Haskins & Sells Foundation Scholarship Award
By EDWARD L. POWERS Partner, Birmingham Office
Remarks on presentation of Award before Alpha
Beta Chapter of Beta Alpha Psi, University
of Alabama, Tuscaloosa — December 1960
THIS is the is the fifth year that I have appeared before our own Alpha Beta Chapter of Beta Alpha Psi as a representative of the Haskins & Sells Foundation. In this capacity I have the pleasure tonight of presenting to one of you the Foundation's scholastic award of $500 for achieving excellence in accounting here at the University of Alabama.
The Haskins & Sells Foundation is a non-profit organization founded in 1928 for education and charitable purposes by five of the earlier partners of the Firm of Haskins & Sells, Certified Public Accountants.
It has received its principal funds largely through contributions
and bequests made by those men and other members of the Firm.
One of the more important early projects of the Foundation was the financing of the study made during the mid-1930's for the purpose of developing a statement of accounting principles. The results of the study made at that time by three eminent educators were published
and widely distributed by the American Institute of Certified Public Accountants and became one of the forerunners of the present accounting pronouncements of its committees. I have particular reference
to the Accounting Research Bulletins and Statements on Auditing Procedures.
In 1956 the Foundation announced an educational program directed toward advancement of the accounting profession, one portion being for teachers and the other for students. The portion of the program for faculty assistance is in effect here at the University of Alabama and contemplates grants of $1,000 a year. Last month I had the pleasure of presenting Mr. W. Philip Windham with the Foundation's check for $1,000. In passing I might say that the purpose of offering assistance to teachers of accounting is based upon recognition of the serious difficulties which colleges are experiencing in attracting and retaining talented men for their increased enrollments.
In connection with the furtherance of the second portion of the program, the Foundation entered into agreements (generally extend-