CONNECTIONS · Lastly, I’d like to focus on another valuable metric — member loyalty. We send a short survey each year that measures member attitudes toward the VSCPA and use

THE STATE OF THE VSCPA | 2015–2016

CONNECTIONS

PAGE 2

IT’S BEEN A BANNER YEAR for the Virginia Society of CPAs (VSCPA), and the numbers bear that out. We ended the year with 12,352 members, making the VSCPA the 13th largest state society and a 3 percent increase over last year. That’s no small feat in a year that saw 40 of the 52 state societies record flat or decreased membership. We saw a similar phenomenon play out in the VSCPA’s finances, where revenue was up 11 percent from 2014–2015, including record growth of 19 percent in CPE revenues. The VSCPA was one of just 14 state societies to report an increase in revenue in 2015–2016.

Things get more interesting when you take a closer look at the numbers. The VSCPA has recorded steady membership growth over the past several years with a focus on retaining existing members, which we’ve done at a 92 percent rate. The growth hasn’t been easy, but we’re focused on maintaining it, and with it, our influence as a representative of all Virginia accounting professionals.

That includes non-members, a group where we’ve got a natural touch point that came into being in the past year in the form of the Virginia-specific Ethics course, where we were designated as the content provider by the Virginia Board of Accountancy. That’s a huge opportunity for us — Ethics has now surpassed seminars as our largest CPE revenue source — and we’re investing more than ever in making the course the best it can be.

Lastly, I’d like to focus on another valuable metric — member loyalty. We send a short survey each year that measures member attitudes toward the VSCPA and use the results to slot members into three categories: loyal, neutral and vulnerable. In 2015–2016, 68 percent of members fell into the “loyal” category and just 9 percent were classified as vulnerable. This speaks to our hard work in providing the best member experience and CPE opportunities for Virginia CPAs, and we’re looking forward to seeing those numbers get even better.

Read on through this report to learn more about how we’re working to improve on that experience. That includes an increased focus on leadership and training the next crop of leaders for the CPA profession. With help from our staff, Board of Directors, volunteers, members and partners, we feel like we’re in an amazing position to continue to serve as your best professional resource, today and in the future.

As always, we’re invested in your continued success. Thank you for allowing us to serve you.

Sincerely,

Stephanie Peters, CAE VSCPA President & CEO

VSCPA.COM/STATEOFTHEVSCPA

FROM THE PRESIDENT & CEO

PAGE 3VSCPA.COM/STATEOFTHEVSCPA

To enhance the success of CPAs.

To be the premier organization providing solutions for CPAs and society at large.

OUR ORGANIZATION

OUR MISSION:

OUR VISION:

OUR BACKGROUND:

OUR TOP STRATEGIES:

Founded in 1909, the Virginia Society of Certified Public Accountants (VSCPA) is the leading professional association dedicated to enhancing the success of all Certified Public Accountants (CPA) and their profession by communicating information and vision, promoting professionalism and advocating members’ interests.

The VSCPA is a nonprofit organization and is independent of the American Institute of CPAs (AICPA) and any other state CPA society or accounting organization.

ADVOCACY

Achieve our legislative and regulatory agenda by strengthening our influence, engaging more members and developing strategic relationships.

ENGAGEMENT

Foster a vibrant, engaging community that will better attract and retain members while continuing to emphasize the VSCPA as the “home” for Virginia CPAs.

KNOWLEDGE

Enhance the professional knowledge and effectiveness of CPAs by providing quality education, easy access to information and personal relationship building opportunities.

MEMBER BREAKDOWN

MEMBERS IN

MEMBER PROFILES

MEMBER LOCATION*

MEMBERSHIP BY YEAR

TOTAL MEMBERS

12,352PUBLIC ACCOUNTING

5,319MALE

6,628BATTLEFIELD

3132010–2011

10,982FELLOW (CPA) MEMBERS

9,648CORPORATE FINANCE

2,408FEMALE

5,724BLUE RIDGE

6162011–2012

11,352ASSOCIATE MEMBERS*

738GOVERNMENT

497UNDER 30

2,427CENTRAL

2572012–2013

11,626CPA CANDIDATES

1,059EDUCATION

2,00030–39

2,107HIGHLANDS

2102013–2014

11,628STUDENT MEMBERS

907ALL OTHER

2,12840–49

2,198NORTHERN

4,6802014–2015

11,93250–59

2,819PIEDMONT

1282015–2016

12,35260 AND ABOVE

2,518RICHMOND

2,459ROANOKE

589THOMAS JEFFERSON

317TIDEWATER

1,808OUT OF STATE

975


OUR MEMBERS

VSCPA MEMBERSHIP consists of more than 12,000 members throughout Virginia and outside

the state. Our members actively work in public accounting, corporate finance or at government

agencies or educational institutions.

