C. S. “Bud” Kulesza, CMA, CFM and John Pollara, CMA Copyrighted Material 100 Years and Counting: A History of the Institute of Management Accountants Copyright © 2019 by Institute of Management Accountants, Inc. All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means—electronic, mechanical, photocopying, recording or otherwise—without prior written permission from the publisher, except for the inclusion of brief quotations in a review. For information about this title or to order other books and/or electronic media, contact the publisher: IMA 10 Paragon Drive, Suite 1 Montvale, NJ 07645-1760 (800) 638-4427 or 1 (201) 573-9000 www.imanet.org ISBN: 978-0-9995004-2-2 Printed in the United States of America Cover and Interior design: 1106 Design No part of this publication may be reproduced, stored in a retrieval system, or transmitted by any means, electronic or mechanical, without prior written permission of Institute of Management Accountants (IMA®). Dedication This book is dedicated to the many members of the Association—past, present, and future—whose dedication and service have supported the advance- ment of management accounting and the sharing of knowledge for the benefit of the profession through their active engagement and unselfish service. Since the Association’s founding, they have sustained enthusiasm that has served the profession well and positioned its members for success in the future. v Preface he purpose of this book is to share the rich history of our Association Tand the active role it has played in the transformation of our profes- sion. From its inception to our present-day global expansion, our Association has been proactive in identifying the knowledge, skills, and abilities required to be successful in our profession. Name changes along the way reflect the changes in work being performed and attest to the significant impact we have had in defining what it means to be a management accountant. Our legacy of influence through thought leadership has served the Association and the profession well since its founding, and we are well positioned to continue to do so in the future. vii Acknowledgments he authors would like to acknowledge the following individuals: TFrank Homburger and Chris Mishler, for the use of their “100 Years and Counting” 2019 conference winning theme submission as the title of this book. It really says it all. The Honorable Kim Wallin, former IMA Chair and the Chair of the IMA 100th Year Anniversary Ad Hoc Committee, for her unwavering support in making certain that the IMA story of the past 100 years was made known to members through the publication of this book. Grant U. Meyers and Erwin S. Koval, the authors of Proud of the Past: 75 Years of Excellence Through Leadership, 1919–1994. This book was written for the 75th anniversary of our Association and remains a source of much of our Association’s history to that point. Proud of the Past contains a rich and extensive level of detail of our Association’s first 75 years. In appreciation of the great work they have done, we frequently refer to information contained in Proud of the Past as we present an inclusive 100-year history of our Association. The current IMA Global Staff and particularly the IMA Senior Leadership Team: Jeffrey Thomson, CMA, CSCA, CAE—President and CEO; Pat Stefanczyk, CAE—Vice President, Governance and Volunteer Relations; Doreen Remmen, CMA, CSCA, CAE—Senior Vice President, Operations and Chief Financial Officer; Debbie Warner, CAE, CPLP—Vice President, Education & ix x | 100 YEARS AND COUNTING Career Services; Dennis Whitney, CMA, CFM, CAE—Senior Vice President, Certifications, Exams, and Content Integration; Ellen Gurevich—Vice President, Integrated Marketing; Jim Gurowka, CAE—Senior Vice President, Global Business Development; Kathy Williams—Vice President/Editor-in- Chief Emeritus; Marc Gerrone, CAE—Senior Director, Communications and Public Relations; Raef Lawson, Ph.D., CMA, CSCA, CPA, CFA, CFP, CAE—Vice President, Research & Policy and Professor-in-Residence; Sean Hare, CAE, CGEIT—Vice President, Information Technology and Operations. Their ability to build on our successes of the past and learn from our failures has created opportunities for innovation, which they have quickly embraced to advance our global Association and the profession. The future of both is ensured as they set an example of leadership through their dedication and passion, making a difference and providing for the future. About IMA or 100 years, IMA has been a champion of—and resource for— Fmanagement accounting and financial professionals. Our story is one of steady transformation yet unwavering commitment: As we’ve progressed through each decade, we’ve never lost our