FEI Newsletter August September 2011.indd - Financial Executives ...

financialexecutives.org

FEI Newsletter August September 2011.indd - Financial Executives ...

ISSUE

2011

August/September

FEI Chicago

Chapter

September

Dinner Meeting

When:

Thursday, September 22

Program:

5:30pm Cocktails

6:15pm Program

7:00pm Dinner

Please note the change in

our timing for the evening.

Mr. Angelson will speak

before dinner.

Where:

The Metropolitan Club

Oak Room, 66th Floor

Willis Tower

233 S. Wacker Drive,

Chicago

Free to FEI dues paying

members. Guests $75

Click here to register &

pay with a credit card.

Advance Reservations are

Required! Please RSVP

to the FEI Chicago

Chapter Offi ce at

312-263-1661 or

info@feichicago.org by

Monday, September 19.

FEI Chicago Chapter

216 W. Jackson Blvd.

Suite 625

Chicago, IL 60606

312-263-1661

info@feichicago.org

www.fi nancialexecutives.org

Deputy Mayor Mark Angelson will address

Chicago’s Economic Development

strategy and how it interacts with all

of Mayor Emanuel’s other initi ati ves to

“Reinvent Government”, parti cularly

in these ti mes of fi scal challenge. He

has asked that a majority of the time

be allocated to questi ons and answers

from the audience.

THE

PREEMINENT

ASSOCIATION

FOR FINANCIAL

EXECUTIVES

Mark Angelson became the Deputy

Mayor of the City of Chicago in May 2011. He

also serves as Chairman of the Mayor’s Economic,

Budgetary and Business Development Council.

He is an industrialist, a mergers and acquisiti ons

expert, a non-practi cing lawyer, a teacher and a

philanthropist. He has played a leading role in the

creati on of billions of dollars in value for equity and

debt investors in very challenging circumstances,

and has been widely recognized for his leadership,

team building, deal making and corporate integrati

on skills, and for his work ethic.

Mr. Angelson became Chairman of the Board of

World Color Press Inc. (formerly Quebecor World,

Inc.), the second largest provider of print and related

services in the western hemisphere, in July, 2009

this issue

Professional Development P.2

Diversity Committee P.2

President’s Message P.3

CFO of the Year Award P.4-5

Sponsor News P.6

Sponsors P.7

Membership News P.8

Programs P.5

PPrivate Company Roundtable P.9.

CMG P.10

Calendar P.11

Officers and Directors P.13

Committees/Sponsors P.14

News from FEI National P.14-16

Additional Programs P.17-19

“Chicago’s Economic Development Strategy”

With Mark Angelson,

Deputy Mayor of the City of Chicago

Thursday, September 22, 2011 Dinner Meeting

and Chairman and CEO two months

later. In July 2010, World Color Press

was acquired by Quad/Graphics. That

combinati on created a New York Stock

Exchange-listed company with pro

forma revenues of approximately $5

billion and nearly 30,000 employees on

three conti nents. Mr. Angelson was a

principal architect of that highly complex

transacti on, which completed

his involvement in an unprecedented

transformati on of the printi ng industry. He served

on the board of directors of Quad/Graphics and

chaired the Quad/Graphics board committ ee on

integrati on and consolidati on unti l he assumed

his role in City government.

Mr. Angelson served from 2007-2009 as Chairman

of MidOcean Partners (formerly Deutsche

Banc Capital Partners). Previously, he led the

2003-2007 consolidati on of the printi ng industry,

combining RR Donnelley and other leading fi rms

in the Americas, Europe and Asia, creati ng the

world’s largest provider of printi ng and related services,

with $11 billion in annualized revenues, 600

locati ons and more than 60,000 employees.

Conti nued on Page 2


Professional

Development

Date:

Thursday, September 22, 2011

Time:

Refreshments and

Registrati on begin at 3:00pm

First Program 3:30-5:30pm

Place:

The Metropolitan Club,

(Willis Tower)

Michigan Room (66th Floor)

233 S. Wacker Drive

Chicago

Fee:

Free to Chicago Chapter

Members; $25 for Guests;

Free to Prospecti ve Member

Guests with Advance

Registrati on & Contact

Informati on

RSVP By:

Monday, September 19, 2011

“How to Use Transacti on Liability Insurance Products to

Manage M&A Risks and Gain a Competi ti ve Edge”

Speaker:

Mary McDougall Duff y, Managing Director, Aon Private Equity & Transacti on Soluti ons,

Aon Financial Services Group, Inc. – Philadelphia

With the rise of M&A acti vity, fi rms are confronted with risks that they don’t see in their core businesses.

Many CFO’s and risk managers believe they are taking on a set of potenti al liabiliti es that they don’t fully

understand, aren’t comfortable with, and ulti mately must hope don’t become signifi cant. This isn’t the risk

management strategy they use in their businesses. Regardless whether one is buying or selling, products

and strategies exist to manage transacti on risks. Get ahead of the game and gain a competi ti ve advantage

with a basic understanding of products such as:

• Reps & Warranti es Insurance

• Tax Insurance

• Other customized insurance soluti ons

Mary McDougall Duff y is Managing Director for Aon Private Equity & Transacti on Soluti ons, Aon Financial

Services Group, Inc. in Philadelphia. Mary advises clients in the areas of Representati ons & Warranty Insurance,

Tax Indemniti es and other transacti on related coverages, via her role as Managing Director of APETS.

She is also involved in matt ers involving other fi nancial products coverages for private equity fi rms and their

portf olio companies. Mary received her B.A. cum laude from Juniata College and a J.D. magna cum laude

from Georgetown University Law Center.

“Chicago’s Economic Development Strategy” Conti nued from Front Page

Before serving as CEO and a director of RR Donnelley, Mr. Angelson served as CEO and a director of Moore Wallace. He was a principal architect

of the merger of RR Donnelley and Moore Wallace and the earlier merger of Wallace and Moore, where he served as non-executi ve Chairman and

Lead Independent Director. Previously, Mr. Angelson served as Deputy Chairman, at Big Flower Press and at its successor, Verti s. He also served

as Deputy Chairman of Chancery Lane Capital. Mr. Angelson began his career in 1975 as a lawyer with Sullivan & Cromwell. From 1982 through

1995, he practi ced with Sidley & Austi n.

Mr. Angelson is a Trustee of Northwestern University and a Trustee and Treasurer of the Insti tute of Internati onal Educati on (IIE). He is a member

of the Council on Foreign Relati ons and the Pilgrims, and is a Fellow of the Royal Society for the Encouragement of Arts, Manufactures & Commerce.

He graduated from Rutgers College, where he was elected to Phi Beta Kappa, and from Rutgers Law School. In 2006, Mr. Angelson was awarded

an honorary Doctorate of Laws by the John Marshall Law School.

FEI Chicago Diversity Committee

The Chicago Chapter is supporti ng FEI Nati onal’s 2012 goal to increase minority and women membership. To further build our alliances with the

Association of Latino Professionals in Finance and Accounting (ALPFA) and the National Association of Black Accountants (NABA,) national

committees are being formed with representati ves from each of the 15 pilot chapters to share ideas on how to improve the alliances and improve

the recruitment and retenti on of their members in FEI. New FEI member, Joe Kosinski and Richard Kuzmar will represent Chicago on these committ ees.

Jean Saelens will represent Chicago on Nati onal’s women outreach committ ee to build women alliances. Carla Carstens will chair this committ ee.

Janeen McGreal will join the Diversity Committ ee to spear head the local outreach initi ati ves to build relati onships with other minority groups

and corporati ons in Chicago. As a committ ee, we will be establishing Chicago’s 2012 goals. We look forward to sharing them with you and your

assistance in helping us to achieve them.

CHICAGO CHAPTER

2 • August/September 2011


President’s

Message

FEI Chicago

Chapter President

Richard Steele

Please note FEI

Chicago Chapter’s

new email address:

info@feichicago.org

CHICAGO CHAPTER

Although our fi scal year begins on July 1st, the

beginning of our year always feels like it really

starts in September. Like returning for another

year of school when we were much younger, our formal

chapter programs begin in the month of September.

