The Houston CPA Society/Houston TSCPA Foundation Accounting Scholarship Endowment was established with an initial gift of $250,000 from Stanley and Margaret Voelkel in May 2011. This Endowment has been created to secure more resources to assist qualified, high-performing students demonstrating financial needs to pursue or continue their studies in accounting.

The realized earnings from this Permanent Endowment will supplement the proceeds from the annual Scholarship Extravaganza. The goal of the annual extravaganza is to fund a minimum of 30 scholarships of $3,500 each annually at the eight universities in the geographic membership area of the Houston CPA Society with accounting programs qualifying their students to sit for the CPA exam. Potential scholarship awardees must commit to become a CPA and enter the profession in Texas.

Over the past ten years, the Houston CPA Society has awarded 306 scholarships from the annual Scholarship Extravaganza totaling over $1 million. A sound and well-funded Permanent Endowment will smooth the variations in net proceeds available for scholarships from the annual event.

The Steering Committee accomplished its goal of matching the initial $250,000 gift by December 2013. The Steering Committee has expanded the opportunities for Houston CPA Society members to participate in the growth of the Permanent Endowment, and ultimately seek commitments of $2,000,000 (which can be funded through installment payments) before they consider their work done. The funds received are invested pursuant to guidelines established by the Houston CPA Society/Houston TSCPA Foundation Investment Policy.

The Steering Committee and leadership of the Houston CPA Society invite all members to join in making the Houston TSCPA Foundation Accounting Scholarship Endowment a success and model for other Chapters. Download a Commitment/Pledge form and review the supporting information below. Questions and suggestions are welcomed; you may contact Society Executive Director Jennifer Poff. We look forward to your support of higher education and our profession. Your investment will assist students requiring financial aid for many years.

Early contributors to this expansion of the Founders contribution at a generous level of $25,000 or more will join the Voelkels as a Founding Member. Review a list of the current ASE Donors HERE.

 

 
Area Universities Receiving Houston CPA Society Scholarships

 

Houston Baptist University
Prairie View A & M
Sam Houston State University
Texas Southern University
University of Houston – Bauer College
University of Houston – Clear Lake
University of Houston – Downtown
University of St. Thomas

FAQs

Q: Why was a permanent Accounting Scholarship Endowment established?
A: The Houston CPA Society/Houston TSCPA Foundation and the Voelkels believe that the accounting profession needs to secure more resources to assist qualified, high-performing students to pursue or continue their studies in accounting. Realized earnings from the permanent Endowment will provide additional resources to supplement and smooth variations in proceeds available for accounting scholarship awards from annual events.

Q: I thought the Scholarship Extravaganza net proceeds were going to the Permanent Endowment.
A: The permanent Endowment was only established in May, 2011 with an initial gift from the Voelkels of $250,000. Presently, 80% of the net proceeds from the annual Scholarship Extravaganza are allocated to an annual pool of funds for scholarship awards with the current objective of awarding 30 $3,500 scholarships. Any remaining net proceeds from the annual event allocated to scholarships may be designated by the Board of Directors to the permanent Endowment or additional scholarships for the year of the event.

Q: Can I contribute to both?
A: Yes, and the Houston CPA Society/Houston TSCPA Foundation earnestly hopes that you will be led to do so.

Q: Should I choose between the Scholarship Extravaganza or the permanent Endowment?
A: The Houston CPA Society/Houston TSCPA Foundation appreciates the continued support of all prior contributors of the annual Scholarship Extravaganza with a commitment to the annual event. The Scholarship Extravaganza provides great opportunities for recognition of key leaders of our Society and interaction of members and friends of the accounting profession. We would also be very grateful if those Extravaganza supporters would consider for a period of time making a commitment to build our permanent Accounting Scholarship Endowment to a level (initial target is $2,000,000) where it’s realized earnings can be relied on for assisting with the annual scholarship awards by the Society.

Q: I did not attend a Houston CPA Society area university. Many of our new entrant employees likewise come from other universities. Can I designate my contribution for another university in Texas with a 5-year accounting program?
A: The Houston CPA Society membership is comprised of an extensive diversity of universities throughout Texas, our nation and some other countries. The Houston CPA Society also realizes that most of its members already participate in some form of annual or lifetime commitment to their alma mater. We believe that the Society should limit its university support to only those within the Society’s geographic boundaries that offer a structured program in accounting qualifying their students to sit for the CPA Exam in Texas. The Houston CPA Society has representation from each of the qualifying 8 universities and has a faculty liaison at each school involved in our scholarship awards process.

Q: My Company/Firm has made significant contributions to accounting education at many universities in Texas, including some within the Houston CPA Society area group of 8. Why should we contribute more to the Houston CPA Society/Houston TSCPA Foundation Accounting Scholarship Endowment?
A: The Houston CPA Society/Houston TSCPA Foundation recognizes that most large employers have been very supportive of the universities where they garner a large number of candidates for their entrant employee programs. While some of the Houston area universities may not be highly represented within your company/firm, most have some representation. The Houston CPA Society/Houston TSCPA Foundation also believes that many of the students from our Houston area schools who may not initially enter your company/firm directly from campus often attain a position after gaining very valuable and successful experience at other employers. Their core education experience is a vital aspect of their contributions to your organization.

Q: I have worked hard for all that I have earned. I want to be sure that scholarships are only awarded to deserving students who will contribute to our profession.
A: The Houston CPA Society/Houston TSCPA Foundation takes its responsibility for reward of scholarships to area universities and students very seriously. It has faculty liaisons with all 8 universities. Each applicant must have a faculty sponsor who will attest to personal ethics. The applicant must demonstrate financial need, high academic achievement/performance overall and in accounting, and must commit to enter the profession in Texas. Many awardees subsequently join the Society Student Auxiliary.

Q: How can we have any direct involvement in the Accounting Scholarship Endowment and/or annual award of scholarships?
A: The Accounting Scholarship Endowment is governed by the Houston CPA Society/Houston TSCPA Foundation Board of Directors who are leaders selected annually from active participating members of the Society’s 34 committees and other activities and programs of the Houston CPA Society/Houston TSCPA Foundation. The Society has an annual awards banquet in May where all contributors to the annual Scholarship Extravaganza and the permanent Endowment are invited to attend. Donors contributing at least $5,000 to the Extravaganza will have a specific scholarship awardee aligned with them. For all donors contributing $25,000 to the permanent Endowment and desiring to designate their contribution to a specific Houston CPA Society/Houston TSCPA Foundation area qualifying school, we will assist the donor, if so desired, with special recognition at the designated university.

Q: Since this is a permanent Endowment, are you willing to accept other than monetary contributions?
A: Yes, but as you can understand, the Houston CPA Society/Houston TSCPA Foundation must be able to assess and approve any non-monetary contribution other than publicly traded securities. Publicly traded securities will be managed with other marketable securities investments according to the Houston CPA Society/Houston TSCPA Foundation Investment Policy. The President and Treasurer will evaluate any other assets to be donated and work with its advisers and the donor to develop a plan for management of the highest long-term return to the Endowment.