journal of accounting education

Journal of Accounting Education

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Elsevier BV

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Journal of Accounting Education

Aims and scope.

The Journal of Accounting Education (JAEd) is a refereed journal dedicated to promoting and publishing research on accounting education issues and to improving the quality of accounting education worldwide. The Journal provides a vehicle for making results of empirical studies available to educators and for exchanging ideas and instructional resources that help improve accounting education. The Journal includes three sections: A Main Articles Section, a Teaching and Educational Notes Section, and a Case Section. Manuscripts published in the Main Articles Section generally present results of empirical studies, although non-empirical papers are sometimes published in this section. Short papers on topics of interest to JAEd readers are published in the Teaching and Educational Notes Section. The Teaching and Educational Notes Section also includes instructional resources that are not properly categorized as cases, which are published in a separate Case Section. Instructional resources published in the JAEd should meet relevant educational objectives and be available for general use. The JAEd publishes manuscripts on all topics that are relevant to accounting education, including uses of technology, learning styles, assessment, curriculum, and faculty issues.

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Accounting education

Why are there fewer accountants what the research says.

AICPA & CIMA’s CEO of Public Accounting joined the JofA podcast for a discussion focused on the accounting pipeline, the importance of mobility for practicing CPAs, and more. Read the Q&A or listen to the episode.

NPAG national pipeline surveys open for responses

The National Pipeline Advisory Group pipeline surveys, intended to shape profession-wide efforts to tackle the accounting talent shortage, went live on Thursday.

Growing the profession: Insights from the AICPA chair’s travelogue

Okorie Ramsey is spanning the globe to help the world of accounting and finance reach its desired destination.

Why accounting deserves STEM status, and how you can help

The practice of accounting is increasingly tied to technology, and that’s one reason the AICPA is advocating for accounting to be recognized federally as a STEM education field. Learn more in this podcast episode or written Q&A.

What top accounting academics suggest to attract talent

With enrollment in accounting programs on the decline, three academic leaders offer suggestions for improvement.

The importance of targeting talent early, enthusiastically

A profession leader working on solutions to strengthen the accounting talent pool explains why she’s passionate about the pipeline and the importance of working together in this Q&A.

Preparing accounting students for a career in CPA financial planning

Personal financial planning skills are in the spotlight as PFP questions make their debut on the updated CPA Exam

AICPA, NASBA approve revisions to CPE standards

The AICPA and NASBA approved revisions to The Statement on Standards for Continuing Professional Education (CPE) Programs, as well as the NASBA Fields of Study document.

Expand the accounting pipeline with a mentorship circle

Innovative program enlists peers and professionals to guide students toward accounting degrees and CPA licensure.

Apprenticeship program tops 100 participants in inaugural year

Seventeen employers in 15 industries are taking advantage of the talent acquisition opportunities offered by the Registered Apprenticeship for Finance Business Partners.

Meeting Luca at the Louvre

On a summer trip to Paris, a college lecturer was waiting in line to see the Mona Lisa when a painting in the distance caught her eye. When she went for a closer look, she made a discovery rich in accounting history. She tells her tale in this article for the AICPA & CIMA’s Academic Update newsletter.

Pool of accounting graduates shrinks, AICPA report finds

The AICPA 2023 Trends report shows a significant decrease in accounting graduates, but university accounting departments foresee an increase in enrollment. That, combined with a projected increase in the general student population, presents an opportunity for the profession.

AICPA backs legislation to add accounting to STEM education

The recently introduced bills would increase awareness of accounting at an earlier age through the use of federal funding “to promote the development, implementation, and strengthening of programs to teach accounting.”

Preparing accounting students for professional success

Examining the results of a novel case study and setting the stage for its next iteration.

CPA engagement boosts student interest in Exam, public accounting

Practitioner participation in college capstone class teaches relevant workforce skills and increases desire to pursue licensure.

Program to ease path to CPA licensure partners with Tulane University

Tulane’s School of Professional Advancement will provide a library of online courses for the first class of accounting graduates completing their 150-credit-hour requirement while earning a paycheck via the AICPA and NASBA’s Experience, Learn & Earn program.

Update on the AICPA Pipeline Acceleration Plan

The AICPA continues to work on the Pipeline Acceleration Plan, a set of initiatives aimed at addressing root causes of the declining number of students becoming licensed CPAs.

