"One reason for having the students do seven sessions is so that they do have the opportunity to experience as many issues as possible," said Peterson. "For the last two years, I ensured that each students experienced the exhilaration of the first two weeks of tax sessions at least once. It is an extraordinary experience for them."
 

Make room, McGladrey & Pullen. The hottest names in accounting could soon be Eklund, Polillo & Stansell.

That firm would be established if Monmouth College seniors Kari Eklund, Amy Polillo and Ashley Stansell continue their trend of doing things together. It all started in nearby Knoxville 15 years ago when the trio met in first grade. They have been together for the most part ever since, graduating from Knoxville High School in 2004 and, in just a few short weeks, from Monmouth College.

Location hasn’t been their only common bond. They all have fond memories of Knoxville High School teacher Lynne West and, at Monmouth, they have come to appreciate the accounting instruction of husband-and-wife faculty members Frank Gersich and Judy Peterson. None of the three entered Monmouth as accounting majors, but they all added the academic emphasis to their studies in business or, in Stansell’s case, mathematics.

“I’ve always loved numbers, and I found accounting to be really interesting,” said Stansell, who is majoring in math and accounting with a minor in business. “The professors are great. Judy convinced us all to switch over to accounting for part of our studies.”

“These women were outstanding in their high school and they have been outstanding here at Monmouth College,” praised Peterson.

All three have served as Volunteer Income Tax Assistance workers, with Polillo actually working during back-to-back tax seasons in 2007 and 2008.

At the college’s honors convocation last month, they all walked across the stage to receive prizes, including the prestigious Wall Street Journal Award, chosen by MC’s accounting, business, economics and international business faculty, which went to Eklund.

Eklund’s award has a 60-year history with the Wall Street Journal, dating back to 1948. She will receive a commemorative award medallion and a one-year subscription to the Wall Street Journal, and her name will be published in the financial newspaper at a future date along with the other award winners.

Polillo received the Wallace H. and Dorothy Rifenbark Speer Memorial Prize in Business for outstanding work in business administration, while Stansell earned the Paul Cramer Prize for outstanding work in mathematics. Eklund also won the John Clay Bruner Economics Writing Contest.

Going back to their high school days, Polillo was the first of the three to choose Monmouth.

“When I visited, I knew I’d feel comfortable here,” she said. “I really liked the small class sizes.

Her friends, however, didn’t immediately follow suit. Stansell waited until late in her senior year before choosing MC, while Eklund actually enrolled at the University of Iowa and attended for a brief time before joining her KHS classmates at Monmouth.

Looking back, they are all pleased with their decision because, looking ahead, they have positions waiting for them at Deere and Co. (Eklund and Stansell) and State Farm (Polillo).

Eklund and Stansell will be part of Deere’s Financial Development Program, which gives new employees an opportunity to work two or three “rotations” at different positions, with each rotation lasting 12-18 months.

“When it’s done, you can post out into whatever position you want,” said Stansell.

Eklund will be working in Moline to start out, while Stansell is still waiting for her location. Polillo’s position is at State Farm’s headquarters in Bloomington.

As they looked back on their MC careers for one of the final times as students, Eklund said she appreciated the increased opportunities to be involved that Monmouth College offers. Stansell appreciated the opportunities to improve her social skills through such avenues as interaction in smaller classes, while Polillo feels she’ll be leaving campus as a more well-rounded person with a well-rounded education.

Besides Gersich and Peterson, Polillo said that Ken McMillan, associate professor of political economy and commerce, also had a profound effect on her education.

“He was a major influence in my career at Monmouth and gave me the confidence and motivation to succeed within the business department,” she said, adding that her first experience with McMillan came when he was her “Introduction to Liberal Arts” professor in the fall of 2004.

Eklund added, “Professor (Mike) Connell helped guide me through a lot of issues and hurdles during my first two years at Monmouth and always pushed me to achieve anything and everything. He also recognized the efforts I put forth in achieving those goals and aspirations.”

Stansell appreciated the help she received from associate professor of mathematics Howard Dwyer.

“He had a great impact on me during my time at Monmouth,” she said. “He is a great professor and has been an extremely helpful adviser. He was always willing to help and he put up with me while I was changing majors. His support, along with Frank and Judy’s, helped me accomplish a lot here.”

