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October 23, 2003 Dinner Meeting

Title:  The Sarbanes-Oxley Act

Instructor:  Peter Coode, PWC

Place:  RTP Marriott

Time:  6 PM with dinner starting at 6:30 PM

General Content:  Personal Development

Prerequisites: None       Advanced Prep: None

Level: Basic  Teaching Methods: Lecture/Discussion      Recommended CPE: 1 hr.

New Member Orientation

Joint Meeting Institute of Internal Auditors

October 18, 2003 Seminar

Title:  Cost Control and Management Workshop

Instructor:  Lea Strickland

Place:  La Quinta Inn, Cary

General Content:  Cost accounting

Prerequisites: None                   Advanced Prep: None

Level: Basic  Teaching Methods: Lecture/Discussion      Recommended CPE: 4 hrs.

To register for this workshop series, go to:

www.imanctriangle.org

November 20, 2003 Dinner Meeting

Title:   Not-for-Profit Corporations

Instructor:  James Gibson, CFO, Research Triangle Institute

Place:  RTP Marriott

Time:  6 PM with dinner starting at 6:30 PM

General Content:  Personal Development                       Prerequisites: None

Advanced Prep: None              Level: Basic  Teaching Methods: Lecture/Discussion

Recommended CPE: 1 hr.

The North Carolina Triangle Chapter of the IMA is registered with the NC State Board of CPA Examiners as a sponsor of continuing professional education.  Complaints or comments regarding registered sponsors may be addressed to the North Carolina State Board of CPA Examiners, PO Box 12827, Raleigh,  NC  27605-2827

This month’s newsletter is sponsored by:

From the President

September turned out to be a very exciting month for folks in North Carolina as hurricane Isabel whirled her way into the Triangle on the night of our first dinner meeting!  She was just not some one we could compete with so for everyone’s safety, our first dinner meeting was cancelled.   We are fortunate that we have been able to reschedule Stuart Levine to speak at our dinner meeting on February 19, 2004 on the same topic of Networking.  Check out the programs on our website, write the dates on your calendar now, and post the schedule on the wall as a reminder.    The new year is off to a great start with over 11 hours of CPE being offered in October at a very reasonable cost! 

We would like to invite you to our first dinner meeting on October 23^rd and it will be a joint meeting with the Institute of Internal Auditors.   Our speaker is Peter Coode of PWC.  He will be discussing the “Sarbanes-Oxley Act “.  I know it will be a very informative presentation on the Act that will affect all of us in one way or another.

For all new members since last October 2002 we are offering a special New Member Orientation session from 6:00 pm to 6:30 pm.  This is meant for any new members of our chapter, but anyone who wants to learn more about National or local benefits are free to attend.  For those interested, please check the box on the registration form.

GET CERTIFIED! The Certified Management Accountant (CMA) and the Certified in Financial Management (CFM) Programs have been designed to recognize the unique qualifications and expertise of those professionals engaged in management accounting and financial management.   Our next CMA/CFM review session for Part IV is October 25th and November 1st.

This year we will continue to e-mail the newsletter and other important information to you.   If your e-mail address as provided to IMA National is missing or needs updating, you can make the corrections on line at www.imanet.org  in the member’s only section.  Here you can also check your profile, update any of your personal information, add CPE hours as well as renew your membership online.

We would like to extend a special thank you to Accountants Inc. for sponsoring this month’s newsletter.

Sincerely,

Kathy Santos-Rezendes

President, NC Triangle Chapter # 406

 P.S.  Please note that since we are having a joint meeting in October, we are encouraging everyone to pre-register.   We expect a good turnout and would like to give as much notice to the Marriott as possible if we need to move to a bigger meeting room.   Does that mean you won’t be able to attend if you don’t pre-register?  No.  They are buffets, so the Marriott will have enough for a certain number of people who will show up at the door without pre-registrations. 

Private Companies See Value in Adopting New Standards

 Should privately held companies apply corporate governance standards that are mandated for publicly traded companies to their own businesses?  According to a recent survey from Robert Half International, many chief financial officers (CFOs) from nonpublic companies say yes.  Thirty-eight percent of respondents said private firms would benefit from implementing the same practices required of public companies under the Sarbanes-Oxley Act of 2002; 38 percent of respondents were undecided.

