CPA IN Perspective Fall 2014

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Deliver Value.Respect the Public Interest.®

incpas.org/digitaledition

PLUS: MINDING YOUR MOBILE MANNERS, INCPAS Debuts its First Integrated Report, Learn More About the New CPA CoE® Online Community, Diversity Stories from the INCPAS Scholars, CPA INPerspective’s new look

With uncertainty and disruption in today’s health insurance industry, we would like to remind and outline why the Indiana CPA Society Health Insurance Program is an option for all members (individuals/firms) across the state. Individuals and firms in the under 50 employee marketplace will soon see a change in the way their coverage is priced. For renewals after January 1, 2014 health insurance companies are no longer able to base premiums on gender, health status, medical condition, medical history, small employer size, occupation or industry. This restriction on rating, called modified community rating, has the potential to create significant disruption to firm in the small group marketplace. This coming renewal season all members can look towards the INCPAS Health Insurance Program for help. Listed below is a short Q&A for those who might know little about the INCPAS Health Insurance Program.

Q: What is the INCPAS Health Insurance Program?A: The INCPAS Health Insurance Program is a large group association medical plan through Anthem Blue Cross Blue Shield that offers four major medical plans, three PPO plans and one Health Savings Account plan. The Program offers the full Anthem network, as opposed to narrow hospital/physician networks offered by many insurance plans and the program has enjoyed consistent and reasonable renewals.

Q: Who is a good candidate for the Program?A: As the plans aren’t subject to modified community rating, any member firm/individual who has been impacted by community rating is a good candidate. All participants entering into the program are underwritten according to their individual health risk.

Q: Does it matter if I join as a firm or as an individual?A: Both individuals and firms are able to participate in the Program; the only difference being the application paperwork.

Q: How does one obtain pricing or enroll into the Program?A: To receive a quote or enroll into the Program all participants must complete a shortened Anthem application with five medical questions. To receive this application please contact Andrew Frandsen at Shepherd Insurance.

Visit INCPAS.org/insurancefor more information

Prospective Program Members:Andrew [email protected]

Current Program Members:Cheryl [email protected]

Get with the INCPAS Health Insurance Program

Endorsed partner and health plan advisor for the INCPAS

1FALL 2014

MEMBERSChair’s Perspective 2Your Trusted Network 3New Members 4Day in the Life 6

THE CPA PROFESSIONEnhancing the CPA Designation Through Diversity 10Professional Development Tools & Resources 12Did You Know? 13

THE SOCIETYAdvocating for Members 18Upholding Integrity 21100 Years of Professionalism 36

FEATURESCPA Day of Service 22INCPAS Integrated Report 24The Future of Learning 27Mobile Monsters 30CPA CoE® Online Community 32Read It Online 35

ContentsC PA I N PER S PECT I V EFA L L 2014 | V. 11- N O. 4

PUBL ICAT ION MONTHS: January, May, August and November

CPA IN Perspective is a publication of the Indiana CPA Society and is published by INCPAS. The Society does not assume responsibility for statements therein, nor does publication of advertisements endorse or authenticate products or service. The editor reserves the right to accept or decline any material based on space availability or appropriateness of content. Reproduction or use of editorial or graphic content without permission is prohibited.

Indiana CPA Socie t y 8250 Woodfield Crossing Blvd., #100 P.O. Box 40069 Indianapolis, IN 46240

phone: (317) 726-5000 fax: (317) 726-5005 toll free: 1-800-272-2054 email: [email protected] web: incpas.org

© 2014 Indiana CPA Society. All Rights Reserved.

WATCH Search our CPA Day in the Life backstories at youtube.com/incpas

READSee the entire issue online incpas.org/digitaledition

CONNECT Get social with INCPAS on Facebook, LinkedIn or Twitter

BOARD OF DIRECTORS

OFF ICERS:Kent J. Williams, CPA, CGMA, ChairSteven L. Beardsley, CPA, CVA, Chair-ElectRoger A. Booth, CPA, CGMA, Vice ChairBettie A. Caldwell, CPA, CGMA, Vice ChairJohn D. Sauder, CPA, CGMA, Vice Chair

DIRECTORS:Lorita K. Bill, CPA, CGMAJennifer R. Clutter, CPA, CGMATroy J. Gilstorf, CPAShannon E. Kane, CPA, CGMAErland C. Porter, CPARobert E. Reynolds, CPA, CGMAThomas D. Wadelton CPA, CGMARobert A. Woods, CPA, CGMADouglas A. York, CPA, CGMA

PUBL IC MEMBERS:Steven R. JohnsonMcKenzie Scott Lewis

CPA IN PERSPECTIVE

PRES IDENT & CEO: Gary M. Bolinger, CAE

EDITOR-IN-CHIEF/ ADVERTISING INFORMATION: Dave Shatkowski

MANAGING EDITOR: Stephanie Parton, CAE

CONTRIBUTING WRITERS: Elise LeBlanc, Allison Paul

CREATIVE SERVICES MANAGER: Jessica Halverson

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I HOPE YOU ALL HAD AN OPPORTUNITY to get away from your hectic schedules and enjoy family, friends and sum-mer events. Fall is the time of year to reflect on what we did not get done over the summer, what to do to prepare for winter, or complete by year end. This is the final year of the CPE reporting cycle and we must have 120 hours completed by December 31. Are you looking for a course that would be engaging, competitive, cooperative and unlike any CPE you’ve taken before? If so, I would suggest one of the CPA Center of Excellence® Online Interactive Courses (cpacoe.com). The Indiana Board of Accountancy has approved these competency-based courses to receive a waiver for up to 8 hours of CPE credit for up to two courses.

My experience with the Social Media and Critical Thinking courses can be described by two words: “accom-plishment and anticipation.” As a boy I enjoyed the sense of accomplishment when I finished plowing a field on my grandparents’ farm and felt a sense of anticipation when driving the tractor through the gate to the next field. At each level of the competency-based course, I find myself sensing that same accomplishment and anticipation. I encourage you to be a part of the new frontier in CPE edu-cation. Let’s move beyond “having to” take CPE to “getting to.” In this issue you will find articles that discuss the Future of Learning and the CPA Center of Excellence® Online Community and Online Courses.

We have all experienced people who never look up from their device when carrying on a conversation. None of us set out to be that person. However it can happen. The article on technology etiquette is a reminder for all of us to be respectful when using technology tools.

Congratulations to the staff at INCPAS, the volunteer task force, and in particular INCPAS VP — Finance Jenny Norris, CPA, CGMA, for her work in preparing the first INCPAS Integrated Report. This accomplishment is just one more significant way in which INCPAS is putting action into what they promote and sets a great example. I think you will find there are opportunities for you to use this tool in your own organizations. In the Spring 2013 issue of CPA IN Perspective, Kevin Kruggel, CPA, CGMA, stated in regard to integrated reporting, “CPAs have an opportunity to lead this new charge and we need to grab the opportunity.” Your Society grabbed the opportunity.

We appreciate IDOR Commissioner Mike Alley’s willing-ness to provide his Commissioner’s Corner. I am sure that many of you had the opportunity to meet with him as he visited the various district offices.

Did you know that it is approximately 345 miles from Freemont, Indiana, in the far northeast corner of the state to Evansville? That may not be of interest to anyone. How-

ever, A Day in the Life of Trudy Stock at Harding Shymanski in Evansville provides great insight into what it’s like being the managing partner for a successful firm. Indiana is a great state and home to great professionals like Trudy.

The fall INCPAS Leadership Cabinet and Emerging Leaders Alliance meeting was October 30-31 at the Mar-riott North in Indianapolis. Key speakers were futurist Glen Hiemstra and INCPAS knowledge management and complexity advisor David Griffiths. As always, the discus-sion was thought provoking, and I believe we all left with more to consider as we continue our work on INCPAS 2025. I want to thank LC/ELA for their thoughtful contributions.

The INCPAS Board met for its annual retreat from November 9-11 and will meet again on January 14, 2015, in conjunction with the Legislators Breakfast. At the retreat the three board task forces presented their opportunities, challenges and scenarios for INCPAS 2025, taking into account the input provided by the Leadership Cabinet and Emerging Leaders Alliance. We divided the board into three board task forces based on area of practice; non-profit, industry and public accounting. In the next edition we will share more detail regarding INCPAS 2025 and the aspirational scenarios that will identify possibilities for INCPAS and the CPA profession.

Some of the happenings since the last Perspective:

• Small Firm: Big Business on August 8 with more than 100 small firm practitioners attending

• The Fraud Conference on August 21 in Carmel with more than 150 attending

• The Accounting and Auditing Conference on Septem-ber 24 with more than 200 attending

• The 12th annual CPA Day of Service on September 26 with over 300 CPAs and staff participating

• 16 Professional Issues Updates in 13 cities from August 22 to October 16 with more than 2,000 members attending

Make sure to mark your calendars for May 15, 2015. CPA Celebration was moved to May to celebrate the Society’s 100th anniversary, and as a result, the awards nomination deadline is December 15.

Finally, the following events and happenings are coming up:

• Tax Institute on December 4

• Financial Services Conference on December 18

• Winter Frenzy on December 17-19 (24, 4-hour courses)

I hope to see you at the Legislators Breakfast and look forward to sharing more about INCPAS 2025. I encourage you to invite your legislator and join us.

[email protected]

Future in Focus for INCPAS 2025By Kent Williams, CPA, CGMA

Chair’s PerspectiveMEMBERS

3FALL 2014

Future in Focus for INCPAS 2025

Your Trusted NetworkAPPOINTMENTSStephen Beasy, CPA, senior manager, Kruggel Lawton, Elkhart.

John Bushouse, CPA, senior manager of National Manufacturing & Distribution Group, and Lauren Schall, CPA, associate, BKD, LLP, Indianapolis.

Adam Jacobs, staff accountant — tax, Blue & Co., LLC, Carmel.

Courtney Morin, tax senior, Katie Persinger, audit senior, and Jane Saxon, CPA, senior manager — entrepreneurial services, Alerding Group, Indianapolis.

R. Scott Sorensen, CPA, director of opera-tions, Umbaugh, Indianapolis.

PROMOTION

Scott Baumer, CPA, manager of assurance services group, Jennifer Dalton, CPA, senior manager of tax services, Brent Holman, CPA, manager of tax services department, and Jason Twomey, CPA, senior manager of accounting and business advisory services, BGBC Partners LLP, Indianapolis.

Chanda Blair, CPA, manager, Carol Gardner, supervisor, Valerie McHarry, CPA, senior manager, Carrie Minnich, CPA, MAcct, senior manager, and Jessica Ogle, CPA, senior manager, Dulin, Ward & Dewald, Inc., Marion.

