Last Saturday, May 23, Governor Perry signed HB 2440 into law. The bill transfers the administration of accounting scholarship funds for fifth-year accounting students from the Higher Education Coordinating Board (HECB) to the State Board of Public Accountancy (TSBPA). It was authored by Rep. Brian McCall (R-Plano) and sponsored in the Senate by Sen. Tommy Williams, CPA (R-The Woodlands). The bill is effective September 1, 2009.
CPAs pay a $10 fee with their annual license renewal, put towards scholarships for fifth-year accounting students planning to sit for the CPA examination. While the HECB has done a good job of fund administration, because of restrictions applicable to the Board’s budget during the biennial appropriations process arbitrary limits have been placed on the total funds available for scholarships each year despite the availability of funds. It is hoped that the transfer for the administration of the funds will alleviate this problem and more funds will be available for future scholarships.
The bill to make the transfer was a cooperative effort between HECB, TSBPA and the Texas Society of CPAs.