Management Accounting/ In Three Sections— Section 3 October 1966

WHAT PERSONAL OEVELOPMENT MEANS 10 -

ONAL A Cr - , 1 t, IT 3 f, 'TQ

Annual Report 1965 -66

NATIONAL ASSOCIATION OF ACCOUNTANTS EXECUTIVE COMMITTEE

President Joseph L. Brumit, New York Vice Presidents J. Lynn Crandall, Indianapolis Robert J. Enersen, Florida West Central Philip L. Giroir, New Orleans Ray E. Longenecker, Lancaster Cary A. Marshall, Los Angeles Earl A. Matheney, Tulsa Robert A. Morgan, Peoria S. Alden Pendleton, Pittsburgh David W. Rewick, Cleveland Albert S. Roberts, Hartford Fred J. Sengstacke, New York Raymond E. Smith, Minneapolis Treasurer William H. Beadle, New York Appointed Members Donald J. Guth, Dallas John V. James, Dallas James E. Meredith, Jr., New York Grant U. Meyers, North Texas Kenneth R. Rickey, Peninsula -Palo Alto Julius G. Underwood, Harrisburg Past National Presidents Merwin P. Cass, Newark Colin A. Stillwagen, San Diego Chairmen of Standing Committees Accounting Development Paul W. Holt, Bridgeport Chapters Ettore Barbatelli, Milwaukee Finance and Budget Thomas L. Morison, Boston Membership Robert G. Chapman, Los Angeles Promotion and Public Relations Doren D. Vest, Washington Research Planning Robert Beyer, New York THE PRESIDENT'S REPORT

I would like to report briefly on some of the activities of your Officers, Executive Committee and National Board during 1965 -66. Substantial growth and improvements were realized in the following areas: • The Future —The historic character of the accounting profession, and the role of the management accountant in business enterprise is changing rapidly. To insure that our goals, objectives, and organization are attuned to these changes, a long range planning effort was initi- ated by the appointment of a special committee chaired by Past National President, I. Wayne Keller. This special committee has been requested to: --- Consider the economic, social, governmental and technical changes expected to take place in the next 10 and 15 years which will affect the nature and character of the role and responsibilities of the management accountant. — Consider the implications of such changes on the mission and role of the National Association of Accountants, recommending to the Executive Com- mittee and National Board steps required to adapt Association goals, services, and organization to them. The findings and recommendations of this special committee are expected to have a profound impact on the character and future course of our organization. • Educational Activities —A new and expanded pro- gram of educational conferences was successfully launched. In the fall and spring programs, 61 separate conferences were held in four cities, providing a flexible choice of locations, subjects and types of conferences. Designed to reflect the need of an increasingly complex technology and business environment, this program will be revised and updated annually. This Continuing Education Program supports one of the principal goals of the Association, an awareness of the need for mem- bers to maintain their technical competency. • Publications —The "new look" in NAA publications has surely been apparent to all of you. A new logo, or ■ 1 ■ symbol, (such as the one on the cover of this report) is now being used on all printed matter produced by the Association. MANAGEMENT ACCOUNTING, the new name of our technical publication, more accurately reflects its contents, and the addition of color and the re- design of the cover make it more attractive. Similar changes in the NAA news magazine reflect the desire of your officers and directors to publish educational, interesting —yet attractive magazines. . ('hapters —The number of chapters increased to 203 as a result of a chapter expansion program and a revised organizational policy. As the year ended, five new charters were approved, effective July 1, 1966, and other organizational committees have begun making surveys of their areas. It is expected that the impetus received during the year will result in at least 215 chapters by the end of 1966 -67. The new Warner Trophy was awarded for the first time to the winner of the competition for chapters with 100 members or less. This group of chapters is steadily growing in number, and already improvements are apparent in the quality of member service activities as a result of the new rivalry. • Membership —I am proud to report that the member- ship of the Association reached a new high, reaffirming the position of NAA as the largest accounting associa- tion in the world. At June 30, 1966, there were more than 58,000 members. But we know the potential is even greater —there are some 500,000 accountants in the United States alone! . Public Relations —Our publicity activity at the na- tional level was very successful. Press coverage of the addresses at the Annual Conference in New York was much more extensive than in the past. In addition, The New York Times featured a special article on the conference, highlighting the unconventional aspects of a convention that caters to the whole family. . Research —A new basic research study, Concepts for