Tyler Blake, CPA, client manager, Umbaugh, Indianapolis.

Timothy Bush, CPA, CFP, member, Whitinger & Company, Muncie.

Amber Cash-Hoover, CPA/ABV, senior analyst of valuation and litigation services, Jared Duncan, CPA, senior staff accountant of tax services, and Maulik Khatadia, senior accountant of audit and assurance services, Sponsel CPA Group LLC, Indianapolis.

Neal Clements, CPA, CITP, managing director, Pile CPAs, Indi-anapolis.

Nathaniel Everett, CPA, senior associate, Watermark CPA Group, Indianapolis.

Abby Hewitt, CPA, senior accountant, Whitinger & Company, Muncie.

David McDaniel, CPA, partner-in-charge, Sikich, Indianapolis.

Doug Schneider, CPA, senior associate, and James Ward, CPA, senior associate II, BKD LLP, Indianapolis.

MEMBER NEWSJohn Minnich, CPA, CGMA, of the Indiana Tech College of Business, received recognition for “Forty Under 40” in Fort Wayne and was elected treasurer of Community Transporta-tion Network.

FIRM NEWSA.C.T. Services, Inc. has more than doubled its staff since early 2013 and has moved to larger space in Park 100 Business Complex.

Kemper CPA Group acquires Larry E. Nunn & Associates, CPA, LLC.

Riley Hancock CPAs honored with 2014 When Work Works Award from the Families and Work Institute and Society for Human Resource Management.

IN MEMORIAMGarry Moore, Indianapolis, passed away August 2.

Your Trusted Network announcements should be sent to Elise LeBlanc at [email protected].

Hewitt Schall

Gardner

Khatadia Minnich

EverettBlair Clements

Saxon

Blake

McDaniel

Beasy Duncan

McHarry

Bush

Ogle

Bushouse

Your Trusted NetworkMEMBERS


INCPAS welcomes new and returning members from June 1-July 31, 2014.Welcome New Members

AFFILIATE — BUSINESS PROFESSIONALBrooks E. Elliott, Myers and Stauffer LCAngela Grabovsky, Ameriprise Financial, Grabovsky & AssociatesLeonid Grabovsky, Ameriprise Financial, Grabovsky & Associates

AFFILIATE — NON-CPA ACCOUNTINGJaclyn M. Barnhill, Purdue University North CentralSusan M. Carter, Allman Johnson Company, LLCMelissa A. Duncan, Cana Financial AdvisorsJoseph Hamgeri, Somerset CPAs, PCJordan S. Huber, Peachin, Schwartz & Weingardt, P.C.Vicki L. Plummer, Geiger, CPA, PCTroy R. Simpson, Allman Johnson Company, LLC

ASSOCIATEAustin W. Donovan, McGladreyKari N. Lengacher, KPMG, LLPJessie M. Parsons, EYChristin E. Reynolds, Rea Logan & Co, LLCTyler J. Roeder, EYAnna Y. Rogers, Greenwalt CPAs, Inc.

CANDIDATEKyle Anderson, Somerset CPAs, PCAndy D. Brock, Blue & Co., LLCRicky I. Curtis, UmbaughHaily D. Dattilo, Sherman, Barber & MullikinPaul Dennison, Damar Services, Inc.Joe Edwards, Estep, Doctor & Co, PC

Bryan T. Fender, Somerset CPAs, PCJill E. Hanson, Blue & Co., LLCAlexander T. Huth, Kemper CPA Group, LLPStephanie J. Johnson, Sherck, Hussey, Johnson & McNaughton, LLCShaun A. King, Sherman, Barber & MullikinGlen E. Molitor II, Kemper CPA Group, LLPMichael W. Nolan, Kemper CPA Group, LLPScott P. Palmer, Katz, Sapper & Miller, LLPVeronica Prevost, Kemper CPA Group, LLPJoshua A. Queen, Summit CPA GroupStephanie Simon, Kemper CPA Group, LLPJoshua C. Smith, Donovan, PCDonna J. Stahlman, Summit CPA GroupJessica M. Taskey, Slattery & Holman, P.C.Patrick H. Wanzer, AES/IPLDaniel Wilcox, Somerset CPAs, PC

RESIDENTAva M. Abell, CPA, Harding, Shymanski & Co.Alexander J. Andorfer, CPA, Leonard J. Andorfer & Co., LLPCaitlin E. Bails, CPA, Ambu, Inc.Ashley M. Benton, CPA, Rowley Bushue & Co.Christopher A. Bramble, CPA, Archdiocese of IndianapolisLydia C. Brown, CPA, Home Bank SBJohn P. Bryan, CPA, Katz, Sapper & Miller, LLPJay L. Burkett, CPAArlindo S. Chimbanda, CPA, Beckman CoulterTimothy F. Cibulka, CPA, Legacy ProfessionalsSarah A. Cole, CPA, CHAN HealthcareJustin R. Collins, CPA, TWG Development, LLC

New MembersMEMBERS

5FALL 2014

James R. Comerford, CPA, McGladreyAaron J. Conklin, CPA, Springleaf Financial ServicesIsaiah A. Counsellor, CPA, Crowe Horwath LLPCalla M. Dolph, CPAJared R. Duncan, CPA, Sponsel CPA Group, LLCLeanne J. Ebeling, CPA, Allegion, PLCAngela J. Evenhouse, CPA, Loucks & Weaver, CPAJanice M. Felger, CPA, Houlihan, LLPSuzanna S. Fine, CPA, Ricker Oil CompanyThomas R. Finnegan, CPA, University of IllinoisTing Gan, CPA, Somerset CPAs, PCTamara M. Gingerich, CPA, CICOA Aging & In-Home SolutionsKyle Godfrey, CPA, Steel Dynamics, Inc.Erika C. Greenwood, CPA, Eli Lilly and CompanyLana L. Gruszewski, CPA, Springleaf Financial ServicesThomas C. Hagenberg, CPA, Crowe Horwath LLPRobert C. Haltom, CPA, First National BankJared S. Hammack, CPA, Ally Accounting, LLCWendy L. Hester, CPA, The Brickman GroupHolly E. Hinz, CPA, Crowe Horwath LLPJustin M. Hochstetler, CPA, EYAbram J. Jenkins, CPA, Fisher & Associates, Inc.Katherine M. Keele, CPA, Lewis Wagner LLPAshley B. Kurtz, CPA, Browning Investments Inc.Terri C. Light, CPA, Guggenheim InsuranceMax A. Loudenback, CPA, Max A Laudenback, CPAGeorge F. Lumley, CPAJohn W. MacDonald, CPA, Gurley Leep AutomotiveCynthia M. Maier, CPA, KPMG, LLPJessa P. Manalo, CPA, BCforwardAustin K. Mann, CPA, EYJerry L. McCullum, CPA, McCullum Law Office LLCBeth W. McIntire, CPA, National Bank of IndianapolisTammy S. Metzinger, CPA, Purdue Research FoundationAngela M. Miller, CPA, Harding, Shymanski & Co.Thomas C. Morgan, CPA, First Merchants BankSamuel R. Mynsberge, CPA, Hillenbrand, Inc.Brady M. Oring, CPA, Veolia Water North AmericaAndrew D. Peppler, CPA, DePuy Orthopaedics, Inc.John J. Pettit, CPA, Pettit & Company, LLCMark W. Purcell, CPA, Gibson Insurance Agency, Inc.Eric P. Raver, CPA, EYScott D. Reust, CPA, Crowe Horwath LLPLindsay A. Roberts-Stalcup, CPA, University of Notre DameMark A. Smit, CPA, Veolia Water North AmericaPaul D. Smith, CPA, Crowe Horwath LLPSarah B. Spurgeon, CPA, FlandersMary Ellen Straughn, CPA, Rider, Kenley & AssociatesMichael J. Summers, CPA, BKD, LLPLenny D. Swedarsky, CPA, Stanley Security SolutionsRobert A. Swider, CPATyler R. Tedford, CPA, Blue & Co., LLCDustin M. Thomas, CPA, Column Capital Advisors, LLCStephanie L. Ulba, CPA, Medxcel

Kelly A. Voor, CPA, Milestone Advisors, LLCCathy L. Waiter, CPA, Sikich, LLPLee Ann Watkins, CPA, Baden Tax Management, LLCJulie E. Welch, CPA, Global Atlantic Financial Group LimitedPaul Westerfield, CPA, NiSource, Inc.Heidi M. Wheeler, CPA, Crowe Horwath LLPJacob R. White, CPA, Interactive IntelligenceGary D. Williams, CPA, Allman Johnson Company, LLC

SENIORThomas J. BoesenVictoria C. Morton

STUDENTYakov V. Adelfinskiy, IUPUIColin Baldridge, Indiana University South BendSquire J. Bovo, Indiana University South BendJason Brandt, Indiana UniversityDoyle Brooks, Martin UniversityBrady L. Brown, IPFWKacy D. Burns, Freed-Hardeman UniversityEvaristus C. Chu, Indiana University SoutheastDaniel A. Cline, Indiana State UniversityCarson E. Cruea, Indiana TechBrennan A. Dilts, Indiana University South BendStefany J. Edmonds, Indiana University South BendClaire E. Fix, Ball State UniversityJ R. Helms, University of Southern IndianaMegan R. Hicks, Sullivan UniversityNathan E. Hoard, Indiana UniversitySamuel Jambo, Indiana Wesleyan UniversityDamon M. James, Ball State UniversityAaron J. Jesel, Grace CollegeBrian M. Johnson, Indiana University NorthwestAndrew K. Jones, Indiana State UniversityRaymond Kowalski, Indiana University South BendTrang H. Le, IUPUIPatrick J. Leistner, IUPUISulaiman A. Mahmoud, Martin UniversitySarah C. Mickelson, Miami UniversityJamensen F. Molnar, Indiana University South BendHazel E. Radvansky, Indiana UniversityJamie L. Reinewald, Indiana TechEsther N. Richard, Ball State UniversityGregory M. Riemesch, Ball State UniversityAndrew Sam, Indiana University South BendMichael B. Singhurse, IUPUIAvery K. Smith, Indiana University South BendAmanda J. Traut, Kaplan UniversityDonald Jay. VanderWal III, Purdue North CentralNathan E. Welter, Indiana University

Want your name on the list? Become a member of the Indiana CPA Society. Visit incpas.org/join.


