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DRAFT

VIEWS: 5 PAGES: 15

									                                    DRAFT
                                                               MINUTES
                       JOINT 2007-08/2008-09 EXECUTIVE BOARD MEETING
                                                       APRIL 25-26, 2008
                                   THE GROVE PARK INN; ASHEVILLE, NC



MEMBERS PRESENT:
James A. Smith, Chairman
Steven R. Goodman, Chairman-elect
Jerry L. Love, Immediate Past Chairman
Rance G. Sweeten, Treasurer
C. Jeff Gregg, Treasurer-elect
Richard T. Baumeister, Jr.
Janet B. Johnson
Tracy B. Stewart
Penny Dear
Edward L. Lette
Dora J. Dyson
B. Jean Lein
John M. Sharbaugh, CEO/Executive Director

MEMBERS ABSENT:
Barbara R. Bass, Secretary
John R. Broaddus
Fred J. Timmons

2008-09 MEMBERS PRESENT
Kym Anderson, Chairman-elect elect
Bradley D. Brown, Treasurer-elect elect
Mark M. Jones, Secretary-elect
Donna H. Wesling
Michael W. Young
William R. Frazer
Donna J. Hugly
M. Todd Welty

CHAPTER GUESTS PRESENT:
Sandra Kay Brown, President, Brazos Valley Chapter
Jeff D. Harris, President-elect, Houston Chapter
Donna Tadlock, President, Central Texas Chapter

OTHER GUESTS:
William Ezzell, National Managing Partner – Legislative and Regulatory
       Relations, Deloitte & Touche USA (former AICPA Chair)
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OTHER GUESTS, Cont’d.
Stephen L. Winters, Director, Specialized Communities & Firm Practice
      Management, AICPA, Durham, NC

TSCPA STAFF:
Robert R. Owen, Managing Director, Regulatory & Legislative
Steve Jones, Director, Human Resources and Special Projects
Steve Phillips, Controller
Ali Allie, Executive Assistant


I.     CALL TO ORDER, WELCOME AND INTRODUCTIONS

       Chairman Jim Smith called the meeting to order at 8:30 am and welcomed
       Executive Board (EB) members, guests and TSCPA staff. Introductions
       were made.

II.    QUORUM CALL

       In the absence of Barbara Bass, Secretary, John Sharbaugh, Assistant
       Secretary, declared a quorum present.

III.   CHAIRMAN’S REPORT

       Approval of Consent Agenda. The Consent Agenda consisted of the
       following items:
        Minutes from the January 24, 2008, EB meeting;
        Probation of Dwight E. Denman’s TSCPA membership;
        Request for excused absence from the 2008 Election Meeting of
           Members/Midyear Board of Directors Meeting held January 25-26,
           2008, for the following members: 1) David J. Sweeten, CPA; 2) Donn
           R. McMahan, CPA; 3) Richard Moore, CPA; 4) Antonio Villeda, CPA;
           and 5) Mary Pat Jones, CPA;
        Request for excused absence from the 2008 Annual Meeting of
           Members on June 27-28, 2008, for Janae Chamblee, CPA; and
        Termination of firms from the TSCPA Peer Review Program (see
           attached).

       Randy Sweeten made the following motion, which was seconded by Jean
       Lein:
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     Motion:

     To approve the Consent Agenda.

                                                           - Motion Approved

     Review of Action Item List – January 24, 2008, EB Meeting. Chairman
     Smith noted that all action items have been completed other than his
     action item to identify the chair, members and charge of the Task Force on
     Student Internship. It will be forthcoming and sent to the EB members by
     e-mail for their approval.

