Professor Elam

Accounting & Investing Info for San Antonio A & M

recent posts

about

  • Professor Elam

    TXCPA On line Seminar on Data Analytics

    Thursday Sept  22, 2021

                                                           

    I am excited to share two opportunities for your student with you!

     

    First, as you know, being a member of TXCPA has some amazing benefits, especially for students. They can connect with their community, seek mentorship as well as find job and internship opportunities for free by becoming a student member. To make it even more enticing, all students who join between now and Oct. 31 will be entered in a random drawing for one of five $100 Amazon gift cards. Please consider helping us promote this exciting opportunity within your campus. Attached are promotional materials to help us spread the word.

     

    Second, TXCPA Houston is hosting a free virtual student event on Friday, September 24, 2021, starting at 6:00 p.m. They have opened this event up to all accounting students in the state of Texas.

     

    The event: Go Figure: Data Analytics in a Virtual World

    What does data analytics have to do with business? Want to remain competitive in an increasingly digital world? Join us to see how professionals use data analytics and big data to make important business decisions. Register here

     

    Thank you for all you are doing to grow the profession of public accounting.

     

     

    Sincerely,

     

    Logo Description automatically generated

    Ayesha Hawkins, Ed.D

    Student and School Engagement

    Texas Society of CPAs
     

    972-220-0611 ext. 1051

    ahawkins@tx.cpa

  • Professor Elam

    Advantages of TXCPA Student Membership

    Thursday Sept 22, 2021

    Meet Brittany Fry: Accounting Intern to Revenue Accountant at HOLT

    HOLT CAT posted on September 21, 2021 13:49

    In 2017 Brittany Fry found herself frustrated and feeling stuck in her career. She knew that in order to advance she needed a degree, and her banking and accounting background, accounting seemed like an obvious choice. Brittany met Mike Meurin, Divisional Controller at HOLT CAT and 2020-21 Chapter President of the San Antonio Chapter of the Texas Society of CPAS, at a networking event last year. She joined HOLT CAT as an intern, and eventually became a full time revenue accountant. She will graduate from Texas A&M University-San Antonio with her degree in Accounting in May 2022. Following is an interview recently posted on the TXCPA-SA website.

    NEXT GEN: BRITTANY FRY
    From The Texas Society of CPAS – San Antonio
    May 3, 2021

    The nine universities and numerous community colleges in the 21-county area served by the Texas Society of CPAS-San Antonio are home to some of the most outstanding future CPAs in the state. Since March 2020, they have faced many new challenges. This next generation accounting major talks about what keeps her focused on her professional goals.

    Meet Brittany Fry, Texas A&M University-San Antonio, Accounting, May 2022!

    Why did you choose accounting as a major and career choice?
    In 2017, I found myself frustrated and feeling stuck in my career. I knew that for me to advance in my career, I would need a degree. Because my background had been primarily in banking, accounting seemed like the obvious choice.

    Is this a career change? If so, what did you originally major in?
    Although accounting is not a career change, I did change my major from biology to accounting when I began taking classes in 2018.

    Why do you choose to be involved in the Texas Society of CPAs-San Antonio Chapter, and what are you active in?
    I decided to join TXCPA-San Antonio because I knew it would be a great opportunity to meet other professionals and build my network. In addition to being involved as a mentor on campus at TAM USA, I also lead a small group on the weekend.

    What has been your best experience as a college student?
    My best experience as a student has been not only developing as a student but as a professional. I have had the privilege to meet incredible professors who have encouraged me and helped me develop and fine-tune my skills.

    Would you change anything about your career path, and if so, what?
    I would not change anything about my career path, but I wish I would have started sooner.

    What do you see yourself doing five years from now?
    Five years from now, I plan to be in a career that I not only enjoy but one in which I have opportunities to give back to my community.

