Scranton Ledger - Fall 2015 by The University of Scranton

SCR A N T ON ISSUE #1. VOL #1. FALL 2015

Students Rise in PwC Challenge D uring the fall 2014 semester, four groups of accounting students participated in the PwC Challenge case competition, which is, as PwC describes: “No number crunching exercise, our accounting competition is focused on high-level issues designed to test and improve your decision-making skills.” Each group consisted of four students and completed a case analysis, which they presented to a group of PwC judges who are distinguished University of Scranton alumni. Alumni included Paul Lameo ’94, Ed Faccio ’95 and Joe Walsh ’96. The winning team for the day’s competition included Shannon McKenna, Erika Leppla, Danny Clark and John Clark. The group advanced in the competition and each member of the group received a $200 cash prize. McKenna, daughter of Brian and Theresa McKenna of Islip, New York, is a graduate of Islip High School.

They went out of their way to offer guidance, and we very much appreciate their help.” SHANNON McKENNA

Leppla, daughter of Craig and Nancy Leppla of Fairfield, Connecticut, is a graduate of Fairfield Warde High School.

“Not having yet taken any accounting courses, I feel that I learned a great deal from the experience,” said Leppla, a first year. “I felt intimidated at first, but—in the end—it all came together for a very positive experience.”

Danny and John Clark, twin sons of Chris Clark, Scranton, and the late Daniel Clark, are graduates of Scranton High School.

All four students from the winning group lauded the generosity of three other University of Scranton alumni: Michael Zaydon ’12, Bill Harding ’13 and Victoria

Maurer ’13. (Maurer is this year’s PwC Challenge campus representative). “These people were very helpful. They went out of their way to offer guidance, and we very much appreciate their help,” said McKenna. Danny and John Clark noted how much they enjoyed the experience and the opportunity to “…apply our classroom knowledge to a real-world scenario.” ...continued on page 2

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Students Rise in PwC Challenge (continued from page 1)

I felt intimidated at first, but—in the end—it all came together for a very positive experience.”

ERIKA LEPPA ’18

Senior Accounting Major Kristen Frost Plays Key Role in PwC Challenge The fall semester’s PwC Challenge proved to be an invaluable experience for a number of University of Scranton students. A key player was Kristen Frost, an accounting major in her senior year. Her role as student campus liaison was to publicize the challenge, encourage students to form groups and to be of help in any way possible. Daniel Mahoney, Ph.D., former chair of the accounting department, lauded Frost for her strong work ethic and for her willingness to always “go the extra mile” in support of her peers. “Kristen is an exemplary student both in and out of the classroom,” he said. Frost, daughter of Mark and Diane Frost of Freehold, New Jersey, is a graduate of Freehold Boro High School. Senior Accounting Major Nina Luciani Participates in Honors Program Nina Luciani, a senior-year accounting major, is in The University of Scranton Honors Program. During her sophomore year, Luciani was invited to apply to the program and since she was accepted she has been hard at work on her senior honors project titled “Goodwill Accounting: Are U.S. Companies Properly Recognizing

Impairments?” Her project employs a carefully-developed survey instrument administered to practicing accounting professionals. Dr. Mahoney, who serves as Luciani’s honors tutorial director, praised her for her eagerness to “go above and beyond the typical course requirements by participating in an in-depth research project. It is very gratifying to work with students who possess such a strong work ethic.” Luciani, a graduate of Scranton High School, is the daughter of Stephen ’81 (BS accounting) and Marie Luciani of Scranton, and is a graduate of Scranton Preparatory School. John Breiner Maintains Perfect 4.0 GPA John Breiner ’14, MBA 2015, of Palmerton, has achieved quite a remarkable feat— graduating with both his undergraduate and graduate degrees with a perfect 4.0 GPA. This means, of course, that he was also a dean’s list student throughout all eight semesters of his undergraduate years of study. In 2013, while still an undergraduate, he received the Frank O’Hara Award for achieving the highest GPA in his class. As a graduating senior in 2014, he received the Accounting Department Award. Breiner is a member of the Beta Gamma Sigma and Kappa Beta Delta honor societies. Dr. Doug Boyle, accounting programs director, described Breiner as a “phenomenally hard-working student with a genuine desire and ability to learn.”