I’m excited about the line up we have for this

fall “semester.” You’ll note elsewhere in the newsletter

that our fi rst keynote speaker is Mark Angelson,

the Deputy Mayor of Chicago. He also serves as Chairman

of the Mayor’s Economic, Budgetary and Business

Development Council, and is responsible for leading

the Chicago 2011 Transiti on Plan. Mark’s bio at

Northwestern University off ers the following: “he is

an industrialist, a mergers and acquisiti ons expert, a

non-practi cing lawyer, a teacher, and philanthropist.”

I’m sure Mark will have a compelling story for our

members on Thursday evening, September 22nd, as

he talks about the criti cal issues facing Mayor Rahm

Emmanuel’s administrati on for the City of Chicago.

In October we have another formidable speaker:

David Walker, formerly the seventh Comptroller

General of the United States and head of the U.S.

Government Accountability Offi ce (GAO) for almost

ten years (1998-2008).You may recall that David was

on the cover of the September 2010 issue of Financial

Executi ve Magazine entitled “Fixing the Federal

Defi cit.” Could a keynote presentati on on this topic

be any more ti mely? (If you would like a copy of this

feature arti cle, please contact our Chapter Administrator,

Susan Gidley, at info@feichicago.org and she

will send you a pdf reprint.) Some of you may have

heard David speak at the last FEI Annual Summit in

Phoenix, which was truly an exhilarati ng experience

for all those that att ended.

© 2010 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG

International Cooperative (“KPMG International”), a Swiss entity. 41749CHI

Commitment. Support.

It’s a win-win situation.

David Walker is currently the Founder, President and

CEO of the Comeback America Initi ati ve (CAI). Quoti ng

from the website (htt p://tcaii.org/): “In this capacity he

leads CAI’s eff orts to promote fi scal responsibility and

sustainability by engaging the public and assisti ng key

policymakers on a non-parti san basis to help achieve

soluti ons to America’s federal, state and local fi scal

imbalances.” If you look forward to hearing a message

that talks about the need for rati onality and leadership

in Washington, DC, then please plan to attend our

dinner program on Tuesday evening, October 18th,

at the Union League Club of Chicago.

Finally we will host our premier event for the year with

the fi rst annual Chicago CFO of the Year sm Awards

Presentati on on Thursday evening, November 3rd, at

the Sheraton Chicago Hotel & Towers. This will be a

spectacular event, a real treat for all parti cipants. We

are expecti ng several hundred att endees, so be sure

to register early. The cost is $100 for FEI Chicago

Chapter dues paying members and $150 for nonmembers.

Further informati on is available, including

purchasing ti ckets, at www.chicagocfo.org. You can

also contact our chapter administrator, as provided

above, if you have questi ons or would like additi onal

informati on. This marquee event is chaired by Mary Jo

Ardizzone (who has put a wonderful committ ee team

together) and hosted by our chapter.

Did I mention we’re trying to increase attendance

at our chapter events? Perhaps the programs we

have scheduled for this fall will help persuade you

to come along and check us out! Please be sure and

introduce yourself to Susan and I, as well as to the

rest of the Board. Thanks.

KPMG LLP is committed to helping businesses like yours

succeed in today’s marketplace. Our

professionals can assist you in addressing your business

issues and achieving your strategic goals.

We are proud of our continuing relationship with FEI

Chicago and look forward to working with you for

many years to come.

For more information on how KPMG LLP can help your

business, please contact Phil Rohrbaugh, Chicago

office managing partner or Steve Hajdukovic,

Chicago office Mid Market leader at 312-665-1000.

us.kpmg.com

3 • August/September 2011


Chicago

CFO

of the

Year sm

Awards

Thursday

November 3, 2011

5:30pm

The Sheraton Chicago

Hotel & Towers

301 E. North Water Street

FEI Chicago Members

$100

All other Guests

$150

Premier Table of 10

$1,500

Click here to

buy tickets

CHICAGO CHAPTER

On Thursday, November 3, 2011, FEI Chicago hosts the inaugural Chicago CFO of the Year sm Awards. These

awards recognize financial professionals for outstanding performance in their roles as corporate financial

stewards. FEI Chicago Chapter board member Janeen McGreal interviews Cheryl Francis, Chair of the event’s

Selection Committee.

Interview with Cheryl Francis, Chair of Selection Committee for the Chicago CFO

of the Year sm Award

By: Janeen McGreal, FEI Chicago Chapter President-Elect

JM: Cheryl, we are honored to have you Chair our Selecti on Committ ee for the inaugural

Chicago CFO of the Year Awards. Can you tell us why you agreed to Chair this Event?

CF: The role of CFO in any company is one of its most signifi cant leadership positi ons.

The CFO has the opportunity to change the trajectory of an organization for its

customers, employees, investors and its broader set of stakeholders. Identifying

CFO’s who are making this level of contribution gives them appropriate recognition

and serves as examples for others of the difference an excellent CFO can make.

Cheryl Francis

Selecti on Committ ee JM: How did you go about putting together the judging panel, and who is on it?

Chair

CF: We wanted a judging panel that represented the perspectives of people who

understand the CFO role from various vantage points. We wanted (and secured) a respected reti red CFO; a

noteworthy academic from a school known for its fi nance experti se; and a seasoned CEO with a track record of

delivering value. And we wanted all of our judges to have the experience of serving on corporate boards and

observing CFO’s from this perspecti ve. We could not have found a stronger set of judges than Bill Cernugel

(reti red CFO of Alberto Culver), Abbie Smith (Chaired Professor, The University of Chicago Booth School of

Business) and David Speer (CEO of ITW).

JM: How would you describe a “Corporate Financial Steward” in terms of his/her role and contributions to

their organization overall?

CF: I have always thought of the CFO as the person who acts as the compass for the corporati on – pointi ng

everyone toward the true north of value creation. The CFO can direct and influence the value creating

agenda of the company through a variety of systems and levers: performance metrics, communication

and education, incentive plans, strategic analysis, mergers and acquisitions. The CFO sits at the focal point

of virtually every set of activities a company undertakes to deliver value to its customers, employees and

shareholders.

JM: There are so many talented executives in Chicago, how are you going to choose the CFO of the Year?

CF: The good news for us is that this is not a “one and done” opportunity. David, Bill and Abbie will select

a deserving CFO from each category to recognize in 2011. Next year, FEI will sponsor the Chicago CFO of

the Year Awards again, and another deserving set of candidates will be considered. I have no doubt that

the award winners selected by our judges will exemplify a high degree of excellence – and set a high bar for

future award winners.

JM: How do you think the Chicago CFO of the Year Awards will contribute to the Chicago business community?

CF: The Chicago CFO of the Year Awards will increase the level of recognition for the importance of the CFO

role within the business and civic community in Chicago. It will also provide examples to organizations (for

profit and not for profit) of what an organization should be able to expect from its CFO. This will push sitting

CFOs to deliver more from their organizations and everyone will benefit.

JM: Please tell us about your background.

CF: I spent the first part of my career in finance and strategy roles. I graduated in 1978 from Chicago Booth

with an MBA and entered the business world as a corporate finance consultant. I spent 13 years at FMC

Corporation in various strategy and finance roles – ending up in the position of Treasurer of this global,

industrial conglomerate. Within the span of time I was at FMC, I took a three year hiatus when my children

were very small and I needed more control over my schedule, to teach as an adjunct professor at Chicago

Booth. From FMC, I moved to RR Donnelley as the CFO. I spent 5 years at Donnelley, leaving in 2000. In

2002, I co-founded Corporate Leadership Center, a nonprofi t focused on leadership development of corporate

executi ves, with Sheila Penrose, former President of the Corporate and Commercial side of Northern Trust

Bank. Sheila and I serve as Co-Chairmen of Corporate Leadership Center. I have served on 5 public company

4 • August/September 2011


Chicago

CFO

of the

Year sm

Awards

Mary Jo Ardizzone

Event Chair

CHICAGO CHAPTER

boards (HNI Corporati on, Lands’ End, Hewitt Associates, Morningstar and Aon), and chaired 4 of their audit

committ ees; as well as serving on the Board of Cornell University and chairing its audit committ ee.