Mississippi youth passes CPA Exam – at age 15

Jimmy Chilimigras, headed to law school in August, is believed to be the youngest person to ever pass the CPA Exam.

The importance of accounting program student trips

Program trips can reignite students’ excitement about the profession.

How students view the accounting profession

A survey finds that students form perceptions of the accounting profession early — even before they enter college.

Where to find March’s flipbook issue

The Journal of Accountancy is now completely digital. 

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2023 tax software survey

CPAs assess how their return preparation products performed.

Advances in Accounting Education: Teaching and Curriculum Innovations: Volume 24

Table of contents, theme 1: research on student attitudes and behavior, study choices by introductory accounting students: those who study more do better and text readers outperform video watchers.

We use student-level online resource usage data for students in four different introductory accounting courses to explore the impact on exam performance of both student study effort and students’ revealed preferences for reading text or watching video lectures. The online learning tool tracks student study choice (read text, watch video, or skip) on a paragraph-by-paragraph level. We match these usage data with student performance on course exams. We find that students who study more material earn higher exam scores than do students who study less material. We also find that students who self-select to do relatively more of their studying through reading text score higher on exams, on average, than do students who self-select to do relatively more of their studying through watching videos. Specifically, holding the overall amount of study constant, a student who chooses to spend the highest fraction of her or his study time watching video mini lectures earns exam scores 10 percentage points lower (six-tenths of a standard deviation) than a student who chooses to spend the lowest fraction of study time watching videos. Our results demonstrate that at least for introductory accounting students, increased study effort does indeed have a positive impact on exam performance. Our evidence also suggests that the highest performing introductory accounting students choose to learn accounting proportionately more through reading than through watching. These results are a reminder that when we talk about using “technology” to help our students learn accounting, the written word is still an important technology.

Decade Comparisons: Do Students’ Ethical Attitudes Shift?

Ethical attitudes are especially important for accounting students as they transition from higher education into a profession where continuing education requirements for ethics are pervasive across state boards. We examine if generational categorization impacts ethical attitudes. We compare 172 student responses from an ethical survey to results reported in the prior literature from 1997, 2004, and 2007. We find evidence consistent with current students becoming less tolerant of ethically questionable behavior. Also, we explore students with self-declared Certified Public Accountant (CPA) aspirations to other students revealing minimal differences. This suggests that discussions around ethical attitudes might be beneficial in the workplace as multigenerational individuals need to make subjective decisions when working together. More specifically, our study encourages the development of additional ethical vignettes that include technological innovation twists to foster more robust classroom ethics discussions as many students fail to find a significant ethical gray area with the traditional vignettes.

Theme 2: Cases and Pedagogical Approaches in Tax

Meeting the demands of the accounting curriculum: an integrated approach using a tax research case assignment.

This paper discusses a pedagogical approach that incorporates multiple critical topics in the accounting curriculum using an integrated tax research case. Our approach is designed to develop students research, data management and analysis, critical thinking, decision-making, and professional communication skills. These goals are achieved through the use of an integrated assignment requiring students to conduct research, decide how to use an assortment of information sources, conduct analysis of data and business documents, and arrive at and communicate a conclusion. The key issue is reasonable compensation, a highly litigated tax issue which requires students to identify relevant authority found across many court cases. The use of a closely held business with multiple family members with different fact patterns exposes students to different outcomes with a varying degree of complexity. Students must analyze business documents and firm- and industry-level data to determine the appropriate tax treatment. Further, the case scenario exploits the fact that reasonable compensation is a tax issue in which circuit courts have ruled differently on the same issue, requiring in-depth research and interpretation of primary authority. Students are also exposed to differing outcomes based on entity type. We provide discussion of our multiple implementations and student questionnaire results to support the efficacy of our approach. We have prepared resources to help instructors implement this pedagogical approach, including a completed data analysis, supporting summary tables, and an in-depth discussion of the primary authority related to reasonable compensation.

Bonus Depreciation and its Effect on Net Present Value in Relation to Capital Purchases

The purpose of this case is to allow students the opportunity to examine how the recent changes to depreciation incentives in the Tax Cuts and Jobs Act of 2017 (P.L. 115-97, Dec. 22, 2017) may affect the purchase of capital assets. Bonus depreciation has been extended to allow an immediate 100% deduction for eligible property, which also now includes used property. This bonus depreciation will be phased out over a nine-year period. Additionally, the progressive marginal tax rate used for business income has been eliminated and replaced by a flat 21% tax rate, representing a 14% drop in the tax rate on businesses.

