News Archives (News from prior fiscal years)
Making IMA Relevant
How NY Metro Council Revitalized by putting on a special educational event (an idea for Michigan Council and chapters)
May 1 , 2009 - It has been almost a year since NY Metro Council put on an outstanding event. Our council decided that we needed to do something “BIG”; we needed to do something for our constituents our members. The New York Council serves only 4 chapters, NY Metro, Long Island, Westchester-Gateway, and Coastal Fairfield. We, like most councils and chapters, have been suffering from decreasing attendance, involvement and ...yes, apathy. Despite that we decided to put on a blockbuster event.
We put together a committee under the NY Metro Council to put this event together, one person from each chapter:
Warren Bergstein, NY Metro
Bob Arnold, Jr. Long Island
Arthur J. Pann, Westchester-Gateway (that’s me)
Ted Saunders, Coastal Fairfield
We held our first meeting 6 months before the event. We needed to find a location that was convenient and cost effective, we needed to create a panel that was stellar, we needed to get the information out there, and we needed to do this fast.
Our organization is amazingly connected. Through Montvale we were able to put a panel together that included Dominic Caruso, VP Finance and CFO of J&J, as well as Leslie Seidman, sitting Board Member of FASB. Through Leslie Seidman, we were able to get Brian Roberson, Partner Department of Professional Practice at KPMG, LLP and also Frank Hauser, Partner, Global Consulting Accounting Services at PWC. Thanks to our Long Island chapter, a prior recipient of their prestigious FEY award, Len LaSalandra, Senior VP and CFO of Marchon eyewear rounded out this most prestigious panel.
After we put our amazing panel together, we needed a strong anchor to moderate what would be later viewed as one of the best panels the IMA has been able to put forth in this area. Luckily, we had just that person, one who has been part of the IMA resurgence and was newly appointed to President and CEO of the IMA, Jeffrey C. Thomson.
The event took place on May 28th of last year, at the prestigious Harvard Club in NYC. The almost four hour symposium contained a lot of information about where companies are today and how they are preparing for the integration of IFRS in US businesses, as well as the role of your CPA firm in today’s ever changing environment. The question and answers flowed, the information flowed, and the exchange of ideas and opinions flowed. Everyone who was in attendance, acknowledged the value and importance of being part of this prestigious panel and event.
Almost a year later, I reflect back on this event and realize that to evaluate success does not just come from large attendance or from adding money to your treasury;, but evaluating success also is by knowing you put on good programs. If you build it, they will come; to steal a phrase, is true. The Business Symposium the NY Metro Council put on last May was a success, as valued by all, in attendance. The Business Symposium the NY Metro Council put on last May is viewed as a success when Leslie Seidman, Board Member of FASB, in front of the entire attendance at IMA’s 89 Annual Conference in Tampa, Florida, acknowledges the panel that she sat on a few weeks before as well as acknowledges the efforts to make it happen. I thank Leslie Seidman, Dominic J. Caruso, Frank Hauser, Brian Roberson, Len LaSalandra as well as our own Jeffrey C. Thomson for helping out our council as well as to help to make the IMA more relevant.
—Arthur J. Pann, Westchester-Gateway Chapter April 30, 2009
'Going Concern Opinions' in Auto Industry
Auditors See Potential Due to Liquidity Crunch, Operational Losses and Solvency Issues
March 2, 2009 - (SmartPros) - The debate about the viability of the domestic automakers and their suppliers is about to be joined by a new voice: auditors.
According to Grant Thornton LLP's Corporate Advisory and Restructuring Service, it is possible that a number of publicly traded companies in the automotive industry could receive what is called a "going concern opinion" from their auditors - a statement that there is substantial doubt about the entity's ability to continue as a going concern. But that doesn't necessarily mean the domestic auto industry can't be successfully restructured.
"It's important for the public, the supply base and all of the parties involved in restructuring the auto industry not to overreact if they start seeing 'going concern' opinions," said Kimberly Rodriguez, co-leader of Grant Thornton's global automotive team and a principal in the firm's restructuring practice. "We're in uncharted waters and auditors face extremely difficult decisions, but we believe the amount of direct government aid to the auto industry, the size of the economic stimulus package and the radical restructurings GM, Ford and Chrysler are undertaking will ultimately help salvage the industry."
