2024-08-14T11:58:35-05:00 2024-03-31 621036705 MAGGART & ASSOCIATES PC 1201 DEMONBREUN ST STE 1220 NASHVILLE TN 372033140 990 2023-04-01 620854743 EDUCATIONAL & MEMORIAL FOUNDATION OF TENNESSEE SOCIETY OF CPAS EDUC 6153773825 201 POWELL PLACE BRENTWOOD TN 37027 KARA N FITZGERALD PRESIDENT/CEO 6153773825 2024-08-14 1 0 MICHAEL T HOLLAND P00101421 6152526100 2023 2024-08-08 14:25:15Z KARA N FITZGERALD 201 POWELL PLACE BRENTWOOD TN 37027 2794019 0 X WWW.TSCPA.COM X 1971 TN THE MISSION IS TO FURTHER THE STUDY, PRACTICE, AND/OR TEACHING OF ACCOUNTANCY AND RELATED FIELDS THROUGH PROVISION OF EDUCATIONAL OPPORTUNITIES TO THE CPA PROFESSION AND PROVIDING SCHOLARSHIPS FOR PROMISING YOUNG ACCOUNTING STUDENTS. 110 110 0 110 0 0 195670 233405 2094682 2129804 104449 167586 1685 1539 2396486 2532334 260000 275000 0 0 680975 723340 0 0 0 1306218 1375018 2247193 2373358 149293 158976 3624629 3941695 188885 162039 3435744 3779656 TO FURTHER THE STUDY, AND/OR TEACHING OF ACCOUNTANCY AND RELATED FIELDS THROUGH PROVISION OF EDUCATIONAL OPPORTUNITIES TO THE CPA PROFESSION AND PROVIDING SCHOLARSHIPS FOR PROMISING YOUNG ACCOUNTING STUDENTS. 0 0 1989561 2131343 CPE COURSE COSTS FOR 759 COURSES ATTENDED BY 20,917 PARTICIPANTS THROUGHOUT THE 2023 - 2024 FISCAL YEAR. 275000 275000 SCHOLARSHIPS FOR 118 STUDENTS ATTENDING COLLEGES IN TENNESSEE AND MAJORING IN ACCOUNTING. N/A 2264561 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 20 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 X 110 110 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 TN X X KARA N FITZGERALD 6153773825 201 POWELL PLACE BRENTWOOD TN 37027 KARA FITZGERALD PRESIDENT/CEO 5.00 35.00 X 0 325481 23700 B BRADFORD FLOYD FORMER PRESIDENT/CEO 0.00 0.00 X 0 235000 0 KATHRYN B CHEEK CHIEF OPERATING OFFICER 8.00 32.00 X 0 136790 12276 JUSTIN J STEELE DIR OF PROF DEVELOPMENT 39.00 1.00 X 0 112294 1200 ALESHIA D GARRETT DIR OF COMMUNICATIONS & TECHNOLOGY 10.00 30.00 X 0 104269 3550 JONATHAN BAILEY CHAIR 1.00 X 0 0 0 KELLY CROW CHAIR-ELECT 1.00 X 0 0 0 GEOFFREY STEWART PAST CHAIR 1.00 X 0 0 0 HEATHER BATSON SECRETARY 1.00 X 0 0 0 GINA PRUITT TREASURER 1.00 X 0 0 0 GREGORY DAVIS DIRECTOR 1.00 X 0 0 0 RICHARD HILL DIRECTOR 1.00 X 0 0 0 JENNEEN REED DIRECTOR 1.00 X 0 0 0 DIMETA SMITH KNIGHT DIRECTOR 1.00 X 0 0 0 KEITH O'CONNOR DIRECTOR 1.00 X 0 0 0 MARCIE WILLIAMS DIRECTOR 1.00 X 0 0 0 MARILYN YOUNG DIRECTOR 1.00 X 0 0 0 0 913834 40726 0 1 1 0 0 233405 233405 REVENUE - CPE 611600 2129804 2129804 2129804 117133 117133 312138 261685 50453 50453 50453 OTHER REVENUE 900099 1539 1539 1539 2532334 2131343 0 167586 275000 