the calumet accountant january 2013 edition
DESCRIPTION
The Official Publication of the Calumet Hammond Chapter of the IMA.TRANSCRIPT
The Calumet Accountant
January 2013
The Board of Directors wishes to Thank Dick Mielcarz for being a wonderful Master of
Ceremonies at the Board Holiday Gathering at Gino's in Dyer on December 13, 2012.
We also wish to thank Dick and Mary (in red) for their generous donation of prizes
and candy for the event.
The Official Publication of the Calumet Chapter IMA –081 Hammond Serving Northwest Indiana and
the South Chicago Suburbs
Contents
Volume 68 issue 07 Jan 2013
Table Of Contents
Presidents Message ---------------------------------------------------------------------------------------------------------------------------------------- 3
Crossword ------------------------------------------------------------------------------------------------------------------------------------------------- 4-5
Board of Directors --------------------------------------------------------------------------------------------------------------------------------------- 6-7
Tech Tips ------------------------------------------------------------------------------------------------------------------------------------------------------ 8
Personal Development ------------------------------------------------------------------------------------------------------------------------------------ 9
Agenda -------------------------------------------------------------------------------------------------------------------------------------------------- 10-11
IMA and the CMA ------------------------------------------------------------------------------------------------------------------------------------ 12-17
Retrospective ------------------------------------------------------------------------------------------------------------------------------------------ 18-21
Dear Friends:
I hope you and your families had a wonderful holiday season. During the holiday season we eat many
foods that we do not eat the rest of year, and these holiday dishes whatever they maybe are special to
be savored with friends and family. Getting around a table or just gathering together to share food puts
folks in a good mood. That is one of the great things about the Calumet Chapter of the IMA; each month
we give you the opportunity to join us for a wonderful meal and to share your experiences with the
group. As with families, the Chapter is always excited when a new member is introduced to the table. If
you are thinking about joining us or know someone who is interested in what the Chapter has to offer
please encourage them to come to a meeting this year. I assure you we have no shortage of space at our
tables.
Speaking of food, did you know that for $44.00 you can take the taste of Chicago tour by using Tastebud
Tours? Tastebud Tours was founded in Chicago by Lynn F Jayne and is owned and operated by Lynn and
his wife Karon. Tastebud Tours is a walking guided tour including food tastings and fun historical facts.
The tours are composed of small groups so they lead to conversation and interaction. In 2011, Tastebud
Tours expanded to offering similar tours in New Orleans. According to Trip Advisor, Tastebud Tours is the
13th most popular activity in the Chicagoland area. There are 2 different tours in Chicago: one along the
Magnificent Mile, and one in the loop. Each tour is approximately 3.5 hours long. I have not been on ei-
ther, but I am wondering if any of you have and if so, do you think the tour would be a good outing for
our Chapter?
As the calendar changes to a new year we reach what I believe is the heart of our meeting season and
our year will conclude with the May event. On January 15, 2013 we have a Calumet Chapter Tradition
which has been called “the best tax update” in the area with our very own Howard Ellison. No matter
what, this tax update will be full of useful information. If you are in the mood to fulfill some of those
resolutions, how about resolving to get out to this meeting and help the Chapter build some momentum
during this critical stretch of our chapter year? Take a look at the upcoming list of events and see if
there is at least one that tastes right to you, and remember we are looking to meet your tastes so if you
have suggestions for 2013-2014 please let a board member know.
Looking Forward to 2013.
Regards,
Mark T. Camarena, CMA
President, Calumet Chapter IMA
Visit us online at http://www.imacalumet.com
630.530.6707 (W)
e-mail me anytime [email protected]
Message from Mark T. Camarena, President
November’s 2012 Crossword Solution
Finance –January 2013
Administration and Finance
Special Activities Director
Director in charge of coordinating special events
AV Tech Director
Director in charge of locating, setting up, and running audio and visual components for special events and meetings
Communications and Community Relations
Social Media Director
Director(s) in charge of website maintenance, Facebook and Linkedin maintenance
Community Relations Director
Director in charge of community outreach and coordinating community service for the Chapter
Chapter Historian
Director in charge of maintaining chapter documents, newsletters, roster books, and other relevant me-dia
Education and Professional Development
CPE Director
Director in charge of CPE certificate maintenance and record keeping
CMA Director
Director in charge of coordinating sponsor discounts for CMA candidates and encouraging members to take the CMA exam
Academic Relations Director
Director in charge of communicating with area professors about the IMA and the Chapter, and promoting and coordinating the Chapter as guest speakers for classes and accounting groups
Open Board Positions Be a part of something exceptional. The Board of the Calumet Hammond 081 Chapter is always in search of great talent. Joining the Board is an excellent opportunity for you to showcase your talent and build your professional network. Don't hesitate, join today and help build our Chapter into something brilliant. Please contact Mark Camarena at [email protected] or Richard Mielcarz at [email protected] for further information.