Danny Clark Passes Two Actuarial Exams Danny Clark is an accounting/finance double major who wants to become an actuary. He has already passed two actuarial exams: the probability exam in November 2014 and the financial math exam in February 2015. In November 2015, Clark is scheduled to take the models for financial economics exam. Clark’s undertaking is a great example of the unique interests and abilities of our accounting majors—interests that are encouraged and cultivated by our faculty. We wish Danny luck in November and look forward to his successful completion of the actuarial exams. Danny is the son of Chris Clark, Scranton, and the late Daniel Clark. He is a graduate of Scranton High School. John Clark Passes Enrolled Agent Exams John Clark, a junior, has passed all three of the E.A. exams (administered by the IRS) in one week. The three sections are: individual taxation, business taxation and representation before the IRS. Clark, who volunteered with the VITA program during the spring 2015 semester, will be completing a tax internship with PwC (Philadelphia Office) during the summer of 2015. Clark is the son of Chris Clark, Scranton, and the late Daniel Clark. He is a graduate of Scranton High School. To the best of Dr. Mahoney’s knowledge, John is the first Scranton student to pass the EA exams while still enrolled as an undergraduate.

Stephanie Romano is an RA and Captain of the Women’s Softball Team Stephanie Romano, a senior accounting major, leads an interesting life. Since her sophomore year, she has served as a resident assistant or RA. For her fifth (graduate) year of study in the combined BS/MBA Program, Romano has been promoted to the rank of senior RA. In this capacity, her main responsibilities are to provide support and mentorship to the 60 sophomores and juniors who live in her residence hall. She also is responsible for making sure that the residents adhere to University policy. In addition to her studies and RA responsibilities, Romano finds time to serve as captain of the women’s softball team. She has held this title since her junior year. “I like being in a position where I am expected to push and motivate others to be their personal best,” she said. Her interest in softball began at the age of five, when her older brothers, Joe and Mike, involved her in their baseball games. “Stephanie Romano is the ideal student. She presents herself with challenges—both academic and non-academic—and then puts her all into meeting and exceeding those challenges,” said Dr. Mahoney, former chair of the accounting department and one of Romano’s professors. Romano, daughter of Patricia and Anthony Romano of West Milford, New Jersey, is a graduate of West Milford Township High School.

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ALUMNI NEWS

Each issue of the The Scranton Ledger will include a special focus on one member of our alumni community. This inaugural issue focuses on Rob Grasso, CPA.

Rob Grasso ’98 G

rasso is a partner with Deloitte & Touche. He works in the audit practice section of the firm’s Philadelphia office. He joined Deloitte in the fall of 1998, shortly after his Scranton graduation. In 2012, he made partner—an outstanding accomplishment that comes as no surprise to Dr. Daniel Mahoney, who taught Grasso when he was an undergraduate. “Rob really made his mark while he was here, and it was clear that he had a very promising future,” said Dr. Mahoney. “As a bright, courteous, and hard working student, he made it easy to predict the kind of stellar career that awaited him.” (A University of Scranton education seems to be something of a family affair. Grasso’s mom, Sharon, received her bachelor’s in secondary education from Scranton, graduating summa cum laude in 1983, and her master’s in English in 1985, also from Scranton. His sister, Shara, received her bachelor’s degree in elementary education in 2000, and later her master’s degree.) Indeed, Grasso fully capitalized on his academic opportunities during his undergraduate years. A double major in accounting and philosophy, he was a member of the Special Jesuit Liberal Arts (SJLA) Honors Program as well as the Kania School of Management’s Business Leadership Program. Both programs are highly selective. He attributed his interest in accounting to the efforts of his Scranton Preparatory School math teacher, Tom Gorman. He noted that Gorman helped him to realize that he was good at math. Also,

during Grasso’s high school years, Gorman helped him land a job in the box office at Lackawanna County Stadium, a position he held for his remaining high school years and through all four years of college, and which helped him further recognize his analytical/problem-solving abilities. In consideration of these abilities, he chose accounting as one of his two majors. He admits that it was “about halfway through college” that he realized that accounting is “not so much math, but a logical process that simply requires an analytical mind.”

