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ASWA The River City Journal
To enable women in all accounting and related fields to achieve their full personal, professional and economic potential and to contribute to the future development of their profession
AMERICAN SOCIETY OF WOMEN ACCOUNTANTS SACRAMENTO CHAPTER #31
The River City Journal
September 2008 Mar February 2005
Vol. LVIII, No.3 58 years of success www.ASWA-Sacramento.org
AAuugguusstt AASSWWAA MMeeeettiinngg
When: Thursday, September 4, 2008 6:00 pm Networking Social 6:30 pm General Meeting
Where: Sacramento Hilton 2200 Harvard Street
Sacramento, CA 95815
(Business 80 and Arden Way)
Topic: Wealth Management Leslie Roper Day
Cost: $30.00 Members & First-Time Guests $35.00 Non-Members
RSVP: Voice mail (916) 552-1470 or E-mail [email protected] by noon, Tuesday, September 2
Menu: As always, a special buffet including salads,
main dish, and dessert is included
CPE: 1 unit
Leslie Roper Day was born and raised in Sacramento, California and is a sixth-generation Sacramentan. Leslie received both her BA (magna cum laude) and her MBA from Brigham Young University in Provo, Utah, and spent time living and working in London and Washington, D.C. Prior to her starting her career in financial services almost twenty years ago, Leslie worked as the personal assistant to an international magazine publisher and was the National Marketing Director for an art studio.
Leslie began her financial planning career with Waddell & Reed, where she was consistently recognized as a top advisor. In early 2008, Leslie formed Leslie Roper Day & Associates to provide a truly independent and comprehensive approach to financial planning.
She has held the CERTIFIED FINANCIAL PLANNER™ certification since 1993. Leslie is popular radio show personality, hosting “Focus on Your Finances” each Saturday on Newstalk 1530 KFBK.
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Amy Spickard Bess ASWA Region 5
Director
President’s Message, September 2008
Dear ASWA Members & Friends,
I am so happy at my work. I hope you are too.
One of the ways to become happy is to try different things until you know what fits best. I’ve been a babysitter, a fast food slave, a dental assistant, a sou chef, a clerk for a lobbyist, a gas station cashier (on the graveyard shift!), a tax accountant, a financial analyst, and now I’m a Finance Director for a municipality. There’s no better place for me. It’s the right pace, the right challenge, the right salary, the right tasks, the right coworkers & boss, the right hours. One of the benefits of membership in ASWA is the networking, which can help you find that fit. I know women in many different modes of accounting, and I’ve talked to them during our dinner meetings as I searched for my right fit. In Patrick Lencioni’s book, Three Signs of a Miserable Job, he talks in a parable about how to find JOY in your employment. The story is worth reading, but the kernel of truth is this list:
1. Measurability 2. Relevance 3. Recognition
The book focuses on how to help your employees feel relevant, to measure their progress in what they provide, and to become known as a person among their peers. But the message can be read into the mirror as well. Can you measure what you provide? Who are you relevant to at work – for whom do you make a difference? Do people know you/your family/your life? The field of accounting is rich with choice. Every business needs us. May you find your niche, and make it a rich source of joy and pride in your life.
- Allison Hamaker, President
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ASWA The River City Journal
2008-2009 Board of Directors President
Allison Hamaker…………………[email protected] President-Elect ………………...…………………..Vacant Vice Presidents
Maria Stefanou, CPA………….……[email protected] Rebecca Graulich………………[email protected]
Treasurer Iryna Bush……………….…….………[email protected]
Secretary Karen Buchko……………[email protected]
Directors Helen Williams…………………[email protected] Jamie Kirchner……………………[email protected] Joanna Johnson, CPA……………[email protected]
Immediate Past President Sherri Yokomizo……………………[email protected] Members & Member Information Sherri Yokomizo……………………[email protected] Hospitality
Sandy Stenhouse………………[email protected] Rosie Niebolt…………..........…[email protected]
Scholarship Committee Andrea Kett, CPA………..………[email protected]
Programs Committee Amanda Hurley…………..…. …[email protected]
Newsletter Anne Diamond…............…[email protected]
Nominating Committee Sherri Yokomizo………………..…[email protected] Entertainment Book Committee
Helen Williams……………....…[email protected] Web Page Committee Sherri Yokomizo…….……...… …[email protected] Publicity
Rebecca Graulich....….......……. [email protected] VITA (Volunteer Income Tax Assistance)
Lingling [email protected] Roster Committee
Anne Diamond…............…[email protected] Fundraising Committee…………………………..Vacant Northern California Area Director Amy Spickard Bess…………..…[email protected]
From Good to Great!
