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ASMC
Promoting education, training, and professional development in financial management
Aloha Chapter
October ISSUE VOLUME 1 2014
Na Leo o Ka Luna Kālā “The Voice of the Comptrollers”
Inside this Issue:
PRESIDENT’S MESSAGE ….………………………….. 1
ASMC NATIONAL NEWS/UPCOMING EVENTS …. 2
TRAINING NEWS & OPPORTUNITIES …………..… 3
SCHOLARSHIP PROGRAM …………..……………….. 4
MEMBERS IN FOCUS ………………….……………. 5 - 6
President’s Message
Weathering the Storm
This past month we found ourselves weathering two storms as they came past the islands leaving rain, damaged property and trees on the ground around us. Just like the storms that rocked the islands, we often face storms in life that seem to rock us to our very foundation also. As I watched the palm trees outside my window bend and sway in the wind I realized our lives need to be lived the same way. When faced with challenges and adversity we can bend and move to soften the blow or we can try to stand fast unwavering and hope to not be uprooted. Uncertainty in the world, the economy, the Department of Defense, and our government can seem like some pretty strong winds and storms in life. The challenge is will we bend and flex with the challenges, ultimately returning back to our tall upright shape or will we be so resistant to the change that we hold firm until we ultimately snap or get uprooted? Change is never easy, and being caught in the middle of a storm never seems to be enjoyable while you are going through it. But some studies have shown that wind storms can actually help strengthen trees for future storms as they heal and repair from the first storm. Just like the majestic palm trees around the island that moved to and fro in the winds of our recent storms, you too can weather the storms of life, as long as you realize that storms only last a season, they ultimately make you stronger, and without them there would be no rainbows.
Thanks for all you do Aloha Chapter, Colonel Minkin
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ASMC NATIONAL NEWS:
CBO estimates FY2014 budget deficit drops to $486 billion
Friday, October 10th, 2014
The Congressional Budget Office (CBO) estimates that the final FY2014 federal budget deficit was 486 billion, $195 billion lower than FY2013. The decline in the deficit resulted from higher government revenues (+$239 billion), while federal spending increased only $44 billion.
This is the lowest recorded annual budget deficit since FY2008 (-$458 billion) and is almost $100 billion lower than the Office of Management and Budget (OMB) projected in its Mid-Session Review in July.
When measured as a percent of Gross Domestic Product (GDP), the deficit dropped to 2.8 percent from 4.1 percent in FY2013. This is below the average for the past 40 years and significantly lower than the 9.8 percent recorded in 2009.
According to CBO, revenue growth was led by a seven percent increase (+$114 billion) in individual income and payroll tax withholding due to higher wages and salaries and the expiration in the temporary 2 percent reduction in payroll taxes (for social security). Other non-withholding individual income tax receipts (principally estimated tax payments) rose by $43 billion. Corporate incomes tax receipts increased by $48 billion mainly due to higher taxable profits.
Federal spending grew by only one percent (+$44 billion) in FY2014, according to CBO. Spending on federal discretionary and mandatory programs increased by only +$9 billion (0.3 percent) as increases for Social Security, Medicare, and Medicaid (totaling +$87 billion) were offset somewhat by declines in military spending (-$30 billion), unemployment insurance payments (-$24 billion), and other program outlays (-$24 billion). However, spending on interest on the debt rose by $12 billion and lower net payments to government sponsored enterprises (such as Fannie Mae and Freddie Mac, which are considered offsetting receipts) resulted in a $23 billion increase to outlays.
Data on government expenditures and receipts and the deficit are reported in the Monthly Statement of Receipts and Outlays of the United States Government (MTS) prepared by the Treasury Department. Treasury will report the official FY2014 budget deficit later this month.
UPCOMING EVENTS
OCT. ASMC LUNCHEON DATE: OCTOBER 15 TIME: 1100 – 1300 LOCATION: MCBH, GOLF
COURSE BANQUET ROOM SPEAKER: MR. RONALD HAN EVENT: HAWAII FOOD BANK NOV. ASMC LUNCHEON DATE: NOVEMBER 19 TIME: 1100 - 1300 LOCATION: HICKAM O’ CLUB SPEAKER: TBD EVENTS: TOYS FOR TOTS HAWAII FOOD BANK
HOLIDAY PARTY DATE: DECEMBER 17 TIME: 1100 – 1400 LOCATION: MCBH O-CLUB
VOLUNTEER ACTIVITIES
EVENT: FUN WITH PETS DATE: 12 OCTOBER TIME: 700 - 1000 LOCATION: MAGIC ISLAND EVENT: HAWAII FOOD BANK DRIVE WHEN: ASMC LUNCHEONS HOW: BRING 1 OF 5 MOST
NEEDED ITEMS… 1. CANNED PROTEIN:
MEAT, TUNA,
CHICKEN
2. CANNED MEALS:
STEW, CHILI,
SPAGHETTI
3. CANNED VEGGIES
4. CANNED FRUITS
5. RICE
LIKE US ON FACEBOOK!
