American Institute Of Certified Public Accountants Foundation
- Assets
- $8.8m
- Revenue
- $1.4m
- Investments
- $958.8k
- Employees
- 0
- Location
- Durham, NC
- Founding
- 01/1980
- Data as of
- 12/2023
- EIN
- 13-6169602
Organization Overview
American Institute Of Certified Public Accountants Foundation is located in Durham, NC. The organization was established in 1980. According to its NTEE Classification (T99) the organization is classified as: Philanthropy, Voluntarism & Grantmaking Foundations N.E.C., under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. American Institute Of Certified Public Accountants Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, American Institute Of Certified Public Accountants Foundation generated $1.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (8.3%) each year. All expenses for the organization totaled $2.3m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, American Institute Of Certified Public Accountants Foundation has awarded 55 individual grants totaling $4,332,313. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVANCE THE SCIENCE OF ACCOUNTANCY AND TO DEVELOP AND IMPROVE ACCOUNTANCY EDUCATION THROUGH PROGRAMS FOCUSING ON CULTURAL DIVERSITY IN THE ACCOUNTING PROFESSION, ETHICAL BUSINESS BEHAVIOR AND FINANCIAL LITERACY, AMONG OTHER PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACCOUNTING EDUCATION AND RESEARCH: THE FOUNDATION PROVIDES SCHOLARSHIPS TO ACCOUNTING PHD STUDENTS TO HELP ADDRESS THE SHORTAGE OF PHD ACCOUNTING FACULTY AT COLLEGES AND UNIVERSITIES. MORE THAN 100 ADS PROGRAM SCHOLARS ENROLLED IN ACCOUNTING DOCTORAL PROGRAMS ACROSS THE UNITED STATES.THE AICPA FOUNDATION TWO-YEAR TRANSFER SCHOLARSHIP WAS ESTABLISHED IN 2013. THIS AWARD PROVIDES FINANCIAL ASSISTANCE TO STUDENTS AT TWO-YEAR COLLEGES STUDYING BUSINESS, ACCOUNTING, FINANCE OR ECONOMICS WITH A DECLARED INTENT TO MAJOR IN ACCOUNTING AT A FOUR-YEAR COLLEGE OR UNIVERSITY. RECIPIENTS OF THE JOHN L. CAREY SCHOLARSHIP PROGRAM ARE GIVEN FINANCIAL ASSISTANCE FOR THE PURSUIT OF GRADUATE ACCOUNTING STUDY. THE ACCOUNTING PROGRAM FOR BUILDING THE PROFESSION IS AN EFFORT TO TRAIN HIGH SCHOOL EDUCATORS TO TEACH ADVANCED ACCOUNTING COURSES, WITH A LONG TERM GOAL OF ACHIEVING THE COLLEGE BOARD'S APPROVAL OF A HIGH SCHOOL CURRICULUM AND EXAMINATION THAT IS ACCREDITED FOR ADVANCED PLACEMENT.
THE AICPA MINORITY ACCOUNTING SCHOLARSHIPS PROVIDE FINANCIAL AWARDS TO OUTSTANDING MINORITY STUDENTS SHOWING SIGNIFICANT POTENTIAL TO BECOME CPAS. THE FOUNDATION'S MINORITY DOCTORAL FELLOWSHIP PROGRAM ENSURES THAT CPAS OF DIVERSE BACKGROUNDS ARE VISIBLE IN COLLEGE AND UNIVERSITY CLASSROOMS AND SERVE AS ROLE MODELS AND MENTORS TO YOUNG PEOPLE WHO ARE PLANNING THEIR EDUCATION AND CAREERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Scott Showalter Board Liaison | Trustee | 0.3 | $0 |
Bridget Kaigler Trustee (outgoing) | Trustee | 0.3 | $0 |
Charmone Adams Trustee | Trustee | 0.3 | $0 |
Frederick Niswander Treasurer | OfficerTrustee | 0.3 | $0 |
Guido Geerts Trustee (outgoing) | Trustee | 0.3 | $0 |
Jessica Cormier Trustee (outgoing) | Trustee | 0.3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $47,705 |
| Related organizations | $382,723 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $681,965 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,112,393 |
| Total Program Service Revenue | $0 |
| Investment income | $220,862 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $76,078 |
| Net Income from Fundraising Events | -$12,624 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,396,709 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,626,656 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $27,516 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $13,787 |
| Fees for services: Other | $364,616 |
| Advertising and promotion | $0 |
| Office expenses | $12,979 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $64,187 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $157,648 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $7,936 |
| Total functional expenses | $2,275,325 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $250,000 |
| Savings and temporary cash investments | $792,813 |
| Pledges and grants receivable | $4,000 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $6,747,131 |
| Investments—other securities | $958,799 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,000 |
| Total assets | $8,762,743 |
| Accounts payable and accrued expenses | $93,370 |
| Grants payable | $218,000 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $174,120 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $96,960 |
| Total liabilities | $582,450 |
| Net assets without donor restrictions | $7,208,859 |
| Net assets with donor restrictions | $971,434 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $8,762,743 |
Grants Awarded
Over the last fiscal year, American Institute Of Certified Public Accountants Foundation has awarded $160,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
NABA INC PURPOSE: SUPPORT OF ACCOUNTING DEVELOPMENT | $50,000 |
NORTH CAROLINA A&T STATE UNIVERSITY PURPOSE: SUPPORT OF ACCOUNTING DEVELOPMENT | $50,000 |
HOWARD UNIVERSITY - CENTER FOR ACCOUNTING EDUCATION PURPOSE: SUPPORT OF ACCOUNTING DEVELOPMENT | $10,000 |
NATIONAL SOCIETY OF BLACK CERTIFIED PUBLIC ACCOUNTANTS INC PURPOSE: SPONSORSHIP | $50,000 |