Thanks to a $50,000 donation from the Monmouth/Ocean Chapter of the New Jersey Society of Certified Public Accountants, New Jersey students interested in accounting can attend college.
Founded in 1960, the NJSCPA Scholarship Fund was designed to attract the best and brightest New Jersey students into the accounting profession.
"The NJSCPA Scholarship Fund encourages students from diverse backgrounds to pursue education in accountancy, and increase awareness of the opportunities provided by the CPA career path," said Ralph Albert Thomas, Executive Director for NJSCPA.
NJSCPA Scholarship Fund President Robert DeFilippis received the check at the chapter's taxation seminar on January 9. According to Richard Vermeulen, president of the Monmouth/Ocean Chapter, the NJSCPA Scholarship Program is one of the most successful private scholarship programs in the state.
"Each year, the NJSCPA Scholarship Fund provides dozens of deserving high school and college students with much needed funds for education and promotes the accounting profession as a great career choice for future graduates," he said.
In addition, the NJSCPA Scholarship Fund also increases awareness about the opportunities provided by a CPA career path. Nearly 20 percent of recipients in recent years have been minority students.
This year marks the 50th anniversary of the NJSCPA Scholarship Fund. In past years, the Monmouth/Ocean Chapter has given between $25,000 and $30,000 to the JNSCPA Scholarship Fund. Just last year the fund awarded $420,000 in scholarships; since inception, the fund has awarded more than $3.5 million and has supported over 1,400 New Jersey students.
Due to the tumultuous stock market, the Fund Board anticipated that scholarships would decline from the record $402,000 awarded in 2009. Typically, the Monmouth/Ocean Chapter contributes $30,000 annually to the Scholarship Fund, but increased the donation to $50,000 to commemorate the Fund's 50th anniversary this year.
"This year, the Monmouth/Ocean Chapter was determined to recognize that great accomplishment by donating $50,000 this year," Vermeulen said.
The Monmouth/Ocean Chapter raised the $50,000 through member-supported programs and events, including the Chapter's annual golf outing.
"The Monmouth Ocean Chapter sponsors a growing number of quality continuing professional education courses and social events which our members attend and enjoy throughout the year," Vermeulen said. "The $50,000 was raised from revenues generated from these programs."
Overall, Thomas believes the scholarship program is a great investment for the profession of accounting.
"Helping these young people achieve their academic goals helped not only the students themselves, but also the industry as a whole," he said. "It's really a win for everyone involved - students, parents, colleges, communities and the NJSCPA."