everyone.

Ledger: In what ways have you seen the PAC collaborate with the Department of Accounting?

professional world. The PAC has an open dialogue with the Department of Accounting about specific skills needed on the job. This collaboration, back and forth, is important. We also talk about where the industry is headed and future industry needs as well. One example where the Department of Accounting has really responded is in the Accounting Writing Program. The industry needs professionals who are experienced in business writing but this had been an area where, historically, many students have been lacking. Discussions with PAC members and other industry professionals helped push the Department of Accounting to expand the curriculum to ensure every accounting course includes writing elements in order to build students’ professional writing skills. Tippie students are entering the workforce with more writing experience and that is critical.

Cannon: By the time a candidate is at my door, I am looking for an employee who is ready to work in the 16 The Iowa Ledger

Ledger: In what other ways has the PAC collaborated with the department?

As a result, the Tippie Gateway Program was launched in 2014. It focuses on engaging underrepresented minority high school students and connecting them to business education, and the accounting profession. Watching the Gateway Program come to life has been inspiring for me personally.

willing to make adjustments whether the topic is analytics, technology, writing, etc. I can’t speak to what other academic institutions are doing, but Tippie is very aware of industry needs and adapting to that. I also enjoy the professional networking opportunities as a PAC member. We meet twice each year, and I enjoy the time I spend with fellow alumni who may work for private industry, academia, or a competitor’s public accounting firm. But it doesn’t matter if someone is a competitor, because we’re all there to support Tippie and build a better program. When we’re in that room, we’re all Hawkeyes.

Ledger: Have you been directly involved in the Tippie Gateway Program?

Ledger: Tell us about your career and specialization.

Cannon: Yes, I had the

Cannon: When I was

opportunity to serve as a panel judge last summer when Gateway was in its second year. It was fascinating to see teams of high school students learn new things together. They delivered a presentation before the panel of judges and we gave them real-time feedback. My hope is that someday some of the Gateway students will consider accounting as a major (hopefully at Tippie)!

a student, I attended a campus career fair and had an interview with Ernst & Young. I was offered a job in Minneapolis as a staff auditor in 1999. Eventually, I was offered the opportunity to work on a large-scale international tax project. It was an intense project with tight deadlines and a heavy workload and I loved it. I asked to be moved to the international tax team and I’ve been there ever since.

Ledger: What do you enjoy most about serving on the PAC?

Ledger: Where are you originally from?

Cannon: I’ve gotten to know

Cannon: Morton, Illinois.

the leadership at Tippie and the accounting faculty, and I see how dedicated they are in developing their students. Tippie is not executing academics in a vacuum. They are actively seeking feedback to develop and tweak curricula, and they are

Ledger: Why did you choose the University of Iowa?

Stephen Belyn Receives Tippie College’s Alum of the Year Stephane Belyn, BBA91, was named the Tippie College Alum of the Year at the collegiate recognition reception last spring. Belyn is managing director in FTI Consulting’s Lender Services practice where he performs accounting due diligence on the credits of large financial institutions. He serves as president of Tippie’s Professional Accounting Council (PAC). In the spring of 2015, Belyn became involved in Tippie’s inaugural Gateway Program to introduce business education, careers in business and the University of Iowa to high school students from diverse, first-generation or lowincome backgrounds. Belyn and his wife then established the Stephen and Pamela Belyn Fund to provide resources for the program and to provide scholarship assistance for participants from Chicago and the surrounding suburbs.

Cannon: My answer is simple. I loved the campus. It was beautiful and I felt at home. Tippie College of Business 17


Applying Accounting Alumni News Bonnie (Russell) Beardsworth, BBA89, was named one of the Corridor Business Journal’s Financial Executives of the Year in the community service category for her work with the Entrepreneurial Services Group LLC. Daniel Brown, BBA13, is an assurance senior associate with RSM LLP in Cedar Rapids, Iowa. He lives in North Liberty, Iowa. Janis K. (Fairbank) Cummings, BBA84, is an accountant at Union Capital Mortgage in Mentor, Ohio.

At 96, Leonard Brcka lives in Iowa City and has given financial support to the Department of Accounting for more than half his life.

Long-term Commitment When Leonard Brcka started his education at the University of Iowa in 1940, little did he know it was the beginning of a very long-term relationship. While a student, Leonard did what many students do; he found employment on campus. He worked in the university’s Business Office in the afternoon and attended classes in the morning. His love of numbers made him a natural fit as an accounting major, and after he completed his degree, he accepted a full-time position at the UI Business Office where he would stay until 1983. At the peak of Leonard’s career, he held the position of controller and university secretary overseeing a staff of 65 people in the university’s Treasurer’s Office. His role included processing over 1,200 grants and contracts and his signature appeared on every university employee’s paycheck. “When I’d have an opening to hire students, I’d turn to the accounting students in the College of Business because they were a good source for employees,” says Leonard.

18 The Iowa Ledger

“I always encouraged my staff to apply for other jobs on campus,” he says. Having well-trained staff positioned throughout areas of the university was a good way to build a professional network, he says. And his relationship with the College of Business remained strong. Before his retirement, he was invited once a semester to visit accounting classes to speak about his work and his career. He says he especially enjoyed answering students’ questions. His commitment to the Tippie College of Business and especially the Department of Accounting has remained so strong that he has given consistent financial gifts to the department for more than half his life. “I feel a loyalty to the Department of Accounting and I’ve been willing to continue my commitment to them. It’s that simple,” he says. Leonard, we thank you for supporting our mission and our program for many decades. And we thank you for your significant career at the university.

Luca Di Palo, MBA13, is the business development manager with Ferrero Hazelnut Company. He lives in Luxembourg. Kyle Engler, BBA15, is a consulting associate with RSM in Minneapolis. Gia Gervase, BBA15, is an underwriting trainee with Chubb Insurance Corp. in Chicago. Tom Goedken, BBA81, MBA97, is the chief financial officer at ACT Inc. in Iowa City, Iowa.

Wayne E. Stoeber, BBA69, is owner of Stoeber Financial in Shavano Park, Texas. Michael J. Sullivan, BBA87, is chief financial officer for Ping Identity, a security company in Denver.

Steven Hensley, BBA15, is an accounting rotational business associate with CNA Financial in Chicago. Jingjing Hong, BBA14, the field finance coordinator for University Research Co. LLC in Bethesda, Maryland, was recently married.

Jared Johanningmeier, BBA13, was hired in January 2016 as a senior financial analyst in financial planning and analysis with Rockwell Collins in Cedar Rapids, Iowa. Stephanie (Andersen) Knox, BBA05, MBA10, is a senior demand planner with ConAgra Foods. She lives in Chicago.

Benjamin J. Nielsen, BBA12, MAc13, and Sara E. Benesh were married on October 24, 2015.

Jarin Hansen, BBA02, received $10,000 from RSM US LLP as part of its 90-90-9 program in celebration of the company’s 90th anniversary. Nine employees received $10,000 and nine additional paid-time-off days to pursue their passions. Jarin, who currently is on an expatriate assignment in Shanghai, China, will serve as a “healing home” to a Chinese orphan undergoing a life-changing surgery. He works in the Cedar Rapids, Iowa office of RSM.

Sarah (Schulte) Urion, BBA09, and William Urion, BBA10, welcomed a son, Connor Justin, on September 12, 2014. They live in Clive, Iowa.

Sean Iske, BA03, MAc11, is a tax manager with PricewaterhouseCoopers LLP in Minneapolis.

Joe Moore, BBA11, is a mortgage loan originator with Capital Works Mortgage in Denver, Colorado.

Stephen Hammes, BBA72, is managing director of INTEGRUS Consulting LLC in Cedar Rapids, Iowa.