FIRM: Harding Shymanski & Company, PSC located in Evansville and Louisville, Ky. Founded by Richard Shy-manski & Al Harding in 1975. I started with the firm in 1985 prior to graduating from the University of Southern Indiana in 1986. During my career I have worked in general services that includes tax and audit, advisory services and outsourcing.

SIZE: $14 million in revenues plus a medical billing and collection firm, 125 employees.

WHY I DECIDED TO BECOME A CPA: I have always been interested in business. When choosing a major in college, I wanted a business degree that made me marketable. A degree in accounting felt specific enough that I could readily find a job. I believe if you are going to do something that you should give all you have to offer; therefore, getting my CPA license after obtaining my accounting degree made sense.

THE COOLEST THING ABOUT WHAT YOU DO: I get to work with an awesome team that is amazing at serving our clients. It is so rewarding to work with our team and our clients and watch them both as they succeed in accom-plishing their goals.

WHY I’M INVOLVED WITH THE INDIANA CPA SOCIETY: I think being a CPA is a great profession, and the Society is a great advocate and resource for CPAs. When I talk with young people about what they might want to study in col-lege, if they are undecided or mention business, I always recommend they consider a career as a CPA.

Trudy Stock, CPA

WATCH: See the rest of Stock’s story with an interview at youtube.com/incpas

Day in the Life of a CPAMEMBERS

PRESIDENT & CEO OF HARDING, SHYMANSKI & COMPANY

5:30 A.M.: The alarm (well it’s really the radio playing fairly quietly) goes off. I hit the snooze.

5:39 A.M.: The alarm goes off again. I hit the snooze, begin to wake up, say a short prayer, and get out of bed. I shower, do my make-up, and head to the kitchen for breakfast. I always start my day with breakfast. I read my daily devotional — Streams in the Desert — while eating. After breakfast, I make sure my daughter is awake and then I finish getting ready for work.

6:50 A.M.: My drive time is a time for morning prayer, listening to KLOVE — Christian radio, and catching the local news at 7.

7:10 A.M.: I arrive at the office and take the stairs to my office on the 5th floor. I am not a morning exercise person,

Stock has worked at Harding, Shymanski & Company, PSC, since 1985.

“I believe if you are going to do something that you should give

all you have to offer; therefore, getting my CPA after obtaining my

accounting degree made sense.”

but I love to take the stairs to at least get some blood pumping. I get my computer started, check emails, review my calendar, and then check my to-do list to prepare for the day.

7:40 A.M.: Our firm has an annual retreat off-site. I try to change up the retreat — format, agenda and activi-ties — to keep it exciting and fresh. I review our debrief from last year’s retreat, check out the activities that are available at the retreat site we have chosen, and begin to formulate my thoughts about the agenda and focus of the retreat that will be held next May. Hmm ... I wonder if our team would enjoy the ropes course? I decide to have some departmental focus this year and select a “retreat committee” that will work on the planning.

8:30 A.M.: Our COO, Rod Meyer, stops by my office to update me on how our on-campus recruiting went at USI the previous day. We discuss the candidate pool this year and how many we expect to hire. The conversation then goes to a discussion around the remodeling project that just started at our office.

9:10 A.M.: A client calls. He is considering buying a business. We have a lengthy discussion about this opportunity. We discuss the motivation around the potential acquisition, their management team, structure of the deal, and their financial results. He emails me information about the potential acquisition. I research the company, review the data, develop a list of ques-tions, and analyze the numbers. I call the client back; we discuss observations and develop a strategy for next steps. Working with clients on these types of projects is always very rewarding.

10:55 A.M.: I return a few phone calls and answer emails. Shannon Brewer, vice president with our firm, stops by to discuss an upcoming seminar we are sponsoring for the manufacturing industry.

11:30 A.M.: It’s about time for lunch. Most lunches are busy with business meetings, client lunches or civic com-mitments. Today’s opportunity is the board meeting for Boys & Girls Club of Evansville. The board members are not only very involved in the organization, but they are a fun group too. Plus it is awesome to serve for an organiza-tion that helps kids!

1:15 P.M.: Back at the office, I check the constant stream of voicemails and emails, answering all I can. My goal is to answer in 24 hours or less — preferably the same business

Photo courtesy of Walker Studio.


day. Sometimes I do better at that than other times. Next I spend a few minutes to prepare for my afternoon meetings.

2 P.M.: Time for my periodic meeting with the mangers in our firm. When we meet, I let them drive the agenda. It is a great time to take the pulse of the organization and hear recommendations they have. We discuss ideas on how to improve in our training, work schedules for the upcoming busy season, and our staffing levels. I give them an update on our office remodel.

3:30 P.M.: I meet with one of my clients who has several businesses. I provide recommendations on how he can transfer some ownership to his daughter. We review entity structure around many of the companies, and I learn about new real estate purchases he has made and is plan-ning to make. We also discuss tax strategy. He is interest-ing to work with because he is very entrepreneurial and values how we can help him. I also have the opportunity to know his family, and we chat about his grandkids.

5:15 P.M.: The client meeting just ended. I am back in my office addressing more emails, voicemails and a pile in my inbox. I sort through it all — answer messages, organize my desk and update my “to do” list. I like to get things organized at the end of the day to make the next day’s start better.

Day in the Life of a CPAMEMBERS

Stock with Steve Titzer, CPA, her predecessor as President & CEO.

Photo courtesy of Harding, Shymanski and Company, PSC

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6:10 P.M.: I leave the office, and head to Bob’s Gym for GroupPower class. I don’t get to exercise as much as I prefer, but tonight I don’t have any work, civic or family commit-ments so I get some gym time.

7:50 P.M.: Shortly after I arrive at home, my husband Brett gets home with our daughter Anna and exchange student (from Germany) Amelie. They are coming home from soc-cer practice. Fortunately there are some good leftovers in the refrigerator. We sit down and eat together and discuss the day. My son, Tyler, who is studying at Ivy Tech, comes through the kitchen along with some friends, and they head to the basement to hang out. (My eldest of three is Will who is at Purdue University. When I am lucky, I get to talk to him once a week.)

9 P.M.: Brett and I spend time together and read. I give Anna a hug and tell her good night.

10:40 P.M.: Prayer time and lights out.

Do you think a day in your life would make a good addition to our series? Contact INCPAS Senior Manager — Market-ing Communications Stephanie Parton, CAE, at [email protected] to find out how you can share your story.

Stock meets with coworker Matt Folz.


SCHOLARS The fourth class of INCPAS Scholars is nearly halfway

through their program year. With 16 Scholars in Indianap-olis and five in South Bend, students from multiple schools are being exposed to the CPA profession. So far this year, the Scholars have had welcome dinners at Ruth’s Chris and Prime 47 and learned about dining etiquette. They also have learned to dress professionally by shopping for business clothes at Macy’s and Nordstrom. In October, Scholars and their parents participated in College Night at the Society and Indiana University South Bend. This was a great opportunity for not only Scholars but parents to hear about financial aid, admissions, the accounting major and college life. A variety of college administrators, faculty and students participated in these important events.

ALUMNI AMBASSADORSThe Society will continue engaging Scholars while in col-

lege through the Alumni Ambassador program. These Ambas-sadors serve in a leadership role for the Scholars Program by promoting INCPAS student membership, coordinating on-campus events by utilizing professional networks, distrib-uting INCPAS and CPA-career related materials (information from sponsoring organizations), holding individual meetings with Scholar alumni on campus, and writing articles and blogs for the Society. This year, five Scholar alumni will serve as ambassadors at Indiana University (Bianca Davis), IUPUI (Will Clinkscales and Leticia Culajay), Ball State University (Alex Galan) and Indiana State University (Kesia Jones).

By Ali Paul, INCPAS Leadership & Outreach Manager

Enhancing the CPA Designation Through Diversity

Society Expands Diversity Initiatives

THE CPA PROFESSION

EACH YEAR, STUDENTS ARE GRADUATING from

the Scholars program and entering college. The

majority of them are majoring in accounting and all

but three are attending Indiana colleges and uni-

versities. Soon INCPAS Scholar graduates will be

sitting for the CPA Exam and applying for licensure.

But before this happens, and to ensure it does, the

Society is developing and implementing a vari-

ety of programing to support current and former

Scholars as they progress through high school and

college. While the Scholars program is technically a

year long, the Society’s commitment to the Scholars

reaches far beyond the first year. With the ultimate

goal of increasing diversity in the CPA profession in

Indiana, it’s important to support the Scholars as

they progress through their college experience.

INCPAS Scholars gather for an evening of shopping and etiquette lessons at Nordstrom.

11FALL 2014

SCHOLARS GRADS BY THE NUMBERS

SCHOLARS ALUMNI WORKSHOPThe inaugural Scholars Alumni Workshop took place

in August and gave program graduates the opportunity to reconnect with each other in a professional setting. Schol-ars met with a variety of experts in career readiness for ses-sions that will give them the necessary tools to succeed on campus. This day reinvigorated their passion for accounting and continued to remind them of the professional network they have available at their disposal.

GAME ON: CPAS IN ACTIONEntering the program’s seventh year, Game On: CPAs in

Action is designed to expose minority high school students to the CPA profession. It serves as a launching point for students to connect with local CPAs and form long-term relationships. During this program, students are armed with information and advice given to them by a panel of CPA professionals. They get to experience a professional environment as they are matched with a variety of firms and businesses that employ CPAs for an up-close look at the CPAs day-to-day tasks. Over 850 students have partici-pated in Game On since the program’s inception. This year, Game On: CPAs in Action Indianapolis was held on Sept. 24. Game On programs will be held in South Bend and Fort Wayne later this year.

Colleges Attended BSU (6), Butler (1), Franklin (1), ISU (5), IU (12), IUPUI (11), Ivy Tech (5), Manchester (3), Purdue (1)Out of state: Cornerstone (1), Texas Southern (1) & University of Penn (1)

1 Senior 1 7 Junior 5 19 Sophomore 16 20 Freshmen 17

HIGH SCHOOL 6 Seniors 2 Juniors

Totals: 55 Scholars 39 Accounting Majors

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WebinarsFIND WEBINARS WITH JUST ONE CLICK Webinar regis-trations are now quicker and easier, with payments being processed directly through incpas.org.

incpas.org

TAX INSTITUTE • DECEMBER 4 – WYNDHAM INDIANAPOLIS WEST (NEW LOCATION WITH FREE PARKING)Find resources for your tax niche, learn from nationally-rec-ognized experts, and stay ahead as a tax professional at an event that is long-established and trustworthy. Register at incpas.org/taxinstitute.

