Academic journal article Journal of Accountancy

AICPA Benevolent Fund: A Way for Members to Help the Profession's Neediest

Academic journal article Journal of Accountancy

AICPA Benevolent Fund: A Way for Members to Help the Profession's Neediest

Article excerpt

The AICPA Benevolent Fund, Inc., is one of the Institute's oldest and most worthy, but least publicized, member services. Leonard I. Green, the AICPA director of financial management and staff aide to the Benevolent Fund, says it was established in 1933. "Only the library, established in 1917, has a longer history," he says, remarking that accounting may be the only profession to establish such a fund.

CPAs helping CPAs

The Benevolent Fund is a separately chartered organization formed to help members, former members and their families through financial difficulties. It is administered by a board of trustees composed of Institute members.

The AICPA absorbs all administrative costs but does not provide funds for financial assistance. Member contributions are the sole revenue source for the fund. Green points out that, with the AICPA picking up the administrative tab, "all member contributions to the fund go directly to purely charitable work and are tax deductible."

A rising case load

The Benevolent Fund has been, in many ways, a victim of the proression's success in recent years. The number of AICPA members and former members has grown. As the growing CPA population ages, the chance of financial difficulty brought about by a serious illness, an accident or the death of the primary source of family income grows stronger.

For this reason, the number of open cases has doubled in the last three years, to over 90. …

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