Tom R. Thompson, BBA71, is a certified public accountant with TD&T CPAs and Advisors in Fairfield, Iowa.

Lisa M. Ortner, BBA10, is a tax manager for Deloitte Tax in Des Moines. Glen E. Perkins III, BBA03, is vice president of Hawkeye Paving in Bettendorf, Iowa. Jay K. Reavis, BBA05, MBA11, is an assistant vice president and shareholder at Holmes Murphy insurance brokerage in Des Moines, Iowa. Jeanne M. Leone-Schmit, BBA86, is a senior director and accounting manager at Trustmark Insurance in Lake Forest, Illinois. Richard J. Schmidt, BBA87, MBA88, was named vice president of mergers and acquisitions at Rockwell Collins.

Kevin Velovitch, BBA12, is a consultant with Accenture. He lives in Chicago. He is a member of the college’s Young Alumni Board. Lauren VonderHeide, BBA08, is a vice president with BMO in Chicago. Jeffrey J. Vroman, BBA90, is a co-owner of the Vroman Group, an accounting firm in West Des Moines, Iowa. Mark A. Vroman, BBA08, is a co-owner of the Vroman Group, an accounting firm in West Des Moines, Iowa.

like We’d ar to he you! from

UI Alumni Association Recognizes Dale and Linda Baker Dale E. Baker, BBA68, and Linda R. Baker, BA68, received the University of Iowa Alumni Association’s Distinguished Alumni Award for Service in June 2016. With a spirit of cheerful giving and volunteerism, the Bakers have made an indelible impact on many university areas, from the Tippie College of Business to the UI Colleges of Education and Public Health. Dale was named the Outstanding Accounting Alumnus in 2008 and is past president of Tippie’s Professional Accounting Council (PAC). The Bakers have leveraged their great professional success in health care consulting and education to strengthen their alma mater and provide scholarship support to many deserving students.

Visit tippie.uiowa.edu/alumni/update to share your personal or professional information and include a photo. Thank you! College of Business 19


Applying Accounting Iowa City: where a love journey began

Bob Nicolls Outstanding Accounting Alumnus of the Year As the owner of Monarch Investment & Management Group, Bob Nicolls, BBA80, travels frequently. His company currently manages 34,490 apartment units in 20 states as well as Monarch Mountain ski resort in Colorado.

According to Bob, there are two kinds of people in the world: Iowa graduates, and those who wish they were.

When he’s out and about, Bob proudly wears his University of Iowa hats or jacket and invariably he says this prompts a phrase he loves to hear from strangers, “Go Hawks!” “Being a Hawkeye is a great thing,” he says. According to Bob, there are two kinds of people in the world: Iowa graduates, and those who wish they were. “No matter where I might be in the country, when I say, ‘I graduated

20 The Iowa Ledger

Bob Nicolls accepted the award for Outstanding Accounting Alumnus of the Year at the Spring Beta Alpha Psi banquet. He was accompanied by his son, Bob Nicolls III.

from the University of Iowa,’ people immediately liken you to someone who is the salt of the earth; to someone who possesses a solid work ethic; someone who is humble; and someone who has a great education.” Bob has no regrets about selecting accounting as a major at the Tippie College of Business. He had early aspirations to major in engineering, but found himself bored with the program. “I decided to pursue business, and it made the most sense to study accounting, because when you know the numbers in a business, then you really know how the business works,” he says. As an accounting student, Bob joined Beta Alpha Psi, the honorary organization for financial professionals, and served as an officer. He also had an early entrepreneurial spirit with a paper route, mowing lawns, and raking leaves as a youngster. He eventually started a house-painting business while in high school and continued his business while in college. After earning his degree, he worked in auditing at Ernst & Whinney where he gained experience in financial reporting for a Fortune 500 company and exposure to real estate development. This included commercial real estate lending, focusing on workouts and turnarounds nation-

wide. Bob applied the knowledge and experience he gained working for someone else and made the bold move to start Monarch Investment and Management Group in Franktown, Colo. “Our acquisition strategy has been to identify under-managed properties in growth or overlooked markets. Once these properties are purchased, value is maximized by thorough management and attention to the asset so that it fills the customer needs,” he says. In 2013, Bob joined the Professional Accounting Council, serving as a voice for the accounting industry to collaborate with the Department of Accounting to build a curriculum that best prepares students to enter the workforce. In 2015, Bob and his wife, Kathy, pledged a $1 million gift to support operations of the Accounting Writing Program at the Tippie College of Business. He recognizes that communication, both verbal and written, is critical in rising above a mid-level manager. He encourages today’s students to embrace communication and develop this skillset as much as possible. Bob has coached high school sports including baseball, roller hockey, and football. He was named Coach of the Year for Cross Country by the state of Colorado in 2009.

Outstanding Alumnus Award Honorees 1998 Michael F. Cooney III  KPMG Peat Marwick

2008 Dale Baker  Baker Healthcare Consulting

1999 David J. Kirkpatrick  KPMG Peat Marwick

2009 Greg Ellison  Banks, Finley, White & Co.

2000 Lloyd J. Palmer  Nalco Chemical Company

2010 Ann Madden Rice  University of CaliforniaDavis Medical Center

2001 James G. Darby  Deere & Company 2002 Anne L. Buettner  Walt Disney Company 2003 Jonathan F. Eisele  Deloitte & Touche 2004 Kay Hegarty  RSM McGladrey 2005 David F. Licko  Gannett Company 2006 Terri Bobek  PricewaterhouseCoopers

2011 Robert Arzbaecher Actuant Corporation 2012 Tom Veale TRISTAR Insurance 2013 Laura Newinski KPMG 2014 Tom Kloet TMX Group

Iowa City is a place of milestones for Wu Hao and Wu Ximeng. For the two University of Iowa graduates, the town is where they became enamored of the UI community, pursued their education, found love, and, later, returned to marry. Hao, BBA12 finance and BA12 economics, and Ximeng, BBA13 accounting and finance, met while attending the UI over a trip to San Francisco, organized by Hao’s former roommate. “At the time, we did not know much about each other,” Hao, the Puyang, China, native, said. “During the trip, I gradually realized this is a nice, thoughtful, and kind-hearted girl so I began to pursue her when we got back to Iowa City. We decided to be in a relationship on January 4. This date in China means I’ll love you this whole life.” After graduation, the two moved back to China to pursue professional careers. Hao works as an investment bank analyst at China Merchants Securities and Ximeng is a project manager at China Merchants Wealth Asset Management Co. Once the two decided to marry, it wasn’t long before they knew exactly where they wanted to tie the knot: Iowa City. “First of all, we both love Iowa City and the University of Iowa,” Hao said. “We have a lot of beautiful memories there. It’s like a second hometown. We started our love journey in Iowa City and cherish the starting point.” Hao also mentioned the importance of getting married in the church they attended while living in Iowa City and keeping their lifelong relationship before God. They were excited about visiting old friends and celebrating their marriage with them. While reflecting on their time in Iowa City, Hao and Ximeng couldn’t say enough about what they loved about the town and the university community. “The recreation center brings me a lot of happy moments,” Hao said. “Basketball, swimming, working out…these activities gave me power, friendships, and joyfulness.” “Iowa City itself is my favorite,” Hao continued, chuckling. “Chipotle, Burge, Hillcrest, Longhorn Steakhouse…a lot of restaurants for date opportunities.” Now married and back in China, the couple is ready to start their lives together and see where their journey takes them. Although it’s just the beginning, one thing remains clear about their future. “We will get back to Iowa City in the future for sure,” Hao said. “It is the place where our love journey begins.”

Wu Hao and Wu Ximeng

2015 Chris Hoffman PricewaterhouseCoopers

2007 Bill Travis  Bailiwick Data Systems

Tippie College of Business 21


A recent award of $22 million pushed the SEC’s total payout to whistleblowers to $100 million. But does whistleblowing deter future infractions? How does it affect the penalties for wrongdoing?