“It was a great program! I really enjoyed the fast-paced one-hour sessions.” — 2013 attendee

FINANCIAL SERVICES CONFERENCE SPONSORED BY WOODLEY FARRA MANION PORTFOLIO MANAGEMENT • DECEMBER 18 – INDIANAPOLIS MARRIOTT EASTDiscover new strategies that will help you maneuver through an ever-changing economic landscape and provide the services that your clients want and need. Current issues in banking, insurance and financial services will be covered in three separate tracks. Register at incpas.org/financialservices.

“Great key speakers – they really knew their stuff and kept my attention the entire time.” — 2013 attendee

Professional Development Tools & ResourcesTHE CPA PROFESSION

CPE Cram Session

DID YOU KNOW?

Need a little or a lot by December 31? We’ve got you covered! We’ve got conferences, seminars and Winter Frenzy to help you meet reporting requirements by December 31. Snowed in? Try webinars or CPA Center of Excellence® Online Interactive Courses.

Choose from 24 different, four-hour long courses when you register. You have lots of options — take one class and still spend half of the day in your office, or sign up for six different courses over three days! All Winter Frenzy courses will be held at the Ritz Charles in Carmel.

Winter Frenzy

Conferences

3 Days24 Courses

REGISTER AT INCPAS.ORG/WINTERFRENZY

FACT VS. FICTION — DEADLINES: DECEMBER 31 VS. JUNE 30The Third Year

Reporting Cycle deadline is Decem-ber 31, 2014. If you haven’t met your

CPE requirements by then, you are

out of compliance even though your

license doesn’t expire until June

30, 2015.

December 17• Accounting and Auditing Update • Individual Income Tax Update • Risk, Cost and Cash Management for

Controllers and Financial Managers • Statement of Cash Flows: Preparation,

Presentation and Use • Analyzing Costs, Productivity and

Efficiency: Three Ways to Boost Your Bottom Line

• Real World Business Ethics for CPAs in Business and Industry

• Special Purpose Frameworks – Alter-natives to GAAP

• Tax Planning Strategies for Small Businesses: Corporations, Partner-ships & LLCs

December 18• Compilation and Review Update • Controllers Update: Today’s Latest

Trends • Health Care Reform Act: Critical Tax

and Insurance Ramifications • Understanding COSO Internal Control

Guidance

• CPA’s Guide to Communication, Listening and Writing Skills

• Forensic Accounting: Uncovering Schemes and Scams

• IRS Disputes: Identifying Options for Your Client

• Write-Up, Payroll and Other Account-ing Services: Managing the Risks

December 19• Analyzing a Company’s Financial

Statement • Annual Update for Governments and

Not-for-Profits • Capitalized Costs and Depreciation:

Key Issues and Answers • Real-World Business Ethics for CPAs

in A&A • Fraud and Cash Receipts: Common

Frauds and Internal Controls • Key S Corporation Tax Strategies and

Compliance Issues • Not-for-Profit Accounting and Audit-

ing: Practical Cases for CPAs • Position Your Organization for Suc-

cess: Strategies for Today’s Competi-tive Environment

13FALL 2014

Profession News

INCPAS News

AICPA Seeking Comments on CPA ExamThe AICPA announced an Invitation to Comment on Maintain-ing the Relevance of the Uniform CPA Examination. The dead-line to submit comments is December 2. The next version will be announced in 2016 and launched in 2017. Learn more at aicpa.org/BecomeACPA/CPAExam.

2014 SECOND QUARTER UNIFORM CPA EXAMINATION PASSING RATES

Source: aicpa.org

Tops Five ComplaintsFive most common types of investigations reported by consumers, Indiana Board of Accountancy, IPLA compli-ance director and Peer Re-view Oversight Committee.

1. Unlicensed practice (failed peer review)

2. Discipline in another juris-diction

3. Professional incompetence (AICPA or other rule viola-tions; failure to provide client files, etc.)

4. Criminal conviction

5. AdvertisingSource: Office of the Indiana Attorney General Consumer Protection Division

Did You Know?THE CPA PROFESSION

SECTION FIRST 1/4 SECOND 1/4 CUMULATIVEAUD 47.35% 48.97% 48.25%

BEC 53.28% 58.20% 55.94%

FAR 44.06% 47.72% 46.01%

REG 49.17% 51.69% 50.54%

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L E G I S L AT O R S B R E A K FA S TI N D I A N A C PA S O C I E T Y

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L E G I S L A T O R S B R E A K F A S T

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What: Suds and Spirits Where: Eat + Drink in IndianapolisWhen: December 18 from 5:30-7:30 p.m.Register online at incpas.org.


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INCPAS News


Looking For a Memorable Way to Say Thank You? Celebrate a CPA!

CPA Advocacy Award

Distinguished Service Award

Emerging Leaders Award

Outstanding CPA in Public Practice Award

Outstanding CPA in Business & Industry Award

Outstanding Educator Award

Outstanding Community Service Award

Go to incpas.org/nominations for eligibility details and to submit your nomination online. Nominations deadline is December 15.

If you know an exceptional CPA who deserves recognition at the Indiana CPA Society’s special 100-Year CPA Celebration … nominate them for an INCPAS award today!

Award Categories:

Learn. Engage. Advance.Whenever, wherever and on whatever device you want.

Copyright © 2014 CPA Center of Excellence, Inc. All rights reserved. • Powered by the Indiana CPA Society.

Online Interactive CoursesMember Networks Quick Start GuideCompetency Assessment Online CommunityOnline Community Competency Assessment Member Networks Online Interactive Courses Quick Start Guide

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INCPAS News


INCPAS ANNOUNCES STAFF CHANGES

Katy Batt was promoted to staff accountant. She is responsible for managing the day-to-day accounting activities for the Society.

Jessica Halverson was promoted to creative services manager. She is responsible for the visual arm of the communications department, including graphic design, video, photography and branding, in addition to online course development and related projects.

Hundreds of INCPAS member signatures were gathered from across the state on the Society’s 100-year anniversary banner which will hang in the Indiana CPA Society office.

Halverson

Batt

17FALL 2014

Please contact Jason Wolff at Schwartz Insurance Groupat 800.366.8177 or visit www.cpai.com/premierad today!

When it comes to something as important as your CPA firm, do youwant to insure it with a professional liability insurance policy createdfor all types of professionals?

Doesn’t it make sense to cover your firm with a professional liabilityinsurance program created with the support of the AICPA specificallyfor CPAs?

Get the benefits of a national provider with the personal serviceyou deserve:• Policy form designed to cover the unique exposures of CPA firms• All size firms and areas of practice are eligible • Premium credits designed to reflect the way CPAs do business• Quality coverage at a price that fits your budget

Do you have broad professionalliability insurance coverage?You do if you are insured with the AICPA ProfessionalLiability Insurance Program.

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Audited Financial Statements AvailableAudited financial statements for the period ending June 30, 2014, are available online at incpas.org or you may request a copy by contacting: Jenny Norris, CPA, CGMA, vice president – finance, at (317) 726-5021 or [email protected].

Find Your Next Super Staffer on the INCPAS Career Center

Receive 20 percent off the purchase of a single 60-day online job posting. Enter code: magoffer14 Expires January 31, 2015. Contact INCPAS member services at (317) 726-5000 or [email protected] for more information.

Packages start at $231 for members

careers.incpas.orgShow Off Your INCPAS MembershipIf you are a licensed CPA and a current member of the Society, you should have a membership certificate similar to the one shown here to hang on your office wall.

If you have not already received a certificate from the Society and would like one, contact member services at (317) 726-5000 or 1-800-272-2054.


Adoption of Professional Code of Conduct Ethics CodificationAt its November meeting, the Indiana Board of Accountancy will decide whether to adopt the revised code in order to be in compliance with the effective date of December 15, 2014.

INCPAS represents CPA profession at first Job Creation Committee meetingThe Society was asked to provide recommendations regarding regu-lation of the profession to the JCC. The General Assembly created the JCC when SEA 421 passed and related provisions became effective July 1, 2014. INCPAS President & CEO Gary Bolinger, CAE, asked the committee to consider piloting more innovative programs that would be more effective and position Indiana as a leader in regulat-ing the profession. The JCC met on October 16 for further discussion of recommendations of legislative and rule changes. The committee then will meet on the third Thursday of each month (except Novem-ber and December). For more information, see the blog “Moving Indiana’s Mountains on Behalf of CPAs” by INCPAS VP — Advocacy Sherrill Rude, CAE at blogs.incpas.org

IN INDIANA

Legislative Council Audit and Financial Subcommittee — state audit committeeINCPAS Chair Kent Williams, CPA, CGMA, and former INCPAS Chair Joe Scheidler, CPA, provided an orientation on August 18 for the newly created state audit committee established by SEA 338. An INCPAS ad hoc task force worked with Legislative Services Agency executive director, George Angelone, CPA, JD, and committee chair, Rep. Matt Lehman (R-Berne) to develop the orientation for its five newly-appointed members.

Advocacy: from the peer review and ethics committees to the government relations advisory council and legislative key persons program, the Society advocates for you and monitors the regulation of the CPA profession in Indiana.

BOARD OF ACCOUNTANCY

New competency-based pilot program through 2015A new, more flexible and personalized style of online learning launched in May. The pilot stemmed from INCPAS’ 2012 White Paper — “Future of Competency: What’s Next?” — that identified the growing need for core competencies in the workplace and evolving needs for professional development. The Board of Accountancy has agreed to waive 8 to 16 CPE hours for current Indiana licensees who successfully complete one or two courses of the seven courses as part of the pilot program ending December 31, 2015. Find out more at cpacoe.com.

2015 License renewal for individual and firm permits; updating your contact informationCPE for this license cycle needs to be completed by December 31, 2014. 2015 is a renewal year for individual licenses and firm permits — due June 30, 2015. Check your contact information on IPLA’s website at mylicense.in.gov/egov/ to see if it’s correct. The Board of Accountancy will conduct a CPE audit following renewal.

IPLA posts new rules and regulationsThe implementation of SEA 421 provisions which created a “Retired” status, extended term limits for Board of Accountancy members to a maximum of three, three-year terms, changed the definition of “attest” and increases the enforcement fund cap and directs penalties into the fund. The new rules and regulations are on IPLA’s site.

Advocating in Indiana and Beyond

Advocating for MembersTHE SOCIETY

ARE YOU IN COMPLIANCE?The Third Year Reporting Cycle deadline is December 31, 2014.

If you haven’t met your CPE requirements by then, you are out

of compliance even though your license doesn’t expire until

June 30, 2015.