     Media Contacts/Chapter Visits/Other Visits. Chairman Smith reported
     on the following media contacts, visits and interviews since the last EB
     meeting:

          Responded to a Houston Chronicle article regarding a
           condemnation award of property by the state of Texas and issues
           regarding devaluation of the property;
          Interview with Business Week Magazine regarding conflicts on tax
           return filing between spouses and the CPA’s role in resolving them;
          An interview with “Lowe’s for Pros” regarding small business tax
           write-offs;
          A radio interview with SmartMoney.com; an AOL publication;
          An interview with MultiView PRN News on how to spend your tax
           return refund;
          Contributed information/spoke at length to a reporter of the Dallas
           Business Journal (DBJ) about accounting standards to assist him in
           preparing for an interview/article with Judy O’Dell of the Private
           Company Financial Reporting Standards Committee;
          An extensive interview with the DBJ reporter on the status of the
           margins tax in Texas;
          An interview with the McAllen Monitor on common tax filing
           mistakes;
          Released an Op Ed column that will be published in the Dallas
           Morning News on teaching your children financial literacy (“Teach
           Your Children Day” is part of the Financial Literacy Program);
          Visited the Fort Worth Chapter on January 31;
          Attended a reception/fund raiser for Congressman Mike Conaway;
          Attended an AICPA Center for Audit Quality gathering in Dallas on
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           February 5;
          Visited the Central Texas Chapter on February 15;
          Visited the El Paso Chapter on March 25; and
          Participated in making a video for the Dallas Chapter to be used as
           an ongoing promotional piece regarding accounting careers and
           CPA contributions to the community in general.

     AICPA Regional Council Meeting. The meeting that was scheduled in
     Dallas at the end of March was abruptly cancelled due to inclement
     weather that caused flight cancellations from all airlines. Participants
     were invited to join the regional Council meeting by web cast the next day
     in Chicago. John Sharbaugh highlighted the major issues that were
     discussed including, but not limited to, the following: 1) a new
     certification for forensic accounting that the AICPA will be proposing at
     the Spring Meeting of Council; 2) the continuing harmonization of
     accounting standards between U.S. standards and global standards,
     which is accelerating at a fast pace; and 3) expiration of the contract for
     the partnership between AICPA and NASBA for the CPA exam in a few
     years. NASBA is very much in favor of a global CPA exam. The AICPA
     is taking a slower approach but is willing to discuss the issue.

     Insurance Trust. Mr. Smith discussed an issue about the TSCPA group
     health insurance program. The insurance program was established with
     minimal underwriting standards for people who could not get health
     insurance elsewhere. Because of the issues they brought to the
     program, TSCPA continued to have escalating premium costs which
     made the cost of the insurance exorbitant. Some members of the
     TSCPA are raising a concern about the rising cost of the insurance, and
     the insurance trust is on the brink of announcing an HSA insurance
     program which is very affordable and attractive and will offer small
     practitioners and firms an opportunity to come into a TSCPA program
     with different underwriting standards.

     Other. Mr. Smith made note of three letters that were sent on behalf of
     the TSCPA. The first letter, which the AICPA requested, was written to
     the Department of Housing and Urban Development (HUD) opposing
     their proposed rule regarding standards for CPA firms that are registered
     to do HUD audits. The second letter was written to the New York State
     Society of CPAs expressing concern about its consideration to revise its
     Accountancy Act without any mention about the mobility issue which has
     become very prominent among other CPA state societies.
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      The third letter was written to Assembly Member Roger Niello of the
      California State Assembly supporting their legislation on mobility.

      Mr. Smith also mentioned the outstanding relationship that TSCPA
      shares with the Comptroller’s Office and noted that TSCPA was
      instrumental in getting an extension included in the margin tax rules.