*Unlicensed accounting professionals

As of April 30, 2016

AS A MEMBERSHIP ORGANIZATION, the VSCPA relies heavily on its members for governance, notably the VSCPA Board of Directors. The Board is composed of 10 at-large directors, including no more than two Associate (non-CPA) members, as well as the elected officers (chair, chair-elect and vice chairs) and the VSCPA President & CEO.

The VSCPA would like to thank the 2015–2016 Board of Directors for their service to the Society and the profession.


OUR LEADERSHIP

LISA GERMANO, CPA, J.D., CGMABOARD MEMBER SINCE: 2003

VSCPA MEMBER SINCE: 1985

Lisa is managing partner at Actuarial Benefits & Design in Midlothian, which provides retirement plan services to small businesses. She has served on the VSCPA Educational Foundation Board of Direc-tors and the VSCPA Political Action Com-mittee (VSCPA PAC) Board of Trustees, as well as numerous boards and task forces.

CHAIR

VICE CHAIR

MARC FILER, CPA, ABV/CFF, CFEBOARD MEMBER SINCE: 2011


Marc is a manager at PricewaterhouseCoopers in McLean, where he specializes in matters related to the Foreign Corrupt Practices Act, the U.S. Securities and Exchange Commission and the U.S. Department of Jus-tice. He has served on the VSCPA’s Young Professionals Advisory Council and the Awards Program and North-ern Virginia Strategy task forces.

VICE CHAIR

STACI HENSHAW, CPABOARD MEMBER SINCE: 2012


Staci is deputy auditor at the Virginia Auditor of Public Accounts in Richmond. She has served on the VSCPA’s Accounting & Auditing Advisory Committee and the State & Local Government Day, Governmental Issues and Nonprofit Conference task forces.

JIM PHILLIPS, CPABOARD MEMBER SINCE: 2011


Jim is a partner at KPMG in Richmond, where he specializes in auditing and assurance services. He has served on the VSCPA’s Finance and Nominations committees.

CHAIR-ELECT

TARA ADAMS, CPA, CGMA, CFEBOARD MEMBER SINCE: 2015


Tara is a partner at Adams & Delp in Wytheville, where she specializes in consulting on accounting, tax, financial and technology matters with closely held businesses and individuals.

AT-LARGE DIRECTOR


OUR LEADERSHIP

VICTORIA JONES, CPABOARD MEMBER SINCE: 2013


Victoria is principal at Jones & Company CPA in Crozet, where she provides accounting, tax, financial and consulting services for small businesses and nonprofit organizations. She has served on the Finance Committee and as president of the Thomas Jefferson Chapter.

VICE CHAIR

GARY THOMSON, CPABOARD MEMBER SINCE: 2014


Gary is regional managing partner at Dixon Hughes Goodman in Glen Allen, where he specializes in ac-counting and tax services for businesses, nonprofits and government contractors. He has served on the VSCPA PAC Board of Trustees and numerous other boards and task forces.

VICE CHAIR

DIAN CALDERONE, CPABOARD MEMBER SINCE: 2014


Dian is vice president at Hunt & Calderone in Newport News, where she specializes in tax planning and prepa-ration and small business consulting. She has served on the VSCPA’s Tax Advisory and State and Local Taxation committees, among many others. She was named the VSCPA’s Outstanding Member of the Year in 2010.

AT-LARGE DIRECTOR

HENRY DAVIS III, CPABOARD MEMBER SINCE: 2015


Henry is director of finance and budget at Virginia Commonwealth University in Richmond, where he is responsible for budgeting, financial reporting and stra-tegic planning in the alumni division. He has worked with the VSCPA’s Richmond Chapter and on the VSC-PA’s Financial Fitness Workshop Advisory Task Force.

AT-LARGE DIRECTOR

JAIME LYNN DERNAR, CPA, CGMABOARD MEMBER SINCE: 2015


Jaime Lynn is a consultant with MyEyeDr in Vienna. She has served on the VSCPA’s Financial Fitness and Business & Industry Conference committees and the Young Professionals Advisory Council.

AT-LARGE DIRECTOR

OUR LEADERSHIP

JENNIFER EVERSOLE, CPABOARD MEMBER SINCE: 2015


Jennifer is chief financial officer at Management Stack in Salem. She is a member of the VSCPA’s Disclosures Editorial Task Force and is a former presi-dent of the VSCPA’s Roanoke Chapter.

