Educational Foundation

Investing in the Future - How the Educational Foundation Makes a Difference

Background
The Educational Foundation is a nonprofit 501 (c) 3 corporation that promotes the accounting profession by offering scholarships to Oklahoma's most promising accounting students. Generous contributions from our businesses, communities and, most importantly, our members, allow us to award scholarships to deserving students and to promote the message and the mission of the Educational Foundation.

The Educational Foundation is comprised of nine OSCPA members, including the immediate past president, the chairperson of the Liaison with Educational Institutions Committee and seven additional members selected according to the nomination and election procedures of the OSCPA. Elected trustees generally serve five-year terms.

Each fiscal year, the Educational Foundation raises money through donations and fundraisers and begins accepting scholarship applications in January. Scholarship winners are selected in April and distribution occurs the following August. Scholarships of varying amounts (usually no less than $250 and no more than $1,500) are awarded to OSCPA Student Members who meet the following qualifications:

• Successful completion of at least six hours of principles of accounting;
• Enrolled in an Oklahoma university for the upcoming fall semester;
• Be an accounting major; and
• Be a candidate for a Bachelor's or advanced degree.

Types of Scholarships
The Educational Foundation awards various additional kinds of scholarships along with Society scholarships. Awarded annually, the Retha Duggan Scholarship, named for a former Executive Director of the OSCPA, is based on funds provided by the OSCPA. Where possible, preference is given to persons who have been admitted to the Master of Accountancy program and who intend upon a career in accounting.

The Ruthann Fairbairn Scholarship is named for a dedicated CPA devoted to furthering female professionals. Earnings from this endowed account are awarded annually to a female accounting student at an Oklahoma college or university. The award may be allocated among two highly qualified applicants.

The Educational Foundation also awards a $500 High School Scholarship to one Oklahoma high school senior planning to major in accounting at an Oklahoma college or university.

Sometimes, chapters of the OSCPA provide scholarships to the Educational Foundation, generally with stipulations that the recipient be a student or resident of the chapter area. This is a win-win situation for the Educational Foundation and the donating chapter in that the Educational Foundation is able to provide an additional scholarship that wouldn't have otherwise existed and the chapter receives the local media and college promotion, as well as potential new recruits to the chapter membership.

Examining the Need
According to the AICPA, the average annual cost of a four-year public college is $13,833 and the average annual cost of a four-year private college is $29,541. During the last few years, college costs increased at an average rate of about five to six percent each year, but going forward for the next 10 years, college costs are expected to increase more, at an average of seven to eight percent each year. Add to that the cost of books: a recent study conducted by the Government Accountability Office indicated the price of college textbooks has increased 186 percent over the past two decades, leaving the average bookstore bill between $675 and $900 per semester.

In light of these statistics, it's hardly surprising most college students graduate already $17,000 in debt. (Source: American Council on Education.)

In an effort to soften the blow for Oklahoma's brightest accounting students, the Educational Foundation awards scholarships every spring through the donations of members and fundraising activities. Please support Oklahoma's accounting future by making a donation to the Educational Foundation.

"It is a great honor to be awarded an Oklahoma Society of CPAs' Educational Foundation scholarship. Through your generosity, I will be able to continue my education and become the first in my family to become a college graduate and an accountant."

James K. Satre
2002-03 OSCPA Educational Foundation Scholarship Recipient

Help more accounting students like James realize their goals of a college education. Donate to the Educational Foundation today. Any size donation is appreciated.

Help the OSCPA raise $1,000,000 for a scholarship trust fund. Make a contribution to the Centennial Celebration Campaign now! View a list of our Centennial Celebration Campaign pledges.

Help accounting students now and make a contribution to the Educational Foundation general fund.

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Additional Links

View the Member Roster, meeting minutes, Plan of Action and research documents

Read the Educational Foundation's Bylaws

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