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Tax Executives Institute Establishes Scholarship in Honor of Iowa Grad

The Tax Executives Institute knows the importance of education and scholarships because continuing education lies at the core of its activities. That’s why this past year, the institute contributed approximately $230,000 in scholarships to various schools, including the creation of the Timothy J. McCormally Tax Executives Institute Scholarship Fund at Tippie.

Eli Dicker, current executive director of TEI, says it was “an easy sell” when the institute decided to honor McCormally (BA73), who served as executive director until his retirement at the end of 2012. He currently is a director in KPMG’s Washington National Tax Practice.

The idea for the scholarship began with the Iowa chapter of TEI, and Dicker expanded it to create an institution-wide TEI effort. More than 100 people and organizations contributed the $60,000 to establish the scholarship in McCormally’s honor.

“The McCormally family has a deep connection to the state and to the University of Iowa,” Dicker says, “so when we considered how to honor Tim, we knew that creating a scholarship at the University of Iowa would be right.”

The endowed TEI Scholarship in the Department of Accounting will support one or more students who have an interest in pursuing a career in a tax-related field.

McCormally, a former resident of Burlington who graduated in 1973 with a B.A. degree in political science and sociology, said he “was completely gobsmacked” by the number of people and groups who contributed to the scholarship.

“The broad spectrum of contributors is just astounding to me,” he says. “Contributors included law firms, accounting firms, retired friends, local TEI chapters, and people I hardly know,” he says.

“There are many B.A., M.A., M.D., Ph.D., and J.D. diplomas hanging proudly in the homes of McCormally family members, many of them granted by the University of Iowa,” he says. “My parents instilled in their children a love of learning and of writing, a commitment to education, and a dedication to using whatever talents we had in the service of others. It is because of this background—and the example of my parents—that I am honored to have spent 30 years at an organization devoted to life-long learning and whose advocacy mission can itself be seen as education. It is because of TEI's commitment to education that I could not be happier about the institute's decision to endow a scholarship in my name.”

The Tax Executives Institute is a global organization of in-house tax professionals that hosts local and national educational and networking events, and it advocates for good tax policy and administrative rules at all levels of government. It currently has 7,000 members representing 3,000 of the largest companies across the United State, Canada, Europe, and Asia.

Support for the Tippie College of Business and its programs comes through the UI Foundation, the University of Iowa's preferred route for charitable donations. Information on supporting the Tippie College of Business is available at www.givetoiowa.org/business.


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