California CPA education foundation treasurer's report.

• Author: Ramsey, Okorie
• Position: Annual Report 2015-2016: Independent Auditors' Report, Combined Financial Statements and Supplementary Information

The CalCPA Education Foundation had a good, yet challenging, year. Fiscal 2016 was the first year since 2009 that the Education Foundation showed a decrease in net assets. Approximately half of the $1.4 million decrease was attributable to investment losses, while the remainder was due to declining revenue from conferences and CPE self-study products. The Education Foundation is experiencing unprecedented competitive pressure in the continuing education marketplace.

The number of CPE hours that the Education Foundation pro vides has significantly shifted from live course to webcast, while also reflecting an overall decline in total CPE hours over the past five years. This represents a change in the method in which education is delivered as well as a move away from the traditional eight-hour course to shorter courses of between one and four hours in duration.

The...