How Whistleblowing Changes the Game 22 The Iowa Ledger

FINANCIAL FRAUD CAN BE difficult to detect unless someone within the company steps forward to point out the infractions. Knowing this, the U.S. Securities and Exchange Commission (SEC) and Internal Revenue Service have increased the financial rewards for whistleblowers to remarkable amounts. A recent SEC award of $22 million in August pushed the organization’s total payout to whistleblowers to $100 million. With considerable amounts of money and attention focused on whistleblowing—especially since the Sarbanes-Oxley (SOX) Act of 2002 and Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010—Assistant Professor Jaron Wilde is on a mission to study its effects. Namely, he is among a small set of researchers exploring how whistleblowing affects tax behavior and financial reporting. “We have anecdotal evidence that whistleblowers are important. For example, the Enron and WorldCom whistleblowers were named Time Persons of the Year in 2002,” Wilde says. “We’re seeing regulators paying more attention to whistleblowing, but we don’t have a lot of rigorous evidence about its effects.”

Whistleblowing Deterrence Effects Wilde notes that in 2015, SEC Chair Mary Jo White said, “the ultimate goal of [the SEC’s] whistleblower program is to deter further wrongdoing.” The idea behind

Wilde’s independent research is to better understand how employee whistleblowers complement traditional external monitoring mechanisms. “I wondered how companies change their behavior compared to similar control firms,” says Wilde. “Does whistleblowing have a deterrence effect? Do companies become less aggressive in financial reporting? Do they become less aggressive in their tax behavior?” In order to explore this, Wilde uses basic Occupational Safety and Health Administration (OSHA) data from 2003 to 2010 about the companies involved in alleged financial misconduct and the date of the case filed with OSHA. He then compares the reporting results to other firms that were selected based on various benchmark or control samples. “I find that firms subject to whistleblowing show significant decreases in financial misreporting and tax aggressiveness. This effect persists for at least two years following the allegations,” says Wilde. While Wilde remains objective, he says the study is consistent with the SEC’s aim to deter further wrongdoing.

What Are the Effects of Whistleblowing Programs? To dig deeper into the results of whistleblowing, Wilde is also conducting research for another paper that examines how the presence of whistleblowers may affect penalties on employees and companies. Tippie College of Business 23


Jaron Wilde

24 The Iowa Ledger

“The awards for whistleblowing can be substantial,” says Wilde, noting that they range from 10% to 30% of the collected penalty amount. For example, in 2012, Bradley Birkenfeld—a former UBS employee who blew the whistle on the Swiss bank’s massive fraud scheme—ended up in prison for enabling a client’s tax evasion, yet the IRS awarded him $104 million for speaking up. The Department of Justice has said they could not have cracked the case without his help. To study outcomes of financial misrepresentation enforcement actions, Wilde and his three co-authors once again are examining firms that made financial misstatements. Wilde says one of his co-authors spent years combing through records to identify the SEC enforcement actions that the research team compares with OSHA’s whistleblower data. “Often, there are penalties and sanctions on the company, high-level employees, and others. They can range from civil monetary penalties imposed on the firm to criminal penalties brought against individuals to penalties assessed against affiliated parties, such as the auditor,” says Wilde. “Some penalties come from the SEC and some from the Department of Justice. Our data covers both, but only for misconduct in financial misstatements—not for other forms of misconduct such as insider trading.” According to their research, whistleblowing creates significant increases in penalties and punishments. “We find that whistleblower involvement in financial fraud cases is associated with higher penalties for employees and companies. The executives receive significantly higher prison sentences. However,

enforcement actions involving whistleblowers are associated with significantly longer regulatory proceedings.” Their findings show that whistleblower involvement: • Is associated with an average of $39.18 million in penalties to the firm, as opposed to $8.72 million when no whistleblower was involved (after controlling for other factors related to the outcome). • Is associated with employee penalties of $69.35 million vs. $22.83 million when no whistleblower came forward. • Is associated with prison sentences for employees that were nearly double (41.87 months vs. 22.5 months) when no one blew the whistle.

Contributing to the Conversation “To me, deterrence is the heart of enforcement in many ways, and whistleblowing is a significant feature of that deterrence,” Wilde says. “We’ve seen many instances where very sophisticated individuals were unable to detect misconduct without help from within the firm.” Wilde is excited to be part of the discussion about this recent development in uncovering financial fraud. “This notion of whistleblowing is becoming increasingly relevant to regulators and groups from Congress,” Wilde says. “There is some debate about the efficacy of whistleblowing programs and criticisms of whistleblowing per se. I hope I can contribute to the conversation and provide useful, relevant information to regulators, boards, and others.” —by Ruth Paarmann

Henry B. Tippie Receives ISCPA Honor It was a proud moment for Henry Tippie when license number 276 from the Iowa Professional Licensing Bureau was awarded to him in 1951. He had earned his CPA. With today’s new licenses numbering 12,253 and above, the growth of CPA licenses in the state of Iowa is impressive. Although Henry’s achievement occurred 65 years ago, Henry maintained a long relationship with the Iowa Society of CPAs. He received the Iowa Society of CPAs Public Service Award last spring. The award honors society members who, through their continuing involvement in charitable, professional, governmental, and other public service organizations, have made an outstanding contribution to the community, and have enhanced the professional image of CPAs. Tippie began his professional career as a junior accountant in the Des Moines area after completing an undergraduate degree in accounting at the University of Iowa in 1949. Today, he is chairman of the board for Dover Motorsports Inc. and Dover Downs Entertainment Inc. Tippie was an original member of the college’s Board of Visitors (now called the Tippie Advisory Board). In 1999, he made a significant contribution to the College of Business to support its students and faculty. The college was renamed the Tippie College of Business in his honor. Tippie College of Business 25


Exploring New Ideas 5

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Adjunct Lecturer

My favorite course at Marquette University was Medieval Literature. The professor was outstanding, and the tales of the Round Table were fascinating.

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6 RAMJI BALAKRISHNAN Professor; Director, RSM Institute of Accounting Education and Research; Carlson-KPMG Research Professor of Accounting

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Expertise: Cost estimation, cost management, incentive systems While I got excellent grades at Loyola College in Chennai, India, I cannot truthfully say that I enjoyed any of my classes as an undergraduate student.

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7 DOUGLAS DEJONG

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Professor; Lloyd J. and Thelma W. Palmer Professor of Accounting

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Faculty Highlights

Expertise: Corporate governance (U.S. and international), International Financial Reporting Standards (IFRS), experimental economics; strategic games, markets, and econometrics As an undergraduate at the University of Iowa, the course I enjoyed the most was Philosophy of Science taught by Professor Gustav Bergmann, member of the Vienna School of Philosophy. My accounting faculty advisor recommended the course; a course I never fully appreciated until my Ph.D. program.

We asked the faculty to recall the

8 SAM MELESSA

course they enjoyed most from their

Expertise: Empirical/archival research in financial accounting My favorite course as an undergraduate student was Money, Banking, and Business taught by Keith Vorkink at Brigham Young University. Not only were the topics interesting (e.g., basics of futures and options markets, the role of financial intermediaries, etc.), but Professor Vorkink was very engaging and enthusiastic and had an obvious passion for teaching the material.

Assistant Professor

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undergraduate education. For some, it was a long time ago, but we discovered from their

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recollections that some classes are just too good to forget.

9 KEVIN MARKLE Assistant Professor

1 SCOTT ASAY Assistant Professor

Expertise: Judgment and decision making in accounting settings My favorite undergraduate course was Principles of Accounting at Brigham Young University. It’s where I discovered double entry bookkeeping is a beautiful thing.

