The Debits and Credits, Issue #5. Vol #2. April 2023

TheDebitsandCredits

BetaAlphaPsiandSocietyofAccountingStudentsMonthlyNewsletter Issue #5. Vol #2. April 2023

NuKappaHostsBAPMid-YearMeetinginPittburgh!

By: Kaleigh Timmons

March2nd-4th,ourBAPofficers,PresidentAidanCagner,VicePresidentandTreasurerBrett McCartney,SecretaryKevinDuffy,andSocial EngagementDirectorKaleighTimmons;threeof ourBAPmembers,AnnalisaMechanick,Ashley Zaita,andPast-President EmmaBoyle;andour facultyadvisorDr.Marcy,traveledtoPittsburgh, PAtoserveasthehostchapterfortheBAPMidYearMeeting: Reimagining the Path Forward

Accordingtotheeventcoordinators,NuKappahas beenoneofthebesthostchapterswithwhichthey haveeverworked.

Onthefirstday,ourchapterrepresentativeshelped withsettingupfortheconference,checking-in attendees, andrunningtheconference’sserviceevent:SockItTo ‘Em. TheSockItTo‘EmSockCampaigncollectsnew qualitysocksformen,women,andchildrenexperiencing homelessnessand/orareinneed,withthegoalof “makingasocialimpactonepairofsocksatatime”. Ourmembersmadethisafun,interactiveactivityby havingattendees“puttheirlaundryaway”bytossing theirsockdonationsintovariouslaundrybasketstowin prizes.

Duringtheplenarysession,PresidentAidanCagnerhelpedtointroducethe twokeynote speakersfortheevent:TifphaniWhite-KingandBrianAsh. TifphaniistheUSNationalTax PracticeLeaderforMazarsUSA.Sheisalsoa memberoftheMazarsGlobalTaxLeadership Team. Herresponsibilitiesintheserolesinclude creatingasharedvision,settingstrategicdirection, anddrivingmarketplacegrowthforTax. Brianis theDirectorofTalentDevelopmentforMazars USA,assistingwithoveralltalentstrategyfor employeeengagementandretention.

Followingtheplenarysessions,ourmembersparticipatedinaLeadershipActivitywherethey weresplitintoteamsandtriedto“FindtheFraud”. Thisinteractivecasestudywasagreatlearning experienceandexposedourmemberstoworking onateamwithBAPmembersfromotherschools. Afterthecompletionofthisactivity,themembers attendedvariousprofessionalsessionslearning abouttopicsincludingPublicAccountingMyths& Truths,ImposterSyndrome,TaxImplicationsin theCovidEra,andDemystifyingtheWorking World.Toendtheevening,Dr.Marcytreatedour memberstotheirveryfirstBraziliansteakhouseexperienceatTexasdeBrazil,wheresomeof ourmemberslearnedthetruedefinitionofthe“meatsweats”.

Ontheseconddayoftheconference,ourmembersattendedChapterOperationspresentationsby otherBAPchaptersfrom acrossthecountry. The purposeofthesesessionsistoallowchapterstoshare whatmakestheirchapterasuccesstobenefitother chaptersinthefuture. KaleighTimmonsandAidan CagnerpresentedonbehalfofNuKappaChapterin thecategoryofMeaningfulServiceProjects. During theirpresentation,theyprovidedexamplesanddetails ofthedifferentcommunityserviceeventsthatour chapterhoststhroughouttheyearemphasizingthe impactwemakeonthelocalcommunity. According toKaleighTimmons,“Itwasanamazingexperiencethatwewouldnothavebeencapableof withoutthehelpandsupportofouradvisor,Dr.Marcy.Weareeagertopresentagaininthe future!” Aftertheclosingsession,ourmemberstookatripuptothetopofMt.Washingtonto getonelastviewofthewonderfulcityofPittsburgh(orasAidanCagnerwouldclaim,“thebest cityintheworld”)beforeheadinghome.

Onherexperience,AnnalisaMechanick expressed,“Gettingtoattendthe2023BAPMidYearMeetinginPittsburghgavemethe opportunitytodevelopmyleadershipskills, attendinsightfulpresentations,networkwithBAP membersfromothercollegesanduniversities, andbettergrowmyrelationshipswithpeersfrom myowninstitution. Ievengottoattenda presentationonatopicIamresearchingthis semester:ImposterSyndrome.” Ourmembers hadafantastictimeattheMid-YearMeetingand arelookingforwardtoattendingthe2023AnnualMeetingthisupcomingAugustinLasVegas!