19FALL 2014

Tax Resource Advisory Council InitiativesTRAC members are working with IDOR staff to help provide clearer instructions and troubleshoot potential areas of confusion in the implementation of NRWH/Composite returns processes. INCPAS partnered with IDOR to host three Start Strong seminars for small and new businesses in Bloomington, Lafayette and Fort Wayne.

Monitoring Interim CommitteesINCPAS is monitoring the following interim committees to help identify potential recommendations and legislative issues the Society may need to address when the General Assembly convenes in January: Business Personal Property Taxation, Committee on Employment and Labor, Committee on Fiscal Policy, and Legislative Council Audit and Financial Reporting Subcommittee.

INCPAS

INCPAS Leadership Cabinet and Emerging Leaders Alliance MeetingIndypolitics.org’s Abdul Hakim Shabazz, a popular pundit on Indiana politics, inspired over 130 Society leaders on October 31 to consider important issues leading into the elections and legislative session.

Tax Competitiveness and Simplification ConferenceNearly 200 local and national tax experts and policy makers assembled to discuss ideas for making Indiana an even more competitive business climate, including sales tax on services, corporate and local income tax. Five INCPAS Tax Resource Advisory Council members attended the invite-only conference and TRAC chair, Dave McDaniel, participated on the Individual Income Tax panel.

Commissioner Mike Alley reported to the Business Personal Property Taxation interim committee with recommendations for potential legis-lative changes in the next general session.

AROUND THE COUNTRY

Letter to Congress on cash basis of accounting has 233 signatures; four from IndianaA majority of the U.S. House of Representatives — 125 Democrats and

108 Republicans — signed a letter opposing limits on cash basis of accounting for tax purposes. Indiana Representatives Brooks, Buschon, Carson and Stutzman each signed the letter at the Society’s urging. The letter has been sent to the House leadership for consideration in future tax law reform proposals.

Definition of “attest” a top legislative issue for most states in 2014; Indiana is ahead of the curve

Thanks to INCPAS advocacy efforts during the last legislative session, the Indiana legislature approved a bill updating the definition of “attest” as services that can only be provided by CPAs.

ETHICS

Review the new and more organized Code of Ethics onlineBy Michael Barker, CPA, CISAIn 2008, the AICPA’s Professional Ethics Executive Committee began a process to reformat and update, where necessary, the Code of Profes-sional Conduct. On December 15, the reformatted code will become effective; however, you are free to adopt the new code early. I would encourage each of you to take a few minutes to review the online version of the code at http://pub.aicpa.org/codeofconduct.

The online version of the code may require an initial investment of time to learn the navigation process; however, I think this initial investment will be worth the time and effort. To assist new users, the AICPA has prepared a video entitled “New Online Code of Profes-sional Conduct.” This video is approximately eight minutes in length and is very helpful in understanding how the code is now organized and the best navigational methods for researching topics in the online code.

One of the major changes contained in the new code is the segment-ing of information for members in public practice and business and industry. In the past versions, for topics such as independence, all infor-mation was detailed for both public practice and business and industry in one location. Now users can search for guidance that is unique to their professional expertise.

While the updated code of professional conduct has been a work in progress for several years, I hope you will agree the final product was worth the wait. I think you will find the code to be better organized and also easier to research various topics.

In 2008, the AICPA’s Professional Ethics Executive Committee began

a process to reformat and update, where necessary, the Code of

Professional Conduct. On December 15, the reformatted code will

become effective; however, you are free to adopt the new code early.


IDOR COMMISSIONER’S CORNER

The New Year Brings ChangeMike Alley, CPA-Inactive, Indiana Department of Revenue

THIS MONTH I HAVE A NUMBER of interesting, even momentous, items to share with you. By now you may have heard or read about some of these, but I wanted to summa-rize some of our significant accomplishments of late.

ANNUAL REPORT. First, we have published our annual report for FY 2014. It is a detailed look at our accomplishments for the year plus a look forward at what we hope to accomplish in FY 2015. There is a wealth of detail in our annual report, including exten-sive discussion of problem areas in compliance. You can find the annual report in our Tax Library at in.gov/dor/3330.htm.

TAX CONFERENCE REPORT. We hosted the Indi-ana Tax Competitiveness and Simplification Conference here at the Government Center on June 24. More than 100 people participated, including national and local tax experts along with key legislators. We were proud to have many members of INCPAS participating as well. On September 26 we released a comprehensive report on ideas and recommendations generated at the con-ference and presented that report to the Commission on Business Personal Property and Business Taxation. I invite you to review this report and let us know your thoughts and ideas. Find the report at in.gov/dor/5119.htm. You also can use a web form to send us your thoughts and ideas.

ELECTRONIC FILING FOR CORPORATE RETURNS. We have committed to offering an electronic filing solution for the IT-20S for sub-chapter S Corporations for 2014 taxes filed in 2015. I am pleased to report we are well on our way to making that happen. We have already released technical instructions to software vendors and many are indicating their interest in supporting this new filing option. If you want this capability next year, we encourage you to let your software vendor know.

ELECTRONIC FILING FOR FAB AND CIT. In another new move into the electronic filing world, we now (as of November) offer the filing and payment of both Food and Beverage Tax and County Innkeepers Tax via our online portal, INtax. This is a response to many comments and requests from the field (and INCPAS members via the TRAC group). INtax now supports both filing and paying both tax types, FAB and CIT, online. No more coupons. For those who wish to continue using coupons, that option remains viable as there is no electronic mandate for these taxes.

NON RESIDENT WITHHOLDING. At the last TRAC meeting, INCPAS and DOR agreed to form a joint work-ing group to address simplifying the process of non-res-ident withholding reporting. We agree we have not yet reached an acceptable solution to this complex issue, despite a number of attempts. We certainly hope to have something in place in the coming year.

With those major changes either now available or com-ing in the near future, we have accomplished much in 2014 and look forward to working with you for a success-ful tax season in 2015.

Advocating for MembersTHE SOCIETY

Supporting the only PAC that represents CPAs in Indiana is the best thing you can do today to protect the profession. Contribute today atincpas.org/contribute

INDIANA CPA-PAC If every member who has not yet made a PAC contribution for 2014 would contribute just $5 by December 31, it would add over $32,000 to our PAC!

• 2014 Goals: $50,000 from 900 contributors• Current contributions: $39,000• 10% of membership contributes to the PAC• $129.80 is the average contribution of high contributors ($100+)• 17% of contributing members contribute $100 or more

For more information on the Indiana CPA-PAC, contact Sherrill Rude, CAE [email protected].

21FALL 2014 21

BOARD OF DIRECTORSThe INCPAS Board met on August 21 and October 10. The August meet-ing was the first official meeting for new board members Jen Clutter, CPA, Shannon Kane, CPA, CGMA, Erland Porter, CPA, and Bob Woods, CPA, CGMA.

The August meeting included discussion and approval of the Soci-ety’s first integrated report, an update on the AICPA’s Enhancing Audit Quality initiative (a task force was established to review and respond to the discussion paper), and discussion of the draft agendas for the fall Indiana CPA Society Leadership Cabinet and Emerging Leaders Alliance meeting and the board retreat. The board also approved deliverables for the INCPAS 2025 initiative.

The October meeting included updates on the group health insurance plan program for members as well as updates on the CPA Center of Excellence®. Legislative and regulatory issues on the agenda included the Job Creation Committee review of the CPA profession and the Society’s preliminary legislative agenda for 2015. The results of the 2014 Profes-sional Issues Update were also discussed.

After both meetings, the three board-level task forces (Dynamic, Agile and Emergent) met to continue their work on the INCPAS 2025 initiative. The task forces further developed their lists of opportuni-ties and threats for the Society and the profession, discussed how or if the Society should respond, how it will deliver value in 2025, and created scenarios that incorporate the opportunities and threats. For more information on the INCPAS Board of Directors, contact Gary Bolinger, CAE, at [email protected].

LEADERSHIP CABINET/EMERGING LEADERS ALLIANCEThe fall meeting was held on October 30-31 in Indianapolis. The future, and in particular, the CPA Center of Excellence® and INCPAS 2025 initiative, were the focus of the meeting. Four new members were welcomed – Rex Miller, CPA, CGMA, Donovan, PC, Kelly Hale, CPA, Somerset CPAs, PC, Twana Cheek, CPA, Brady Ware on Leadership Cabinet, and Joshua Smith, Donovan, PC, on ELA.

Futurist Glen Hiemstra of Seattle from futurist.com got the partici-pants thinking about the future with his provacative presentation titled “Beyond 2020.” The Dynamic, Agile and Emergent Task Force chairs pre-sented their findings in a panel session facilitated by INCPAS Chair Kent Williams, CPA, CGMA. INCPAS knowledge management and complexity advisor David Griffiths, Ph.D., also participated in the discussion.

State senator Carlin Yoder (R-Middlebury) and Society lobbyist Lou Belch from The Corydon Group talked about the next session of the Gen-eral Assembly. Topics included: Indiana’s tax competiveness and simpli-fication, the importance of member contact with legislators, changes in state audits, and licensure of tax preparers.

Griffiths had the floor for a presentation titled “Leadership for INCPAS 2025” that continued the future theme of the meeting. The closing speaker was Abdul-Hakim Shabazz from IndyPolitics.org.

Several breakout and table discussions added to the energy and engage-ment of the meeting. Participants discussed ideas for the future of the CPA Center of Excellence® and its next steps. Other sessions centered on discus-sion and proposals for a bold challenge for INCPAS in the year 2025.

The spring meeting is scheduled for May 14-15, 2015, at the Hyatt Regency in downtown Indianapolis. For more information on LC/ELA, contact Sherrill Rude, CAE, at [email protected].

DIVERSITY ADVISORY COUNCILDAC met on October 7. Items of discussion included Dr. James H. Johnson Jr.’s presentation, Disruptive Demographics, from the spring LC/ELA meeting, updates on diversity programs, and encouraging diverse, experienced professionals to consider the CPA profession.

A successful Game On: CPAs in Action was held in Indianapolis on September 24. More than 140 high school students attended. Additional Game On programs were held in South Bend on November 6 and in Fort Wayne on November 7. For more information on the INCPAS Diversity Advisory Council and the Diversity Programs Project Team, contact Ali Paul, at [email protected].

GOVERNMENT RELATIONS ADVISORY COUNCILGRAC met on September 30 to discuss the upcoming legislative agenda and the Job Creation Committee’s review of accountancy.

At future meetings, GRAC members will discuss issues that are being identified by the AICPA State Policy Priorities Task Force includ-ing: marijuana legalization, ban the box, patent trolls, and state tax preparer registration.

