COCPA NewsAccount - 2015 - March/April Issue by Colorado Society of Certified Public Accountants

NewsAccount

Colorado Society of CPAs â&#x20AC;¢ March/April 2015

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Contents Features

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Rule Changes Coming, July 1 This summer, the 150-Hour Requirement becomes reality for Colorado CPA candidates.

The

Colorado Economy in 2015

Colorado continues to be one of the best recovery states in the nation in employment and other sectors.

The Future of Peer Review The AICPA explores how to transform practice monitoring to meet the needs of a complex world.

12 The Colorado Lottery Commission There's more to this game than instant winnings.

18 Becoming Indispensable to Your Clients: Part II

Craig Arfsten outlines how to transition from a silo advisor to a client's primary financial advisor.

22 Climbing Through Adversity

How a CPA and his climbing partners turned a story of near tragedy into one of survival.

Departments

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2 Chair Column 14 COCPA Leadership 25 Movers & Shakers 25 Classifieds March/April 2015 â&#x20AC;˘ www.cocpa.org â&#x20AC;˘

Chair Column

NewsAccount A bi-monthly publication of the Colorado Society of Certified Public Accountants Vol. 60, No. 6 March | April 2015

What Will the Future Bring? BY SHEILA M. BALZER, CPA, CGMA

Board of Directors Sheila M. Balzer Chair Steven R. Corder, Vice Chair Tawnya R. Ramirez, Treasurer Marc C. Hendrikson, Immediate Past Chair Mary E. Medley, Secretary Directors Victor A. Amaya, Craig A. Arfsten, Christine Benero, Kelly G. Boggs, Sharon S. Lassar, Mark J. Smith Editorial Board Jack Allgood, Kay R. Dragon, Patrick A. Lytle, Georgia Z. Phillips, Lori Anne Reinwald, Laura J. Theiss, Barbara J. Tedesko, R. Stephen Van Meter, Michael D. West Mary E. Medley, President/CEO Elizabeth M. Julin, Deputy Director Krista Flynt, Editor/Publisher Natalie G. Rooney, Contributing Writer NewsAccount (ISSN #10899952) is published bimonthly by the Colorado Society of Certified Public Accountants, 7887 E. Belleview Ave., Suite 200, Englewood, CO 80111. NewsAccount is published in January, March, May, July, September, and November and reports information, news, and trends in the accounting profession. The Colorado Society of CPAs assumes no liability for readers’ business decisions in reference to advertisements or other information included in this publication. Membership dues include a $9.90 one-year subscription to NewsAccount. Periodical postage paid in Denver, CO, and additional mailing offices. POSTMASTER: Send address changes to NewsAccount, Colorado Society of Certified Public Accountants 7887 E. Belleview Ave., Suite 200 Englewood, CO 80111 Net press run = 8,550 copies; sales through dealers and carriers, street vendors, and counter sales = 0; paid or requested mail subscription = 8,450; free distribution by mail = 50; free distribution outside the mail = 0; total free distribution = 50; total distribution = 8,500; office use, leftovers, spoiled = 350; returns from news agents = 0; total sum = 8,850; percent paid and/or requested circulation = 99%.

303-773-2877 • 800-523-9082 Fax: 303-773-6344 • cpa-staff@cocpa.org NewsAccount is available online at www.cocpa.org.

• NewsAccount • March/April 2015

ometimes being a CPA is a little like being a fortune teller. Our clients, companies, and the organizations we work for and with rely on us to look into the future and give them advice based on what we see. It’s what we’re trained to do. Right now, your leaders and staff are putting those same skills to work for the Colorado Society of CPAs (COCPA). As I traveled around Colorado this past year, my platform was Stewardship, Strategy, and Sustainability. The goals: making sure the COCPA is here to assist you for the long haul; ensuring your professional association is serving you in the ways that are most valuable to you; and being good stewards of your investment. We’re undertaking these efforts in three phases.

Phase One Completed In 2012, the COCPA moved, downsized the office, and restructured the staff and CPE offerings, resulting in significant financial savings. We also implemented a new database system and launched a more e-commerce-oriented website, www.cocpa.org.

Phase Two In Process Volunteer leaders and staff are creating a road map for the future. We’re working with experts in the association management field to plan how we will move forward. We’re paying attention to what’s needed in the CPE area, of course, and we’re also looking at the entire organization.

Phase Three Coming in Fiscal 2015 We’ll focus on implementation and what will be needed for success in the next five years.

In January, Phase Two got underway as the COCPA Board, all COCPA employees, and additional COCPA member volunteers came together for a two-day Strategy Summit. Tom Hood, CPA, CITP, CGMA, and CEO of the Maryland Association of CPAs (MACPA), frequently named as one of the top 100 influential people in the accounting profession, and Bill Sheridan, CAE, MACPA’s chief communications officer, facilitated the retreat using the “Insight to Action” or I2A model. We chose Tom and his team to help guide us because of their depth of knowledge in strategy development and understanding of what we do as a state CPA society. We scanned the environment and explored lots of questions: What have we done historically? What do we do well? What will we do in the future? How is the world changing? What does the COCPA mean to us? What possibilities does all this present? What do we need to communicate to members and employees to inspire action? It was an intensive two days during which we identified five broad areas to address: member and customer service; leadership development; content management and delivery; sustainable revenue streams; and innovation culture and competency.

The next steps involve assessing and revising the possible tactics in each area. We’ll share the plans with you and invite your thoughts, as well. Stay tuned, and know this: The Board is committed to this process, and the COCPA staff is enthusiastic about making the future successful, as are all the volunteers who’ve participated thus far.

Thank You for a Great Year This is my last column as your Chair. Thank you for the once-in-a-lifetime opportunity to represent you and our profession on both the state and national levels. It has been a great honor. I’ve enjoyed meeting those of you who came to events across Colorado. And, I especially enjoyed meeting and working with students — the ultimate reason we’re doing all this strategic work. I leave you with this thought. During the Strategy Summit, Tom Hood asked us to “be present, be absent, but don’t be both.” That really sums up my philosophy with respect to the accounting profession: Be passionate about your accounting career; be a part of your professional association; be active! If I can ever be of service to you, please be in touch. s Email Sheila Balzer at sbalzer@hhlbcpa.com.

March/April 2015 • www.cocpa.org •

Regulatory and Legislative Update

Rule Changes Coming, July 1

he requirements for a Colorado candidate to take the Uniform CPA Examination and to obtain a Colorado CPA license will change, July 1, 2015. And, the option to be licensed through Colorado Rule 2.7, Education in Lieu of Experience, will expire on June 30, 2015. If you or someone you know is hoping to get in “under the wire,” read and share the following information from the National Association of State Boards of Accountancy (NASBA) which handles examination and licensure applications for the Colorado State Board of Accountancy. Any individual who plans to apply for a Colorado CPA license and qualifies under the July 2013 Colorado State Board of Accountancy Rules, must submit a completed CPA License application to NASBA Licensing Services by June 15, 2015. On or after July 1, 2015, all applicants for licensure must provide proof of having a minimum of 150 hours of education plus one year of work experience. The Colorado rules, http://tinyurl.com/julyrules, outline what must be included in the 150 hours of content, minimum grade requirements, and additional licensure-related details. NASBA Licensing Services provides educational pre-evaluation services for those interested in licensure. To apply online, go to http:// nasba.org/licensure/nasbalicensing/colorado. For additional information, contact the NASBA staff at 866-350-0017 or colicense@nasba. org. Keep the following in mind, as well. If your application for licensure has been filed with NASBA but is incomplete on June 30, 2015 — missing a transcript, for example — you will be subject to the new rules on July 1, 2015. On and after July 1, 2015, the Colorado State Board of Accountancy cannot issue a certificate to any person unless the person has satisfied all the requirements regardless of the date the application was received. If you have passed the Uniform CPA Examination but have not completed the required work experience OR course content to apply under the Education in Lieu of Experience rule by June 15, 2015, you will be subject to the new requirements on July 1, 2015. The new rules, effective July 1, 2015, require a minimum grade of C or the equivalent in the accounting coursework. By policy, the Colorado State Board of Accountancy has clarified this as a minimum of 2.0 on a 0.0 to 4.0 grading scale. And, for pass/fail or letter-based (A through F) grading systems, the applicant must demonstrate to the Board’s satisfaction that a grade of “pass” or a letter grade is equivalent to a 2.0 or greater. Auditing coursework must concentrate on U.S. GAAS, meaning that any course content referencing non-U.S. standards is incidental to the course. Coursework may be taken at the undergraduate or graduate level and must be non-duplicative. A baccalaureate degree is required; a Master’s or other graduate degree is not.

