Accounting scholarship funds may be withdrawn

As part of Governor Perry’s mandate that all state departments lower their budgets by 10%, the Higher Education Coordinating Board, the entity that distributes scholarship funds for the state, may eliminate funding for the fifth-year accounting student scholarships subsidized by the $10 fee added to all CPA license fees.

Although the accountancy act establishes the scholarship fund, it requires an appropriation by the legislature each biennium before the scholarship funds are available.

Despite the fact that there is $2.5 million in the fund, the Coordinating Board has announced it will likely not request any appropriation for the accounting scholarships. The next step could find the legislature using the scholarship funds for other budget priorities. None of this would relieve CPAs from paying the $10 annual fee.

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