April 2008 - Financial Literacy Campaign's Success Continues: CPAs Raise Americans' Knowledge
The AICPA is again joining forces with Junior Achievement (JA) to celebrate the success of CPAs across the nation who are contributing their time and expertise to help Americans get on a better financial footing. For the second year, JA has selected the AICPA to be a co-sponsor of Financial Literacy Day on the Hill, an event held every Apr. to raise awareness among legislators and regulators of the need for financial education. This presence will help garner exposure for the Institute’s financial literacy campaigns with legislators, regulators, the media and others. “This invitation also speaks highly of the profession’s reputation in the financial literacy arena and the impact its programs are making,” said Carl George, chair of the National CPA Financial Literacy Commission.
The profession has much to celebrate: State CPA society and AICPA member involvement is at an all-time high and together the profession is making huge strides in improving the saving habits of all Americans. CPAs who wish to volunteer can actively participate in these initiatives in a variety of ways, from organizing brown bags in their offices to volunteering for efforts developed by their state societies. For more ideas, visit the CPA Financial Literacy Resource Center at www.aicpa.org/financialliteracy.
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Friday, April 25, 2008
Report from SC Department of Education's Financial Literacy Summit
This past Wednesday (April 23), the South Carolina Department of Education held a Financial Literacy summit in Columbia to introduce K-12 administrators, superintendents and curriculum developers to the wealth of resources available statewide. The summit was sponsored by the SCDOE's Financial Literacy Initiative Board of Trustees, where SCACPA President Sylvia Kitchens, CPA serves as treasurer.
SCACPA member Allison H. Ford, CPA, CFE (Central Chapter President and Chair of our Financial Literacy task force) presented on How the Business World Can Support Financial Literacy. Her handouts included exclusive SCACPA resources like our CPA Ambassadors and Speaker's Bureau programs, relevant committees and task forces (Accounting Careers/Academic Relations, CPA Ambassadors, Financial Literacy, Young CPAs and the Educational Fund committee), and access to AICPA programs like 360 Degrees of Financial Literacy and Feed the Pig. We also provided a copy of Oregon's Financial Literacy Recommended Reading List (in Tools & Resources under Just for Kids), and an overview of SCACPA's mission and our 2008 theme -- Invest in Your Future: Promoting Financial Literacy in South Carolina.
In his opening remarks, State Superintendent of Education Dr. Jim Rex made a thought-provoking statement regarding the urgent need to improve financial literacy for all South Carolina citizens:
"You can do the right thing so slowly that you get the same results as doing the wrong thing."
Well said. May your commitment to serve be active, not passive!
P.S. Be sure to check the Tools & Resources links for lots of new additions presented at the summit!
SCACPA member Allison H. Ford, CPA, CFE (Central Chapter President and Chair of our Financial Literacy task force) presented on How the Business World Can Support Financial Literacy. Her handouts included exclusive SCACPA resources like our CPA Ambassadors and Speaker's Bureau programs, relevant committees and task forces (Accounting Careers/Academic Relations, CPA Ambassadors, Financial Literacy, Young CPAs and the Educational Fund committee), and access to AICPA programs like 360 Degrees of Financial Literacy and Feed the Pig. We also provided a copy of Oregon's Financial Literacy Recommended Reading List (in Tools & Resources under Just for Kids), and an overview of SCACPA's mission and our 2008 theme -- Invest in Your Future: Promoting Financial Literacy in South Carolina.
In his opening remarks, State Superintendent of Education Dr. Jim Rex made a thought-provoking statement regarding the urgent need to improve financial literacy for all South Carolina citizens:
"You can do the right thing so slowly that you get the same results as doing the wrong thing."
Well said. May your commitment to serve be active, not passive!
P.S. Be sure to check the Tools & Resources links for lots of new additions presented at the summit!
Tuesday, April 8, 2008
A Value-Added Tip from State Treasurer Converse Chellis, CPA
Last week I had the pleasure of interviewing state treasurer and SCACPA member (since 1975!) Converse A. Chellis, III for an upcoming article in The CPA Report. While you can look forward to the article in our May/June issue, here's a tip you can use right now, especially if you're still preparing tax returns.
Search for unclaimed money for yourself and your clients through the Palmetto Payback Program, which holds millions of dollars reported by companies who cannot locate the owners.
This link will take you to the Palmetto Payback page: http://treasurer.sc.gov/palm_payb_prog_uncla_prop/
I didn't find any for myself, but did locate funds for two family members who had no clue there was money out there with their name on it...so it's worth checking out.
Search for unclaimed money for yourself and your clients through the Palmetto Payback Program, which holds millions of dollars reported by companies who cannot locate the owners.
