A Synopsis of the Nov. 12 PAC Meeting

The trustees of the New York State Society CPA PAC (Political Action Committee) assembled in Albany on Nov. 12 to review the first five months of the 2001-2002 year and to plan for the next four.

The representatives of the six new chapter joined the 11 representatives from the older chapters. Three Society officers and two at-large trustees also attended, bringing the total number of voting trustees to 22.

Eighteen attended when we perused the Oct. 31, 2001, financial statements. The statements indicated that we have collected $96,000 from the members, about one-third of the Society’s membership. A total of $46,000 was disbursed, divided equally between the Society’s Assembly and Senate supporters and the first round of contributions was made to the statewide officials. The trustees also reviewed and accepted the May 31, 2001, audited financial statements.

The trustees examined their disbursement policy pertaining to state-level positions. We disburse only to the campaign committees of state representatives who could help advance the interests of our profession. We do not fund primary challenges nor do we fund local governmental races. The American Institute of CPAs continues to be responsible for nationally elected offices. Quite often, the Institute will ask us to deliver their contribution to a U.S. representative’s or senator’s local office.

The trustees also engaged in a long and thorough discussion of the Society’s legislative policy. The Society sets the policy and the PAC funds it. However, in light of current events, there was indication that the legislative priorities should be reviewed. Therefore, the PAC trustees unanimously passed a resolution asking the Society’s Board of Directors to review their existing legislative priorities and either affirm or modify them.

The next meeting will likely be held in New York City on March 22, 2002, just a few days after the Society’s board meets. Legislative issues will be at the forefront of the agenda, which will primarily dictate the future spending schedule. The PAC trustees will also appoint an auditor for the fiscal year June 1, 2001, to May 31, 2002.