• NewsAccount • March/April 2015

COCPA CEO Mary E. Medley, mmedley@cocpa.org; Deputy Director Elizabeth Julin, ljulin@cocpa.org; and CPE Director Rebecca Campbell, rcampbell@cocpa.org, routinely attend the Colorado State Board of Accountancy public meetings, which are scheduled about every six weeks. If you have questions about the education, examination, and licensing rules and requirements, contact them. They can help. s

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How Advocacy Really Works, v. 2015

y the time you read this, the Colorado General Assembly will be about halfway through its 2015 statutorily limited 120-day session. Already, the Colorado CPA profession has been included — and deleted — from one bill, and another bill which would have affected the profession has been postponed indefinitely (PI’d). Whether you practice in public accounting, industry, education, government, or the nonprofit arena, know that the COCPA has your back on the advocacy front while you’re taking care of your business. For more information on these or other legislative proposals, contact Mary E. Medley, CEO, at mmedley@cocpa.org. Senate Bill 15-031 Concerning reciprocity to practice a profession during a person’s first year of residency in Colorado, the bill was sponsored by Senator Owen Hill (R–Colorado Springs). Current law allows a military

spouse to practice an occupation or profession during his or her first year of residence under certain circumstances. The bill would have expanded this ability to all persons, including CPAs. On Jan. 28, COCPA legislative counsel Robert M. Ferm, Esq., Hall and Evans LLP, testified on the COCPA’s behalf and expressed concerns outlined in COCPA CEO Mary E. Medley’s letter to Senator Owen and the Senate Business Affairs, Labor, and Technology Committee. The committee voted unanimously to PI the bill, effectively killing it for this year. House Bill 15-1018 Concerning measures to protect older Coloradans, the bill, sponsored by Rep. Jessie Danielson (D-Wheat Ridge), would have added CPAs among others to those required to report to law enforcement the abuse or exploitation of a person 70 years of age or older. Thanks to extensive advance work by COCPA member Pamela Feely,

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CPA, and legislative counsel, Rep. Danielson presented the bill before the House Judiciary Committee, Feb. 3, with an amendment in hand to remove CPAs (as well as financial planners, insurance agents, and postal workers). The committee amended the bill and referred it to the House Public Health Care and Human Services Committee for further consideration. Colorado Legislative Council staff initially estimated the cost to implement the bill to be more than $134,000. In both instances, COCPA members, Medley, and COCPA legislative counsel provided information to General Assembly members to help them make educated, informed decisions. If you hear about proposed legislation — or regulation — be in touch. Your COCPA team may already be working on it, or you may be the first to raise the subject. Remember, advocacy works when and because we’re all involved — for the public good. s

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March/April 2015 • www.cocpa.org •

The Economy

Good News on the Colorado Economic Front BY BRIAN LEWANDOWSKI

n early 2015, indications are that the Colorado economy continues on a positive trajectory, with increases in employment, income, wealth, consumption, and new businesses. The December 2014 jobs report was released for Colorado on Jan. 27, 2015, with mostly positive data from around the state. According to the report, employment increased by 4,700 jobs for the month and by 62,300 jobs year-over-year in December. Furthermore, November was revised upward by 5,200 jobs. This is not the last word on 2014 employment—the March 2015 jobs report will incorporate revisions that are expected to be positive based on a November press release from the Colorado Department of Labor and Employment. WTI (West Texas Intermediate) spot prices were 54% lower on Feb. 2, 2015 compared to the 2014 peak recorded on June 20, 2014, and prices were down 50% year-over-year in January. While falling oil and gas prices will impact oil and gas industry growth in the state, the Mining Sector as a whole continued to record employment growth in December—up 4,100 jobs (13.1%) year-over-year. Historically, industry employment declines lag price declines. Annual drilling permits increased in 2014, from 4,025 to 4,190, with more than 80% of permits in Weld and Garfield counties, according to data from the Colorado Oil and Gas Conservation Commission. Despite lower energy prices, the Baker-Hughes rig count remained higher year-over-year throughout 2014. The unemployment rate, at 4%, improved to seventh lowest nationally. At the low end, North Dakota and Nebraska are ranked first and second, at 2.8% and 2.9%, unemployment respectively. At the high end, California and Mississippi are 49th and 50th, with 7% and 7.2% unemployment respectively. Year-over-year growth in the Colorado labor force ranked 12th in percentage terms and ninth in absolute growth.

• NewsAccount • March/April 2015

Comparing job growth to other states, Colorado still remains one of the best recovery states in the nation in employment, ranking fifth nationally for growth above the previous peak. Colorado is one of 31 states that have recovered jobs lost during the recession. Three more states recouped the previous peak in December, signaling momentum nationally. Only four states have recorded a stronger employment recovery than Colorado—North Dakota, Texas, Utah, and Alaska. Colorado now measures 4.4% above 2008 peak employment compared to 1.4% for the nation. However, year-over-year growth ranked Colorado 10th in December. Measuring year-overyear growth, Colorado employment grew 2.6%, adding 62,300 jobs. Nationally, the pace of job creation has accelerated every year since the recession, with the U.S. averaging 88,000 jobs per month in 2010, 174,000 in 2011, 186,000 in 2012, 194,000 in 2013, and 246,000 in 2014. Preliminary employment numbers for January 2015 showed 257,000 jobs added month-over-month. Wide variations persist across the state, with the strongest yearover-year growth recorded in the Greeley (4.7%), Denver-AuroraBroomfield (3.3%), Boulder (2.6%), Fort Collins-Loveland (1.8%), and Pueblo (1.3%) metropolitan statistical areas (MSAs), and the slowest growth in the Colorado Springs (0.1%) and Grand Junction (-0.5%) MSAs. Among MSAs nationally, Greeley accelerated to fifthfastest growing year-over-year, and the Denver-Aurora-Broomfield and Boulder MSAs ranked 31st and 78th, respectively. Likewise, the areas with the fastest employment growth are recording the lowest unemployment rates. On an unadjusted basis, the lowest unemployment rates are in Boulder, Fort CollinsLoveland, Denver-Aurora-Broomfield, and Greeley, while the highest rates are in Pueblo and Colorado Springs. The national unemployment rate stood at 5.6% in December (seasonally adjusted), compared to Colorado's 4% unemployment rate. Employment in Colorado industries grew at a faster rate than the nation in six of the 11 supersectors in December. Employment increased in December in nine of Colorado’s 11 supersectors yearover-year, with the greatest percentage gains in Mining and Logging (13.1%), Construction (7.5%), and Leisure and Hospitality (5.6%). The weakest sectors for growth continue to include Information (-1.2%) and Other Services (-1.9%). The Financial Activities sector changed course, recording 0.3% growth compared to the decline recorded for the past six months. Growth in Colorado’s Manufacturing sector ranked third nationally, with 4.8% year-over-year growth. The Manufacturing industry recorded accelerated growth in the second half of 2014, exceeding the growth rate of total employment in Colorado. While Colorado’s manufacturing growth remains below 2007 levels, Colorado ranked third for manufacturing employment growth over the past year; seventh over the past three years; and eighth over the past five years.

The Federal Housing Finance Agency (FHFA) purchase-only index revealed seasonally adjusted national home prices rose 4.5% year-over-year through Q3 2014 and 0.9% from the previous quarter. In Colorado, the purchase-only index rose 7% year-over-year and 1.2% quarter-over-quarter. Colorado has recorded year-overyear home price growth each quarter since Q2 2012. According to the Colorado Association of Realtors Housing Report, in Q4 2014, the median sales price for single-family homes rose 10.6% year-over-year, to $273,400, while the townhome-condo market median sales price rose 14.4%, to $190,000. New listings were down 5.6% for single-family homes year-over-year but were up 10.4% for townhomes and condos. The FHFA’s all-transactions index for Colorado, which includes appraisal data from refinances, showed growth of 8.7% year-overyear in Q3 2014. All of Colorado’s seven MSAs recorded increases year-over-year: Denver-Aurora-Broomfield (+10.2%), Greeley (+9.5%), Fort Collins-Loveland (+8.5%), Boulder (+8.4%), Pueblo (+4.8%), Grand Junction (+4.1%), and Colorado Springs (+3.7%). In Q3 2014, personal income in Colorado stood at $262 billion, increasing 5.3% year-over-year and 0.9% quarter-over-quarter. Wages and salaries stood at $137 billion in the third quarter, rising 5.8% annually, ranking Colorado fifth for the pace of wage growth year-over-year. Fiscal year 2014-15 general fund revenue

collections through December 2014 record sales tax revenues up 8.5% compared to the same period in FY2013-14. Net individual income taxes were up 11.3%, while net corporate income taxes were down 1.9%. According to the Colorado Secretary of State, Colorado gained 102,127 new entities over the last 12 months, an increase of 13.8%, ending in December 2014. The strong growth in new business filings was attributed to a temporary reduction in business filing fees to $1 in Q3 2014. Business filings are a leading indicator for employment growth in the state, suggesting positive employment growth in Q1 and Q2 2015. Colorado business leaders were optimistic heading into the first quarter of 2015. At 60.8, the index remained comfortably above neutral (50). According to the Leeds Business Confidence Index, Colorado business leaders remain more bullish on the Colorado economy than the national economy, a long-term trend that reflects the real differences between the state and the nation. Notably, Colorado business leaders expressed more stability in their expectations over the past seven quarters than they have in the 11-year history of the index. s Brian Lewandowski is the Associate Director, Business Research Division, at the Leeds School of Business, University of Colorado, Boulder.

March/April 2015 • www.cocpa.org •

Practice Monitoring

BY NATALIE ROONEY

If you were asked to list a few words describing peer review, would you come up with “futuristic, forward-thinking, technology-driven, or continuous?” No? Well then it’s time for you to learn more about the changes on the horizon that will make you start using “peer review” and “continuous” in the same sentence.

Welcome to the Future It’s 2025. You’re being introduced to Leslie, the quality control partner for her firm. She is in the midst of analyzing client work papers through the firm’s practice monitoring system. Relieved to see that a flag she raised in the system has been resolved by the audit manager, Leslie now understands that the concern had been a simple documentation issue and not a failure to perform a key audit procedure. With this overview of her firm’s engagements and the assurance that her team has addressed her concerns, Leslie can now approve the work papers with a simple voice command. Automatically, the system creates and routes her firm’s standard audit opinion letter tailored for the client.

