Transcript Slide 1

RISCPA
Membership Day 2010
September 30, 2010
Providence Marriott
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Mission Statement
 To
provide leadership and
resources which promote to society
the high standards of integrity and
honor of the CPA profession and
contribute to the success of our
members.
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Overarching Strategic Goal
Remain relevant to our Members
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Three Strategic Objectives
I.
II.
III.
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Attract and retain the best and brightest
members for the Society and the
accounting profession.
Utilize technology to become more efficient
internally and to achieve outstanding
communication with our members and the
general public.
Develop future leaders of the Society and
the profession.
Membership Survey Results
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Who Responded?
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201 Responses: 1,824 Members
60% Male, 40% Female
21% - 10 or fewer years as a CPA
34% - 11 to 20 years as a CPA
45% - more than 20 years as a CPA
80% - members of the AICPA
Do you serve on a Society Committee?
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Yes - 30%
No - 70%
Are you practicing in Public or
Business, Industry, Government
(BIG)?
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Public - 69%
BIG - 31%
Are you licensed for security sales or
advisory work?
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Yes - 7%
No - 93%
Do you utilize the CPE tracking tool
provided by the Society?
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Yes - 58%
No - 42%
The Board of Accountancy reported 151 out of 681 licensees used the
CPE tracker for the 2009 reporting year.
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Have you encountered difficulty using
the CPE tracker?
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Yes – 23%
No – 55%
No Response – 22%
Why do you take CPE with the
Society?
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Subject Matter - 52%
Location - 26%
Other Reasons - 15%
Speaker - 7%
If the Society used social media, would
you participate?
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Yes - 51%
No - 49%
(50% of responders use social media already)
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Are you satisfied with the Society
website and electronic publications?
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Yes - 97%
No - 3%
Why are members not participating in
committee activities ?
No Time
60%
Involved with other Boards
11%
Family commitments
10%
Total Time Related
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81%
Lack of understanding: operations/availability
7%
Location of meetings
6%
Unimpressed with prior involvement
4%
Other reasons
2%
Where did you receive your
undergraduate degree?
Bryant University (College)
76
38%
University of Rhode Island
34
17%
Providence College
27
14%
Rhode Island College
13
6%
Other
51
25%
Total 201
16
100%
Where did you receive your graduate
degree?
Bryant University (College)
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51%
University of Rhode Island
18
19%
Providence College
6
6%
Bentley University
6
6%
Other
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18%
Total 95
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100%
If you could change one thing about
the Society, what would it be?
Nothing – don’t change a thing.
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Reduce membership & CPE fees.
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More BIG activities & CPE (Timing of which is different than
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Public)
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Advocate, assist through blogs, and provide more local
information for RI CPA’s
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Locate more CPE & Committee Meetings south of
Providence
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More Networking, Social, & Community events
6
If you could change one thing about
the Society, what would it be?
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Improve CPE speakers, using local and more diverse
presenters.
5
CPE course selection and timing
5
Promote Society more actively to younger members and
mentor younger CPA’s
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Better Lunches !
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How Can I Get Involved?
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Committees
Task Forces
Board Service
Committees/Task Forces
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Most committees have continuous enrollment
Check website for list of committees/task
forces, their descriptions and chairs
Talk to any of the chairs or board members
about your interests
Send an email to Bob with your interest
Nominating Committee
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Comprised of 5 members
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Chaired by Past- President
One member elected directly by the board
Three members elected by membership at Annual Meeting
Provides slate of officers and directors for ensuing
year (by January 31st of each year)
Every three years nominates individual for 3-year
AICPA Council position
Nominates candidate for RISCPA mission award
Nominating Committee Election
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Interested individuals must be a member of the
Society in good standing during the preceding 5-year
period
Notice of interest must be submitted at least 90 days
prior to the annual meeting
If notice from 3 candidates is not received by the 90
day deadline, Nominating Committee nominates
qualified candidates
Membership is notified of candidates by February
15th of each year
Board of Directors
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13 members
Each term is for 1 year
Directors – 7, can serve 3 terms
Officers – 5, at least 3 must be in active practice of
public accounting at the time of election
Any vacancies are filled by the Board
Intent is to have a cross section of membership
serving on the board
Officers and Directors Election
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Call for nominations is made prior to the first
committee meeting
Nominations are provided to Secretary by 1/31
Nominations are provided to membership by 2/15
Counter nominations must be received at least 30
days prior to the annual meeting
Election takes place at the annual meeting
Pick me!
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Interested in Nominating Committee or Board
Position?
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Know of someone who you would like to
nominate for one of those positions?
