School Sweeps Graduate and Undergraduate Competitions

Orlando, FL, November 22, 2006 – The Mason School of Business at The College of William and Mary is quickly becoming synonymous with tax excellence at the collegiate level. For the second consecutive year, the Mason School has been crowned champion in both the graduate and undergraduate divisions of the Deloitte Tax Case Study National Competition.

The W&M Undergraduate Team continued its tradition of receiving first place.   This is the third consecutive year that the Undergraduate Team has received first place (6th time in the past 7 years). The W&M Graduate Team repeated its first place victory from last year.

This marks the second time in the history of the Tax Challenge that both the graduate team and the undergraduate team from a single university received first place.  The W&M teams did so for the first time last year.

The teams are coached by Dr. James E. Smith, the John S. Quinn Professor of Accounting, at the Mason School. The competition was held November 17-19 in Orlando, Florida.

“This history-making accomplishment is nothing short of miraculous.  Please join me in congratulating Jim and his team members.  They remind us yet again of the caliber of our students and faculty and make us all very proud!” said Dean Lawrence B. Pulley.

William & Mary finished first among a field of 12 schools competing, six within each division of graduate and undergraduate teams, at the national finals. Overall, more than 40 colleges and universities throughout the country competed in this year’s 2006 Deloitte Tax Case Study Regional and National Competitions. The University of Central Florida placed second in the graduate division, while Brigham Young University finished second at the undergraduate level.

Members of the Undergraduate Team are Cheryl Cochet, Laura Martin, Matt Monahan, and Carolyn Offutt. Members of the Graduate Team are Megan Brewster, Evan Davis, Joanne O’Brien, and Megan Wiggins.

The competition was sponsored by the Deloitte Foundation, a non-profit arm of Deloitte & Touche USA LLP, one of the nation’s leading professional services organizations. William & Mary was awarded $28,000, including a $1,000 scholarship for each student and $20,000 for their school. The second-place teams were each awarded $500 per student and $5,000 for their school. 

"The mark of a true champion is best exemplified in its ability to repeat, and the College of William & Mary, both students and their dedicated and driven faculty, clearly demonstrated this quality over the past 24 months,” said Chet Wood, chairman and CEO of Deloitte Tax LLP. “Truth is, however, all of the student teams and their faculty advisors are winners in this competition. They all competed well and should be proud of their efforts.”

Wood added, “Business and industry, and the tax profession, in particular, are winners today, too. Taxes are a huge corporate expenditure, the largest line item on the income statement in most cases. Companies have come to rely increasingly on tax for profit optimization or risk mitigation. Tax issues are the vanguard of business decisions, touching every aspect of our global economy, and the talent displayed throughout this competition bodes well for the profession and business.”

“These students have really set the bar high for next year’s competition and give merit to the tax and accounting programs of their universities,” said Shaun Budnik, president of the Deloitte Foundation and partner, Deloitte & Touche USA LLP. “The Deloitte Foundation wants to thank everyone who worked to make the 5th annual Tax Competition a success.”

At the national event, teams had five hours to complete a complex theoretical case study that required them to analyze information, identify issues, and consider real-world challenges to a hypothetical client situation.  As part of the competition, each team prepared a solution to their case and submitted it to a panel of Deloitte judges for evaluation. 

This year’s national finalists in the graduate division were: Brigham Young University, University of Central Florida, University of Denver, The Ohio State University, University of Southern California, and the College of William & Mary.  In the undergraduate division the finalists were: Boston College, Brigham Young University, University of Denver, The Ohio State University, College of William & Mary, and the University of Wisconsin – Madison. Students on teams not placing first or second in their division will receive a $250 individual national honorable mention award.  Each school will also be awarded $2,500.

 About the Deloitte Foundation
The Deloitte Foundation is a not-for-profit organization that supports teaching, research, and curriculum innovation in accounting, business, and related fields within the U.S.  The Foundation, founded in 1928, supports an array of national programs, which are relevant to a variety of professional services, and which benefit undergraduates, graduate students, and faculty.  For more information, please visit the Deloitte Foundation web page at http://www.deloitte.com/us/df

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