Where Are They Now: Scholarships Equal Success Founded in 1958, the Educational Foundation of COCPA provides scholarships to Colorado accounting students who are on the path to a CPA career. Meet some of the more recent scholarship recipients and learn what they’re up to today

Where Are They Now: SCHOLARSHIPS EQUAL SUCCESS

BY NATALIE ROONEY

Founded in 1958, the Educational Foundation of COCPA provides scholarships to Colorado accounting students who are on the path to a CPA career. Scholarships of $2,500 are awarded for the fall term and may be applied to tuition, textbooks, fees, and on-campus room and board. Applicants must be COCPA members and must be juniors, seniors, or graduate students attending eligible Colorado colleges and universities.

The number of scholarships awarded has grown from 21 scholarships in 2010 to 46 scholarships in 2019.

One scholarship recipient, Sheila Balzer, became a CPA and eventually became the President of the Educational Foundation’s Board of Trustees. She also served as COCPA Chair in 2014.

Meet some of our more recent scholarship recipients and learn what they’re up to today.

Danielle heard about the COCPA scholarships after a professor at the University of Colorado Colorado Springs sent an email to the class. She had been taking an increased course load throughout her time at UCCS which added to her tuition costs every semester. “I’m a driven person, and I was trying to graduate early, but the added costs made doing so just out of my reach,” she says. Once she received the scholarship in 2012, which offered welcome financial relief, she was able to focus on school and pursuing internships. During Gaffney’s last semester, she interned at Stockman Kast Ryan + Co. where she began work full time right after graduation. “Since then, I’ve worked hard and climbed the ladder to become a tax manager,” she says. “Now I can pay it forward and help other students with internships and training. The internship during my last semester at UCCS got me the job and has propelled my career ever since. In addition to scholarships, I worked full time while in school to save for my CPA studying software.” Gaffney credits that purchase with helping her pass the Uniform CPA Examination just six months after graduation. DANIELLE GAFFNEY, CPA, TAX MANAGER, STOCKMAN KAST RYAN + CO., COLORADO SPRINGS

“I’m incredibly lucky,” she says. “Ultimately, I was able to graduate without any student debt because of the financial support through small scholarships which I received from multiple organizations like the COCPA.”

CHRISTOPHER BATTRAW, CPA, CMA, MPACC, STAFF AUDIT AND TAX MEMBER, KUNDINGER, CORDER, & ENGLE, PC, DENVER

Chris received the Foundation’s Hugh C. Braly Scholarship in 2015. His professors at Metropolitan State University of Denver encouraged him to become involved with the COCPA to network and learn about career opportunities. “That led me to finding out about the Foundation’s scholarships,” he says. A non-traditional student, Battraw had dropped out of high school, earning his GED through the assistance offered at a homeless shelter. Through discussion with the shelter’s representative and Battraw’s immediate family members about career options, “It seemed like there would be a lot of opportunities if I pursued accounting,” he recalls. While participating in COCPA’s Student Interview Day, Battraw met with Steve Corder of Kundinger, Corder, & Engle. “I thought the nonprofit sector sounded like a great niche,” he says. “I was very fortunate to have found out about the firm.” He accepted KCE’s offer and joined the firm two months after graduation. Battraw credits the scholarship and his COCPA student membership as critical to his success. “The greatest thing to me was the presence of the COCPA itself,” he says. “It allowed me to connect with professionals.” Battraw worked while in school and tried to pay off student debt but acknowledges it was tough. “The COCPA scholarship helped with that at the end.” He has continued his COCPA membership since graduation. “I realized I wanted to get more involved,” he says. “I love the COCPA and the things it does. I’m so thankful for the opportunities.”

“The greatest thing to me was the presence of the COCPA itself. It allowed me to connect with professionals.”

MATT LAUSTEN, CPA, CFE, MPACC, PARTNER, BETZER CALL LAUSTEN SCHWARTZ, DENVER

Matt was awarded an Educational Foundation scholarship while he was a graduate student at Metropolitan State University of Denver. No stranger to the scholarship process – he was awarded the Boettcher Scholarship as an undergraduate student – Matt was grateful for the additional support while pursuing his Master’s in Accountancy. “I felt very lucky,” he says. “Financial support changes your life.”