2 Management Accounting, was at the printers as the year ended, and will be available to members in August 1966. Other projects are in progress, including a newly approved project which covers the problem definition phase of the total Integrated Management Information Systems study. . Finance —Our financial position is sound, as can be seen from the following pages. The surplus of $90,900 from our year's operations is gratifying. However, a large portion of this surplus results from underspending for printing and distribution of research reports —a timing variance which will have an unfavorable impact on future years' operating results. Reports from our standing and special committees follow, except for the Special Committee on Long Range Objectives whose initial report is not yet complete. This is necessarily a summary of the Association's many activities. Space does not permit a full account of the many national committee meetings nor of the visits of national officers and staff to chapters. Their work in large part goes unheralded but the results can be clearly seen in improved services, more efficient chapter admin- istration and increased esprit de corps. To the Chairmen of these committees, the National Board of Directors, the Executive Committee, the National Officers and the Staff headed by Executive Director Rawn Brinkley, my sincere thanks for their cooperation, effort and a job well done. It has been an exciting time to be involved in the affairs of NAA. I am grateful for the opportunity to have served as your 46th President. It has been one of the most rewarding experiences of my life.

President

3 ACCOUNTING DEVELOPMENT

Continuing Education Program The NAA technical education program has always been based on the premise that members' education must continue throughout their lifetimes or they will fall by the wayside. To more aptly reflect this idea the Committee on Accounting Development recommended and the National Board approved a change in name of the technical program to Continuing Education Program. As redesigned, the Association's Continuing Education Program will feature a series of education courses and ,seminars in major cities of the country. This program will provide opportunities for discussing current develop- ments and exchanging ideas, experiences and practice. It is hoped that it will serve each member as a cornerstone of competence ... and as a catalyst for change. The increase in conference participation over past years shows that this program is steadily gaining stature. Steps were taken to insure that more members are made aware of the program through promotion at the chapter level. These steps are outlined in the report of the Committee on Chapters. Chapter Educational Program Response from chapter officers and directors indicates that the member participation meeting concept, introduced June 1, 1965, has achieved approval of members. These meetings, together with the seven monthly chapter tech- nical meetings, will be continued. The Committee on Accounting Development also suggested that increased interchange of information among chapters concerning technical programs should be encouraged.

Dr. James S. Lanham, Director of NAA Educational Services, presents Michael Tyran with Lybrand Gold Medal Award certificate for top manuscript published i n 1965 -66. Scene at the Annual Conferenc e in New York as one of the tec hni c al sessions got under w ay.

Publications The National Board approved the use of a uniform Certificate of Recognition by chapters to express their appreciation to members participating in the manuscript activity. Educational Activities Steps were taken to encourage chapter participation in educational activities at the local level. The student publication service activity will be given more emphasis. Under this special program, NAA offers to provide copies Of MANAGEMENT ACCOUNTING for a nominal fee to interested students during the school year. Accounting Careers Council Participation by NAA chapters in the activities of the Accounting Careers Council increased substantially again this year. Reports from local controls indicate that NAA is one of the most active organizations involved in ACC, which is jointly sponsored by leading accounting and financial organizations. Among other activities the ACC: • Established a national central distribution office for literature on accounting careers at the University of Notre Dame. • Began distribution of a two -fold brochure entitled "Objectives of ACC and What Your Chapter Can Do." • Sponsored a career information booth at the annual meetings of the American Personnel and Guidance Association and the National Council of Teachers of Mathematics. • Made national mailings to 30,000 secondary teachers of mathematics, and 35,000 Merit Scholar semi - finalists and recipients of "letters of commendation." ■ ■ 5 CHAPTERS

Warner 'Trophy. In addition to awards made to winners in the chapter competition, a new trophy —the Warner Trophy —was presented for the first time. Established to recognize achievement in the competition for chapters with less than 100 members, it was won by the Owensboro Chapter which competed with 28 other chapters in 1965 -66. The winners of the other awards were announced in the August 1966 issue Of MANAGEMENT ACCOUNTING —NEWS. New Chapters Five new chapters were chartered during the year: Daytona Beach, Fla. —July 1, 1965 Central Texas —Aug. 1, 1965 Westmoreland County, Pa. —March 1, 1966 El Paso, Texas —May 1, 1966 Pensacola, Fla. —May 1, 1966 Five chapters received approval for a change in name: Massachusetts - Norfolk County to Massachusetts -Route 128 Dubuque to Dubuque Tri-State Southeastern Minnesota to Southern Minnesota Mobile - Pensacola to Mobile South Florida to Miami