AlumniSpotlight:ThomasBoychuck

By: Aidan Cagner

ThomasBoychuck,CPAisa2004UniversityofScrantongraduate,withabachelor’sdegreein AccountingandaminorinSpanish. Aftergraduatingfrom Scranton,TombeganworkingforPricewaterhouseCoopers intheirBanking&CapitalMarketsassurancepractice. Afterafewyearsinpublicaccounting,heworkedasan associateatLehmanBrothersandexperiencedthe2008 financialcrisisfromafirst-personperspective. After LehmanBrothersfiledforbankruptcyonSeptember15, 2008,thebrokeragebusinesswassoldtoBarclaysBankless thanaweeklater. Tomstayedoneventuallybecoming AssistantVicePresident oftheirFixedIncomeCredit productcontrolteam.

In2011,TomjoinedBlackstoneLiquiditySolutionsandin2019,becameVicePresidentoftheir TreasuryFinancegroup,wherehewas responsibleforaccountingandreportingofallTreasury relatedactivity,includingthecorporateinvestmentportfolio,foreign exchangeexposuresandallintercompanyactivity. In2019,Tombegan withAksiaservingintheirClientOperationsgroup,focusingonproviding Treasuryrelatedservicesfordiscretionaryinstitutionalclients. Hehas beentheFinancialControllerforCCCapitalsinceFebruary2021. CC CapitalisaprivateequityfirmheadquarteredinNYC,withafocuson investinginandoperatinghigh-qualitycompaniesforthelongterm.

Tomisaprimeexampleofasuccessfulnontraditionalcareerpathinaccounting. BAPandSAS willbehostingTomonThursday,April20th,at5pm,inthePNCBoardroom(BRN500). All arewelcometojoin!

BAP&SASUpcomingCalendarofEvents

● Tue,4/11,5-6pm(BRN500):BAPDrop-inTutoring

● Thur,4/13:Wilkes-Barre/ScrantonRailridersSiteVisit&Game

● Mon,4/17-Wed,4/26:CSEvent-BAP/SASBookDrive

● Thur,4/20,5pm(BRN500):ThomasBoychuck,Controller,CCCapital

● Wed,4/26,4:30pm (BRN312/314):CSEvent-BAP/SASBookmarkParty

● Thur,4/27,11:30am(BRN500): RegisteringfortheCPAExamwithUWorldRogerCPA

● Thur,4/27,5-7pm(RoseRoom):AnnualAccountingCelebration

● Wed,5/3,4pm (FoundersGreen):BAP/SASOlympics

● Thur,5/4,5:15pm(Zoom):DEIWorkshopfeaturingEY

● Tue,5/9,5-6pm(BRN500):BAPDrop-inTutoring

PleasecontactKevinDuffy,BAP/SASSecretary,withanyquestionsconcerningattendance andparticipation.

MemberSpotlight:NinaFigetakis

By: Kaleigh Timmons

JuniorNinaFigetakisisanaccountingmajorfromLittleNeck,NY. Shealsohasaminorin ForensicAccountingandisamemberoftheKSOMBusiness HonorsProgram. NinaisveryinvolvedoncampusastheTreasurer forCollegesAgainstCancer,andamemberoftheAssociationof CertifiedFraudExaminers(ACFE),Kania WomeninBusiness (KWIB),UnitedCulturesOrganization,andIntramuralVolleyball. Mostimportantly,NinawillbeournewBAPandSASSecretaryfor the2023-2024academicyear!

NinahasexperienceworkingasabusinessanalystatHighway SafetyProtectionCorp.,atruckingandconstructionequipment rentalcompany. Thisupcomingsummer,shehasanauditing internshipwithWiss&Company,LLP. Hercurrentcareer goalsaretoworkasanauditoratapublicaccountingfirmfora coupleofyearsandthenseewhereherlifetakesher. Shewants tobreaktheaccountantstereotypebystrivingtohaveagreat balancebetweenherprofessionalandpersonallives.Weareso luckytohaveNinaasoneofourBAPmembers andwearethrilledtohave herontheexecutive boardfortheupcomingyear!

CURAConsultstheCommunity

By: Aidan Cagner

Overthepastacademicyear,theUniversityofScrantonCURAConsultingClubparticipatedina consultingengagementwiththeScrantonChamberofCommerceexploringamergeror acquisitionandprovidingrecommendationsforsustainablerevenuesandstandardized operations. Theclientwaslookingtopurchase anotherbusinessincubatorfacilitythatfocused moreonkitchenandindustrialincubation, ratherthanrentingofficespaceandproviding consultingsupport. Abusinessincubatorisa not-for-profitorganizationthatprovides inexpensiverentalspaceandsupportforsmall businessesandstartupsallowingforthemto growandimprovetheirprocesses. Inessence, itisoneofthebiggestdriversofeconomic growthinmostsmalltowns.