JM: You are the Co-Founder and Co-Chairman of the Corporate Leadership Center (“CLC”). Can you tell

us about the goals of the organizati on, some of its clients, and what a typical project might be?

CF: Corporate Leadership Center focuses on key inflection points in the career of executives. Our CEO

Perspecti ves program (which we off er in partnership with The Kellogg School of Management) is focused on

people on the management committee of large, complex organizations. When you join the management

committee, you need to move from a functional focus or running a piece of the business to embracing

the agenda of the enterprise. This world view requires a different perspective and a different set of

skills. Likewise our Leading Women Executives program focuses on the point in a woman’s career when

she moves from management to leadership – again requiring a different set of navigational skills and

perspectives. Our programs serve primarily Fortune 500 companies, and the alumni of our programs

have gone on to achieve increasing levels of success. In fact, about 12% of our CEO Perspectives Fellows

are now sitting CEOs.

The Tribune just did a piece on Corporate Leadership Center which may be of interest. Click here.

JM: Cheryl, you are obviously extremely accomplished. What is the key to your success?

CF: There is never one key to success. Some of the things that have helped me along the way include

approaching issues from a big picture point of view (how do we create value from this?), developing lots

of buy-in up front and designing strong plans for execution. Being open to the unexpected is also key

(luck is very helpful!). Embracing bad news, particularly as a CFO, is really important – you can’t fix what

you don’t understand. Being willing to try things, develop options, learn from mistakes. And a big key to

success is the people who invest in you – having sponsors who believe in you is critical.

JM: Thank you for all your contributi ons to the Chicago CFO of the Year Awards. I am really looking forward

to the Event.

Join the FEI Chicago Chapter on November 3, 2011 for the Chicago CFO of the Year Awards sm !

Join the FEI Chicago Chapter and our prestigious sponsors as we recognize financial

professionals for outstanding performance in their roles as corporate financial stewards.

The evening includes networking with Chicago’s top financial and business leaders,

exceptional food and drink, and the presentation of the Chicago CFO of the Year sm

Awards in five categories: large public; mid-size public; large private; mid-size private;

and not-for-profit. Don’t miss this “must attend” event.

To purchase your ti ckets: visit www.chicagocfo.org

or contact the FEI Chicago Chapter offi ce at info@feichicago.org or 312-263-1661.

Financial Executi ves Internati onal

Chicago Chapter

Chicago CFO of the Year sm

2011 Awards Presentation

Thursday, November 3, 2011

5:30 pm

The Sheraton Chicago

Hotel & Towers

301 E. North Water Street

Chicago

Cost to att end - $150 pp

Table of Ten - $1,500

FEI Chicago Dues Paying

Members $100 pp

5:30 – 7:00 pm - Networking Recepti on,

Cocktails, Gourmet Food Stati ons &

Hors d’œuvres

7:00 pm – Dessert,

Award Presentati ons

5 • August/September 2011


Sponsor

News

FEI Chicago has been

fortunate to add

new sponsor support

to the Chapter!

See our new listi ng of

Chapter Sponsors

on Page 7!

From Plati num Sponsor KPMG

The FASB and IASB (the Boards) substanti ally completed their planned

re-deliberati ons on their joint Exposure Draft (ED) on revenue recogniti on

during their June 13-15 meeti ng. KPMG’s Defi ning Issues reviews some

of the revenue recogniti on issues discussed in the upcoming revised

Exposure Draft . Click here for KPMG’s Defi ning Issues. If you have any

questi ons, please contact Steve Hajdukovic or Dan Chamberlain.

From Gold Sponsor Houlihan Lokey

Houlihan Lokey has released its 2010 Transacti on Terminati on Fee Study,

which summarizes key terminati on fee metrics for M&A transacti ons announced

in 2008, 2009 and 2010. We have also analyzed terminati on

fees as a percentage of target enterprise value to refl ect the growing

judicial recogniti on of enterprise value—as a benchmark for assessing

acceptable termination fee levels. We hope you find this information

valuable as you structure future purchase agreements. To download

your complimentary copy of the study, please click here.

CHICAGO CHAPTER

FEI Chicago Welcomes New Plati num Sponsor PNC Financial Services Group

The PNC Financial Services Group (www.pnc.com) is one of the

nati on’s largest diversifi ed fi nancial services organizati ons with assets

of $263 billion. PNC, operati ng primarily in fi ft een (15) states

and the District of Columbia, provides retail and business banking;

residenti al mortgage banking; specialized services for corporati ons and government enti ti es, including

corporate banking; real estate fi nance and asset-based lending; wealth management and asset

management.

Through executi ve leadership, strategic investments and employees volunteerism, PNC is helping to

build strong communiti es and create fi nancial opportuniti es for individuals, families and businesses.

PNC’s community impact includes the following areas:

• Community Development: PNC boosts the quality of life in neighborhoods through aff ordable housing,

economic revitalizati on and customized fi nancial soluti ons. PNC earned an “outstanding” rati ng in 2007

for exceeding Community Reinvestment Act standards.

• Charitable Giving: More than $67.5 million was invested in communiti es in 2010. The PNC Foundati on

forms partnerships with nonprofi t organizati ons to advance mutual objecti ves driven by two prioriti es:

(1) early childhood educati on

(2) community and economic development

• PNC Grow Up Great: A $100 million, 10-year initi ati ve to improve school readiness among children

from birth to age fi ve through public/private collaborati on, grants, advocacy and educati on. More than

100,000 volunteer hours contributed by PNC employees.

• Environmental Responsibility: PNC’s commitment to innovati on and environmentally friendly business

practi ces during the past decade has enabled us to lower costs, increase effi ciency and improve communiti

es. PNC has more newly constructed, LEED-certi fi ed green buildings than any company on Earth.

Please join us in welcoming PNC to FEI Chicago!

From Gold Sponsor Mercer

Inside Employees’ Minds, Navigati ng the New Rules of

Engagement

Read Mercer’s new research conducted among 2,400 employees from

companies of all sizes across the US about the benefi ts employees at

small and midsize companies are looking for. Visit www.mercer.com/

insideemployeesminds to learn more about the compelling fi ndings of

the What’s Working research and its implicati ons for employers. At this

site, you can:

• Download a summary of the US fi ndings

• Listen to podcasts by Mercer experts

• Parti cipate in a contest that lets you share your views – in just six

words – on diff erent aspects of the work experience.

From Gold Sponsor Experis

Faced with additi onal reporti ng responsibiliti es, fewer staff , increased

scruti ny and ti ght ti meframes, most organizati ons fi nd their personnel

stretched to their limits at year-end. Click here for a complimentary download

of the Year-End Planner for Finance & Accounti ng from Experis.

6 • August/September 2011


S

P

O

N

S

O

R

S

CHICAGO CHAPTER

The FEI Chicago Chapter thanks its

Sponsors for their generous support!

®

Platinum Sponsors

Gold Sponsors

payroll services

Silver Sponsors

SOLOMONEDWARDSGROUP, LLC

Talent. Perspective. Action.

R

7 • August/September 2011


Membership

News

Welcome

New

Members

Timothy Czech

Controller

Integrated Project Management

Company, Inc.

Dean Hagen

CFO

Helio Precision Products

Joseph Kosinski

Director Corporate Accounti ng &

Customs and Trade Compliance

Abbott Laboratories

Andrew Kotlarz

VP, CFO, Treasurer

Morton Salt Inc.;

K+S Group Company

Kevin Ozan

Senior VP, Corporate Controller

McDonald’s Corporati on

Dan George Pekofske

Assistant Corporate Controller

Motorola Soluti ons

Tony Peters

Senior Director, Financial Reporti ng

McDonald’s Corporati on

New Member Recruitment

Over the past several years our Chapter’s member-bring-a-prospective member campaign

has been an effective and fun tool in promoting and building membership in the Chicago

Chapter of FEI. There is no one who can better expound on the extensive benefits of FEI

membership than one of our current members. The new chapter year has started and we

will be running this program again with a few new twists and a great new Grand Prize. Let’s

see if we can top the successful results of the past few years!