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Send an email to Bob with a summary of your
professional background
Send an email to Bob with the person’s name and
he will make contact for his/her bio
Financial Review
James Morrison
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We’ll Review
 Comparisons
to peer groups
Membership Dues
– Funds and Liquidity Ratios
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 RISCPA
Financial History
 Financial Philosophies
 Outlook for 2011
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Membership
Demographics
500
450
400
350
300
250
200
150
100
50
0
Princ
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Staff
Indus
Gvt
Edu
Out
Ret
Assoc
Unemp
Stud
Dues as of August 2010
New England Societies
RI
350
300
250
200
150
100
50
0
Princ
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Staff
Indus
Gvt
Edu
Out
Ret
Assoc
Unemp
Stud
RI
Dues as of August 2010
100%
(Illustrating 100% Firms)
350
300
250
200
150
100
50
0
Princ
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Staff
Indus
Gvt
Edu
Out
Ret
Assoc
Unemp
Stud
Dues Comments
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The RISCPA dues are in the lower quartile
for most members as compared to other New
England societies
The 100% participation program for major
firms is a significant benefit for the largest
contributors to the society
Financial Philosophy #1
Low Dues
We likey!
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Funding Ratios - Definitions
 Liquidity
Ratio is cash plus
investments less deferred CPE
revenue / divided by total revenues
 Funding ratio is total unrestricted
funds / divided by total revenues
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Financial Health
Comparison to Small Society Group 2009
140%
RI
WY
VT
ME
HI
ID
DE
NH
WV
120%
100%
80%
60%
40%
20%
0%
Liquidity Ratio
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Funds Ratio
Financial Health
Comparison to Small Society Group 2009
140%
AICPA
RI
WY
VT
ME
HI
ID
DE
NH
WV
120%
100%
80%
60%
40%
20%
0%
Liquidity Ratio
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Funds Ratio
Funding Comments
 Compared
to the small state
societies
– RISCPA
is at the low end on
both ratios
– The AICPA has higher liquidity
but lower funding ratios
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Financial Philosophy #2
Liquidity and Funding Ratios
20% to 25%
Healthy Balance Sheet
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Financial History
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Revenue History
Thousands Dollars
$1,200
Revenue
$1,000
$800
$600
$400
$200
$0
2004
2005
2006
2007
CPE
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2008
Dues
2009
Other
2010
2011B
Revenue History
Percent by Type
100%
Revenue
80%
60%
40%
20%
0%
2004
2005
2006
2007
CPE
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2008
Dues
2009
Other
2010
2011B
Revenue Comments
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CPE makes up 60% of the Society’s revenue
Dues provide about 30%
Other revenues about 10%
Small CPA Societies average about 53%
CPE
New England Societies range from 37% to
57% from CPE revenue
$1,200
$500
$1,000
$400
$800
$300
$600
$200
$400
$100
$200
$0
$0
-$100
2004
2005
2006
CPE
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2007
Dues
2008
Other
2009
2010
Net Income
2011B
Net Income Thousands
Revenue Thousands
Revenue and Net Income
Net Income Comments
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Four out of last seven years ended in
deficits
Last three years average deficit is $43,000
or about 4% of revenue.
Year end 2010 unrestricted funds $255k
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Were about 23% of revenues
Multiple of 6 times the last three years average
deficit
Net Income Comments
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We have reinvested in the society
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$31k
$44k
$38k
Impact of the economy
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Computer and system upgrade
Web-site development
New CPE tracking software
Many societies lost 40% of their investment
value
RISCPA investments were in cash, but cash is
earning much lower interest income
Financial Philosophy #3
We will manage for a balanced annual budget
At times, we will invest up to 5% of unrestricted
funds back into the Society
We will maintain a minimum 20% funding ratio
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Outlook
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Outlook 2011 Budget
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Targeting to breakeven on a cash basis.
Depreciation on last two years capital
investments will result in a small deficit.
CPE slowly declining year over year
Membership
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Support by booking CPE at the RISCPA
Book in-house vendor-provided CPE
through the RISCPA.
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We get a commission with no additional cost
to you.
Provide your talented instructors for our
CPE courses to keep our costs down
Market our CPE programs to your clients
Financial Philosophy #4
We still like low dues
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Strategic Objective I
Champion – Martha Conn Hultzman
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Goal
Attract and retain the best and brightest
members for the Society and the accounting
profession
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Attract the best and brightest
Action Plan
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Involve several society committees in activities at
colleges and high schools
Increase our student membership and measure our
demographics
Educate the educators and develop “Society Road
Show”
Develop an organized internship program including
internship opportunities at the Society
Reduce or waive fees for student membership and
events
Enhance the “for the student” section of our website
Attract the best and brightest
Committees Involved
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Financial planning
Cooperation with educational institutions
Scholarship
Communications
Attract the best and brightest
Accomplishments
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Colleges and Schools Headed for Success
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Scholarship Committee
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Joint effort of Financial Planning and Cooperation with
Educational Institutions Committees
Three modules created by Beth Cannata, Leigea Landry
and students from PC for presentation by college
students at high schools
Five colleges and 13 high schools have expressed an
interest in participating
Solicited applications from all colleges and
universities with an accounting program
Attract the best and brightest
Activities in the hopper
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Campus Gatherings
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Students may attend RISCPA networking
events at reduced cost
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Two scheduled for October 2010 (JWU and RIC)
Three to Five CPAs from different backgrounds
present to students, followed by networking
Meet members of NYPN committee in attendance
Attract the best and brightest
What's Next?
