Venture capital

National Public Accountant, The, June-July, 2005 by Eldon R. Clingan

Last Fall, 300 NSA members gathered in Baltimore for the first, experimental National Accounting and Tax Symposium. They had the opportunity to get 16 hours of continuing professional education from national experts at a cost of $50. This was the largest NSA educational seminar in recent years, and the comments from attendees were almost unanimous in praise of the event. The response was so positive that it has been decided to increase the number of symposia to three--to be held next Fall in Baltimore, New Orleans, and Las Vegas. The subject matter of each symposium will be unique, the speakers will be outstanding and, of course, each of the cities offers a variety of recreational opportunities for non-working time. Again, the cost will be kept low ($100). You'll want to make plans to attend at least one.

As good as it turned out to be, the Baltimore symposium almost never happened. Let me explain.

Like many organizations, NSA has been struggling over the past decade with the problem of declining membership and declining revenue. We have cut expenses to the bone, and we have been able to stabilize our membership numbers, but maintaining quality services is still a daily battle for staff and volunteers. When an organization has such experiences, there is a natural tendency to "circle the wagons," to draw inward and to be cautious about new ventures, particularly about proposals to lower fees for educational events. It was not surprising, then, that the Board of Governors did not stand up and shout "Hurrah!" when the original proposal for the symposium was presented at the Fall 2004 meeting. I believe that the critical element that made for a positive decision was the possibility of a demonstration grant for part of the costs of the symposium, a grant to be made by the NSA Scholarship Foundation.

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But doesn't the Scholarship Foundation give scholarships? Yes, it has given scholarships to needy, promising students for 35 years, and I hope it will continue to do so for many years to come. However, in the past couple of years the Foundation has enlarged its scope. Now, as the slogan goes, it is "branching out to educate the profession." This opens many exciting opportunities to sponsor new programs that have promise but that need a relatively small amount of investment to bring them to reality.

You will recognize that this is the equivalent of the venture capital function in private business. Within the limits of IRS regulations and of its own resources, the Foundation has the potential of being the venture capitalist for the Main Street accounting profession. The possibilities are as wide open as we allow our minds to be. We are limited only by our ability to dream.

Suppose, for example, that we decide that it would be useful to produce a series of DVD programs on tax and accounting subjects, for use in local meetings of accountants. The initial cost of such a project would not be very great but might be beyond the means of NSA. A demonstration grant from the Foundation would allow us to produce a few programs and to see what the response would be, just as a grant enabled NSA to sponsor the first NATS and to see if the profession would support the symposium.

I am sure that each of you can think of many more projects that would be useful to our profession. Much can be done if we dream hard enough, think hard enough and work hard enough. But nothing will happen if we cannot pay the basic operating expenses of the Foundation.

I hope you already know that we are engaged in a major fund raising campaign for the Foundation. Please, when you get my request to contribute, think about how important the Scholarship Foundation can be in building the profession of our dreams. When the challenge comes, let each of us think, "If not I, then who? If not now, then when?" I know you will give the right answers to those questions.

RELATED ARTICLE: Auction Donations

Why not make this year the best ever in NSA convention auction history. Do you remember the most exciting items from previous auctions? Vacation packages, stunning jewelry, creative gift baskets, certificates for gourmet delicacies, handmade quilts, sports equipment, art, game collections, technology, regional food specialties, one-of-a-kind and exotic items--let your imagination be your guide. Think of the type of quality, high-end item that you or your friends would be eager to bid on and then donate it. Give the auctioneer a workout! Proceeds this year will benefit the Scholarship Foundation. For more information, call the Foundation Office toll free at 800-966-6679 or e-mail giving@nsacct.org.