New Member Contests

Grand Prize - Most New Members Recruited Award

All Expenses Paid Trip to the 2012 FEI Nati onal Summit Conference

As an incenti ve to make the eff ort to bring new members into FEI and the Chicago Chapter, we are

off ering an “all expenses paid” trip to the 2012 FEI Nati onal Conference in Orlando, Florida in May

2012 to the Chicago Chapter member that recruits the most new members to the Chicago Chapter

between August 1, 2011 and March 31, 2012.

Here’s what you need to do: If you are introducing the qualifi ed prospecti ve member through a

Chicago Chapter dinner meeti ng, follow the dinner meeti ng registrati on instructi ons below under

the SECOND PRIZE rules. If you are introducing a qualifi ed prospect through other means, use the

following procedure:

Register your qualifi ed prospect with the FEI Chicago Chapter Offi ce. Supply the prospect’s name,

ti tle, company, phone and email address. All of this informati on is required. In additi on, your

prospect must qualify for FEI membership. Eligibility requirements can be found by clicking here.

The member with the greatest number of prospects who become new approved FEI members and

who join the Chicago Chapter by March 31, 2012 will be the winner. We’ll periodically report on our

contest leaders through the monthly newslett er so you’ll know where you stand.

Second Prize - Most New Prospects Award

One Year Free Chicago Chapter Dues

Share your great FEI experiences with valued friends and colleagues who are potenti al members.

Parti cipate in the chance to win free Chicago Chapter dues for the 2012-13 year. Here’s what you

need to do:

1. Invite and bring a qualifi ed prospecti ve member to one of this year’s monthly dinner meeti ngs.

Pre-register your guest with the FEI Chicago Chapter Offi ce. Supply the guest’s name, ti tle, company,

phone and email address. All of this informati on is required.

2. Register your guest and yourself at the meeti ng registrati on desk at the dinner. You will receive

one point for each qualifi ed Prospecti ve Member Guest that you bring.

3. At our dinner in March 2012, the member who has accumulated the most points will be awarded

the Second Prize Package of free Chicago Chapter dues for the 2012-13 membership year.

Invite a guest(s) to our fi rst dinner meeti ng on Thursday, September 22 to hear Mark Angelson,

Deputy Mayor of the City of Chicago discuss Chicago’s Economic Development Strategy and get a

jump on being a GRAND PRIZE or SECOND PRIZE winner. Your qualifi ed prospecti ve member guests

att end the dinner at the Chapter’s expense. Call 312-263-1661 with any questi ons and to register

your guests. To review prospecti ve member qualifi cati ons, please click here.

We have another great year in front of us for the Chicago Chapter of FEI. Share the experience by

inviti ng qualifi ed colleagues, friends and business contacts to join FEI and the Chicago chapter and

get in the running to win one of this year’s great prizes!

CHICAGO CHAPTER

8 • August/September 6 • July 2011


FEI Private

Company

Roundtable

Tyler Roberts

Policy Analyst

Financial Executives

International

1825 K Street NW, Suite 510

Washington D.C. 20006

(p) 202.626.7807

(f) 202.626.6555

troberts@

financialexecutives.org

www.financialexecutives.org

CHICAGO CHAPTER

Washington Policy Conference

We are pleased to announce that the FEI Chicago Chapter is a disti nguished chapter sponsor for FEI’s Washington

Policy Conference to be held on September 26-27 in Washington, D.C.

The 2nd Annual Washington Policy Conference will bring together key business and government leaders who

will provide insight into the top policy questi ons facing senior fi nancial executi ves and their companies, such

as the prospects for tax reform; policy impacts of reigning in the defi cit; uncertainty and what it means for

American businesses; and navigati ng the current regulatory environment.

Joining this year’s conference, the Hon. Michael Oxley, former Congressman and Chairman of the House Financial

Services Committ ee, who is best known for his co-authorship of the landmark Sarbanes-Oxley Act of 2002;

Fred Malek, former President of Marriott Hotels and Northwest Airlines, who will share his experti se during

the conference, not only as a successful business leader, but also as adviser to four U.S. Presidents over the

past two decades. Special Representati ve Reta Jo Lewis, U.S. Department of State, who served as the Director

of Business Outreach for the Obama-Biden Transiti on Project will add the internati onal perspecti ve this year

during a presentati on on business and the global economy. Plus, senior-level staff from congressional committ ees

and the Treasury Department have also been confi rmed to share their inside knowledge during in-depth panel

discussions.

In additi on to connecti ng att endees with policymakers, business leaders and experts on the key policy discussions

in Washington, former Gov. and Rep. Mike Castle (R-Del.) and former Gov. and Rep. James Blanchard (D-Mich.)

will parti cipate in what is sure to be a lively debate on the outlook for the 2012 electi ons. This debate will be

moderated by nati onal politi cal commentator, Karen Hanrett y, Managing Director at Qorvis Communicati ons,

who regularly appears on Fox News Channel, MSNBC and CNN.

Don’t miss this exciti ng event! To register for the conference and view the full agenda, please visit htt p://www.

fi nancialexecuti ves.org/policy. We look forward to seeing you in September!

Private Company Roundtable Event

FEI and the Private Company Roundtable are pleased to announce, Terri Polley, President and Chief Financial

Offi cer of the Financial Accounti ng Foundati on (FAF) as a speaker at the Inaugural Private Company Roundtable

Town Hall to be held in Washington, D.C. on Sept. 26 at the Hotel Monaco in conjunction with the Second

Annual Washington Policy Conference.

Ms. Polley is the fi rst person to hold the ti tle of CEO in the 38-year history of the FAF, which is the independent,

private-sector organization responsible for the oversight, administration, and finances of the Financial

Accounti ng Standards Board (FASB), the Governmental Accounti ng Standards Board (GASB), and their Advisory

Councils.

Since being appointed president of the FAF in 2007, Ms. Polley has played a key role in positi oning the Foundati on

and its standard-setti ng Boards to successfully meet the challenges of rapidly-changing economic and regulatory

environments. This includes implementi ng initi ati ves to enhance the Foundati on’s outreach to investors and

other key consti tuents, establishing partnerships with professional accounti ng organizati ons to address issues

in private-company fi nancial reporti ng, and working to achieve permanent funding for the GASB criti cal to its

conti nued independence. Accounti ng Today named her as one of its “10 Worth Watching,” a designati on

honoring women in leadership roles in the accounti ng industry.

Ms. Polley brings more than 20 years of experience with FAF and FASB to her current role. Prior to being appointed

president, she served as Executi ve Director of Advisory Groups for the FASB, acti ng as the primary liaison between

the Board and its consti tuent organizati ons that provide input into its decision-making processes. From 1990

to 1999, Ms. Polley served as Controller of the FAF. She joined the FASB in 1987 as a Technical Associate from

Arthur Andersen and Company in its Stamford, Connecti cut offi ce, where she was a Senior Accountant.

The Private Company Roundtable is currently made up of 330 companies from 43 states and 62 FEI Chapters

and was established to provide a forum for members from private companies to network and discuss private

company fi nance issues. The Town Hall will begin at 2:00 p.m. on Sept. 26 and will give you access to top

policy minds in Washington, as well as a forum to discuss the issues impacti ng private companies with other

Roundtable members from across the nation. If you would like to arrive early in D.C. on the 26th, FEI is

planning a series of meetings with Congressional offices as well as an opti onal lunch.

For more informati on on the Private Company Roundtable or the Town Hall event, please contact Tyler Roberts

in FEI’s Government Aff airs offi ce at 202.626.7807.

9 • August/September 2011


Career Management Group

From our Career Management Group

(CMG) Chair Ron Zoromski

CMG Breakfast event:

September 1 st - A panel of experts in

Organizati on Development and Career

Coaching have been assembled to discuss

“The Keys to Developing Top Talent”

You need to spend some ti me and money

to develop those on your team or they’ll never reach their full

potenti al, your business loses and eventually they leave. Join us

at the September CMG breakfast to get some new ideas on how

to bett er:

Invest in your people; Reward your high achievers; Develop

yourself to bring out the best in others.