GRAC members and other Society leaders helped with the orientation for the newly-formed state audit committee, called the Legislative Coun-cil Audit & Financial Reporting Subcommittee. For more information on GRAC, contact Sherrill Rude, CAE, at [email protected].

TAX RESOURCE ADVISORY COUNCILTRAC met on September 22. Among items of discussion was the formation of an ad hoc task force with the IDOR to address non-resident withholding and corporate returns for the upcoming tax season. Last year there was an opt-out provision that proved to be confusing to practitioners. The task force hopes to help IDOR provide improved guidance for 2015.

TRAC Chair Dave McDaniel attended the AICPA/IRS annual meeting in November. TRAC also continues to monitor the state’s committees on business personal property taxation, employment and labor, and fiscal policy. The group meets in November with both IDOR and IRS’ stake-holder liaison. For more information on TRAC, contact Sherrill Rude, CAE, at [email protected].

INDIANA CPA-PACPAC Trustees held a conference call on September 29 to approve the fourth and final round of contributions to legislators this year, prior to the Novem-ber elections. With an additional $6,000 in contributions approved in September, a total of $39,000 in contributions for 2014 have been approved For more information on the Indiana CPA-PAC, contact Sherrill Rude, CAE, at [email protected].

ROI: Access to the resources that are important for you as a professional to uphold the integrity of the profession.

Upholding IntegrityTHE SOCIETY

Your Leadership, Upholding Integrity


CPA DAY OF SERVICE12TH CPA DAY OF SERVICE

FEATURES

Pictured here: 1. Blue & Co., LLC (Wheeler Mission Ministries), 2. CliftonLar-sonAllen LLP (Midwest Food Bank), 3. EY at Avondale Meadows, 4. RBSK Partners PC (Decatur County Agape Center), 5. BGBC Partners, LLP (Habitat for Humanity), 6. Martin University (St. Vincent de Paul Food Pantry), 7. Grace College (Pierceton Road community apple orchard).

INCPAS was the first state CPA society to

organize a Day of Service

439completed since 2003

service projects

5,538participants since 2003

This year, 316 people participated at 24

locations in 15 cities

Most popular service locations: Food pantries,

Habitat for Humanity builds and animal shelters

1

2

3

4

56

7

Learn. Engage. Advance.Checklists, charts and guidelines to develop yourself or your staff.

CPA Excellence Quick Start Guide

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Copyright © 2014 CPA Center of Excellence, Inc. All rights reserved. • Powered by the Indiana CPA Society.

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By Dave Shatkowski, INCPAS Vice President — Communications

THE INCPAS INTEGRATED

REPORT

LEADING

EXAMPLEby

FEATURES

25FALL 2014

INTEGRATED REPORTING HAS BEEN GAINING TRACTION of late, especially globally, but here in the United States it’s been a little slow to take hold. INCPAS has been following the movement toward integrated reporting for over two years and published a white paper on the concept in 2012. Now, taking it a step further, the Society has produced its own integrated report.

Approved by the board in August, the 30-page INCPAS integrated report is available for viewing and download on incpas.org. INCPAS became the first state CPA society in the country, as well as the first association of any kind nationwide to prepare its own integrated report. But even more significantly, INCPAS produced the report to serve as an example for its members, their clients and employers as integrated reporting becomes commonplace.

Integrated reporting is a new form of comprehensive business reporting that incorporates all aspects of business performance in a concise report format. The movement toward integrated reporting worldwide has been spearheaded by the International Integrated Reporting Council. The IIRC first released a discussion paper in 2011, then a draft framework for integrated reporting in 2012, and finally the final version of the framework in late 2013.

“An integrated report really tells the whole story. It’s so much more than an annual report,” said INCPAS Chair Kent Williams, CPA, CGMA. “There is a significant benefit for any organization to go through the process of preparing an integrated report, and the finished product is beneficial for those leading and investing in the organization.

“In presenting the whole picture, an organization can elevate opportunities and identify blind spots,” added Williams. “By examining skills and competitive advantage, it can cause an organization to act and react. It’s definitely a thought-provoking read.”

Defined simply as the language for sustainable business, integrated reporting is recog-nized by the symbol <IR>. According to the IIRC, “<IR> is a process founded on inte-grated thinking that results in a periodic integrated report by an organization about value creation over time and related communications regarding aspects of value creation.”

And the integrated report itself is described by the IIRC as “a concise communica-tion about how an organization’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of value in the short, medium and long term.”

Integrated reporting aims to accomplish these four things:

• Improve the quality of information available

• Promote a more cohesive and efficient approach to corporate reporting

• Enhance accountability and stewardship

• Support integrated thinking, decision making and actions that focus on value creation

INCPAS began studying integrated reporting in early 2012, and formed a task force that explored its applications for both the Society and the CPA profession. Although the process of integrated reporting and the compilation of an integrated report involves professionals outside of the CPA profession, CPAs were viewed as the ideal professionals to lead the effort. The task force’s findings and recommenda-tion were presented in the white paper.

Integrated reporting involves much more than financial reporting, but the task force agreed that CPAs are well equipped to collaborate with others and incorporate their work into these new comprehensive reporting documents. Among the recommenda-tions offered by the task force were the need for INCPAS to provide educational oppor-tunities about integrated reporting for its members and to advocate for the implementa-

tion of integrated reporting.“Integrated reporting is the

future of business reporting,” said INCPAS VP — Finance Jenny Nor-ris, CPA, CGMA, who was respon-sible for compiling the report. “In representing and supporting the CPA profession in Indiana, we thought it was appropriate for the Society to take this first step to help members become not only more familiar with their profes-sional association, but also more aware of integrated reporting and its future in the business world.”

The INCPAS integrated report begins with assurances, the Soci-ety’s mission, vision and values, and messages from the INCPAS chair and president & CEO. It then provides brief descriptions of who the Society and its members are, how we are governed and how we do what we do. It then goes into detail about the INCPAS business model, who we are accountable to, and what’s happening in our and our members’ environments. The report concludes with the Society’s strategy, risks and oppor-tunities, financial performance and future outlook.

There are many factors that have led to the emergence of integrated reporting. First and foremost is the increasing pace of change. Complexity and global-ization are issues as well. Addi-tional factors are that traditional numbers found in other business reports don’t tell the full story, and that opinions about business per-formance need to be enhanced.

INCPAS believes integrated reporting is the future of business reporting. More and more clients and employers will be requesting integrated reports in the years ahead, and CPAs are in a position to play a large role in fulfilling those requests. The Society’s own inte-grated report is a sample for all and was designed to create a greater understanding of the trend toward enhanced business reporting.

Defined simply as the language for sustainable business, inte-grated reporting is recognized by the symbol <IR>.

The INCPAS Inte-grated Report features multiple pages of graphs and charts, easily breaking down complex infor-mation for the reader.

You can read the INCPAS Inte-grated Report for yourself by downloading it at incpas.org

Indiana CPA Society

INTEGRATED REPORT

8 • Indiana CPA Society Integrated Report

WHO OUR MEMBERS AREThe Indiana CPA Society has approximately 8,000 members throughout Indiana. Our membership represents the full spec-trum of accounting professionals. We have members who work for small local CPA firms, mid-size regional CPA firms, large international CPA firms, Fortune 500 companies, small private companies, not for profit organizations, professors at colleges and universities across the state, students, CPA candidates and other non-CPAs working in the profession.

6/30/07 6/30/14 %Change

Total Dues Paying Members 7,444 7,566 1.64%

Public Accounting 40.00% 46.85% 17.13%

Industry 38.00% 33.44% -12.00%

All other 22.00% 19.71% -10.41%

Male 58.86% 59.44% 0.99%

Female 38.94% 40.18% 3.18%

Unknown 2.20% 0.38% -82.73%

30 and Under 11.84% 8.99% -24.10%

31 to 40 15.46% 11.60% -24.96%

41 to 50 25.34% 17.36% -31.48%

51 to 60 19.04% 22.46% 17.97%

Over 60 8.79% 15.10% 71.74%

Unknown 19.53% 24.49% 25.40%

8/31/07 8/31/13

Dropped Members 506 580

Dropped Members as a % of Total 7.19% 7.56%

Member Comparisons June 30, 2007 vs. June 30, 2014

PUBLIC ACCOUNTING MEMBERS BY FIRM SIZE

13 OR MORE PARTNERS

SOLE PRACTITIONER

1-3 PARTNERS

4-12 PARTNERS

As of June 30, 2014

MEMBERS BY ORGANIZATION TYPE

NO ORGANIZATION

TYPE EDUCATION

GOVERNMENT

INDUSTRY

OTHER VENDOR

MEDIA

PUBLIC ACCOUNTING

MEMBERS BY AGE GROUP

As of June 30, 2014

30 AND UNDER

31 TO 40

41 TO 50

51 TO 60

OVER 60

UNKNOWN

PUBLIC ACCOUNTING MEMBERS BY FIRM SIZE

MEMBERS BY ORGANIZATION TYPE

MEMBERS BY AGE GROUP

10 • Indiana CPA Society Integrated Report

INDIANA CPA SOCIETY

INCPASMEMBERSHIP

BOARD OF DIRECTORS

LEADERSHIPCABINET

LEADERSHIPADVISORY COUNCIL

BOARDCOMMITTEES

EXECUTIVE

FINANCE

LEADERSHIPSUCCESSION

OFFICERNOMINATIONS

AWARD SELECTION

TASK FORCES/PROJECT TEAMS

STANDINGCOMMITTEES

ETHICS

PEER REVIEW

AD HOC

LARGE FIRM TASK FORCE

CONFERENCE PLANNING PROJECT TEAMS

AFFILIATED ORGANIZATIONS• EDUCATIONAL FOUNDATION • INDIANA CPA-PAC

ADVISORY COUNCILS

GOVERNMENT RELATIONS ADVISORY COUNCIL

TAX RESOURCEADVISORY COUNCIL

DIVERSITYADVISORY COUNCIL

STAFFEMERGING LEADERS ALLIANCE

As of July 2014

“In presenting the whole picture, an organization

can elevate opportunities and identify blind spots.”

— Kent Williams, CPA, CGMA, INCPAS Board Chair


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Founded in 1904, Stock Yards Bank has evolved from a “one-location”

bank to a nationally recognized, $2.35 billion regional bank known for

exceptional service. Our capabilities align well with those of national

banks, but our focus has always been building a comfortable relationship

for our customers that can only be given by a trusted partner.

Built to last.

