The Tax & Accounting business of Thomson Reuters has donated its entire stock holdings in the American Institute of CPAs CPA2Biz subsidiary to the AICPA Foundation.
The Thomson Reuters donation represents 8.71 percent of CPA2Biz ownership arising from a 2001 investment to help launch CPA2Biz.
The recent decision of Thomson Reuters to donate its investment to the AICPA Foundation states unequivocally that their commitment to the profession continues, AICPA president and CEO Barry Melancon said in a statement. He noted that Thomson Reuters initial support was essential for the institute to enter a difficult marketplace by creating and delivering service tools for smaller CPA firms.
The AICPA Foundation, which began in 1922, funds five minority programs, along with four additional accounting education programs and two public financial education guides on disaster preparedness and recovery. It is also spearheading the Accounting Doctoral Scholarship program, a $17 million campaign to fund Ph.D. educational opportunities.
The AICPA Foundation is exhibiting true leadership to address the shortage of accounting PhDs and the need to increase diversity in the CPA profession, said Thomson Reuters Tax & Accounting president and CEO Roy M. Martin, Jr.