By Barbara W. Covington, ASWA National President
“From Good to Great!” was the theme at Beta Alpha Psi’s (BAP) 2008 annual conference that I attended as a representative to the Advisory Forum of BAP last week in Anaheim, California. Reflecting on the theme, President Stephanie M. Bryant, Ph.D., told the attendees that we knew they were all “good” because the requirement to be a member of the organization is academic excellence. But to be “great” you must also look outside yourself and your profession and give back to the community.
The BAP mission states that Beta Alpha Psi recognizes academic excellence and complements members’ formal education by providing interaction among students, faculty, and professionals, and fosters lifelong growth, service and ethical conduct. The value proposition of BAP is to emphasize building relationships with professionals and peers, reward academic success, instill the commitment of life-long development, develop leadership skills, give back to the community and encourage ethics in the students. Each year the attendees at the conference have a community service day where they go out into the community to a select location and provide four or five hours of service. This year the attendees cleared land that will be converted to a park for the City of Anaheim.
The closing keynote speaker was Dr. Bryan Cloyd, the John E. Peterson, Jr. Professor of Accounting from Virginia Tech University. In keeping with the theme of the meeting, Dr. Cloyd spoke about his daughter, Austin, an 18 year old freshman who was one of the victims of the campus tragedy at Virginia Tech in April 2007. An advocate for those in need, Austin spent four summers on missions with the Appalachian Service Project (ASP), where she helped to renovate homes. The family requested contributions to ASP instead of floral tributes. The executive director came to the Cloyd home to discuss the projects that could be accomplished from the outpouring of the community. At the sixth month anniversary, the university wanted to recognize the tragedy in a positive manner. They chose to volunteer their time and talents through community service. Since October 2007, the students, faculty and alumni have contributed hundreds of thousands of community service hours.
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THE 2009 ENTERTAINMENT BOOKS ARE HERE NOW!
There are lots of new and exciting offers that haven’t been available in the past. You can contact me directly at [email protected] to order a book or see me at the next meeting. Also, this year we have a few copies that can be used for display, so if you would like to take one to use at your business be sure to talk to me at the September meeting. The books are still only $40.00 and our Chapter benefits from the sale of each book. The more we sell, the more we make! Your help is sure appreciated.
Helen Williams
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ASWA The River City Journal
Upcoming Conferences
50th Anniversary of the Honolulu Chapter
September 17-18, 2008
Honolulu, Hawaii
Sponsored by the ASWA Honolulu Chapter and the
Educational Foundation for Women in Accounting
For additional information visit: www.efwa.org or
e-mail Cynthia at [email protected]
ASWA/AWSCPA Joint Inspired Solutions
National Conference
October 28 - 30, 2008 The Fairmont Dallas
Dallas, TX
Hold the date! Information will be available soon at www.aswa.org
Congratulations to Joanna Johnson and Amanda Hurley for scoring free registrations to the ASWA
National Conference in October. They will report to the membership in November about their
experience.
(“ASWA to the Rescue” Continued from page 2)
Think about the difference that has been made in the surrounding area. In order to heal through this time of tragedy, Dr. Cloyd stated that he has learned there are several truths of life:
“Have a sense of purpose in your life, enjoy what you choose to serve, life is fragile and true authentic service comes from grace and love and never expects something in return.”