275000 55800 55800 517488 517488 106571 106571 43481 43481 21161 21161 14536 14536 46250 46250 23015 22889 126 145676 118952 26724 154246 154246 51823 51823 393417 393417 28082 28082 31718 31718 HONORARIUM 422002 422002 BANK CHARGES 42942 42942 OTHER EXPENSES 150 150 2373358 2264561 108797 0 127263 63309 238225 263438 34724 30999 39395 31430 1193 11958 3183829 3540561 3624629 3941695 27583 27554 57218 37126 104084 97359 188885 162039 X 1726370 2032582 1709374 1747074 3435744 3779656 3624629 3941695 158976 184936 0 X 0 1 X 1 0 X 267778 269896 321477 195670 233405 1288226 2250232 2059631 2028684 2096367 2131343 10566257 2518010 2329527 2350161 2292037 2364748 11854483 0 0 0 11854483 23189 16996 46630 68487 117133 272435 23189 16996 46630 68487 117133 272435 22189 15996 45630 67487 116133 267435 2563388 2362519 2442421 2428011 2598014 12394353 0.95640 0.97220 0.02200 0.01410 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1794374 47700 120000 1722074 1754999 174375 135000 1794374 1601626 287952 134579 1754999 1452518 264108 115000 1601626 1326865 235653 110000 1452518 0.04940 0.95060 0.00000 0 1 1 0 INTERCOMPANY 97359 97359 X PART V, LINE 4: THE ORGANIZATION HAS ESTABLISHED ENDOWMENT FUNDS TO ENSURE THE OBSERVANCE OF LIMITATIONS AND RESTRICTIONS PLACED ON THE USE OF CONTRIBUTIONS AND SUPPORT TO THE FOUNDATION. THESE CONTRIBUTIONS ARE PERMANENTLY INVESTED. A DESCRIPTION OF THESE FUNDS FOLLOWS: *THE LIFE ASSOCIATES SCHOLARSHIP FUND WAS CREATED TO ACCOUNT FOR THE PROCEEDS OF THE ORGANIZATION'S PRIMARY FUNDRAISING ACTIVITIES. THIS FUND RECEIVES ALL LIFE ASSOCIATES' CONTRIBUTIONS NOT OTHERWISE RESTRICTED. THE FUND'S INVESTMENT INCOME SUPPORTS THE ORGANIZATION'S PRIMARY SCHOLARSHIP PROGRAMS. EARNINGS ON THESE INVESTMENTS ARE RECORDED AS UNRESTRICTED SINCE THEY FUND THE CURRENT SCHOLARSHIP AWARDS. *THE JOHN GLENN FUND GRANTS AWARDS TO INDIVIDUALS OF EXCEPTIONAL PERFORMANCE ON THE UNIFORM CERTIFIED PUBLIC ACCOUNTANCY EXAMINATIONS GIVEN IN THE STATE OF TENNESSEE. *THE PAUL L. ROYSTON FUND, ROBERT W. KNAPP FUND, MAXIE O. PATTON FUND, RICHARD L. TOWNSEND FUND, WILL J. PUGH FUND, CALVIN A. & JEAN C. KING FUND, BERNIE GOLDSTEIN FUND, WARD HARDER FUND, MEMPHIS CHAPTER FUND, NASHVILLE CHAPTER FUND, CHATTANOOGA CHAPTER FUND, WEST TENNESSEE CHAPTER FUND, APPALACHIAN CHAPTER FUND, B. BRADFORD FLOYD FUND, DELOITTE FUND, BRUCE SULLIVAN FUND, DAVID K. MORGAN FUND, IMOGENE A. POSEY FUND, R. MICHAEL CAIN FUND, PAULA B. THOMAS FUND, ROBERT V. WHISENANT FUND, AND DEBBIE NEWELL FUND EACH SUPPORT ANNUAL SCHOLARSHIPS TO DESERVING ACCOUNTING STUDENTS. THE ORGANIZATION'S TRUSTEES, WITH