www.facebook.com/asmcaloha
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Personal Finance
The truly free credit report may be obtained from: www.annualcreditreport.com
Most claims of "free" credit reports entail a free period with follow-on subscription fees
if not otherwise cancelled.
Through the listed website, one is entitled to one credit report per year from each of the
three credit bureaus. A recommended technique to periodically check one's credit for
free over the course of a 12 month period, from the provided source, is to get one credit
bureau's report every few months rather than all three at the same time.
This topic is all about verifying the accuracy credit report contents. Must caution one
from immediately cancelling old credit card accounts that are still open. This will be
discussed later in the topic of how credit scores are typically computed. Primary effort
is to address accounts that are not familiar and secondary effort is to correct profile and
account information.
Lastly, if this is the first time one has visited each of the credit bureau websites,
recommend securing username and password as this information will be needed for
future logins.
Credit Freeze
We all know that identity theft is a crime growing at an incredible rate. An option to
combat this crime is establishing a "credit freeze" on one's personal credit file. A credit
freeze is among the strongest counter-measures to ID theft.
Common counter-measures to ID Theft are listed in decreasing order of strength and
duration: credit freeze, active duty alert, fraud alert, credit monitoring and other fee
based services. One must make an informed decision when executing any of the above
as pros and cons exist for each. For example, the same measure that makes it hard for
criminals to steal your identity also increases steps necessary to open new credit cards,
apply for a loan, and obtain insurance quotes. While there are no recurring fees for a
credit freeze; there may be "freeze/thaw" charges depending on one's state of residence.
A common alternative to a credit freeze is to pay for credit monitoring services. One
has to make an informed decision about level of protection and monitoring they are
willing to pay for in terms of money and time. Recommend one evaluate the
status/sufficiency of credit accounts and insurance before emplacing a credit freeze for
the sake of convenience. Said another way, best to conduct a comprehensive review of
credit card accounts, evaluate mortgage refinance options, and shop for better insurance
coverage and cell phone accounts before freezing one's credit file.
I encourage all to guard their personal accounts and become informed about some of
the topics already discussed. One may visit the below websites containing helpful
information. www.ftc.gov, http://www.consumer.ftc.gov/topics/privacy-identity
Mahalo for the content Major Hess!
Training News and Opportunities:
ASMC Online Training: The ASMC Online Learning
Center currently offers recorded
sessions from the past two PDIs
as well as access to quarterly
ASMC Journals and a short
exam associated with them. PDI
workshops and the Journal
exams offer Continuing
Professional Education (CPE)
credit and a certificate to
validate user participation.
Education Resources:
The ASMC website provides
numerous education resources
from Education/Training, the
Online PDI, Extended Learning
to guides, forms,
and policies. These resources
allow ASMC members to remain
current on issues related to their
daily jobs and help them to their
CDFM, the sign of distinction in
DoD Financial Management.
Upcoming Regional PDIs
Fort Meade Chapter - Mini
PDI
Begin Date: November 07 2014
08:00
End Date: November 07 2014
Location:
Fort Knox Chapter - Mini PDI
Begin Date: March 18 2015
08:00
End Date: March 18 2015
Location:
Please contact Kathleen Russo
502-613-4101) for more details.
Hampton Roads - Mini PDI
Begin Date: April 15 2015
End Date: April 15 2015
Location:
Joint event with AGA - more
details coming soon. Contact
for more information
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Aloha Chapter Again Awards Scholarships!
The Aloha Chapter of the American Society of Military Comptrollers awarded $3,000 in this year’s ASMC High
School Scholarships at our recent luncheon on Thursday, May 21, 2014 at Club 14, Sand Island. Our Scholarship
Committee, under the leadership of High School Scholarship Chair, Dara Watanabe, from the Pearl Harbor Naval
Shipyard & Intermediate Maintenance Facility (PHNSY) consisted of Gaye Sakai and Val Jaictin from COMPACFLT
and Edlyn Takahashi and Mary Garcia from PHNSY.