I -r, President J. L. B r u m i t and Past Nati onal Pres i dent P hi l i p J. W arner pres ent Warner Trophy to Jack C. Fi nnel l , 1965.66 pres i dent of Ow ensboro Area Chapter. The A w ard was nam ed to honor Mr. W arner. At ri g ht is Ettore Barbatelli, c hai rm an of the Com m i ttee on Chapters for the year. Chapter Contacts The importance of maintaining continual contact with chapters by the national organization is constantly re- emphasized. This essential objective is accomplished in several ways— through visits by national officers, directors and staff to individual chapter technical or board meetings. The medium of chapter workshops on chapter operations provides a means of exchange of ideas among representa- tives of boards of several chapters at all -day meetings devoted exclusively to chapter operating problems. Some 1,240 chapter officers and directors attended these meet- ings in 1965 -66.

President Brumit presents Stevenson Trophy to Wade B. Salisbury, 196566 president of San Jose Chapter. At right is Ettore Barbatelli, chairman of the Committee on Chapters for the year.

Continuing Education Promotion To encourage participation in the Continuing Education Program, incentives have been added to stimulate promo- tion at the chapter level. Chapters will receive recognition for items printed in newsletters and program booklets promoting this program, and for attendance at conferences by chapter members, and for the distribution of personal letters and promotional literature to nonmember business leaders and financial executives of firms located in the chapter area. M;

FINANCE AND BUDGET

For 1965 -66, the Association had a record total of net receipts — approximately $1,501,200. Due to expanded THOMAS L. MORISON activities, expenditures also increased to a total of CHAIRMAN $1,410,300. The net excess of receipts over disbursements amounted to $90,900 or $5,000 above the budgeted total. For 1966 -67, a modest deficit has been budgeted. Involved are deferred research expenditures and non- recurring costs covering installation of a new computer system at the NAA national office to facilitate membership services. Projected figures for operations during 1966 -67 are: Receipts ...... $1,596,000 Disbursements ...... 1,632,000 Excess of Disbursements over Receipts ....$ so,uuu MEMBERSHIP

Membership reached a new high during 1965 -66. As of June 30, 1966, there were 58,081 members in the Association. Formation of chapters in new areas and as a result of spin -offs from large chapters is expected to aid in retaining the interest of current members and in bring- ing NAA'S services to new members. Another source of potential membership is that of women members. More and more women are entering the accounting profession. A survey indicates that most chapters found that women members have much to contribute to chapter and Association activities. A recurring problem of every membership organization is how to retain members once they have become affiliated. A series of questionnaires is under development in an attempt to obtain a solution.

ANNUAL MEMBERSHIP GROWTH J ul y 1, 1957 to June 30, 1966 (i n thous ands )

Budget IE PROMOTION AND PUBLIC RELATIONS

Most of the efforts of the Committee on Promotion and Public Relations were devoted to implementing the DOREN D. VESr recommendations included in the 1964 -65 survey by CHAIRMAN Norman B. Wakeman and Associates. A new logotype was adopted and put to use on Association publications and letterheads. A change in format, design, and title of NAA's monthly publications was completed, including the establishment of a broader editorial policy for non- technical publications.

Presi dent J. L. B r u m i t and hi s fam i l y as they were photographed by The New York Ti m es whi c h featured an 8- column story on the 1966 NAA A nnual Conferenc e in New York.

The Committee secured approval to publish a newsletter periodically which will be directed to the teaching profession to develop better This pos ter was m ai l ed relationships between the Asso- to 2,800 col lege profess ors ciation and this group. Con- to publ i c i ze NAA 's spec ial tinuing projects for consideration Student Publicatioi Servic e. during 1966 -67 include sponsor- ship of an accounting sympo- sium, development of an awards program for chapter publicity efforts, and development of effec- tive visual aids for accounting careers and membership develop- = = m ment use. 1

10 RESEARCH PLANNING

Four research projects were in various stages of completion dur- ing 1965 -66. Concepts for Man- agement Accounting by Dr. L ff Walter B. McFarland was com- pleted and scheduled to be pub- jig en lished in August 1966. This Marl report is to be available both in OCCOU"11113 a clothbound edition and in paperback. It is being offered to members at a special price of •fAULAHU 3 WI1� fcRY�M $2.95. Price for nonmembers, $4.95. At the Annual Conference in June 1966, Dr. Morton Backer presented the initial findings of a research study on the needs for financial data in the security investor community. A publication in this area is now in preparation. Nearly complete is the study, Financial Analysis to Guide Capital Expenditure Decisions. Release of the report is expected early in 1967. Completion of the report, Flexible Budgets: What They Are and How to Use Them, is also expected during 1966 -67. Plans are being developed for a new study dealing with Total Integrated Information Systems. Active work on the project will begin in the fall of 1966.