Panel includes:

Joe Baker

Leadership consultant and executi ve coach with PeopleResults

Tiza Pyle, PhD

Organizati on Eff ecti veness Consultant and Executi ve Coach with

Pyle Consulti ng Group, Inc.

Jeff Rossett

Director at MidwestHR LLC & Managing Director at Chicagoland

Business Leaders Forum

Pam Wilson

VP Client Relati onships with Kensington Internati onal

FEI Career Services

Career Advice

• executi ve career briefcase

career management tools and resources for the senior-level

fi nancial executi ve

• career toolkit

career tools and resources for the accounti ng and fi nance professional

• “Everything you needed to know about a job search” (ppt)

Networking and FEI Career Alliances

• career alliances

links to other online resources outside of FEI

• chapter career services chairs - networking contacts

FEI members only - network with local chairs

CHICAGO CHAPTER

Career Management breakfast workshops are open to all chapter

members. Workshops are held on the first Thursday of every month

at the Rosewood Restaurant (9421 W. Higgins Road, Rosemont).

Registration begins at 7:15 am, and the workshops start at 7:45 am.

Please come early to network!

CMG welcomes guests! Prospecti ve members may attend three Career

Management Group breakfasts as our guest. The first meeting is free;

the charge for subsequent meetings is $25/meeting.

Registration is now required for all Career Management Group

meetings! Please register with the FEI office (info@feichicago.org

or 312- 263-1661).

The Career Management Group Needs You!

Are you interested in becoming more involved with FEI and the CMG?

Do you have ideas on how to further strengthen the CMG? If so, the FEI

CMG needs you!

The FEI CMG Committee is seeking creative, energetic volunteers to

help take the CMG to the next level. Your involvement will not only

help build a stronger group, it will also offer YOU the opportunity

to further develop relati onships with your peers, make new contacts,

and gain valuable experience.

Interested in joining the Committee? Please contact Ron Zoromski at

�on�oromski@aol.com.

The Career Management Group is LinkedIn!

Over 300 job leads have been posted to the Chicago CMG LinkedIn

Group. Join now and get access to these leads!

Need Finance Talent?

If you have a need for the best in financial talent, the FEI Career

Management Group offers top-notch and proven candidates who

possess a wide range of financial skills and are available for project

and full time work. If you have an opening at your company, please

contact the FEI office (info@feichicago.org) or Ron Zoromski

(ronzoromski@aol.com).

Career Tools and Resources

• executi ve search fi rm contacts

• surveys & studies

• career arti cles

• career development workbook

• SmartPros Online Financial Training

• Resume Writer

• CareerTrax newslett er

• career bookstore

• CPE Center

10 • August/September 2011


Event Calendar

August 2011

Thursday, August 4

Career Management Group Meeting

Registrati on at 7:15am, Program begins at 7:30am

“Networking and Navigati ng the Business Social Event “

Cyndi Maxey

Rosewood Restaurant

9421 W. Higgins Road

Rosemont

Wednesday, August 17

Power Roundtable Breakfast

7:30am

Open Forum with Facilitators at 3 diff erent locati ons

* Chicago...Sopraffi na Marketcaff e

located in the AT&T/USG building

W. Adams St., Chicago

* Deerfi eld...Rhapsody Café

located at 833-C Deerfi eld Road, Deerfi eld

* Oakbrook Terrace...Denny’s

located at 17 West 22nd Street, Oakbrook Terrace

(near intersecti on of Midwest Road and 22nd St.)

September 2011

Thursday, September 1

Career Management Group Meeting

“The Keys to Developing Top Talent”

Panel Discussion

Registrati on at 7:15am, Program begins at 7:30am

Rosewood Restaurant, 9421 W. Higgins Road, Rosemont

Wednesday, September 14

FEI Nati onal with SAP presents

“Building the Business Case for Disclosure Management”

Registrati on, Breakfast and Networking 8:00 – 8:30am

Program begins at 8:30am

Summit Executi ve Centre

205 N. Michigan Ave., Chicago

Thursday, September 22

Professional Development Meeting

3:30pm

Dinner Meeting

5:30pm

Mark Angelson, Deputy Mayor of the City of Chicago

The Metropolitan Club, Willis Tower

233 S. Wacker Dr., Chicago

October 2011

Thursday, October 6

Career Management Group Meeting

Registrati on at 7:15am, Program begins at 7:30am

Rosewood Restaurant, 9421 W. Higgins Road, Rosemont

Tuesday, October 18

Professional Development Meeting

3:30pm

Dinner Meeting

5:30pm

The Hon. David M. Walker

Founder, President & CEO,

Comeback America Initi ati ve (CAI)

The Union League Club, 65 W. Jackson Blvd., Chicago

November 2011

Thursday, November 3

Chicago CFO of the Year sm Awards

5:30pm

Sheraton Chicago Hotel & Towers

301 E. North Water Street, Chicago

FEI Chicago Chapter dues paying members - $100

All others - $150pp

FEI Meeti ng att endees are welcome to wear business casual atti re to all meeti ngs.

Contact the FEI Chicago Offi ce at info@feichicago.org or 312-263-1661 to register for any of these meeti ngs.

CHICAGO CHAPTER MEMBERSHIP DIRECTORY

The FEI Chicago Chapter will be providing an electronic membership directory for its members for 2011/2012. In order to prepare

the directory with the latest member informati on, please visit www.fi nancialexecuti ves.org and select “my account” (at very top

of page) and review your informati on, making any necessary updates. We believe you will fi nd the informati on in the directory

very useful in knowing your fellow local members. Your immediate att enti on is appreciated. Should you have any questi ons,

please email FEI Chicago Chapter Administrator Susan Gidley at info@feichicago.org. Thank you.

CHICAGO CHAPTER

11 • August/September 10 • March 2011


Officers

President

Richard Steele

richard@rasteele.com

Executive Vice President

Janeen McGreal, Tucker Development Corp.

jmcgreal@me.com

Immediate Past President

John Trakselis, Vistage International

john.trakselis@vistage.com

Vice President, Membership

Otis Usher

otisusher@comcast.net

Vice President, Member Services

Sharon Walton, Lane Hospitality

swalton@lanehospitality.com

Vice President, Programs

David Burke, Celtic Insurance Company

dburke@celtic-net.com

Vice President, Career Management

Ron Zoromski

ronzoromski@aol.com

Treasurer

Phil Maughan, Northern Trust Corp. (retired)

plmaughan@pobox.com

Secretary

Carla Carstens

cscarstens@usa.net

Directors

Liaison, FEI National Chapter Leadership Council

John Trakselis, Vistage International

john.trakselis@vistage.com

Liaison, FEI National Membership Committee

Phil Maughan, Northern Trust Corp. (retired)

plmaughan@pobox.com

Liaison, FERF National Research Committee

Marty Ross, Telephone and Data Systems

marty.ross@teldta.com

Liaison, FEI Private Company Policy Committee

Mark Smetana, Eby-Brown

mark.smetana@eby-brown.com

Chair, Academic Awards

Pat Unzicker, DeVry Inc.

punzicker@devry.edu

Chair, CFO of the Year Award

Mary Jo Ardizzone, Edward Jones

maryjo.ardizzone@edwardjones.com

CHICAGO CHAPTER

Chair, Consultants & Entrepreneurs

Mike Nadler, MH Nadler & Associates

mnadler792@ameritech.net

Chair, Diversity

Carla Carstens

cscarstens@usa.net

Chair, Member Relations

Bill Seiden, The Seiden Co.

se2@comcast.net

Chair, Membership Recruitment

Jim Patterson, PLS Financial Services, Inc.

jim.patterson1234@gmail.com

Chair, Membership Retention

Gary Parks, Pinnacle Biologics, Inc.

gcparks421@aol.com

Chair, Social Events

Allan Drebin, Northwestern University (retired)

ard@kellogg.northwestern.edu

Chair, Special Projects

Carol Sherman, TransLumen Technologies

carol.sherman@translumen.net

Chair, Website & Social Media

Skip Newman

mail@skipnewman.com

Chair, Women’s Strategic

Professional Alliance (SPA)

Sharon Walton, Lane Hospitality

swalton@lanehospitality.com

At-Large Directors:

Frank Cesario, Nanophase Technologies

Corporation

fcesario@nanophase.com

Rich Kuzmar

ccarak1@yahoo.com

Jim Patlyek, Patlyek Consulting

jim.patlyek@patlyekconsulting.com

Staff:

Chapter Administrator

Susan Gidley, Gidley Management Group, Inc.

admin@feichicago.org

Alexandra Haban, Gidley Management Group, Inc.

info@feichicago.org

FEI

Chicago

Chapter

Officers

and

Directors

12 • August/September 2011


Chicago Chapter Standing Committees

CFO of the Year Award Committ ee

Chair: Mary Jo Ardizzone, Edwards Jones

Frank Cesario, Nanophase Technologies Corp.