So how can we as ASWA members give back? The Foundation plans to roll out a financial literacy program at the JNC in October that each chapter can bring home to our communities to present to those in need. The program can be tailored to meet different levels of need; children, teens, adults, women in crisis, etc. This program uses the FDIC’s MoneySmart literature and training materials. If you are not at a place in your career where you can freely volunteer your time, you can make a monetary contribution to The Foundation so that we can continue to make a difference in the lives of young accounting students. However you decide to give back and serve, do it with a commitment to make the world a better place - one person, one day at a time. Let’s take ASWA from good to great by serving others and volunteering our talents! I’ll leave you with this quote from Dr. Martin Luther King, Jr., “Life’s most persistent and urgent question is ‘what are you doing for others?’”
ASWA The River City Journal
Membership Corner
We are very pleased to welcome the following new student/associate members to our chapter in
August:
Brenda Kaku Cristina Straw
Kristina Hessong (scholarship winner!)
It’s That Time of Year Again
If you are July – June cycle member your membership renewal is due. If you have not yet received your 2008 – 2009 membership renewal statement, please contact Sherri Yokomizo at [email protected] and she will help you check on its status.
Note: Effective this year, the national office is changing the renewal cycle for new members from the traditional July – June cycle to an annual renewal based on actual date of membership. This change is being made distribute renewal activity throughout the year, which will allow a more efficient use of resources. Members who joined prior to July 2007 will not be affected by this change and will remain on the tradition renewal cycle.
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ASWA The River City Journal
CPE for Tax Professionals
Meeting: 14th Annual Tax Practitioner/IRS
Town Hall Meeting – "Networking For Success"
Date(s): September 23, 2008
Time: 7:30 a.m. - 4:00 p.m.
Location: Holiday Inn - Capitol Plaza, 300 J
Street, Sacramento, CA 95814
Contact: Connie Ferrell, EA; Phone: (209) 532-
4053; E-mail: [email protected]
Event Information: Learn how to maximize
IRS resources to increase your value to your
clients. Let IRS Subject Matter Experts clarify
issues and hot topics of importance to you and
your tax practice.
Topics include:
Audits, CP2000s and 90-Day Notices - Where to get help?
Collections and Taxpayer Advocate - What’s new and how it affects your clients?
AMT related issues - When will we know this year?
Mortgage Interest Issues - What information is the IRS looking for and how do we get it?
Foreclosures - It is projected that there will be over 400,000 in 2008/2009 - are you ready to assist your clients?
The Holiday Inn Capitol Plaza is located in
Downtown Sacramento with easy access just off
Highway 99. Fee will be charged for on-site
parking.
Register by September 7, 2008 for the Early Bird
rate. Payment includes full day of presentations
earning up to 7 hours of CPE, materials,
continental breakfast, lunch and refreshments.
Any fees charged for this event are by the CSEA
Chapter and not by the Internal Revenue Service.
For more information and registration, visit the
Golden Gate Chapter CSEA Web site. If you
have any questions, please contact Connie
Ferrell, EA at Big Valley Chapter CSEA (209)
532-4053 or e-mail [email protected].
Sponsored by: Big Valley Chapter CSEA,
Sacramento Valley Chapter CSEA and Solano-
Napa Chapter CSEA
(Continued on right)
(“CPE for Tax Professionals” Continued from left)
Meeting: Federal/State E-Services Workshops for
Tax Professionals
Date(s): October 22, 2008
Time: 9:00 a.m. - 3:00 p.m.
Location: Franchise Tax Board, 9646 Butterfield
Way, Sacramento, CA 95827
Contact: Lori Cacioppo; Phone: (949) 389-4609;
E-mail: [email protected]
Event Information: This year, the Internal
Revenue Service will team with the Employment
Development Department, Board of Equalization
and the Franchise Tax Board to sponsor our free
annual e-file/e-services workshops and exhibits.
We'll be visiting various areas in northern, central,
and southern California to bring you the latest
information and assistance.
Topics include:
Latest updates on individual and business e-
file programs
e-Services for tax professionals and
individuals
You'll also have the opportunity to:
Get help enrolling in the e-file and e-service
programs
Talk directly to e-services representatives
from numerous government agencies
"Test-drive" the latest software
Earn Continuing Education (CPE) credits
To register online, please go to the Franchise Tax
Board's Web site .