During his early Deloitte years, he served clients in the insurance industry. More recently, he transitioned to the cable and media industry. He also spends a considerable portion of his time with recruiting and training. Grasso is married to Jill (Greenberg) ’99, who he met as a student. Jill was an elementary education major. The couple has three children – Robby (age 8), Christopher (age 6), and Elizabeth (age 3). A dedicated family man, Grasso coaches both of his sons’ little league and basketball teams. He is treasurer of the board of directors of Family Services of Montgomery County and a member of the board of trustees of Peirce College in Philadelphia.

I’m very pleased but not at all surprised by Rob’s many successes. He is an outstanding individual who comes from a great family.” DR. DANIEL MAHONEY

Two Scranton Accounting Alumnae Promoted to Partner at PwC Two University of Scranton accounting alumnae have been promoted to partner with PricewaterhouseCoopers (PwC), a Big Four accounting firm. Elizabeth (Flanagan) McNichol ’99 and Kristin (Everitte) Vrabel ’01 began their professional accounting careers with PwC, and are among 12 members of PwC’s Philadelphia office to be recently promoted to the partner level. Accounting Professors Brian Carpenter and Daniel Mahoney are very proud of Vrabel and McNichol, noting (with a smile) that it “makes us feel a bit old” every time they learn that another one of their former students has been promoted to the level of partner. Both professors recall the women as “high-quality students and high-quality people.”

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FACULTY NEWS Accounting Professors Carpenter and Boyle to be Published in Major Accounting Journal Brian Carpenter, Ph.D., professor of accounting, and Dr. Douglas Boyle, associate professor of accounting, have been notified that their manuscript, “The Accounting Shortage: Causes and Contemporary Solutions,” has been accepted for publication in a forthcoming issue of Accounting Horizons, a highly-respected, peerreviewed journal of the American Accounting Association. They co-authored the manuscript with Dana Hermanson, Ph.D., professor

of accounting at Kennesaw State University and chair of Dr. Boyle’s dissertation committee during his years of study at Kennesaw. The professors are highly distinguished teachers and scholars. Dr. Carpenter joined The University of Scranton faculty as an assistant professor in 1987 and subsequently advanced to the rank of full professor. A recipient of a number of awards for outstanding teaching, he has had numerous publications in prestigious

academic and practitioner journals, including Accounting, Organizations, and Society; Strategic Finance; Management Accounting Quarterly; and The CPA Journal. Dr. Boyle has likewise received a number of noteworthy teaching accolades and published prolifically. In addition to Accounting Horizons, his publication outlets include Journal of Accounting Education, Strategic Finance and Management Accounting Quarterly.

Professor Melissa Wright – Career Change Leads to Faculty Specialist Role In the fall of 2013, Melissa Wright, Esq., joined the accounting department in the role of faculty specialist. This position was a major career change for Wright, who worked for eight years with O’Melveny & Myers, a law firm in California. In that capacity, she worked in the areas of venture capitalism, mergers & acquisitions and corporate transactions. Wright “always had an interest in teaching,” she said, and when The University of Scranton accounting department sought someone to staff its business law courses, she applied and soon found herself relocating for the start of a new career. “I love it,” she said of the change. She also appreciates the caliber of students that she finds at Scranton. “They are very motivated and positive,” she said. She often finds herself teaching in areas that she did not expect. Wright has recently been named director the KSOM Entrepreneurship Program.

Dr. Michael Mensah – Dean, Accounting Professor, and Mentor Michael Mensah, Ph.D., who received his graduate degree from the University of Houston, joined The University of Scranton accounting faculty in the fall of 1987. Since then, he has traveled a long road, one that has proven quite rewarding not just to himself, but to many students and colleagues.

took the position solely out of his desire to make things right for the school. He knew it wouldn’t be easy, but that’s just Mike. He’s a persistent man.”