Tom Figel, Lake Eff ect Communicati ons

Susan Gidley, FEI Chicago Chapter

Joan Mazurek, Environmental Design Internati

onal

Janeen McGreal, Tucker Development Corp.

Heather Moss, Mercer

Mike Nadler, MH Nadler & Associates

Skip Newman

Richard Steele

Membership Committ ee

Chair: Oti s Usher

Steve Anderson, Robert Half Management

Resources

Jon Arnold, The Plexus Groupe, LLC

Patt y Bogosh, Robert Half Management

Resources

Tony Harmon, KPMG

Joe Kayser, AIT Worldwide Logisti cs, Inc.

Rich Kuzmar

Dan McHugh, Fift h Third Bank

Jeff Michalski, Suzo-Happ

Gary Parks, Pinnacle Biologics, Inc.

Jim Patlyek, Patlyek Consulti ng

Jim Patt erson, PLS Financial Services, Inc.

Bill Seiden, The Seiden Co.

Richard Steele

Rick Ulmer, Marsh

Consulti ng/Entrepreneur

Networking Group

Chairs: Sharon Walton, Lane Hospitality

Mike Nadler, MH Nadler & Associates

PLATINUM Level

KPMG

Dan Chamberlain

Steve Hajdukovic

Oak Stevens

PNC Financial Services Group

David Gooken

Daniel Schuett e

GOLD Level

BlueCross BlueShield

of Illinois

Karen Atwood

Denise Bujak

Mary Ann Schulz

Experis

Jana Carpenter

Cynthia Gronroos

Jeff rey LeVant

CHICAGO CHAPTER

Women’s SPA

Chair: Sharon Walton, Lane Hospitality

Carla Carstens

Teresa Krafcisin, Morningstar

Maggie Martensen, Freshii

Janeen McGreal, Tucker Development Corp.

Jean Saelens, True Value Co.

Randa Saleh, Hyatt Corporati on

Ann Simms, American Planning Associati on

Member Relati ons Committ ee

Chair: Bill Seiden, The Seiden Co.

Tom Barmore, Northwestern Mutal Life

Howard Blietz

Nick Ciotola, McDonough Associates, Inc.

Karen Currin

Jerry Herb, McCarthy Bertschy and

Associates, Inc.

Ed Karasek, First Chicago Bank & Trust

Joe Kayser, AIT Worldwide logisti cs, Inc.

Larry Kowalski, The Mentor Group

Bill McNitt , Thurston Group, LLC

Jeff McReynolds, The Strive Group

Steve Mickelson, Blue Cross Blue Shield Associati on

Deb Morrin, Deborah Morrin CPA

Mike Nadler, MH Nadler & Associates

Skip Newman

Jon Paul, Value Added Finance Resources

Marty Ross, Telephone & Data Systems, Inc.

Addie Ruey, Addie T. Ruey, CPA

Jerry Sweas, Sweas Consulti ng

Rich Terrett

Pat Unzicker, DeVry Inc.

Frank Waldeck

Tim Young, TreeHouse Foods

Chicago Chapter Sponsors

Fift h Third Bank

Dan McHugh

Houlihan Lokey

Michael Bett

Kreg Jackson

Brent Maier

Lee & Associates

CJ Kuehl

Ellen Steinbrecher

Marsh

Rick Ulmer

Mercer

Heather Moss

Oracle

Lisa Rinehart

Bret Schneider

Heather Swanson

Paycor

Jeff Borcherding

Laura Sprague

Resources Global

Professionals

Mary Aruti

Julia Chapman

Dick Derrick

Robert Half

Management

Resources/Proti viti

Patt y Bogosh

David Brand

Susan Kingman

Tabatha Knopick

Steve Lickus

Public Relati ons & Communicati ons

Chair: Janeen McGreal, Tucker Development Corp.

Dan Chamberlain, KPMG

Tom Figel, Lake Eff ect Communicati ons

Jeff rey LeVant, Experis

Joan Mazurek, Environmental Design Internati onal

Carol Sherman, TransLumen Technologies

Programs Committ ee

Chair: Dave Burke, Celti c Group, Inc.

Frank Cesario, Nanophase Technologies Corp.

Allan Drebin, Northwestern University (reti red)

Terry Flanagan, Smart Decisions

Jerry Herb, McCarthy Bertschy & Associates

Pat Jones, Addison Search

Rich Kuzmar

Janeen McGreal, Tucker Development Corp.

Dan McHugh, Fift h Third Bank

Marty Ross, Telephone and Data Systems

Richard Steele

Ellen Steinbrecher, Lee & Associates

Career Management

Chair: Ron Zoromski

John Breslin

Dave Betti

Steve Callisher, The Mentor Group Inc.

Vince DiRaddo, Prairie Capital Advisors

Dan Dunne

Jeff Gerns

Pat Jones, Addison Search

John Liacone, Overture Group

Bob Linn

James D. Miranda, Tegrant Corporati on

Rich Terrett

SILVER Level

American Appraisal

Patrick Collins

Tim Couillard

Steven Fischoff

Gary Frantzen

Lake Eff ect

Communicati ons

Tom Figel

Mentor Group

Steve Callisher

Kathy Kilroy

Larry Kowalski

NASDAQ OMX

David Melendrez

Numerate Partners

Michael Robinson

Overture Group

John Liacone

SolomonEdwardsGroup, LLC

Chris Denver

Brian Markley

The Plexus Groupe, LLC

Jon Arnold

13 • August/September 2011


09/14/2011: Building The Business Case for Disclosure

Management (Chicago, IL)

09/26/2011: Washington Policy Conference 2011 (Washington, DC)

11/14/2011: Current Financial Reporti ng Issues Conference 2011

(New York, NY)

11/14/2011 : Hall of Fame Gala 2011 (New York, NY)

05/21/2012: Summit 2012 (Orlando, FL)

FEI Headquarters and FERF News

FEI Conferences FEI Webcasts

FEI Newsletters

CHICAGO CHAPTER

08/18/2011: How to Leverage Performance Management to Maximize

Profi tability within the Banking Industry

08/25/2011: Navigati ng the Tax and Accounti ng Gaps in M&A Reporti ng

09/08/2011: Ernst & Young LLPs Q3 2011 Financial Reporti ng Update

09/13/2011: Perfect your Business Vehicle Program – A MillerCoors Case Study

09/21/2011: Member Benefi ts 101: Getti ng To Know Your FEI - 2:00 pm Eastern

09/27/2011: Goodwill Impairment Study Results presented by Duff & Phelps and

Financial Executi ves Research Foundati on (FERF)

FEI Express: Public Company Editi on The very latest fi nancial issues, reported when they´re hot, and delivered straight from the president´s desk to yours.

FEI Express: Private Company Editi on The very latest fi nancial issues, reported when they´re hot, and delivered straight from the president´s desk to yours.

CareerTrax members only

Be proacti ve in managing your career. Check here for the latest in job posti ngs, career management news, trends and stati sti cs.

Finance and Informati on Technology

Technology tools and IT issues aff ecti ng fi nancial executi ves-from ERP to Disaster Recovery, and beyond.

I.O.U.