mission-led purpose to uphold the profession. The organization was founded in Buffalo, New York, in 1919 as the National IMA HISTORY: Association of Cost Accountants (NACA) The father of cost to promote knowledge and professionalism accounting was among cost accountants and foster a wider the founder of our understanding of their role in management. Association. In 1957, our name was changed to the National Association of Accountants (NAA), beginning an era in which we would later develop our hallmark credential, the CMA® (Certified Management Accountant). In 1991, the organization’s name was again changed to the Institute of Management Accountants (IMA), signifying our broader role as the Association for accountants and financial professionals working inside organizations. Today, we are known by the shorthand—IMA—and continue the legacy of professional excellence that began nearly a century ago. xi Our Timeline 1919 Founding of the National Association of Cost Accountants (NACA) in Buffalo, New York, an early incarnation of IMA 1920 First chapter of NACA formed in Chicago First NACA Annual Conference held in Atlantic City, New Jersey 1925 NACA Bulletin introduced 1935 Library established at NACA national office 1943 First international chapter chartered 1945 Research Committee established as a standing committee for the first time 1949 NACA Bulletin becomes monthly publication 1957 NACA becomes National Association of Accountants (NAA) 1959 Student Publication Services inaugurated 1969 Management Accounting Practices Committee established 1972 Certified Management Accountant (CMA) program created The first Statement on Management Accounting (SMA), Concepts for Contract Costing, issued xiii xiv | 100 YEARS AND COUNTING 1983 Standards of Ethical Conduct of Management Accountants, the first code of ethics for management accountants in the U.S., issued 1989 Financial Executive of the Year Award program established 1991 National Association of Accountants becomes Institute of Management Accountants (IMA) 1992 IMA becomes a founding member of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), a private-sector organization dedicated to improving the quality of financial reporting 1994 IMA celebrates its 75th anniversary and publishes Proud of the Past: 75 Years of Achievement IMA Foundation for Applied Research (FAR) is formed for the advancement of management accounting 1996 IMA establishes the Certified Financial Manager (CFM®) program 1997 CMA and CFM tests are computerized 1999 IMA relaunches and renames its flagship magazine, Strategic Finance, which also becomes available online. Management Accounting Quarterly debuts in Fall 1999 2000 First IMA Student Conference held in Colorado Springs, Colorado 2006 First IMA Global Conference held in Dubai, UAE 2009 LinkUp IMA, our exclusive online professional community, launched 2011 Simple Chinese version of CMA exam introduced 2012 CMA program celebrates 40 years of success 2013 IMA joins IFAC in support of the global management accounting profession Our Timeline | xv 2014 New IMA regional offices open in Shanghai and Cairo 2015 IMA launches new book line with first book on innovation 2016 ICMA awards 50,000th CMA certificate 2017 IMA launches first textbook on managerial accounting, Management Accounting: An Integrative Approach, authored by C. J. McNair-Connolly, Ph.D., and Kenneth A. Merchant, Ph.D. 2018 IMA reaches 100,000 members for the first time 2019 IMA celebrates 100-year anniversary Contents Dedication v Preface vii Acknowledgments ix About IMA xi Our Timeline xiii SECTION I THE ASSOCIATION Founded on a Vision: Value Creation through Evolution 1 CHAPTER 1 The Founding of a Profession 3 CHAPTER 2 Our Founder: Major J Lee Nicholson 15 CHAPTER 3 A Values-Based Membership Organization 21 xvii xviii | 100 YEARS AND COUNTING CHAPTER 4 Membership 27 CHAPTER 5 Diversity and Inclusiveness 35 SECTION II BUILDING AN ORGANIZATION Value Enablement and Delivery 41 CHAPTER 6 Organization Structure 43 CHAPTER 7 Governance and Volunteer Structure 51 CHAPTER 8 Volunteer Presidents and Chairs 63 CHAPTER 9 The Stuart Cameron McLeod Society 75 CHAPTER 10 Staff Leadership 91 CHAPTER 11 Chapters and Councils 109 CHAPTER 12 Awards: Chapter and Council Competitions 119 CHAPTER 13 Global Engagement 131 Contents | xix SECTION III THE ASSOCIATION Initiatives 139 CHAPTER 14 Value Creation 141 CHAPTER 15 ICMA and the CMA Certification 143 CHAPTER 16 Ethics 157 CHAPTER 17 Education 163 CHAPTER 18 Conferences 167 CHAPTER 19 Leadership Development 187 CHAPTER 20 Research 193 CHAPTER 21 IMA Research Foundation (IRF) 201 CHAPTER 22 Advocacy 205 CHAPTER 23 Academic Engagement 211 xx | 100 YEARS AND COUNTING CHAPTER 24 Publications 223 Epilogue