2 JOYCE BERG Professor; Director, Iowa Electronic Markets; Pioneer Hi-Bred Research Fellow

Expertise: Design of incentive systems, experimental markets, Internet markets, and market design, Iowa Electronic Markets, management accounting, prediction markets In my biology course at University of 26 The Iowa Ledger

Massachusetts, I dissected a rat that stunk of formaldehyde. It was so far out of my comfort zone, I thought I would faint. But I didn’t and I found out I liked the challenge of being outside my comfort zone. After that, tackling things I thought were out of my reach became much easier—I might never have become an accounting major or gotten my Ph.D. if I hadn’t been forced to dissect that rat.

3 BOB HARTMAN

4 KEVIN DEN ADEL

Lecturer

Lecturer; Director, Accounting Undergraduate Program

Expertise: Financial accounting and reporting, government and not-for-profit accounting, internal auditing, management accounting I took a Russian and Chinese economics course at Pennsylvania State University. The course and subject were absolutely fascinating and strongly held my attention. As I recall, it was more culture and geography than economic policy. Professor Jan Prybyla made the course. He was an escapee from behind the Iron Curtain and made the trip to China with President Nixon in 1972.

Expertise: Auditing, financial reporting My favorite undergraduate course while at Central College in Pella, Iowa, was Politics and Literature of South Africa. I enjoyed it because it broadened my perspectives outside of accounting and business classes, and reading about the personal and political struggles of various authors in South Africa. I took the course during the semester that Nelson Mandela was released from prison after 27 years, so it was a memorable historical event.

Expertise: International tax The undergraduate course I most enjoyed at the University of North Carolina at Chapel Hill was a performance class in speech communications. The entire course was creating and performing presentations based on literature. It was a fantastic experience in exploring and discovering important and fascinating things.

10 MARK PENNO

16 DAN COLLINS

Professor; Ray William Shearman Research Fellow

Professor; Henry B. Tippie Research Chair in Accounting; Department Executive Officer

Expertise: Accounting theory My favorite course was college chemistry (University of Wisconsin —Marathon County). Chemical equations are just like the accounting equation—once you understand them, the subject is a breeze.

11 TOM CARROLL Lecturer; Director, M.Ac. Program

Expertise: Financial reporting I most enjoyed taking the History of Western Thought II course at the University of Notre Dame. The instructor was a genius at connecting seemingly disparate ideas.

12 RICK MERGENTHALER Associate Professor; Henry B. Tippie Research Fellow

Expertise: Financial archival research with a focus on standard setting While at Brigham Young University, I most enjoyed the Advanced Financial Accounting course because the professor cared about me and others in the class. He was just so kind and willing to help us learn. I don’t even think I enjoyed the topic, but I loved the class.

13 CARL FOLLMER Assistant Director, Accounting Writing Program

Expertise: Education of written and oral communication skills The course I most enjoyed while at the University of Iowa was The Third Reich and Literature. In addition to serving as the foundation for my eventual dissertation, I learned the fundamentals of written communication in this course.

14 CRISTI GLEASON Associate Professor; Henry B. Tippie Research Fellow

Expertise: Financial accounting and reporting, financial reporting of income tax My favorite course at Brigham Young University was Management Consulting. I had the opportunity to participate in a very cool project at a copper mine, which ultimately led to a job.

15 JARON WILDE Assistant Professor

Expertise: Taxation and financial reporting, with emphasis on how monitors and uncertainty influence firms’ business decisions and reporting behaviors The undergrad class I most enjoyed at Brigham Young University was my initial accounting course. I loved the overall experience of learning about the language of business and it confirmed for me that accounting was the degree I wanted to pursue.

Expertise: Empirical assessments of earnings management and earnings quality, tests of conditional conservative reporting and timely loss recognition, role of earnings and other accounting numbers in struggles for corporate control While at the University of Iowa as an undergraduate student, I most enjoyed the Intermediate Accounting course with Gil Maynard. Gil was a tough but fair professor. He had a way of making sure you understood the fine line between knowledge and familiarity.

17 AMY AN Lecturer

Expertise: Tax research and compliance issues of business entities and individual taxpayers I was a French major at University of British Columbia. I needed one more elective in my senior year and thought Italian would be fun. I had to write an essay on Dante’s Inferno in English, but I felt more comfortable writing literary analyses in French. Fortunately, the Italian professor was fluent in French and allowed me to write the paper in French. The paper won an award and an invitation to the Renaissance Ball hosted by the Italian consulate. The consulate even lent me an authentic renaissance gown to wear.

18 PAUL HRIBAR Professor; Leonard A. Hadley Research Professor of Accounting; Director, Ph.D. Program in Accounting

Expertise: Empirical/archival research in financial accounting, specialties including measurement of earnings management using empirical models; accounting-based anomalies; predicting stock returns using accounting data My favorite class during my undergraduate study at University of Lethbridge, Canada, was Chemistry 1000. I had a great professor and the lab assignments were fascinating.

19 LISA DUTCHIK Lecturer

Expertise: Management accounting Although I really enjoyed my accounting courses, which focused on developing me as an accounting professional, I loved a course at St. Ambrose University called Peace and Non-violent Resistance because it made me reflect on who I wanted to be as a person.

Tippie College of Business 27


Exploring New Ideas

Exploring Global Governance The second China-Europe Conference was held in Hong Kong last May and featured Tippie accounting alumnus S.P. Kothari, PhD86, as the keynote speaker. Kothari’s presentation focused on accounting and governance challenges faced by both the East and West. He is the Gordon Y Billard Professor of Management at the MIT Sloan School of Management. As with the first conference on China and Europe, Doug DeJong, Lloyd J. and Thelma W. Palmer Professor of Accounting, represented the Department of Accounting as an organizer of the conference. “China and Europe are the U.S.’s largest trading partners, both of which impact us domestically and internationally,” explains DeJong. “It is vital for us to understand how their economies and government policies function and interface with the U.S. economy and government policies.” The University of Iowa is the only domestic institution taking

an organizing role in the conference. “Because we are an internationally recognized accounting department, in an internationally recognized and prominent college of business and university, it is important for us to be involved in these discussions and collaborations,” he says. The conference accomplishes these objectives by bringing together top scholars in accounting, economics, and finance from Asia, Europe, U.S., and Canada to present research addressing transparency, corporate governance, and associated market institutions and to discuss these issues as they relate to China and Europe. The conference remains a small-scale, invitation-only conference in a workshop format. “It is a unique opportunity to bring together academics and policymakers in an open forum to present and discuss ideas, insights, and opportunities,” he says.

Organizers

In Memoriam

Center for Institutions and Governance

Louis F. Biagioni

CUHK Business School The Chinese University of Hong Kong

Department of Accounting Tippie College of Business University of Iowa Erasmus University of Rotterdam Departments of Finance and Accounting Erasmus University, Netherlands

Sponsors CUHK Business School The Chinese University of Hong Kong School of Accountancy CUHK Business School The Chinese University of Hong Kong Hong Kong Institute of Certified Public Accountants Sole Institute Sponsor

TOP: Professor Doug DeJong visits with Kalok Chan, dean of CUHK Business School. CENTER: Attendees of the China Europe Conference. BOTTOM: Tippie alumnus, S.P. Kothari, PhD86, is the conference key note speaker in Hong Kong.