Insights, Observati ons and Updates from K Street to Wall Street.

FERF Reports & FERF Products & Services

FERF Reports

08/03/2011: CFO Quarterly Outlook Report: August 2011 (25 pages)

06/29/2011: Technology Issues for Financial Executi ves: 2011 Annual

Report (96 pages)

06/29/2011: The Benefi ts of Conti nuous Monitoring (94 pages)

06/29/2011: A User’s Guide to the Cloud (26 pages)

06/28/2011: Trends and Tradeoff s in Employee Medical Benefi ts

(19 pages)

FERF Products & Services

FERF Pros > Access to unlimited CPE credits via distance learning

AuditFeeCheck > Benchmark your audit fees, audit hours, blended rate per

hour and other audit informati on.

FinanceFuncti onCheck > Benchmark your staffi ng and other fi nance functi on

related costs to see how your company measures up against other companies.

PayCheck > Starti ng with your ti tle, company industry, company type,

company locati on, and company annual revenue, you can benchmark your

base salary, annual bonus opportunity and long-term incenti ves.

FELIX > A moderated, e-mail based discussion forum that allows FEI

members to communicate with and learn from their peers.

Ask FERF > Can’t fi nd what you’re looking for? Send a questi on to a FERF

researcher.

The Knowledge Center > FERF’s online library of resources and references,

from Accounti ng Policies to XBRL.

Academic Research

FEI Chapter Academic Awards

FERF Alerts

07/08/2011: Financial Reporti ng and Regulatory Update for the Quarter

ended June 30, 2011: Highlights for Public Companies (14 pages)

07/08/2011: Financial Reporti ng and Regulatory Update for the Quarter

ended June 30, 2011: Highlights for Private Companies (13 pages)

04/29/2011: Are You Ready for the Proposed Changes to Hedge

Accounti ng? (13 pages)

04/25/2011: A Comparati ve Look at Health Care Cost Containment

Strategies (12 pages)

04/08/2011: Financial Reporti ng and Regulatory Update for the Quarter

ended March 31, 2011: Highlights for Private Companies (13 pages)

04/08/2011: Financial Reporti ng and Regulatory Update for the Quarter

ended March 31, 2011: Highlights for Public Companies (19 pages)

FEI Financial Reporting

Announcements, Press Releases and FEI Summaries

FASB

Recent announcements from the Financial Accounti ng Standards Board

including, new Exposure Draft s, project updates, and supporti ng news.

SEC

Most recent developments from the U.S. Securiti es and Exchange

Commission including rule proposals and other press releases.

PCAOB

Informati on and updates from the Public Company Accounti ng Oversight

Board including rules, meeti ng summaries, and general pronouncements.

IASB

News from the Internati onal Accounti ng Standards Board.

Sarbanes-Oxley Resources

Informati on, updates, analysis and implementati on guidance for the

provisions of the Act

COSO Resources

Other Finance News

Other news items impacti ng the fi nance executi ve.

FEI Advocacy, Newest Issue Articles

14 • August/September 2011


Benefits Finance (CBF)

Develops recommendations on existing and proposed legislation and

regulati ons aff ecti ng pension and profi t sharing plans, health and disability

insurance, unemployment compensati on and regulati on, and other areas.

When deemed appropriate, CBF may communicate positi ons to government

agencies, legislators and professional and business organizati ons.

Committ ee Meeti ngs

10/03/2011 : October 2011 Meeti ng (Washington, DC)

12/05/2011 : December 2011 Meeti ng (New York, NY)

Committ ee Chair

Bruce M. Goldstein, Phillips-Van Heusen Corporati on

Staff Contact

Christi na Crooks, Manager, Government Aff airs – Financial Policy

ccrooks@fi nancialexecuti ves.org | 202-626-7803

Corporate Reporting (CCR)

Monitors developments & issues relati ng to accounti ng/auditi ng/external

reporting, including policies, rules, regulations, and standards;

communicates these to members, the FASB, and government agencies.

Represents interests on accounti ng/reporti ng matt ers in communicati ons

to the SEC.

Committ ee Meeti ngs

09/15/2011 : September 2011 Meeti ng (Irving, TX)

Chicago Chapter Committ ee Members include:

Michael Cleary, The Boeing Co.; Anthony Coughlan, Accenture; Penny

Hughes, Accenture; Robert Kuehnau, Accenture; Stephen Makey, AON

Corp.; Laurel Meissner, AON Corp.; Greg Smith, The Boeing Co.; John

Wozniak, Motorola Soluti ons

Committ ee Chair

Lorett a V. Cangialosi, Pfi zer, Inc.

Staff Contact

Lorraine Malonza, Senior Manager, Technical Accounti ng

lmalonza@FinancialExecuti ves.org | 973-765-1047

CHICAGO CHAPTER

FEI Advocacy and Accounting Policy Committees

Private Company Policy (CPC-P)

Responsible for monitoring and developing positions on legislation,

regulations and other public policy initiatives that impact privately held

companies. CPC-P and the FEI staff are the primary resource for drafting

comment letters and position papers for use with policy makers.

Committ ee Meeti ngs

09/01/2011 : Fall Event (phone conference)

Chicago Chapter Committ ee Members include:

Mike Adhikari, Illinois Corporate Investments; Marie Hollein, Financial

Executi ves Internati onal; John Hrudicka, Elkay Manufacturing Co.;

Michael Kenny, Panduit Corp.; Gary Ontko, Wells Manufacturing Co.;

Mark Smetana, EBY-Brown Co.

Committ ee Chair

Mark Smetana, EBY-Brown Co.

Staff Contact

Christi na Crooks, Manager, Government Aff airs – Financial Policy

ccrooks@fi nancialexecuti ves.org | 202-626-7803

Corporate Treasury (CCT)

Provides a forum for FEI members, namely treasurers to formulate opinions

and monitor developments and issues that impact treasurers. These issues

include credit rati ngs, access to capital, risk and many others. CCT disseminates

informati on as it is necessary to the Committ ee and to the broader FEI

membership. The Committ ee draft s comment lett ers and educates relevant

policy makers and regulators on issues impacti ng treasurers.

Committ ee Meeti ngs

08/17/2011 : August 2011 Quarterly Meeti ng (phone conference)

10/27/2011 : October 2011 Meeti ng (New York, NY)

Committ ee Chair

Susan M. Stalnecker, E.I. duPont de Nemours and Company

Staff Contact

Christi na Crooks, Manager, Government Aff airs, Financial Policy

ccrooks@fi nancialexecuti ves.org | 202-626-7803

Government Business (CGB)

Initi ates studies and develops positi ons on existi ng/proposed legislati on and

regulati ons aff ecti ng accounti ng principles/standards/practi ces, and rules

that must be followed by businesses providing goods & services to the

Federal sector. CGB communicates its fi ndings to federal agencies, Congress

and other parti es.

Committ ee Meeti ngs

None scheduled

Chicago Chapter Committ ee Members include:

Laurie Schmidgall, The Boeing Co.; Marie Hollein, Financial Executi ves

Internati onal

Committ ee Chair

Paul J. Cienki, Honeywell Internati onal, Inc.

Staff Contact

Christi na Crooks, Manager, Government Aff airs, Financial Policy

ccrooks@fi nancialexecuti ves.org | 202-626-7803

Taxation (COT)

Formulates statements/positi ons on tax legislati on, policies, practi ces,

rules and regulati ons, addressing economic/social implicati ons of taxes,

simplifi cati on and administrati on, and tax and accounti ng relati onships,

and communicate these to the executi ve and legislati ve branches of the

government.

Committ ee Meeti ngs

10/13/2011 : October 2011 Meeti ng (Washington, DC)

Chicago Chapter Committ ee Members include:

Robin Beran, Caterpillar Inc.; Jeff rey Emme, Sara Lee Corp.; Marie Hollein,

Financial Executi ves Internati onal; Karen Matusinec, McDonald’s Corp.

