Insight Magazine - Summer 2014

1 APR=Annual Percentage Rate. Subject to approval. Rates, terms and conditions vary based on creditworthiness and qualifications and are subject to change. Refer to the Visa credit card disclosure at www.alliantcreditunion.org for details. Introductory rate and incentive offers, including bonus points, are not available to those members who in the previous six months have had (i) an open Alliant Visa credit card account, or (ii) an outstanding balance on a closed Alliant Visa account. We may not extend credit to you if you do not meet Alliant criteria. The cash advance fee is 2% of the amount of the advance, but not less than $10. We will begin charging interest on cash advances on the transaction date. The foreign transaction fee is 1% of each transactionwhere the merchant country differs from the country of the card issuer. The minimum payment required is 3% of your balance or $25, whichever is greater, plus the amount of any prior minimum payments that you have not made. 2 Balance transfers must be transferred from any financial institution other than Alliant Credit Union. Balance transfers and cash advances may not be used to pay any Alliant accounts. Amounts transferred are subject to your available credit limit. We are not required to honor a balance transfer request that will cause you to exceed your available credit limit. We will not be responsible for late payment or non-payment to other card issuers. We are not responsible for fees that may be charged for cash advances performed at other financial institutions and ATM owners. It may take up to three weeks to set up the new Visa account and/or to post the balance transfer transaction. You should continue to make all required payments until you confirm that the balance transfer was made. We will not close your other accounts even if you transfer the entire balance.

If you wish to close another account, you should contact the issuer directly. 3 Visa’s Zero Liability policy covers U.S.-issued cards only and does not apply to ATM transactions, PIN transactions not processed by Visa or certain commercial card transactions. Cardholder must notify issuer promptly of any unauthorized use. For more information, visit http://usa.visa.com/personal/security/visa_security_program/zero_ liability.html. 4 Cash Back option is redeemable

Relations

INSIGHT MAGAZINE

Publisher/President & CEO Todd Shapiro

Editor-in-Chief Judy Giannetto

Art & Layout Design Judy Giannetto

Production Design Rosa Garcia

Assistant Editor Derrick Lilly

Photography Jay Rubinic, Derrick Lilly, Thinkstock

National Sales & Advertising Natalie DeSoto

YGS Group, 3650 West Market Street, York, PA 17404

P: 800 501 9571 x127 F: 717 825 2171

E: natalie desoto@theygsgroup com

Circulation Carl Siska

Editorial Offices: 550 W Jackson Boulevard, Suite 900, Chicago, IL 60661

ICPAS OFFICERS

Chairperson, Daniel F Rahill, CPA, JD, LL M FGMK, LLC

Vice Chairperson, Edward J Hannon, CPA, JD Quarles & Brady LLP

Secretary, Scott D Steffens, CPA Grant Thornton LLP

Treasurer, Mary Lou Pier, CPA Pier & Associates, Ltd

Immediate Past Chairperson, William P Graf, CPA Deloitte & Touche LLP

ICPAS BOARD OF DIRECTORS

Linda S Abernethy, CPA, McGladrey LLP

Jared J Bourgeois, CPA, Mesirow Financial Consulting, LLC

Rosaria Cammarata, CPA, CME Group, Inc

Rose G Doherty, CPA, Legacy Professionals LLP

Eileen M Felson, CPA, CFF, PricewaterhouseCoopers LLP

Gary S Hart, CPA, MBA, Gary Hart & Associates, Ltd

Lisa A Hartkopf, CPA, Ernst & Young

Margaret M Hunn, CPA, CFE, CFF, CITP, Rozovics Group, P C

David V Kalet, CPA, MBA, BP Products North America, Inc

Thomas B Murtagh, CPA, JD, Wolf & Company LLP

Marcus D Odom, PhD, CFE, CPA (inactive), Southern Illinois University

Floyd D Perkins, CPA, Ungaretti & Harris

Kelly Richmond Pope, Ph D , CPA, DePaul University

Mark F Schultz, CPA, Dugan & Lopatka CPAs, P C

INSIGHT is the official magazine of the Illinois CPA Society, 550 W Jackson, Suite 900, Chicago, IL 60661, USA Its purpose is to serve as the primary news and information vehicle for some 24,000 CPA members and professional affiliates Statements or articles of opinion appearing in INSIGHT are not necessarily the views of the Illinois CPA Society The materials and information contained within INSIGHT are offered as information only and not as practice, financial, accounting, legal or other professional advice Readers are strongly encouraged to consult with an appropriate professional advisor before acting on the information contained in this publication It is INSIGHT’s policy not to knowingly accept advertising that discriminates on the basis of race, religion, sex, age or origin The Illinois CPA Society reserves the right to reject paid advertising that does not meet INSIGHT’s qualifications or that may detract from its professional and ethical standards The Illinois CPA Society does not necessarily endorse the non-Society resources, services or products that may appear or be referenced within INSIGHT, and makes no representation or warranties about the products or services they may provide or their accuracy or claims The Illinois CPA Society does not guarantee delivery dates for INSIGHT The Society disclaims all warranties, express or implied, and assumes no responsibility whatsoever for damages incurred as a result of delays in delivering INSIGHT INSIGHT (ISSN-1053-8542) is published four times a year, in Spring, Summer, Fall, Winter, by the Illinois CPA Society, 550 W Jackson, Suite 900, Chicago, IL 60661, USA , 312 993 0407 or 800 993 0407, fax: 312 993 7713 Copyright © 2014 No part of the contents may be reproduced by any means without the written consent of INSIGHT Permission requests may be sent to: Publications Specialist, at the address above Periodicals postage paid at Chicago, IL and at additional mailing offices POSTMASTER: Send address changes to: INSIGHT, Illinois CPA Society, 550 W Jackson, Suite 900, Chicago, IL 60661, USA

Membership Benefits for You:

• 4 FREE onDemand events (Next program: Communicating with the Multi-Generational Workforce - available July 16, 2014.)

• Member discounts on education

• Extensive catalog of onDemand courses

• Public Practice Center

• Center for Corporate Financial Leadership

• Professional connections

• INSIGHT magazine

• Practice Advantage and inside finance epubs

• Affinity program discounts

• Career resources

• Advocating for the profession

RENEW AT: www.icpas.org

QUESTIONS: Please contact Member Services at 800.993.0407, option 4.

{Follow Todd on Twitter @Todd ICPAS}

The Difference Maker

Excellence in leadership takes organizations from ok to great.

I coached soccer for many years and learned a lot about leadership great leadership from that experience. Although I didn’t kick the ball around the field myself, as coach, I was responsible for something less tangible inspiring the team, t e a c h i n g t h e m t o w o r k t o g e t h e r a n d p l a y t o e a c h o t h e r ’s strengths, ensuring they enjoyed what they were doing and b e l i e v e d i n t h e m s e l v e s , m a k i n g s u r e t h e g a m e p l a n w a s understood by all and that each player was used in a way that maximized the opportunity to win

Whether coaching a soccer team or leading a firm, company, or association, the same keys to great leadership are at play

Take the Illinois CPA Society. The mission of this, your Society, is to "Enhance the Value of the CPA Profession.” It's the leadership of our team players the Board, volunteer leaders and staff that helps us to fulfill that mission Great leaders provide the vision and inspiration an organization needs to realize its purpose and goals

The CPA profession is no different Whether in public practice, corporate finance, government, education or the not-forprofit world, great leadership is both essential to and expected of CPAs

I’ve visited with well over 30 firms and companies during the past year and have seen great leadership in action. It might be in the form of a vision for growth, an eye for profitability or, importantly, an understanding of how critical staffs are to an organization’s success We are living in a world where competition is fierce, mergers and acquisitions dominate the landscape, and workforces are multi-generational with, sometimes, vastly different goals and expectations

Great leadership is critical to navigating this dynamic and d e m a n d i n g e n v i r o n m e n t A n d w h i l e t h e C PA p r o f e s s i o n sometimes might think of leadership as a soft skill, and theref o r e l e s s i m p o r t a n t t h a n t e c h n i c a l p r o w e s s , l e a d e r s h i p , i n fact, may be the most important skill of all

As I've said, the Society’s mission is to "Enhance the Value of the CPA Profession " And it's critical for us to provide opportunities for our members to develop their leadership skills both in the education and practical application arenas That's why we have such a strong focus on leadership development in our educational sessions

Every quarter we release a free onDemand course (equal to one CPE credit hour) as one of your member benefits This quarter, the course is “Communicating With the Multi-generational Workforce ” We have almost 20 one- or two-hour onDemand programs with titles such as “Succession Planning and the 5 Attributes of Great Leaders,” “Increasing Your Value: Strategic Leadership Skills for Controllers,” and “What Makes the Great Ones Great?” And our Young Professional Leadership Conference, held in May, was attended by over 250 young professionals focused on developing into great leaders.

Leadership development is not limited to the young among us though. The 2014 Midwest Accounting & Finance Showcase in August has a new Leadership and Development Track with sessions that include “Are You Developing Your Most Important Resource Your People” and “Develop New Business Opportunities Using the 5 Attributes of Leadership ”

While formal education is important, practical application is where the rubber meets the road The Society has over 58 committees and task forces, plus 9 chapters, where you can practice and hone your leadership skills among your fellow members

Our volunteer groups are a true win-win, giving you opportunities to lead your peers and the profession I strongly encourage you and your staffs to join one of our volunteer opportunities and thank those of you who have participated over the years

Leadership is the key to thriving in the ever-changing business world The CPA profession, with its commitment to lifelong learning, is well prepared to provide the leadership necessary to achieve greatness. Your Illinois CPA Society is committed to helping you succeed every step along the way

TRAILBLAZING GROUNDBREAKING FORERUNNER THEY'RE ALL SYNONYMS FOR GREAT LEADERSHIP AND TRUTHFULLY, I BELIEVE IT'S LEADERSHIP, MORE THAN ANY OTHER FACTOR, THAT HAS THE ABILITY TO CARRY AN ORGANIZATION TO THE VERY TOP OF ITS FIELD

GET THE PICTURE WHOLE

Introducing Checkpoint Catalyst

TM

The fastest and most efficient way to research even the most complicated tax issues.

Checkpoint CatalystTM provides the clarity, color and context you need to quickly see the whole picture. It connects the dots between federal, state and U.S. international tax implications with multiple expert perspectives and embedded tools and diagrams, so you can take action with confidence and ensure you don’t miss a thing.

