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KPMG Endowment

The KPMG Endowment was formed in 1985 (as The Peat Marwick Endowment Fund) and revised in 2016 to reflect the proper name of the donor firm and to support:

• The KPMG Alumni Fund
• The KPMG Faculty Fellowship (which may include, depending on the availability of funds, professional development education for accounting faculty and professionals in the community)

KPMG is a global professional services company that employs 174,000 people in 155 countries (including an office in Cleveland) in three lines of service: audit, tax, and advisory. The name KPMG was chosen when KMG (Klynveld Main Goerdeler) merged with Peat Marwick International.

The KPMG Alumni Fund was formed in 2016 when two previously established spending accounts were combined: The Peat Marwick Endowment Fund (created about 1979 and endowed in 1985) and The Peat Marwick Alumni Scholarships (created about 1988). Both accounts were started with generous gifts from University of Akron alumni employed by Peat, Marwick, Mitchell & Company, as well as matching provisions from the Peat Marwick Foundation.

The KPMG Faculty Fellowship was established through a memorandum of understanding in 1993 (and revised in 2006) with gifts received from University of Akron alumni and non-alumni partners of KPMG, whose contributions were matched by the KPMG Foundation. The KPMG Faculty Fellowship remains unchanged.

THE KPMG ALUMNI FUND – CANDIDATE REQUIREMENTS

The KPMG Alumni Fund provides scholarships for undergraduate students during their first four years in ¹ú²ú¾«Æ·’s accounting program and assistantships for graduate students during their fifth year (master’s level) in ¹ú²ú¾«Æ·’s accounting or taxation programs. The scholarships and assistantships are to be presented at the George W. Daverio School of Accountancy’s annual spring awards ceremony.

Since The KPMG Alumni Fund was established, there have been many changes in the accounting profession, including the requirement to earn 150 semester credits (the equivalent of a master’s degree) for eligibility to sit for the CPA exam in Ohio. ¹ú²ú¾«Æ·’s George W. Daverio School of Accountancy, in consultation with the managing partner of KPMG’s Cleveland office, revised the terms of the fund to ensure it can support outstanding undergraduate and graduate students who are interested in pursuing a professional career in accounting.

Students eligible for The KPMG Alumni Fund must:

• Be active in Beta Alpha Psi, accounting, and other student organizations on campus
• Have a GPA of at least 3.4 in ¹ú²ú¾«Æ·’s undergraduate accounting program
• Have a demonstrated interest in accounting with a clear path for passing the CPA exam

Outstanding freshmen are eligible for The KPMG Alumni Fund, although preference will be given to students who have completed at least 60 semester hours of college credit. The George W. Daverio School of Accountancy Scholarship Committee will identify and select recipients, as well as the amount of the scholarships and assistantships.

THE KPMG FACULTY FELLOWSHIP

By the end of the first quarter of each fiscal year, The KPMG Faculty Fellowship spending account will be credited with $3,000 per fellow from The KPMG Endowment. The funds will be controlled and accounted for by the chair of the George W. Daverio School of Accountancy and used to support the professional development activities of two KPMG Faculty Fellows and, depending on the availability of funds, professional development education for accounting faculty and professionals in the community.

Terms of The KPMG Faculty Fellowship are as follows:

1. Two Fellows will be selected from outstanding George W. Daverio School of Accountancy faculty at the rank of associate or full professor for an initial three-year term that may be renewed at the discretion of the Selection Committee if the holder of the Fellowship continues to excel in the areas used to justify his or her selection. Outstanding assistant professors with exceptional records also may be eligible.

2. The Selection Committee will include the chair of the George W. Daverio School of Accountancy, the dean of the College of Business Administration, and a KPMG partner or manager.

3. One of the Faculty Fellows will be selected for exceptional strength in teaching and learning, and the second will be selected for exceptional strength in scholarship. All Fellows must satisfy these criteria:
   • Highly effective teaching as evidenced by the quality and currency of materials used in the classroom, effective classroom delivery, classroom innovation, currency in the field, and the quality of projects and other assessments that help students develop writing, research, application, and critical thinking skills and abilities
   • Demonstrated commitment to scholarship, including journal publications and presentations within the last three years that contribute to practice, teaching and learning, and/or the accounting discipline
   • Demonstration of substantive commitment to the profession as evidenced by involvement as a leader in professional service at the local, regional, or national levels beyond that normally expected of a tenured or tenure-track faculty member
   • Full-time tenured or tenure-track faculty member in the George W. Daverio School of Accountancy at The University of Akron

4. Each KPMG Faculty Fellow will produce a one-page annual report to highlight his or her accomplishments. The report will be distributed at the School's spring awards banquet.

5. The Fellow will be appropriately recognized on email, the web, stationery, door plaques, business cards, newsletters, and other appropriate media, and will hold the "KPMG Faculty Fellow" title during the fellowship period.

6. Each Fellow will receive $3,000 of support each year. The funds will be used at the discretion of the Fellow to support his or her teaching, research, and service activities. Examples of appropriate use would be travel, computer hardware and software, databases, memberships in professional organizations, subscriptions to professional journals, and research assistance. This support will be in addition to the normal support provided by the George W. Daverio School of Accountancy. Unspent funds can be carried forward into the next year.

7. Professional development activities may be funded through The KPMG Faculty Fellowship at the discretion of the chair of the George W. Daverio School of Accountancy in consultation with the managing partner of KPMG’s Cleveland office or other designated office. Such professional development activities will be funded if there is a surplus in the spending account associated with the Faculty Fellowship after covering obligations to the Faculty Fellows.

8. The Memorandum of Understanding can be revised or terminated at any time by KPMG, the George W. Daverio School of Accountancy, or the College of Business Administration if it becomes appropriate to do so. In addition, any individual current or future commitment under this agreement is terminated at the date of receipt of resignation and/or retirement of the KPMG Faculty Fellow.