This link will take you to the Palmetto Payback page: http://treasurer.sc.gov/palm_payb_prog_uncla_prop/
I didn't find any for myself, but did locate funds for two family members who had no clue there was money out there with their name on it...so it's worth checking out.
April is ALSO National Car Care Month!
Some words of wisdom from Benjamin Bankes:
In addition to being National Financial Literacy month, April is also National Car Care Month. Simple, at-home maintenance will save you money in the long run. With gas prices at record highs, every little bit counts. Consider these two tips that may improve your gas mileage and save you money!
1) Check your tire pressure. Most recommendations range from 27 to 32 psi. Check your owner's manual to find out what is best for your car.
2) Check your air filters. Replacing a clogged air filter may improve your gas mileage by as much as 10 percent.
Visit www.FeedthePig.org for more information and sign up for Benjamin's weekly money-saving tips to share with clients and colleagues!
In addition to being National Financial Literacy month, April is also National Car Care Month. Simple, at-home maintenance will save you money in the long run. With gas prices at record highs, every little bit counts. Consider these two tips that may improve your gas mileage and save you money!
1) Check your tire pressure. Most recommendations range from 27 to 32 psi. Check your owner's manual to find out what is best for your car.
2) Check your air filters. Replacing a clogged air filter may improve your gas mileage by as much as 10 percent.
Visit www.FeedthePig.org for more information and sign up for Benjamin's weekly money-saving tips to share with clients and colleagues!
Thursday, April 3, 2008
Financial Literacy Month: Suggestions from Other State Societies
Several great ideas were shared last week during AICPA's monthly Financial Literacy conference call for communications managers of different state societies. Here are some ideas that may inspire you to action in your own outreach efforts:
- Add an AICPA 360 Degrees of Financial Literacy banner or logo to your Web site, email signature, and any promotional materials. AICPA says the more we use that logo nationwide, the stronger case they can build for national awareness and legislative support. Check the AICPA link in our Tools & Resources section (below right) for access to the logo and other materials.
- Download a list of financially-minded books for children (also in Tools & Resources, labeled Just for Kids), purchase one or more of the books and contact your local elementary school to host a reading in the library or a classroom. Afterwards, donate the book(s) to the school library as a lasting gift of financial literacy.
- Write a Letter to the Editor of your local paper in support of financial literacy efforts, and mention tips or resources that the general public can put to immediate use. You could also contact a local business editor or reporter and ask to publish one or more of our Tips columns (customizable and published by AICPA -- and there are plenty more where these came from!).
- Through May 23, the President's Advisory Council on Financial Literacy is collecting comments on the state of financial literacy in the United States and proposed solutions to improve it. Make an impact by submitting your ideas for consideration (you'll also find this link box below, under Get Inspired!).
Have other ideas? Share them! Let's get creative and make a lasting difference -- not just during Financial Literacy Month, but all year long!
Ambassador Resources: Tips to Help Others
FIVE WAYS TO SAVE ON ENERGY COSTS
The average American household spends $1,900 a year on energy bills, according to the government’s ENERGY STAR program. Whether you’re preparing for the heat of summer or for winter’s frigid temperatures – or looking to lower your gasoline expenses – there are many practical ways to cut down on costs, according to the South Carolina Association of CPAs. And when you reduce your energy use, the environment benefits from lower greenhouse gas emissions. The tips below will help you save money and do the earth a favor.
CONDUCT AN ENERGY AUDIT
According to the U.S. Department of Energy, you can conduct your own home energy audit to identify problems that could be costing you money, such as drafts that let in cold air; insufficient insulation; poorly maintained heating and cooling equipment; or inefficient lighting. The department’s Web site (www.energy.gov) has instructions for conducting an audit. If you’d like to bring in an expert, many electric or gas utilities offer these audits for free or at a reasonable charge, so find out if one is available in your area.
ADOPT ENVIRONMENTALLY FRIENDLY IDEAS
If you conduct a home energy audit, you may find that you can cut costs by taking money-wise steps that will also help the environment. For example, simply unplugging appliances when not in use will lower energy usage. Many appliances draw energy even when not in use. Another good idea is to close the blinds in the summer time to keep out the sun’s heat and to open them in the winter to let in natural warmth. Easy-to-implement ideas allow you to painlessly lower energy use.
PICK THE RIGHT APPLIANCES
If you look for the ENERGY STAR label when selecting any number of products, you’re likely to use less energy, save money and help the environment. These products are not made by any one manufacturer, but they have all met energy-efficiency specifications set by federal government agencies. There are ENERGY STAR-qualified products in a wide range of categories, including household appliances, heating and cooling equipment, home electronics and office equipment. Look for the ENERGY STAR label when you shop or find more information online at www.energystar.gov.