Specifically, this case will examine how a change from 50% to 100% bonus depreciation affects purchasing decisions between asset classes, due to the exaggerated impact on the net present value for longer lived assets. In keeping with the evolution of accounting in academia, students will be asked both to solve a realistic problem and to communicate their investment decisions effectively. To prepare students for the assignment, the informational building blocks are presented in modules following Bloom’s taxonomy – culminating in the application of the concepts in a decision-making scenario. The learning method applied in this case has been tested in the classroom, with quantifiable results showing a positive learning outcome. Pre- and post-case assessment questions were administered with significant improvement in students reported understanding across all six measures. Based on these results, this case achieves the dual goals of teaching students how to apply the concept of bonus depreciation to maximize value and how to communicate this information effectively.

Evaluating the Impact of the VITA Program on Attitudes and Motives Regarding Volunteering and Civic Engagement

The accounting profession has recognized the need to increase pro bono (free) tax preparation services. Increased pro bono tax preparation services by accountants may address a growing unmet need for free tax preparation services by low-income taxpayers in the United States. One way to foster commitment to free services in the profession is by equipping accounting students with the knowledge and skills necessary to effectively serve low-income taxpayers in preparing their returns. We examined whether accounting students who provided free tax preparation services to low-income taxpayers as part of a service-learning course would experience significant changes in volunteering attitudes and motivation to offer free representation of low-income taxpayers in the future. The service-learning course was tied to the federal Volunteer Income Tax Assistance (VITA) program. Results from traditional pretest/posttest and retrospective pretest/posttest found participants reported significant increases in volunteering attitudes, the role of accounting in addressing social issues, attitudes toward helping others, and motivation and competence to offer future free representation of low-income taxpayers. Also, most participants reported positive experiences in the VITA clinic and further developed skills important to the accounting profession. Qualitative data supported the quantitative results.

Theme 3: Financial Reporting and Introductory Accounting

An instructional case: making the case for unlimited vacation days at altech.

This case exposes students to contingent liabilities, a complex topic they must grapple with in practice, via introduction of the problem of accounting for vacation pay earned but untaken. The case has been tested with both undergraduates and graduates. It is appropriate for students in an intermediate accounting course and can be completed either individually or in small groups. Grappling with issues related to contingent liabilities makes students appreciate the difficulties these present. The case allows students to consider the impact of a policy change on budgeting, firm financials, financial ratios, and the potential reaction from investors and employees. This case forces students to critically think about a little discussed business problem – contingent liabilities. Understanding the variability of a contingent liability and the firm’s handling of it constitutes the primary educational value of the case. Critical thinking and application skills are enhanced by considering the impact of both the existing contingent liability and steps necessary to eliminate it. Firms switching to unlimited vacation policies have been widely discussed in the press of late ( Chen, 2020 ; Fontana, 2017 ; Henley, 2018 ; Jackson, 2018 ).

The Importance of Supplemental Resources in Accounting Education

This paper uses a quasi-experimental approach to test the impact of textbook-related chapter videos and companion quizzes as the pre-lecture resources in an entry-level accounting course. Two side-by-side sections of an introductory Management Accounting class, at a large university, establish the control and treatment groups. The results indicate that with the availability of pre-lecture resources (chapter-related videos), students in the treatment group exhibit significantly better final exam performance results and self-report a higher rate of pre-reading before each class lecture. Students reported the videos were helpful and clear. This paper contributes to the literature by examining the effect of “nudging” and rewarding students for completing pre-lecture learning activities on cumulative final exam performance. In so doing, this paper also provides insight into what can be an effective pre-lecture, or supplemental, resource in the accounting classroom.

Theme 4: Research about the CPA Exam

Accounting faculty and professional certifications: experiences and perceptions.