Executives surveyed at the largest firms were more likely to believe accounting regulations should apply to the private sector.  Fifty-two percent of CFOs from firms with 500 or more employees agree that nonpublic companies should take action in response to Sarbanes-Oxley, while 37 percent of CFOs from companies with 99 employees or less advocate change.  

Some private companies are already moving forward with implementing new corporate governance practices.  In a separate survey from our company, 58 percent of CFOs from private firms said they were taking measures such as reviewing or altering their current accounting procedures, expanding their internal audit functions and hiring outside consultants for internal audit work.  Other practices businesses are adopting to enhance their governance and internal control processes include certifying financial statements to external parties, adopting a formal code of ethics and separating professional services provided by external accounting firms to avoid potential conflicts of interest.

While not all aspects of the legislation apply to every company, following the points of Sarbanes-Oxley relevant for their firms can help organizations improve their financial management, enable earlier detection of fraud, enhance credibility with stakeholders and position themselves better for establishing credit.

###

 Robert Half International Inc. recently released a white paper on this subject: The Impact of Sarbanes-Oxley on Private Business.  The report summarizes lessons learned in the wake of corporate scandals, as well as information on which types of private organizations could be most affected by accounting reforms and how some privately held firms are more closely examining their own financial disclosure processes.

NC Triangle Chapter -- Community Service Event

November 20, 2003

Toys for Tots Collection

Please join your fellow IMA members in helping needy children experience the joy of Christmas, and playing an active role in the development of our nation's most valuable natural resource – our children!

The mission of the U.S. Marine Corps Reserve Toys for Tots Program is to collect new, unwrapped toys each year and distribute those toys as Christmas gifts to needy children in the community in which the campaign is conducted.  The primary goal of Toys for Tots is to deliver, through a shiny new toy at Christmas, a message of hope to needy youngsters that will motivate them to grow into responsible, productive, patriotic citizens and community leaders.

Your participation can be in one of two ways (or both is greatly appreciated):

·         Donation of a toy during the November IMA meeting – November 20, 2003

Bring a new unwrapped toy to the meeting!

·         Donate by check – Make check parable to:  Marine Toys for Tots Foundation

Bring your check to the November IMA meeting!  -- They will be collected and turned over to the local coordinator and forwarded to the Marine Toys for Tots Foundation, PO Box 1947, Quantico, VA 22134

Thanks in advance for your participation in this worthwhile Community Service event!  Should you have any questions, please let me know.

 Bob Boone, Director Community Service   (919) 571-7828 or rdboone2000@yahoo.com.

Mark your calendars for the 3^rd Thursday of each month at the Marriott Hotel for dinner meetings and register for any of our meetings at our web site www.imanctriangle.org. 

Dinner Meetings

Institute of Management Accountants – RTP Chapter Announces:

Cost Control and Management Workshop

October 18, 2003

Lea Strickland, President of F.O.C.U.S. Resources, will lead a four-hour workshop for the IMA CPE Series entitled “Focus on Cost Management”.  Ms. Strickland, an experienced financial and operational leader, will bring her sixteen years plus of experience in Fortune 500, Global 100 and early stage companies into the classroom to discuss how to control costs in companies large and small.

This course is given from a practitioner’s perspective.  Incorporating real world business examples, group discussions, and a review of the various cost methods including Activity Based Costing, Actual Cost Systems, and Throughput Cost Methods (Constraint Management Systems), the “Focus on Cost” workshop will enable participants to evaluate existing cost systems and identify opportunities for improvement in their companies.  The methods taught are based on actual business experience and analysis of what new or changing companies need to meet business challenges.  Participants will learn why cost control is preferred over cost reduction efforts.