• NewsAccount • March/April 2015

This scenario is what the AICPA asks stakeholders to imagine as they consider and provide feedback on how the profession’s 35-year old peer review program might be transformed. Why make changes to a system that has done pretty well so far? Because things are changing, says Sue Coffey, AICPA Senior Vice President, Public Practice & Global Alliances. Today’s rapidly changing business environment and increasing complexity have presented the profession with opportunities to redouble its efforts to improve audit quality. “The existing peer review program is very positive and does good things,” Coffey says. “But as good as it is, it was designed for the way practice was performed thirty-five years ago.” While some peer review modifications have taken place over time, Coffey says the profession has to adapt it to current best practices as well as address the needs of regulators and other stakeholders. “As practices continue to change, we continually have to look at how we monitor. We always need to be asking if we’re doing the best we can do. Yes, it’s a good

model for today, but how should we be looking at it for the future? We’re taking monitoring to the next level in anticipation of how practice is going to change.”

Taking Proactive Steps Last year, the AICPA launched its Enhancing Audit Quality initiative, a comprehensive, integrated effort to consider auditing through multiple touch points, especially where quality issues have emerged. To address these issues in the near term, the AICPA is working to: • Strengthen the peer review process • Revisit standards • Create additional guidance and tools • Reinforce the Code of Professional Ethics In the long term, the AICPA is working to transform peer review into a practice monitoring process to be more real-time instead of once every three years and after the fact. On Dec. 15, 2014, the AICPA published Evolving the CPA Profession’s Peer Review

Program for the Future: A provocative vision of what practice monitoring could become, as part of the initiative. The concept outlined in the paper was developed after two years of research and brainstorming by CPA profession leadership, staff, members, and volunteers from across the country. COCPA Chair Sheila Balzer briefed members on this issue in her January/February 2015 Chair Column, touching upon challenges facing the profession, including audits in specialized or regulated areas of practice. There has been particular concern about audit quality when CPAs are taking on a low volume of audits in these highly specialized areas. In keeping with the profession’s long history of continued self-improvement and to address potential deficiencies, the AICPA embarked on its effort to enhance audit quality. “We take quality and our reputation very seriously,” Coffey says. “We see a challenge, and we deal with it. It’s why more than a year ago, we started down this path with our Enhancing Audit Quality initiative. We’re taking a holistic approach to looking at quality and what we need to do.” The goal with peer review is to produce a robust tool that allows firms, the AICPA, and state CPA societies to monitor accounting and auditing practices in real time.

Elements of the Concept Practice monitoring as described in the concept paper could potentially increase public protection through enhanced audit effectiveness by: • Highlighting potential quality risk indicators and detecting engagement issues earlier • Reviewing all firms that perform accounting, auditing, and attestation engagements • Monitoring all engagements subject to review A key aspect of the concept is a technology platform that joins with human oversight to provide near real-time, continuous, analytic evaluation. Monitoring would initially be conducted by the firm itself. Analytic tools would notify the firm of potential quality

risks or engagement issues prior to or during engagements. This notification would then lead to two levels of external monitoring. In the first level, AICPA-engaged practice monitors would assist firms in addressing quality issues and provide guidance to correct them. The second level would be performed by the firm’s external monitoring team, which would address unresolved issues and conduct periodic inspections of the firm’s system of quality control, including the use of technology and other resources within the firm. As currently outlined in the concept paper, the program would be developed and implemented in multiple phases. The first phase begins with a voluntary pilot group of small, medium, and larger firms. The paper explains how future phases would transition from voluntary to mandatory participation. During all phases, a dashboard would provide a snapshot of useful information about the firm’s engagement activities and compliance with performance metrics over areas subject to monitoring. When implementation is complete, the cumulative results of the metrics displayed on the dashboard would generate a rating that would be displayed as a “quality seal.” The seal would visually confirm the firm’s participation in the practice monitoring program, the extent of services, and the degree of compliance with performance metrics. Depending on access privileges and security rights, stakeholders would be able to view various levels of firm-related quality performance information.

Opportunity for Input The concept’s vision is meant to change and develop based on stakeholders’ feedback on the paper. Advances in technology and the pilot program’s impact on firms also will contribute to the maturation and transformation of that vision. In time, the AICPA hopes that, through iterative processes, it can enhance the future for practice monitoring by: • Leveraging and incorporating emerging technologies • Providing a platform for more timely and effective audit quality oversight

• Delivering more timely and transparent information to stakeholders (clients and oversight bodies) regarding the quality of a firm’s audit performance, and, thus, protecting the public interest • Ensuring that the evolving process and its audit quality tools provide value to firms

Member Feedback is Vital The Enhancing Audit Quality paper, issued in August 2015, received more than 860 comments from a variety of stakeholders including state CPA societies’ committees and boards, practitioners and firms of all sizes, state boards of accountancy, and the National Association of State Boards of Accountancy. The AICPA analyzed all comments and categorized them based on area — professional standards, peer review, training, etc. The comments have been sent to the respective AICPA committees and boards. June 15, 2015, is the deadline for members to submit comments on the practice monitoring paper. The long window to comment is designed to offer CPAs plenty of time to read through the information. “It’s a provocative paper,” Coffey says. “We want people to be very thoughtful, mull it over, and build on what we’ve done. Think about what we’re trying to achieve,” she encourages. “How would you build on it to make it better?” As Balzer also wrote in her January/February Chair Column, “Part of the solution lies in getting back to the basics — knowing that when we begin work with a client we have the expertise to do so. Quality control systems need to be in place all the time — not just every three years when peer review rolls around.” Coffey adds, “We’re professionals and we’re talking about our reputation. We have challenges, and as a profession, we must address them. It’s critical the profession gets behind these efforts.” You are encouraged to read the paper and comment on it. To learn more, visit the Future of Practice Monitoring resource page at aicpa.org/practicemonitoringconcept, which features related news and information, including a video. Comments, due June 15, 2015, may be submitted by email to prsupport@aicpa.org or at aicpa.org/ futurepracticemonitoring.s March/April 2015 • www.cocpa.org •

Leadership Development

LeadFit: Preparing a New Generation for Leadership

BY NATALIE ROONEY

eadFit, the COCPA’s innovative leadership program designed specifically for CPAs and CPA-track professionals who are looking to grow professionally and personally, will kick off its fourth year with a new class this July. The program offers young professionals the opportunity to work with program facilitator Lorrie Blanchard Tietze, founder and manager of Interface Consulting, and explore the following areas: • Relationship Building — listening and presence; professional and personal • Managing a Team v. Leading a Team — goal setting; conflict resolution • Performance Evaluation and Feedback — acknowledgement; confrontation; resolution; rewards • Negotiation — message tailoring; requesting • Rainmaking — thinking styles; generational styles • Role Definition — qualitative and quantitative • Defining Your “Best Work” — linking to purpose, commitment, and boundaries While the basic format of the program remains focused on building core leadership skills, Tietze says the program continues to evolve, adding concepts about using skills in the midst of change. “With all of the mergers and acquisitions going on in the profession, there is so much change happening,” she says. “We wanted to hone in on areas that are really impacting the profession and CPAs.”

Building Confidence After having watched three groups of new leaders graduate from LeadFit, Tietze says one of the most notable changes she has observed in attendees — and heard about from their employers/program sponsors — is that the graduates leave the program not only with new skills but also with more confidence. “They move forward more confidently to manage people and without as much fear,” she says. “That confidence is huge. They know how to go into difficult conversations and they have the skills and a roadmap of what to do. They’ll get resolution.” LeadFit graduates also develop a better sense of how they fit into the three dimensional puzzle that makes up an organization, which includes everything from intelligence to management style to gender to age to thinking style, explains Tietze. “They’re able to adapt to what people care about, tailor how they can communicate to support people, and learn what it takes to get their team committed to what they’re doing. They understand and respect what other people bring to the organization,” she adds.

• NewsAccount • March/April 2015

Preparing for Tomorrow The skill set developed through LeadFit positions CPAs to handle leadership situations today, tomorrow, and down the road. Tietze says this is important because leadership continues to evolve. “Twentyfive years ago, your boss had done your specific job,” she says. “That doesn’t necessarily hold today. Now, more and more is expected of leaders. And if you’re going to succeed, you have to understand the ‘people side’ as well as the ‘technical side’. Specifically, you have to manage up and down the management chain. People of all types will work for you, or you’ll work for them, or you’ll have them as clients. Every day, now, is a new judgment call. Are we preparing people for managing people to the same degree that we are preparing them to complete a tax form?” Tietze notes that skills that can bridge different generations are critical as each generation puts its own unique touch on management. “For example, one of the biggest opportunities for management in the accounting profession today is the work load and staff retention during busy season. I believe that the Millennials will be the generation that comes up with a new creative solution for this problem.”