Calumet Chapter IMA
http://www.imacalumet.com
IMA Calumet
Institute of Management
Accountants-Calumet
Chapter
Officers and Directors 2011—2012
Mark Camarena - President 630-530-6707 (w) [email protected] Jim Spice - Secretary 815-933-0491 (w) [email protected] Deb Heim - Treasurer 630-378-6308(w) debra.heim@patterson_medical.com Adolph Ferber - Vice President of Administration 219-322-5848 (h) [email protected] Richard Mielcarz Vice President of Communications and New Member Chair 708-799-6234 (h) [email protected] Bill Biller - Vice President of Professional Education 219-765-3587 (h) [email protected] Anthony “Fester” Fontana Vice President of Membership Retention 708-534-5000 ext 5494 (w) [email protected] Wes Christensen - Corporate and Academic Development 708-687-9087 [email protected]
Yolanda Peoples - Director of Member Participation
Al Zurawski Director of Employment and Chapter Photogra-
pher and all around awesome guy 219-477-4488 ext 222 (w)
Warren Cebulko - Director of Program Rosters 312-808-3890 (w) [email protected] Brian Guse - Director At Large 219-362-1531(w) [email protected] Kyle Jones - Director Of Public Relations 219-616-6606 [email protected] John Kitzmiller - Newsletter Director 708-923-0558 [email protected] Adam O’Hare - Associate Director, Membership Growth and Retention, [email protected] Alan Arendt - Assistant Treasurer
Interested in joining the board?
The Calumet Hammond Chapter is always looking for new talent, consider joining and showcasing yours! Please consult page two and find
something that will make you stand out and have a good time!.
1. What is the difference between Windows 8 and Windows RT?
There are actually two distinct new versions of Windows. They are intended for different kinds of hardware and Microsoft marketing has not explained the difference very well. One version is called Windows 8; the
other is sometimes called Windows 8 RT but, more often, just Windows RT.
Windows RT is designed to run on mobile platforms that use what are called ARM processors and it will not
run on conventional PCs that use x86/64 processors.. It is oriented to a touch interface and will only run
software that is specifically written for it. It also will not run many older peripherals. Note that RT is the
operating system on the recently released tablet from Microsoft called Surface.
The system called Windows 8 is for conventional PCs that use x86/64 processors but with a lot of emphasis
on using touch screens. However, it will run most legacy programs. This is the system to use for upgrading older Windows versions. To break into the new era of touch screens, Microsoft has given Windows 8 a split
personality. In many ways it is like two operating systems in one package. It has one interface that looks
much like the Windows 7 desktop (but no Start menu) and it has another interface with colorful tiles that is
intended mostly for systems with touch screens. This tile interface is the default and is called the “Start Screen”. Using Windows 8 tends to involve switching back and forth between the two interfaces.
2. Can you use Windows 8 on a system with a mouse and no touch screen?
Yes, it is possible to use Windows 8 in a purely point-and-click environment. But it takes some getting used
to and it can be frustrating at first. For example, the absence of a Start button and Start Menu requires an
adjustment in thinking. With or without a touch screen, Windows 8 requires learning new ways to do
things.
3. What existing Windows systems can be upgraded to Windows 8?
You can use an upgrade edition of Windows 8 (not RT) on Windows XP, Vista, and 7. However, only Win-
dows 7 systems will allow for the transfer of existing files, programs and settings. If your PC is running
Windows XP or Windows Vista, you will need to reinstall your programs.
To check what legacy applications work on Windows 8, you can download the Upgrade Assistant from this
Microsoft link. You can also check hardware compatibility at this Microsoft page. According to Microsoft, the
minimum system requirements are as shown below (but personally I would double the RAM and the disk space):
Processor: 1 gigahertz (GHz) or faster with support for PAE, NX, and SSE2 (more info)
RAM: 1 GB (32-bit) or 2 GB (64-bit)
Hard disk space: 16 GB (32-bit) or 20 GB (64-bit)
Graphics card: Microsoft DirectX 9 graphics device with WDDM driver
Note that these requirements are a minimum and probably do not allow for very much activity on the PC.