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From campus to the accounting firm
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Student section of the web site
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Presentation to accounting faculty from RI area
colleges and universalities
Coordinated by Coop with Ed. Inst. Committee
and targeted for May 2011
Coop with ed. committee will propose career
content for review by communications committee
May include postings for internships
Strategic Objective II
Champion – Steven Ursillo, Jr.
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Goal
Utilize technology to become more efficient
internally and to achieve outstanding
communication with our members and the
general public
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Utilize technology for efficiency
2 Phases
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Phase I: Upgrade hardware & internal support
software based upon current committee
recommendations and adopt long term leading edge
technology plan
Phase II: Implement a state-of-the-art application
software solution to enhance and streamline the
Society’s operational functional duties and adopt
long term leading edge technology plan
Utilize technology for efficiency
Action Items
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Perform a current technology and operational assessment
Evaluate the features of relevant operational applications and
examine other ways to use technology to increase operational
effectiveness and efficiency
Build the requirements
Evaluate technology and vendor solutions
Design a phased project plan for implementation
Review post implementation results against initial requirements
and goal
Utilize technology for efficiency
Accomplishments
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Complete upgrade of the Society’s technology
infrastructure
New servers and workstations utilizing state of the
art technology
Remote conferencing capability
Mobile office capability
Wireless access for society guests
Implementation of a complete operational processing
application and database for specific society
requirements
Utilize technology for efficiency
What's Next?
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Complete the AM-Net integration and allow for
process enhancements and operational maturity.
Integration of the RISCPA website to the new
operational processing application and database
system (AM-Net).
Continue the evaluation of CPE tracking
technology.
Define and refine the “knowledge piece” that is
available - determine what information the
RISCPA should be delivering.
Utilize technology for efficiency
What's Next?
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Evaluate addition technology solutions for
information collaboration. (ex. SharePoint)
Continue to evaluate information sharing
through social networking and web based
distribution.
Evaluate further training and CPE delivery
platforms. (ex. Webinars)
Strategic Objective III.
Champion - Sam Suls
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Goal
Develop Future Leaders of the Society and the
profession
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Develop Future Leaders
Action Plan
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Increase number of NYPN members.
Determine whether NYPN should continue
as a task force or become a Society
Committee.
Determine the mission of the NYPN 12.
Determine the governance, replacement,
rotation, and future appointment to other
Society committees of the NYPN 12.
Develop Future Leaders
Action Plan (con’t)
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Survey our membership to help identify new
leaders.
Focus on getting more young members
actively involved on committees, and
lowering the average age of committee
members.
Develop Future Leaders
Accomplishments - People
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Jennifer Freitas – Chair, Piccerelli Gilstein & Co.,
L.L.P.
John Teixeira – Asst. Chair, Sansiveri Kimball & Co.
Andrew Bicknell, KPMG LLP
Michelle Cullion, DiSanto Priest & Co.
Brendon Donovan, CBIZ Tofias/Mayer Hoffman
McCann P.C.
Boyd Foster, Sullivan & Company, LLP
Develop Future Leaders
Accomplishments - People
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Andrew Hayes, Kahn Litwin Renza & Co., Ltd.
Mariann Lackey, YKSM CPA’s, Ltd.
Elizabeth Mulligan, Batchelor Frechette McCrory
Michael & Co.
Erica Olobri, Braver PC
Molly O’Marra, Lefkowitz, Garfinkel, Champi &
DeRienzo, PC
Julie Steffes, CCR LLP
Develop Future Leaders
Accomplishments - Events
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Breakfast Meetings
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Networking Events
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May 13, 2010 – Speaker: Jack Renza
August 20, 2010 – Speaker: Ernie Almonte
May 27, 2010 – Aqua, Marriott Hotel
August 5, 2010 – Pawtucket Red Sox
October 21, 2010 – RI Philharmonic
8 Task Force Meetings
Develop Future Leaders
What’s Next?
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Continue the enthusiasm.
Increase number of NYPN members.
Determine whether NYPN should continue as a task.
force or become a Society Committee.
Survey our membership to help identify new leaders.
Focus on getting more young members actively
involved on committees, and lowering the average
age of committee members.
Thank you!
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