The opinions will be included in Form 10-K annual reports, which must be filed with the Securities and Exchange Commission within 60 to 90 days of the end of a company's fiscal year, depending on its size and other factors. That means many companies will file their 10-Ks at the same time the government is considering the viability of Chrysler LLC and General Motors Corp.
"The country's automotive assets are capable of delivering tremendous value, and that will be readily apparent when demand recovers," Rodriguez said. "The automakers were making huge strides to improve their products and reduce their cost structures well before the credit markets froze and the recession intensified. The deeper restructuring that is now underway will position them to be successful even at very low industry volumes. All of this suggests that the best thing we can do in the 10-K season is keep a level head."
—from IMA Online Newsletter 3/10/2009
Council Sponsors CMA Information Session at MSU
February 15, 2009 —
The Michigan Council sponsored a Certified Management Accountant (CMA) information session on the campus of Michigan State University (MSU) on Wednesday, January 21, 2009. Approximately twenty-five students attended the session to learn more about the IMA and CMA certification. Lisa Beaudoin, CMA, Michigan Council Director of Student Relations, and Organizational Learning Manager for IMA, gave the presentation.
The session was also attended by Jim Horsch, CMA, National Director-at-Large, and Sue Kattelus, Professor of Accounting at MSU. The Michigan Council provided pizza and refreshments to the students, and the IMA presented each student with CMA visors.
Following the presentation, approximately 14 students signed up for IMA membership and entrance into the CMA program. Prof. Sue Kattelus also agreed to establish an IMA student chapter on campus.
— by Lisa Beaudoin
Date Set for 8th Annual Fall Conference
December 4, 2008 —Conference Chair, Jim Horsch, reported on Michigan Council's record turnout at our 7th Annual Fall Conference on October 29, 2008, and announced that next year's plans are already under way. Our 8th Annual Fall Conference will be held on Thursday, October 29, 2009, at the Kellogg Center, on the Michigan State University campus in E. Lansing, Michigan. Details will appear on our website as plans develop. The Fall Conference will be all-day, and provides 8 hours of CPE to attendees, including a 2 hour ethics seminar.
— by Lee Bennett
Redesigned Council Website and New Chapter Website Template
December 4, 2008 —The Michigan Council Website has a new look! If you haven’t visited our website lately, you’ll find lots of new features, including a Google Calendar on the Events page, with all the upcoming meetings for chapters and council. Chapters which maintain an up to date website will also have their events listed in the new Google Calendar, or chapters may send their events schedule to Lee Bennett at webmaster@imamichigan.org.
The new site design is
much more user friendly, easy to navigate and easier to update. Very recently, we’ve added photo slide shows of our recent Fall Conference. The council will publish any chapter or member news. Website news items should also go to Lee Bennett.
Did you know, The Michigan Council provides free web hosting to its chapters? A new chapter web page template is available free to chapters who’d like to use it. Past Council President and current webmaster, Lee Bennett, has offered to convert any chapter site to the new template. He also offers his expertise to assist chapters in keeping their sites current. An attractive and current web site is important to maintaining communications with our members.
Some chapters just do not have the technical expertise in site design and HTML coding to maintain their sites. And, sometimes it’s an issue of not having the time to keep up with a website, when we all have family and earning a living as first priorities. Lee can help chapters with the expertise issue, and will help with maintaining sites on request.
— by Lee Bennett
7th Annual Fall Conference a Great Success
October 29, 2008—Over 175 conference registrants, speakers, exhibitors, award recipients, and conference team members participated in the 7th Annual IMA Michigan Fall Conference at the Kellogg Hotel and Conference Center at Michigan State University in East Lansing on Wednesday, October 29, 2008. Included were 26 students and faculty from St. Clair College who traveled by bus all the way from Windsor, Ontario in Canada to attend the conference. The 7th annual fall conference was sponsored by the IMA Michigan Council and Robert Half International / Accountemps, with additional support from Cleary University and Comerica Bank.