We survey full-time accounting faculty holding terminal degrees about professional certifications. In addition to asking faculty about professional certifications they hold, we gather data about faculty’s experiences as well as their perceptions about the pursuit of professional certifications. We find significant results for the following items: faculty at non-doctoral schools are more likely to hold professional certifications than their doctoral counterparts; newer faculty are less likely to hold a professional certification, indicating a decreasing trend of accounting faculty who are professionally certified, and faculty teaching audit and taxation are more likely to hold a professional certification, denoting a higher practice credential requirement for faculty teaching in those areas. Our work also reveals faculty’s perceptions about the benefits of obtaining a certification to both teaching and research. By understanding the motivations and obstacles perceived by accounting faculty in their pursuit of professional certifications, universities can design reward systems that best suit their institutional mission while accommodating faculty pursuit of professional certifications in order to bridge the gap between accounting education and accounting practice.

A Closer Look at Research on CPA Exam Success

This paper provides a comprehensive review of the academic research related to the certified public accountant (CPA) exam. Our review identifies several research streams in this area, including studies that examine the effects of educational requirements and institutional and candidate characteristics on CPA exam success. In addition, we describe the CPA licensure regulatory landscape and show a general trend of lessening educational requirements among the jurisdictions over the past two decades. In the meantime, the governing bodies of CPA licensure are beginning the CPA Evolution project, a project that entails evolving licensure requirements, including the CPA exam, to meet the demands of a constantly changing business environment. We call on the CPA licensure regulators to align their jurisdictions’ educational requirements to best serve the CPA Evolution project. Lastly, we provide suggestions for future research that would assist accounting regulators, academic administrators, and practitioners during this transformative period.

Theme 5: International

Is the pause method in teaching auditing applicable in a different educational environment a replication.

The Braun and Simpson’s (2004 ) study indicates that the Pause method is an effective teaching approach for auditing based on four sets of hypotheses in developing students’ oral, written and interpersonal communication skills. In addition, it is more beneficial to the learning process and more enjoyable than the lecture-only method. The extent of achieving both of these is dependent on the type of activity that is consistent with the student’s preferred Pause method activity. Students will achieve higher examination scores when following their preferred Pause activity. Our study replicates the Braun and Simpson’s study in Greater China using one university in Hong Kong and one in mainland China as students in these jurisdictions are more passive learners and their value of learning more extrinsic than intrinsic. The results are similar to the Braun and Simpson’s study, thus enhancing the universality of the “Pause” method.

Introducing Computer-Marked Tests in an Online Financial Accounting Course: Patterns in Academic Performance and Approaches to Assessment Design

In the last two decades, online computer-marked assignments (CMAs) have been widely used in accounting education. Although there is a growing body of research on this form of online assessment, most of the previous studies relied on small samples of respondents or focused on student self-report using survey methods. This exploratory mixed-method study aims to combine a quantitative analysis of learners’ academic performance on an online Financial Accounting course with a more in-depth exploration of learner experiences using qualitative methods. The quantitative findings suggest that student previous educational qualifications, age and experience of studying a similar subject are strongly associated with CMA completion, which is also linked to scores on other pieces of assessed work. The qualitative results show that from the learners’ perspective, diversifying assessment methods, introducing low-stakes assessment activities and creating opportunities for situational interest are viewed as key aspects of online CMA design. This paper concludes with discussing the implications of the study for designing and delivering online courses in accounting, particularly in the light of the growing popularity of massive open online courses (MOOCs).

• Thomas G. Calderon

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Promoting the Value of Accounting

• By adding practitioners to accounting accreditation teams, AACSB has further strengthened the connection between academia and practice.
• The association speaks out about important issues in the industry and looks for ways to promote the impact of accounting research.
• AACSB offers educational programming to faculty and administrators, while providing schools with rich benchmarking data.

  The field of accounting faces several major challenges as fewer students enroll in accounting programs and new technologies reshape the workplace. Organizations such as the Association of International Certified Public Accountants and the Chartered Institute of Management ( AIPCA-CIMA ) have shared their plans to fill the pipeline and create a ready supply of new talent with the necessary skills.

AACSB plays an important role in supporting the accounting industry through a variety of activities: accrediting accounting programs to ensure that the quality of education remains high; speaking up on important issues in the industry; offering ongoing learning opportunities for program administrators and faculty; and promoting the value of accounting. Each activity is designed to strengthen the industry and the educational programs offered by AACSB-member schools.