The “Knoxville trio” certainly has a lot in common, and there will be at least one more trait they will share in the future. In the commencement program, they will all be listed as summa cum laude graduates of Monmouth College.
 

MC accounting students exceed national average on field test

The exam measures a student’s understanding of the common body of knowledge for business as defined by the American Assembly of Collegiate Schools of Business.

"The vast majority of students who take the exam attend public universities with more extensive course requirements in business and related fields," said MC accounting professor Frank Gersich, who added that the MFT exam is administered as part of the accounting department’s annual assessment of student learning.

The overall scores are reported on a scale of 120 to 200 points, and seven of Monmouth’s 12 were at or above the average national score. All 12 students are currently enrolled in Gersich’s senior capstone course, "Contemporary Issues in Accounting," and at least 10 of the 12 will be embarking on accounting careers following graduation this May.

The dozen students are Kat Anderson of Dow, Jennifer Carter of Marseilles, Kelly Compton of Oneida, Kari Eklund of Gilson, Katrina Gosney of Monmouth, Heidi Norton of Monmouth, Jill O’Bryant of Lewistown, Amy Polillo of Knoxville, Ashley Stansell of Knoxville, Melinda Todd of Monmouth, Carly Wolf of Peoria and Ashley Yeast of Sciota.

ETS also reported separate assessment indicators for eight subject fields, Gersich explained. These are designed to provide curricular feedback on data subfields within the business common body of knowledge. Monmouth’s results on these indicators include ranking in the 95th percentile in accounting and in the 90th percentile in both economics and quantitative business analysis.

"Overall, we are quite pleased with several of our subject field results," said Gersich. "The philosophy of the departments is to provide a blend of ‘big picture’ and detailed analysis of individual issues. In the accounting, business and economics courses, our majors are expected to understand the effects of decisions on individuals, entities and the economy as a whole. The feedback from the exam indicates that our accounting graduates will compete effectively with students from other schools."

MC’s VITA students to be part of Super Saturday

Release Date: March 19, 2008

MONMOUTH, Ill. — The Internal Revenue Service has designated March 29 as Super Saturday in order to raise awareness about the economic stimulus payment that many Americans will receive starting in May.

Monmouth College’s Volunteer Income Tax Assistance (VITA) students will participate in the event, providing free tax assistance at two locations that day. They will be at the Galesburg Public Library, 40 E. Simmons St., from 9-11:30 a.m. and at the Warren County Public Library, 60 Public Square, Monmouth, from 1 to 4 p.m.

In addition to March 29, VITA students will staff the library locations on April 5 and 12 at the same times. Free tax preparation sessions will also be available March 19 and 26 and April 2, 7, 9 and 14, from 4-7 p.m. at Monmouth College’s McMichael Academic Hall, Room 308.

In order to receive the stimulus payment, taxpayers must file a 2007 tax return with a valid Social Security number that indicates at least $3,000 of at least one of the following: 1) earned income; 2) Social Security benefits; 3) certain veterans benefits; 4) nontaxable combat pay.

"For those of you who normally would not need to file, but meet one of the criteria above to receive the stimulus payment, the Monmouth College VITA students have been instructed how to prepare your 2007 tax return," said accounting professor Judy Peterson, who coordinates the program at Monmouth. "If you indicate bank checking or savings information on this return, your stimulus payment will be direct deposited to that account. Otherwise, you will receive a check. In most cases, the payment will equal the amount of tax liability on the tax return, with a minimum of $300 and a maximum of $600 for individual filers and a minimum of $600 and a maximum of $1,200 maximum for joint filers."

For those who have adjusted gross incomes above $75,000 for individual filers and $150,000 for joint filers, the payment will be phased out. Also, those who have a qualifying child will be eligible for an additional $300 per child. Dependents are not eligible for the stimulus payment.

In other VITA news, Peterson said her students are available if a retirement home or assisted living facility would like them to come on site to help seniors prepare their 2007 return. To schedule such an appointment, contact Peterson at 309-457-2365.

MC accounting professor Judy Peterson, coordinator of the college’s program, said that the program has a two-fold purpose: "service and education for the community, and citizenship and education for the students."

The service is aimed primarily at low- to middle-income taxpayers, generally with an income of $40,000 or less, who cannot afford professional assistance in the preparation of their return. All ages of taxpayers are served, from students through retirees.