28 The Iowa Ledger

MARCH 7, 1931— FEBRUARY 2, 2016 Professor Louis (Lou) F. Biagioni, Ph.D., CPA, 84, of Bloomington, Indiana, died February 2, 2016. He was born March 7, 1931, in Somerville, Massachusetts, and he was the first in his family to graduate from college, receiving his BSBA degree from Boston College in 1953. He served in the U.S. Army during the Korean War. Post-military service, he used the G.I. Bill to obtain his MBA from Indiana University and his Ph.D. from the University of Missouri. Professor Biagioni joined the faculty at the University of Iowa, where he served as chair of its Accounting Department and was commissioned by the Iowa State Treasurer’s Office to develop an educational program for agents of the Iowa Department of Revenue. In 1974, he transferred to a faculty position with Indiana University where he integrated computer technology into the accounting curriculum; was one of the first in the country to author microcomputer accounting software for the academia; served as faculty advisor to multiple student organizations; developed a review prep course for CPA and CMA exams; participated in the faculty exchange program between IU and Ljubljana University in Slovenia and served as the associate dean for the Kelley School of Business.

Mentor’s Mission Mentors inspire, challenge, and impart experience and knowledge to those who are less seasoned. Many agree a mentor is critical to success. The Financial Accounting and Reporting Section (FARS) of the American Accounting Association values mentoring and recently created the FARS Distinguished Ph.D. Mentoring Award. In recognition of his years of mentoring, Dan Collins, BBA68, PhD73, professor and Henry B. Tippie Research Chair in Accounting, was the first faculty member to receive this award in August of this year at the association’s annual meeting held in New York City. Collins first recognized the importance of mentoring while a graduate student in accounting at Iowa. As a faculty member, he has taken mentoring to heart and has served as a mentor to 36 Ph.D. students during his 47-year (and counting) career. “As a Ph.D. student here, I had exposure to a great mentor, Bill Kinney (professor at the University of Texas at Austin’s McCombs School of Business), who became internationally known as one of the top researchers in the country,” he says. “I learned how to do research from him, and today I enjoy sharing that with Ph.D. students here.” Prior to joining the faculty at Iowa, Collins taught at Michigan State University in the early 1970s. He began teaching at Iowa in 1979, and he’s been here ever since. He headed the department’s doctoral program for more than 20 years. He says guiding doctoral students has a special place in his heart. “To see people mature and develop a taste and understanding for research is very rewarding,” Collins says. “To see them launch their academic careers and be successful researchers is the best reward a mentor can have.”

Tippie College of Business 29


Building a Better World

Student Awards & Scholarships 2015-2016 Awards Faculty Scholars Abigail Armour Taylor Beguhn Yunwen Chang Caleb Crosbie Lu Feng Vance Glaser Yanzhi Gong Jacob Kruse Yue Li Grace Seidlin Chenlu Shao Yuxun Tan Katelyn Wheeldon Iowa Society of CPAs Outstanding Senior Award Yue Li Department of Accounting Outstanding Junior Award Zachary Digmann Federation of Schools of Accountancy Award for Outstanding M.Ac. Student Katherine Walters Mary L. Collins Doctoral Fellowship in Accounting Award Heejin Ohn Keith Lantz Colleague Improvement Award Steven Savoy

30 The Iowa Ledger

Byron R. Ross Award for Teaching Excellence Michael Kolb Allison Patnoe 2015-2016 Excellence in Writing Awards Junior Writing Award Emily Bong Senior Writing Award Nicholas Murray M.Ac. Writing Award Dillon Schlee

Scholarships 13 Fishing Business Scholarship Nicholas Sulentic 2015-2016 Accounting Department FirstYear Scholarship Zareef Affarka Kylie Beneke Alec Bouchard Michael Chizek Erin Crabtree Kayleigh Dowd Jeremy Jestel Alex Luchowski Guinevere Ann Nueva Espana Andrew Paull Amanda Rostenbach Amanda Schloemer Mariah Walsh

2015-2016 Accounting Department SecondYear Scholarship Michelle Bahou Gina Cierco Aly McDermott Alexis Sachleben Jacob Schafer

Business Administration Scholarship Vishakha Raghuram

Accounting Undergraduate Scholarship Fund Taylor Beguhn Emily Bong Yicheng Cao Paige Clark Stephanie CuddalorePriya John Finan Vance Glaser Madeline Guyette Nicole Kalemba Kerry Kohlbacher Carl Kwak Megan Legaspi Aaron McLaughlin Santino Morena Alex Olivares Alexander Pang Yu Qin Kevin Schuler Sarah Schwind Elliot Smith Daniel Sullivan Kyle Trudeau

Charles R. & Princess H. Jackson Scholarship Austin Greenough Patrick Johnson Matthew Moran Santino Morena Zachary Mueller Karli Peters Kyle Trudeau

AEGON Scholarship Nicole Ryan

Colvin/Cox Scholarship Paige Clark Stephanie CuddalorePriya Cameron Doolady Nicole Kalemba

Becker Award in Business Administration Maddison Wignall

C. Vance Shepherd Finance Scholarship Niklolas Jiruska

Chester A. Phillips Scholarship Stephanie CuddalorePriya Aaron McLaughlin Alexander Pang Elliott Smith Maddison Wignall

Carl Kwak Alex Olivares Tricia Pawlowski Karli Peters Vishakha Raghuram Kevin Schuler Jaclyn Steiff Daniel Sullivan Cory Shuster Memorial Scholarship Tess Richardson Jacob Spindler Dorothy Blackburn Business Scholarship Samuel Kushner E. Lester and Frances M. Williams Scholarship Thomas Brown E. Lester Williams Scholarship Brett Penningroth Alyssa Schinkel

Chuck and Mary Ann Peters Scholarship Alicia Medd

Earl A. Wimmer Scholarship Adam Vanderwiel

College of Business Scholarship Yue Li

Ernest V. Zuber Accounting Scholarship Melissa August Evelyn Barker Oehrle Scholarship Madeline Guyette

Frank Warner Memorial Scholarship Alexander Bartlett Lu Feng Nikolas Jiruska Yue Li Taylor Palensky Zhixiang Zhang Fred and Charlotte Hubbell Scholarship for Study Abroad Austin Howe Frederick Everett Scholarship Stephanie CuddalorePriya Madeline Guyette Glenn Medhus Business Scholarship Karley Finkel Anna Marshall Jacob Schafer Goedkin/Clifton Gunderson & Co. Nicole Kalemba Growmark/Bill Davisson Scholarship Rachel Ringoen Gulf Coast Fund Dino DeMarco Harrison A. Mitnick Memorial Accounting Scholarship Jordan Brauns

Henry B. Tippie Accounting Scholarship Taylor Beguhn Sean Cavanaugh Clinton Donaldson Vance Glaser Johnathan Kinney Karli Peters Dillon Schlee

Vance Glaser Samuel Kushner Yue Li Elliott Smith Daniel Sullivan

Keith Cook and Sharon Kress Business Scholarship Nicholas Sulentic Maddison Wignall

Judy Walke Scholarship Samantha Kistler Nicholas Kruse

Krapfl/Barnes Scholarship Matthew Merfeld

Oldorf Entrepreneurial Studies Scholarship Morgan Jacobsen

Ike Leighty-Joe Nelson Entrepreneurial Scholarship Bernabe Rodriguez

Kalid Igram Accounting Scholarship Kyle Beneke Alexis Sachleben

Lowell F. and Dorothea T. Christy Business Scholarship Blake Rossdeutcher

Professional Accounting Scholarship Alberto Roldan

Margaret A. Shriner Scholarship Melissa August

PwC Accounting Scholarship Caprice Claytor

Margaret Phelps Layton Business Scholarship Gina Cicero Dominic Gabuzzi

R. Bendigeri Memorial Scholarship Kaiyan Xu

Ira White Accounting Scholarship Taylor Beguhn Vance Glaser Nicole Kalemba Aaron McLaughlin Alexander Pang Irma Seddig Heck Scholarship Meagan Legaspi Jack A. and Marilyn L. MacAllister Scholarship Sean Cavanaugh John A. Schneider Memorial Scholarship Sean Cavanaugh Jo & Bill Barnes Freshman Accounting Scholarship Karley Finkel John W. & Mabel G. Schoen Business Scholarship Victoria Beebout Emily Bong