AT-LARGE DIRECTOR

MIKE WAGNER, CPA, CGFMBOARD MEMBER SINCE: 2014


Mike is a senior manager at Grant Thornton in Alexandria, where he specializes in audits of federal government agencies. He has served on the VSCPA’s Accounting & Auditing Advisory and Audit commit-tees and the Nonprofit Conference Task Force.

AT-LARGE DIRECTOR

RICHARD GROOVER, CPA, MSABOARD MEMBER SINCE: 2013


Richard is a senior manager at Wall, Einhorn & Chernitzer in Norfolk, where he specializes in attestation engagements and merger and acquisition consulting. He has served on the VSCPA’s Audit Committee.

AT-LARGE DIRECTOR

BILL HARDY, CPABOARD MEMBER SINCE: 2014


Bill is a partner at Harris, Hardy & Johnstone in Richmond, where he specializes in the manufacturing, wholesale and retail, timber, nonprofit, real estate, hotel, con-struction and advertising industries. He has served on the VSCPA’s Finance Committee.

AT-LARGE DIRECTOR


JILL MITCHELLBOARD MEMBER SINCE: 2015


Jill is an accounting professor and interim associate dean at Northern Virginia Community College in Annandale. She serves on the VSCPA’s Educators’ Symposium Task Force and Scholarship Committee.

AT-LARGE DIRECTOR

NIKI WHITE, CPABOARD MEMBER SINCE: 2015


Niki is finance director at Strategic Risk Associates in Richmond. She has served on the VSCPA’s Awards Program Task Force, the Young Professionals Task Force and the Disclosures Editorial Task Force and is a mentor in the Society’s MentorMatch program.

AT-LARGE DIRECTOR

OUR TEAM


STEPHANIE PETERS, CAE

STAFF

VOLUNTEERS

Stephanie has been at the VSCPA since 1997 and has served as president & CEO since 2007. She has served on the AICPA Peer Review Board, the AICPA/National Association of State Boards of Accountancy (NASBA) Uniform Accountancy Act Committee and as president of the CPA Society Executives’ Associa-tion Board of Directors. She has served as president of the Virginia Society of Association Executives and received its CEO Award of Excellence.

VSCPA PRESIDENT & CEO

The VSCPA employs 29 full-time staff members and several part-time employees,

seasonal employees and contractors. The full-time staff has an average of seven

years of experience with the VSCPA and includes:

• 1 CPA

• 1 Chartered Global Management Accountant (CGMA)

• 8 Certified Association Executives (CAE)

• 7 with the U.S. Chamber of Commerce’s Institute of

Organizational Management (IOM) designation

• 1 Project Management Professional (PMP)

• 1 Certified Meeting Professional (CMP)

The VSCPA boasted 606 member volunteers across its various boards, committees,

task forces and other service opportunities in 2015–2016, including 271 first-time

volunteers. Seven of those volunteers were young professionals who helped pilot

the VSCPA Ambassador program, an elite volunteer opportunity aimed at provid-

ing a link between the Society and key employers. These volunteers represented

five companies from three chapter areas.

In 2015–2016, our ambassadors helped VSCPA staff clean up member and com-

pany records, promoted VSCPA events and resources, set up VSCPA presentations

at staff meetings and intern trainings, set up calls with staff and the VSCPA to talk

about Society volunteer opportunities and help identify new volunteers for VSCPA

events.

ENGAGEMENT

VSCPA MEMBERS’ SERVICE ISN’T LIMITED TO VSCPA OPPORTUNITIES. CPAs across the Commonwealth use their accounting expertise to aid in their work on boards for local governments and nonprofit organizations. The following members were elected or appointed to various boards in 2015–2016:

BRIAN CARSON, CPA Carson, of GoldKey/PHR Resorts & Hotels in Virginia Beach, was appointed to the Virginia Board of Accountancy (VBOA).

JOHN COPELAND, CPA Copeland, a sole proprietor from Ruther Glen, was elected to the Caroline County School Board.

TYRONE DICKERSON, CPA Dickerson, a sole proprietor from Richmond, was elected as an at-large director on the National Association of State Boards of Accountancy (NASBA) Board of Directors.

SUSAN FERGUSON, CPA Ferguson, of James Madison University in Harrisonburg, was appointed to the VBOA.

JIM HOLLAND, CPA Holland, of Virginia Commonwealth University in Rich-mond, was re-elected to the Chesterfield County Board of Supervisors.

MARY LEIGH McDANIEL, CPA McDaniel, a partner at Updegrove, Combs & McDaniel in Warrenton, was elected to the Fauquier County Board of Supervisors.

DAVID PRIDDY, CPA Priddy, vice president of the Virginia Farm Bureau, was elected treasurer of the Virginia Farm Bureau Federation, the Virginia Farm Bureau Mutual Insurance Company and all affiliated and associated companies.