What LeadFit Graduates Say Dan W. Soukup, CPA, CFE, shareholder at Soukup, Bush & Associates, CPAs, P.C., Fort Collins, will be the first LeadFit graduate to join the COCPA Board this May. His biggest takeaways were

the classes relating to listening skills and change management. “A big thing I learned from LeadFit was that leading and implementing even the smallest process or cultural change at an organization is a lot more of an involved, emotional process for people than I ever realized. Through the LeadFit class, I gained much more of an appreciation for others’ need for time to digest any change. I picked up many valuable ideas and strategies on managing a change process effectively.” Soukup found LeadFit also offers the opportunity to “be around a bunch of very impressive, active, young, entrepreneurial CPAs. That was fun,” he says. “It’s nice to be in a group of people who are actively trying to improve themselves. You want your company to be better, but you also want to make life better for everyone with whom you work,” he explains. “You want to be a servant to your staff. Everybody in the class had that mentality and a heart for the people they’re working with — that desire to help them succeed.” Rebecca Fraley, CPA, audit senior at Eide Bailly LLP, Denver, was tapped to attend LeadFit by one of her audit partners. “I thought it would be a great opportunity to meet people at the Society and build skills in my day-to-day career,” she says. Learning to evaluate the different ways people think and act and how to interact with them in order to help them grow as individuals was key for her. “Lorrie and (COCPA CEO) Mary Medley bring to the table a lot of great skills to help others around you be successful, which will ultimately further your own success,” she says. “LeadFit brings a new perspective to the corporate world and offers many applications to your personal life as well. It makes you a more well-rounded individual, personally and professionally.” Jarred S. Brown, CPA, CGMA, accounting manager at SM Energy, Denver, calls LeadFit “immensely helpful” and “a fantastic program. I took a lot more from it than I expected,” he says. Knowing about different learning styles has helped him understand how his staff thinks and how he can best communicate with them. “I identified one of my biggest struggles, which was asking people to think how I do and then being frustrated when they didn’t do it. I didn’t understand that they just process information differently. That was a huge takeaway,” he says. “Now I can get more from them than I could before. It feels like my team is stronger because we’re able to better access and utilize our strengths.” Brown says that learning to set expectations was also eye opening. “Whether it’s setting expectations for your team or your spouse, we all have a tendency to expect people to guess what we want. It’s that curse of knowledge. I realized that it’s often my fault when they don’t meet my expectations because I never communicated them,” he says. “I learned to be more overt about explaining my expectations and demonstrating that behavior. People feel better when they know what is expected,” he says. “That has been life changing.”

Should You Attend LeadFit? Yes! If you want to be a leader and a manager, have more capability, and have more confidence to manage both the technical and

human side to produce sustainable results, then LeadFit is for you. “Anyone can have flash in the pan results,” Tietze says. “LeadFit is about sustainability.” Tietze encourages organizations to use LeadFit as a retention tool. “If you want staff retention and sustainable results, LeadFit is critical,” she says. “People don’t quit companies. They quit their bosses. Giving them a set of lifelong skills that can be used personally and professionally through the rest of their careers impacts not just the ‘boss’ but their subordinates, and their superiors as well.” Brown says he has gone through different coaching programs over the years, and LeadFit is one of the best. “LeadFit gives you perspective and insight that without coaching, you’ll never get. This isn’t fluff. This is practical, tangible, and most importantly, actionable information coupled with skills for leadership.” Soukup agrees. “At the end of the day, LeadFit is going to improve your efficiency and effectiveness at managing your teams and being a leader. You owe it, in a sense, to give back to your profession. Even though LeadFit benefits you personally, it also helps you develop a culture of giving and effective leadership.”s

LeadFit

Now in its fourth year, Leadfit is designed for CPAs and CPA2015 track accounting professionals looking to grow professionally and personally. Facilitated by Lorrie Tietze, Interface Consulting, LLC, the program includes two full days and two half days of content delivered over five months, individual coaching, and networking events. It is recommended for 24 hours of CPE credit. The program is limited to 16 participants who commit to attending all sessions. 2015 Schedule

July 9: Welcome BBQ July 10: Full Day Aug. 14: Half Day

Sept. 25: Half Day Oct. 22: Debrief Nov. 13: Full Day

To apply, contact Terry Cervi at tcervi@cocpa.org, 303-741-8610, or 800-523-9082, ext. 110.

Application Deadline: June 19, 2015 March/April 2015 • www.cocpa.org •

State of Colorado

The Colorado Lottery Commission: Scratch the Surface and Find a CPA BY NATALIE ROONEY

Did you buy a ticket the last time the Mega Millions jackpot went sky high? Do you routinely or occasionally play a Scratch game? Do you recall that lottery proceeds support Colorado’s parks and recreation areas? Did you know that the Colorado Lottery Commission, by law, includes a position for a CPA? There’s more to this game than instant winnings.

he Colorado Lottery began on Jan. 24, 1983, initially selling only scratch tickets. Since then, the Lottery has grown to include more games such as Colorado Lotto, Mega Millions, and Powerball. It's state-run and is overseen by the Colorado Lottery Commission. The Commission’s mission is to ensure that all games marketed by the Colorado Lottery are done with security and protection of the integrity of the games and organization of the Colorado Lottery and to ensure that all Colorado Lottery games are representative of the values of the State of Colorado and its citizens. The Commission’s five members are appointed by the Governor with the consent and approval of the Colorado Senate. At least one member must have been a law enforcement officer for at least five years; one member must have been a Colorado practicing attorney for at least five years; and at least one member must be a CPA who has practiced accountancy in Colorado for at least five years. COCPA member Michael D. Weatherwax, CPA, president of Weatherwax & Associates, PC, Boulder, began a four-year term on the Commission, July 1, 2014, succeeding COCPA member Dana M. Franzen, CPA, owner of Franzen PC, Colorado Springs. Franzen joined the Commission when the CPA then serving resigned midway through his term. One of Franzen’s clients, who worked at the Denver District Attorney’s Office, was the Commission’s lawyer representative. He called Franzen about filling the suddenly vacant CPA position. “I spent several hours with him going over the requirements and what was expected,” Franzen says.

• NewsAccount • March/April 2015

“By the time I agreed to it, I had a pretty good idea of what I was getting into.” Weatherwax had been interested in serving on the Lottery Commission from the Lottery’s inception in 1980, but between his busy work schedule and existing community involvement, things didn’t come together until he got a call from former Colorado Congressman David Skaggs asking him to consider applying for the appointment. With Franzen’s term expiring, the Commission needed a new CPA member. Weatherwax describes the appointment process as elaborate. He applied to the Governor’s office, received the appointment and then had to be confirmed by the Colorado Senate. Commissioners also undergo a stringent background check.

The CPA Commissioner’s Role As the CPA on the Commission, Weatherwax focuses on the financial aspects of the lottery, including the annual audit conducted by Eide Bailly LLP on behalf of the State Auditor’s Office. He serves as the lead commissioner dealing with the auditors. Once the audit is complete, Weatherwax participates in the audit exit interview. After the audit is submitted to the Legislative Audit Committee, Weatherwax attends the committee meeting to represent the Commission. Franzen says he felt like the group was depending on him to be familiar with the financials and guide the discussion when topics like finances, margins, and sales trends came up. “I looked at that information and raised questions about why certain things were happening,” he says. Weatherwax and Franzen give the Lottery’s accounting staff high marks. They are “very competent,” Weatherwax says. “They don’t need my input very much, which is a good thing.” While there is an office housing Lottery staff in Denver, the executive director, CFO, and controller work out of Lottery headquarters in Pueblo. Weatherwax says his goal is straightforward: for Colorado to have the best lottery possible. “As commissioners, our responsibility is to set the rules for the Scratch and Jackpot games, supervise

lottery operations, report to the Colorado Department of Revenue, and oversee the operations of the Lottery throughout the state.” Lottery games are constantly changing to keep things fresh for players. Weatherwax says four or five new scratch games are constantly in development. The commissioners then approve the termination of games that have sold out or lost their appeal. Powerball and Mega Millions are managed by the Multi-State Lottery Association (MUSL). Forty-four states, including Colorado, participate in Powerball. One of the Commission’s major efforts last year was enacting new rules on how Powerball is run and won. The new rules will take effect this spring on a date to be determined by MUSL. A lot of money is spent on research and marketing, trying to determine what types of games people want to play. Research shows that a core group of people play the Lottery every week. “It’s their entertainment,” Weatherwax says. “Instead of going to a movie and paying ten or more dollars for a ticket, they purchase a lottery ticket, play the game, and see if they’ve won.”

The Beneficiaries

aren’t as excited to buy, which means less revenue and less money for beneficiaries,” he explains. “We’re gradually readjusting to determine the impact on sales. This isn’t something we do in the dark. The heavy players know the odds, and we’re carefully watching to see the impact of our changes.”

National Recognition Weatherwax says Coloradans can be proud of the Lottery and the staff who run it. The Colorado Lottery received several national awards for its marketing, advertising, and games last year, and the Colorado Department of Revenue highlighted the Lottery as its signature agency in hearings before the Legislature. “It has been an interesting experience,” Weatherwax says. “I’ve been enjoying serving on the Commission.” Franzen echoes those sentiments. “I voted against the lottery in 1980,” he says. “I wasn’t in favor of a lottery in Colorado, but my side lost. Since then, I’ve always felt that if we’re going to do it, we should do it as well as we possibly can. That’s one reason I decided to get involved. I wanted to confirm if we’re really doing that, and I have been favorably impressed in that regard.”s

In 1994, Colorado voters made the decision to distribute profits from the sale of Lottery products as follows: • 50 percent to the Great Outdoors Colorado (GOCO) Trust Fund • 40 percent to the Conservation Trust Fund • 10 percent to Colorado Parks and Wildlife GOCO funds are capped at $60.3 million, and funds that exceed the GOCO cap go to the Colorado Department of Education Public School Capital Construction Assistance Fund. Since its inception in 1983, the Lottery has generated more than $2.7 billion dollars to protect Colorado’s wilderness and create trails, parks, pools, and recreation. Weatherwax says the Lottery is a significant revenue generator. Last year, of the $545 million brought in from game sales, $336 million was paid out as prizes, and $130 million went to Lottery beneficiaries. “I think the Lottery is a valuable tool to help preserve our natural resources. It’s done great things for the State of Colorado in its parks and recreation, conservation, and schools.” The Colorado Lottery website, www.coloradolottery.com, includes a tool that enables Coloradans to input their county name to see what local projects have received Lottery funds. The Lottery is required to pay out at least 50 percent of its revenue in prizes. In the year ended June 30, 2014, the Lottery paid out 61.7 percent in prizes on average. Under pressure from the Colorado General Assembly to maximize the distributions to beneficiaries, the Lottery Commission is in the process of an 18-month study to determine the best way to do just that. “It’s a balancing act,” Weatherwax says. “If we drop the prize payout percentages and reduce the potential chance of winning, people March/April 2015 • www.cocpa.org •

COCPA Leadership

Taking a Seat at the Board Table Meet the COCPA members who’ll take the reins and lead the COCPA Board of Directors and Educational Foundation of the COCPA Board of Trustees this coming year. Chair-elect Corder and Vice Chair-elect Solomon will serve one-year terms. Directors-elect Hinkins and Soukup will serve two-year terms. Educational Foundation Trustees Lassar, Lay, and Rolland will serve three-year terms, beginning May 1, 2015.