ASSISTANCE FROM THE SOCIETY'S SCHOLARSHIP COMMITTEE, DETERMINE THE RECIPIENTS OF THE SCHOLARSHIPS AND OTHER AWARDS. PART X, LINE 2: THE SOCIETY AND THE AFFILIATED LOCAL CHAPTERS ARE EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE, WITH THE EXCEPTION OF TAXES ON UNRELATED BUSINESS ACTIVITY. THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, WITH THE EXCEPTION OF TAXES ON UNRELATED BUSINESS INCOME ACTIVITY. THE SOCIETY AND THE AFFILIATED LOCAL CHAPTERS AND FOUNDATION ARE TAXABLE FOR STATE EXCISE TAXES RELATED TO UNRELATED BUSINESS INCOME ACTIVITY. THE TSCPA FOLLOWS FASB ASC 740, INCOME TAXES, WHICH PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. FASB ASC 740 ALSO PROVIDES GUIDANCE ON DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. THE TSCPA EVALUATES THE TAX POSITIONS TAKEN ON TAX FILINGS AND CONSULTS WITH OUTSIDE PROFESSIONALS IN EVALUATING THE LIKELIHOOD OF UNFAVORABLE RESULTS FROM ANY SUCH TAX POSITION. THE TSCPA HAS DETERMINED FASB ASC 740 HAS NO MATERIAL EFFECT ON THE FINANCIAL STATEMENTS DUE TO THE MINIMAL NATURE OF THE PRESENT LEVEL OF UNRELATED BUSINESS INCOME. 1 SCHOLARSHIPS 118 275000 BOOK PART I, LINE 2 - PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS THE FUNDS DISTRIBUTED ARE DETERMINED BY THE EDUCATIONAL & MEMORIAL FOUNDATION BOARD. ONCE APPROVED THESE FUNDS ARE ALLOCATED AND MONITORED BY THE TSCPA SCHOLARSHIP COMMITTEE. X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 KARA FITZGERALD PRESIDENT/CEO 0 325481 0 0 0 0 0 22500 0 1200 0 349181 0 0 B BRADFORD FLOYD FORMER PRESIDENT/CEO 0 0 0 0 0 235000 0 0 0 0 0 235000 0 0 SCHEDULE J, PART II AS A MEANS OF RECOGNIZING PAYROLL TAX OBLIGATION IN ACCORDANCE WITH DEFERRED COMPENSATION AGREEMENTS, FORMER CEO/PRESIDENT RECEIVED A 2023 W-2 FOR $235,000 FROM A RELATED ORGANIZATION. THIS INCLUDED FEDERAL INCOME TAX ALONG WITH TAXES WITHELD ON MEDICARE/SOCIAL SECURITY RELATED TO DEFERRED COMPENSATION WHICH WAS REIMBURSED TO TSCPA. HIS DEFERRED COMPENSATION DISTRIBUTION WAS $75,000 FOR FISCAL YEAR 2024. FORM 990, PART VI, SECTION B, LINE 11B ORGANIZATION'S PROCESS TO REVIEW FORM 990 FORM 990 IS PRESENTED TO AND REVIEWED BY THE EDUCATIONAL AND MEMORIAL FOUNDATION MANAGEMENT, THE BOARD CHAIR, THE AUDIT COMMITTEE, AND THE TREASURER, PRIOR TO ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C ENFORCEMENT OF CONFLICT OF INTEREST POLICY THE ORGANIZATION REQUIRES SIGNED CONFLICT OF INTEREST STATEMENTS ANNUALLY FROM THE TSCPA BOARD OF DIRECTORS, BOARD OF TRUSTEES, AND THE CHAPTER OFFICERS AND BOARD MEMBERS. THE ORGANIZATION CONVEYS AN AWARENESS OF THE NEED TO AVOID ALL CONFLICTS OF INTEREST AND APPEARANCES OF CONFLICTS OF INTEREST. CONFLICTS OF INTEREST INCLUDE, BUT ARE NOT LIMITED TO, TRANSACTIONS BETWEEN VENDORS OR BUSINESSES AND THE ORGANIZATION'S DIRECTORS, OFFICERS, EMPLOYEES, VOLUNTEERS, BOARD MEMBERS OR FAMILIES OF ANY OF THESE PARTIES. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION PROCESS FOR TOP OFFICIAL COMPENSATION IS DETERMINED BY A PERSONNEL COMMITTEE THAT IS APPOINTED BY THE CHAIR FOLLOWING EVALUATION OF JOB PERFORMANCE AND A REVIEW OF COMPARATIVE COMPENSATION PACKAGES FOR OTHER STATE ASSOCIATIONS. FORM 990, PART VI, SECTION B, LINE 15B: COMPENSATION PROCESS FOR OFFICERS COMPENSATION IS DETERMINED BY A PERSONNEL COMMITTEE THAT IS APPOINTED BY THE CHAIR. TOTAL BUDGETED STAFF COMPENSATION IS REVIEWED AND APPROVED BY THE FINANCE COMMITTEE, BOARD OF DIRECTORS, AND COUNCIL. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS DISCLOSURE EXPLANATION THE GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, SCHEDULE D, PART V, LINE 1-2: THE ORGANIZATION PRESENTS THE ENDOWMENT FUNDS FOR THE CURRENT YEAR AND PAST FOUR YEARS IN ITS TAX RETURN TO COINCIDE WITH THE FINANCIAL STATEMENT DISCLOSURE ASSOCIATED WITH THE ENDOWMENT FUNDS CONTAINED WITHIN THE AUDITED FINANCIAL STATEMENTS. ENDOWMENT FUNDS AS REFLECTED ON PART V REPRESENTS THE CONSOLIDATED ENDOWMENT AS DISCLOSED WITHIN THE CONSOLIDATED ORGANIZATION'S FINANCIAL STATEMENTS. THE CURRENT END OF YEAR BALANCE INCLUDES $147,675 ATTRIBUTABLE TO SUCH ENDOWMENT FUNDS AS MAINTAINED BY INDIVIDUAL CHAPTERS WITHIN THE TENNESSEE SOCIETY OF CPAS GROUP TAX RETURN. FORM 990, PART I, LINE 15 SALARIES, OTHER COMPENSATION, AND EMPLOYEE BENEFITS AS IDENTIFIED IS DERIVED FROM THE FUNCTIONAL ALLOCATION OF SERVICES RENDER IN ASSOCIATION WITH TENNESSEE SOCIETY OF CPAS. TENNESSEE SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS 201 POWELL PLACE BRENTWOOD TN 37027 620636194 SUPPORT TN 501C6 TN SOCIETY 0 TENNESSEE SOCIETY OF CPAS GROUP (CHAPTERS) 201 POWELL PLACE BRENTWOOD TN 37027 237415944 CHAPTERS TN 501C6 TN SOCIETY 0 0 0 1 0 0 0 0 0 0 0 1 0 1 1 0 0 0 1 1 TENNESSEE SOCIETY OF CPAS C 4900 TENNESSEE SOCIETY OF CPAS M 954985 TENNESSEE SOCIETY OF CPAS N 45300 TENNESSEE SOCIETY OF CPAS S 5805 TENNESSEE SOCIETY OF CPAS R 95264 TENNESSEE SOCIETY OF CPAS K 21368 SCHEDULE R - ADDITIONAL INFORMATION TENNESSEE SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS (TSCPA) IS A DIRECT CONTROLLING ENTITY OF THE EDUCATIONAL & MEMORIAL FOUNDATION OF THE TENNESSEE SOCIETY OF CPAS. TSCPA'S PRIMARY ACTIVITIES INCLUDE PROVIDING MEMBER SERVICES AND SUPPORTING CONTINUING EDUCATION PROGRAMS.