27FALL 2014

DOWNTOWN: 136 East Market Street - (317) 824-6160CARMEL: 11450 N. Meridian Street - (317) 238-2831BINFORD: 6840 Lake Plaza Drive - (317) 238-2860

Founded in 1904, Stock Yards Bank has evolved from a “one-location”

bank to a nationally recognized, $2.35 billion regional bank known for

exceptional service. Our capabilities align well with those of national

banks, but our focus has always been building a comfortable relationship

for our customers that can only be given by a trusted partner.

Built to last.

By Jennifer Briggs, CAE, INCPAS Senior Vice President

The Future of Learning and Why You Should Care


MOOC Massive Open Online Courses are generally free and provide online, interactive learning.

Courses typically have unlimited participation.

EdX is one of the more prominent providers with universities like UC Berkeley, Harvard and MIT offering courses this way. Generally no official credit is offered; the learner is recog-nized for completing the course and learning the content.

Flipped ClassroomA form of learning where the “lecture” part is typi-cally viewed online before a class and class time is used for collaboration, in-depth discussion or working on actual prob-lems. It’s basically flipping the lecture and home-work. The homework is done with the instructor so the student can ask specific questions or talk with others as needed to gain better insight and a better understanding of the content.

Digital BadgesDigital badges are an assessment and creden-tialing mechanism that is housed and managed online. Badges are designed to validate learning, and hold the potential to transform where and how learning is valued.* They help demonstrate skills learned either online or in person. They are characterized by a symbol of some kind (a badge) that is digital and is coded to show whomever clicks on it, the skills, experiences, etc., achieved by the learner. *macfound.org/programs/digital-badges/

MozillaLaunched in 1998,

Mozilla is a community of technologists working to make the Internet accessible to all and to promote innovation.

Mozilla BackpackAvailable at backpack.openbadges.org, the backpack is like a locker you had in school or a network drive on your computer. It’s simply a place you can store recognition (proof) of learning for which you’ve received a digital badge.

Sal Khan/Khan AcademyThrough Khan Academy, students can make use of a library of content, including interactive challenges, assessments, and videos from any computer with access to the web. Sal Khan’s speech about his mission received a standing ova-tion at the October 2013 AICPA Council meeting in Los Angeles.khanacademy.org/about

HERE AT THE SOCIETY WE HAVE BEEN TALKING a lot about a competency-based approach to professional development, our pilot program with the Indiana Board of Accountancy and digital badges. Does any of it make sense? Or, have you been scratching your head wondering why we’re talking about all of this? We decided it might be time to take a step back and provide a short history and a few definitions.

In 2012 an INCPAS Board-level task force produced a white paper on the Future of Competency. In this paper we sought to look at the very broad world of education (K-12, higher education and continuing professional education) and consider trends and changes. As an associ-ation we need to ensure we’re meeting our members’ needs, and since CPE is such a big part of CPAs professional commitment, we wanted to know more about how education is evolving. After the work we did, we concluded that, well, there’s a lot more work to do.

Education is changing everywhere you go. In just a few minutes of conversation with any K-12 grade student you learn that online learn-ing is so prevalent that some schools don’t even have snow days any-more — if it’s snowing, they just work from home online. First-graders are being issued iPads. Hard copies of text books are a bit outdated. Smart boards are prevalent and flipped classrooms are the norm at one Indianapolis school. In the area of professional education, simu-lation and scenario-based learning is becoming more valuable. Some firms like Deloitte have gone to extensive measures creating entire

campuses, like Deloitte University, with its enhanced learning and simulations that provide immediate feedback.

I had the privilege to be a member of the AICPA Future of Learning Task Force in 2013-14. I visited Harvard University and heard from their education experts, some from MIT and other nationally-recognized education innovators. I grew to understand our road to change was going to be hard, but that if we don’t start experimenting now we’ll have a hard time catching up later. Even at these elite institutions, changing behaviors about learning wasn’t necessarily simple, but an ongoing process of trial and error. Despite that, it was evident the world isn’t going to become less complex anytime soon. With the chance to hear Sal Khan, founder of the Khan Academy speak about his mission “A free world-class education for anyone anywhere,” I better understood how technology is changing how we learn. It’s not about webinars. It’s about the accessibility of education — to anyone and anywhere. What does this mean for how we value and measure education as a society at large, as an association and for the CPA profession?

SOME DEFINITIONS:

SOME BACKGROUND:

FEATURES

29FALL 2014

1. THE YOUNG PEOPLE YOU HIRE WILL BE INCREASINGLY DISINTERESTED IN SITTING in a classroom for eight hours at a time to earn CPE. And it’s not about moving it online. Sitting at a computer and staring at a screen with little interaction might be even less tolerable. The type of education you offer may be a differentiator for young people when choosing an employer. They are going to look for hands-on learning and real life scenarios in a way we haven’t seen before.

2. THE WAY YOU UNDERSTAND SOMEONE’S EDUCATION IS GOING TO CHANGE. Learning is accessible in so many ways, and with the complexity of our day-to-day workloads, we’ll be looking for people who can get the job done — not necessarily people with a specific GPA or a degree that took X number of years to attain. What do they know and how will you know they know it? We will begin to look to things like digital badges to tell us where someone has an expertise. Or, which MOOC’s did someone partici-pate in and finish?

Future of CompetencyA 2012-13 INCPAS task force that focused on the identification (plan), acquisition (education), and demonstration (experience) of behaviors, knowledge, skills and abilities necessary for successful performance as a professional. Learn-

ing is one part of the future of competency.incpas.org/docs/news-resources/future_of_competency_wp.pdf?sfvrsn=0

Future of Learning Task ForceA 2013-14 AICPA task force explored a new vision, developed by the task force to reinvent lifelong learning and competency in the CPA profession. futureoflearning.aicpa.org

Smart BoardThe Smart Board is an interactive whiteboard that uses touch detec-tion for user input (for example, scrolling and right mouse-click) in the same way as normal PC input devices.

Competency-based LearningEducational formats that allow students flexibil-ity to learn where and when they want to and to demonstrate mastery of content vs. a specific semester, or hours-based system. In 2014, the U.S. Department of Education has several experimental sites allowing universi-ties to try this approach without losing federal-aid eligibility. This is happen-ing on an experimental basis related to CPE here in Indiana through a pilot program with the Indiana Board of Accountancy.

BoA pilot programA pilot program allowing CPAs in Indiana to have 8 hours of CPE waived if they participate in the Society’s online, interac-tive, competency-based courses. Up to 16 hours (two courses) may be counted toward the waiver for those learn-ers who complete the courses and earn digital badges that validates their competency in the subject matter.

WHY CPAS SHOULD CARE:

INCPAS BOARD TASK FORCE

THE FUTURE OF COMPETENCY WHITE PAPER

November 11, 2012

Board Members

Kent Williams, CPA, CGMA - Chair Michael Johnson, CPA

Bettie Caldwell, CPA, CGMA McKenzie Scott Lewis

Leadership Advisory Council

Angie Crawford, CPA Tim Musholt, CPA

StaffJennifer Briggs, CAE

© 2013 Indiana CPA Society. All Rights Reserved.

Lighting the Fire

The learning revolution is on.

The profession’s continued vitality

requires evolving the way we

develop, deliver and measure

learning and competency for CPAs.

Strategies to Fuel the Future of Learning

futureoflearning.aicpa.org

Leverage technology to

enhance learning experiences.Implement

small changes for a huge

impact.

Design for desired

outcome.

Deliver any topic, anywhere, any way.

Filter content and focus resources.

Create and leverage a

unified, global competency framework.

Develop one uniform, global

compliance standard.

Rethink compliance to

measure learner competency, development

or performance.

Make learning engaging and

relevant.

Start with the learner’s needs.

JOIN US.

INNOVATE AND EXPERIMENT

Adapt and evolve learning

to meet the needs of

high-performing professionals.

MAKE LEARNING

PERSONAL

Create learning opportunities

that address individuals’

knowledge and

competency needs.

IGNITE A PASSION

FOR LEARNING

Motivate and engage learners

through meaningful, purposeful

experiences.

MEASURE WHAT MATTERS

Learning happens everywhere

and can’t always be quantified

in a test result or measured

in hours.

Copyright © 2014 American Institute of CPAs. All rights reserved.

3. YOU, OR YOUR ORGANIZATION, SPEND A LOT OF TIME AND MONEY ON CONTINUING EDUCATION per reg-ulatory requirements to meet an arbitrary number of hours to say you’ve maintained your competency as a CPA. Are you always getting bang for your buck in the current hours-based system? Does learning really only happen if it’s done in 50-minute incre-ments? Or, is learning continuous and can it be earned and documented in different ways?

Education is a critical area for the CPA profession. For the reasons stated, and many others, the Society continues to ask ques-tions and study the future of learning and competency.

It’s not about webinars. It’s

about the accessibility of

education — to anyone and

anywhere.

460

70%

millionNumber of

page views at khanacademy.org

Percentage of badges that are

used for professional development or internal training

Today, over 14,000 independent

organizations are issuing badges and this will continue to

grow rapidly. Digital badges are being

used today both in education and across

industries.


Minding Your

Manners with

Technology

Karl W. Egnatoff,

CPA, CITP

FEATURES

ATTACK of the

Mobile Monsters

31FALL 2014

He, as many young people I knew at the time, thought others would perceive him as being “cooler” if he appeared not to care about anything. One day he and I were at a home improvement store and as we left the store, he noticed a woman standing behind her car with the trunk open. On the cart next to her, were four 80-pound bags of concrete mix. He turned to me and said, “We should help her,” and then proceeded over to the car and helped load the bags. This was close to 30 years ago and I still remember it clearly because the kind act so impressed me.

I still am impressed when someone does a good deed for another person. On the other hand, when an individual is rude or unkind it leaves me shaking my head in silent disgust. If I think about how we have all become intertwined with technology tools, I realize these items — cell phones, tablets and laptop computers — can serve as a means for us to behave wonderfully or to be discourteous. Because of this revelation, I began conducting informal and non-scientific polls and following is some of the information I have gleaned from this effort.

If you sit down at any type of one-on-one or small group get together, many think it is technologically polite to place your mobile device(s) into silent mode until the meeting has ended. One respondent used the following example: “I am impressed when someone pulls out their phone and verbally excuses themselves so they can send a brief text message to alert others that they will be unavailable and then they place the device in silent mode and put it away.” The opposite behavior to that explained above is the dinner participant that sets their phone on the table and picks it up to respond to text messages and even phone calls without any consideration for others around them. One person put it this way — “It infuriates me!”