IMA Webinar Save the Date for IMA's free Leadership Academy Webinar
Tuesday, January 15, 2013 at 1 p.m. - 2:30 p.m.
Facilitation Skills Presenter: Robert Hulin, Owner Hulin Consutling
Moderator: Daniel Smith, CMA, CPA, Senior Business JWT
Event Description
Effective facilitation can enable groups to achieve their tasks more quickly and easily -- feeling good about each other during the process. The more the workplace moves to-
wards teamwork, the more we must meet and work together to make decisions, share in-formation, and plan action. Effective discussions and meetings are often the result of ef-fective facilitation. This webinar focuses on understanding group behaviors and learning
skills to effectively lead meetings and conduct workshops. With the use of small and large group discussion and role playing, participants learn to be effective in a group meeting, both as leaders and as members of the group. Strong facilitators use a different set of
skills than trainers or presenters. Facilitation is designed as a two-way, collaborative proc-ess. This webinar is designed to help participants learn about and practice behaviors that
will enable them to facilitate meetings and discussions.
Price: Free CPE Credit: 1.5 Credits Field of Study: Personal Development
Research Area: Business Performance Man-agement Program Level: Basic/Intermediate Prerequisites: None Advance Preparation: Download Your Participant Guide
Instructional Method: Group-Internet
View the full IMA webinar
2012-2013 Meeting Agenda for the Calumet Hammond Chapter of the IMA( Subject to Change ) all meeting are priced at $30 for members and $20 for
students unless otherwise marked
Tuesday January 15, 2013: Glenwood Oaks 106 N Main Street Glenwood IL Annual
Income Tax update with Calumet Chapter's very own Howard Ellison Wermer, Rogers, Doran and Ruzon
Tuesday February 19, 2013 Carlos Lorenzetti's in Chicago Heights IL "The Cloud" -Todd
Pombert Director of Enterprise Architecture at DeVry.
Tuesday March 19, 2013 5124 Zuni’s 5124 Pine Island Drive Crown Point Indiana: Ac-counting Showcase 4 members take questions from the audience. Seeking members
to be Panelists
In this world nothing can be said to be certain, except death and taxes.
-Benjamin Franklin
2012-2013 Meeting Agenda for the Calumet Hammond Chapter of the IMA( Subject to Change ) all meeting are priced at $30 for members and $20 for
students unless otherwise marked
April 2013- Special Event being planned possible Night at the Races at Balmoral Park in Crete IL, or Dinner and a Play at the Munster Center For the Performing Arts, or Pur-
due University Calumet in Hammond IN Management Class
May 15 2013- "Affordable Healthcare Act" at Luby’s Pub and Steakhouse, 6657 South Street in Tinley Park Illinois 60477 –Speaker: James Kennedy, Vice President, Hub In-
ternational
NOTES The chapter would like to hold a special event in Porter County and invite Purdue North Central, Valparaiso University, Ivy Tech, Indiana University Northwest and any other colleges in the area to an event. Additionally, we would like to have a reunion of the Indiana Dunes Chapter members at this event. We are asking our members in the area to recommend a restaurant with a room. Please send your suggestions of restaurants, topics and speakers you would like to have for this special event to [email protected] The Chapter is looking for a portable microphone/speaker to help amplify presenters at Chapter events. If anyone can offer any expertise in this area or would be willing to let the chapter borrow equipment for monthly meetings it would be appreciated.
The Institute of Managerial Accountants (IMA) represents more than 60,000 accountants and financial professionals worldwide. The majority of these professionals work inside businesses and organiza-tions. They comprise the essential elements of financial management, organizational development, integrity, ethics and governance, and short and long term business goal management.
The Certified Management Accountant Credential (CMA) offered by the IMA is an advanced profes-sional certification that reflects the necessary accounting and financial management skills demanded in today’s business environment.
The CMA exam was first offered in 1972. Today over 30,000 accountants and financial professionals have earned this highly recognized and global title.
Professionals who have earned the CMA hold key management roles at top multinational firms and offer their companies the real world relevance, critical knowledge, and leadership abilities to compete in today’s dynamic global business environment.
For further information please contact Richard Mielcarz Vice President of Communications and New Member Chair 708-799-6234 (h), epost: [email protected] or Wes Christensen - Corporate and Aca-demic Development, 708-687-9087, epost: [email protected].
CMA:
The Essential
Credential
Member Profile
How Do I Update My Member Profile at the IMA?