To register for this workshop series, go to:

www.imanctriangle.org/2003_cpe_reg.htm

“Focus on Cost” Workshop

October 18, 2003

LaQuinta Inn

Cary, NC

For More Information about this and other IMA Workshops contact:

Ronald J. Lowell

Vice-President of Community Relations, North Carolina Triangle Area

(919) 604-3575     Mobile

ronlowell@solectron.com

About Lea Strickland and Focus Resources:

An active community leader, Strickland is a popular speaker for a number of business forums. She is an active member of the Women Business Owners Network and the Council on Entrepreneurial Development and is a co-founder of the Entrepreneur Forum of North Carolina. Strickland also serves on the Town of Cary Zoning Board of Adjustments.  For additional information, please contact Lea Strickland at (919) 210-7171 or lea@focusresourcesinc.com.

COST METHODS

IMA Seminar Series

I.  Overview
An overview of the types of cost methodologies currently in use with real world examples of the most commonly used.  Cost methods discussed include:

v      Standard

v      Actual

v      Job

v      Project

v      Process

v      Direct/Variable

v      Target

v      Joint/By-Product

v      Activity Based

v      Throughput

v      LIFO/FIFO/Moving Average

II. Selection of Cost Methods:

v      Cost Methods determined by business needs and operations

v      Are the products commodities, near commodities, unique or a combination?

III. Matching Costs to Business Model

IV. Understanding Different Cost Methods

V.  Real World Experience

VI. Cost Control versus Cost Reduction

VII. Discussion and Wrap-up

Seminar Leader Credentials:

Lea Strickland has over 16 years experience in financial and operational leadership positions with Fortune 5, 100, and 500 companies, as well as Global 100 companies including, Ford Motor Company, Visteon, Solectron, GKN PLC, and various technology start-ups. 

CPE sessions

* Saturday from 10 am to 3 pm, includes lunch      ** All day excludes lunch

CMA/CFM Review  

www.imanctriangle.org/register_cma_review.htm  

CMA/CFM  EXAM REVIEW CLASSES

 The Chapter sponsored review classes continue on the NCSU campus. Ted Greer is our Director of CMA\CFM Programs and can be contacted 949 – 4809.  Mark your calendars now for the Part 4 (CMA) review that will take place on Oct. 25 and November 1.  Please either contact Ted as soon as possible or check the web site out for other details and registration, www.imanctriangle.org.  These classes really do work.  Recently, a member who had taken an earlier review class was proud to inform us that they had successfully passed.   (See Brochure at the end)

VISIT THE IMA CAROLINAS COUNCIL WEBSITE

www.imacarolinascouncil.org 

IMA – Carolinas Council Fall 2003 Accounting Conference

Holiday Inn Center City, Charlotte, NC

October 17-18, 2003 (www.imacarolinascouncil.org).  The website has all the speaker and registration information.

ADVERTISE IN THE MOTIVATOR

 Would you like to get your message out to 500 of the area’s accounting and finance professionals?  We are planning on running ads in The Motivator.  We are also looking for sponsors to pick up mailing costs of the monthly newsletter in exchange for exclusive advertising opportunities.  If you are interested in taking advantage of these opportunities, please contact Teresa Muncer-Shimp, 677-7803 or cell 270-5746, tshimp@nc.rr.com

NC Triangle Chapter -- Community Service Event November 20, 2003 Toys for Tots Collection  

Please join your fellow IMA members in helping needy children experience the joy of Christmas, and playing an active role in the development of our nation's most valuable natural resource – our children! (See Brochure in newsletter.)

LOG ONTO THE CHAPTER’S WEBSITE

The Chapter’s web site can be found at www.imanctriangle.org.  Keep up with the latest information about chapter events and upcoming CPE opportunities.

EMPLOYMENT OPPORTUNITIES – From the Chapter’s Employment Director

The Chapter serves its members by connecting those seeking positions with employers that have positions available.  The Chapter’s Director of Employment is Chris McKittrick. For further information or to submit a resume please e-mail Chris McKittrick at ctm1999@hotmail.com.