STEPHANIE SAUNDERS, CPA Saunders, of Saunders & Saunders in Virginia Beach, was elected as the Mid-Atlantic Regional Director on the NASBA Board of Directors.

STEVEN VALDEZ Valdez, of PricewaterhouseCoopers in McLean, was named to the Virginia Advisory Board on Service and Volunteerism.

ALAN WITT, CPA Witt, of PBMares in Newport News, was named to the Virginia Chamber of Commerce Board of Directors.


Members of the VSCPA’s Tidewater Chapter distributed food at Pinecroft Apartments in Newport News for CPA Day of Service. From left: Wright Aloba, CPA, Heidi Bane, Nneka Green, CPA, Ashley White, CPA, Brian Deibler, CPA, Kelly Benigno, CPA, a Pinecroft resident and Lisa Dessoffy, CPA.

GIVING BACK TO THE COMMUNITY, hundreds of CPAs volunteered across Virginia for CPA Day of Service on Sept. 18, part of Virginia CPA Week.

Organizations helped include Saint Francis Home, Down Syndrome Association of Greater Rich-mond, Richmond Animal League, Foodbank of the Virginia Peninsula, Union Mission Ministries, Alzheimer’s Association of South Hampton Roads, Arlington Food Assistance Center, St. Mary’s Home, Cross Keys Equine Therapy and many more. Thanks to all our dedicated volunteers!

ENGAGEMENT

PUTTING CPAS’ FINANCIAL ACUMEN TO GOOD USE, the VSCPA introduced the You Can Afford College initiative in the fall of 2015. The community workshops started with a grant from The Accountants’ Coalition and turned into a partnership with three Virginia legislators.

The You Can Afford College workshops, held in Hampton, Portsmouth, Richmond and Sur-ry, drew a total of 103 attendees, who received personal advice from 18 VSCPA volunteers and other community partners. Topics covered included college savings plans, financial aid, grants, schol-arships, loans and tax credits.

Each legislator partner spoke at

the events in his or her district, which included a CPA-led presen-tation on ways to pay for college and a resource fair with one-on-one consultations.

The program won a Common-wealth Award of Merit at the Vir-ginia Public Relations awards, and the VSCPA is looking to expand it to other areas starting this fall.


A look at the redesigned front page of VSCPA.com. The redesign launched Oct. 1, 2015, to positive reviews.

The VSCPA made some major updates in the way it communicates with members in 2015–2016, with the most visible coming in October 2015 with the redesigned VSCPA.com. We kept all the great features members use every day, including the robust CPE Catalog, member CPE history and Click+Pay payment technology, but updated the look. The site is now designed respon-sively to provide an optimal viewing and interaction experience across all devices, from smartphones to desktop computers.

Responsive design is also a big part of the VSCPA’s redesigned e-newsletters, CPE Assets and eDisclosures. But the big news there is that these newsletters are now automated and customized for each in-dividual member, according to interests, position and geographic location. We use this data to deliver each individual member his or her own e-newsletter with professional news, CPE offerings and jobs based on those factors.

THE VSCPA’S CONNECT COMMUNITY is home to another new initiative: MentorMatch.

This program facilitates mentor-mentee relationships between VSCPA members. As of May 1, 2016, the program had facilitated 44 relationships between members. As mentor Beth Berk, CPA, said, “I highly recommend the program so you can share your knowledge and experience with other CPAs seeking guidance.”

ADVOCACY


2015–2016 WAS A YEAR OF TRANSITION for the VSCPA with the retirement of one of its most accomplished members, Virginia Sen. Walter Stosch, CPA (R-Henrico), pictured below at a retirement celebration the VSCPA held in his honor. His exit from Virginia pol-itics after 33 years in the General Assembly leaves an expertise gap in the Senate that the VSCPA is working to fill.

With no CPAs left in the General Assembly, the VSCPA’s relationships with legislators are now more important than ever. We are con-tinuing to build on our reputation as a trusted resource on taxation and financial issues. Here are a few of the biggest issues the VSCPA dealt with in the first post-Stosch session.

PROTECTING VIRGINIA’S ACCOUNTING STATUTES

The VSCPA works behind the scenes on numerous bills that, at first glance, wouldn’t appear to have anything to do with accounting. However, many of these bills could have unintended consequences due to overbroad language that could conflict with Virginia’s accounting statutes.

This year, these bills largely dealt with regulatory reform issues, including questions that employers are allowed to ask potential employees on job applications and rights of regulatory boards. Other bills the VSCPA weighed in on dealt with, of all things, fantasy sports contests. The VSCPA did not take official positions on any of these bills, but successfully worked with the patrons to make necessary technical corrections.