IV.   AICPA FOUNDATION FACULTY SHORTAGE PROJECT

      Chairman Smith introduced Bill Ezzell, former AICPA Chairman and
      currently National Managing Partner – Legislative and Regulatory
      Relations, Deloitte & Touche, USA. Mr. Ezzell reported on “The Future
      Accounting Doctoral Student Program,” an incremental initiative that the
      AICPA Foundation Advisory Group undertook to find solutions to the
      growing shortage of PhD candidates to teach accounting programs in
      universities. He gave an overview of how the shortage began and
      discussed the process to study the issue, what the Foundation proposes
      to do, the status of the project and the proposed next steps. One of the
      next steps is discussions with firms and organizations, including state CPA
      societies to participate in and support the program. The scale of funding
      is too large to seek individual contributions. Sponsors will be asked to
      commit an annual amount for each year for the duration of the program.
      Recruitment expenses will begin in 2008 and the first class of incremental
      PhDs will begin in the fall of 2009. As of 12/31/08, the Big Four
      accounting firms have committed fully to the program in terms of both
      volunteer support and funding at $1.818 million dollars per firm for a total
      of $7.3 million over 8 years. As of April, 2008, $11.2 million dollars have
      been received representing 65% of the projected budget. A
      question/answer session followed Mr. Ezzell’s presentation.

V.    CHAIRMAN-ELECT REPORT

      Chairman-elect, Steve Goodman, reported on the following:

      Chapter Visits/Other Visits/Presentations/Upcoming Visits. Visits
      included the Austin Chapter, Accounting Education Foundation meeting,
      and the CCFL Controller’s Conference, which he facilitated. Upcoming
      visits include the Wichita Falls Chapter, the Brazos Valley Chapter, AICPA
      Spring Meeting of Council and he will be a speaker at the Young CPA
      Conference and briefly at the Houston Chapter Spring Accounting
      Expo. He is particularly enthusiastic about the latter which will be
      attended by 1,000 CPAs in business and industry. Mr. Goodman will
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     concentrate his speech on what the TSCPA is doing to focus on members
     in industry in an ongoing effort to recruit members from that segment of
     the TSCPA membership.

     Amicus Brief re: Auditor Liability. The AICPA and the TSCPA have
     jointly filed an amicus brief with the Texas Supreme Court in support of
     Grant Thornton, LLP, (GT) a case involving auditor liability. The case has
     broad implications for the accounting profession and involves alleged
     fraud, misrepresentation, negligence, third party beneficiary breach of
     confidence, conspiracy to commit fraud, and aiding and abetting fraud.
     Since Chairman Smith was an expert witness for the plaintiffs in the initial
     case, he felt it was inappropriate to be involved in the discussions and
     decision-making, although he expressed full support for TSCPA to make
     whatever decision was best for the profession as a whole in Texas.
     Chairman-elect Goodman was placed in charge on behalf of the TSCPA.
     The Supreme Court has not rejected the case and, in fact, has requested
     additional information from the attorneys representing GT. If the Supreme
     Court rules in favor of GT, it will be a “win” for the accounting profession.

     Leadership Day. Mr. Goodman reviewed the plans for Leadership Day
     on May 6 and encouraged all EB members to attend the event. A record
     attendance is anticipated.

     Annual Meeting Update. Mr. Goodman reviewed the schedule for the
     Annual Meeting in June in New Mexico and reminded his Executive Board
     members that their first official meeting will be held the day before the
     Annual Meeting (June 26) in the afternoon. Mr. Smith added that the
     outgoing Executive Board along with the incoming Executive Board will be
     invited to a dinner/roast the evening of June 26. Mr. Sharbaugh noted that
     the chapter challenge golf tournament will be held on June 26 also;
     however, some early tee times will be available for EB members who may
     be interested in playing prior to the meeting. Kym Anderson noted that
     she will be sending the EB members and staff an e-mail with a road blog
     of El Paso for those who are flying into El Paso and driving to New Mexico
     and want to spend some time there before driving to the Inn of the
     Mountain Gods.

     Task Force on Leadership Identification and Development. Mr.
     Goodman proposed the following charge for the task force:

     “Task Force will develop a plan to encourage members to seek leadership
     positions at TSCPA and its chapters and identify ways that TSCPA and
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        the chapters can better help interested volunteers in becoming leaders.
        This may include organizing a TSCPA leadership development program
        and assisting the chapters in organizing such programs at the local level.”