Indeed, a recent phone conversation with his daughter, Angela Kyei, M.D., a dermatologist with the Cleveland Clinic, underscored Dean Mensah’s reputation for dedication and persistence. Dr. Kyei “As a faculty member, I very much spoke of a recent talk she delivered to a enjoyed my work,” said the current women’s group about “persistence.” She dean of the Kania School of Management. He spoke with fondness used her father as the focal point of her discussion, emphasizing that a key lesson of his teaching responsibilities and she learned from him was to have “faith his many years of interacting with students. Indeed, he was surprised by in what you’re doing – and persistence,” noting that he “never let obstacles stand the change of direction his academic in his way.” career took when, about 10 years ago, he decided to serve as interim It was undoubtedly Dean Mensah’s dean of KSOM. “It never occurred to determination and persistence that me that I’d leave the classroom for an served as the springboard to such a administrative position. My willingness successful academic career. While to serve as interim dean was purely a graduate student in the masters out of my respect for the school and of accountancy program at the the need to set it on a new path. I felt University of Houston in the 1980’s, compelled to do it.” he was unexpectedly asked to teach Ten years later, Dean Mensah chuckled a managerial accounting course. The request came just days before the start when he pointed out that, at the time, of the semester. He will forever be he agreed to serve as interim dean “for pleased by the fact that he granted that three months … until a new dean could request. “That experience changed my be found.” He added, “One thing led entire trajectory, and I realized that I to another.” He now reflects back on a hugely successful tenure as dean, which might do well in this kind of career,” he said. This single experience led him to has earned him a whole new level of respect and admiration from his friends change his enrollment from the masters and colleagues. Daniel Mahoney, Ph.D., of accountancy to the Ph.D. program. professor of accounting and former Now, many years later, Dean Mensah is chair of the accounting department, regarded not just as a dedicated dean noted, “Mike was willing to step up at a and teacher, but a valued and trusted very difficult time in KSOM’s history. He

mentor to students and colleagues alike. “I’ve interacted with many people on both professional and personal matters,” he said. “It amazes me that people regard me as a mentor.” “On many occasions, I sought Mike’s counsel on a wide variety of professional and personal matters,” said Dr. Mahoney. “He’s always been a tremendous resource—a great ‘go to’ guy.” Where does Dean Mensah see himself when he eventually decides to hang up his title as dean? “My biggest hope is that I’ll be able to return to the faculty and help move the school forward. It’s the faculty who move things forward,” he said. With much enthusiasm, he added, “In the last 10 years, I’ve developed an unbelievable sense of optimism for the Kania School. We’re forming well-rounded leaders who have great values. I have no doubt that the Kania School will continue to grow in global reputation, all because we focus on the welfare of our students.” When that day arrives, Dr. Mahoney and his accounting department colleagues will be delighted to welcome Dean Mensah back to the faculty.

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FACULTY NEWS Dr. Douglas Boyle Granted Tenure and Promotion The Accounting Department congratulates Dr. Douglas Boyle, upon being granted tenure and promotion to the rank of associate professor. Dr. Boyle began his academic career at The University of Scranton as a part-time faculty member and then moved on to the role of faculty specialist. He later was granted a tenure-track position and, during the fall 2014 semester, applied for tenure and promotion. To his colleagues and students, Dr. Boyle’s tenure and promotion came as no surprise. Doug makes enormous contributions to our accounting program,” said his colleague, Daniel Mahoney, Ph.D. “Upon his arrival, he wasted no time using his talents and unbridled energy to bring about many positive changes. He devotes countless hours to teaching, scholarship and service – the three areas of evaluation for faculty seeking tenure and/or promotion.” Dr. Boyle is married to Laura Boyle, and the couple has two daughters, Emma and Sarah.

Ranking by U.S. News & World Report The University of Scranton Accounting Department is delighted by the news that its program has been ranked by U.S. News & World Report as one of the top 25 accounting programs in the nation. Our faculty, students, and many alumni can take much pride in the fact their program ranks among those of the most elite academic institutions nationwide. Professors Dr. Doug Boyle, Brian Carpenter and Daniel Mahoney ascribe this ranking to the many professional accomplishments of the program’s alumni (e.g., high rate of success in the CPA examination) and to the many scholarly articles published in highly respected academic and practitioner journals by the department’s faculty.

MAcc Program Brings New Opportunities to Accounting Students Everywhere The Accounting Department now offers a master of science degree in accounting (MAcc). Dr. Doug Boyle developed the MAcc as a way for accounting majors at The University of Scranton and across the nation to meet the 150-credit hour requirement for CPA licensure, and to do so in a way that addresses their desire and need for more detailed accounting knowledge. The program offers a broad array of electives including: Financial Reporting Fraud: Detection and Prevention, Occupational Fraud & Abuse, Accounting Integration and Configuration, International Accounting, Financial Reporting and Research, Advanced Auditing,

Advanced Taxation and Regulation and others. This program, which already includes about 40 students, is available both online and in the traditional classroom setting. It is available to accounting students and established professionals,

including those who have already received an undergraduate degree but are now seeking to expand their knowledge base and/or meet licensure requirements.