Jumpstart your research process with Checkpoint Catalyst.

Get results more easily, more rapidly and more accurately than with any other resource.

CheckpointCatalyst.com

SEEN HEARD

71%

CFOs who say they enjoy a significantly higher level of str ategic influence than they did 3 years ago Source: Accenture Outlook

TRENDWATCH

Do - Gooding Heroes

This year ’ s annual Volunteering and Civic Life in America report found that more than one -in-four adults (26 5 percent) volunteered through an organization in 2012 Altogether, 64 5 million Americans volunteered nearly 7 9 billion hours, worth an estimated $175 billion

e volunteer rate of Gen Xers has trended upward over the past 11 years, giving them the highest volunteer rate of any age group Volunteering amongst teens (ages 1619) has also risen over the past six years Volunteers aged 65 and over spent the greatest amount of time doing charitable work, averaging 90 hours of service activities in 2012, which is nearly twice the 50 median annual hours served by the general population

Besides being generous with their time, volunteers are also more giving with their cash Over 79 percent of volunteers donated to charity, compared to only 40 percent of non-volunteers For more on the report, visit VolunteeringInAmerica gov

CPA Day of Service is Official!

In recognition of the Illinois CPA Society ’ s ongoing public service initiatives and efforts to involve Society members in volunteer activities, Governor Pat Quinn has officially proclaimed September 19, 2014

5 weeks Average time it takes to fill a management-level finance position. Source: Robert Half

Preparing Your Taxes on Company Time?

Tax Season is busy for most, but it may have been busier for reasons other than client demands.

In a recent survey by Accountemps, 30 percent of workers interviewed said it's common for employees to use company resources like the copier or printer to complete their personal income tax paperwork. They also spend time on personal income tax preparation during business hours.

‘CPA Day of Service ’ This year marks the Society ’ s fifth annual Day of Service event

Popular activities in past years have included stocking a food pantry, caring for animals at a local shelter, serving meals at homeless shelters, cleaning up neighborhood parks and planting community gardens

Registration is now open and volunteers are already signing up To learn more or to register, visit www.icpas.org/CPADayofService.htm. And don’t forget, all volunteer ICPAS members receive a free CPA Day of Service t-shirt!

WHETHER YOU

ARE

LOOKING TO ELEVATE YOUR BUSINESS OR TAKE THE NEXT STEP IN YOUR CAREER, WE CAN HELP.

As the experts in financial recruiting and staffing, Accounting Principals and Parker + Lynch know the Chicagoland area inside and out. We have an intimate understanding of the local job market, salary trends and business climate, which helps us connect great talent to great companies better than anyone else in the industry.

To learn more, visit us online or call your local office.

FORMERLY JACKSON WABASHFORMERLY GARELLI WONG

INDUSTRY ALERT

M&As Fall Short on ROI

M&A deals are a hot topic again, but 51 percent of respondents to Crowe Horwath LLP ’ s Critical Pillars for M&A Success survey admitted that they ’ ve fallen somewhat or significantly short of their desired rate of return on completed transactions

The survey of 80 C-suite and corporate development executives showed that mergers and acquisitions have become routine, with 63 percent of respondents saying their companies have pursued three or more deals in the past two years. Despite the uptick in activity, deal-making clearly has its challenges Only 45 percent of respondents believe their companies do a very good job of managing their deal pipeline, and less than a third say their companies clearly define a strategic plan to identify M&A opportunities. In fact, only 12 percent say they ’ re very efficient at executing M&A deals, and a mere 9 percent say they ’ re very effective at capturing synergies targeted at the start of the transaction process

How To: Secure

Your Windows XP Systems

Although dated, Windows XP has remained the operating system of choice for many businesses Microsoft no longer supports Windows XP, however, and the only way to keep it running securely is to pay for Microsoft Extended Support. If that's not an option, CIO Magazine [cio com] offers these tips:

1 Scrap Internet Explorer: This is the main source of many hacker attacks and security vulnerabilities Instead, use Google Chrome or Mozilla Firefox

2 Don't Use Administrator Accounts: Many of the Windows XP vulnerabilities are only exploitable if the user is logged onto an account with administrative rights

3 Turn Off Autorun: A common way to infect computers with malware is to automatically run executable software and files

4 Use All Windows XP Security Software: Turn on the built-in firewall and its antivirus options Microsoft's free Security Essentials product will continue to receive updates until July 14, 2015

5. Disconnect From the Network: If the hardware or software you need Windows XP for doesn’t require data from the Internet

r anking for ‘accounting, ta x prepar ation, bookkeeping and payroll services’ on sageworks’ list of the fastest-growing industries in the united states over the past 12 months

25%

U S corporate tax rate that would grow the economy, increase investment & boost wages. Source: Ta x Foundation

International Tax Reform Wanted NOW!

In a recent PricewaterhouseCoopers paper, Tax Strategy and Corporate Reputation: Balancing Trust and Growth, CEOs stressed that the societal impact of corporate taxes stretch far beyond the often controversial topic of taxes on profits Companies also pay employment and benefits taxes, property taxes, sales taxes, and many other direct and indirect taxes and tax costs that increase the total tax picture in any given jurisdiction What’s more, 63 percent of CEOs worldwide say that government tax policy and competitiveness drive decisions about where to operate their businesses; 65 percent say the international tax system doesn’t meet the needs of multinationals; and 70 percent say tax burdens are a major barrier to growth

Unfortunately, change isn’t expected anytime soon In fact, only 27 percent think a consensus on tax reform can be reached among the G20 countries And overall, CEOs have little confidence that governments will succeed in making the tax reforms they need to create a more internationally competitive and efficient tax system.

U g l y N u m b e r s

The nitty-gritty on the state of the state deficit

* keith.staats@us.gt.com

Keith Staats is a director in Grant Thornton’s State and Local Tax (SALT) practice in Chicago, and has been involved in tax planning, consulting and dispute resolution in all areas of state and local tax He has served as General Counsel of the Illinois Department of Revenue (IDOR), was involved in the development of Illinois tax policy, reviewed and evaluated all tax-related legislation proposed by the Illinois General Assembly, contributed to the drafting of all tax legislation proposed by the Governor and was a member of the IDOR Informal Conference Board He has represented taxpayers before both the Informal Conference Board and the Board of Appeals Keith is a professional affiliate member of the Illinois CPA Society, and is a member of the American Bar Association, the Illinois State Bar Association, the Chicago Bar Association and the Board of Directors of the Civic Federation of Chicago

Illinois taxes are in the news again, specifically the “temporary” personal and corporate income tax increase that went into effect in 2011 and is set to roll back on January 1, 2015 At least, that is, unless the Illinois legislature votes to make the increase permanent If they don’t, individual and corporate tax rates are scheduled to decline automatically, from 5 percent to 3 75 percent and from 9 5 percent to 7.75 percent, respectively.

To no surprise, this has become a political hotbed of debate Governor Pat Quinn wants to make the increase permanent, as do the Speaker of the House and the Senate President Bruce Rauner, Quinn’s republican opponent in the November election, however, favors letting the temporary increase expire, as do the House and Senate Republican leaders Those in support of making the increase permanent say the state needs the money; opponents say that, instead, spending should be cut But what do the numbers say?

Despite the enactment of the temporary income tax increases, the state c o n t i n u e s t o h a v e a m a s s i v e $ 5 6 7 billion backlog of unpaid bills as of March 2014, and is expected to close FY2014 with a deficit of $3 billion T h e t w o l a rg e s t c o m p o n e n t s o f t h e backlog are education ($2 8 billion) and healthcare costs related to Medi c a i

While the increased tax revenues have helped the state reduce its unpaid bills and overall general funds

deficit over the years, it has by no means eliminated them In fact, despite a 5.4-percent decrease in state agency appropriations from FY2010 through FY2014, pension contributions soared 69 9 percent during the same period to more than $6 billion, driving an overall revenue and expenditures increase of 7 4 percent, totaling nearly $36 billion

As part of his FY2015 budget proposal, Governor Quinn assumed the permanence of the rate increase and proposed modifying the personal inc o m e t a x p r o p e r t y t a x c r e d i t t o g i v e taxpayers a check for $500 The current property tax credit is 5 percent of property taxes paid on a personal residence, with no limitation other than the amount of Illinois income tax due Quinn’s proposal would give this additional property tax rebate on top of the existing income tax credit.

Another notable point of the Quinn proposal is the fact that homeowners who pay property taxes but have no Illinois taxable income will still receive the new $500 credit, like retirees whose source of income is non-taxable pension income

Without the extension of the temporary tax increase, Governor Quinn projects an FY2015 operating deficit of $1.9 billion and an unpaid bill backlog of $7 5 billion Those numbers will continue to climb to $4.6 billion and $16 2 billion, respectively, by the end of FY2017. This is, however, assuming that the state sees some revenue growth, the Illinois Supreme Court upholds the pension cuts enacted last year, and

state agency appropriations rise 3 8 percent in FY2015, 1 5 percent in 2016 and 3.4 percent in 2017.

In other words, the numbers are ugly

There’s been a lot of talk about cutting state agency appropriations, as well as tax credits, deductions and exemptions, as a way to balance the state budget and pay off the backlog. But if the temporary tax increase expires and agency appropriations, tax credits, deductions and exemptions aren’t substantially cut, there seems little chance of success on this front.

The top four tax credits, deductions and exemptions are all granted to individuals, with the fifth granted to charitable organi z a t i o n s a n d s c h o o l s T h e l a rg e s t i n c o m e t a x e x e m p t i o n i s $1.963 billion for retirement and Social Security income. The next largest is the reduced rate of sales tax on food, drugs and medical appliances in the amount of 1 635 billion The third is the standard income tax deduction totaling $1 036 billion Next is the current version of the income tax property tax credit at $555 million And the fifth is the sales tax exemption for sales to charitable organizations and other exempt organizations in the amount of $405 million

Not surprisingly, the top five credits, deductions and exemptions granted to for-profit businesses are rather paltry in comparison The Illinois income tax net-operating-loss deduction is the largest at $219 million Next on the list is $183 million for the manufacturing machinery and equipment sales tax exemption. Ranking third is the retailers’ collection discount from sales tax at $121 million The fourth is the manufacturers’ purchase credit from sales tax at $37 5 million And finally, the EDGE credit from income tax comes in at $36 million.