        Mr. Goodman asked for a verbal approval of the charge. Everyone
        agreed it was a good initiative. Mr. Goodman will be asking for volunteers
        from the chapters and he solicited volunteers from the EB in addition to
        Kym Anderson and Jerry Love. The establishment of the task force and
        task force charge will be approved in June at the EB meeting.

VI.     TREASURER'S REPORT

        Randy Sweeten, Treasurer, together with Steve Phillips, Controller,
        reported on financial activity for the Society and the CPE Foundation for
        the ten months ended March 31, 2008.

        The Society year-end projection was a net loss of $110,000 as compared
        to a budgeted loss of $61,499. A projected $300,000 loss in investment
        income contributed significantly to the variance. The unrestricted fund
        balance is 74% of operating expenses, or $4,148,761.

        The CPE Foundation is projected to end the year with $286,000 net
        revenue as compared to the budgeted amount of $265,641 net revenue.
        The unrestricted fund balance for CPE is 69% of operating expenses, or
        $2,447,857.

VII.    COORDINATING OFFICERS’ REPORTS

        Committee updates were provided by Jean Lein for the Peer Assistance
        Foundation and Jeff Gregg for the Professional Standards Committee.

VIII.   AICPA/PCPS ISSUES

        Chairman Smith introduced Steve Winters, Director, Specialized
        Communities & Firm Practice Management, AICPA, Durham, NC. Mr.
        Winters overviewed the 4 member sections he manages (Private
        Companies Practice Session (PCPS), Forensic & Valuation Services,
        Personal Financial Planning and Information Technology) and discussed
        the various issues that the AICPA and PCPS are working on. The PCPS
        mission is to help make practicing CPAs and their firms successful
        through education and advocacy. Mr. Winters answered questions after
        his presentation.
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IX.     EXECUTIVE SESSION

        Guests and TSCPA staff were excused from the meeting while the
        Executive Board met in executive session to receive a report from the
        Compensation Committee.

X.      The meeting was recessed at 12:00 Noon.

XI.     The meeting was reconvened on Saturday, April 26, at 8:30 am.

XII.    STRATEGIC PLAN UPDATE AND APPROVAL

        Mr. Goodman and staff liaison for the Strategic Planning Committee,
        Steve Jones, reviewed the new Plan objectives which resulted from the
        Strategic Planning Retreat in September. The Board of Directors
        discussed the objectives at round table discussions in January at the
        Midyear Board Meeting and the Strategic Planning Committee fine-tuned
        the Plan at their meeting in February. The following motion was made by
        Ed Lette and seconded:

        Motion:

        To approve the Strategic Plan and present it to the members at the
        2008 Annual Meeting of Members in June.

                                                            -   Motion Approved

XIII.   REVIEW AND APPROVAL OF 2008-09 SOCIETY AND CPE BUDGETS

        Treasurer-elect, Jeff Gregg, reviewed the 2008 forecasts for the Society
        and the CPE Foundation and compared them to the 2009 budgets for
        each.

        The Society budget for 2009 is a deficit of $199,273, as compared to the
        2008 forecast of a $110,000 deficit. A significant projected loss in
        investment income contributed to the variance.

        Jerry Love commented that the Society budget does not include a
        contribution to the AICPA “Future Accounting Doctoral Student Program”
        that Bill Ezzell discussed in his presentation the previous day. He made
        the following motion, which was seconded:
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     Motion:

     That the Texas Society of CPAs participate in the AICPA Future
     Accounting Doctoral Student Program with a contribution of $5,000
     from Society funds for the next five years for a total of $25,000.