Thiswasagreatpracticallearningexperienceforallstudentsinvolvedbecauseitgavethemreal worldexperiencesparallelingtopicslearnedintheclassroom,aswellasprovidingtheteamleads withvaluableleadership opportunities. Onhisexperienceasateamlead,AidanCagnerstated,

“Ifeltlikeparticipatinginthisprojectgrewmyleadershipandcommunicationskills exponentiallyandmademerealizedifferentaspectsaboutmyselfthatIhadnotbeforenoticed.”

CURACo-FoundersandCo-Presidents,EmmaBoyleandMattEarley,servedastheothertwo teamleads. Thesetwostudentshavedoneafantasticjobdevelopingthisclubandsupportingan inclusiveenvironmentamongbusinessandnon-businessmajorsalike.

BelowaretheCURAmemberswhoparticipatedintheconsultingengagement:

ResearchTeam

MattEarley,Manager

ClaudiaPitts

MarissaAngelo

ThomasCsehovics

CaitlinConnallon

CarbondaleTeam ScrantonTeam

AidanCagner,Manager

JacobJureidini

MattFitzgerald

NickCrowe

MichaelGatto

EmmaBoyle,Manager

SarahBoyle

AlyssaFontana

GavinMcHale

TheCURAmembersalsothankandrecognizeDr.DavidMahalakforhisguidanceandsupport. “Hehasgoneaboveandbeyondtogiveusthisamazingopportunity. Hesupportedustheentire wayandwecouldnothavedonethiswithouthim.” Also,well-deservedkudostoclubleaders EmmaandMattforstartingthisorganizationandbeingpositiveadvocatesofadvisoryand consultingpractices. AnystudentswhoareinterestedinbecominginvolvedwithCURA ConsultingClub,pleasecontactEmmaBoyle(emma.boyle@scranton.edu)orMattEarley (matthew.earley@scranton.edu).

MeettheFirms:CLA(CliftonLarsonAllen)

By: Brett McCartney

CLA(CliftonLarsonAllen)istheeight-largestpublicaccountingfirmintheUSwithnearly130 locations,over200,000clients,andover8,000 employees,withaglobalpresenceviaCLAGlobal. The firmprovidesservicesinaudit,tax,wealthadvisory, digital,andconsultingandoutsourcing,toclientsinmore than25industriesincludingeducation,nonprofits, healthcareandlifesciences,construction,telecommunications,realestate,government,retail andhospitality,andsomuchmore!

CLAtakesprideinchannelinganenvironmentthatisbothcollaborative andversatile. Thefirmdefinesitspurposeas“tocreateopportunitiesfor ourclients,ourpeople,andourcommunities.” Theysupportthiswiththe CLAPromise,whichisaguaranteethatthemembersofthefirmwillknow andhelpyou. EmployeesatCLAaremuchmorethansimplyaccountants –theyareprofessionalsdedicatedtoservingclientsandareproven difference-makersintheirorganization.

Inarecentreport,CEOJenLearystressedhowthefirmisstrivingtotransformthefutureofthe profession. Focusingonenhancingemployeework-lifebalance,thefirm recentlystartedtwodozennewbenefitprogramstosupportemployees’ physical,financial,emotional,andsocialwell-being.Examplesincludea programtomonitorandaddressemployeeburnout,wellnessstipends,pet insurance,andincreasedmentalhealthresources. CLAalsoteamedwith FutureBusinessLeadersofAmerica(FBLA)tostartasummerinternship programforhighschoolstudents.

Thecompanyinstillsfivekeyvalueswithintheirmembersinmeetingclient needs: Curiosity, Collaboration, Transparency, Inclusiveness, and Reliability. Assuch,CLAisaclose-knitfamilyofworkers,andwiththewaythattheycarefortheirclients, itisnosurpriseastowhytheyhavebeenconsistentlyrankedasoneoftheTop100firmsby Inside Public Accounting and Accounting Today

OnThursday,March30th,AlumnaSaraDoyle(’06),CLAPrincipal,andMeganAsklar,CLA Manager,presentedtoBAPandSASon theirownprofessionalexperiencesandtheir firm,andprovidedinsightintohigher educationassuranceengagements.Thetwo presenterswerewellreceivedandmadea greatimpressiononthestudents. CLAis certainlyagreatopportunityforthose consideringaninternshiporcareerinpublic accounting!CLAhaslocalofficesin Bethlehem,KingofPrussia,andPittsburgh, PA;NewYorkCity,NY;andLivingston andWoodcliffLake,NJ. Anystudent interestedinlearningwhatCLAhastooffer, pleasereachouttoSaraDoyleat sara.doyle@claconnect.com.