Clearly, the big money falls to individuals, and trimming or eliminating all business credits and exemptions wouldn’t close the operating budget deficit or unpaid bill backlog

As I write this column, the Illinois General Assembly just finished the spring session, and legislation making the temporary tax rates permanent has not passed It’s possible that an extension of the temporary tax rates could be addressed by the General Assembly in the fall veto session, but that appears unlikely at this juncture It’s also possible that the issue could be addressed in the General Assembly’s January 2015 “lame duck” session

So what happens if the tax rates do go down? According to projections, deficits increase and bills don't get paid. Appropriation cuts will be needed If state income tax revenue-sharing with units of local government is reduced, local governments either will be required to cut services or raise local property and s a l e s t a x e s t o m a k e u p f o r t h e l o s t d o l l a r s I f s t a t e u n i v e r s i t y funding is cut, tuition will rise and/or the number of students served by state universities will decline If the Monetary Award Program funds are cut, students will either have to borrow more money to attend private colleges and state universities, shift to lower-cost community colleges, or not attend college at all

Finally, regardless of whether the temporary tax rates are made permanent at the state level, local pension costs are another ticking time bomb If local pension costs aren't reduced, property taxes will rise or pension funds will run the risk of becoming insolvent

Again, the numbers are ugly, and the solutions are painful both fiscally and politically

July 17 | Des Plaines | Simulcast

July 24 | Springfield

Tax Practice & Procedures

August 27-28 | Rosemont

Midwest Accounting & Finance Showcase

September 18 | Oakbrook Terrace

Financial Institutions

September 23 | Chicago

Midwest Financial Reporting Symposium

October 21 | Rosemont

IRS/Tax Practitioners Symposium

October 22 | Oakbrook Terrace | Simulcast

Manufacturing – NEW!

October 28 | Chicago | Simulcast

Fraud & Forensic Symposium

October 30 | Oakbrook Terrace

Construction Industry

November 12 | Des Plaines

Tax

November 19 | Rosemont

Healthcare Compliance & Fraud Half-Day

November 20 | Rosemont

Not-for-Profit

December 2 | Chicago

Advanced Topics in Flow-Through Taxation

Half-Day

December 3 | Springfield

December 4 | Rosemont

Accounting & Auditing

December 9 | Rosemont

Employee Benefits

December 11 | Springfield

Not-for-Profit

Register at www.icpas.org/education.htm

2014 | The Illinois CPA Society | Conferences

N o F i g h t i n T h i s D o g

Since when does cost- containment mean falling into “turn- off-the -brain” mode?

Brad Sargent is the managing member of The Sargent Consulting Group, LLC, which specializes in forensic accounting and financial investigations He is a frequent lecturer and chair emeritus of the American Board of Forensic Accounting, and serves on the American Bar Association, Section of Litigation, Expert Witness Committee and Criminal Justice Section, White Collar Crime Committee

He is a member of the Association of Certified Fraud Examiners, the Association of Certified Fraud Specialists and the Association of Insolvency and Restructuring Advisors A member of the Illinois CPA Society since 2002, Brad began his ICPAS Board service in 2010, and was a member of the Committee Structure & Volunteerism Task Force, the Fraud Conference Task Force (which he chaired from 2009-2010 and 2012-2013) and the Strategic Planning Committee (which he chaired from 2011-2013)

I’ve written about the ways in which economic upheavals impact forensics before The events of 2008 led businesses to take on deep cost-containment strategies, immediately slashing accounting departments and accounting personnel. Internal audit functions were disregarded and individuals were suddenly performing functions that had been segmented for years

I joke that this created the perfect recipe for fraud Mix together lowered defenses and people with more unfett e r e d a c c e s s t o a s s e t s a n d f i n a n c i a l reporting, add in wage freezes and a touch of the “You’re lucky to have this job” mentality, and voila, you have a flambé of ethical people making unethical decisions under duress.

Like a patient farmer, I watched these seeds germinate and inevitably grow into full-scale frauds I realized that businesses weren’t going to rush into small fraud investigations because of the economies at play, but I also knew that small frauds don’t stay small for long After all, these breaches have the potential to materially impact financials, credit ratings and even the business’ existence. I would wait, years if needed, for these seeds to sprout.

And then, in 2013 businesses began contacting me to investigate internal issues I thought, “This is it! The raging torrent of investigations is coming!” In three separate instances management o

each case, I was provided with a simi l a r f a c t p a t t e r n c o m m o n i n f r a u d c a s e s : A t r u s t e d s e n i o r e m p l o y e e , often a family member, was over-comp e n s a t i n g t h e m s e l v e s a n d / o r o t h e r s , a b u s i n g c o r p o r a t e c r e d i t c a r d s a n d p o s s i b l y t a k i n g v e n d o r k i c k b a c k s . Juicy stuff indeed

The first order of business: Lock the doors and seal the evidence, which in forensic accounting means duplicating servers containing email and accounting data as well as personal machines, such as laptops and desktops, to ens u r e t h a t a l l t h e e v i d e n c e i s s e c u r e Next, we meet with the client and the appropriate personnel to identify the exact areas of concern, and develop a work plan to provide preliminary findings as quickly and as cost effectively as possible With the evidence secured and a work plan in place, it’s time to c o n d u c t d o c u m e n t r e v i e w, a n a l y s e s and interviews.

In each of these three cases, the prel i m i n a r y p h a s e o f t h e i n v e s t i g a t i o n s confirmed the clients’ suspicions. Pre2008, this is the point when a small p r o j e c t g r o w s l e g s t h e n e w s i s n o t good and additional work is needed to a c c u r a t e l y d e t e r m i n e t h e s i z e a n d scope of the fraud In my experience, this is also when forensic accountants provide the greatest value to clients. But we live in a different age now W h a t h a p p e n e d n e x t w a s t o t a l l y unexpected. Each client thanked me for my services and terminated their

e s t i g a t i o n s W h y ? T h e s e d o g s s i m p l y had no fight

Objectively, it’s easy to say that the fees for additional forensic accounting and legal services to prosecute the perpetrators were not worth it. While this is absolutely true in these three cases, there was something more evident: The clients were complicit in the frauds Initial investigations revealed that through either active participation in their own abuse of company funds or passively sitting back and watching others steal, my clients were not doing their jobs as business managers. The fee issue, certainly valid and real, was not the issue

Paula E Litt, partner at Schopf & Weiss LLP, handles a full range of business disputes She is known for her successful legal strategies, regardless of whether a client is bringing, defending or avoiding litigation. She focuses not only on the next motion or deposition, but also on how every decision advances the case and her client’s objectives Recognizing this, clients (from national retailers to international manufacturers and financial services companies) call upon her when litigation is necessary or inevitable

Litt states that, “There is a saying that a bad settlement is better than a good lawsuit But too often a bad settlement is just a way to guarantee a bad lawsuit Litigat i o n c a n p a v e t h e w a y t o a g o o d s e t t l ement one that is reached after the issues are fleshed out and the parties understand what their claims are worth ”

The clients I worked with all agreed to close the case by creating internally negotiated settlements with their employees and/ or family members. The prevailing rationalization was that it was more prudent to settle with the fraudsters This, to me, was the equivalent of sticking their heads in the sand and leaving a bag of money next to their feet Once someone crosses the ethical bridge, it’s highly likely they will remain on the wrong side unless deterred.

I f o u n d m y s e l f i n a s e r i e s o f m e e t i n g s with clients and counsel, giving pep talks a b o u t p u r s u i n g t h e p e o p l e w h o h a v e wronged them My top priority as a forensic expert is to provide my clients with the facts upon which to base sound decisions. I never try to advocate for a certain posit i o n a n d a l w a y s l e t t h e c l i e n t s a n d t h e i r attorneys drive the proverbial bus However, I found myself passionately encour-

aging these clients to stand up and fight, to set the proper tone at the top and, at a mini m u m , t o g e t a f u l l u n d e r s t a n d i n g o f t h e damages they had suffered I also identified the means for restitution, so the clients c o u l d h o p e t o r e c o v e r t h e m o n e y t h e y would spend on further investigations

But I realized that I cared more about the client being wronged and taking corrective action than the client did. Personally, for each client to decide independently that they just wanted the situation to go away was a difficult pill to swallow Tough as it was, though, I respected their wishes

* mgilbert@reasonfinancial com

Mark J Gilbert is a principal in the financial planning and investment management firm of Reason Financial Advisors, Inc , with offices in Northbrook and Naperville, Ill He has been a CPA and member of the Illinois CPA Society since 1982, and was awarded the AICPA’s PFS designation in personal financial planning in 1999. He currently serves on the ICPAS Finance & Treasury Management Committee and the Committee Structure & Volunteerism Task Force Mark is frequently called upon as a media contact, and has appeared on WBBM (Channel 2), WLS (Channel 7), WGN (Channel 9) and WDCB (90 9 FM), speaking on financial planning topics He also has been quoted nationally in notable titles such as the Chicago Tribune, Wall Street Journal, Money and US News

We’ve certainly seen a rise in retirement planning messaging and marketing in recent years In one ad campaign, an interviewer asks peop l e h o w m u c h m o n e y t h e y t h i n k they’ll need for the rest of their lives, then shows them why they’re way off the mark

Let’s face it, financial planning for retirement is a challenge; there’s no way to know how long you’re going to live But what if you received a guaranteed monthly or annual amount, starting at age 85 or so, for the rest of your life? Wouldn’t that take away some of the uncertainty and make retirement planning easier?

Longevity insurance is a product d e s i g n e d w i t h t h i s g o a l i n m i n d Essentially, it shifts the risk of retire-

This product essentially helps clients w h e r e t h e y m a y n o t h e l p t h e m s e l v e s They easily grasp the concept of planning for the near term, or of taking steps to plan for the next year or 15-20 years

A n y t h i n g i n t h e 2 5 - 3 0 y e a r ( o r l o n g e r ) t i m e s p a n , h o w e v e r, j u s t d o e s n ’t s e e m quite so real to them.

The U S Treasury Department has played a hand in boosting the attractiveness of longevity insurance as a retirement planning tool by making it easier for employer plan sponsors and IRA custodians to offer deferred income annuities in qualified plans and IRAs The Department also has excluded the deferred amounts from required minimum distribution (RMD) calculations In the past, annuity holders were required to include the amounts in these calculations (typically at

ment planning beyond 20 years or so from the individual to the insurer It’s simply a single-premium deferre d - i n c o m e a n n u i t y w i t h a l o n g deferral date. In exchange for a payment today, the annuity holder receives future payments for the rest of his or her life, commencing well into the future

age 70½) and pay income taxes on them even if the benefits were deferred.