    EDITOR'S NOTE: Brittany attended a virtual YAPpy Hour sponsored byTXCPA-San Antonio’s Young Accounting Professionals last fall, where she met 2020-2021 Chapter president Mike Meurin of HOLT CAT. She learned about and successfully applied for an internship with the company and was recently hired by HOLT CAT as a full-time employee. Congratulations, Brittany!

    Posted in: News
    Actions: E-mail | Permalink |

  • Professor Elam

    Intern Position Available

    Wednesday Sept 22, 2021

     

    August Rosemark, CPA, PLLC is looking to fill a part-time (approximately 15-20 hours per week) internship position.

     

    Job Description

     

    The internship will involve the preparation of business and individual tax returns, bookkeeping, drafting financial statements, and information returns for the Firm’s small business clients.  The ideal candidate will have taken accounting courses up to intermediate accounting.  Tax preparation experience is a plus, but not a requirement for this position.

     

    Start Date

     

    November 1, 2021

     

    Pay

     

    $16.00 per hour

     

    School Years

     

    Sophomore, Junior, Seniors, Masters

     

    Majors

     

    Mathematics, Economics, Accounting, Finance

     

    Work Authorization

     

    US work authorization is required

     

    Interested candidates should Email or Mail Resume to:

     

    August Rosemark, CPA

    August Rosemark, CPA, PLLC

    21720 Hardy Oak Blvd,

    San Antonio, TX 78258

     

    gus@rosemarkcpa.com

     

  • Professor Elam

    SA Convention Group to Spend over $5 M to attract One Convention in 2023

    tuesday Sept  21 2021

    SA Convention Group plans to go all out for one convewntion in 2023

    Is that really wise?

    this would involve people coming from other countries. The problem is that most cannot fly direct to SA, you would have to stop in Dallas or Houston, I would guess. That makes larger cities with more direct flights a better bet to win the convention bid.

    Why not spread the $5 M around seeking groups in and around Texas who could fly direct or just drive?  Betting all on one roulette numbers seems unwise.

  • Professor Elam

    Fraud at the SBA

    Tuesday Sept 21, 2021

    Good morning. Let's get down to business.

    A former head of the Small Business Administration is facing criminal charges in San Antonio that he misappropriated hundreds of thousands of dollars donated to two nonprofits he’s led.

    Hector Barreto, who headed the SBA for five years under President George W. Bush, was indicted by a San Antonio federal grand jury on four conspiracy charges, including to commit money laundering and wire fraud.

    Barreto, 60, received more than a combined $900,000 from the Latino Coalition Foundation and Hispanic Business Roundtable Institute from 2013 through 2019, according to the indictment. He lives in Orange County, California.

    San Antonio health care consultant Miguel Gutierrez, who along with Barreto allegedly had operational control over both nonprofits, was indicted on the same charges. Gutierrez also is charged with four counts of filing false tax returns.

  • Professor Elam

    World Exchanges Turn Down

    Monday 9/20/21

    Markets topped in the dot.com mania March 2020. We are now a Fibonacci 21 yeras past that date. And bingo, market averages have reached new highs and apparently topped again. Scan the headlines in the Monday WSJ, today. As we have mentioned numerous times, social mood tilts negative. The US officially became a nation  1788 adopting the Constitution. So it is a fitting headline that after 233 (FIB) years, France recalls its ambassadors to the US and Australia, Britain is involved in the sub deal so all three major English speaking countries are in a brou ha ha with  our longest ally.

    Adam Taggart had a two part interview with Jim Rogers. Simply put he thinks we will have the biggest bear market of all time over the next two to three years. He said he is not short yet, money printing Central Banks. Today's action may show that as always, Central Banks cannot overcome the end of five waves up in optimism. Junk bond sales are at a record while yielding the lowest returns ever for buyers.

    If we are on the cusp of a bear market I am not sure about Rogers embrace of commodities. Sure silver is down  60% from its all time high.But it only stayed at $50 for a few days. And it is up three to four times from its lows under  $5. Seems to me a depression will depress demand for everything, including expensive electric cars.