Keith & Helen Dun Scholarship Taylor Beguhn Emily Bong Thomas Brown Sean Cavanaugh Stephanie CuddalorePriya Cameron Doolady John Finan Vance Glaser Madeline Guyette Nicole Kalemba Kerry Kohlbacher Megan Legaspi Aaron McLaughlin Santino Morena Zachary Mueller Alex Olivares Alexander Pang Kevin Schuler Elliott Smith Daniel Sullivan Keith and Janet Benson Scholarship Faisal Alabsi

Marion A. Youngers Accounting Scholarship Sung Min Cho Surbhi Sachdev Jacklyn Steiff

Nancy Hauserman Global Experience Fund Mega Legaspi

Raymond & Mae Lewis Birkholtz Scholarship Zuodong Ji Reva Kusher Memorial Scholarship Aaron Zaehringer

Mark Smith Business Scholarship Megan Legaspi

Rhoda Cummings Scholarship Paige Clark

Martin Rouse Accounting Award Cameron Doolady

Richard C. Sheehan Memorial Scholarship Elliott Smith

Master of Accounting Scholarship Grace Seidlin

Robert & Eleanor Williams Scholarship John Finan

Melone Student Aid Fund Vishakha Raghuram

Robert A. Young Sr. Memorial Scholarship Zachary Digmann Samantha Kistler Jacob Kruse

Robert G. Barker Business Scholarship Kerry Kohlbacher

Tim Emmet Steel Business Scholarship Anna Marshall

Robert Holmes Business Scholarship Emily Bong

Timothy J. McCormally Tax Executives Institute Scholarship Fund Kerry Kohlbacher

Robert L. Bankson Accounting Scholarship Thomas Duval Alec Harrold Wynn Tan Robert Rienow & Sidney Winter Scholarship Meagan Legaspi Robert S. and Dorothy J. Lee College of Business Administration Scholarship Jack Olson Robert S. and Dorothy J. Lee Scholarship Zachary Digmann Rosemary Vitosh— Grant Wood ABWA Scholarship Madeline Guyette Sue Cannon Scholarship Yicheng Cao Gregory Frommelt Sarah Schwind Junyuan Zheng

Tippie College of Business Scholarship Anna Marshall Tess Richardson Tippie College of Business Undergraduate Scholarship Xinyue Chen Andres McGovern Megan Seats Braydon Tysklind Shachi Vyas Tippie Outstanding Scholar Award Aly McDermott Daniel Sullivan Wynn Tan Yuxun Tan Togerson Family Foundation Excellence Fund Aaron McLaughlin Vivian Dickel Scholarship Yuqi Sun

Thomas Luther Scholarship in Business Jingyi Ma

Tippie College of Business 31


Building a Better World

Meet the Firms Night: where connections begin Meet the Firms Night comes just once a year, but it is always a night to remember. That’s because for just one night, the Press Box at Kinnick Stadium is filled with recruiting companies who are eager to hire qualified and job-ready candidates, like those of the Tippie accounting program. Meet the Firms Night is a career fair especially for accounting students and it’s organized by the students of Beta Alpha Psi. The event provides an opportunity for accounting students to learn more about the firms that hire our students and about accounting careers. This event is often the first step for interview opportunities, internships, and full-time careers. This year, 32 firms participated in this recruiting opportunity. Becker Professional

Participating Firms We thank these firms for supporting our students and our accounting program. They are truly our partners in success.

Athene Becker Professional Education BerganKDV BKD, LLP Carlson, Harsock & Guither PLC CliftonLarsonAllen LLP CNA Insurance Community CPA Deloitte EKS&H LLP Ernst & Young, LLP Federal Bureau of Investigation HNI Corporation John Deere Kiesling Associates KPMG LLP LattaHarris, LLP LWBJ Monarch Investment & Management Group Northern Trust Northwestern Mutual PepsiCo PwC Renewable Energy Group Rockwell Collins Roth & Company PC RSM US LLP Terry Lockridge & Dunn Transamerica Union Pacific Wells Fargo Workiva

VITA volunteers at work preparing tax returns for Johnson County clients.

Volunteer Income Tax Assistance Each year, the Beta Alpha Psi chapter at the Tippie College of Business offers the Volunteer Income Tax Assistance program, helping low and moderate income taxpayers in the Johnson County area prepare and file their taxes. This program is part of the Johnson County Earned Income Tax Outreach Campaign, a project devoted to supporting the financial security of working families in Johnson County by offering free tax preparation services. From January through tax day in April, student volunteers staff four locations in the Johnson County area, providing free tax help, preparation, and filing. Electronic filing is offered to expedite tax refunds to taxpayers. VITA is a free tax service. All student volunteers are accounting majors at the Tippie College of Business or law students at the College of Law at the University of Iowa. Volunteers are certified by the Internal Revenue Service in preparing returns and have had at least one tax course as part of their Tippie College coursework or as part of their law training.

VITA STATS

$ 1,700,000 Total Federal Refunds

78 student volunteers 1,304 returns prepared 3,100 volunteer hours $592,000 Earned Income Credit

32 The Iowa Ledger

Tippie College of Business 33


Contributors

Honor Roll of Contributors Students in the Department of Accounting in the University of Iowa Tippie College of Business benefit from excellence in teaching, research, and service—and from a national reputation for quality. Gifts from generous alumni and friends enhance the department’s ability to prepare UI accounting students for success in the global business environment. Private support—for everything from curriculum and teaching to faculty recruitment and research to student scholarships and professional development—is vital to sustaining the value of a UI accounting degree. The lists that follow represent one small way to demonstrate the department’s appreciation for this vital support. Contributors who made gifts of $100 or more to the UI accounting program through the University of Iowa Foundation from July 1, 2015, through June 30, 2016, are included in the first list below. The second list recognizes corporate contributors who made matching gifts for the department through the University of Iowa Foundation from July 1, 2015, through June 30, 2016. The University of Iowa Foundation is the preferred channel for private contributions that benefit all areas of the University. Thank you!

34 The Iowa Ledger

A & R Screening, L.L.C. Michael D. and Kathy L. Abernathy Andrew A. and Megan Acito Bryan W. Adams Maggie and Rod Adams Todd M. and Teresa D. Adams Jason T. and Kimberly J. Anderson Andrew Family Foundation Robert C. and Amy L. Arzbaecher Scott and Trina Asay Alane L. and Steven F. Asp Brad A. and Leah R. Badertscher Mark and Mary K. Bain Carolyn A. Baker Dale E. and Linda R. Baker Ramji and Usha R. Balakrishnan Robert L. Bankson Rosalie A. and Anton W. Barnet John and Jenna Barrett Cynthia S. Bartels Thomas L. Beatty Brian J. and Sherri S. Becker Mark C. Behncke Stephen H. and Pamela M. Belyn Joyce E. Berg W. Robert and Barbara D. Berg Andrew J. Bergeron Todd W. and Melana C. Beuse Cindy S. Birley and Richard C. Zoeter Ruth C. Bittner Sylvester G. and Emma Jean Blank Therese M. and Jeffrey L. Bobek Jonathan H. and Milena B. Bogaard Russell D. Bolitho Matthew D. and Kami L. Booth Douglas E. and Meg V. Born Patrick R. Brackett Gerry L. and Karen V. Brandt Leonard R. Brcka Dennis C. and Carolyn C. Breder Jeffrey C. and Mindy J. Brown Sondra S. and Chad Brown John D. and Judith Ann Bryant Steven J. and Abby R. Buesing Anne L. Buettner and Dean Brock Jeffrey and Heather J. Buhr Dorris L. Bull Ryan M. and Katie Sutlive Buresh Robert J. and Donna L. Burgess Jeffrey J. and Anne E. Burks Dan and Carole Burns Warren L. and Linda L. Bush Kevin M. and Shari J. Butler Teresa M. and David K. Button James R. and Marietta J. Campbell Kyle R. and Kathryn J. Cannon Carol Ann and Steven Warren Carlson Douglas J. Carlson Thomas J. and Patrice M. Carroll Jim and Denise Ford Casey Mr. and Mrs. Thomas Chalker Calvin C. Christensen