11 GRANTS -IN -AID

Four grants were made to assist graduate students starting dissertations in the field of management account- ing. Subjects involved and the schools with which the recipients are affiliated are: . "Program Budgeting in Management Accounting for Research and Development Activities. " — University of California at Los Angeles. . "Scrap and Waste Control from a Managerial Accounting Viewpoint. " — Harvard Business School. . "The Information Utility: Considerations for the Determination of Service Costs and Prices. "— Massa- chusetts Institute of Technology. • "A Study of the Effects on Information Flows Within the Firm Resulting from the Introduction of a Management Information System. " — Indiana University. Since the grants -in -aid program was initiated in 1963, a total of 12 grants have been made to applicants writing dissertations, and one monograph based on a completed dissertation has been published. Recipients of grants in previous years are now beginning to complete dissertations, and it is expected that a number of monograph manuscripts will be received for review by the committee for the coming year.

12 INVESTMENT COMMITTEE

The Investment Committee is charged with responsibil- ity for investing the Association's reserve fund. As a HENRY W. PIRKEY, JR. result of a study of fund performance, the Committee made CHAIRMAN a change in its investment advisors. The Old Colony Trust Company of Boston was selected as investment counsel and as custodians of the fund's securities reserve fund. The change was effective as of April 1966.

NAA members at Annual Conference in New York check directory to see who is attending the 1966 convention.

13 NATIONAL ASSOCIATIC STATEMENT OF ASSETS, LIABILITIE1 (Excluding funds and accot

June 30

ASSETS Current Operating Fund: Cash $ 383,249 Short-term investments, at cost (approxi- mates market) 349,083 Miscellaneous receivables and deposits 6,459 Deferred expenses 39,910 Furniture, equipment, library books and publications, at nominal amounts . 3 778,704

Reserve Fund: Cash 20,758 Due from Current Operating Fund 15,055 Investments, at cost: Bonds: U. S. government agencies ( market value $341,537) $ 349,273 Corporate (market value $634,940) 700,547 Common stocks (market value $1,207,876) 1,084,524 2,134,344 2,170,157 $2,948,861

Dote 1: It is the policy of the Association not to record income on investments until received and to charge purchases of furniture, equipment, library books and publications to expense at the time of acquisition.

14 N OF ACCOUNTANTS

AND FUND BALANCES (NOTE 1) nts of chapter treasuries)

1966

LIABILITIES AND FUND BALANCES

Current Operating Fund:

Accounts payable and accrued expenses $ 128,399 Allowances due chapters . 1,262 Due to Reserve Fund 15,055 1966 -1967 dues received . 332,063 Fund balance . 301,925 778,704

Reserve Fund: Payable for securities purchased 40,446 Fund Balance: Balance at beginning of year . $2,032,818 Initiation fees 81,495 Net gain on sales of securities . 15,398 Balance at end of year . 2,129,711 2,170,157

$2,948,861

Note 2: Annual rent expense under leases for office space expiring in 1970 is $82,000.

15 NATIONAL ASSOCIATION OF ACCOUNTANTS STATEMENT OF INCOME AND EXPENSES AND CHANGES IN FUND BALANCE — CURRENT OPERATING FUND Year ended June 30, 1966 Income: Membership dues $1,329,773 Sales of publications 10,004 Sales of research reports . 23,918 Interest on short -term investments 33,153 Interest and dividends on Reserve Fund investments, less fiscal agent's fee of $6,290 81,143 Miscellaneous . 23,170 1,501,161

Expenses: Chapters (chapter operating allowances and advisory and technical service staff $541,668 salaries and other expenses) . . Publications (salaries, paper, printing and mailing) 171,532 Conferences (excess of registration fees of $272,963 over salaries, promotion and other related expenses) (13,396) Membership (salaries and other expenses in connection with promotion, records, ac- counting and library service for mem- bers) 129,779 Promotion and public relations (salaries, consulting fees and other expenses) 40,711 Research (salaries, contract payments, grants -in -aid and other expenses in con- 85,331 nection with research activities) . General office services (salaries, employee benefits, rental, postage, printing and supplies) 339,071 Administrative (salaries and travel of administrative personnel and meeting expenses of the Board, the Executive 115,607 1,410,303

Committee and other committees) . Excess of income over expenses 90,858 Fund balance at beginning of year 211,067 Fund balance at end of year $ 301,925 See notes to statement of assets, liabilities and fund balances.