    Social Mood exists in smaller and larger fractals.  This school began in Year 1999-2000, so we are 210 years out in its existence. This past week TAMUSA had a big celebratory get together over the two newest buildings, one still under construction.  There were lots of positive comments. This may turn out to be a smaller fractal of celebration, just before a stock market downturn. At least that is exactly what happened after March 2020.
    On Friday we sent you Part 1 of our brand-new interview with famed investor Jim Rogers.

    In it, he confidently predicted an approaching massive economic and financial correction that will result in the biggest bear market of our lifetime.

    Here in Part 2 of our interview with Jim, he offers his thoughts on how investors can best prepare today for what lies ahead.

  • Professor Elam

    The Case of counterfeit Coupons

    Weekend Sept 18 2021

    Just when I think I have heard of every kind of fraud, along comes counterfeit coupons.

    A Virginia Beach couple created fake coupons worth millions and re sold them costing business a lot of discounts which were not earned.

    I must say this is a creative scheme. But as usual, she did not know when to quit, and now faces 12 years in prison, her husband got 7 years.

     

  • Professor Elam

    KPMG in the News Again-For the Wrong Reasons

    Weekend Sept  18 2021

    It's hard to keep a sescret among 1,100 employees.

    KPMG was fined $1450 K for mass cheating on internal exams apparently required by the PCAOB.

     The fines and punishment are amazingly light.  Those involved even e mailed answers around, gee rather lax don't you think?

     

  • Professor Elam

    Georgetown Tennis Coach Gordon Ernst Pleads Guilty

    Thursday Sept 16, 2021

    Gordon Ernst entered a guilty plea for his involvement with Rick Singer.

    Singer paid  multiple coaches money from parents to admit unqualified students to athletic scholarships.

    Ernst will forfeit $3.4 M  from the scheme.

    I wonder where he put the $3.4 M, in a US bank?  Georgetown University calls it an unprecedented breach 0of trust.

    Reading dozens of such cases over the years I am always amazed the perp never knew when to quit and leave the country

    before being caught. Prosecutors ask four years, Gordon wants one year. Singer has also plead but has not been sentenced.

    '

  • Professor Elam

    Mo Fayne Jailed 17.5 Years for Ponzi Scheme

    Thursday Sept 16, 2021

    Rapper Maurice "Mo" Fayne, who appeared on Love & Hip Hop: Atlanta when he was engaged to cast member Karlie Redd in 2018, has been sentenced to 17-and-a-half years behind bars for crimes including the misuse of millions of dollars in PPP loans.

    The 38-year-old Fayne, who lives in Dacula, Ga., was arrested in May 2020 on charges of making false statements on his application for a loan from the Paycheck Protection Program — which was intended to stabilize the economy during the COVID-19 pandemic — as well as bank fraud and conspiracy and wire fraud related to a Ponzi scheme. Fayne went on to plead guilty — TMZ reported that he did so after cutting a deal with prosecutors to avoid even more time — and he was convicted in May 2021.

    Officials said Fayne had, in April 2020, applied for $3.7 million through United Community Bank for his corporation, Flame Trucking. They money was supposed to be used to pay his employees, mortgages or other costs related to his business. 

    Instead, Fayne spent it on personal expenses: $85,000 in jewelry, $40,000 for past-due child support, $136,000 for the lease of a Rolls-Royce, $65,000 in cash, $50,000 for money he owed in another legal case and $907,000 to start a new business. 

    Maurice
     
    Maurice "Mo" Fayne has been sentenced to 17-and-a-half years in prison. (Photo: Instagram)

    Fayne paid an additional $230,000 to people helping him to run a Ponzi scheme. According to the Justice Department, he had run the scheme from March 2013 to May 2020, taking money from people who intended to invest in his business and using it to "pay his personal debts and expenses and to fund an extravagant lifestyle for himself."

    In addition to the time in federal prison, U.S. District Judge Mark H. Cohen ordered Fayne to five years of supervised release and payment of $4,465,865.55 to his victims across multiple states.