Setting Standards

In 1980, AACSB adopted supplemental accounting standards for schools that wanted an elevated quality assurance system for their accounting programs, and in 1982, the first schools received supplemental accounting accreditation. As the name implies, supplemental accounting accreditation is a complement to business accreditation. To earn accounting accreditation, business schools not only must meet the nine business accreditation standards, but also fulfill the criteria for the six accounting accreditation standards, which are specific to the discipline and profession of accounting. Currently, 194 schools in 10 countries and territories have earned the association’s accounting accreditation.

To keep pace with changes in the industry—and advancements in technology—the association updated the accounting standards in 2018. One of the key changes was the call for incorporating more practitioners into the accreditation process. These practitioners provide consultative guidance on how schools can maintain relevance, integrate technology into the curriculum, promote academic engagement with the accounting profession, and prepare students for the workforce.

Today, we include practitioners on all accounting peer review visit teams, drawing from a pool of more than 30 active professionals. We look for individuals who have at least ten years of full-time experience and who have served on peer review teams at accounting firms or on accounting advisory boards for universities. We also expect these volunteers to have either teaching experience or an understanding of university processes and governance.

Adding practitioners to peer review teams has been widely seen as a positive addition to the process. Of schools that underwent Continuous Improvement Review visits in 2022–23, just over 88 percent agreed or strongly agreed that the presence of practitioners increased the value of their accounting peer review team visits.

We continue to refine our processes, most recently through a pilot program designed for schools that are seeking supplemental accounting accreditation along with regular business accreditation. Historically, these schools were visited by four-member teams that included two academics for the accounting accreditation, plus two academics for the business accreditation. In our new model, teams are made up of two deans for the business accreditation, as well as an accounting representative and an accounting practitioner for conducting the accounting accreditation review. A fifth member can still be added at the request of either the host dean, the peer review team, or AACSB (for training purposes).

To date, this approach has been popular with schools undergoing review. In 2022–23, just over 97 percent of host schools were satisfied or very satisfied with the new model, and almost 82 percent of peer review team members also were satisfied or very satisfied with the experience. AACSB will continue to monitor feedback through the end of 2023–24 before the Accounting Accreditation Policy Committee makes a final decision on whether to continue this format.

Acting as an Advocate

One of the most powerful ways that AACSB bolsters the field of accounting is through advocacy—by speaking out on important issues and working toward necessary solutions. Here are three recent examples.

We articulate concerns. In 2021, the National Association of State Boards of Accountancy (NASBA) announced it would suspend publication of its annual Candidate Performance on the Uniform Examination book, which provides ranking information about accounting programs. NASBA viewed this step as a way to focus more attention on a new CPA Evolution initiative that will reflect the changing skills and technical proficiency necessary for today’s accountants.

One of the most powerful ways that AACSB bolsters the field of accounting is through advocacy—by speaking out on important issues and working toward necessary solutions.

But at AACSB, we believe the suspension of the publication could cause great harm to accounting programs, students, the profession, and the public. We joined with the American Accounting Association (AAA) to issue a letter outlining our concerns. We believe the performance book is essential for three reasons: It helps students evaluate the quality of schools; it allows schools to benchmark their programs against their peers; and it enables schools to improve the effectiveness of their curricula by showing them where their exam section pass rates could use improvement.

“Not having this information will significantly impact accounting programs … at a time when accounting majors and CPA exam candidates are declining,” we wrote. Together with the American Accounting Association, we urged NASBA to reconsider its decision and continue to publish the book.

We comment on legislation. AACSB has reached out to the U.S. Department of Education and U.S. Citizen and Immigration Services to support a new Classification of Instructional Programs (CIP) code for business analytics programs. In our letter, we ask that the new CIP code be added to the STEM-OPT program that allows foreign students who are pursuing science, technology, engineering, and math degrees to participate in the optional practical training program, which extends their stay in the U.S. for 24 months.

We believe this action would promote faculty and student mobility across universities, which in turn would contribute to the development of the world’s top talent. “The presence of learners from all parts of the world enhances cultural awareness and appreciation for diverse perspectives,” we argue in the letter. “Inclusion of business analytics within the STEM-OPT program will further our mutual goals to link high-quality education to a strong global economy.”

We work toward solutions. In 2023, the association participated in the AAA’s Future Accountant Stakeholder Symposium , which considered the challenges the industry is facing in priming the pipeline. Critical stakeholders gathered to strengthen relationships, brainstorm ideas, and develop a sustainable plan for the good of the accounting profession. Attendees specifically discussed the challenges schools face in branding their programs, as well as the types of programming that should be offered in high school, community college, and university classes.

