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Accountants group gives $1M to University of Guam

December 6, 2014

HAGATNA, Guam (AP) — The University of Guam Endowment Foundation on Tuesday received a $1 million endowment from the Guam Board of Accountancy, which will be used to bring guest lecturers to the university.

The lecturers will be experts in finance and accounting. UOG President Robert Underwood said this is the first endowed chair for the university, but he hopes other departments such as history or education will be able to also have an endowed chair.

GBOA Executive Director Dave Sanford said the endowment comes from a surplus the board has accumulated over several years.

When certified public accountant exams are given on Guam, a portion of the exam fee is used to fund the board, Sanford said.

Throughout the past few years, the board has been able to operate on less money than has been collected, he said.

“We are contributing the surplus to the endowment foundation. We are trying to improve the UOG accounting program,” Sanford said.

Public Law 32-191, which was signed into law in October, appropriates $1 million from accountancy board to UOG’s Endowment Foundation, which will be used to enhance the School of Business Accountancy Degree Program, UOG Endowment Foundation Executive Director Mark Mendiola said.

The program will allow the university to bring in high-quality talent from around the globe that the university otherwise might not be able to afford, Underwood said.

The late Sen. Ben Pangelinan introduced legislation in April to create the fund.

The Herminia Dierking and John Phillips Visiting Accounting Professor and Lecturer Program, funded and created through the endowment, is named after two professors “instrumental in keeping the accounting program going throughout the years,” Mendiola said.

UOG’s Endowment Foundation, GBOA, the university and other accounting professionals from the Guam community will manage the Guam Accountancy Endowment Fund, Mendiola said. It will provide the university money for the lecturer program as needed.

Sanford said the accountancy board hopes to be able to bring professors to Guam on a semester-by-semester basis because it will bring “cutting-edge skills to UOG.”

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Information from: Pacific Daily News: http://www.guampdn.com

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