Sponsored by: The Internal Revenue Service, The
Franchise Tax Board, the State of California Board
of Equalization and the State of California
Employee Development Department
HELP WANTED????
Does your firm have job openings?
Help spread the word by announcing the openings in the chapter newsletter and on our website. Complimentary postings are available to members and their firms.
Submissions should be received by the 20th of the month prior to the month you would like your announcement included.
For further information, please contact Anne Diamond at [email protected].
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ASWA The River City Journal
Job Announcement State Street Corporation, a world leader in the financial services industry that provides investment servicing, investment management, research and analytics, and trading services to its clients, has the following openings in its Sacramento office:
Fund Accounting Manager ($58,000 + bonus). Ideal candidate for the manager position should have some knowledge of Hedge Funds and be a true leader of teams Job Description Manages a unit within the Global Custody Operations in a controlled manner while ensuring the client's needs are being met. 1. Oversees accurate movement of all funds transfer requests through the Federal Reserve Wire and Swift Network utilizing the InraNet software.2. Oversees timely and accurate settlement of all Federal Reserve, DTC, and Physical securities. 3. Resolves trade related settlement issues in a timely and pro-active manner. 4. Ensures timely and accurate update of FACT's Tables and Security master files. 5. Works with the Fund Accounting area to meet the Clients needs without creating a liability to Investors. 6. Recruits, develops, and motivates staff, which includes supervisors and individual contributors. 7. Develops workflows, controls, and procedures to prevent any liability to Investors though the settlement process. 8. Issues daily, weekly, and monthly reporting to keep management informed of volumes, trends and issues. 9. Manages special projects from design through implementation in a non-eventful manner. 10. Resolves reconcilement issues as they relate to the unit's responsibilities. 11. Remains informed of regulatory changes and new industry and competitors developments and ideas. 12. Other duties as assigned.
Job Requirements: BS Degree, with a concentration in Business Management is preferred. An MBA is highly 4 to 6 years of prior experience within a Financial Services area and 2-3 years supervisory experience required. Outstanding oral, interpersonal, and written communication skills necessary. The ability to analyze and interpret numerical data is essential along with the use of Microsoft Word and Need to be organized, self-motivated and works independently while meeting tight deadlines.
(Continued on right)
(Continued from left)
Fund Accountant ($39,000 + bonus)
A DAY IN THE LIFE OF A CUSTODY FUND ACCOUNTANT…
When people hear, “Mutual Fund Accountant,” they automatically assume trader/broker and think Fund Accountants know everything about investments. This is not what a fund accountant does. As fund accountants, our work in not about better investment options or which funds will make the most dollars. Instead, we play a critical role in the back-office support for those front line decision-makers.
A custody fund accountant is essentially an accountant for a mutual fund. We need to have a general background of accounting rules and a good understanding of principals and concepts; however, the FACTS system does most of the accounting. Our role is more sophisticated - - we are responsible for monitoring how everything is booked; settling trades; handling the custody of securities; corresponding with clients; and meeting capital stock, and corporate actions. Our job is so important in the industry because we calculate the NAV (net asset value per share) on the stock market.
Training is both rigorous and comprehensive for the Fund Accounting position. After graduating from the initial part of training, a custody fund accountant is assigned to a workstation in a client group. Workstations, on average, can hold between 2-7 funds: bonds, equities, foreign securities and/or partnerships. The Custody Accountant (CA) is responsible for all the funds on the workstation.
While no days are “typical” for Fund Accountants, major activities of the day run as follows:
The first responsibility/deadline is “cash management,” and this deadline runs anytime between 9:30-11AM. The CA handles interest and dividend payments, trade settlements, wires in/out, capital stock activity, and basically anything that affects cash. Sixty percent of the process is automated; however the CA needs to audit and reconcile the reports that are run.
1. The first 2. The first
(Continued on page 6)
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ASWA The River City Journal
More Job Opportunities
UC Davis Extension is searching for a qualified instructor to teach Managerial Accounting in the Accounting Certificate Program. We prefer you have an undergraduate degree and a minimum of five year’s experience in the industry. Past teaching experience is preferred, but not mandatory. The Managerial Accounting course begins in January and meets once a week at the Sutter Square Galleria, mid-town Sacramento. The course is 4-quarter units and meets once a week for 12 weeks. More information about the course and program can be found under Certificate Programs at http://www.extension.ucdavis.edu. If you are interested please contact Kristina Norberg, [email protected], (530) 757-8627.