Steven R. Corder, CPA, CGMA•COCPA Board Chair Managing Director • Kundinger, Corder & Engle, P.C. • Denver Currently COCPA Vice Chair/Chair-elect, Steve and his firm specialize in auditing, tax, and consulting services exclusively for not-for-profit organizations. A frequent and highly rated speaker and CPE instructor on the subject, Steve has chaired the COCPA Not-for-Profit Conference planning committee, the Budget Committee, the Audit Committee, and the CPE Board. He also is a Colorado representative on the AICPA’s

governing Council. Steve says he is looking forward to “working towards ensuring the sustainability and relevance of the Society for the near and distant future,” based on the outcomes of the January 2015 Strategy Summit. Or, as Chair Sheila M. Balzer, CPA, CGMA, puts it, “I got to lead the brainstorming. Steve gets to make sure it’s implemented.”

Mark T. Solomon, CPA•COCPA Board Vice Chair/Chair-elect Vice President, Controller, Assistant Secretary • SM Energy Company • Denver Mark returns to the COCPA Board after serving a three-year term on the Educational Foundation of the COCPA. Previously he served a two-year stint as COCPA Treasurer. Active in the energy industry for more than 15 years, and in the accounting profession for more than 20 years including time as an auditor with Ernst & Young LLP, Mark also has served on the COPAS-Colorado Board. He has chaired the COCPA Audit Committee and has

served on the COCPA Investment Committee. Through SM Energy, he has encouraged his rising stars to participate in LeadFit, and all have been valuable assets to the program. Mark wants to see the COCPA “develop strategies to encourage more students to study accounting and enter the profession.” He’s the right person to lead that effort.

Ann E. Hinkins, CPA•COCPA Board Director Audit Partner • EKS&H LLLP • Denver Ann leads the firm’s nonprofit practice and brings more than 30 years of public accounting experience to her work with organizations in Denver and across the Rocky Mountain region. A frequent speaker, she is a regular presenter at the Rocky Mountain Nonprofit Conference. A member of the AICPA Expert Panel for Not-forProfit Entities, Ann also has served on the Young Americans Bank Board of Directors and as its

• NewsAccount • March/April 2015

Audit Committee Chair. She is excited to implement the COCPA’s new strategic plan – coming soon – and notes that “implementation of this plan will ensure the COCPA has a strong financial future while adding additional value to members. It’s a win/win.” She says she enjoys transformational change. Spend even a short time around her, and you’ll quickly know that actually Ann LOVES change, especially if it’s transformational.

Dan W. Soukup, CPA, CFE•COCPA Board Director Shareholder • Soukup, Bush & Associates, CPAs, P.C. • Fort Collins A 2013 COCPA LeadFit graduate and the first one to join the COCPA Board of Directors, Dan is in charge of financial statement and 401(k) audits and internal control and financial statement review and compilations for the firm. He also provides tax planning, compliance, and accounting services for individual and privately held businesses. Dan honed his accounting skills through five years with Deloitte & Touche LLP

before joining Soukup Bush and developed his leadership skills partly through college baseball. He sees the next decade as both exciting and challenging. “There will be a significant generational shift in the ownership and management of many small to midsize Colorado CPA firms and the opportunity for a new group to continue the legacy of great leadership and professionalism all those founding Baby Boomers created.”

Sharon S. Lassar, PhD, CPA•Educational Foundation Trustee Professor and Director • DU Daniels College of Business School of Accountancy • Denver Sharon joins the Educational Foundation after serving on the COCPA Board of Directors. She is chair-elect of the AICPA Pre-certification Education Executive Committee; serves on the Corporate Advisory Board for ALPFA; and is active with the American Accounting Association’s Accounting Programs Leadership Group. A passionate advocate for bringing more diversity to the accounting profession, Sharon founded the

Accounting Scholars Development Program, a residential outreach program for minority community college students to encourage them to pursue accounting and become CPAs. A former Florida Institute of CPAs vice president before relocating to Colorado, Sharon values the COCPA “network of experts who help keep me at the forefront of accounting practice. I then shape curriculum to address the profession’s needs.”

G. Suzanne Lay, CPA•Educational Foundation Trustee Associate Professor of Accounting • Colorado Mesa University • Grand Junction Suzanne brings a wealth of experience to the classroom, thanks to her previous positions as an auditor with Deloitte & Touche LLP and a program manager with Sprint Corporation. She teaches principles of financial accounting, ethics for accounting professionals, and auditing, and she is dedicated to realistically preparing students to enter the accounting profession. She is committed to staying current in teaching methods, as

well as being up-to-date technically. She already has implemented the “flipped classroom” concept in her principles course. As Suzanne recalls, “When I moved here from Kansas City in 2006, I felt as if I lost much of my professional network. The COCPA has allowed me to rebuild it. And, I’ve witnessed the impact the Society has on my students. The scholarships, events, and opportunities available really help them launch their careers.”

Matthew O. Rolland, CPA•Educational Foundation Trustee Audit Partner • Hein & Associates LLP • Denver One of Hein’s newest partners, Matt provides audit and accounting services to public and privately held companies, focusing primarily in the energy industry. He serves on the Council of Petroleum Accountants Societies–Colorado, currently as President, and is experienced in exploration and production, transportation, gas processing, refining, and oilfield services. Before joining Hein, Matt was an audit manager with

Ernst & Young LLP. He also spent two years in the Netherlands performing statutory audits for various EU countries. “Being a member of the COCPA,” Matt says, “…has allowed me to meet and discuss ideas with other CPAs in the community. Plus, the events held throughout the year provide fantastic opportunities for ongoing CPE as well as networking.” March/April 2015 • www.cocpa.org •

Professional Issues

Ethics Issues for CPAs Working in the Marijuana Industry

BY JIM MARTY, CPA/ABV, MS

n 2009, for several reasons, I decided to accept marijuana industry clients. The prospect of new clients in the middle of The Great Recession was certainly tempting. I had my own practice — no partners to consult — so the decision was mine to make. Politically, I believed marijuana should be legal — and still do today. Customer service came into the equation when my phone started to ring that summer with questions from clients like: “These guys want to rent my warehouse to grow marijuana. Can I do that?” Or, “The recession has hurt my real estate or construction business so for my next venture I want to open a dispensary. Can you help me with this?”

• NewsAccount • March/April 2015

Still I hesitated. After all, I hold a license to practice as a CPA, and I did not want that jeopardized. In November that year I traveled to San Francisco to do due diligence on tax return preparation and accounting for the medical cannabis industry. California has had medical marijuana since its citizens voted for it in the mid-1990s. I arranged meetings with some of the Bay Area’s leading tax attorneys and CPAs working with cannabis clients. This article focuses on what I learned on that trip and the ethical issues that have developed over the last five years as legal marijuana has moved from a medical model, now in 22 states, to full legal adult use in

Colorado, Alaska, Oregon, and Washington state.

The IRS Position “Jim, the IRS wants you to help these people,” said Hank Levy, CPA, during my San Francisco trip. “In 15 years of our medical marijuana program in California, no CPAs have been sanctioned for preparing tax returns for this industry.” Hank is a leading expert on these issues and testified in the Olive v. Commissioner Tax Court case. Armed with this information and after a careful study of the AICPA code of ethics, I returned to Colorado and let what I call the

Marijuana Lawyers in Denver know I would take on cannabis clients. Today, I prepare tax returns and financial statements for over 100 cannabis clients in Colorado and several other states. Hank’s words rang true, and my interactions with the IRS in cannabis businesses have been professional and courteous. I have been involved in over a dozen IRS audits, taken two cases to appeals, and am an expert witness in the first Colorado case scheduled to be heard in U.S. Tax Court this June. In November 2014, the IRS published its year-end Advisory Council Public Report. It recommended the IRS publish guidance promptly, clarifying that tax professionals will not be considered unethical, will not be targeted for audit, and will not be considered in violation of Treasury Circulation 230 solely for representing or preparing a return for a business that is illegal under federal law but legal at the state level under state law.