As with any financial product, you have to understand the benefits and costs before diving in Clearly, the first benefit is the payout certainty. As Robert M. Barnes, CLU, ChFC, president of Integrated Insurance Consulting LLC in Orland Park, Ill , explains, “This product is best

T h e S e a r c h f o r L a s t i n g P o w e r

“Clients easily grasp the concept of planning for the near t e r

however, just doesn’t seem quite so real to them.”

for people who can’t afford or don’t want to take on the risk of investing ”

Another benefit is that longevity insurance offers flexible payout options. For example, while the greatest initial payout is available when a fixed annual benefit is paid for the insured’s life only, the product can be structured to pay out over a defined period, over the lifetimes of both a husband and wife, or with an inflation adjustment each year These features will reduce the payout amount, but may offer the annuity holder and his or her family additional peace of mind

W h e n i t c o m e s t o c o s t , t h e p r e m i u m amount makes or breaks this product in the m i n d s o f p o t e n t i a l b u y e r s . C a n t h e c l i e n t afford to make the payment? Can he or she a f f o r d t o f o r e g o t h e p o t e n t i a l a p p r e c i a t i o n a n d i n c o m e f r o m t h o s e f u n d s i n e x c h a n g e for a benefit that pays out much later in life? Can he or she afford to make that purchase knowing that there may not be a payout if they die prematurely?

Another “cost” to consider is lost inheritance. Typically, once purchased the premium isn’t returned to a deceased annuity holder ’s heirs And there’s a “credit quality” cost as well a longevity insurance policy may not pay out for 25 or more years from the time it is purchased; that’s a long time for both the insurer and the insured

To get an idea of the current environment, Barnes gives this example: A husband and wife, each aged 60, could purchase a single premium deferred annuity for $50,000 now that will pay $18,631 annually commencing at age 85 and continuing until their deaths. If that same couple wanted to ensure that the premium would be returned to their heirs if neither of them collected, they could purchase a death benefit option that would add $50k to their taxable estates as long as they both passed away prior to age 85; the annual benefit would then drop to $16,621 If that same couple instead wanted inflation protection for the deferred benefit, they could purchase a policy with a 3-percent annual increase, but the initial annual benefit would drop to $15,625. In each case, adding a feature increases costs by reducing future benefits.

Barnes also warns that in our current low interest rate climate, insurers tend to offer lower benefits because they too are experiencing lower rates of returns on their investments.

What it all boils down to is this: Longevity insurance may be the right financial tool for risk-averse investors and those who want to avoid the variability inherent in long-term retirement planning

Champaign-Urbana

Springfield

Peoria

Bloomington-Normal

Rockford

Oakbrook Terrace

Glenview

Chicago

CPE: 1 Credit Hour Cost: FREE Complimentary breakfast or lunch included. To

September 10, 2014

September 11, 2014

September 16, 2014

September 17, 2014

September 24, 2014

January 15, 2015

January 21, 2015

January 22, 2015

Complexity Regulator y Creep Evolving CPE

Shif ting Landscape Join

Look Out, Changes are Coming

Voters will be facing major constitutional questions in November Here’s what to look out for

* greenm@icpas org

Marty Green is the Illinois CPA Society ’ s Vice President of Government Relations, working with the CEO and Board of Directors to oversee and implement the Society ’ s legislative and regulatory activities He also curates the Society ’ s monthly Capitol Dispatch, a digital digest of legislative news for Illinois CPAs

Marty is a practicing lawyer, member of the Illinois Bar and a colonel in the National Guard He previously served as executive assistant attorney general for Illinois Attorneys General Lisa Madigan and Jim Ryan, and as director of the Governor ’ s Office of Citizens Assistance and assistant to the Governor for Public Affairs, both under Governor James Edgar Marty holds a number of professional certifications and is admitted to practice before the state and federal courts He is the past president of the Western Illinois University Alumni Council and is an adjunct professor for the Department of Health Sciences

Illinois voters are guaranteed to face many tough decisions at the ballot box this fall Besides having to choose candidates for U.S. Senator, State Representative, Governor and other constitutional offices, the November ballot will present voters with multiple questions of major impact on the Illinois State Constitution

T h e G e n e r a l A s s e m b l y i s p l a c i n g several questions on the ballot First, House Joint Resolution Constitutional Amendment (HJRCA) 001 proposes to a m e n d t h e C o n s t i t u t i o n b y f u r t h e r enhancing victim rights and existing provisions, including entitling victims to greater communication with prosecutors and greater standing in crimin a l c a s e s . J u d g e s a l s o w o u l d b e r equired to rule on victims’ motions in a timely manner

Further, HJRCA 0052 would amend the suffrage article on voter discrimination, preventing discrimination in registering or casting an election ballot based on color, ethnicity and status as a member of a language minority, sex, sexual orientation and income.

What’s more, two citizens’ initiatives have gathered the 300,000 signatures required to be placed on the ballot. The first has already inspired intense argument Essentially, the proposed amendment would establish an 11-member independent redistricting commission to redraw maps for Illinois Congressional and Illinois General Assembly districts It’s argued that this commission will replace the winner-takes-all method, where the majority party

draws the map or, if necessary, wins a coin toss

T h e s e c o n d c i t i z e n i n i t i a t i v e a d dresses another hotbed item: Term limits This proposal would limit elected officials to a total of 8 years in the legislature, decrease the number of state senators from 59 to 41, and increase t h e n u m b e r o f r e p r e s e n t a t i v e s f r o m 118 to 123. The impetus is to save the state money while making legislators more responsive to their constituents

It is without question that these citizen initiatives will face several uphill battles At the very least, I anticipate challenges to the legitimacy of the signatures and a substantive challenge to the scope of the amendment proposal Procedurally, the Illinois State Board of Elections must verify a sampling of signatures and certify the initiative to be placed on the ballot Legally, a previous and longstanding Illinois Supreme Court ruling leaves a very narrow window to amend the legislative article, requiring the amendment to relate directly to both the structure and procedural subjects of the General Assembly

In the closing days of the General Assembly’s Spring Session, the House and Senate added a third category of questions to be presented to Illinois voters, namely nonbinding advisory referendum questions of public policy

In addition to the questions to amend the state constitution, Illinois voters will be asked whether a 3-percent surcharge should be placed on income of $1M or more The additional revenue from this “millionaire’s tax” would be used for education funding.

Voters also will be asked if the state minimum wage should be raised from $8 25 to $10.00 an hour. And lastly, the Women’s Health Referendum Act will ask voters whether any health insurance plan in Illinois that provides prescription drug coverage should be required to include prescription birth control as a part of that coverage

Considering the importance of these items, I encourage everyone to watch their mailboxes Prior to the November General Election, the Secretary of State is required to send voters a guide explaining each Constitutional Amendment proposal, along with a balanced explanation in favor of and in opposition to each

In the last Constitutional Amendment to the legislative article in 1980, Illinois voters approved reducing the size of the General Assembly and ending cumulative voting, which arguably ended up enhancing the powers of the legislative leaders and making the legislative process more partisan. These new proposals, if adopted, also will have a lasting impact on the legislative process Incidentally, the main proponent of the 1980 legislative cutback amendment was an activist by the name of Pat Quinn.

A Good Day for Doing Good

CPAs for the Public Interest (CPAsPI), the community service arm of the Illinois CPA Society, links the expertise of CPAs and finance professionals with Illinois not-for-profit organizations and community needs.

It’s What You Do

Not necessarily what you say, as women leaders fluent in these 10 body language and vocal cues are discovering

Ba c k i n 2 0 1 0 , D e b o r a h G r u e n f e l d o f t h e Stanford Graduate School of Business explained to a group of women execs and entrepreneurs at t h e S i l i c o n Va l l e y T h o u g h t L e a d e r s h i p G r e e nhouse that, “When it comes to leadership, there are very few differences in what men and women actually do and how they behave But there are major differences in perception. Men and women doing the same things are perceived and evaluated differently.”

Sobering stuff And while it would be easy to leap head first into a discussion of inequalities and e n t r e n c h e d b e l i e f s ( m a n = a u t h o r i t y, w o m a n = submission), that’s really beyond the immediate scope of the here and now The more practical, p r e s s i n g q u e s t i o n f o r t o d a y ’s a s p i r i n g w o m e n leaders is, “How do I ‘manage’ gender stereotypes that potentially peg me as less competent than the guy sitting right next to me?”

With that said, it would be a huge oversight to not mention the very high value placed on leadership traits specifically associated with women They are, in fact, considered to be among the most important traits for future leaders to develop As Inc reports, “In 2011, the leadership development firm Zenger Folkman surveyed more than 7,200 business people about leaders in their organizations Women were rated as better overall leaders than their male counterparts The more exalted the position, the wider the gap.”

Furthermore, in 2013, John Gerzema, executive chairman of WPP Group’s BAV Consulting and a fellow at The Athena Center For Leadership at Barnard College, gathered survey data from 64,000 people in 13 countries to determine the most desirable traits for the modern leader Two-thirds of respondents contended that, “The world would be a better place if men thought more like women ”

Mixed messages? The wide posture of this young professional’s upper body implies confidence, while her smile implies approachability However, by tilting her head downwards she subliminally gives the impression of vulnerability and timidity

Specifically, 8 out of 10 of the “competencies desired for modern leaders” were identified as feminine in nature, including “expressive,” “plans for future,” “reasonable,” “loyal,” “flexible,” “patient,” “intuitive” and “collaborative.” (If you’d like to read more on the subject, grab a copy of Gerzema’s book, The Athena Doctrine: How Women (And The Men Who Think Like Them) Will Rule The Future, the proceeds of which support the United Nations Foundation’s Girl Up Campaign )

Despite acknowledging the value of feminine qualities, and although huge strides in equality are being made daily, this is still predominantly a man’s world particularly in business So how do women stand out as leadership material? Body language and vocal cues play a big part

This isn’t a new concept. Back in 1981, a study conducted by American psychologist Albert Mehrabian found that commun i c a t i o n s u c c e s s d e p e n d s l a rg e l y n o t o n content (7 percent), but on pitch of voice ( 3 8 p e rc e n t ) a n d , p r e d o m i n a n t l y, b o d y language (55 percent)

When you get down to the nitty-gritty of i t , y o u f i n d t h a t m a s t e r i n g p h y s i c a l a n d vocal cues is more about what not to do than it is about what to do. This is especially true for recent grads making the transition from a casual, social environment to a formal, professional one

With the help of insights from Carol Kinsey Goman, Ph D , author of The Silent Language of Leaders, here are 10 must-do body and vocal cues for aspiring women leaders.