American River College is looking for Accounting and Finance faculty for full-time and adjunct positions for the Spring 2009 semester. Candidates should have a CPA or an MBA. Interested candidates can apply online at www.losrios.edu or contact Anne Diamond at [email protected].
Wanted-Income tax experienced CPA or EA to prepare returns & manage growing business in So Placer Co. Will consider partnership and/or office sharing relationship for Professional with existing practice. Seasonal full time and post-season flex-time. Qualified candidates should have 5yrs experience, knowledge of Taxworks software, Quickbooks, and the client interview. Email resume to [email protected]
(Continued from page 5)
Between 11-3PM, most of the “regular work” of the CA is performed. This includes activities such as booking trades, corporate action processing, expenses, SEC yield, autoproofs, boards, and special projects. This is a great opportunity for the CA to learn new concepts and assist in the training of new fund accountants in the group.
By 3:00PM the “meat” of the day is done and “pre-pricing” is due. The CA runs end-of-day processing on the FACTS system. The CA prepares to close funds and get ready to start daily pricing.
At 4:00PM the stock market closes, and pricing of the funds begins! The CA prices out the funds with a few keystrokes on FACTS. This is the most important part of the day and the easiest to complete - - as long as there are no problems. To make the newspaper, prices must be in the system by 5:45PM. Once pricing has been checked the CA is ready to go home.
In addition to the above three daily deadlines, there are numerous other deadlines throughout the day. For example, FED sell settlement instructions must be at the FED desk by 11:00AM on settlement day or the trade may not settle. The CA must always be aware of deadlines and procedures to avoid a claim. The CA position has a lot of exposure both internally and externally. Internally the CA interacts with just about every group within the bank: Corporate Actions, Settlement, Transfer Agency, Wire Room, Foreign Exchange, Global Treasury and many more. Externally there is a daily client interaction. The fund accountant role is critical in terms of ensuring quality service, accuracy and satisfaction to both internal and external customers.
Additionally, the growth and career track is tremendous for the Fund Accounting role. As the company brings on new business and expands, opportunities become more and more available for employees in the Fund Accounting business unit. Mutual Fund Custody is an excellent way to develop a solid understanding of the industry and operations at State Street.
For a complete listing of openings and job
descriptions visit the State Street Careers website
at www.statestreet.com/careers. You may also
contact ASWA member Annette Dowsing at
(Speaker Bio Continued from page 1)
Leslie and her husband Amron live in Folsom, where they love being part of the community and feel it is a wonderful place to raise a family. They adopted their daughter, Anneliese, from the Republic of Georgia in 2005 and have recently added their son, Tad, also adopted from Georgia. Leslie and Amron are both active in their church and enjoy working at the pre-school with Anneliese. They love spending time as a family and have travelled to Hawaii, Alaska, Puerto Rico, and China, as well as many road trips to see family and friends.
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ASWA The River City Journal
ASWA The River City Journal
P.O. Box 13884 Sacramento, CA 95853-3884
Calendar of Events
Thursday September 4,
2008
Monthly Meeting
Sacramento Hilton 6:00 networking, 6:30 dinner Speakers: Leslie Roper Day Topic: Wealth Management
CPE: 1 unit
Wednesday and
Thursday, September 17-
18, 2008
50th Anniversary of the
Honolulu Chapter
Honolulu, Hawaii
For additional information visit: www.efwa.org or
e-mail Cynthia at [email protected]
Thursday October 3,
2008
Dinner Theatre Forever Plaid
Cosmopolitan Cabaret 10
th and K Street
More information to come…
Tuesday – Thursday,
October 28-30, 2008
ASWA/AWSCPA Joint Inspired Solutions
National Conference
The Fairmont Dallas
Dallas, TX
ASWA 2008 Milestones
The year 2008 marks the 70th anniversary of the American Society
of Women Accountants!