16 ARTHUR Y O U N G $ COMPANY

= ) Y PARK AVENUE

NEW YORK. N Y 1 0 0 1 7

The Board of Directors National Association of Accountants

We have examined the accompanying statement of assets, liabilities and fund balances (excluding funds and accounts of chapter treasuries) of the National Association of Accountants at June 30, 1966 and the related statement of income and expenses and changes in fund balance of the current operating fund for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing -a procedures as we considered necessary in the circumstances. i Furniture, equipment, library books and publications are stated in the accompanying statement of assets, liabilities and fund balances at a nominal value of $3.00, and the costs of additions and replacements are charged to expense as incurred.

In our opinion, except as stated in the preceding para- 1 . 1 graph, the statements mentioned above present fairly the assets, liabilities and fund balances of the National Association of Accountants at June 30, 1966 and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. ,

August 9, 1966

17 CURRENT OPERATING FUND EXPENSES CLASSIFIED AS TO THE NATURE OF THE EXPENDITURES Year Ended June 30, 1966

Payments to Chapters and Affiliates $ 365,017 Publications (production and mailing costs only) 141,168 56,274

Printing and Supplies . Salaries — Administrative and Clerical 532,113 Travel 60,210 Meetings 23,510 14,793

Advertising and Promotion . General Expense: Rent and Related Costs $83,699 Equipment— Rented 16,109 — Purchased 3,722 General Postage 24,416 Employee Benefits 59,925 General Services —Tel. and Tel., Delivery, Insurance, etc. 28,131 Other — auditing, legal, consulting fees, etc. 14,612 230,614 1,423,699 Less: Conference and Seminar Fees Net of Direct Expenses 13,396 $1,410,303

STATEMENT OF TRANSACTIONS AND FUNDS OF CHAPTER TREASURIES Year Ended June 30, 1966 Payments to Chapters and Affiliates $ 365,017 Less: Payments to Affiliates . 1,650 363,367 Miscellaneous receipts 157,118 520,485 Disbursements 490,655 Increase in Chapter treasury balances $ 29,830

COMPOSITION OF CHAPTER FUNDS Cash $ 159,932 Savings accounts and U. S. Savings Bonds $ 140,740 NOTE: Information on this page was prepared by headquarters staff and is sup- plemental to the auditor's report.

18 STUART CAMERON M c L E O D SOCIETY

The Stuart Cameron McLeod Society held two dinner meetings during 1965 -66, in New Orleans on December JOHN L. FAVALORO 11, and in New York on June 26. For the first time, wives PRESIDENT of Society members joined their husbands at these affairs. With the induction of 69 new members during the year, membership in the Society numbered 1,343 at June 30, 1966. A survey made of members to determine the feas- ibility of holding a mid -year meeting each year resulted in an overwhelming vote in favor of such a meeting. A Committee for Mid -Year Meetings was appointed by President Favaloro, with Raymond Burlew, 1966 -67 president -elect as chairman.

Newly- elected SCM Soci ety Presi dent John L. Favaloro addres ses m em bers at Annual Conferenc e in Mi am i Beach.

19 REPORT OF THE EXECUTIVE DIRECTOR

The Association's Annual Report serves as a RAWN BRINKLEY means of communicating the progress and financial EXECUTIVE DIRECTOR status of the organization at the end of the year to you —one of the "stockholders." If you have read the preceding pages, I think you will have

NATIONAL ASSOCIATION OF ACCOUNTANTS 1 COMMITTEE NATIONAL ORGANIZATION Accounting Development NATIONAL BOARD OF DIRECTORS

— Chapters AND EXECUTIVE COMMITTEE Finance & Budget EXECUTIVE DIRECTOR Investments RAWN BRINKLEY

EDUCATIONAL SERVICES DIVISION CHAPTER RELATIONS AND MEMBERSHIP PUBLIC RELATIONS AND JAMES S. LANHAM. Director DEVELOPMENT DIVISION MEETING FACILITIES DIVISION DONALD M. WOODARD, Director

Research Director WALTER B, McFARLAND Researcher JOHN H. KEMPSTER Promotion and Printing Production Chapter Relations ERWIN S. KOVAL, Manager WALTER M. KASUNIC, Manager Relations Counselors Continuing Education Program ROBERT F. NOLAN DONALD F.STANHOPE, Manager HENRY M. RUSSELL ARTHUR V. CORR, Asst. Manager ROBERT J. PARKINSON, Staff Asst.