1. Keep Your Head on Straight

Listening is a good thing, but tilting your head repeatedly signals acquiescence and even vulnerability. It’s all quite primal when you dig down deep enough Tilting your head exposes your neck, which psychologists will tell you is subconsciously a vulnerable area Added to that, head tilting makes you appear smaller and therefore less threatening Instead, keep things as neutral as possible to cement your authority.

Another tip: Although nodding implies agreement, encouragement, empathy, and all those great warm and fuzzies, do it too much and again it plays into a general perception of submissiveness

2. Spread Out

Particularly in a business meeting setting, those holding a position of authority will often take up more space, with legs stretched out and arms spread wide The lower y o u r s t a t u s , t h e m o r e c o n s t r i c t i v e y o u r posture becomes, with arms and legs generally crossed Simply, widen your posture a n d s p r e a d o u t y o u r p a p e r w o r k . S t a k e your claim

3. Don’t Fidget

It’s often unconscious, and it may even be a way to stave off boredom or to get a grip on nerves, but tapping your pen, doodling absentmindedly and playing with little bits of paper whatever is within arm’s reach subliminally lowers your status in the group, and can make it seem as though your mind is wandering. Similarly, standing still versus pacing or rocking gives an impression of power and control

4 Don’t

Over-Gesticulate

Minimize your gestures to maximize your authority Restricted movements subliminally imply self-composure and self-possession, which are powerful leadership traits

5. Smile…a

Little

It’s another of those social cues Excessive s m i l i n g i m p l i e s a p l e a s e r, a n d a p l e a s e r isn’t in a position of power. That doesn’t mean you shouldn’t smile at all smiling also implies likability and approachability, which are good things It’s simply a matter of picking your moments

6 Talk in an

Arc

Some people have a natural inclination for their voices to rise up at the ends of sent e n c e s T h e i m p r e s s i o n i s o f a s e r i e s o f questions, as if looking for approval or validation not very authoritarian, right?

If you haven’t heard of the “authoritative arc,” then now’s the time to learn about it. It refers to your voice starting on one note, rising in pitch and then dropping back to the original note Practice it and use it

7. Shake Hands Like You Mean It

A delicate handshake a la Southern Belle is pretty much a universal signal of weakness. A professional handshake means keeping your body square with the other person, maintaining eye contact, having palm-topalm contact, and keeping that contact firm and consistent This is one place where smiling is a good thing The goal is to give a warm, professional greeting

8. Don’t Act Coy

You want to be approachable, but make sure your attempts at likability aren’t misconstrued as girlish, immature and, worst of all, flirty which is as submissive as submissive gets Absentmindedly tossing your hair and flopping your hands backwards and forwards might well secure your spot in the lower echelons.

9. Make Eye Contact

Psychologists will tell you that those in lower positions on the social scale tend not to hold a direct gaze, presumably because they lack confidence or feel intimidated. Don’t be one of those people!

10. Speak Up

If you hang back in a meeting and sit away from the table, your authority is more likely to be discounted Sit up, lean in a little, be attentive, speak early on in the discussion, and announce to the room that you’re an important voice at the table.

Body language and vocal cues undoubtedly can give you a leg up on the leadership ladder in a male-dominated business world However, don’t abandon all things feminine Ultimately, the world agrees, it’s those feminine traits that will help to make you a formidable leader.

Featuring an all-star lineup of policy-setters from the SEC, FASB, IASB, PCAOB and more.

Gen Y’s Office Utopia

A collaborative, engaging workspace wins the hearts and minds of the Millennial Generation

T WEET A PIC!

What ’ s your favorite t hing about your of f ice space?

@IllinoisCPA

#of f iceutopia

Known for their technological savvy and collaborative can-do attitudes, Millennials are sought-after hires to fill the accounting and finance pipeline. But like every generation, their work attitudes, preferences and expectations differ from those that preceded them. And when it comes to work environment, Millennials have great expectations.

Blended Work & Play

Unlike most mid-career Gen Xers, who entered the workforce with a preference for a 9 to 5 workday and a c l e a r d i s t i n c t i o n b e t w e e n w o r k and home, Millennials are blending their professional and personal lives, says Lisa Walden, a generation exp e r t a t B r i d g e Wo r k s , a s p e a k i n g , training and consulting firm that educates organizations about generational differences

“ M i l l e n n i a l s w a n t t o b e a b l e t o customize their days,” says Walden. “They might want to come in at 10, or leave at noon for a yoga class or to take the dog to the groomer But they also don’t mind working until 6 o r 7 A n d t h e y s t a y i n t o u c h o n email when they’re out of the office They want to see the workplace as an extension of themselves a physical manifestation of a virtual world where they’re very connected.”

Delivering an appealing work environment to Millennials without alienating other generations is tricky but doable, says Walden And as many organizations are discovering, minor adjustments can go a long way towards creating an office utopia for up-and-coming accounting and finance pros

The Age of Open Concept

Janel O’Connor, director of human capital at Naperville, Ill -based professional services firm Sikich, says the work environment plays a significant role in how Millennials feel about their firms “They want that electric feeling,” she says “They want to see a space that’s trendy and current. They don’t want to feel like they’re joining a dated working environment ”

’s space planners kept the requests of the next generation of workers and partners in mind The result is several open areas with lounge-type seating, break-

o u t s p a c e s f o r q u i c k m e e t i n g s , a b r e a k r o o m w i t h a p o o l t a b l e , t r e a d m i l l s w i t h docking stations, whiteboard walls, hight e c h c o n f e r e n c e r o o m s a n d a r e l a x a t i o n room, to name just a few of the features incorporated.

“ T h e o p e n e n v i r o n m e n t a n d l a y o u t speaks to the firm’s culture,” says O’Connor. “I think younger professionals can get a sense of a firm and how innovative or open to new processes it might be as soon as they see the workspace Recent college graduates want that whole package. They want a flexible environment with a social aspect where they can get to know people, build relationships and make friends

A n i n n o v a t i v e w o r k s p a c e r e i n f o rc e s a firm’s culture more than words can ”

Mark Wolfgram, a Millennial tax comp l i a n c e m a n a g e r a t B e l B r a n d s U S A i n Chicago, agrees that he and his peers are looking for more interaction and collaboration and their physical workspace affects how they connect. Having spent his fair share of time in cubes, Wolfgram says an open workspace particularly appeals to Millennials “Having lower walls on cubes and more open work areas is more cond u c i v e t o p r o d u c t i v i t y, ” h e s a y s “ I t ’s important for younger staff to be able to s e e e a c h o t h e r Yo u w o r k s o m a n y l o n g hours in public accounting, and it’s nice to know that you’re not the only one putting in that time ”

Bel Brands has incorporated that concept of visibility by replacing traditional w o r k s t a t i o n s w i t h d o o r- f r e e , g l a s s - w a l l o f f i c e s “ T h e r e ’s l e s s p r i v a c y, b u t i t ’s a more open and inviting atmosphere,” says Wo l f g r a m . “ Yo u n g e r p e o p l e f e e l m o r e comfortable in that type of environment I t ’s l e s s i n t i m i d a t i n g t o g o i n t o t h e c o ntroller ’s office to ask a question.”

Transparent Form & Function

Millennials crave transparency in all things, and access to people at all levels of the organization, says Walden

“In the workplace, power and informat i o n t r a d i t i o n a l l y a r e c o n c e n t r a t e d a n d trickle down from the top But Millennials are used to a network where they can find a n y t h i n g a n d a n y o n e t h e y n e e d . T h e y want to see that access manifested in the physical workspace They want to see senior executives, and they want to collaborate and share ideas,” she says.

“

r e ’s very little you can do on your own,” Wolfgram adds. “Younger people don’t want to feel there are barriers to working together If people are on a different floor or way over on another side of the office, younger staff will be more likely to send an email o r i n s t a n t m e s s a g e W h e n p e o p l e a r e closer, they’re more likely to come over and talk.”

No More Conference Rooms

Millennials’ desire to work together and solve problems collaboratively is transforming meeting spaces as well Wolfgram says he’s noticed that larger, formal conference rooms are being replaced with smaller, more informal meeting rooms designed for quick conversations

“We’re more likely to have a fiveminute, stand-up meeting to talk through

projects and status, or to bring a few people together to call a client,” he explains “We don’t use the formal conference rooms with high-back chairs for 50 people as much anymore ”

Sikich is among those incorporating smaller meeting rooms into its offices. Recent college grad and Sikich staff accountant Amy Garganera is a big fan of these rooms because, “It’s n i c e t o h a v e y o u r o w n p r i v a t e s p a c e , b u t a l s o t o h a v e o p t i o n s f o r a p r i v a t e c o n v e r s a t i o n o r g r o u p meeting or client call,” she says.

But not every generation loves the idea of loungetype spaces and intimate meeting rooms If Millennials look like they’re sitting around chatting, that might be misinterpreted as socializing instead of working. It’s important to explain to doubters that this type of engagement actually helps to promote work, since it plays to Millennials’ strengths and their desire to build connections It’s all about results rather than the way work is being done

The Dawn of the Office Nomad

Although Millennials want to connect in person, they’re also the first digital-native generation, raised with technology at their fingertips. That means technology drives how they work. Carrying around laptops, iPads and smartphones in order to connect anytime, anywhere is second nature to them Being highly mobile, t

T h e c o n c e p t o f “ h o t e l i n g ” i s S i k i c h ’s a n s w e r t o t h e g r o w i n g desire to allow workers to choose where they work every day. O’Connor says she has noticed that young professionals in particular don’t value personal space as much as other generations tend to. “They don’t care as much about putting up pictures and being

tied to their space,” she says “They like to move around ” When you really think about it, making the transition from walking to classes and never being in one place for long to coming to the office and sitting all day can be pretty tough

W h a t ’s m o r e , r e c o g n i z i n g t h a t h e a l t h - c o n s c i o u s M i l l e n n i a l s don’t want to be chained to their desks, more organizations are offering perks like office treadmills, sit-stand furniture, outdoor s p a c e a n d g y m m e m b e r s h i p s A n d h i g h e r- l e v e l e x e c u t i v e s a r e e n c o u r a g i n g y o u n g e r p r o f e s s i o n a l s t o g e t o u t o f t h e i r c u b e s a s much as they can

“ O u r w o r k s p a c e i s d e s i g n e d t o b r i n g b r a i n p o w e r t o g e t h e r, ” says O’Connor “Our partners like to see staff taking advantage of the space.”