Juanita M. Christensen Martin D. and Mary A. Christensen Wayne A. and Betty J. Christopherson Timothy Cibulka Mrs. and Dr. Vance Coffman Russell B. and Roseann Collingwood Daniel W. Collins Lona K. Collins William L. Conrad Tiffani M. and Nicholas T. Conrey William R. and Deanna M. Cook Michael G. Cooper Chris A. and Suzanne M. Cox Leslie Cox Matt Dabaco Wayne E. and Evelyn I. Dack Maurice R. and Virginia B. Dahn Andrew Davis William and Sue A. Davisson Michael Davitt Matt R. Decker Deere & Co. Douglas V. and Patricia A. DeJong John C. DeLand Kevin J. Den Adel Michael L. and Ann Wagner Dieleman D. T. Doan Jonathan B. and Karen M. Dodge Richard R. and Barbara S. Donohue Luke J. Downes Stephen W. Driftmier A. Joseph and Michelle M. Droessler Bruce D. Dugstad Douglas P. and Susan A. Durbala Lisa Marie L. and Bernard F. Dutchik Randall C. and Dorothy M. Easton George L. and Lois H. Eichacker Dennis J. and Anne C. Eike Jonathan F. and Michele M. Eisele Leonard J. Elberts Jerry N. and Lucille Elaine Ellis Gregory C. and Jeannette L. Ellison Melissa A. Engels Gordon R. and Jean L. Epping Amanda D’Amico and James H. Erickson Scott R. and Christa M. Erickson Kenneth H. Evans, Jr., and Jennifer K. Evans Susan Fahey Jerry L. Fardal Luke M. Fenner Janet F. and Paul E. Figge Cliff J. Findlay Donald B. Finn Shaun P. and Mary E. Flander Jason D. and Darcy Flinn Nora Flint Scott D. and Jeannine M. Flynn Sean G. Flynn Brendan J. Ford Shea M. and Courtney E. Fowler Matthew P. Fox

Christopher M. and Anita K. Franz Joseph J. Freiburger Keith A. and Debra T. Friedlein Elizabeth K. Fuller Sherri P. and Michael L. Furman GATX Corporation Jon C. and Joy J. Gage Ken Gallagher Timothy J. Gallagher Constance J. Galliart Ramji Ganesan and Shobhanaa Ramji Jorge J. and Michele K. B. Garcia Scott S. and Julie G. H. Gasway Michael C. Gaul Timothy R. and Lesley L. Gentz Tyler C. Gerstandt Julia N. Gesior Hanh T. Gilbert and Raymond J. Peper, Jr. Cristi A. Gleason Matthew R. and Meredith Glendening Catherine N. and Anuraj Goonetilleke Daniel J. and Madeline D. Graal Donald L. and Betty L. Graf Granite City Food & Brewery, LTD E. Michael and Brenda L. Greaves Amy L. and David Greazel J. Scott and Gina Gregory Erica Groetken and Ryan Kaufman Donald K. and Joyce A. Groneberg John E. and Helen Grootveld James L. and Nancy S. Gustavson Robert L. Hammond, Jr. Erin B. and John Hannon Kyle R. Hanson Susan Harkin Thomas K. and Barbara G. Hartman Randall D. Harvey and Patricia L. Waring-Harvey Nolan B. Haskovec Ivan L. and Bonnie L. Hasselbusch John and Christina Hatherly Connie L. Hauswirth Clement J. and Janis A. Havlik Joan Loeffel and Robert L. Hayes Sharon L. and Thomas J. Hehli Jessica M. Heim Michael L. and Cheryl L. Heinrich Konrad K. and Betty J. Henkel Jay W. and Marcy M. Henrich Erin and Mark Henrici Nick B. Hestbech Marvin L. and Ruth G. Hiddleson Debra L. and Frank L. Hill Jon P. and Stefanie K. Hillmann Christopher J. and Elaine L. Hoffman Katherine J. Holmes Ann E. Holmstrom Gary L. and Janice W. Holstrum Linda K. and Nathan B. Hopkins Gary J. and Celine Montag Horn

Benjamin A. and Michele Weber Hurwitz Scott E. Hurwitz and Kelly J. Austin I.B.E.W. Local Union #134 Cassim M. and Julie A. Igram Terry A. Jacobs and Dena Ann Baker Jerodd Jensen Bret D. and Kelly B. Johnson Craig A. and Joan D. Johnson Gene A. Johnson Louisa Jurich Jeffrey H. Kaiser Jeffrey M. Kammerer and Maria L. Masi Joseph and Nancy Karczewski John D. and Mary E. Keane Alan J. and Sharon Soldner Keifer Kyle K. and Jennifer Keltner Thomas King Carolyn K. and William R. Kinney, Jr. David J. and J. Lavon Kirkpatrick Jerry L. and Becky A. Kirkpatrick Ian Kirson Joan A. and William G. Kistner John W. Kivlin Keith C. and Jeanne Klaver Steven A. and Tracy Klett Thomas A. and Margaret M. Kloet Everett L. and Jane A. Klosterman Steve J. and Pamela Klyn Patrick J. and Deborah A. Knightly Katie M. and Joseph M. Knudtson Chad A. and Jodi C. Kokenge R. Elizabeth Koncaba S. P. and Dafni Kothari Ginny S. and Daniel A. Kremer Diane M. Kron William J. and Therese Kross Dennis C. and Vicki A. Kueter Natalie R. Kuns David M. and Julie A. Lane Richard C. and Constance J. LaVelle Hoseoup and Hyesun Lee Jocile A. Leeney David R. and Katie A. Lehnertz Don C. and Jean C. Lein Mark L. and Teresa R. Leiserowitz Valdean C. and Lois A. Lembke Arnold L. Lemker, Jr., and Carol A. Lemker Michael J. Less Susan L. Traub and Timothy R. Leverenz Suzanne R. Levett Kimberly L. and Jason Lewis Richard J. and Lori A. Licht David and Elaine A. Licko Beth C. and Jon A. Lindrus Zhejia Ling and Yongchuan Liu Paul A. and Noemi M. Loeffel Gregory S. and Rebecca H. Lones Brian Lydigsen Marty J. and Ann L. Maiers Brian A. and Roseanne Mallaro

Kevin S. and Robyn Markle John Marks Eric J. and Andrea L. Martin Edward L. and Alcie H. Massman George F. and Mary Lou Matheson Jerome and Carol J. Mauer Brian L. and Robin J. May Edward L. and Noemi M. Maydew James H. and Barbara McAlister William C. McCarthy Thomas E. and Ruthann I. McCarty Timothy J. and Judith A. McCormally William T. and Peggy J. McCullough Rodney D. and Linda M. McElvain Brian E. and Michele M. McGuire Patricia McGuire John P. and Kathleen A. McKillip Diane M. McLaren Robert E. and Gloria J. McMahan Scott R. McVey David V. Meade Gerald P. and Patricia S. Meis Kevan L. Mellinger Meredith Corporation Foundation Richard D. and Bonni Mergenthaler Mary Anne Meyering Kenneth W. and Joan Milani Brandon R. and Sarah M. Bender Miller Frederic R. and Jolene Keller Miller Sharon K. Minick Jeffrey J. and Judy Miszner Kathleen Mohan Mark F. and Julie A. Moore Richard L. and Marilyn A. Muller Brian Munin John D. Murnane Mark M. and Ellen Murphy Nicholas E. Neidig Kevin L. and Kelly L. Neill Kerri L. Neis Laura M. and Darin J. Nelson Todd A. Nelson and Lisa Saubermann Verne F. Nelson Todd E. Nevenhoven and Melissa Larson-Nevenhoven LeAllen F. and Janelle J. Nevermann Laura M. and David J. Newinski Bob C. and Kathy M. Nicolls Eric Nixon Patrick D. and Elizabeth D. Nunnally Eldon P. Nuss Timothy O’Donnell and Donna M. Paterno Issac A. and Alanna L. Ollinger Brian C. O’Malley Brian J. and Sharon L. O’Malley Family David E. and Nancy A. O’Malley Lindsey A. O’Malley Peter O’Malley Thomas C. Omer Charles W. and Sally A. Orr William C. and Judy A. Orrison