TORT REFORM AND PUNITIVE DAMAGES

As a business-friendly organization, the VSCPA is mindful of laws that could adversely affect Vir-ginia’s place of esteem in the business community. That’s why the Society joined forces with several other members of that community to lobby against SB 111, which would have raised the punitive damages cap from $350,000 to $500,000. The VSCPA took that action to help maintain Virginia’s fair, equitable legal system at a time when neighboring states are reducing punitive damages caps.

Thanks in part to focused efforts from the VSCPA and its partners, the bill was laid on the table in the House Subcommittee on Civil Laws.

TAX CONFORMITY

Nothing much out of the ordinary here, except the speed at which conformity legislation moved through the General Assembly. Gov. Terry McAuliffe signed the House conformity bill into law Feb. 5, less than three weeks into Session. That was a great development for Virginia taxpayers and tax preparers, who were able to file correct returns early in tax season, and speaks to the hard work of VSCPA members and the reputation the Society and the profession enjoy in the General Assembly.

ADVOCACY


IT’S NEVER BEEN EASIER FOR VSCPA members to make an impact in the Society’s advocacy initiatives, whether it’s through the VSCPA’s Take Action tool or through more

personalized meetings with legislators.

We also emphasize that we always listen to members’ concerns about the accounting and business environment in Virginia and weigh member input in coming to decisions regarding legislation. Two of the VSCPA’s most impactful pieces of leg-islation in recent memory — the federal America Invents Act in 2011 and the passage of Virginia’s Interest Charge-Domestic International Sales Corporation (IC-DISC) legislation in 2014 — came directly from member input. We’d love to hear your ideas, too!

THE VSCPA WOULD LIKE TO THANK THE 2015–2016

VSCPA PAC BOARD OF TRUSTEES FOR THEIR

STEWARDSHIP OF THE PAC:

VSCPA ADVOCACY BY THE NUMBERS

CHAIR TRUSTEES

VICE CHAIR

SECRETARY/TREASURER

29157

15

42

140

61

$68,450

BILLS THE VSCPA TOOK ACTION ON IN THE 2016 GENERAL ASSEMBLY SESSION

BILLS ACTIVELY MONITORED DURING THE 2016 SESSION

COMMENT LETTERS SUBMITTED

MEMBERS WHO ATTENDED 2016 CPA ASSEMBLY DAY

LEGISLATORS VISITED ON CPA ASSEMBLY DAY

CANDIDATES SUPPORTED BY VSCPA PAC

VSCPA PAC CONTRIBUTIONS TO CANDIDATES

ELSIE ROSE, CPA Union Bank & Trust, Richmond

CHARLIE BISH, CPA Burdette, Smith & Bish, Fairfax

ROY EMMONS, CPA Bruce, Renner & Co., Winchester

BRADFORD JONES, CPA PBMares, Fredericksburg

GREG MCCHESNEY, CPA Harris, Hardy & Johnstone, Richmond

KEITH MIDDLETON, CPA The Fahrenheit Group, Richmond

BARBARA SMITH, CPA Cherry Bekaert, Virginia Beach

GARY THOMSON, CPA Dixon Hughes Goodman, Glen Allen

JAMIE WALKER, CPA Cherry Bekaert, Richmond

HAL YOUNG, CPA Young Accountancy Group, Fairfax

LARRY HURT, CPA Retired, Rocky Mount

STEPHANIE PETERS, CAE President & CEO, VSCPA

mailto:ewalker%40vscpa.com?subject=

mailto:ewalker%40vscpa.com?subject=

KNOWLEDGE


The VSCPA takes pride in the top-notch speakers at its conferences, including

Scott Wayne of the Frontier Project, who spoke at the 2015 Business & Indus-

try Conference at the Williamsburg Lodge.

THE VSCPA CONTINUED TO STREAMLINE ITS CON-FERENCE OFFERINGS in 2015–2016, with the goal of focusing on what the Society does best. That included combining the annual Leaders’ Summit and Business & Industry Conference into a single week in May.

The combining of the two events is part of the VSCPA’s overhaul of its conferences, which also includes the growing Digital Rewind online conference and the addition of a third Virginia Accounting & Audit-ing Conference in Falls Church.

Another major step was the launch of the VSCPA’s new online platform, combining events from disparate sources for a unified, mobile-friendly end user experience. All VSCPA programs offered online, whether live or on-demand, are run through the platform. Completion records are automatically transferred into the VSCPA database for secure recordkeeping and easy retrieval.