At this event, AACSB committed to being a supporting organization of the AAA, which means that we will remain engaged, provide thought leadership, and offer ideas.

Promoting Impact

Another way AACSB strengthens the accounting discipline is through activities that enhance the visibility of institutions and individuals that are having an impact in the field.

For instance, the association is a founding partner of the Responsible Research in Business and Management ( RRBM ) network. As part of that collaboration, AACSB has joined with RRBM and the AAA to sponsor the Award for Research Impacting Societal Challenges , which honors published work that addresses some of the grand challenges facing society today. Papers that are recognized exemplify the Seven Principles of Responsible Research , which emphasize accounting’s power to foster a greater good, improve individual lives, strengthen communities, and make the world a better place.

Last year’s award, which was handed out at the AAA’s annual conference, went to Sudipta Basu, Justin Vitanza, Wei Wang, and Xiaoyu (Ross) Zhu. Their paper “ Walking the Walk? Bank ESG Disclosures and Home Mortgage Lending” was published in Review of Accounting Studies. The authors shared a 5,000 USD prize.

AACSB also promotes the visibility of accounting research and educational programs through articles in AACSB Insights. As an example, in one article , we explored how Newcastle University is drawing young women to its accounting programs by removing barriers and holding special events.

In another article , we detailed the impressive efforts of three different schools. Canisius College in the U.S. has created a 50-member Council of Accountancy to provide students with internships, scholarships, mentorship, and employment opportunities. Southern Alberta’s Institute of Technology in Canada has launched an Aboriginal Financial Management certificate of achievement for First Nations students. And Abu Dhabi University in the United Arab Emirates has created a new elective course to train students to pursue Chartered Institute of Management Accountants certification.

These stories inspire other schools to implement best practices in recruiting students, create impact through their accounting programs, and diversify the talent pool.

Tailoring Association Activities

While AACSB promotes the field of management education generally, certain programs and initiatives are designed for the accounting field specifically. These include learning and development opportunities aimed at accounting faculty and administrators.

• The Accounting Accreditation Seminar covers the 2018 standards and includes a review of faculty qualification requirements and assurance of learning strategies. It is available online, in-person, or as a private offering.
• The Department Chairs seminar prepares individuals for leadership roles in a variety of disciplines, including accounting.
• A webinar called “The Power of STEM in Accounting and Its Impact on Enrollments” was created as a collaboration among AACSB, the AAA, and Miles Education. The webinar addresses the shortfall in the CPA talent pipeline by exploring how STEM-oriented accounting programs can attract international applicants and achieve better outcomes.

AACSB also tracks data about accounting programs to help members benchmark their programs against peer schools. To encourage more schools to participate, AACSB continues to improve and simplify the way it asks them to supply information.

For instance, after the 2021–22 iteration of the Accounting Programs Questionnaire (APQ), we discontinued the questionnaire as a separate standalone survey form. Next, we integrated the various themes of the APQ sections into other relevant survey forms, including the Staff Compensation and Demographics Survey , the Business School Questionnaire (BSQ) Programs Module , and the BSQ Finances Module . APQ benchmarking data and Overview Reports will continue to be available to any accounting-accredited schools that have completed the other three surveys in the same cycle.

This APQ Integration Project was a huge success in its debut year, with 139 accounting-accredited schools completing the other three surveys.

Committed to Impact

Accounting remains an exciting field of vital importance to the business world. Supplemental accounting accreditation signals to students, employers, and all stakeholders that a school is committed to constantly assuring its quality, innovating its programs, and remaining at the forefront of an ever-changing discipline.

As we embrace ongoing changes and challenges together, AACSB continues to provide the leadership and advocacy schools need to have an impact on the accounting discipline, as well as on society in general. Together, we can prepare the next generation of accountants for their critical roles in the workplace and the world.

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Top officials resigned after ‘significant' financial errors at Glendale-River Hills schools. Here’s what’s next.

After accounting errors set the school district on track for financial disaster, School Board members in the Glendale-River Hills School District are quickly charting a new course.

That course could include one of the last moves a school board member ever wants to make: cutting staff.