NOR-Technical Publications ROBERT F. RANDALL, Editor Chapter Educational Services JAMES D. COLLIER, Manager

Membership Development JOHN C. FREEMAN, Manager

MaNaifNfN1ACCOUXItNB STEPHEN LANDEKICH, Editor Meeting Facilities G. DONALD WHITE, Staff Assistant

Member Technical Services DONALD G. MACKENZIE, Supervisor

20 found that your Association is constantly revising, expanding and improving services under the guidance of the National Board of Directors and the Executive Committee, which are advised by six standing committees and a number of special committees appointed from time to time. Members of the Executive Committee are listed on the inside front cover of this report; the members of the other committees are printed on the following pages. The chart C0111011M on this page illustrates the organizational framework of NAA. Mee� Yerdy The report of the President noted a num- PMWAM I Public Main ber of improvements made during 1965 -66. Another worthy of mention is the planned installation of a magnetic tape drive com- puter system at the national office. This has become necessary because of the substantial growth of the Association and the projected growth in the near future. Once this equip - CONTMIURIS111=11 ment has been installed— sometime in early RUSSELL W. IARDY, C&*Ww 1967 —it is expected the national office will be able to provide broader and faster services to members. The officers and directors and members of the committees during 1965 -66 have made a contribution to the Association which MCM11 R. CLONEY, Menaller is impossible to evaluate. The guidance and assistance received from them by the staff has been truly outstanding. This report is a HI M e e A e e a testament to their fine work during the year.

I �

' Aeaeeetlq�� Oflw Irm� .eu.e JAMES A. HIGGINS, Chief AaouMeM Executive Director

June, 1966 21 n COMMITTEES 1 9 6 5 - 6 6

COMMITTEE ON Philip P. Stagg, Shreveport ACCOUNTING DEVELOPMENT A. Martin Sterling, Atlanta Paul W. Holt, Bridgeport, Chairman Thoma s J. Stevens, Atlanta Roy A. Adams, Greenwich- Stamford Matthew E. Stirling, Trenton John C. Arme, Phoenix Robert E. Stockmeyer, Evansville Norton M. Bedford, Sangamon Valley Mrs. Beth M. Thompson, South Florida Russell L. Brown, Lima Edward J. Vaia, Pittsburgh Frank M. Carter, Bangor - Waterville Carl O. Westring, Kansas City A. B. Day, Philadelphia Bronislaus Zamrok, Jr., Morristown Thomas G. Dove, Wheeling Robert P. Dulude, Merrimack Valley tY)AIR1vrri i, ON CHAPTERS R. Leslie Ellis, Lancaster Ettore Barbatelli, Milwaukee, Chairman Sydney Feldman, Queens Fred E. Andersen, Milwaukee Walter F. Fisher, Youngstown Miss Olivia Becker, New Orleans Raymond Gonzalez, Puerto Rico Donald C. Brabston, Birmingham John P. Guimond, Madison John C. Calhoun, St. Louis S. John Guson, Olean- Bradford James A. Connell, New Yo rk Newton T. Hammet, Dallas Ted C. Conrad, Charlotte Don N. Howe, Syracuse William E. Craig, Jamestown Ja mes W. Jones, Baltimore William J. Fox, Hartford Maurice E. Karosen, Newark Paul M. Gaskill, Hampton Roads Kenneth H. Kerr, Long Beach Al S. Haase, Baton Rouge Ra ymond J. Kuntz, Lehigh Valley Edward J. Harrington, Fall River - Russell H. Kyse, San Antonio New Bedford Robert A. Lineberger, Orange County Rayford W. Harwell, Fort Worth Donald E. Luhrsen, Mobile - Pensacola Owen B. Hill, Southwest Los Angeles William H. Lundquist, North Penn Lewis G. Ifft, Jr., Pittsburgh R. Terry Lyle, Florida West Central Edwin P. James, Cedar Rapids George L. McCoy, Philadelphia Russell P. Jones, Waterbury Robert M. McKinley, Nashville Chris V. Kemendo, Jr., Tulsa Richa rd A. McManus, Hawaii Eugene C. Kowall, Kalamazoo C. A. Norton, Detroit Roger C. Lamp, Reading A. W. Patrick, Knoxville Paul E. Largent, Washington Lee G. Phillips, Peninsula -Palo Alto Frank S. Lyndall, Delaware Chester K. Reichert, Jr., Erie Charles W. McKown, Tri- Cities Alexander R. St. Bernard, Cleveland John M. McMillin, Cleveland James A. Shanahan, New Hampshire Ezra M. Miller, Yo rk Vernon G. Sheffield, Houston John F. O'Brien, Chattahoochee Valley David B. Simmen, Oakland -East Bay Douglas M. Osteen, East Tennessee Paul C. Smith, South Jersey Gordon J. Paul, Albuquerque