2015–2016 also marked the first year of the VSCPA as the sole provider of Virginia-specific Ethics course content to all VBOA-ap-proved sponsors. VSCPA-taught Ethics attendance more than doubled, and the VSCPA provided content to nearly 20,000 CPAs licensed in Virginia.

TOTAL PARTICIPATION 20,572 17,8342016 2015

SEMINAR 2016

CONFERENCE 2016

ETHICS 2016**

ONLINE 2016*

ONLINE 2015

SEMINAR 2015

CONFERENCE 2015

ETHICS 2015 9,957

2,597

19,782

2,487

1,512

3,777

3,557

1,465

VSCPA CPE ATTENDANCE, 2015–2016

* Includes membership events ** VSCPA events only Graph not to scale

VSCPA EDUCATIONAL FOUNDATION


THE VSCPA EDUCATIONAL FOUNDATION continued its important work in protecting the health of the CPA pipeline in 2015–2016 by awarding 25 scholarships totaling $49,750 to undergraduate, graduate and doctoral students in accounting at Virginia colleges and univer-sities. The 2015–2016 Foundation scholarship winners were:

VSCPA MINORITY SCHOLARSHIP ($1,000)

Sarah Courtney Virginia Tech

Katelyn Gough Longwood University

Shai Sumpter College of William & Mary

VSCPA UNDERGRADUATE SCHOLARSHIP ($1,000) Tiffany Antognozzi Virginia Tech

Kathleen Logsdon Virginia Commonwealth University

James Mastria Virginia Tech

Avery Trent Radford University

VSCPA GRADUATE SCHOLARSHIP ($1,000) Kaylor Nichols University of Virginia

Trenton Walker College of William & Mary

VSCPA PH.D. SCHOLARSHIP ($5,000) Edward Lynch, CPA Virginia Commonwealth University

VSCPA PAST PRESIDENTS/CHAIR SCHOLARSHIP ($1,000) Aaron Holloway Virginia Tech

THOMAS M. BERRY SCHOLARSHIP ($2,500) Allen Au University of Virginia

Ryan Polk University of Virginia

VIRGINIA TECH DOCTORAL SCHOLARSHIP HONORING AUSTIN CLOYD, MICHAEL GWALTNEY AND MAXINE TURNER ($2,000) Trent Henke Virginia Tech

CST GROUP SCHOLARSHIP ($2,250) Cory Greczyn George Mason University

DIXON HUGHES GOODMAN SCHOLARSHIP ($2,000) Laura Fox Old Dominion University

Paige Hogan University of Virginia

H. BURTON BATES JR. SCHOLARSHIP ($2,000) Elena Dorogy University of Virginia

KEARNEY & COMPANY SCHOLARSHIP ($2,500) Isabella Hur George Mason University

McKenna Shirey Virginia Tech

MICHAEL E. MARES SCHOLARSHIP ($3,500) Rachel Johnson College of William & Mary

MJW SCHOLARSHIP ($3,500) Nicholas Altman Radford University

VERUS FINANCIAL PARTNERS SCHOLARSHIP ($2,500) Timothy Shenk James Madison University

WALL, EINHORN & CHERNITZER SCHOLARSHIP ($2,250) Matthew Guendert College of William & Mary

YOUNT, HYDE & BARBOUR SCHOLARSHIP ($2,250) Charles Archer James Madison University

(From left) VSCPA Educational Foundation scholarship winners

Trenton Walker, Rachel Johnson, Kathleen Logsdon and Edward

Lynch, CPA, visited the VSCPA offices in October 2015.

VSCPA EDUCATIONAL FOUNDATION


THE FOUNDATION WOULD LIKE TO THANK

THE 2015–2016 BOARD OF DIRECTORS FOR THEIR

HARD WORK IN PROTECT-ING THE FUTURE OF THE

CPA PROFESSION:

CHAIR AT-LARGE DIRECTORS

VICE CHAIRS

SECRETARY/TREASURER

CHAIR-ELECT

RANDY SHAPIRO, CPA MJW, Falls Church

COURTNEY BARRACK, CPA Keiter, Glen Allen

WHIT BROOME, CPA, PH.D. University of Virginia School of Law, Charlottesville

DALE BURGESS, CPA Dixon Hughes Goodman, Glen Allen

HOLLY CALDWELL, CPA Bridgewater College, Bridgewater

MELINDA COLEY, CPA Anthem, Inc., Virginia Beach

BRIAN DEIBLER, CPA Malvin Riggins & Company, Newport News

CHRIS EKIMOFF, CPA FTI Consulting, Washington

HEATHER FLANAGAN, CPA KPMG, Washington

CHRISSIE GOODRUM, CPA Reston

NICK HARRISON, CPA Dixon Hughes Goodman, Glen Allen

CLARE LEVISON, CPA Alliant Techsystems, Radford

TOM LYDEN JR. Kearney & Company, Alexandria

CAROLYN MENZIE, CPA CST Group, Reston

VUGAR SHAHTAKHTINSKIY, CPA CORT Business Services, Fairfax

RANDY SPURRIER, CPA Old Dominion University, Norfolk

LAURA TATE-SMITH, CPA Minnieland Academy, Woodbridge

THOMAS CRUTCHFIELD, CPA Burdette, Smith & Bish, Fairfax

KRISTIN WHITE, CPA WellsColeman, Richmond

TINA LAMBERT BATES, CAE Vice President, Member & Public Relations, VSCPA

RICK WHITE, CPA Dixon Hughes Goodman, McLean

AND AS ALWAYS, the Foundation would like to thank the members of the CPA community who fund its activities. Without your generous dona-tions, the Foundation could not fulfill its mission of attracting future CPAs. Visit vscpafoundation.com for a list of donors who contributed annual and scholarship gift funds of at least $25 in 2015. To get your name on the list, donate to the Foundation now at vscpafoundation.com/Donate!

http://www.vscpafoundation.com

http://www.vscpafoundation.com/donate

2016 OUTSTANDING MEMBER OF THE YEAR

VIRGINIA CFO AWARD WINNERVIRGINIA CFO AWARD FINALIST

MEMBER HONORS


THE VSCPA HONORS & AWARDS, held May 24 at the Williamsburg Lodge, honored the Society’s top leaders and performers from 2015–2016. The VSCPA handed out its Outstanding Member of the Year and Top 5 Under 35 awards for 2016 and recognized its newest Life members and Virginia’s newest CPAs at the ceremony.

The VSCPA also partners with Virginia Business magazine to sponsor the Virginia CFO Awards. One VSCPA member won an 2015 award, with another selected as a finalist:

JIM SHEPHERD, CPA Chairman, Verus Financial Partners, Richmond

LORI OVERHOLT, CPA VSA Resorts, Virginia Beach (Small Private Companies)

CYNTHIA JOYCE, CPA JoycePayne Partners, Richmond (Small Private Companies)

TOP 5 UNDER 35

MELISA GALASSO, CPA Audit senior manager, Cherry Bekaert, Charlotte, N.C.

BO GARNER, CPA Manager, PBMares, Newport News

KEITH GRAY, CPA Consultant, Arlington Financial Offices, Birmingham, Ala.

CAROLANNE PETRUSIAK, CPA Tax manager, PBMares, Fairfax

ADITYA YERRAMILLI, CPA Forensic program manager, Google, Mountain View, Calif.

OTHER HONORS FOR VSCPA MEMBERS FROM OUTSIDE ORGANIZATIONS

ERIC ALBEE Albee, of Dixon Hughes Goodman in Richmond, received the American Institute of CPAs’ (AICPA) Elijah Watt Sells Award, given to outstanding performers on the CPA Exam.

BILL BROADUS, CPA Broadus, a retired sole proprietor from Manassas, re-ceived the AICPA’s Sustained Contribution Award.

BRYAN CAMPBELL, CPA Campbell, of Dixon Hughes Goodman in Norfolk, received the Top Forty Under 40 Award from Inside Business.

MONICA MODI DALWADI, CPA Dalwadi, of Baker Tilly in Washington, received the Washington Business Journal’s 2016 Minority Business Leader Award.

PAT DROLET, CPA Drolet, of CBM in Washington, was named a 2015 Wom-an to Watch in the Experienced Leader category by the Greater Washington Society of CPAs.

MEGAN FURLONG, CPA Furlong, of Yount, Hyde & Barbour in Culpeper, was named Young Professional of the Year by the Culpeper County Chamber of Commerce.

LISA GERMANO, CPA Germano, of Actuarial Benefits & Design in Midlothian, received the AICPA’s Arthur J. Dixon Memorial Award, the profession’s highest honor in the area of taxation.

STEVE HALT, CPA Halt, of Halt, Buzas & Powell in Alexandria, was named to Northern Virginia Magazine’s Top Financial Profes-sionals list.

STEVE HOLTON, CPA The late Holton, formerly of Martin, Dolan & Holton in Glen Allen, received the AICPA’s Sustained Contribution Award.

CAROL MOUNT, CPA Mount, of Halt, Buzas & Powell in Alexandria, was named to Northern Virginia Magazine’s Top Financial Professionals list.

KEVIN REILLY, CPA Reilly, of PBMares in Fairfax, was named Tax Consultant of the Year by The BoardRoom Magazine.