Using mobile devices in close quarters is another area where technology creates contention. When someone is in a small space,

Mobile Monsters

When I was in my early 20s, I had a friend who seemed to pride himself on being aloof.

such as a restaurant, an airplane cabin, an automobile, or any other confined area, loud is bad. Talking on the device in a way that is invasive to others, high volume text or email notifications, and music played through headphones at such a high volume that others in proximity can hear, are all infractions to those that have to deal with the noise. I was recently on a plane seated next to a woman who had to reschedule a portion of her travel arrangements and needed to use the phone to do so. She turned to me and said, “I’m so sorry, I have to be rude, I need to be on the phone to the rental car company and the hotel for the next few minutes, my travel plans just changed unexpectedly.” What a wonderful, courteous way to conduct herself. She spoke as softly as possible and finished quickly. Unfortunately, I have also been in a restaurant with a medical pro-fessional talking loudly on the phone to a friend about, yes, a medical procedure, thus ruining the meals of those in earshot. The only thing I can say to explain the variation in methodology is some people get it, and some people just don’t.

I started the article talking about doing good deeds; we can all use technology to do just that. Recent weather issues have caused many problems for those traveling. I have seen experienced travelers use their cell phone or tablet to look up flight and gate information for people that do not know how to do so. This gave them a better chance of making a con-necting flight. Another example of a techno-logical act of kindness relates to the significant angst felt by so many people because there are only a few waning percentage points left on the battery indicator of their mobile phone. The hero that helps others with this problem is someone with a portable power stick, who is willing to share some of their charge with others. Sometimes, people just allow others to use their devices for a few minutes for an important call home or to work.

I believe most people are like me and feel uplifted when someone does something nice for another person.

Because technology continues to play an ever-increasing role in all aspects of our lives, acts of kindness related to technology will become more noticeable. Hopefully, you and those around you will use phones, tablets, and other tools while minding your manners with technology!

If I think about how we

have all become inter-

twined with technol-

ogy tools, I realize

these items — cell

phones, tablets and lap-

top computers — can

serve as a means for us

to behave wonderfully

or to be discourteous.

Karl Egnatoff is an associate at K2 Enterprises, where he devel-ops and pres-ents continuing education courses to accounting and financial profes-sionals across the United States. You may contact Egnatoff at [email protected].


Getting acquainted with your new members-only Online Community

BY NOW YOU’VE PROBABLY SEEN some of the Open Forum Daily Digest email notifications from the CPA Cen-ter of Excellence® Online Community hosted by INCPAS.

Whether you skimmed or read them in-depth, those notifications are only the surface — the full benefits of the Online Community aren’t accessible or seen until you log in to your site at cpacoe.incpas.org using your incpas.org login information.

The ability to exchange experience and resources with neighboring colleagues across the state is critical to keeping mem-bers in the CPA profession as informed, prepared and relevant as possible. This is why the Online Community was the first of what grew into five components of the CPA Center of Excellence®, all which stem around knowledge sharing, competency and adapting to the future of professional development. You can find out more about all five at cpacoe.com.

FEATURES

Welcome to the (virtual)

neighborhood!

“There’s been some great postings on the open forum … on Indiana

Department of Revenue notices and questions on sales and use tax. It’s

a great avenue to share ideas and pass on experiences to other mem-

bers. To reach out and ask questions.”

— Jake Dunton, CPA, CFE, CGMA, Dunton & Co., Indianapolis

““

By Elise LeBlanc, INCPAS Marketing Communications & PR Coordinator

33FALL 2014

Sign up for the free

webinar tour on December

9 to learn how to:• Personalize your profile.

• Set your communication and privacy preferences.

• Post questions and answers on the open forum.

• Access your conference materials.

• Connect with colleagues across Indiana.

The sooner you get started the sooner you will be able to grow your network and knowl-edge base, so log in to check out your new online neighborhood today!

If you have any questions while using the Online Community, contact INCPAS Senior Manager — Member Services Courtney Kincaid at [email protected] or (317) 726-5020.

100%

Take a tour!

90%

Of members who participated in a webinar said the Online Community is a beneficial tool.

Of members who participated in a webinar said they read the Open Forum Daily Digest.

Take a free

webinar tour of your new Online Community:10-11 a.m. EST

on December 9.

Register online at incpas.org or call 1-800-272-2054.

Amenities in your new

Online Community:• Open forum discussions about issues

affecting CPAs.

• Private, conference-specific communi-ties set up for you to download materials, access links to relevant news and discuss topics more in-depth.

• Connect with colleagues, searching by name, location, company, industry and/or areas of interest.

• Send private messages to a fellow member.

• Access a resource library of files and dis-cussions relevant to your search.

• Keep up-to-date on announcements, upcoming events and blogs.

Login credentials are the same as what you use for incpas.org. If you have any problems or questions, please contact INCPAS Senior Manager — Member Services Courtney Kincaid at [email protected] or (317) 726-5020.

cpacoe.incpas.org

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READ: For the complete articles, visit cpacoe.incpas.org.

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Classifieds

FEATURES

Private Student Loan Debt: Financial Awareness for Students and CosignersBy Lynn M. Petrovich, CPA

The U.S. Consumer Financial Protection Bureau (CFPB) acknowledges federal student loan debt reached $1 trillion. Private loans bring total stu-dent borrowing to $1.2 trillion. Among borrowers with more than $40,000 in debt, 81 percent used private loans, and according to the CFPB’s 2012 report to Congress “Private Student Loans,” many borrowers failed to rec-ognize the difference between private and non-private loans, a confusion which, according to the CFPB’s Report to Congress, “may cause long-last-ing and substantial consumer harm.”

Further, a 2003 study by the State Public Interest Research Group Higher Education Project found that a staggering 75 percent of all private loans originated without prospective borrowers first exhausting other options (remaining federal loans available, work-study programs, outright grants, or family contributions), which was reinforced in the CFPB’s Report.

This is a significant misunderstanding of fact because private student loan debt, - which grew from $1 billion in 1996 to $5 billion in 2001 to more than $20 billion in 2009 before condensing to $6 billion in 2011 (eliminating the massive television advertising campaign showing a young person on a conveyor belt going through a ...

How to Discourage Your Accounting Clients from Price-ShoppingBy Mary Ellen Biery, Sageworks

Do clients ever tell you they’ve priced-shopped your services? Do they ever leave with no explanation, maybe because they were price focused? Or are you worried you’ll have to lower your prices or continue to forego increases in order to retain good customers?

An effective way to insulate your CPA practice from pricing pressures is to develop deeper relationships with your clients. Clients want to do business with trustworthy, transparent CPAs whom they like, and who genuinely understand them. If nothing sets the relationship apart, clients will often opt for the lowest price — an issue that may contribute to the commoditization of certain services offered by CPA firms.

Tommy Spaulding, a New York Times best-selling author, executive coach and leadership consultant, recently said during a webinar hosted by Sageworks that to build lifelong, loyal customers, CPAs must go beyond niceties and forge personal and professional relationships that invest unselfishly in others.

Spaulding, who is also president of Spaulding Companies Corpo-ration, shared that CPAs can not only transform their client relation-ships but also transform their entire practices by incorporating simple actions that display a desire to help people ...

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IN 1942, AMERICAN SOLDIERS were fight-ing in Europe and the Pacific during World War II. Amid all the somber headlines, in the autumn of 1942, the Indiana Association of Certified Public Accountants received good news. Former IACPA president and long-time board member George S. Olive Sr., was elected president of the American Institute of Accountants. Olive was the first Hoosier CPA to be president of the national organization. Members were proud to herald the accom-plishments of one of Indiana’s “favorite sons.”

On October 1, 1942, nearly 50 members of the IACPA, friends and family, attended a luncheon at the Palmer House in Chicago to celebrate the achievements of Olive and wish him luck on his newest endeavor. Thomas A. Houlihan, current president of the Association, opened the ceremonies and later presented Olive with “a beautiful, framed token of esteem from the Indiana Association of Certified Public Accountants.”

He then turned the microphone over to former IACPA President William Madden, who gave an “eloquent address in tribute to Mr. Olive.” Madden spoke passionately about his country, his profession and his friend: “We congratulate the American Insti-tute of Accountants on their wise choice and pledge to them and to our chief our whole-hearted loyalty and cooperation in aiding in his successful administration of the affairs as President of the greatest accounting asso-ciation in the world.

The Indiana CPA Society is preparing to celebrate a momentous occasion in 2015 … the centennial anni-versary of the organization (and the profes-sion it rep-resents). Look to this page in the next several issues for anni-versary-related tidbits and anecdotes.

100 Years of ProfessionalismTHE SOCIETY

The 100-year anniversary will be officially celebrated at a special CPA Celebration on May 15, 2015. Mark your calendar early and plan to join us for this historic occasion.It will be held at the Indiana Roof Ballroom in downtown Indianapolis and will include special speakers, video and other surprises. Reservations are now being accepted. Call INCPAS at (317) 726-5000 or 1-800-272-2054.

“In these stressful times with the world at war, with life, liberty and happiness in jeop-ardy, with the very existence of our religious, moral, educational, political, economic and home institutions in the balance, it is well to pause and give serious and solemn thought to what lies ahead. Certified Public Accoun-tants are pledged to devote their profes-sional talents as true sentries on the watch-tower in the citadels of justice throughout the world, and today they are on guard at their post of duty wherever assigned.”

Madden continued, “and so today, we proudly bask in the sunshine of his reflected glory. Mr. Olive, the Indiana Association of Certified Public Accountants is proud to proclaim that your name was enrolled as a member more than a quarter century ago; that you were its president and served on its most important committees, that the long and honorable history of your faithful service, diligence, devotion and splendid accomplishments has established for your enduring fame in the accounting profession.”

Madden concluded, “The individual mem-bers of the Indiana Association of Certified Public Accountants trust that this...may ever inspire you to even greater originality of vision and undaunted courage in thought, speech and act, because success in our professional life is measured in terms of the quality of our service.” After a rousing ovation, Olive spoke briefly, expressing his sincere gratitude “...for the kind words and recognition.”

“The Greatest Accounting Association in the World”By Todd Gould, INCPAS Historian

Save the Date

“In these stressful times with the world at war, with life, liberty and hap-

piness in jeopardy, with the very existence of our religious, moral, educa-

tional, political, economic and home institutions in the balance, it is well

to pause and give serious and solemn thought to what lies ahead. Certified

Public Accountants are pledged to devote their professional talents as true

sentries on the watchtower in the citadels of justice throughout the world,

and today they are on guard at their post of duty wherever assigned.”

– William Madden

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Documents

CPA IN Perspective Fall 2014