"Everyone who comes to the site is strongly encouraged to e-file," said Peterson, who reported that the first date that VITA will be in session is Feb. 2. "Taxpayers can expect quicker response to their filings, and the IRS can reduce its processing costs."

At Monmouth College, VITA personnel will be available Mondays and Wednesdays from 4 to 7 p.m., starting Feb. 4. For the first two weeks, the college site will also be open on Thursday from 4 to 7 p.m. VITA will not be in session during the college’s spring and Easter breaks. The final day of service will be April 14 on the college campus.

"If individuals have a disability that prevents them from climbing stairs, they should visit the library locations, which are wheelchair accessible," said Peterson.

The 25 Monmouth students enrolled in the program will be completing IRS certification requirements in January after attending workshops to study new tax laws and to orient them to the commercial software and internal control processes used. Three upper-level accounting students who have accompanied Peterson for training will assist her in coordinating the program. They are seniors Jennifer Carter of Marseilles, Katrina Anderson of Dow and Kelly Compton of Oneida.

Peterson is excited that 17 of her VITA students are enrolled in a senior capstone course called "Taxes and the Citizenry" course, which fulfills a new citizenship requirement in the college’s curriculum.

"Students in this course, besides participating in VITA, will be researching and discussing tax policy issues and submitting a paper, as well as giving an oral presentation," said Peterson, who gave a presentation on her new course last fall at a national accounting education colloquium in Arizona. "I don’t see many colleges and universities even having a VITA program, and to have it integrated in this manner with policy issues is truly one of a kind."

Another new feature of Monmouth’s VITA program is that a Spanish interpreter will be available on certain dates. The VITA program will also be able to help individuals who do not have a Social Security Number, but need to file a tax return. They will be instructed on preparing Form W7 to obtain an individual tax identification number (ITIN). The form can be prepared and submitted with the individual’s tax return.

"There are not many changes that will affect the individual taxpayer this year," added Peterson. "There are the typical increases in standard deductions, exemptions, tax brackets and earned income credit amounts to account for the effects of inflation. A new item for this year is that the IRS will no longer be using the signature document, Form 8453, for e-filing. E-filers will now be using PIN numbers to electronically sign their returns. Taxpayers, however, will still need to sign Form 8879, so from their point of view, not much has changed."

Last year, Monmouth’s VITA program prepared or assisted with 414 federal and 414 state returns. This represented a 24 percent increase over the previous year. E-filed returns increased by 15 percent. Since the computerized service began in 2000, the program has experienced an increase of nearly 350 percent for returns prepared/assisted and an increase of nearly 700 percent for e-filed returns.

"On a scale of 1 to 5, taxpayers rated their overall satisfaction as 4.90, and 100 percent of the taxpayers said they would use our services again and also recommend a friend," said Peterson. "We are certainly pleased with the success of this program and the value to both the students and the surrounding communities."

For persons seeking a Spanish interpreter, one will be available on the following dates: Feb. 6, 13, 20, 27 and April 2 at the MC location; and Feb. 9, and 23 and March 1 at the Warren County Public Library location.

In order to receive income tax assistance, individuals need to bring several items, including Social Security cards for each person listed on the return, all documentation on income (such as W-2s and 1099s) and last year’s return.

For questions regarding this service, call Peterson at 309-457-2365 or visit the VITA Web site at department.monm.edu/accounting/vita.htm. The complete list of items that taxpayers need to bring and other useful information is available there.

Of particular interest to members of the Hispanic community and other workers not eligible to obtain a Social Security Number, the talk will focus on issues relating to obtaining an Individual Tax Identification Number (ITIN) and responsibilities for filing a tax return. Santos, who is based in Chicago, will also discuss federal tax compliance education regarding taxpayer rights, responsibilities and benefits.

Santos, who is fluent in both Spanish and English, has been working with tax compliance education and ITIN issues since 1996. Together with the Center for Economic Progress, he has conducted more than 100 tax assistance outreaches at churches, schools, banks, community centers and the Mexican Consulate throughout the Chicago area and also in Rockford, Springfield and the Quad Cities.

"My Volunteer Income Tax Assistance (VITA) students will be attending Hector’s presentation, but many in the community may find the presentation helpful and enlightening," said MC accounting professor Judy Peterson.