BECKY STAHL, CPA Stahl, of Lightbridge Communications Corporation in McLean, was named Private Company CFO of the Year by the Northern Virginia Technology Council.

FINANCIALS


THE VSCPA ended the 2015–2016 membership year with $3,569,990 in net assets, including $1,643,171 in cash and cash equivalents. The net assets represent an increase of nearly $300,000 from 2014–2015.

Bolstered by a twofold increase in Ethics revenue, education income accounted for nearly 50 percent of the VSCPA’s revenue in 2015–2016, while dues and other membership income accounted for 39 percent. Peer review and affinity income made up the biggest portions of the remaining income at 3 percent each.

Education also made up 44 percent of the VSCPA’s expenses last year, followed by membership at 14 percent and administrative expenses at 11 percent. Other VSCPA expenditures are detailed in the chart below.

The VSCPA’s financial statements have been audited by Mitchell, Wiggins & Co. of Richmond. Visit vscpa.com/VSCPAAuditedStatements to view the Society’s audited financial statements.

BY THE NUMBERS WHERE THE MONEY GOES: VSCPA EXPENDITURES IN 2015–2016

$4,558,742

$998,752

$5,890,597

$5,558,494

VSCPA TOTAL ASSETS, INCLUDING INVESTMENTS AND PROPERTY

VSCPA TOTAL CURRENT LIABILITIES

VSCPA TOTAL SUPPORT AND UNRESTRICTED REVENUES

VSCPA TOTAL EXPENSES

CONTINUING EDUCATION

MEMBERSHIP

ADMINISTRATIVE/GENERAL

LEADERSHIP

STUDENTS & YOUNG PROFESSIONALS

COMMUNICATIONS

LEGISLATIVE

PEER REVIEW

OTHER

44%

14%

11%

7%

6%

5%

4%4% 5%

http://www.vscpa.com/vscpaauditedstatements

LOOKING TO THE FUTURE


WHILE THE VSCPA continues to focus on its core strategies for 2015–2016, we’re taking a holis-tic look at the future as well. We have our eye on the next decade with the VSCPA 2025 initiative, aimed at positioning the Society to capitalize on upcoming trends and fill the needs of CPAs as nimbly as possible. The VSCPA has identified the following top-ics as areas of emphasis over the next few years:

These are just a few ways the VSCPA envisions its role in enhancing the success of CPAs moving forward. We welcome input from our members as we formulate our VSCPA 2025 initiative and thank each of you for your role in giving us the capital we need to affect change.

FUTURE OF LEARNING

PROFESSIONAL QUALITY

LEADERSHIP

The VSCPA continues to monitor the trends detailed in this industry-wide initiative, spearheaded by the AICPA. The Society looks to continue to make improvements in the online education arena and produce classes that directly deal with the issues our members face every day, including a best-in-class Ethics solution customized to the audience.

Quality continues to be an area of focus after the release of the U.S. Department of Labor report on employee benefit plan audits. Peer review is a major part of that focus. The peer review landscape is changing, and the VSCPA hopes to be at the forefront of those changes and have a seat at the table in deciding what the future of peer review will look like. We hope to play a major role in improving quality through more effective professional education, practice monitoring and other professional resources.

While the VSCPA remains devoted to encouraging students to enter the profession and obtain their CPA license, we’re always looking for other ways to ensure the future leaders of the profession are developing in their careers. That’s the core of the VSCPA’s LEAD initiative, launched in 2016 and being developed in partnership with a decorated task force. The goal of LEAD is to help the profession embrace a culture of leadership and lead-ership development, and the VSCPA aims to become the place members turn for opportunities and information. This includes training, tools, volunteer experiences and relationships between VSCPA members.

KEY ACTION AREAS FOR THE UPCOMING YEARS AND #VSCPA2025 ARE:

THANKS FOR EVERYTHING YOU DO FOR THE VSCPA!

COMMUNITY

That last part of the LEAD description is indicative of the VSC-PA’s engagement strategy. We want to bring members together in a variety of ways to facilitate meaningful relationships and help members grow their own personal networks, their lead-ership skills and their businesses. There’s no greater VSCPA resource than our accomplished, diverse membership base.

VSCPA staff pose with former Virginia Sen. Walter Stosch, CPA, at his

retirement celebration. We feel this same enthusiasm for every one of our

members. Thank you for being a VSCPA member!

VIRGINIA SOCIETY OF CPAS4309 COX ROADGLEN ALLEN, VA 23060

P (800) 733-8272 • F (804) 273-1741

VSCPA.COMVSCPA.COM/[email protected]

CONNECTIONS · Lastly, I’d like to focus on another valuable metric — member loyalty. We send a short survey each year that measures member attitudes toward the VSCPA and use

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