The Fight for Talent

For Sikich, workspace design ties in closely with Millennial recruitment and retention O’Connor says she has seen the industry striving to be more in tune with generational needs over the last five years “We want to understand the strengths and challenges of each generation so we can better understand their preferences on how to work more effectively,” she explains.

Creating an office utopia where everyone is comfortable and working effectively can pay off in loyalty, motivation and productivity That blending of needs is critical “With two to three generations in the workplace at any one time, you need to think about everyone,” says Walden

“It’s about evolution, not revolution,” she adds, noting that the transition to an open concept might be difficult for those who have worked hard for their private office space or who need quiet areas for high-concentration work

“Don’t change everything in one day You don’t want anyone to feel written off,” she says. “Not every organization needs to be Google or needs to have an apple orchard in the middle of the office Make things fresh, exciting and new but make sure your efforts are sustainable and true to your organization.”

Millennials will notice those efforts for better or worse “Office

working for you ”

Wolfgram agrees “If young professionals are interviewing and they only see high-walled cubes, and no one is talking to one another, it tells them that a group or team strategy might not be that vital More and more people want to have the opportunity to connect. They don’t want to come to work and feel insignificant.”

Millennials “want that electric feeling. They want to see a space that’s trendy and current. They don’t want to feel like they ’ re joining a dated working environment.”

2013-2014 Board of Directors

CHAIRPERSON

Daniel F Rahill, CPA, JD

FGMK, LLC

VICE CHAIRPERSON

Edward J Hannon, CPA, JD Quarles & Brady LLP

SECRETARY

Scott D Stef fens, CPA

Grant Thornton LLP

TREASURER

Mar y Lou Pier, CPA Pier & Associates, Ltd

IMMEDIATE PAST CHAIRPERSON

William P Graf, CPA Deloitte & Touche LLP

DIRECTORS

Linda S Abernethy, CPA McGladrey LLP

Jared J. Bourgeois, CPA

Mesirow Financial Consult ng, LLC

Rosaria (Rose) Cammarata, CPA

CME Group Inc

Rose G Doher ty, CPA

Legacy Professionals LLP

Eileen M. Felson, CPA, CFF PricewaterhouseCoopers LLP

Gar y S Har t, CPA, MBA

Gar y Har t & Associates Ltd

Lisa A Har tkopf, CPA

Ernst & Young LLP

Margaret M Hunn, CPA, CFE, CFF

Rozovics Group PC

David V Kalet, CPA, MBA

BP Products Nor th America

Thomas B Mur tagh, CPA, JD Wolf & Company LLP

Marcus D. Odom, PhD, CFE, CPA ( nact ve)

Southern Illinois Univers ty

Floyd D Perkins, CPA

Ungaretti & Harris

Kelly Richmond Pope, CPA

Associate Professor of Accountancy

Mark F Schultz, CPA

Dugan & Lopatka CPAs PC

Chapter Presidents

CENTRAL CHAPTER

Susan E Coats

He nold Banwar t Ltd

CHICAGO METRO

Amy K Egelston

CHICAGO SOUTH

Brett A Efimov

Brett A Efimov, CPA Ltd

FOX RIVER TRAIL

Barrett R Peterson

TTX Company

FOX VALLEY

Linday A. Nayder

L A Nayder Enterprises Inc

NORTH SHORE

Bur ton W Goode

Bur ton W Goode CPA

NORTHERN

Jakob J Thompson

Benning Group LLC

O'HARE

Doris R. Johnson

WESTERN

John T. Kustes

American Bank & Trust Company, NA

Committee Chairs

ACCOUNTING PRINCIPLES

Scott G Lehman

Crowe Hor wath LLP

Amanda M Rzepka*

Jet Suppor t Ser vices, Inc

AUDIT & ASSURANCE SERVICES

Elizabeth J Sloan

Grant Thornton LLP

James R Javorcic*

CBIZ / Mayer Hof fman

McCann P C

EMPLOYEE BENEFIT PL ANS

Nicholas Cheronis Ver sight Group

ETHICS

George Heyman

Retired -Oakton Community College

Gar y E. Kemnitz*

Borhar t Spellmeyer & Co

FINANCIAL & TREASURY

MANAGEMENT

Mar y Lou Pier

Pier & Associates Ltd

GOVERNMENTAL ACCOUNTING EXECUTIVE

Kenneth N Oliven City of Park Ridge

GOVERNMENTAL REPORT REVIEW

Patrick C McCar thy

O Connor, Brooks & Co , CPA's

ILLINOIS CPAS FOR

POLITICAL ACTION

Lawrence A Wojcik

DL A Piper US LLP

The Illinois CPA Society applauds its outstanding volunteer leaders. Their tireless dedication and contributions help elevate the Society as the premier organization for CPAs and finance professionals.

NOMINATING

William P Graf Deloitte & Touche LLP

NOT-FOR-PROFIT ORGANIZATIONS

Howard I Blumstein

BDO USA, LLP

PEER REVIEW REPORT

ACCEPTANCE

Catherine L Allen

Guthof f Meha l Allen & Company PC

Rober t J Giblichman*

Warady & Davis LLP

REGUL ATION & LEGISL ATION

Floyd D Perkins

Ungaretti & Harris

TAX ADVISORY GROUP

Geof frey J Harlow

Kessler Orlean Silver & Co, PC

TAXATION BUSINESS

Mark W. Wolfgram

Be Brands USA

TAXATION ESTATE, GIFT AND TRUST

Jef frey T. Conrad Wolf & Company LLP

TAXATION EXECUTIVE

Gregor y M Ciokajlo

Ciokajlo, Hein & Associates Inc

Jef fer y A Rozovics* Rozovics Group, LLP

TAXATION FLOW-THROUGH

ENTITIES

Jeremy A Dubow NDH Group Ltd

TAXATION INDIVIDUAL

Dmitriy Polyakov

S&P Tax Solut ons Ltd

TAXATION INTERNATIONAL

David M Henderson

Duggan Ber tsch, LLC

TAXATION PRACTICE & PROCEDURES

Brian A Daly

Bottom Line Solutions Ltd

TAXATION STATE & LOCAL

JoAnna F Simek Wolf & Company LLP

WOMEN'S EXECUTIVE

Kimberly R Rice

R&M Consulting LLC

Conference Planning Task Force Chairs

ACCOUNTING & AUDITING

Scott G. Lehman Crowe Hor wath LLP

ADVANCED TOPICS IN FLOWTHROUGH TAXATION

Elizabeth K Stainer Miller Cooper & Company Ltd

BUSINESS VALUATION

Fred H Jahns Brookwood Vance LLC

CONSTRUCTION

David S English Clif tonLarsonAllen LLP

EMPLOYEE BENEFITS FALL

Mark A. Yahoudy Verisight Group

EMPLOYEE BENEFITS SPRING

Kathleen A Musial

BIK & Company LLP

ESTATE & GIFT TAX

Diann L. Finley

Diversified Financial Management

FINANCIAL INSTITUTIONS

Mark A Taylor

Crowe Hor wath LLP

FRAUD AND FORENSIC SYMPOSIUM

Kenneth B Mathieu

PricewaterhouseCoopres LLP

GOVERNMENT

Ir win A Lyons

Miller Cooper & Company Ltd

HEALTHCARE COMPLIANCE & FRAUD

Howard L Stone

Stone McGuire & Siegel PC

MANUFACTURING

Rober t G Lindeman

Over ture Group LLC

MIDWEST FINANCIAL REPORTING

SYMPOSIUM

David L Landsittel

David L Landsitte , CPA

NOT-FOR-PROFIT ADVANCED AND EMERGING ACCOUNTING AND A-133 ISSUES

Howard I. Blumstein

BDO USA LLP

NOT FOR PROFIT ROSEMONT

John M Fedus

Mue ler & Company LLP

NOT FOR PROFIT SPRINGFIELD

Phillip G. Capps

Kerber, Eck & Braeckel LLP

STATE & LOCAL TAX

Christopher F Beaulieu

Clif tonLarsonAllen LLP

TAX

Member Forum

Group Chairs

FUTURES SECURITIES & DERIVATIVES

Vincent A Cur ttright McGladrey LLP

NOT-FOR-PROFIT

Raymond S. Naegele Medical Librar y Association

Task Force Chairs

COMMITTEE STRUCTURE & VOLUNTEERISM

Margaret M. Hunn Rozovics Group, LLP

CPA EXAM AWARD PROGRAM

Michael C Kidd Mower y & Schoenfeld LLC

DIVERSIT Y INITIATIVES

Elizabeth A Murphy

DePaul University

LEGISL ATORS TAX GUIDE

Victor V. Scimeca

Victor V Sc meca, CPA

LIFETIME ACHIEVEMENT AWARD

William P Graf Deloitte & Touch LLP

OUTSTANDING EDUCATOR AWARD

Brent A Baccus

Washington Pittman & McKeever

OUTSTANDING LEADERSHIP IN

ADVANCING DIVERSIT Y AWARD

Kenneth K Odom A lstate Insurance Co

SCHOL ARSHIP SELECTION

Kenton J Klaus Deloitte LLP

WOMEN'S INITIATIVES

Andrea R Gonzalez

Alvarez & Marsa G obal Forens c & Dispute Ser vices, LLC

YOUNG LEADERS ADVISORY

Jonathan W Hauser

KPMG LLP

Damien R Mar tin

Wolf & Company LLP

YOUNG PROFESSIONALS GROUP

Mar trice Caldwell

JoAnna F Simek Wolf & Company LLP

TAX PRACTICE & PROCEDURES

Deborah L Kur tzke

Grieco Kur tzke & Adelman LLC

TAXATION ON REAL ESTATE

Douglas Har t DAD Associates LLC

YMCA of Metropolitan Ch cago

Amanda M. Rzepka

Jet Suppor t Ser vices, Inc

YOUNG PROFESSIONALS

LEADERSHIP AWARD

Kimberly R Rice

R&M Consult ng LLC

*Vice Chair

All Things Being Equal

The trend of equal- sized firms coming together to achieve their goals is catching on Is it right for you?

