Pennsylvania Cpa Foundation

What it reported doing in 2024

Cpas work in a myriad of businesses and possess a broad spectrum of skills and knowledge. Studies show that young people who are exposed to, and influenced by, cpas are more likely to consider an accounting career. The Pennsylvania cpa foundation provides opportunities for students to learn about career options available to them when they choose to pursue an accounting degree. In addition, the Pennsylvania cpa foundation provides financial, educational, and career guidance.a record number of students have chosen accounting as a major in recent years, many are not becoming cpas. This has created a talent gap in accounting firms of all sizes. Leaders of the profession continue to cite talent acquisition and retention as their most critical challenge. The path to become a cpa is not an easy one. But with the right financial, educational, and motivational support, the journey can be less onerous. The Pennsylvania cpa foundation works to deliver that through cpa exam and licensing information, updates to the cpa exam, cpa exam scholarship and awareness programing.while many of the Pennsylvania cpa foundation's programs reach and support disadvantaged students among prospective cpas, studies have shown that aspiring cpas from challenging backgrounds tend to have additional socioeconomic challenges, and their likelihood of success in passing the cpa exam and becoming licensed is much lower. That is why the Pennsylvania cpa foundation developed additional programs targeting these groups, and the employers who will hire them. Surveys show that firms and other employers continue to struggle to find talent.to inspire students to consider an accounting career, the foundation connected with over 11,000 high school and college students and educators through its accounting career discovery, accounting opportunities experience, and accounting career days. During these events, students learned more about careers in accounting through presentations by cpas who work in public accounting, corporate finance, government, and education, and students who are currently pursuing an accounting degree with the intent on becoming a cpa. Per our career days, high school students reported a 21% increase in interest in majoring in accounting compared with before the event. More than 88% of student attendees completed the program with a positive view of accounting. To provide financial assistance to those pursuing an accounting career, the foundation awarded $125,000 in scholarships to 122 high school and college students. To further support aspiring cpas, an additional $13,000 was awarded to 13 cpa exam candidates to help cover the cost of the exam fees and review course fees. The foundation continued to provide student support and resources through the student ambassador program on Pennsylvania college and university campuses.

Financial Efficiency

• Mission deployment rate: 95%; rating input score 95
• Program expense ratio: 87.1%; rating input score 87
• Fundraising efficiency: $80.53 raised per $1 spent on fundraising; rating input score 84; 84th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 0 of 6 controls in place; rating input score 0
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Missing
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 7 of 9 controls in place; rating input score 78
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Fail
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -8.4%; rating input score 19; 19th percentile among comparable filings
• Total-asset coverage ratio: 4.15; rating input score 82; 82nd percentile among comparable filings
• Liabilities to assets ratio: 0.1; rating input score 42; 42nd percentile among comparable filings
• Officer compensation ratio: 11.1%; rating input score 33; 33rd percentile among comparable filings

Growth

• Program expense growth: 0.7% per year; rating input score 100; 20th percentile among comparable filings
• Revenue growth: 5% per year; rating input score 100; 43rd percentile among comparable filings
• Asset growth: 9.8% per year; rating input score 100; 58th percentile among comparable filings