A longtime COCPA member, Matt “did everything in reverse professionally.” He attended Colorado College and earned a degree in economics with a minor in history. He worked for several years doing technical data work at a consulting firm but saw that the partners were all CPAs. “I was never going to make partner without the designation,” he says. “The CPA designation opens a lot of doors beyond what people think of as the traditional roles.” He decided to take evening courses at Metro to earn his CPA and CFE credentials. A couple of years later, he returned to Metro to pursue his master’s in accountancy. Through a COCPA networking event, Matt met COCPA member Sheri Betzer, CPA. She asked him to assist on a Ponzi scheme investigation and later invited him to join her firm. Betzer offered Matt an opportunity to guest-lecture in her graduate-level class at Metro, which eventually led to him pursue his graduate degree and develop the class in data analytics he now teaches. Currently, Matt is a partner at with the firm, which specializes in forensic accounting work. He leads the firm’s data analytics practice and offers expert testimony in forensic accounting, accounting reconstruction, fraud investigation, lost profits, and economic damages.

Matt received the Foundation’s Gordon Scheer Scholarship in 2012, which was particularly meaningful as Scheer is a family friend. “I’m so grateful to the Educational Foundation and the Society,” he says. “I talk to my students about being involved in the profession now. Teaching is how I give back to the professional community. In my classes, I emphasize that the CPA credential and career path offer many different options.”

OLIVIA HUNSINGER, CPA, STAFF ACCOUNTANT, FORT COLLINS HOUSING CATALYST, FORT COLLINS

While attending Adams State University, Olivia had the good fortune to hear a presentation by a COCPA staff member who talked about the organization and the various opportunities for students. “She talked about scholarships and Student Interview Day,” Olivia recalls. “I realized I could earn scholarship money for being an accounting major. I thought I’d take a chance and apply. I thought it was great that money was out there for people, and it was nice that it was accounting specific. Every little bit helped a lot.” Olivia calls the scholarship “a real blessing” and adds that years later, she continues to reap long-term benefits from the financial award she received in 2014. “It took me five and a half years to graduate, but I finished school without any student debt,” she says. “I didn’t realize then how much that would impact me until I talked to coworkers who have high loan debt and are constantly struggling.”

Olivia says she was able to begin contributing to her retirement immediately while others couldn’t afford it. “If you compound what I’m able to contribute now, it will go a long way toward my retirement,” she says. “I have always been able to contribute above the match from the beginning. I couldn’t have done that without the scholarship assistance.”

Reporting Changes Proposed for Gifts-in-Kind

The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) intended to improve transparency around how not-for-profit organizations present and disclose contributed nonfinancial assets, also known as gifts-in-kind. Examples of contributed nonfinancial assets include fixed assets such as land, buildings, and equipment; the use of fixed assets or utilities; materials and supplies, such as food, clothing, or pharmaceuticals; intangible assets; and/or recognized contributed services. The proposed ASU would require a not-forprofit organization to present contributed nonfinancial assets as a separate line item in

the statement of activities, apart from contributions of cash or other financial assets. It would also require a not-for-profit to disclose: • Contributed nonfinancial assets received disaggregated by category that depicts the type of contributed nonfinancial assets, and • For each category of contributed nonfinancial assets received: - Qualitative information about whether the contributed nonfinancial assets were or are intended to be either monetized or utilized during the reporting period and future periods. If utilized, a description of the programs or other activities in which those assets were or are intended to be used. - A description of any donor restrictions associated with the contributed nonfinancial assets. - The valuation techniques and inputs used to arrive at a fair value measure, including the principal market (or most advantageous market) if significant, in accordance with the requirements in Topic 820, Fair Value Measurement. The proposed ASU, including a “FASB In Focus” overview and information about how to submit comments, is available at fasb.org. Stakeholders are encouraged to review and provide input on the proposed ASU by April 10, 2020.

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