Applicants were judged on their scholastic achievements, grade point average, standardized test scores leadership
ability, extracurricular activities, career/academic goals, financial need and recommendation letters from educators or
academic advisors. The objectives of the Aloha Chapter Scholarship Program are to recognize graduating high school
seniors for academic achievement and to provide financial assistance to them in order that they may accomplish their
future financial management educational goals. Applicants must be entering a field of study directly related to
financial/resource management (such as business administration, economics, public administration, accounting or
finance).
We received many applications from both Public and Private Schools and our two winners tied for first place and will
each be awarded a $1,500 scholarship to a school of their choice. We are extremely pleased to be providing one of our
scholarships to a high school student with Federal Government and ASMC ties. The following are this year’s
awardees:
Our first Scholarship winner is Lorelei Blossom Zabanal who attends Maryknoll High School
and plans to attend the University of Chicago in the fall to pursue a degree in Economics.
Beyond her superb transcripts and academic achievements, she has demonstrated her value in
the community, volunteering her time at church, at school as a student ambassador and
mentor, and abroad in Senegal where she started a club to promote literacy in English.
Our second winner of the $1,500 Scholarship is Mr. Mitchell Garcia also from Maryknoll High School.
This scholar and athlete plan to attend the University of Las Vegas, Nevada in the fall to double major
in Business and Computer Science. His application showed balance between academics, athletics
playing football, basketball and baseball, and community service. You may also have seen his name in
our Aloha Chapter newsletter. He recently served as a Special Reporting Coordinator, researching and
preparing articles on past scholarship winners, and he is a son of one of our ASMC members, Mary
Garcia.
We congratulate both of the Award recipients on their accomplishments and wish them the best in their new ventures!
ASMC Scholarship Award Program
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Aloha Chapter Members in
ALOHA! To Our New Members
Focus
Joining the ASMC is an investment in yourself, your professional development and your career. As an ASMC member, you become connected to a global community of defense resource management personnel. Regardless of where you are in your career, your ASMC membership offers many paths and opportunities to learn from and interact with your colleagues in ways that will help you meet your professional goals. With your membership, you:
1. Gain insight to information on current trends and development in the financial management of the Department of Defense and U.S. Coast Guard.
2. Receive a subscription to the Armed Forces Comptroller, the quarterly professional journal of the ASMC, and the ASMC Connection, the monthly e-newsletter. These publications, as well as the ASMC website, contain articles, organizational news and updates on current trends and developments within the financial management community and the ASMC.
3. Receive discounts for registration at the national Professional Development Institute, a three day educational event that provides valuable CPE and networking opportunitites.
4. Have access to online educational opportunities, where members can participate at their own pace, start and stop sessions, and download presentations.
5. Join in one of the more than 140 chapters worldwide. Chapter benefits could include monthly luncheons, local education activities, chapter publications, philanthropic endeavors and more.
6. Receive discounts on enrollment and renewal in the Certified Defense Financial Manager (CDFM) Program, which is one of the key certifications identified by the DoD for financial managers.
7. Have the opportunity to participate in the National Awards Program. This program includes achievement awards, an essay contest, corporate member award, members' continuing education grants, high school scholarships and many chapter program awards.
8. Gain access to the CPE management tool, which allows members to manage, track and record their continuing education experience.
9. Have an opportunity to demonstrate leadership as a chapter officer or committee member. 10. Network with military comptrollers/financial managers and other business organization interested in military comptrollership.
Being a member of ASMC will…
Ms. Nadine Ann Esplana
Ms. Angela Maglangit
Ms. Teresa Tyler
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Aloha Chapter Information: The Aloha Chapter of the American Society of Military Comptrollers is a professional organization dedicated to maintaining and improving the high standards of Comptrollership. Emphasis is placed on education,
training as well as the exchange of ideas and techniques for resolving common issues of the Services - Department of Defense and Coast Guard. The Aloha Chapter was established in 1977. Current membership is approximately 400 civilian and military personnel, who specialize in all aspects of Financial Management. We are located on the island of Oahu in the State of Hawaii. For further information on how to join, contact any of the Team Service VPs listed. Visit us at: http://chapters.asmconline.org/aloha
Mission: Promote education, training, and professional development in financial management while fostering the spirit of inter-service fellowship and cooperation.
Vision: Maintain 5 Star status and achieve “Distinguished Chapter” competition award. Values: Integrity; Excellence; Commitment
All contents copyright © ASMC Aloha Chapter 2014.
ASMC Aloha Chapter
PO Box 29564
Honolulu, HI 96820 All contents
copyright © ASMC Aloha Chapter 2014.