Chair-Emeritus of the IMA, Mr. John Pollara, CMA, kicked off the conference with an inspirational introduction. First, Mr. Mitchell L. Stapley, CFA, Chief Fixed Income Officer with Fifth Third Asset Management, Inc., presented the latest view of the economy to the audience. Next, Mr. Fred P. Keller, Chairman and CEO Cascade Engineering, addressed the group on the concept of sustainability and how it is the economic engine, drawing upon his wealth of experience to share his views with the attendees. Finally, we wrapped up the morning session with a presentation on the changes in tax laws and accounting standards by experts Mr. Scott Purtill, CPA, Partner, and Mr. Martin Comden, CPA, Tax Associate, from the CPA firm of Plante & Moran, PLLC.
Michigan Council President Bob Maddox, presided over the luncheon awards and recognition ceremony. Banners and awards were presented to representatives from the Ann Arbor Chapter for the 11th place Stephenson Banner, and the Michigan Upper Peninsula Chapter for the 16th place Warner banner, recognizing their excellent performance during the past year. Lynn Margulies was recognized as the immediate past Council president who led the Council to win yet another IMA Council of Excellence Award. Dignitaries from Michigan State University’s accounting faculty were also recognized. The luncheon portion of the meeting concluded with IMA Chair-Emeritus Mr. John Pollara’s presentation on "From Backyard Business to Public Company: The Role the Management Accountant Plays in Driving Business Performance".
The afternoon session was just as interesting as the morning segment with a colorful and musical presentation of ethics for management accounting professionals by Professors Dr. James C. Lampe, CPA, PhD, and Dr. Olen L. Greer, CMA, PhD from Missouri State University. Finally, the conference concluded with an informative presentation by Mr. James B. Thelen, Principal with the law firm of Miller, Canfield, Paddock and Ston, PLC on keeping financial operations legal by avoiding employees lawsuits and adhering to employment related laws.
This year marked the third year that participants could register and pay for the conference on the Council website, and close to 53% of the registrations were made on-line. The proceeds from the conference are shared between the Michigan Council and Michigan participating chapters, which helps fund chapter and council projects, as well as mitigates the need for assessments to chapters to fund council operations. The conference team of Sue Crane, CPA, Lynn Margulies, Sue Bos, CMA, Teresa DeBaeke, Bob Maddox, Lee Bennett, Chris Mishler, CMA, and Jim Horsch, CMA, CFM worked hard to make this 7th annual conference the best conference yet. Planning is now underway for the 2008 conference, and the date is set for Thursday, October 29, 2009 at the MSU Kellogg Center in East Lansing.
— by Jim Horsch, Conference Chair
Michigan Council Well Represented at Student Conference
NOVEMBER 13, 2008 -The Michigan Council was well represented at the Student Conference in Jacksonville, Florida from November 6-8, 2008. Vanessa Frankowski, President of the IMA Student Chapter at Eastern Michigan University, Meiqin Lu, Vice President of the IMA Student Chapter at Eastern Michigan University, and Hyun-Jin Choi, Director of Student Scholarships from the Ann Arbor chapter attended the conference. Click on the photo, below, for larger image view.
“The Conference wasn’t just for students!” Among seven presentations Hyun-Jin attended, she specially liked ‘The Vital Core of Successful Leaders: What these Leaders know and Do!’ and ‘Prominence to Prison: Why Smart People Do Dumb Things’. Hyun-Jin, Vanessa and Meiqin attended presentations with topics from resume workshop to IFRS and Forensic accounting. IMA staff, the conference facility, and the food were excellent and impressed the three first time attendees from Michigan. “The weather in Jacksonville, Florida was a big bonus”, added Hyun-Jin.
—by Sue Bos
Council Offers New Chapter Website Template and Support
NOVEMBER 1, 2008 -The Michigan Council Website has a new look! If you haven’t visited our site lately, you’ll find lots of new features, including a Google Calendar on the Events page, with all the upcoming meetings for chapters and council. Chapters who maintain an up to date website will also have their events listed in the new Google Calendar, or chapters may send their events schedule to the email address, below. The new site design is much more user friendly, easy to navigate and easier to update. Very recently, we’ve added photo slide shows of our recent Fall Conference. The council will publish any chapter or member news. News items should also go to leebennett@imamichigan.org.