Committ ee Chair

Ronald D. Dickel, Intel Corporati on

Staff Contact

Tyler Roberts, Policy Analyst

troberts@fi nancialexecuti ves.org | 202-626-7807

15 • August/September 2011


FEI Advocacy and Accounting Policy Committees

Private Company Roundtable (PCR)

Provides a forum for members from private companies to network and

discuss private company fi nance issues. The Private Company Roundtable

directly connects FEI members to exclusive legislati ve content and provides

a face-to-face dialogue with key decision-makers in Washington, D.C.

Committ ee Meeti ngs

09/26/2011 : September 2011 Town Hall (Washington, DC)

Chicago Chapter Committ ee Members include:

Mike Adhikari, Illinois Corporate Investments; Jason Blake, Tooling and

Manufacturing Assn.; Melvyn Cohen, Carpet Cushions & Supplies; Sally

DelBeccaro, Witt /Kieff er, Ford, Hadelman, Lloyd Corp.; Robert Gold, United

Plasti cs Group, Inc.; Marie Hollein, Financial Executi ves Internati onal; John

Hrudicka, Elkay Manufacturing Co.; Joseph Italiano III, ICC - Nexergy, Inc;

James Jones, Edward Don & Co., Michael Kenny, Panduit Corp., Gary

Kovanda, eComputer, Inc.; Leonard Kuhr, Roundtable Healthcare Partners

LLC; Laurence Leive, McMaster-Carr Supply Co.; Rodney Liddle, NFC; Kathleen

Noe, Fellowes, Inc.; Gary Ontko, Wells Manufacturing Co.; James Patlyek,

Patlyek Consulti ng, LLC; Donald Schaff er, TTX Co.; Mark Smetana, EBY-Brown

Co.; Richard Steele; Gerald Sweas, Sweas Consulti ng, LLC; Gerald Wawrzynek,

Solo Cup Co.

Committ ee Chair

Timothy P. Anglim, Yes CFO, LLC

Staff Contact

Tyler Roberts, Policy Analyst

troberts@fi nancialexecuti ves.org | 202-626-7807

Comment Letters

FASB comment lett ers

SEC comment lett ers

PCAOB comment lett ers

IASB comment lett ers

COSO comment Lett ers

other comment lett ers

2001 & Prior Lett ers

CHICAGO CHAPTER

FEI Advocacy

Private Company Standards(CPC-S)

Responsible for monitoring and developing positions on accounting,

auditing and related initi ati ves that impact privately held companies. CPC-S

and FEI staff are the primary resource for draft ing comment lett ers and

positi on papers for use with policy makers on these matt ers.

Committ ee Meeti ngs

None scheduled

Chicago Chapter Committ ee Members include:

Marie Hollein, Financial Executi ves Internati onal; Jeff rey McReynolds,

The Strive Group

Committ ee Chair

George W. Beckwith, Nati onal Gypsum Company

Staff Contact

Lorraine Malonza, Senior Manager, Technical Accounti ng

lmalonza@FinancialExecuti ves.org | 973-765-1047

Finance & IT (CFIT)

Addresses the needs and interests of fi nancial executi ves as strategic leaders, as

they strive to realize measurable and sustainable performance improvements

while maintaining fi nancial control. Develops informati on technology related

programs and services targeted to meet the strategic needs of FEI members.

When deemed appropriate, CFIT may communicate positi ons to government

agencies, legislators and professional and business organizati ons.

Committ ee Meeti ngs

None scheduled

Committ ee Chair

Robert Shultz, Hewlett -Packard Company

Staff Contact

William Sinnett , Director, Research

bsinnett @FinancialExecuti ves.org | 973.765.1004

Newest Issue Articles

08/08/2011: FASB Solicits Private Co. Input On Parti cular Standards At

Upcoming Roundtables

08/03/2011: Short- And Long-term Outlook For Corporate Taxati on, By

E&Y

08/02/2011: Budget Control Act Of 2011, CCH Summary

08/02/2011 : SEC’s Work Plan for the Considerati on of Incorporati ng

Internati onal Financial Reporti ng Standards

07/08/2011 : Corporate Treasurers Prepare For Downgrade

16 • August/September 2011


BUILDING THE BUSINESS CASE FOR DISCLOSURE MANAGEMENT

Automating the Last Mile of Finance

Presented by

and

Wednesday, September 14

Summit Executive Centre | 205 N. Michigan Avenue | Chicago, IL 60601

_____________________________________________________________________

EARN UP TO 3.5 CPE CREDITS!

_____________________________________________________________________

The term “financial close” describes a corporation’s ability to complete its accounting cycles and produce financial statements for internal

management and external legal reporting. The requirement to close books quickly and with quality is a key indicator for the success of a

company’s finance function. Recently, there has been an increasing focus on automating the “last mile of finance” with disclosure

management solutions, to manage the production, filing, and publication of financial statements and reports, driven in part by the

increasing global mandates for companies to submit electronic filings in the XBRL (eXtensible Business Reporting Language) format. This

half‐day seminar will focus on trends, issues, and strategies for accelerating the financial close, with a concentration on automating the

financial and regulatory disclosure processes.

8:00 a.m. ‐ 8:30 a.m. Registration, Breakfast and Networking

8:30 a.m. – 10:45 a.m. Welcome, Speaker Introductions and Presentations

Benefits of an Accelerated Financial Close

Mike Willis, Partner, PwC

One of the common measures of a best‐run finance organization is the ability to reduce the time needed for their

financial close process. Hear about the issues facing companies in decreasing this cycle, and the key performance

indicators that help measure progress towards reaching that goal. Learn how automation can enable a faster

close, and the benefits that companies can achieve by having faster access to accurate information to enable

better decision‐making.

Accelerated the Publication of your Financial Statements and your XBRL Filings

George Neal, Senior Director, Center of Excellence, SAP

Muthu Ranganathan, Director ‐ EPM in Global Center of Excellence, SAP

Disclosure management applications enables a collaborative, flexible, and compliant process to reduce the time,

risk, and cost of regulatory filings and disclosures. Hear about the collaborative process that facilitates an

auditable, compliant workflow for the production and approval of financial and regulatory statements and

disclosures and learn about how the creation of XBRL filings is an integral part of the disclosure management

process.

Best‐In‐Class Organizations

Jon Church, Managing Director, Cundus Inc.

Hear detailed case studies of how customers improved their effectiveness and reduced their risks by automating

the last mile of finance. Understand the challenges they faced and the substantial benefits they realized. Learn

what makes a disclosure management project successful, including best practices for project planning and

organization, allocating resources and timelines, and measuring successful outcomes.

11:00 a.m. – 11:20 a.m. Q&A Session

11:20 a.m. – 11:30 a.m. Program Conclusion and Final Thoughts

REGISTER TODAY! www.financialexecutives.org/events


Financial Accounting & Reporting Update Conference

November 17-18 at the Chicago Intercontinental on Michigan Avenue

16 Hours of CPE

We are seeing an unprecedented level of major accounting changes from US and international

standard-setters. This conference will address the latest developments in key areas. The format of

pairing panelists from industry and public accounting is designed to give a fuller perspective.

Click the link for the full conference agenda and speaker information:

http://www.acslive.com/events/financial_chicago.html

Key topic areas include financial instruments, FASB update, leasing, revenue recognition, fair

value, consolidations, business combinations, IFRS, regulatory reform and more. Pricing is

regularly $895 but you can save $100 by being one of the first 25 to register and another $100 by

registering at least 45 days prior to the conference.

Conference Speakers Include (with more to follow):

Tim Schott, Deloitte, Partner in Financial Accounting & Reporting Services

Arie Wilgenburg, Deloitte, Principal in National Office (Former SEC PAF)

Tom Adams, KPMG, Director in Accounting Advisory Services

Chad Chevalier, Sara Lee, Director of External Reporting

David Lynn, Morrison Foerster, Partner (former SEC Chief Counsel)

Jamie Mayer, Grant Thornton, Executive Director (former FASB practice fellow)

Sarah Rich, SunTrust Bank, Accounting Consultations Group

John Benedetti, PwC, Senior Manager in Transaction Services group

Accounting Conferences and Seminars LLC

761 W. Sproul Rd. #181

Springfield, PA 19064

Phone (877) 440-0227 toll free

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