State Boards Wait At the time of this writing the Colorado State Board of Accountancy has not issued an opinion or guidance for CPAs who are considering offering professional services to the marijuana industry. In light of the fastchanging nature of the industry, this is probably for the best right now. Public opinion on the legality of marijuana appears to be coalescing around the repeal of prohibition. In those states and the District of Columbia, where medical and recreational cannabis initiatives were on the November 2014 ballot, all received significant voter majorities. This was true even in Florida where the medical marijuana initiative failed to get the 60% majority required for a constitutional amendment but still garnered 58 percent of the vote in favor. The tide of public opinion is clearly shifting in favor of legalization. Even the federal government is researching the tax revenue that could be realized if marijuana prohibition were replaced with a regulated and taxed adult use system. Although no State Boards of Accountancy have taken a position prohibit-

ing CPAs from accepting marijuana clients, the time will come for them to issue guidance for those who do. Issue Brief on State Marijuana Laws and the CPA Profession (Issued May 16, 2013, Updated June 19, 2014, available at aicpa. org) This issue brief compiled by the AICPA, Colorado Society of CPAs, and Washington Society of CPAs makes some excellent points and provides good background on the evolution of state marijuana laws and federal enforcement priorities. The paper urges caution for CPAs working with marijuana clients. Specific concerns about “good moral character” and “acts discreditable to the profession” when it comes to state licensing of CPAs are discussed. These are important issues and should be considered in light of the conflict between federal and state laws. However, the paper is a little dated as it does not consider the November 2014 election results and the recent IRS Advisory Council recommendation. Now nearly half the states have some form of legal marijuana approved by their voters. It is hard to see where CPAs helping these businesses comply with federal and state tax laws would be an act discreditable to the accounting profession. Since medical marijuana programs essentially provide medicine to people with serious illnesses, it also is hard to see where CPAs accepting these businesses as clients would not be of good moral character.

AICPA Ethic Rules The AICPA Ethics rules contemplate conflicts between stakeholders. The excerpts that follow are taken directly from the revised Code of Professional Conduct. .300 PRINCIPLES OF PROFESSIONAL CONDUCT OF AICPA CODE OF PROFESSIONAL CONDUCT, Scope and Nature of Services: A member in public practice should observe the Principals of the Code of Professional Conduct in considering the scope and nature of the services to be provided.

.300.030.02 A distinguishing mark of a profession is acceptance of its responsibility to the public. The accounting profession’s public consists of clients, credit grantors, governments, employers, investors, the business and financial community, and others who rely on the objectivity and integrity of members to maintain the orderly functioning of commerce. This reliance imposes a public interest responsibility on members. The public interest is defined as the collective well-being of the community of the people and institutions the profession serves. .300.030.03 In discharging their professional responsibilities, members may encounter conflicting pressures from among each of those groups. In resolving those conflicts, members should act with integrity, guided by the precept that when members fulfill their responsibility to the public, clients’, and employers’ interests are best served. Thus, the fact that there is a conflict between federal and state law does not prohibit CPAs from working with the marijuana industry. In fact, it would appear members of the AICPA have a duty to the public to help resolve those conflicts.

To Do or Not To Do? In deciding whether to accept cannabis business clients, the CPA should consider the several sources of ethical and regulatory guidance. This work is not for everyone; many potential clients are young and need a lot of hand holding. However, this is an exciting, emerging industry, and there is a role for the CPA to play. The taxes and regulations that are imposed on the industry at every level of government are complex, and time and effort are required to become an expert on them. Nonetheless, those who choose to help marijuana entrepreneurs will find it a rewarding and stimulating practice niche. s Jim Marty, CPA/ABV, MS, serves marijuana clients through Bridge West, CPAs and Consultants, LLC. Contact him at 303-6510304 or jmarty@bridgewestcpas.com. March/April 2015 • www.cocpa.org •

Advisory Services

Becoming the Primary Financial Advisor — Part II BY CRAIG A. ARFSTEN, CFP

magine, for a moment, what your clients experience daily in managing their personal financial affairs — or what you experience in managing your own finances. Most of us just accept the fact that finances are complicated, perhaps confusing, and generally involve an overwhelming amount of information. The common term given to this condition is “information overload,” first referenced by Alvin Toffler in his 1970 book, Future Shock. The technical term is “cognitive overload.” No matter what you call it, the effects are the same: indecisiveness, poor decision making, and stress. The CPA who can help clients simplify and better understand their financial lives has an opportunity to become the primary financial advisor and help alleviate these effects. In Part One of this two-part series (published in the January/ February 2015 NewsAccount), I made the case for why the CPA is the logical primary financial advisor. In this article, I will outline a path the CPA can take to transition from a silo advisor into the primary financial advisor role and the benefits to both CPA and the client.

stress levels decrease significantly. So, the first task in moving from a silo advisor to the primary financial advisor is finding a way for the client to gain a sense of control over his or her financial life. You may be thinking, “I don’t have time to be all things to all people. I can barely keep up with my own workload, let alone advise my client on several other financial areas.” Remember, being the primary advisor does not mean you will be an expert in all the areas. In fact, how you’re currently helping clients will not change much. What changes is how the client works with the entire team of financial advisors. Today, the client typically engages with each advisor independently. In the future, clients will have a database in the cloud of all their financial and non-financial information. The client will grant members of the financial team access to this database. When this happens, a virtual team surrounding the client will be created, all within an environment that fosters collaboration.

Learning to Transition

Collaborative Advisor Model: A Natural Fit

CPA

CPA Financial Planner

P&C Insurance

Financial Planner

Banker

Real Estate

Client

Business Interests

Attorney(s)

P&C Insurance

Banker

Client (Shared Information)

Business Interests

Real Estate

Attorney(s) Life Insurance

Life Insurance

We live in a world of silos. When borrowing money, it’s a banker; preparing tax returns, a CPA; managing investments, an investment advisor; insuring what you own, an insurance agent. And these are only a few advisors in a typical person’s financial life. What do all of these have in common? They involve the client working independently with each silo advisor. Unless the client has some financial knowledge and likes managing personal finances or has enough discretionary income to hire a personal assistant to manage all of these financial silos, the responsibility falls squarely on the client. What’s a CPA to do? A good place to start: Put the client in a position of control. Studies have shown that when a person feels in control of a situation, decision-making effectiveness increases and

• NewsAccount • March/April 2015

CPAs are considered among the most trusted financial advisors to both businesses and individuals. Therefore, the CPA is the most likely advisor to introduce this new concept of how a client could work with the advisory team. Just think how the client will view the CPA if he or she were the advisor who simplified the client's financial life. How much better would the client feel, knowing members of the advisory team all talked to each other proactively? And were working collaboratively on their behalf? By being the advisor who introduces this concept to clients and takes a lead role in bringing together the client’s advisory team, wouldn’t the client think of the CPA as indispensable? This approach — helping clients simplify, understand, and gain control over their

financial lives — is the future. The capabilities exist today. What’s missing is an awareness by today’s advisors that we are moving away from a silo model towards a more collaborative, integrated model. Technology is the enabler that will make this new approach possible.

Finding Solutions in the Cloud The industry is in the early stages of developing the necessary technology, and eMoney is an excellent example of where the industry is headed. It provides a cloud-based platform for bringing all client information together into one location that is available to both the client and the client’s advisory team. The client has access to a personal financial website which displays all financial information in one place, accessible anywhere, anytime, via the Internet. Behind the scenes is a powerful financial toolset providing the advisory team with shared capability to develop and present “what-if ” scenarios. The toolset incorporates the latest IRS tax code along with sophisticated financial planning tools. The benefits to the client can be significant: • The client will benefit from a simplification and better understanding of their overall financial situation. • The client will provide information only once instead multiple times depending on the number of advisors. • The data the advisors use will be accurate because many eyes are looking at it. • The client will be able to visualize the future consequences of decisions made today. Benefits to the CPA include: • Becoming the primary advisor • Strengthening client relationships • Being seen as a thought leader • Networking opportunities with other financial professionals

NOMINATIONS SOUGHT

Deadline March 20, 2015 Emerging Leaders

Women CPAs who — while still on the path to the highest levels of advancement — have made significant contributions to the profession and their communities, demonstrated leadership, been involved with their alma maters or other local colleges and universities, and/or created and implemented unique initiatives.

Leaders of Note

Women CPAs who have attained leadership positions within their organizations, made major or unique contributions to the profession, participated in public and community service, been published, and not only help to improve their workplaces but also mentor others.

• Increased revenue opportunities • Opportunity to move away from an hourly compensation model to a recurring revenue model As with any new idea, there will be the early adopters, and for others it will take longer to embrace. Initially, clients could be introduced to this concept using a package such as eMoney to help them simplify and better understand their finances. Once the client and CPA are comfortable with the idea of using a personal financial website, the transition to value-added planning is the logical next step. After the CPA and the client have some experience with the personal financial website and the benefits of planning, other members of the client’s advisory team could be introduced to the concept and granted access to the client’s information on a case by case basis. It’s a win/win for everyone. This article provides an overview of the concept. Visit link.cocpa.org for more information and to contact Criag Arfsten on the discussion thread.s

To request a nomination form, contact Terry Cervi at tcervi@cocpa.org.

SAVE THE DATE May 21, 2015 4:30 to 6:30 p.m.