Did you know, The Michigan Council provides free web hosting to its chapters? A new chapter web page template is available free to chapters who’d like to use it. Past Council President and current webmaster, Lee Bennett, has offered to convert any chapter site to the new template. He also offers his expertise to assist chapters in keeping their sites current. An attractive and current web site is important to maintaining communications with our members.
Some chapters just do not have the technical expertise in site design and HTML coding to maintain their sites. And, sometimes it’s an issue of not having the time to keep up with a website, when we all have family and earning a living as first priorities. Lee can help chapters with the expertise issue, and will help with maintaining sites on request. Lee can be reached by email at leebennett@imamichigan.org.
—by Lee Bennett
Michigan Council Wins 11th Straight Council of Excellence Award
JUNE 30, 2008 - At IMA's 90th Annual Conference in Tampa, this June, the Michigan
Regional Council of IMA was presented its 11th straight Council of Excellence
Award. Lynn Margulies, Council President in 2007-2008, accepted the plaque
on behalf of the Council and its board of directors. In the photo on the right is Lynn Margulies, with Penny Weller and IMA Chair-Emeritus John Pollara. Click on photo to see larger image.
The Council of Excellence Award is awarded annually, to those councils that go above and beyond expectations. Among it's distinctive accomplishments was the Council's successful 6th Annual Fall Conference in Lansing, which offers 8 hours of CPE; and roadside billboards that promoted IMA in southeastern Michigan. Judged by a committee of volunteer leaders, just 4 of the 24 Regional Councils earn the Council of Excellence Award.
More Congratulations …
Please join us in congratulating the Ann Arbor Chapter on their success in the 2008 IMA Chapter Competition. The Chapter won 11th Place in the Stevenson Division. comprised of large chapters.
Congratulations to the Michigan Upper Peninsula Chapter on their success in the 2008 IMA Chapter Competition. They once again received a banner in the Warner division, capturing 16th place among small chapters.
Michiana Chapter Joins Michigan Council
JUNE 1, 2008 - This spring, the Michiana IMA Chapter, in neighboring northern Indiana, asked if they could transfer to the Michigan Council, since their driving distance to their Lincoln Trails Council meetings is so much farther than driving to Lansing and the Michigan Council. The Lincoln Trails Council approved the transfer. Therefore, Council Past President, Dana Collins made a motion that we accept the transfer of the Michiana Chapter from the Lincoln Trails Council to the Michigan Council effective with the beginning of the new 2008-2009 fiscal year, June 1, 2008. Past Council President, Penny Weller, supported the motion.
In accordance with Council bylaws, an electronic ballot was mailed to Council voting members, and the Michiana Chapter was unanimously accepted into the Michigan Council, effective June 1, 2008. The Michiana Chapter has about 74 regular members, and is in the Warner Division of IMA. They finished 27th of 94 Warner Division chapters in the 2007-2008 National competition, just missing a banner. John Engel is Chapter President.
The Michigan Council welcomes our newest Chapter and looks forward to many years of mutually beneficial association in service to our members. The Michiana representatives are:
John Engel - jengel@nd.edu
Christine Mast - MastC@nibco.com
Brenda Engel - bbengel1@comcast.net
IMA Discontinues, but Still Supports, its CFM Certification Program
DECEMBER 31, 2007 - While the CFM certification is an excellent program, it has been unable to find a sustained audience. Therefore, the ICMA® Board of Regents made the decision not to expend further resources on the CFM but rather to dedicate those resources to supporting the Certified Management Accountant (CMA®) program. This was a difficult decision but the Board believes that the benefits to be gained by focusing solely on the enhancement of the CMA program will, in the long run, make the decision worthwhile.
CFM certificate holders in good standing are encouraged to continue to list their CFM credential after their names and to display their CFM certificates. ICMA will maintain individual CFM exam results and records as well as information about the program and the requirements for CFM certification. ICMA will also continue to provide CFM verification. The last CFM examination was offered on December 31, 2007.
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