May 2, 2012 by Janet Perez, NMSU News Center
An accounting firm in El Paso has created a scholarship for New Mexico State University business students.
A $5,000 gift from Lauterbach, Borschow & Company will help establish an endowed scholarship benefiting accounting majors at NMSU. Steve Lauterbach, managing shareholder at Lauterbach, Borschow & Company, said the scholarship is the result of NMSU being a source of talented young accountants for the company.
“We’ve recruited at New Mexico State University successfully, and the College of Business and the accounting department do a great job out there,” Lauterbach said. “We want to make it stronger because it’s a big resource to us in terms of recruiting people. In a CPA firm, we have two equal assets — our clients and our people. So the pipeline from New Mexico State and colleges of that quality is really critical to us.”
One of the driving forces in establishing the scholarship was Judy Groves, an NMSU alumna and a shareholder at Lauterbach, Borschow & Company.
“It was something that Judy Groves was interested in and the timing was right and it was something we wanted to do,” Lauterbach said.
To establish the endowed scholarship, the fund initially created by Lauterbach, Borschow & Company’s $5,000 gift must reach a minimum of $10,000 within five years. The scholarships will be awarded once the endowment reaches the $10,000 mark and the money has been invested for a year.
Lauterbach, Borschow & Company’s commitment to the scholarship extends beyond its appreciation for NMSU accounting grads. Lauterbach said it is imperative for companies to support higher education, particularly at a time when student loans are engulfing many graduates.
“I feel that companies have a responsibility to assist in the education process in any way they can,” Lauterbach said. “I always wonder how people ever climb out of the whole student debt situation. Many have to compromise their goals and their positions just because this debt is hanging over them. I think scholarships are something that will give people an opportunity to avoid digging a hole so deep that they can’t really realize what they want to do.”
Although the job market is tough, top-notch accounting students are highly sought after, said Ed Scribner, head of the accounting department at NMSU.
“Companies and accounting firms cannot find enough good students to meet the demand,” Scribner said. “But the strong students with good leadership skills who have a decent GPA, they get multiple offers.”
The Lauterbach, Borschow & Company Accounting Endowed Scholarship joins several other scholarships benefiting accounting majors at NMSU’s College of Business. Last year, Scribner said, 31 departmental scholarships were awarded. The scholarships ranged from $300 to $2,000.
“While it’s true that NMSU is still relatively inexpensive, any scholarship help is major for these students,” Scribner said. “We’re looking forward to many years of Lauterbach, Borschow & Company scholarships.”