2 2 Donald G. Perry, San Francisco Marshall G. Hardesty, Cedar Rapids Clarance W. Quisenberry, Louisville Charles H. Hawkins, Portland Raymond A. Rehfeld, Oakland -East Bay Hobart A. Henderson, Northern Herbert D. Risley, South Jersey Wisconsin William M. Scully, Calumet Robert J. Hinz, North Alabama Carl W. Strobel, Rochester Evert A. Kinsler, Tri- Cities Burniel O. Swartzmiller, Des Moines David A. LaMoreaux, Ann Arb or Dudley C. Tetro, New Hampshire William G. Layhe, Lansing Paul E. Tierney, Boston Charles W. Lent, Charlotte Remington H. Warner, Chicago J. Will Lewis, Salt Lake Area James A. Wilson, Newark J. D. McMenamin, Philadelphia Kenneth E. McMullen, San Jose Harvey Masimore, Peoria COMMITTEE ON Raymond E. Miles, Richmond FINANCE AND R l)(;E'1' Carl G. Orne, Oakland -East Bay Thoma s L. Morison, Boston, Chairman Robert E. Patterson, Lancaster Richard E. Austin, Pittsburgh George H. Perry, Worcester William H. Beadle, New York Elmore Rapps, Fort Worth Hollis P. Fowler, Springfield Samuel A. Ridpath, Seattle John D. Harrington, Indianapolis Charles P. Roney, Chicago Firman H. Hass, Detroit C. A. Ross, Jr., East Tennessee Robert E. Newberg, Des Moines Daniel Schmitt, Jr., New Ha ven Donald P. Selleck, St. Paul Gilbert W. Urban, Minneapolis COMMITTEE ON MEMBERSHIP George W. Wachter, Pittsburgh Robert G. Chapman, Los Angeles, John W. Wielde, St. Paul Chairman William W. Winter, Mobile - Pensacola Edward W. Arndt, Brooklyn R. Leslie Ashford, Binghamton COMMITTEE ON PROMOTION Roger T. Biringer, Raritan Valley AND PUBLIC RELATIONS John Blears, Jr., Jamestown Doren D. Vest, Washington, Chairman Quentin E. Bowers, Columbus John W. Allen, Toledo Gusta v H. Burkhart, Akron Patrick J. Amodeo, Albany George L. Caraway, Jr., Piedmont Irving R. August, Raritan Valley Floyd F. Cravens, San Diego William D. Barger, Southwest Nicholas J. Diemente, Richmond Los Angeles William H. Dudley, San Fernando Valley Joseph A. Barra, East Bergen- Rockland Robert R. Elliott, Baltimore A. P. Bartholomew, Cleveland Cha rles A. Guinta, Greenwich- Stamford Da vid P. Blake, Westchester William C. Hallett, Los Angeles Victor E. Bunck, Racine- Kenosha