TURN OFF THE LIGHTS
This is an easy step to take, but one that will make a difference every day to your bills and to the environment. Many people remember to turn off lights in unused rooms in their homes, but this smart step is sometimes forgotten in an office. According to the Natural Resources Defense Council, most of the energy used in the average commercial building is for lighting. Get in the habit of turning out lights at lunch or in empty offices or conference rooms.
PERFORM REGULAR CAR MAINTENANCE
Your home and office aren’t the only places where smart steps will cut down on energy or fuel costs. It’s possible to save $100 a year on gasoline by keeping your car engine tuned up and your tires properly inflated.
CONSULT YOUR CPA
As you can see, there are many simple ways to cut expenses by lowering your energy use. If you interested in learning more about the best steps to reduce costs in any aspect of your financial life, consult your CPA. Your CPA can provide money-savvy ideas that you can apply to your every day life.
Copyright 2008, The American Institute of Certified Public Accountants.
The average American household spends $1,900 a year on energy bills, according to the government’s ENERGY STAR program. Whether you’re preparing for the heat of summer or for winter’s frigid temperatures – or looking to lower your gasoline expenses – there are many practical ways to cut down on costs, according to the South Carolina Association of CPAs. And when you reduce your energy use, the environment benefits from lower greenhouse gas emissions. The tips below will help you save money and do the earth a favor.
CONDUCT AN ENERGY AUDIT
According to the U.S. Department of Energy, you can conduct your own home energy audit to identify problems that could be costing you money, such as drafts that let in cold air; insufficient insulation; poorly maintained heating and cooling equipment; or inefficient lighting. The department’s Web site (www.energy.gov) has instructions for conducting an audit. If you’d like to bring in an expert, many electric or gas utilities offer these audits for free or at a reasonable charge, so find out if one is available in your area.
ADOPT ENVIRONMENTALLY FRIENDLY IDEAS
If you conduct a home energy audit, you may find that you can cut costs by taking money-wise steps that will also help the environment. For example, simply unplugging appliances when not in use will lower energy usage. Many appliances draw energy even when not in use. Another good idea is to close the blinds in the summer time to keep out the sun’s heat and to open them in the winter to let in natural warmth. Easy-to-implement ideas allow you to painlessly lower energy use.
PICK THE RIGHT APPLIANCES
If you look for the ENERGY STAR label when selecting any number of products, you’re likely to use less energy, save money and help the environment. These products are not made by any one manufacturer, but they have all met energy-efficiency specifications set by federal government agencies. There are ENERGY STAR-qualified products in a wide range of categories, including household appliances, heating and cooling equipment, home electronics and office equipment. Look for the ENERGY STAR label when you shop or find more information online at www.energystar.gov.
TURN OFF THE LIGHTS
This is an easy step to take, but one that will make a difference every day to your bills and to the environment. Many people remember to turn off lights in unused rooms in their homes, but this smart step is sometimes forgotten in an office. According to the Natural Resources Defense Council, most of the energy used in the average commercial building is for lighting. Get in the habit of turning out lights at lunch or in empty offices or conference rooms.
PERFORM REGULAR CAR MAINTENANCE
Your home and office aren’t the only places where smart steps will cut down on energy or fuel costs. It’s possible to save $100 a year on gasoline by keeping your car engine tuned up and your tires properly inflated.
CONSULT YOUR CPA
As you can see, there are many simple ways to cut expenses by lowering your energy use. If you interested in learning more about the best steps to reduce costs in any aspect of your financial life, consult your CPA. Your CPA can provide money-savvy ideas that you can apply to your every day life.
Copyright 2008, The American Institute of Certified Public Accountants.
April is Financial Literacy Month!
SCACPA President Sylvia Kitchens has issued a charge for all members to become more involved in Financial Literacy outreach efforts in 2008.
During Financial Literacy month, we're asking SCACPA Ambassadors (and ALL members) to share your favorite financial literacy tips, resources or ideas. We'll compile a members-only resource and use your ideas in our community outreach and marketing efforts.
To share ideas or resources with others, post a comment here (click the COMMENTS link below) or email Allison at acaldwell@scacpa.org. As always, thank you for helping us promote Financial Literacy in South Carolina!
During Financial Literacy month, we're asking SCACPA Ambassadors (and ALL members) to share your favorite financial literacy tips, resources or ideas. We'll compile a members-only resource and use your ideas in our community outreach and marketing efforts.
To share ideas or resources with others, post a comment here (click the COMMENTS link below) or email Allison at acaldwell@scacpa.org. As always, thank you for helping us promote Financial Literacy in South Carolina!
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