AccountingKnowledgeisPower

By: Kevin Duffy & Aidan Cagner

“SECMovesTowardRequiringElectronicFilings”

By: Kevin Brewer

TheSECproposedamendmentsthatwouldmodernizeitsmethodsofinformationcollectionand analysis. Thechangeswouldrequirethatregistrantsfilesomeoftheirsubmissions electronically. Currently,registrantsarerequiredtofilemanyformsonpaper.

Readmoreat:https://www.journalofaccountancy.com/news/2023/mar/sec-moves-towardrequiring-electronic-filings.html

BAP/SASAttendance

HonorRoll

Congratulationstothe followingBAP&SAS memberswhohave perfectattendancesofar thissemester:

JuliannaCrandle

BrettMcCartney

AnnalisaMechanick

NicholasPromutico

KaleighTimmons

ThomasYager

Keepupthegoodwork!

“EYSplitUpdate:There’saBattleRoyaleGoingDownThis Week”

By: Going Concern News Desk

TherehavebeensomeheavydebatesbetweenEYGlobalCEO CarmineDiSibioandEYUSChairJulieBolandoverthesplit oftheirauditandconsultingunitsintotwocompanies. Boland hasbeenchallengingthesplitandhassaidshewouldstillbein favorofitifsomekeyissuesareworkedoutfirst. Theseissues includethe$7billioninunfundedpensions,decidinghowto sharelegalliabilitieswithoutatraditionalpartnershipstructure, thepayoutsofformerpartners,anddividingupthetaxpractice.

Readmoreat:https://www.goingconcern.com/ey-split-updatetheres-a-battle-royale-going-down-this-week/

“NewEVRulesMeanFewerModelsEligibleforTax Credit”

By: Yuka Hayashi and Richard Rubin

TheBidenadministrationjustcameoutwithcriteriaforanelectricvehicletaxcreditprogram thatlimitsthenumberofvehiclesthatcanbeincludedtoreceivethefull$7,500taxcredit.To getthefullamount,thecarbatteriesmustcontainsetamountsofcomponentsmadeinNorth AmericaandcriticalmineralssourcedintheU.S. orfromcertaincountries.Thegoalofthis programistomaketheUSlessreliantonbatteriesandmineralsfromChina.

Readmoreat:https://www.wsj.com/articles/new-ev-rules-mean-fewer-models-eligible-for-taxcredit-98b6b63c?mod=business_lead_pos1

“CPAExamRequirementUpdates:APositiveforEmergingCPAs”

By: Ashley Stampone, CPA, and Amanda Serafin

Prof.AshleyStampone,CPA,andalumnaAmandaSerafindiscussthemomentouschangeinPA lawwhichpreviouslyrequiredCPAExamcandidatestocompleteboth120semestercreditsof post-secondaryeducationANDabachelor’sdegreetobeeligibletositfortheexam. The authorsdiscusshowthenewlaw,Act110,eliminatesthebachelor’sdegreerequirement allowingcollegestudents moreflexibilitywhenplanningtositfortheexam.Thischangeputs thestatemoreinlinewithitsneighborsNewYork,Connecticut,andOhio.

Readmoreat:http://onlinedigeditions.com/publication/?m=14667&i=784966&p=22&ver=html5

ScholarshipDeadlinesareApproaching!ApplyToday!

Applyat:https://www.picpa.org/future-cpas/scholarships-awards

Application Deadline: April 30, 2023

Applyat:https://www.efwa.org/scholarships.php

Application Deadline: April 30, 2023

Applyat:https://www.surgent.com/resources/scholarships/

It’sClassifiedInformation

BecomeaPICPAStudentAffiliateMember: IT’SFREE!UsetheQRcodebelowto accessthemembershipapplication.

Scan Here to Apply!

BecomeanAICPAStudentAffiliateMember:IT’SFREE!Usethefollowinglinktoaccess themembershipapplication:https://www.thiswaytocpa.com/join_aicpa/.

AICPAWebinarsforAspiringCPAs:Registerat https://www.thiswaytocpa.com/webinars/

ContactUs!

FacultyAdvisor:Dr.AmandaMarcy,CPA–amanda.marcy@scranton.edu

President:AidanCagner–aidan.cagner@scranton.edu

VicePresident&Treasurer:BrettMcCartney-brett.mccartney@scranton.edu

Secretary:KevinDuffy -kevin.duffy3@scranton.edu

SocialEngagementDirector:KaleighTimmons-kaleigh.timmons@scranton.edu

Email:uofsbap@gmail.com Instagram:uofs_accounting_

LinkedIn:https://www.linkedin.com/groups/12776268/