Why are scholarships important to the future of the Accounting Profession?Both in Arkansas and nationally, businesses and individuals need more CPAs. To become CPAs, most students need financial support. Over the past decade, public college tuition costs have increased over 40% nationally—jumping 14% in the last year. Most financial aid is available only during the first four years of college. This means that there is limited support for students enrolled in a fifth year program in pursuit of the 150 hour education requirement to sit for the CPA Exam. Today, most students cover at least some, if not most, of their college expenses through loans. Previous scholarship recipients tell us the Student Education Fund’s scholarship assistance often made a difference between taking on more debt or being able to focus on their educational goals. Every profession hopes to attract the “best and brightest” students, and the CPA profession is no exception. Years of rising college costs are influencing the number of new entrants to the profession. Never has it been so critical that we provide encouragement and support to accounting students who are potentially the future of the CPA profession.
May I designate my gift to a specific school?
The Student Education Fund requests that gifts be unrestricted so that the funds are available to the widest number of students. However, we will work with you if this is your requirement for making a contribution
How may I give?
Contributions may be made in cash, stock, securities, or real estate. Stock or real estate will be valued on the date contributed.
Pledges may be made over a three-year term and may be paid annually, semi-annually, quarterly, or monthly.
Contributions may be made by check or credit card. Credit card contributions may be made on-line at www.arcpa.org with a Visa, MasterCard or American Express card.
Your multi-year pledge may be modified with a written statement at any time. The Student Education Fund does not regard your pledge as binding in the event of unexpected financial reversal.
What more do I need to know?
Contributors will be recognized in the ASCPA Newsletter and on the Society’s Website.No contribution is too small. Your tax deductible contribution or pledge, no matter what size, will help make a difference in the life, and will help fund the education, of an outstanding Arkansas student majoring in accounting. Please consider the difference that you can make.
More About the Student Education Fund
The Arkansas Society of CPAs created a Student Loan Fund in 1962, which became a scholarship fund in 2004. Today, the Student Education Fund provides financial assistance for deserving accounting students at Arkansas’ colleges and universities.
In recent years, approximately $10,000 in scholarship funds have been awarded annually, and the Foundation’s fund balance has totaled about $300,000. Approximately $15,000 is raised through contributions each year.
The Student Education Fund is a 501(c)(3) not-for-profit corporation, and contributions are tax deductible.
Who manages the Fund’s investments?
The ASCPA Student Education Fund Board handles the investments based on its current Investment Policy:
Certificates of Deposit: 50%
Vanguard’s Total Bond Market Index Fund: 25%
Vanguard’s Total Stock Market Index Equity Fund: 25%
As CDs mature, the funds are reinvested at the discretion of the Student Education Fund investment policy guidelines.
How are scholarships awarded?
The ASCPA Student Education Fund Board awards scholarships on the basis of academic achievement, professional promise, and the students commitment to pursuing accounting and the CPA credential. The process involves the completion of an application form, including grade transcripts, a resume, and letters of recommendation, as well as the accounting department chairpersons recommendation.
Who is eligible for a Student Education Fund scholarship?
Each accounting department of an Arkansas four-year college or university offering an accounting degree shall be allowed to submit one scholarship application for each qualifying faculty member who is a regular member in good standing of the Arkansas Society of CPAs. The accounting department may decide how to determine which applications are submitted. Accounting students who have completed 84 semester hours of coursework including 15 semester hours of accounting (including Principles), who have at least a 3.5 GPA (on a 4-point scale) in accounting coursework are eligible to apply. The applicant may be pursuing an undergraduate accounting degree (or its equivalent) or may have graduated and be completing additional coursework to accumulate 150 credit hours. The applicant must certify that he/she is pursuing the requirements to sit for the CPA Exam and does intend to pursue the CPA professional certification.
What scholarships are awarded?
Today, the Student Education Fund awards scholarships annually based on the amount of funds available. The scholarships typically range anywhere from $500 to $2,000 maximum.
Student Education Fund
Arkansas Society of Certified Public Accountants
11300 Executive Center Drive
Little Rock, AR 72211-4352
(501) 664-8739 or (800) 482-8739 in Arkansas