Joseph E. Paisley Lloyd J. and Thelma W. Palmer Lisa A. and Nicholas Parenza Robert J. and Patricia J. Parmeter Karl F. and Carol L. Pasker Herbert D. and Judith A. Patriarche J. Michael Patterson Jerry D. and Patricia Peck Joe and Nancy O. Peters Steven M. Petropulos John D. Phillips and Amy E. Dunbar Douglas L. and Becky Pinney Sara Plano The Plexus Groupe LLC Allen E. Pohren Mark A. Polking James G. and Mary L. Pratt Dean R. and Donna R. Price PricewaterhouseCoopers L.L.P. Professional Accounting Council Debora Braaten and Michael J. Pung RSM US, L.L.P. Greg K. and Kara A. Ramirez Robert B. and Diane Reddish Robert J. Redlinger Bruce C. and Carleen C. Rehmke J. Bernard Rehnstrom Hal and Jean Reister Whal Ran Rhim-Lavin Kelli A. Richard Ann C. and David A. Richter Robert Rogers Tim L. Rosener David Rosenstein Thomas G. and Shari A. Rotherham Michael E. and Mary Jo Rowinski George Rumel Jake Rumel John P. and Barbara Ryan Ross A. and Lisa A. Rydberg William K. Salatka and Catherine G. Vargas Robert L. and Robin K. Salomon Linda L. Sands-Brunscheen Jeremy W. Schlee and Danielle GaultSchlee Sarah M. Schmeichel and Edward S. Fee III Janice L. and Albert M. Schmitt Kathryn Schultz James R. Schulz Carl T. and Margaret E. Schwab Aaron R. See Seneca Property & Asset Management Kristen L. Shaffer Tiffani K. Shaw Robert Sheehy Mary H. Sherburne William F. and Cora F. Sibley Richard A. Siders Mark A. and Maricela G. Siegel Ommund D. Skaar 35


3M Foundation, Inc. Aegon Transamerica Foundation Athene Charitable Foundation Baker Hughes Foundation Bank of America Foundation BKD Cargill Incorporated ConAgra Foods’ Feeding Children Better Foundation Deloitte Foundation

Hollis A. Skaife Terry L. and Delmar K. Small H. Raymond Smith, Jr., and Karen Ann Smith Charles H. Snyder Jeffrey L. and Angela R. Snyder Bryan D. and Katherine A. Sobkowiak Thomas Sommers Larry L. and Mary Jo Southwick Alexandra M. Spellman Stan G. Sprinkle, Jr., and Sandi L. Sprinkle David L. Steele Ron and Cherie Stein Thomas M. and Marlene A. Stemlar John R. and Pamela W. Stewart Timothy A. and Carol Stoddard B. Kent and Marlene F. Swaim Daniel D. Swift Angie R. and Gavin Tade Jeff M. and Nancy L. Tank Wayne D. Tank Fred E. Tarbell Cathryn M. Taylor Susan C. Techau Michael E. Theobald Michael E. and Beth A. Thole Tom R. and Phyllis E. Thompson Robert Tiberi James L. and Marilyn L. Tillotson Henry B. and Patricia B. Tippie

Myron D. and Marla Joy Toering Wolfe J. and Laura Lee Tone Timothy J. and Theresa A. Treinen Terry J. Trenkamp Peggy Richardson Trevino Jeffrey P. and Jean A. Triplett Gina Truitt Clifford E. and Jean V. Tufty David P. and Julianne M. F. Turk Kent R. and Joanne Horwood Turner Union Pacific Railroad The University of Iowa Alumni Association Unknown Donor Marko and Tiffany J. Vajda Scott D. and Stacie L. Vandervelde Judith A. Oehrle and Michael J. Van Handel John E. and Willa G. Voldseth Jennifer M. Voss Jeffrey J. Vroman Thomas S. and Karen Engla Wabik Delbert J. Wacker Hui-Heng and Fong-Hung Chao Wang Jennifer L. and Mark A. Ward Terry D. and Mary B. Warfield Charles L. and Patricia L. Warner David M. Warner Carl S. and Sharon A. Warren John M. and Dee Ann Horton Warren

Melissa A. and Michael W. Watland Cynthia R. and Mark A. Watson J. Bradley Webb Paul W. and K. Elaine Wentzien Samuel R. Whelan Ira E. White Edward J. Whitmire Wholesale Sports Daily James A. and Nancy Baker Wiese Joseph M. Wiggins Nancy Iler and Steven J. Williams Christin M. and Mark S. Winans James E. and Jodi L. Winslow Mark A. and Molly Winter Robert W. and Mary E. Witt Muriel and Roland Wolff Mary and Larry Wood Craig W. Woody Larry V. and Lori Wright Wynnchurch Capital Hong Xie and Hongzhi Ni Shibin Xie and Lan Du Ling Yan and Tat-Yuen Sang Mary F. Yerkes Douglas D. and Cathy R. Yoder Kevin T. and Caryn Zubor Joseph A. and Teri L. Zuccaro Deborah J. and Mitch Zumbach David and Teresa Zurbriggen Frank Zurek

Exelon Corporation EY Foundation Freeport-McMoRan Copper & Gold Foundation GE Foundation International Business Machines Corporation KPMG Foundation Network For Good Northwestern Mutual Life Foundation, Inc. PricewaterhouseCoopers Charitable Foundation, Inc. Shell Oil Company Foundation Silicon Valley Community Foundation The American Endowment Foundation The Boeing Company The Laclede Group The Principal Financial Group Foundation, Inc. The Travelers Companies The Walt Disney Company Tulsa Community Foundation U.S. Bank Foundation Wells Fargo Foundation

For More Information If you would like more information about private support for the Tippie College of Business, Gregory Lamb, executive director of development, would be pleased to work with you. You may contact him at: gregory-lamb@uiowa.edu 319-335-3305 or toll free at (800) 648-6973. Your inquiry will be treated confidentially.

36 The Iowa Ledger

VISIT GIVETOIOWA.ORG/ACCOUNTING

Corporate Contributors Who Made Matching Gifts

In business, return on investment (ROI) is key to success. So far, alumni and friends have invested in the Tippie College of Business with gifts of more than

$112 MILLION to the For Iowa. Forever More. campaign. Take a look at the philanthropic ROI for the UI Department of Accounting:

So far, we’ve received gifts from more than

1,600 households.

22

new funds have been created to support the department. Alumni and friends have given more than

$4.6M

to support current and future accounting faculty.

OUR STOCK IS ON THE RISE Please consider your own gift to the UI Department of Accounting. Together, we can make a difference for generations of students and faculty.

Tippie College of Business 37


The University of Iowa

Tippie College of Business Department of Accounting 108 John Pappajohn Business Bldg. Iowa City, Iowa 52242-1994

The Iowa Ledger  

Fall 2016 issue of Tippie College of Business Accounting Department magazine

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