Kevin Taylor's at the Opera House 14th and Curtis St., Denver March/April 2015 • www.cocpa.org •

Negotiating Tips

Sometimes the Solution to Cutting Costs is Right Under Your Feet BY JOHN REYNOLDS AND JAMES WACHHOLZ

s firms continually seek to maximize profits and minimize costs, provisions involving real estate occupancy are becoming increasingly important. Whether looking to renew, relocate, or right-size their office spaces, tenants often overlook a number of areas when negotiating leases that could significantly impact their bottom lines. From overarching objectives involving locational choice and optimal space utilization to the mundane details of the lease contract’s fine print, the devil truly is in the details. The more tenants know about potential pitfalls, the better they can prepare to ward off the unexpected. In this article, we outline some key aspects on which to focus that can help tenants ensure their best interests are taken into account before lease commitments are finalized. The first detail most tenants look at when getting into the “nitty-gritty” of this process is the impact of face rents. While office rates have historically been quoted in gross terms, more and more landlords are shifting to “triple-net” offerings. This allows them to charge tenants back for all operating expenses proportionate to space occupied. With basic operating costs typically rising over time for such things as taxes, utilities, and labor, the potential increase in aggregate pass-throughs — while not wholly known — should be taken into account, liberally estimated for the anticipated lease term, and factored into overall budgetary expectations. With “full service gross” terms, however, a tenant’s allocated cost share may be subject to negotiation. Over time, core operating expenses tend to increase, but it may be possible to reduce the effects of these escalations with the addition of base-year expense stops. By setting an expense threshold, the landlord can only charge the tenant back for costs exceeding this. Another point to focus on in multi-tenant buildings is expense

• NewsAccount • March/April 2015

“gross-up” provisions. Essentially, landlords “gross-up” actual expenses to reflect potential costs to which they might be subject had their building been “fully occupied.” They then charge these “over-stated” amounts back to tenants when actual occupancy falls below this baseline. The concept of “full occupancy” is itself an important consideration. Ideally a multi-tenant property is one hundred percent leased, but in reality that is seldom the case. Historically, a given property could average eighty percent occupancy or even as much as ninety-five percent occupancy. It is important for tenants to be aware of prevailing trends in order to contractually qualify what “full” is, thereby reducing potential gross-up liabilities. In short, tenants should look to set base-year expense stops as high as possible to lower the likelihood of excessive gross-up charges. Caps on controllable costs should also be sought and set in the three to five percent range, with controllable costs deemed to involve everything except taxes and utilities. Operating expense exclusions such as depreciation, debt service, and marketing costs are generally standardized throughout the United States. Yet, some landlords may attempt to charge capital items back to tenants as though they were operating costs. The only exceptions that might justify capital pass-throughs are improvements required to comply with laws not currently in effect (as with prospective changes to A.D.A. regulations), and those that will reduce overall operating expenses (such as elevator replacements or energy-efficient mechanical upgrades). A well-negotiated lease should also allow for a tenant’s right to audit operating expense accounts on a periodic basis. This is important because landlords do make mistakes, and such mistakes typically work in the landlord’s favor. Skillfully negotiating landlord concessions can also reduce aggregate ten-

ant outlays over the lease term. Primary targets include free rent, parking allocations, moving cost allowances, and tenant improvement packages. Free rent options are generally contingent on prevailing market conditions as well as the size and length of leases anticipated. As a general rule, the larger the tenant and the longer the lease, the more “rent forgiveness” can be structured into the deal. But, in a tight market with below-average vacancy, landlords have less incentive for generosity and tend to reserve best offers for strong, credit-worthy tenants willing to make longer-term commitments. Conversely, in markets or buildings with above-average vacancy, smaller tenants can also find good options to lower rental costs. Tenant improvement allowances are also quite variable, ranging from “none” for some existing build-outs to “top-dollar” for new core and shell space and/or extensive renovations to upgrade overall building quality and marketplace standing. Importantly, the more fungible the allowance, the more flexibility a tenant has to allocate concession funds toward maximum utility. With respect to actual tenant improvements, paying attention to specific work letter provisions is critical. First, specific costs to be borne by the landlord and the tenant should be clearly delineated. A litany of things involved in building out a space could conceivably fall outside of the allowance if not specifically addressed. For instance, as buildings age, settling can result in structural shifts that materially impact space functionality, such as the levelness of a given floor. Does the tenant require the floor to be level to one-quarter of an inch over ten lineal feet? If the space does not conform and this requirement has not been directly addressed in the lease terms, the landlord could conceivably deem this to be a tenantspecific improvement rather than a capital

cost. Does the tenant have base-line power requirements? While the building itself may support overarching criteria, it may be that power on a specific floor has previously been diverted to another space, leaving the former under-supplied. This can be expensive to fix and should be addressed before buildout commences to ensure the tenant is not facing unexpected draw-down of improvement dollars. The work letter should also address authority over contractor and subcontractor selection. Landlords typically have established relationships with tenant improvement contractors, and the landlord will invariably charge a project management fee amounting to a percentage of total project costs. It may be to the tenant’s advantage, however, to retain its own project manager to oversee the work and make sure design plans and expenditures stay on track. In the event such a third-party professional has been retained, the work letter can be structured to reduce the share of landlord’s management fee to account for reduced involvement. Tenants should also be aware of whether or not union labor requirements exist, as this can have significant cost implications. In the end, tenant improvements must be paid for, and the work letter should thoroughly address the disbursement process by which funds are released. As these costs can be considerable, it is not in the tenant’s interest to carry these costs directly through completion of the project. Therefore, terms and timing for payouts should be succinctly enumerated in the work letter. Does the landlord compensate the contractor directly? Does the tenant pay and then get reimbursed by the landlord? If so, the disbursements should be made frequently through the course of the project — ideally, on a bi-weekly basis. Sublease options also are critical elements to address when negotiating a lease.

From time to time, a tenant’s space needs may change within the contract period, and it may seek to assign all or part of the premises to another firm. Many landlords will impose restrictions against prospective subtenants and include a “Right to Recapture”

clause that could result in forfeiture of the tenant’s space. Of obvious concern to landlords and tenants alike is the subtenant’s creditworthiness. For this reason, most landlords invariably require pre-approval prior to assignment. It is in the tenant’s best interest, however, that the landlord approval period is explicitly limited within the lease to prevent unreasonable delay. It is also noteworthy that the most likely prospects to take over a sublease come from within the building, and landlords typically want to restrict this in order to hold property rents at market rates. They may also seek to impose sublease rent floors at prices too high to make the space competitively marketable. Keep in mind subleases often need to be discounted for lack of dedicated sub-tenant improvements and shorter lease terms. While the tenant may be looking to cover as much of its committed rental dollars as practical, a bona fide sublease may still be more economical than termination penalties or a full lease buy-out. Thus, a well-negotiated contract will allow the tenant some sublease pricing flexibility. Tenants should pay particular attention to the landlord’s proposed recapture terms,

which permit the landlord to terminate all or part of a tenant’s lease but may not necessarily absolve the tenant of contracted financial liabilities. It is important to specifically enumerate triggers for recapture, residual financial responsibilities, repossession notice requirements, and options to withdraw assignment proposals to minimize negative consequences to tenants looking to sublease. Most landlords will include a “Relocation Clause” in commercial office leases which gives them the right to move an existing tenant to another space in the building in order to accommodate another company’s requirement. The most common drivers behind the exercise of this option are size and tenant improvements. Tenants leasing 5,000 sf or more can usually negotiate the omission of this clause. If the landlord insists on its inclusion, the tenant should try to insert as many restrictions as possible into these provisions. Such restrictions should include “like and kind substitution” and landlord responsibility to pay for any and all costs associated with such a move, like new tenant improvements, physical moving expenses, letterhead and marketing collateral replacement, and new phone and data cabling. One of the key advantages of leasing versus owning is flexibility. As operational needs or market conditions change, a tenant can modify its lease over time. But this requires options to allow for contraction and/or expansion and cancellation, when necessary. Options don’t really cost anything to negotiate, although they do cost to exercise. Yet, they can be used as bargaining chips to ensure the tenant gets the best deal possible to preserve and enhance its bottom line. s John Reynolds, Vice President, and James Wachholz, Senior Vice President, work in commercial real estate at UGL Equis, Denver. March/April 2015 • www.cocpa.org •

Climbing Through Adversity

“What if’s” are tough. Just ask Brad McQueen, CPA, and his wife, Melissa. Together with Brad’s father and their dog, they spent a brutal night in May 2001, trapped in a snowstorm on Guanella Pass, after taking a wrong turn while summiting Mt. Evans. What if they hadn’t taken a wrong turn? What if the forecasted storm hadn’t blown in early? Instead of dwelling on the what if’s, the McQueens turned a near-tragedy into a story of survival. BY NATALIE ROONEY

• NewsAccount • March/April 2015

Member Profile

rad McQueen, CPA, an audit partner at EKS&H LLLP, Denver, began climbing Colorado’s 14ers with his father, Rich, in 1998. When he met Melissa that same year, they began climbing together. She summited her first 14er during the summer of 1999. The couple married in 2000 and kept on climbing.

ing their climb. Ominous black clouds were moving in fast, bringing the storm originally forecast for the following day. “At that point, we knew we needed to get down as quickly as we could,” Brad recalls. Everyone already was tired. When the snow started to fall, the rocks became slippery, and Malcolm had trouble climbing over

The 17th Climb On May 20, 2001, the McQueens and Rich, along with the McQueens' 80-pound Golden Retriever, Malcolm, decided to tackle Mt. Evans. By this time, Brad had 16 14ers under his belt, and Melissa had summited three. Following their plan, the group set out early to reach the top before any of Colorado’s typical afternoon storms rolled in. But sometime late that morning, the group made a wrong turn — and their first big mistake, Brad says — that took them to the top of nearby Mt. Spalding, a 13,842 foot summit about a mile away from their intended destination. “Had I not made that wrong turn, everything would have been just fine,” Brad says. In addition, they descended in the wrong direction, ending up at Summit Lake near the base of Mt. Evans and miles from their car. “We realized we had descended way too far,” he says. The group now had to climb back up over Mt. Spalding or Mt. Evans to reach their car. Since the trek would involve climbing either way and the weather was clear and beautiful, the group decided to continue up Mt. Evans by walking up the road, which was clear of cars prior to the Memorial Day opening scheduled for 11 days later. They thought taking the road would also be easier. Their ascent to the summit took longer than they had anticipated as they navigated the switchbacks designed to make it easy for motorized traffic — not hikers — to get to the top. “We were the only people on the mountain that day,” Brad says. “There was no one to ask for help.” At three o’clock, the group hit the summit. And when they reached the top, they could finally see to the north and west — a view that had been hidden from them dur-

them. Brad and his father created a sling-like contraption out of their ponchos to help lift the family pet from rock to rock. “That took so much time,” Brad remembers. “Over the years, my dad and I have talked about how we could have probably made it down in time if we’d abandoned Malcolm. But we couldn’t do it. He was our best friend and like a child to us.”