FUND RAISING VOLUNTEERS NEED

This year (2003-2004) we have the opportunity to raise $$$ for the IMA NC Chapter. We will need volunteers to cover 2 events a month. We are looking for individuals who can work a concession stand for hockey season and also for other events at the RBC Center. We will know the schedule a month in advance.  You may ask why should I volunteer??? Two reasons one to help fund educational projects for the chapter and two for expanding your network!!!   Benefits to you - It will look good on your resume and you will be provided a free dinner and access to see events Free!!!  Check our website for the details www.imanctriangle.org        

 If you are interested in volunteering and supporting your chapter, please contact Teresa Muncer-Shimp, 677-7803 or cell 270-5746, tshimp@nc.rr.com

IMA Applications for Volunteer

For fund raising

Name:

Address:

Phone:

Alternate Phone:

Best time to contact you:

Email Address:

When Available to volunteer: 

 IMA Student Chapter Meeting Dates for Fall 2003

The Student Chapter invites all members of the professional chapter to take part in student chapter activities.  All meetings are held at NC State, Nelson Hall, corner of Dan Allen Dr. and Hillsborough St. 

7-7:30 Social, 3^rd floor Accounting Department Lobby;  7:30 – 8:30 Meeting in Room 2406.

 October 14

Co-host meeting with Beta Alpha Psi – Corporate Panel

 November 8 & 9    IMA Student Conference in Indianapolis, ID

 November 12

Topic – Information session on CMA/CFM

             Promote participation in Student Video Case Competition

 December 1 -  Holiday Social

                        Tentative – Charlie Goodnight’s Comedy Club for dinner and a show

            North Carolina Triangle Area Chapter #0406

Professional Development Series

Earn Up to 8 CPE Hours on Tuesday, November 11, 2003

The Speaker

Stuart Levine (Stuart Levine & Associates) has more than 25 years experience as an attorney, trainer, executive search consultant and human resources executive.  He is a member of the North Carolina Bar Association and currently serves on the North Carolina SHRM State Council as the Co-Chair of the Professional Emphasis Group.  He graduated from the University of Florida with a degree in Business Administration and received his JD from the University of Florida School of Law.

In addition to offering a wide range of HR consulting and career planning services, Stuart Levine & Associates  hosts monthly ExecuNet networking meetings in Raleigh and Charlotte.  These meetings focus solely on helping executives and professionals improve their networking skills, make important contacts and share information with others from different industries and functions.  More information is available at www.levineassociates.net.

The Topics

Leadership – 2 hours
Leadership is the glue that holds teams together and gives them purpose and vision. Designed for team leaders at all levels of an organization, this program covers the characteristics of a successful leader, the importance of trust, how to effectively set expectations, performance management and leading organizational change.

Performance Management – 2 hours
Designed for supervisors and managers, this program emphasizes the importance of keeping employees motivated. Topics covered include setting meaningful objectives, giving feedback, preparing and delivering performance appraisals, and managing difficult employees.

Employment Law for Supervisors and Managers – 2 hours
This program covers the legal issues supervisors and managers face in today’s litigious society. Topics covered include the pre-employment interview, employment discrimination laws, sexual harassment, wage and hour laws, the Family and Medical Leave Act, the Americans with Disabilities Act, and documenting disciplinary conversations.

Behavioral Interviewing – 2 hours

The costs associated with hiring the wrong person for a job is staggering. This program explains interviewing practices that dramatically improve the likelihood of hiring the right person for the job. Topics covered include 5 steps to a successful interview, determining critical job requirements, the behavioral interview process, obtaining information in a legal manner, and accurately analyzing responses to interview questions

Time:  8:30 AM – 5:00 PM.

Place:  NC Bar Association, 8000 Weston Parkway (www.imanctriangle.com for registration\directions)

Chapter Members:  $30 per topic; $50 for two topics; $90 for 3 or more topics (includes box lunch).

IMA Non-Chapter Members:  $35 per topic; $55 for two topics; $100 for 3 or more topics (includes box lunch).

Non-Members:  $40 per topic; $65 for two topics; $120 for 3 or more topics (includes box lunch).

Pre Register before 11/7 – Add $10 for post registrations or door admissions

NC Triangle Chapter # 406 BOARD OF DIRECTORS          Competition Year 2003-2004