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Free Tax Preparation at UB Brings $640,000 Back to WNY

School of Management students prepare tax returns for a client

Release date
Apr-21-2009

Contact
Jacqueline Molik Ghosen
716-645-2833
ghosen@buffalo.edu

BUFFALO, N.Y. – Over the past 10 weeks, 126 IRS-certified accounting students from the University at Buffalo School of Management brought nearly $640,000 in tax refunds back into the Buffalo community through the Volunteer Income Tax Assistance (VITA) program.

UB’s chapter of Beta Alpha Psi, the national honor society for accounting and finance students, led the initiative that provided more than 2,000 hours of tax service, preparing 676 tax returns for individuals and families with annual incomes below $42,000.

“We’re especially pleased that more than $120,400 of the total was a result of the Earned Income Credit, which targets low-income families in need of additional financial support,” said Adam Osteryoung, an MBA student in the School of Management and co-chair of the Beta Alpha Psi’s VITA committee. “It means that we helped a number of families who needed it most.”

To increase community accessibility, volunteers offered the free service on UB's South Campus, in addition to the North Campus, resulting in a 72 percent increase over last year in the number of returns prepared.

“We could not be more proud of our students and the impact they have made on the community with this initiative,” said Arjang A. Assad, dean of the UB School of Management. “Despite their class loads and other responsibilities, these students have been working virtually every weekend since January to make this program the outstanding success that it has been.”

The Wall Street Journal has ranked the UB School of Management No. 9 in the nation among schools with strong regional recruiting bases. In addition, BusinessWeek has ranked the school as one of the country's top 5 business schools for the fastest return on MBA investment, and Forbes cited it as one of the best business schools in the U.S. for the return on investment it provides MBA graduates. For more information about the UB School of Management, visit mgt.buffalo.edu.

The University at Buffalo is a premier research-intensive public university, a flagship institution in the State University of New York system that is its largest and most comprehensive campus. UB’s more than 28,000 students pursue their academic interests through more than 300 undergraduate, graduate and professional degree programs. Founded in 1846, the University at Buffalo is a member of the Association of American Universities.