So Close and Yet So Far Just before dark, the hikers — and Malcolm — reached an area known as the Willows, a big, marshy swamp. By now, the heavy snow had created a virtual whiteout, obscuring the trail they had followed that morning. “Everything looked like it might be a trail,” Brad says. “But everything led to water.” Their fate was sealed when they crossed what they thought was a snowfield, but it turned out to be water. The snow held while Brad crossed, but his father fell through and was soaked from the waist down. Melissa chose a different route and also fell through. Her boots immediately filled with water. “Their clothes started to freeze,” Brad recounts. “Every time we tried to move on,

we encountered more water. We just couldn’t find our way out of there.” Once they realized they weren’t getting out that night, they set about finding shelter. They took refuge in a clump of trees and hunkered down.

The Waiting Game Their first goal was to get Rich, who had fallen into the deepest water, into dry clothes. He put on Brad’s extra pair of long underwear and Melissa’s extra wool socks. They attempted to light a fire with their waterproof matches, but everything was too wet to burn. In desperation, they even tried to light money on fire, to no avail. They used Malcolm as a pillow to keep their heads warm. Brad remembers the dog snored all night. After that, Brad says his memory gets fuzzy. Hypothermia set in. Within the hour, Melissa could feel her socks and boots freezing to her feet. Brad recalled a sixth grade outdoor education class that taught to get out of wet clothes so they removed her boots and socks. “That was our second big mistake,” he says. Because his father was already wearing Melissa’s dry socks, Brad put Melissa’s feet under his shirt, but that exposed him to the wind and brought his core temperature down. So they put her hat over her feet to try and keep them warm. “People have asked why we didn’t cut our dog open like on Star Wars and use him to keep her feet warm,” Brad says. “We weren’t going to do that. And I didn’t have a light saber with me.” Despite their desperate situation, the McQueens and Rich were calm. “We weren’t panicked in our hypothermic state,” Brad says. “I do remember leaning over and telling Melissa that we couldn’t fall asleep or we might not wake up.” Melissa single-handedly kept the group awake all night. How? “She grilled us with questions on birthdays and anniversaries,” Brad says. “And then she quizzed me on FASB numbers. Being a CPA helped save my life that night!”

Mountains | Continued on 24 March/April 2015 • www.cocpa.org •

Member Profile

Mountains | Continued from 23 At First Light When light began to appear on the horizon, Brad knew his feet were frozen. He struggled to stand, and, as he stepped away from the trees to get his bearings, he saw a glint to the west. He thought he could see a car no more than a half mile away. He decided to hike out, taking one of the group’s walkie talkies with him. Unbeknownst to him, his mother had called Search and Rescue the night before when the group failed to return home. The sheriff’s department had sent an officer to the parking lot where the family car was parked, but he never saw Brad’s white Subaru, which was obscured by the snow storm. The sheriff assumed the group had made it off the mountain and reported the “good news” that at least they appeared to have arrived back at the car. He figured they likely were in a ditch and had taken shelter in the car. The glint of light Brad saw was the sun reflecting off the windshield of the sheriff’s car. He had returned to see if he could locate them in the ditch. Brad radioed Melissa and Rich to see if they could make the 20-minute walk, following his tracks across the fresh snow. “They said they couldn’t move. The Alpine Rescue Team arrived shortly after that and took sleeping bags across the snow to get Melissa and my dad warmed up. A Flight for Life helicopter flew Melissa to the trailhead where I was waiting.” Brad and Melissa were transported by ambulance to Denver. Concerns over Rich’s heart meant he flew to Denver in the helicopter. Melissa spent ten days in the hospital. She had the first of four amputation surgeries in September, spending most of the summer with Visiting Nurse Association nurses coming twice a day to change her bandages and redress her wounds. She lost eight toes in all.

Surviving and Thriving Brad has gone on to complete all of Colorado’s 14ers, but he struggled with survivor’s guilt after being uninjured in the accident and watching his wife suffer. Melissa, however, saw the loss of her toes as a minor setback. She fully recovered and has summited nine 14ers since the accident. “She still enjoyed being in the outdoors and wanted to continue to hike and climb,” Brad says. Along with attempts to summit Mt. Rainier and Grand Teton, the McQueens summited 19,330 foot Mt. Kilimanjaro together in 2009. “We learned the hard way about the importance of being prepared for anything and how critical it is to approach the outdoors with the appropriate level of respect,” Brad advises, adding that the sayings

• NewsAccount • March/April 2015

‘Just because you love the mountains doesn’t mean they love you,’ and ‘The mountains don’t care,’ are so true. “We cringe anytime we hear someone say how they recently ‘conquered’ this fourteener or that fourteener,” he says. “The mountain has not been conquered. It merely allowed for safe passage on that particular day.” The McQueens have written a book about their experience, Exposed: Triumph & Tragedy in Mountain Climbing. “What we want people to take away from the book is that we get to choose how we deal with adversity,” Brad says. “Any time life is challenging, we remind ourselves and each other that we already got through the accident together. We know we can get through anything else that comes our way.” They also want readers to remember the messages of perseverance and stewardship. Perseverance from the standpoint that just like climbing big mountains, any worthy objective in life (whether personal or professional) can be accomplished one small step at a time. Stewardship from the standpoint that we live in a beautiful state, and it is incumbent on all of us to take care of it — following the principles of “leave no trace.” Brad says they also wrote the book so their kids would always know the story. And, they hope others learn from their mistakes. Fifty percent of the book’s sales go to the McQueens' four favorite outdoor nonprofit organizations: Volunteers for Outdoor Colorado; Colorado Fourteeners Initiative; Alpine Rescue Team (the rescue team that came to their aid); and Big City Mountaineers. s The McQueens' book is available at www.exposedmountainbook.com.

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Movers & Shakers The Durango Chamber of Commerce named Sidny K. Zink, CPA, Citizen of the Year. She joins a select club, becoming only the sixth woman in 40 years to receive the honor. Zink is currently a Colorado Transportation Commissioner for Region 8. She served on the Durango City Council for one term, including a year as mayor in 2007. The award particularly noted her participation on numerous community boards of directors. Michael D. Brooks, CPA, Dalby Wendland & Co., P.C., recently passed the Certified Public Accountant (CPA) Examination. Louise Dickinson, CPA, has joined the Denver office of Grant Thornton LLP as Tax Manager. Hein & Associates LLP has added Matthew O. Rolland, CPA, as partner. Lucas Denberg, CPA, CVA, MAFF, with Zick Business Advisers, Inc., has earned the Master Analyst in Financial Forensics Credential, specializing in Matrimonial Litigation. Jim Marty and Associates, LLC merged its accounting practice with Brock and Company, CPAs, P.C., effective Jan. 1, 2015. Marty and his professional staff will continue to serve clients at their present office location, 1714 Duchess Drive, Longmont. BKD LLP promoted Marcie Ardan, CPA, Nichole Kubly, CPA, and Ryan Sailor, CPA, to director; and Stelio Elenis, CPA, and Kristina Kesselring, CPA, to senior manager.

Classifieds Practices for Sale, Purchase, or Merger Fred Mehring, Select Business Group, Inc., specializes in the sale, merger, and acquisition of accounting and tax practices. Over 25 years of experience. Confidentiality stressed! Call Fred Mehring at 303-771-3100, fax 303-477-6010, or fmehring@selectbg.com.

In Memoriam We regret the loss of the following COCPA members. We extend our sympathy to their families, colleagues, and friends.

Doris M. Carpenter Member since 1973 Greeley, Colo. Jerry M. Brown Member since 1970 Pueblo, Colo.

Taking Payments, Anywhere

Heather C. Elzi, CPA, MS, MT, a senior manager with Ernst & Young LLP, has been elected to the Colorado Ovarian Cancer Alliance (COCA) Board of Directors. She also has been named treasurer of the Denver-based nonprofit.

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CPE: Unfortunately it doesn't stand for Cute Puppies Everywhere, but you know you need it. Toolkit of Best Practices for Today’s Controller and Financial Manager April 21 (COCPA) Yellow Book CPE • $355 / $507 Annual Update for Controllers April 22 (COCPA or Webcast) • $355/$507 FASB Review for Business & Industry April 23 (COCPA or Webcast) • $355 / $507

Internal Control Essentials for Accountants and Auditors April 24 (COCPA) • $355 / $507 Financial Leadership: Create and Deliver Value April 27 (COCPA or Webcast) 4-hour course • $170 / $243

Critical Thinking Skills: For Financial Professionals April 27 (COCPA or Webcast) 4-hour course • $170 / $243 Colorado Board of Accountancy Statutes, Rules, and Regulations April 29 (Webcast) • $85 / $121

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