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Board hears WSCPA report: $3 million in board funds, 20-year paydown for CPA scholarship
Summary
The Scholarship Oversight Committee reported the CPA scholarship fund was established by 2015 legislation, includes $3 million contributed by the Board, has a 20-year paydown period under current contract, and the Board currently pays $30,000 annually for scholarship administration.
The Board received a report from the Scholarship Oversight Committee and Kimberly Scott, President and CEO of the Washington Society of CPAs (WSCPA), on the CPA scholarship program. Scott said the scholarship fund was created by 2015 legislation and that the Board contributed $3 million to the fund. The current contract establishes a 20-year paydown period and allows for moderate investment of funds.
Board staff reported that the Board currently pays $30,000 annually toward scholarship administration (up from an initial $25,000) and noted that refunded scholarship money can occur when an awardee leaves school or changes programs. The Board was advised that if funds are not fully spent within the 20-year period the contract can be renegotiated through a continuation clause. Staff will request additional budgeted funds for the scholarship administration fee fund.
