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RISCPA Membership Day 2010

RISCPA Membership Day 2010. September 30, 2010 Providence Marriott. 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. Overarching Strategic Goal.

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RISCPA Membership Day 2010

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  1. RISCPA Membership Day 2010 September 30, 2010 Providence Marriott

  2. 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 thesuccess of our members.

  3. Overarching Strategic Goal Remain relevant to our Members

  4. Three Strategic Objectives • 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.

  5. Membership Survey Results

  6. Who Responded? • 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

  7. Do you serve on a Society Committee? • Yes - 30% • No - 70%

  8. Are you practicing in Public or Business, Industry, Government (BIG)? • Public - 69% • BIG - 31%

  9. Are you licensed for security sales or advisory work? • Yes - 7% • No - 93%

  10. Do you utilize the CPE tracking tool provided by the Society? • Yes - 58% • No - 42% The Board of Accountancy reported 151 out of 681 licensees used the CPE tracker for the 2009 reporting year.

  11. Have you encountered difficulty using the CPE tracker? • Yes – 23% • No – 55% • No Response – 22%

  12. Why do you take CPE with the Society? • Subject Matter - 52% • Location - 26% • Other Reasons - 15% • Speaker - 7%

  13. If the Society used social media, would you participate? • Yes - 51% • No - 49% (50% of responders use social media already)

  14. Are you satisfied with the Society website and electronic publications? • Yes - 97% • No - 3%

  15. Why are members not participating in committee activities ?

  16. Where did you receive your undergraduate degree?

  17. Where did you receive your graduate degree?

  18. If you could change one thing about the Society, what would it be?

  19. If you could change one thing about the Society, what would it be?

  20. How Can I Get Involved? • Committees • Task Forces • Board Service

  21. Committees/Task Forces • 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

  22. Nominating Committee • Comprised of 5 members • 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

  23. Nominating Committee Election • 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

  24. Board of Directors • 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

  25. Officers and Directors Election • 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

  26. Pick me! • Interested in Nominating Committee or Board Position? • Send an email to Bob with a summary of your professional background • Know of someone who you would like to nominate for one of those positions? • Send an email to Bob with the person’s name and he will make contact for his/her bio

  27. Financial ReviewJames Morrison

  28. We’ll Review • Comparisons to peer groups • Membership Dues • Funds and Liquidity Ratios • RISCPA Financial History • Financial Philosophies • Outlook for 2011

  29. MembershipDemographics

  30. Dues as of August 2010New England Societies RI

  31. Dues as of August 2010(Illustrating 100% Firms) RI 100%

  32. Dues Comments • 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

  33. Financial Philosophy #1 Low Dues We likey!

  34. 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

  35. Financial HealthComparison to Small Society Group 2009

  36. Financial HealthComparison to Small Society Group 2009

  37. 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

  38. Financial Philosophy #2 Liquidity and Funding Ratios 20% to 25% Healthy Balance Sheet

  39. Financial History

  40. Revenue Comments • 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

  41. Net Income Comments • 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 • Were about 23% of revenues • Multiple of 6 times the last three years average deficit

  42. Net Income Comments • We have reinvested in the society • Computer and system upgrade $31k • Web-site development $44k • New CPE tracking software $38k • Impact of the economy • Many societies lost 40% of their investment value • RISCPA investments were in cash, but cash is earning much lower interest income

  43. 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

  44. Outlook

  45. Outlook 2011 Budget • 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

  46. Membership • Support by booking CPE at the RISCPA • Book in-house vendor-provided CPE through the RISCPA. • 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

  47. Financial Philosophy #4 We still like low dues

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