Accounting Professor Receives State CPA Society Teaching Award Dr. Douglas Boyle, associate professor of accounting and chairperson of the Accounting Department, is the 2015 recipient of the Pennsylvania Institute of Certified Public Accountants (PICPA) Outstanding Educator Award. This award is given annually to just one accounting professor in the Commonwealth, and it marks the third time that a University of Scranton accounting professor has been the recipient of this award. Daniel Mahoney,

Ph.D., professor of accounting, was the 2007 recipient and Brian Carpenter, Ph.D., professor of accounting, was the 1997 recipient. Dr. Boyle has been the recipient of a number of other awards for both teaching and scholarly excellence. Most recently, he was a co-recipient of the Institute of Management Accountants (IMA) Lybrand Silver Medal for an outstanding scholarly article.

Dr. Mahoney, former chair of the department, called Dr. Boyle “a most remarkable teacher and scholar” and “someone who serves as a true inspiration to both his students and colleagues.” “I’m very proud to be part of such a distinguished department, and I’m grateful to the PICPA for selecting me as its 2015 award recipient,” said Dr. Boyle.

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BAP CORNER University of Scranton’s Historic Beta Alpha Psi Induction Ceremony and Annual Dinner

he University of Scranton held its annual Beta Alpha Psi (BAP) and Society of Accounting Students (SAS) dinner on May 1, 2015 in Redington Hall, at which the induction ceremony of its new BAP Nu Kappa Chapter was administered by Linda Schain, BAP chapter advocate, and Jan Taylor Morris, past president of BAP. Student BAP members in attendance were presented with BAP membership certificates and cords. The University of Scranton President Kevin P. Quinn, S.J., offered the invocation for this historic event. James Boyle (Accounting Department) served as the host for the program, which included a discussion of many new accounting department initiatives by Dr. Douglas Boyle (Accounting Department), followed by remarks from Maria Salvatore (student president, BAP and SAS), Larry R. Lynch (PricewaterhouseCoopers Partner and University of Scranton alumnus and Board of Trustees Chair) and Paul Lameo (University of Scranton alumnus and PricewaterhouseCoopers partner). The success of our BAP/SAS Chapter depends on our accounting students’ participation and attendance at regular BAP/SAS meetings. Therefore, attendance at BAP/SAS meetings is mandatory for all BAP members. We are fortunate that so many successful accounting alumni are willing to help our accounting students to succeed and share their knowledge and experience as speakers at our BAP/SAS meetings. All accounting students should take advantage of this most valuable opportunity! The first 2015-2016 BAP/SAS meeting was held on Sept. 9, 2015 (Wednesday), at 6:30 p.m. in the Pearn Auditorium. Representatives from Ernst & Young presented on the topic of “Building a Professional Brand.”

Daniel Mahoney (Accounting Department) presented Accounting Department Professional Alumni Council (ADPAC) Honorary Awards to the following distinguished guests: Linda McGowan (John P. McLean Leadership Award) Robert Grasso (Brian W. Carpenter Research Award) Joseph A. Hammond (Daniel P. Mahoney Mentoring Award) Charles Lenns (Michael O. Mensah Service Award) Daniel R. Clark Jr. (Student President Elect, BAP and SAS) provided inspiring comments for the future of The University of Scranton’s new BAP Nu Kappa Chapter. The 2015-2016 incoming BAP/SAS officers (listed below) were also recognized. Daniel R. Clark Jr., President John C. Clark, Vice President Larissa Hoffman, Treasurer Shannon McKenna, Secretary Rachel Weir, Reporter Grateful acknowledgment was expressed to the 2014-2015 BAP/SAS officers listed below for their service and dedication. Maria Salvatore, President Dillion DeBenedetto, Vice President Gregory Cunningham, Treasurer Morgan Bernholtz, Secretary

Left: Keynote Speaker Larry R. Lynch, Pricew aterhouseCoop ers Partner and Univer sity of Scranton alumnus and Board of Trustees Chair Below: Maria Salvato re, Beta Alpha Psi Student President, Addres ses the Inductees

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