2011 Annual Meeting of Members Board of Directors

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DRAFT MINUTES ANNUAL MEETING OF MEMBERS AND 2011-2012 BOARD OF DIRECTORS MEETING FRIDAY, JUNE 24 AND SATURDAY, JUNE 25, 2011 OMNI FORT WORTH HOTEL; FORT WORTH, TX PAGE 6 IX. TREASURER’S REPORT. Immediate past Treasurer, Rick Baumeister, provided a year-end financial report. He recognized the members of the Finance Committee and explained the committee’s role and responsibilities. Mr. Baumeister reported that the Society ended the year with a net revenue of $418,463, as compared to a net deficit of ($319,054) budgeted. The excess fund balance for the Society was $3,977,989, which is 71% of net operating expenses. The CPE Foundation ended the year with a net revenue of $119,452, as compared to a net deficit of ($151,711) budgeted. The excess fund balance was $2,495,051, which is 66% of net operating expenses. Mr. Baumeister praised and acknowledged TSCPA CEO/Executive Director, John Sharbaugh, CPE Director, Kay Crider, and Controller, Steve Phillips and their respective staff for doing an outstanding job. X. APPROVAL OF THE 2011-2012 BUDGETS. Tracy Stewart, Treasurer, explained the budget process and presented the Society budget for 2011- 2012. She prepared a pie chart showing how members’ dues are allocated. The total net deficit budgeted for 2012 is ($399,455), as compared to a net revenue of $418,463 in 2010. The large variance included $711,820, of unrealized investment income in 2010. The Society’s unrestricted fund balance is projected at $3,579,000, in the budget, still within the requirement of 50% of net operating expenses. Ms. Stewart stated that the CPE Foundation budget is based primarily on the programs offered and there is a decrease from the prior year reflected in the budget. A deficit of ($182,000), is budgeted for the 2011-2012 year for the CPE Foundation as compared to a net revenue of $120,000 in 2010. The CPE Foundation unrestricted fund balance at year-end 2012, is budgeted at $2,313,000, within the requirement of 50% of net operating expenses. Ms. Stewart reviewed the capital budget which includes the purchase of two servers at $18,000, and new AMS software at $600,000. Ms. Stewart made the following motion, which was seconded:
DRAFT MINUTES ANNUAL MEETING OF MEMBERS AND 2011-2012 BOARD OF DIRECTORS MEETING FRIDAY, JUNE 24 AND SATURDAY, JUNE 25, 2011 OMNI FORT WORTH HOTEL; FORT WORTH, TX PAGE 7 Motion: To approve the 2011-2012 budgets for the Texas Society of CPAs and the TSCPA CPE Foundation, and the capital budget for 2011-2012, as presented. - Motion Approved XI. ACCOUNTING EDUCATION FOUNDATION (AEF) REPORT. Rosie Morris, Chair of the AEF, presented the Kenneth W. Hurst Fellow to Bette D. Williams, CPA-Austin and Jacob B. Bezner, CPA-Dallas for their long-time contributions and support of the AEF. Ms. Morris reported on the scholarships that were provided to senior and graduate accounting students. Other scholarships included recipients of the Jerry and Roslyn Love Scholarship, the James A. and Charlotte Ann Smith Scholarship, the Jacob Bezner Scholarship, the Virginia Fullwood Scholarship, and the Bette Williams Scholarship. Ms. Morris reported that for 2010-11, thirteen Texas students received $39,000, for the AICPA Minority Scholarship program. TSCPA donated $10,000, to the program for 2011-12. Ms. Morris strongly urged everyone to contribute to the AEF and explained some of the many ways that contributions can be made. She reminded everyone to bid on items in the Silent Auction, the proceeds of which are solely for benefitting the AEF. XII. KEYNOTE SPEAKER – JOE GERSTANDT. Ms. Wesling introduced speaker, facilitator and writer, Joe Gerstandt. Mr. Gerstandt is an advocate for resetting the diversity and inclusion conversation and believes strongly that a 20th century approach to an increasingly critical set of 21 st century business issues can no longer be used. He explained why during his very interesting and fast-paced presentation titled, “Illuminating the Value of Difference.” Mr. Gerstandt’s presentation included a lively audience participation. XIII. CPA-PAC AWARDS. James Ingram, IV, Chair of the CPA-PAC Committee, thanked all PAC contributors, PAC chapter chairs and individuals and firms who contributed to the PAC. He explained how the TSCPA builds relationships with legislators who will support issues that will affect the accounting profession and CPAs and how financial support to the CPA-PAC makes a difference. Mr. Ingram encouraged all members to contribute to the PAC.
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2011 Annual Meeting of Members Board of Directors

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