23 Gra nt W. Canfield, Hawaii Donald J. Wait, Albany Paul B. Cate, New Yo rk George C. Watt, Morristown Daniel F. Collins, Indianapolis Robert J. Weafer, Boston Thaddeus J. Drewniak, Springfield Wilmer R. Wright, New Yo rk Clifton G. Foster, Knoxville Robert J. Freeman, Worcester Howard F. Greene, Boston INVESTMENT COMMITTEE C. W. Greenwood, Shreveport Henry W. Pirkey, Shreveport, Chairman John E. Hampel, Cincinnati William H. Beadle, New Yo rk , Vice Reinhold H. Hekeler, New Hav en Chairman R. Kendell Jones, Kalamazoo John B. Bachofer, South Florida Ja ck A. Keller, Seattle, Thomas L. Morison, Boston Raymond L. Kelso, Chattanooga George L. Nohe, Long Island Walter R. Klinger, Southwest Ottmar A. Waldow, Detroit Los Angeles Joseph L. Brumit (Ex Officio), Ha rry J. Kuempel, Denver New Yo rk Oscar E. Marbach, North Jersey Shore Francis E. Murphy, Northern New York ADVISORY COUNCIL ON John B. Murray, Dayton EDUCATIONAL CONFERENCE Charles S. Myerly, Charlotte POLICY Samuel D. Roberts, Columbia James J. Rutherford, Syracuse Donald J. Guth, Dallas, Chairman Billy M. Shockey, Orange County Dudley E. Browne, Los Angeles George R. Wirth, Piedmont John McCambridge, New Yo rk John Pugsley, Pittsburgh COMMITTEE ON George J. Wachholz, Minneapolis RESEARCH PLANNING Robert Beyer, New Yo rk , Chairman 1966 ANNUAL. Charles B. Allen, Waterbury CONFERENCE CHAIRMEN Robert W. Arnold, Birmingham R. Lee Brummet, Ann Arbor Fra nk J. Church, Newark, Chairman, Paul A. Busch, Cincinnati Operations. Edward G. Campbell, Denver Stanley A. Pressler, Indianapolis, Henry L. Clayton, Elmira Area Chairman, Program. Francis X. DiLeo, Bridgeport R. J. Donachie, Dallas NOMINATING COMMITTEE James L. Kavanagh, Providence Stephen Loidl, Jr., Trenton Colin A. Stillwagen, San Diego, Herbert A. Pautler, St. Louis Chairman Allan H. Seed, Ne w Yo rk Leslie I. Asher, Albany

24 Ettore Barbatelli, Milwaukee W. Douglas Little, Atlanta Robert Beyer, New York Robert E. Newberg, Des Moines Donald C. Brabston, Birmingham Stanley A. Pressler, Indianapolis John H. Burns, Houston H. Leslie Rogers, Los Angeles Robert G. Chapman, Los Angeles Julius G. Underwood, Harrisburg John E. Hampel, Cincinnati Doren D. Vest, Washington Rayford W. Harwell, Fort Worth

COMMITTEE ON RESEARCH GRANTS -IN -AID

G. Kenneth Nelson, Williamsport, John B. Norberg, Los Angeles Chairman George J. Wachholz, Minneapolis Robert Beyer (Ex officio), New York William W. Wright, Orange County Harold M. Benson, Saginaw Valley Robert P. Bryarly, Central Arkansas Robert I. Dickey, Sangamon Valley Emmett S. Clifford, San Francisco Erwin Heinen, Houston Kenneth L. Denhard, Syracuse Paul Noble, New York George F. McCormick, Charlotte Clark Sloat, Newark William J. Pawelec, Raritan Valley Roger M. Wakeman, Bridgeport STUART CAMERON McLEOD SOCIETY Officers and Governors COMMITTEE ON President LONG -RANGE OBJECTIVES John L. Favaloro, New Orleans I. Wayne Keller, Lancaster, Chairman Vice Presidents E. W. Kelley, Hartford Raymond E. Burlew, St. Louis Stanley A. Pressler, Indianapolis John H. Burns, Houston Kenneth R. Rickey, Peninsula -Palo Alto Treasurer Joseph L. Brumit, New York Firman H. Hass, Detroit Secretary COMMITTEE ON Theodore W. Bonnevier, Chicago LONG -RANGE LOCATION Assistant Secretary- Treasurer John E. Vavasour, Westchester, Russell W. Hardy, NAA Controller Chairman Governors John L. Marley, Chicago Maynard F. Carter, Worcester Donald J. Guth, Dallas John D. Harrington, Indianapolis H. Leslie Rogers, Los Angeles H. L. Mollenkopf, Akron Doren D. Vest, Washington

25 26 National Association of Accountants June 30, 1966

AN OVERVIEW

MEMBERSHIP 58,081

CHAPTERS Domestic-203 International -2

TECHNICAL PUBLICATIONS Management Accounting Research Reports Monographs

NONTECHNICAL PUBLICATIONS Management Accounting -News Chapter Director Membership Management Annual Report

CONTINUING EDUCATION PROGRAM Courses Seminars Annual Conference

TECHNICAL SERVICES Library Technical Inquiry Program Materials for Chapters

CHAPTER SERVICES Technical Meetings Newsletter Employment Social Activities Plant Visits

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