It's as easy as 1,2,3 to update your member profile at the IMA Website.
1. Go to the IMA website at www.imanet.org and log into your account .
2. Login with your member number and passcode. If you lost your member number or don't know it, email Dick Mielcarz
at [email protected] and he will forward it to you. If you have never registered on the site, then the initial password is your last
name. You will be prompted to create a new password.
3. Click on the "My Profile" link next to your name at the top of the page and edit your pro-file. Be sure to keep your information including any email changes current so we are better
able to keep you apprised of any Chapter happenings.
Source: Institute of Management Accountants, Inc. Montvale New Jersey www.imanet.org/ima_home.aspx
"I use my CMA body of knowledge every day. It comes naturally in the role of CFO because I need to look at
things from many different angles, not just from the financial perspective. Management accounting skills
are very much in demand as foreign and local companies reach out from the local marketplace and into
more global arenas. The CMA body of knowledge is very valuable in this regard."
John K. Lau, CMA
Chief Financial Officer
WesTrac China
"I tell my students: taking the CMA exam is something you can do even before graduation. It gives you
and your potential employer evidence that you’re well prepared and well qualified. The CMA sets you
apart from others who have a college degree alone, and it’s something that is recognized and respected by
a lot of potential employers."
Christine McKeag, CMA, CPA
Assistant Dean
Don't just blindly follow the CPA track. More than 80% of accounting professionals wind up working in
industry, so be aware of the non-public accounting opportunities. The big CPA firms sponsor everything
on campus, so it's easy to think they're the only game in town. They're not."
Paula Riemer, CMA, CPA
Senior Financial Analyst
The Martin-Brower Co., LLC
The fact that I had recently completed the exam definitely came up in my interviews. It was a strong selling
point that I think helped to set me apart. Pursuing my CMA shows not only that I have a specific skills set
but also that I was able to prepare for the exam and accomplish a goal."
Amy White, CMA
Accounting
Safeway, Inc.
“The CMA gave me the cohesion and validation that I needed. Because I come from India and my education
and experience came from there, my background wasn't as easily recognized. It's been very helpful for me
to have this designation, because it shows that I'm a person who understands all the things that are tested
on the exam."
Raj Bansal, CMA, CFM
Assistant VP, Banking Specialist HSBC Bank
“The CMA credential is a spotlight directed to anyone working in accounting and finance. To be certified as
a CMA means that I’m a more knowledgeable and experienced professional. In addition, the certification
gives me more confidence and adds to my clients’ trust, when they realize that they are dealing with a
CMA."
Dr. Samir M.A. Hassan, Ph.D., CMA, CFM
Learn more, catapult your career, never settle for anything but the best:
-http://www.imanet.org/cma_certification.aspx
http://www.youtube.com/user/LinkUpIMA
The Institute Of Management Accountants YouTube Page
The IMA maintains a YouTube channel filled with videos addressing the CMA exam
process, CMA study guides and resources, coverage of the IMA Annual Conference,
and insights from IMA leaders. Be sure to visit the IMA YouTube channel for further
insight on the IMA and the CMA.
Retrospective: The Collapse of Enron
July 1985
Houston Natural Gas merges with InterNorth, a natural gas company based in Omaha, Ne-braska, to form the modern-day Enron. The firm is an interstate and intrastate natural gas
pipeline company with 37,000 miles of pipe.
1989 Enron begins trading natural gas commodities. It soon becomes the largest natural gas mer-
chant in North America and the United Kingdom.
November 1999
Launch of Enron Online, "an internet-based global transaction system which allows Enron's customers to view real-time prices from Enron's traders and transact instantly online". Within
two years the platform is averaging 6,000 transactions a day worth about $2.5bn
December 2000
Chief executive Kenneth Lay steps down, but stays on as chairman. Enron's president and chief operating officer Jeffrey Skilling to take over in February.
28 December 2000
Shares hit a record high of $84.87 - making Enron the country's seventh most valuable com-pany.
14 August 2001 Jeffrey Skilling resigns after just six months; Mr Lay returns to day-to-day management of the
company.
15 August 2001 Enron employee Sherron Watkins sends letter to Kenneth Lay warning of accounting irregulari-
ties that could pose a threat to the company.
20 August 2001
Mr Lay exercises Enron share options worth $519,000.
October 2001 Accounting firm Andersen begins destroying documents relating to the Enron audits.
The destruction continues until November when the company receives a subpoena from the Securities and Exchange Commission.