Wh e n I s p o k e w i t h y o u a y e a r a g o , I thought I was being bold when I predicted accelerated consolidation across the industry. Unfortun a t e l y, I m i s r e a d t h e m a r k e t ; i t h a s s e e n m e rg e r frenzy!” Allan D Koltin, CPA, CEO of Koltin Consulting Group Inc , tells me

Factors driving this frenzy are multifold “CPA firm owners are rapidly aging, and a lot of them just don’t have an exit strategy,” says Trent Holmes, l e a d b r o k e r o f T h e H o l m e s G r o u p , a p a r t o f Accounting Practice Sales “They think the only way to get out of the business is to merge or sell; we’re also seeing young talent looking to buy-in ”

“It’s estimated that over 60 percent of partners are 55 or older. If you assume that most will retire between 60 and Social Security age, you’ll quickly realize there’s an incredible void that needs to be filled,” says Koltin “Of course, what most exiting partners are concerned with is how they’ll unlock the value of the business they built ”

U n p r e p a r e d a n d u n d e r p r e p a r e d f i r m o w n e r s tend to respond with two reactive strategies: One, leave the firm in the hands of its young talent and hope they’ll keep it going and growing enough to fund partner retirements; and two, eagerly sellout to a larger, more financially capable firm

Koltin says these knee-jerk reactions account for nearly two-thirds of the M&A activity he sees today But a third, more proactive strategy is rightly gaining market share: The purely strategic combination of healthy, equal-sized firms that together can accomplish more than they ever could independently.

“If you asked me about lateral mergers three or four years ago I would have said there's no such thing as a merger of equals in the accounting profession Today, I have to tell you a different story,” says Koltin.

He explains that it all starts with the "Bigs," then migrates to the "Mids" and then trickles down to the "Smalls " In recent years the industry has seen several Bigs (firms with $250mm-plus in revenues) come together to form new national top 10 accounting firms, proving that mergers of equals can a n d d o w o r k v e r y w e l l N o w w e ’ r e w a t c h i n g a nationwide trend of equal-sized firms of all revenue sizes coming together to achieve their goals

“If you don’t grow, you die a slow death,” Koltin t o l d I N S I G H T M a g a z i n e a y e a r a g o , a n d h e ' s telling us again

“The asset in this business is the people your clients and your staff If you don’t grow in size, scope and talent, you run the risk of your clients outgrowing your depth, specializations and resources,” he urges

The same rings true from a talent standpoint In a f i e rc e l y c o m p e t i t i v e i n d u s t r y, t h e t o p t a l e n t d e m a n d s g r o w t h o p p o r t u n i t i e s . T h e b e s t w a y t o unlock those opportunities is by expanding revenues, services and client bases that support the space for future partners

“Maybe one firm is strong in audit, but not in tax,” Holmes suggests, “but together they can crosssell a lot of opportunities that each is currently leav-

ing on the table Another instance of a lateral merger that works out well is when two specialized firms combine to serve a similar niche market, allowing them to diversify the practice and better utilize their staff throughout the year.”

“ B e s i d e s t h e p r o d u c t / s e r v i c e - f o c u s e d mergers, geographic expansion is a huge driver of the strategic mergers we are seeing today,” adds Koltin. “A firm that is big in Wisconsin may want to expand into Illin o i s o r v i c e - v e r s a . R a t h e r t h a n ‘ g r e e nfielding’ it in the new locale by relocating existing staff into a new, unknown office, the best way to expand into a new region i s t h r o u g h a c o m b i n a t i o n w i t h a k n o w n c o m m o d i t y i n t h e t a rg e t m a r k e t , w i t h existing contacts, partners and staff, and a strong reputation in the community ”

“When two firms share a common intere s t a n d g o a l , p e r h a p s t o p r o v i d e n i c h e s e r v i c e s , c a t e r t o s i m i l a r i n d u s t r i e s , o r d i v e r s i f y t h e i r o f f e r i n g s t o b e t t e r u t i l i z e t h e i r s t a f f , a s l o n g a s t h e y c o m p l e m e n t each other, we may recommend exploring a lateral merger,” Holmes adds.

Making the decision to explore a lateral merger is the easy part; actually finding a suitor and committing to the combination is trickier.

“Without question there are instances where it’s beneficial for two firms to move laterally, but there are so many challenges and obstacles that come along with it that we see very few actually come to fruition,” cautions Holmes. “If it isn’t going to benefit both parties, it shouldn’t happen to begin with. That’s why matching up with a firm that shares similar thoughts, ideas, morals, cultures and practices is the key to success. At the end of the day, you have to feel confident putting your clients into the new entity’s hands the client is your future ”

“When I facilitate merger discussions, I t r y t o c e n t e r t h e f o c u s n o t o n F i r m A o r Firm B we’ll get too hung up on ‘we’ and ‘they’ but on Firm C, the firm they’re trying to create together,” says Koltin. “I find that when firms can get out of the ‘Us vs Them’ mentality and really talk about the best practices of the firm that they’re trying t o c r e a t e , a l o t o f t h e s t u b b o r n n e s s a n d egos fall by the wayside ”

Partner problems, butting heads, more people to answer to Our experts warn that the biggest pitfall by far is pre- and postmerger culture clash, especially among partners.

“Once in a while I get a call like, ‘Hey Allan, we’ve been together for a year now

but we’d like you to come in for a couple of days; we have some unresolved issues dealing with compensation, governance and culture,’ and I’ll think, ‘Oh my god, they never really merged!’” Koltin quips “Firm size doesn’t matter because there is no such thing as a merger of two firms it’s a merger of individual partner agendas.”

Who is going to give up more control?

H o w i s t h e c o m p e n s a t i o n g o i n g t o b e s t r u c t u r e d ? W h a t r o l e i s e a c h p a r t n e r g o i n g t o t a k e o n ? W h o s h o u l d r u n t h e audit group? Who should be the managing partner? Who should be on the executive committee? What will the billing rates be? Whose software will we use? What offices will we keep? Do we need the overall staff or will we let some go? Can we attract bett e r t a l e n t ? W h a t c u l t u r e w i l l w e a d o p t ? W h a t m o d e s o f s e r v i c e d e l i v e r y w i l l w e offer? These are all things that need to go i n t o t h e b u c k e t f o r n e g o t i a t i o n a t e v e r y merger talk

“I will tell you this, it’s much better to d e a l w i t h a l l o f t h e s e i s s u e s b e f o r e t h e merger,” says Koltin, who offers four tips:

1 You need complete transparency

“You have to put everyone’s agendas on t h e t a b l e s o t h e y c a n b e t a l k e d a b o u t before rather than after the fact,” he says.

2 Focus on leadership polarity

Who will be leading the firm? Will there b e c o - m a n a g i n g p a r t n e r s ? W h a t r o l e s , r e s p o n s i b i l i t i e s a n d a u t h o r i t y w i l l e a c h position have?

3. Flesh out compensation

“ T h i s i s a l m o s t a l w a y s a n i s s u e , ” w a r n s Koltin How will it work? For example, if one firm is very formularized, basing compensation on measurable production stat i s t i c s , w h e r e a s t h e o t h e r f i r m l o o k s a t intangibles and things that are harder to m e a s u r e , h o w w i l l t h o s e d i f f e r e n c e s b e reconciled?

4 Don’t underestimate culture

How will you recruit, retain and treat your p e o p l e ? W h a t b e n e f i t s w i l l y o u o f f e r ? W h a t k i n d s o f s t r a t e g i c i n v e s t m e n t s w i l l you make?

“Usually, if all parties are still standing a f t e r t h e s e f o u r i t e m s a r e f l e s h e d o u t , t h e r e ’s a g o o d c h a n c e t h e m e rg e r w i l l work,” says Koltin “For every three discussions I enter into, two never move past t h e s e i s s u e s B u t I a l w a y s t e l l p e o p l e , sometimes the best mergers are the ones you don’t do.”

Gamers Wanted

Plenty of companies are getting serious about fun with amazing results

Some companies spend literally years talking about how to better incentivize employees and clients The Holy Grail most are looking for varies, from increased client conversion rates and employee productivity to lower costs and reduced downtime.

But talk is cheap It’s time to stop all the fooling around and get serious We want to talk to you about games. Serious games Gamification, to be exact

If you’re ready to turn the page, thinking that as a financial executive you don’t need t o k n o w a b o u t s u c h “ f l u f f , ” don’t. That attitude is so very yesterday.

Just ask the executives at Nextjump, who used gamification to get two-thirds of their employees to hit the gym regularly Think about the health premium savings

OPower reduced measurab l e e n e rg y c o n s u m p t i o n b y $ 1 0 0 m i l l i o n - p l u s t h r o u g h g a m i f i c a t i o n I t s p a r t n e r s h i p w i t h o v e r 9 0 u t i l i t y c o m p anies around the world benef i t e d , b u t s o d i d c o n s u m e r s who saved on energy costs.

And thanks to online game Foldit, gamers solved an AIDS question that had plagued scientists for years and they did it within three weeks.

In short, gamification is serious business. You want results? Then make things fun

The Science of Gamification

“Gamification is basically adding the fun, exciting aspects of playing a game into the routine aspects of your daily life,” says You-kai Chou, a gamification guru and partner at the Enterprise Gamification Consultancy (EGC)

B u t t h e r e ’s a v e r y s p e c i f i c s c i e n c e b e h i n d t h i s innocuous-sounding trend.

“Game design is crucial,” says Doug Palmer, principal and social business practice lead for Deloitte Consulting. “It’s not a design-it-once-and-you’redone thing It’s continually updating the process to keep the game dynamic and to make sure it meets your users’ needs for fun and interest.”

C o m p a n i e s a r e u s i n g t h e s o m e w h a t a d d i c t i v e aspect of gaming for their greater good From getting employees to report hours worked in a timely fashion to asking key customers for help in product d e s i g n , g a m i f i c a t i o n i s f a s t b e c o m i n g a p a r t o f everyday business

Human Nature & Game Design

C h o u h a s c r e a t e d a f r a m e w o r k t h a t e m p h a s i z e s “core drives” to which he sees every human being responding in some combination. While not every core drive applies to every employee or customer, some mix of them will

O t h e r c o m p a n i e s a n d e x p e r t s h a v e t h e i r o w n versions, and while all differ slightly, the basic message is the same: Find out what makes people tick, add an element of fun and uncertainty, and you can motivate them to do just about anything

Chou’s framework includes:

Meaning. Many people are motivated when they feel they’re part of something larger than themselves

“Company missions are built in this vein,” says Chou “Think of Google’s and the number of Google employees who live it like a personal creed: To organize the world’s information and make it universally accessible and useful Find a game that provides people with a means to work toward higher meaning and you’ve upped motivation incredibly.”