     After discussion, Jean Lein made a friendly amendment to double the
     recommended contribution to $10,000 for the next five years for a total of
     $50,000. With Pennsylvania being the only state CPA society thus far to
     make a commitment to the program, several EB members felt that the
     TSCPA should be a leader and set an example for other large state CPA
     societies and that $5,000 was not a significant enough amount. Mr. Love
     accepted the friendly amendment and it was accepted by the seconder. It
     was noted that the motion should provide for a budgeted amount each
     year that the Board of Directors would approve at the June meeting. The
     motion was restated as follows:

     MOTION:

     That the Texas Society of CPAs will provide a $10,000 contribution to
     the AICPA Future Accounting Doctoral Student Program in the 2008-
     09 budget with an announced intent to resubmit $10,000 for the
     Program every year for the next succeeding four years.

     After further discussion about a possible negative impact that the proposal
     may have on some TSCPA members, Mr. Goodman offered the following
     friendly amendment to the motion:

     To reduce the chair’s contingency of $25,000 currently in the budget
     to $15,000.

     Mr. Love accepted the amendment. The restated motion is as follows:

     Motion:

     To modify the 2008-09 budget by transferring $10,000 of the chair’s
     contingency to a budgeted expenditure of $10,000 as a contribution
     to the AICPA’s Future Accounting Doctoral Student Program with an
     announced intent to resubmit $10,000 for the Program every year for
     the next succeeding four years.
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       After further discussion regarding the amount to be contributed ($5,000 vs.
       $10,000), Mr. Love took a straw poll of the members. A majority of the
       members were in favor of the contribution and at the higher amount.

       The question was called and approved. The motion was voted on.

                                                           -   Motion Approved

       A suggestion was made for the Investment Committee to do an analysis of
       the TSCPA investment portfolio for the past 5 years to present to the
       Board of Directors.

       Mr. Gregg reviewed the 2008-09 budget for the CPE Foundation. Net
       revenue is budgeted at $96,186 as compared to the 2008 forecast of
       $286,000. A reduction in educational programs and course materials
       contributed to the variance.

       The following motion was made by the Finance Committee:

       Motion:

       To approve the 2008-09 budgets for the Texas Society of CPAs and
       the CPE Foundation.

                                                           -   Motion Approved

XIV.   R&L REPORT

       Bob Owen reported on the following:

          The presiding officer and member of the Texas State Board of Public
           Accountancy (TSBPA), Coalter Baker, resigned for personal reasons,
           and Governor Perry appointed David Duree (Permian Basin) as the
           successor presiding officer and Steve Peña as a replacement for Mr.
           Baker as a TSBPA Board member;
          The PAC challenge for chapters ends in May. The Austin Chapter
           leads the large chapters at 68%, with the Fort Worth Chapter at 64%
           and the Houston Chapter at 60%. Among the small chapters, Abilene
           is at 85% with Brazos Valley slightly behind at 75%. Mr. Owen
           encouraged everyone to participate in the PAC and asked them to
           encourage their chapters to participate. PAC contributions are down
           from last year. As in the past, Mr. Owen asked the incoming Executive
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          Board members to contribute 100% to the PAC;
         In the general election primaries, the TSCPA PAC endorsed two
          candidates –Senator Williams from Southeast Texas (R) and
          Representative Flores from the Brazos Valley (D). During the primary
          run-offs, the PAC endorsed candidate Martha Tyroch from Temple.
          Although she did not win the race, the CPA for the winning candidate
          has agreed to be a key person for TSCPA. The PAC Committee will
          be meeting soon to determine whether they will make endorsements in
          the general elections and to review recommended contributions; and
         The TSCPA State Taxation Committee continues to have a good
          working relationship with the Comptroller and has been influential in
          helping to bring about the recent changes to the margins tax including
          a filing extension without penalties. Penny Dear was instrumental in
          helping to obtain the extension by sending the Comptroller a detailed
          e-mail explaining what CPAs must do for the margins tax that would be
          detrimental to their businesses.

