The CTCPA Bylaws Committee proposed changes to the bylaws designed to modernize our organization's membership and leadership structures and bring us in line with today's professional environment.
The Bylaws Committee and the Board of Directors both fully supported and recommended that the members vote in favor of the proposed amendments.
Per the bylaws, for an amendment to pass, the vote must carry a two-thirds favorable majority. Each of the proposals carried with a significantly higher percentage. The votes were certified by CTCPA Secretary Mark Wynnick of Weinshel, Wynnick & Associates, LLC at a meeting called for that purpose at the CTCPA office in Rocky Hill on July 1, 2021.
Proposal 1: Change from Audit to No Less Than a Review
This proposal would permit the CTCPA Board of Directors to decide whether the CTCPA’s annual financial statements should be subject to an independent firm attestation at a level of an audit or a review. It is unclear when the CTCPA bylaw requiring an audit was last considered. We know the CTCPA was organized in 1909, and a review level engagement was not an option until 1978. At present, the CTCPA has no regulatory requirement for an audit of its financial statements.
Proposal 2: Administrative Changes, Clarifications
The CTCPA bylaws have had limited updates over the years, the most recent of which took place approximately ten years ago. Many of the proposed changes in this amendment are simple or minor rewrites to ensure a modern, user-friendly, legal, and internally consistent bylaws document. The proposal would also allow the Board of Directors to make administrative changes and address compliance issues when needed.
Proposal 3: Increasing Board of Directors Terms, Numbers
To increase continuity and collaboration within the CTCPA, the Strategic Planning Committee suggested increasing the number of members on the Board of Directors from seven to nine and increasing the length of the terms of office of the Board members from one year to two years.
Proposal 4: Membership Category Modifications - Professional Colleagues
As CPAs’ roles continue to change, our public accounting, industry, government, and education members more regularly collaborate with subject-matter experts, IT professionals, attorneys, engineers, and other certified advisors. While we currently offer an Associate membership category, it only allows for a very narrow group of non-CPAs who work directly under the supervision of a CPA to join our organization. This proposal would replace the current Associate non-CPA membership category with a broader non-voting Professional Colleagues non-CPA category. Professional Colleagues would not have voting rights.
Proposal 5: Membership Category Modifications - Student Members
This proposal would change the current Student designation to Student Member in describing undergraduate and graduate accounting students who join the CTCPA. The modification also reduces from five to one the number of years after graduation that individuals may maintain their Student Member status. Still, it continues to permit the Board of Directors to extend status one additional year. The final change will modernize and streamline the application process by allowing students to submit electronic applications and remove the requirement that the Board of Directors needs to vote on Student Member applications. Student Members would not have voting rights.