Kentucky Society of Certified Public Accountants

What it reported doing in 2024

Other program services - the society also offers cap-u (college to accounting professional university) to Kentucky and southern Indiana accounting students seeking to expand their leadership skills and professional competencies. Sessions are designed to provide relevant tools to cultivate effective communication and networking skills, as well as important leadership traits desired by prospective employers. The society covers all cost for this event so that it can be offered to the college students for free. A networking event is scheduled for the first night. This give firms and attendees the opportunity to get to know each other and to develop professional connections that will hopefully lead to the success of the students.the society hosts the fall and spring awards banquet. At both banquets, attendees who have recently completed all of the requirements to becoming certified as a cpa are recognized. A representative from the attorney general's office is on hand for the swearing in ceremony. We also acknowledge the successful candidates who will qualify for certification upon completion of the experience requirement and those receiving special awards for high scores on the exam. The scholarship recipients are recognized at the spring banquet. The society is actively engaged on all levels of legislation - local, frankfort and Washington, dc. Our legislative team and leadership work with the dor, IRS, legislators, the governor's office and many other organizations. We host an annual government relations day in frankfort. We encourage our members to take advantage of this time to hear from the leadership in frankfort and to schedule meetings with their representatives.

Financial Efficiency

• Mission deployment rate: 66%; rating input score 66
• Program expense ratio: 68.3%; rating input score 68
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 2 of 6 controls in place; rating input score 33
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 8 of 8 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 6%; rating input score 53; 53rd percentile among comparable filings
• Total-asset coverage ratio: 1.68; rating input score 56; 56th percentile among comparable filings
• Liabilities to assets ratio: 0.07; rating input score 65; 65th percentile among comparable filings
• Officer compensation ratio: 11.1%; rating input score 27; 27th percentile among comparable filings

Growth

• Program expense growth: -5.7% per year; rating input score 0; 4th percentile among comparable filings
• Revenue growth: -1.8% per year; rating input score 0; 7th percentile among comparable filings
• Asset growth: 4.9% per year; rating input score 100; 34th percentile among comparable filings