Officials have assured the community that any budget cuts will not affect staffing for this school year. The district could still notify staff in the coming months if they will not have a job for the 2024-25 school year. After several closed-door meetings, school board members could vote in a public meeting Wednesday on a plan for making cuts.

The district is also exploring other measures to avert the unexpected financial crisis, including a state loan as early as this summer, and potentially asking district voters later this year to raise school taxes. Financial advisers have said those steps, along with budget cuts, would allow the district to stabilize.

Officials haven't fully explained the accounting errors, which appear to have set the district on a path to run out of money before the next school year. As of February , the district was projected to run $2.7 million short on funds for this school year, though officials have said they're still working to finalize that figure.

The district's finance director, Lindsay Johnson, shocked board members in January when she explained that she had grossly misestimated the district's financial position during the budget process. Johnson resigned the next week.

District Superintendent Alyson Weiss submitted her resignation in February, though she said she will continue working through June. She declined an interview with the Journal Sentinel. Her resignation letter did not include an explanation of her resignation, nor did the School Board meeting where board members accepted her resignation.

School Board President Danielle Bailey has said the board will not close any schools and will share more information as it becomes available.

"The board will continue to work with urgency to improve board policies and oversight, build stronger checks and balances, and ensure that going forward we receive timely, accurate, and complete information about the status of our revenue, spending, and budget," she said in a statement .

What were the accounting errors in the Glendale-River Hills School District?

While it's unclear what exactly went wrong, it is clear that board members had an inaccurate financial picture when they voted on this school year's budget.

The workbook they had didn't paint a great financial picture, but it wasn't disastrous. It looked like the district was entering this school year with a "fund balance" cushion of over $2.8 million. The district would eat into that balance to fund its priorities, but it would still end the school year with a positive balance of about $570,000.

In January, Johnson broke the reality to school board members. She had enlisted help from Baird, a financial firm, to analyze district spending. They found the district was on track to run out of funds, including its entire fund balance, by the end of the school year.

Johnson told board members that they had, in fact, entered the school year with a fund balance of just $1 million. The district was now projected to blow through its fund balance and still be short by $2.7 million for what it planned to spend this school year.

As board members peppered her with questions, Johnson explained that Baird had different modeling tools that showed a different outlook. "The information was there, but I just wasn’t looking at it in the right way," Johnson said, failing to satisfy board members, who called for an audit of what went wrong.

Since Johnson's resignation, the district has sought help from more experienced professionals.

It immediately brought in Todd Gray, who served 12 years as superintendent in Waukesha , to review Johnson's work over the last two years. Within days, board members also hired an interim business manager, Gus Knitt. They are tasked with presenting a clear budget picture to board members as soon as possible, as well as analyzing what went wrong.

Bailey said board members are carefully monitoring their work.

"Significant errors in accounting and budgeting made by staff that are no longer with the district have increased the complexity of this accounting investigation, but it is progressing as quickly as possible while ensuring proper due diligence is taken," Bailey said in a statement.

What staff are at risk of cuts at Glendale-River Hills School District?

It's not yet clear how many staff members, if any, could lose their jobs. The district might be able to cut some positions without laying off any staff, depending on how many staff members retire or resign this year.

At a board meeting March 5, Weiss explained that any reductions would follow a board policy for such situations.

The policy tasks the superintendent with determining which employees would be laid off, based on the following factors, which are not in order of priority: educator licenses, performance evaluations, input from direct supervisors, and how long they've worked for the district.

Is the Glendale-River Hills School District considering a referendum or loan?

At a board meeting March 5, advisers from Baird laid out a possible course for the district.

In the next month, the School Board could determine how much of a loan it should seek from a state loan program for municipalities and school districts. That would allow the district to access those funds as early as June. Baird advised that the district should ensure it has cash on hand before August, when it has a major bill due.

While that loan will float the district through this school year, it will set the district up for tighter budgets in future years as it pays back the loan. Baird suggested the district could make major budget cuts, turn to a referendum, or both.

Board members have discussed the possibility of bringing an operational referendum to voters in August or November. It's not yet clear how much money they might seek with a referendum, which would ask voters to agree to raise local property taxes to increase the district's funding.

District officials plan to share another budget update at the school board meeting Wednesday.

Contact Rory Linnane at  [email protected] . Follow her on X (Twitter) at  @RoryLinnane .