      Legislative Advisory Committee (LAC) Activity. Penny Dear reported
      that Jeff Eaton, chair of the committee, has appointed a subcommittee to
      study the pros and cons of the issue of Administrative Law Hearing (LAH)
      decisions becoming final and appealable to State District Court. At the
      January, 2008, EB meeting, Mr. Eaton reported on the November 30,
      2007, LAC meeting requested by the EB to review and discuss a proposal
      by Randy Sweeten that TSCPA consider legislation to: 1) allow CPAs to
      be permitted a de novo appeal to state court of any disciplinary action
      taken by the TSBPA; or 2) require the TSBPA to recognize proposals for
      decision (PFD) by an LAH with the SOAH as final rulings. The
      subcommittee members include the following: Leroy Bolt, chair, David
      Deison, Jeff Gregg, Gary McIntosh, and Diane Smith. The first meeting is
      scheduled for July 2. A report will be presented at the August EB meeting.
      The LAC meets again in October. Mr. Smith noted that if the
      subcommittee tries to recommend a change regarding the SOAH
      decisions, it affects not only the Accountancy Act but regulatory boards
      and committees across the state. The subcommittee must consider their
      actions carefully because they are taking on a very large mission if their
      goal is to obtain a modification to the process.

XV.   COORDINATING OFFICER REPORTS

      Committee updates were provided by Tracy Stewart for External Relations
      and Dora Dyson for Membership.
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       E-Mentoring Task Force. Jerry Love presented a prototype of an e-
       mentoring program that the task force is working on directed at students,
       young professionals and newly certified CPAs. Once the verbiage has
       been finalized, the program will be tested by an identified group of people.
       When the program is finalized, it will be communicated and explained to
       the entire membership and they will be encouraged to become a mentor.
       Comments and/or suggestions should be e-mailed to Mr. Love.

       Large Chapter Meeting. In Fred Timmons’ absence, Mr. Smith
       presented the Large Chapter Meeting report. The large chapters are
       recommending that the TSCPA initiate an additional dues payment option
       permitting a member to choose to have his/her membership dues paid by
       pro rata withdrawals from the member’s checking account or credit card
       over the course of a year. The TSCPA staff prepared an analysis of
       automated monthly dues billing via credit card or checking account. A
       lengthy discussion ensued about the issues for consideration in evaluating
       the proposal (including TSCPA and chapter Bylaw revisions). One
       consideration was to allow dues to be paid by an ACH bank draft with no
       transaction costs. A straw poll indicated that a majority of the members
       are in favor of allowing membership dues paid by an ACH bank draft but
       not credit cards. Mr. Goodman stated that he would like to ask the
       Finance Committee to discuss the issue during their next conference call.
       If need be, a task force may be created to further research the issue.

       Mr. Smith reported on another issue raised at the Large Chapter
       Meeting. TSCPA has a deal with Becker, a CPA exam review provider,
       for a $250 student discount. If a firm pays the fee, it is a $500
       discount. Mr. Love stated that Becker is giving a $700 discount to
       CPA Associates firms if they pay the fee directly to Becker. He can
       try to re-negotiate with Becker if the TSCPA can guarantee a certain
       number of firms who will sign up with them for the discount. However
       the previous attempt to negotiate the same discount for TSCPA firms
       as CPA Associate firms was unsuccessful. Mr. Love will communicate
       with Jesse Dominguez, Austin Chapter president, and then contact John
       Sharbaugh and Janet Overton.

XVI.   CEO/EXECUTIVE DIRECTOR REPORT

       John Sharbaugh reported on the following meetings and issues since the
       last EB meeting:

          He attended an AICPA Board meeting in early February where Bill
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         Ezzell reported on the Ph.D. faculty shortage. He attended the
         meeting as immediate past chair of the AICPA Society Executives
         Association and his service in that organization is coming to an end
         after many years;
        He is serving on a national mobility task force that consists of four
         state CPA society executives, representatives from the National
         Association for State Boards of Accountancy, the AICPA, and the
         Accountants Coalition (made up of the largest accounting firms). The
         task force was created a few years ago to focus on and bring
         momentum to the mobility initiative around the country. Twenty-three
         states thus far have passed legislation on mobility and there may be
         thirty by year-end;
        He made a presentation jointly with Jim Smith at SMU in Dallas on
         March 24 to accounting majors. Mr. Smith gave a passionate speech
         about the accounting profession;
        He serves on the Board of the Texas Society of Association
         Executives and had a meeting at the end of March in Austin. He
         enjoys the opportunity to share ideas with members of other
         associations which helps him in his role at the TSCPA;
        A survey was conducted by St. Edwards University regarding ethical
         dilemmas faced by CPA practitioners. They are going to develop an
         article for Today’s CPA about the survey and hope to continue it on an
         ongoing basis;
        The dues billing has gone out electronically to TSCPA members and
         by snail mail to those who do not have an e-mail address. A second
         mailing will be sent on May 15. A third mailing is sent in July and a
         “drop letter” is mailed to members in September who are delinquent
         with their dues giving them 30 days to pay their dues before being
         dropped from membership;
        A member satisfaction survey is planned for late July/early August.
         The survey was done in 2001 and 2004 and although it was
         anticipated to do a survey every 3 years, the 2007 survey was
         postponed to 2008 to allow more time for members to get involved with
         the Center for Corporate Financial Planning (CCFL) and incorporate
         questions about it on the survey. The contract with CCFL will end in
         November 2008, and input from the survey will help with the decision
         of whether to continue with the partnership or not. The survey results
         will be presented to the EB;
        On the technology front, TSCPA upgraded its software to Office 2007.
         There have been numerous issues and frustration transitioning to the
         new software;
        The plan to have a new software package (“SharePoint”) to replace
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          the TSCPA’s information Web site “DocuShare” has been delayed until
          the problems associated with Office 2007 have been resolved;
         There are new Peer Review standards that will become effective in
          January, 2009 and the Peer Review Department is gearing up to deal
          with them. Peer Review Department staff are also dealing with an
          AICPA technology issue. The AICPA has been trying to implement a
          program to have more accessibility to peer review reports due to
          pressure from state and federal regulators. TSCPA and the TSBPA
          agreed to work with AICPA on the software capability which has been
          very time-consuming. Another new software program the AICPA is
          working on (“Prism”) will allow state CPA societies to better administer
          peer review programs. Their intent was to have the software ready
          prior to the new peer review standards being issued; however, they
          are not able to meet their deadline which has created much angst
          among the state CPA societies. The new deadline is January, 2010;
          and
          A third Web cast is scheduled for May 7 with Mr. Sharbaugh and Mr.
          Smith. The first two Web casts were extremely successful with
          positive results. David Duree, TSBPA presiding officer, has agreed to
          participate in the Web cast and a short video of Congressman Mike
          Conaway will be shown about current issues in Washington, D.C. On
          May 5, another Web cast will be shown for a small cost regarding
          international financial reporting standards.

XVII. CHAIRMAN’S CLOSING COMMENTS

      As this was Mr. Smith’s last meeting as chairman of TSCPA, he thanked
      all of his Executive Board members who served with him over the past
      year and remarked that they made it a very special year for him. For
      those EB members coming onboard in June, he stated that he looks
      forward to working with them and getting to know them better.

XVIII. ADJOURNMENT

There being no further business, the meeting was adjourned at 12:15 pm.

MOTIONS APPROVED

1.    Approval of the Consent Agenda.
2.    Approval of the Strategic Plan.
3.    Approval of the TSCPA and CPE Foundation budgets for 2008-2009.
4.    Approval to modify the 2008-09 budget by transferring $10,000 of the
DRAFT OF MINUTES
JOINT 2007-08/2008-09 EXECUTIVE BOARD MEETING
APRIL 25-26, 2008
THE GROVE PARK INN; ASHEVILLE, NC
PAGE 15


     chair’s contingency to a budgeted expenditure of $10,000 as a
     contribution to the AICPA’s Future Accounting Doctoral Student
     Program with an announced intent to resubmit $10,000 for the
     Program every year for the next succeeding four years.

								
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