15 October 2001
Mr Lay calls Commerce Secretary Don Evans, but officials say the call dealt with a troubled En-ron energy project in India and did not cover Enron's financial troubles.
21 August 2001 Mr Lay exercises Enron share options worth just under $1.48m.
16 October 2001
Enron reports losses of $638m run up between July and September and announces a $1.2 bil-lion reduction in shareholder equity.
The reduction in company value relates to partnerships set up and run by chief financial officer Andrew Fastow.
22 October 2001
Securities and Exchange Commission opens inquiry into a possible conflict of interest related to the Enron's dealings with the partnerships set up by Mr Fastow.
23 October 2001 In a conference call Mr Lay tries to reassure investors and defends Mr Fastow's work.
24 October 2001
Enron sacks Mr Fastow.
28 October 2001
Enron chief executive Kenneth Lay calls Treasury Secretary Paul O'Neill to inform him of the financial problems facing the company. A second conversation takes place on 8 November.
Mr O'Neill says he declined to help the company, as he could not detect any ripple effects in
financial markets from Enron's troubles.
29 October 2001 Mr Lay calls Commerce Secretary Don Evans again, asking him whether he could do any-
thing to influence a decision by Moody's Investors Service to downgrade Enron's credit rat-ing.
Mr Evans does not intervene, saying it would not be appropriate to influence a decision by a private credit rating agency
31 October 2001
The SEC inquiry is upgraded to a formal investigation.
8 November 2001
Enron revises its financial statements for the past five years. Instead of the massive profits claimed previously, the firm now says it actually lost $586m.
9 November 2001
Rival energy trader Dynegy announces it will take over the much larger Enron for more than $8bn in shares.
19 November 2001 Enron says its third-quarter losses are higher than originally stated, and warns it needs to
find financing for a $690m debt due by the end of the month.
20 November 2001 Enron's share price drops to its lowest level in 10 years - shedding nearly 23% in one day -
as investors worry whether the company can survive its financial troubles.
21 November 2001
Enron secures an extension of its $690m debt payment.
26 November 2001 Enron shares fall a further 15% to $4.01.
28 November 2001 Dynegy pulls out of the takeover deal after Enron's credit rating is downgraded to junk bond
status.
Enron shares plunge below $1 - the stock experiences the heaviest single-day trading vol-ume in history for firm listed on the New York Stock Exchange and the Nasdaq
2 December 2001 Enron files for Chapter 11 bankruptcy protection and sues Dynegy for wrongful termination
of the merger.
As the collapse unfolds the company bars its employees from selling the company shares locked into their retirement plans.
9 January 2002
The US Justice Department confirms it has begun a criminal investigation of Enron.
10 January 2002 The White House confirms that Enron boss Kenneth Lay lobbied for government support
shortly before the company collapsed. The company's auditor Andersen acknowledges that its employees destroyed some Enron documents. Attorney General John Ashcroft, who re-
ceived campaign funds from the company for his 2000 Senate race, excludes himself from the investigation - as does the 100-strong team of federal investigators in Houston, where
Enron is based.
12 January 2002
The Justice Department names Joshua Hochberg, head of its fraud division, as acting attor-ney to oversee the criminal investigation into Enron.
15 January 2002
Andersen fires executive David Duncan who was in charge of auditing Enron and places three other employees on administrative leave.
16 January Enron shares delisted on New York stock market.
23 January
Enron chairman and chief executive Kenneth Lay resigns.
24 January
Congressional hearings into the Enron affair begin
25 January
Clifford Baxter, Enron's former vice chairman and chief strategy officer, commits suicide. He
had left the firm abruptly in May 2001, after reportedly clashing with Jeff Skilling over the
firm's accounting practices.
27 January
US Vice President Dick Cheney says he is willing to go to court, in order to keep secret de-tails of meetings with Enron officials. He had been asked to disclose documents, amid suspi-
cion that Enron had been able to influence government energy policy.
28 January
Some 400 current and former staff launch a lawsuit against Mr Lay, Mr Skilling, Andersen and others, claiming damages for the money they lost in Enron's employee share ownership
scheme. - 29 January - Stephen Cooper, from the US restructuring firm Zolfo Cooper, is named as interim chief executive. He is joined by new chief operating and financial officers.
4 February
At the start of a jam-packed week for Congressional hearings, the firm's former chief exec-
tuive and chairman Kenneth Lay refuses to testify because of what his lawyer calls a
"prosecutorial climate".