Prepare to be amazed!

An unparalleled user learning experience.

Re-engineered with you in mind - our new suite of online programs and events engages you like never before. Take part in a learning experience that puts you in control while you earn CPE credits from your home or office.

Formatted in a newsroom setting, these live hosted events feature guest speakers and engage the audience in an interactive presentation unlike any other.

•Exciting newscast format

•Compelling topics with practical takeaways

•Interactive Q&A sessions

Anytime, anywhere. Earn your CPE credits from an ever-expanding catalog of over 100 courses and events.

•Narrated courses guide your learning

•New courses featuring gaming technology

•100+ courses available in a full range of topics

www.icpas.org/education.htm

We are pleased to announce the publication of . . .

Guide to Intangible Asset Valuation

by Robert F. Reilly and Robert P. Schweihs

Accomplishment or Mastery. Points, badges and leaderboards all fall into this category “They give people a sense of accomplishment,” says Chou “These alone do not a good game make. But incorporated into good design, they’re key to showing progress, both to the individual and his or her peers.”

Empowerment. “Why do children play with Legos, besides because they’re fun?” asks Chou “Because they’re empowering There are no rules, just creativity to build your own universe. Adults are not so different in their need for control ”

This 700-page book, published in 2013 by the American Institute explores the disciplines of intangible asset analysis, economic damages, and transfer price analysis. Guide to Intangible Asset Valuation examines the economic attributes and the economic and transfer the value of intangible assets and intellectual property.

Illustrative examples are provided throughout the book, and detailed examples are presented for each generally accepted intangible asset valuation approach and method.

Available for purchase for $122.50 plus shipping from www.willamette.com/ books_intangibles.html.

Robert Reilly and Bob Schweihs are managing directors of Willamette Management Associates, an intangible asset and intellectual property analysis, business valuation, forensic analysis, and financial opinion firm.

Willamette Management Associates www.willamette.com

Ownership & Possession. “Virtual currencies fall into this category,” says Chou “You want to continue to improve whatever it is you ‘own’ within the game be it your skills, your street cred or something else more tangible ”

S o c i a l I n f l u e n c e s & R e l a t i o n s h i p s . “Even in a virtual world, people want to brag around the water cooler,” says Chou.

“ B a d g e s a n d l e a d e r b o a r d s a r e o n e w a y toward that But so are mentoring and visi b l e t h a n k y o u s . A p e r s o n ’s s o c i a l s t a t u s within the group usually matters to them ” Scarcity. “When any form of currency is in demand but scarce, many people will want it just because they can get it Prize p a c i n g i s a n e x a m p l e i n t h e c o r p o r a t e s p h e r e ; n o t e v e r y o n e c a n h a v e w h a t ’s being offered so those who can attain it want it more.”

U n p r e d i c t a b i l i t y & C u r i o s i t y. “ N o t knowing what will happen next is addicting,” says Chou “And can be so in a good way if a game is designed correctly This is one of the reasons you need to change it up often Too much predictability kills the user ’s motivation ”

L o s s Av o i d a n c e . “ M a n y p e o p l e g e t stuck in the status quo and are comfortable there,” says Chou, “which is genera l l y n o t g o o d f o r a c o m p a n y A w e l ldesigned game prods them out of the status quo because they must act in order not to lose what they have ”

Playing in the Real World

Gary Milwit, senior VP of sales and business development at Stone Street Capital, is no stranger to gamification. “It’s been

around forever,” he says “We just didn’t call it by such a fancy term. If you have s a l e s f o rc e s , y o u ’ v e h a d g a m i f i c a t i o n i n some way, shape or form in your incentive p r o g r a m s T h e r e j u s t w a s n ’t t h i s m u c h technology behind it in the past.”

Milwit chose a Hoopla system to motivate and track his sales team’s successes. When the NCAA basketball tournament came around, his teams played a Stone Street version of March Madness All office whiteboards came down and info went online, replete with whistles, bells, badges, theme songs and photos He also needed his t e a m s t o b e t t e r d o c u m e n t t h e i r s a l e s processes, since a lot of key details were getting lost in the mix “We could never get the compliance we wanted,” he says “Once we put that metric into the game, o u r d o c u m e n t a t i o n w e n t t o 1 0 0 p e rc e n t across the board.”

Palmer recalls an example from an event panel he served on recently. “A sales team needed some help getting out there and making a proper presentation to the client. So the company started to gamify it, giving points for just making the presentation, regardless of whether the sale was closed Their sales went up 250 percent, mainly because their teams started to interact more, sharing what was working in presentations and what wasn’t If they would have said, ‘Increase sales by 250 percent,’ they probably would have had people walking out the door. But by gamifying it, they accomplished the goal with less pain and their people enjoyed the process.”

Leave Assumptions at the Door

M a n y e x e c u t i v e s a s s u m e g a m i f i c a t i o n i s best applied to the Gen Y demographic Not so, says Chou. “The average gamer is 37 years old And more adult women play games than males under 18. Chances are your employees like to game, whether it’s C a n d y C r u s h , F a r m v i l l e o r s o m e t h i n g more hard core ”

“Gamification is not gaming,” stresses Palmer “But some of the same principles apply. It’s about getting people to do what you need them to do, yes, but it’s bringing an element of fun and unpredictability to the table And that’s probably overdue in corporate America.”

“From getting employees to report hours worked in a timely fashion to asking key customers for help in product design, gamification is fast becoming a part of everyday business.”

On Cloud 81/2

The cloud is here to stay But expect some challenges mixed in with all those benefits

The cloud is among the “most transformative” t e c h n o l o g i e s i n t h e p r o f e s s i o n a l a c c o u n t i n g a n d f i n a n c e a r e a , a c c o r d i n g t o S e t h P o m e r o y o f Chicago-based accounting/tax solutions specialist N D H G r o u p I n f a c t , a s t u d y c o n d u c t e d b y I T r e s e a rc h f i r m G a r t n e r, I n c . s t a t e s t h a t , “ A s e c onomic pressures increase and other factors come into play, such as resource limits and skill shortages, organizations have expressed an overwhelming interest in cloud computing and other options that externalize IT.”

Essentially, businesses are realizing two key fact o r s , i n w h i c h c l o u d c o m p u t i n g p l a y s a p i v o t a l r o l e : F u n c t i o n a l i t y s p e c i f i c t o t h e i r v e r t i c a l m a rk e t s c a n t r a n s f o r m o p e r a t i o n s , a n d o u t s o u rc i n g software maintenance creates real returns. And so,

i t s e e m s , c l o u d c o m p u t i n g ’s d o m i n a n c e o f I T budgets will continue.

E d Vr a b l i k , V P o f A d v i s o r D e v e l o p m e n t a t Greater Chicago Group (GCG Financial, Inc ), Bann o c k b u r n , I l l , r e m e m b e r s t h e p r e - I n t e r n e t d a y s , “when technology was considered to be using an HP financial calculator. Now the high-tech solutions are so robust and so fast These tools do make financial advisors more efficient with our time and make our jobs easier,” he says

R o b u s t w e b - b a s e d f i n a n c i a l m a n a g e m e n t s y st e m s s u c h a s I n t a c c t a n d N e t S u i t e a r e “ t h e n e x t level up in technology,” says Pomeroy, partner-inc h a rg e o f a c c o u n t i n g t e c h n o l o g y a n d C F O o u tsourcing at NDH. “They can save a lot of time and help to solve a lot of problems,” most notably, he s a y s , f o r i n t e r n a t i o n a l f i r m s , m u l t i - e n t i t y f i r m s , firms dealing in multiple currencies, firms needing t o i n t e g r a t e c u s t o m e r r e l a t i o n s h i p m a n a g e m e n t (CRM) systems and firms with more sophisticated inventory needs (Note: NDH Group is an Intacct Partner and a NetSuite Referral Partner, and also p a r t i c i p a t e s i n t h e I n t a a c t A c c o u n t a n t P r o g r a m [ I A P ] , a p r i v a t e c o m m u n i t y f o r a c c o u n t i n g o u tsourcers and accounting firm partners )

Ease of use is another motivator, and one that led independent wealth-management firm Balasa Dinv e r n o F o l t z L L C ( B D F ) t o e m b r a c e c l o u d - b a s e d software applications, including portfolio programs used to construct indices and MoneyGuidePro, a client-centered solution used to run detailed financ i a l / r e t i r e m e n t c a s h f l o w p r o j e c t i o n s S t i l l , t h e larger share of BDF’s infrastructure is housed internally on Microsoft SQL servers capable of handling terabytes of data

“We need a lot of horsepower,” explains Mark Balasa, CPA, CFP, co-CEO and chief investment officer. BDF has evolved into a fee-only firm with more than $2 8 billion under management, serving more than 750 clients, including private investors, retirement plans, charities, nonprofit organizations, trusts and corporations with assets in excess of $1 million.

Technology can go only so far in building a sound client base, however Consider that, “In 1981, only about 1 percent of life i n s u r a n c e s o l d d i d n o t c o m e t h r o u g h financial advisors or agents,” Vrablik urges. In 2014, despite all the technology availa b l e , “ t h a t n u m b e r i s s t i l l a r o u n d 1 p e rcent The needle hasn’t moved at all Also, p e o p l e a r e s a v i n g l e s s m o n e y n o w t h a n before the Internet ” This is precisely why h e v i e w s h i m s e l f a n d h i s c o l l e a g u e s a s “priests, rabbis and pastors saving clients from committing financial suicide ”

“Technology never will replace people in our industry,” he explains “People are still people,” and no advanced technology can ask the personal questions that need to be asked when someone is spending $5,000 for a detailed financial plan questions such as, “What is important about money for you? What motivates you?” Vrablik offers as examples. No software program or application in the cloud can “create that flash of excitement that can get someone to move forward,” he contends Only a human being with passion can do that.

Another drawback, he adds, is that techn o l o g y w i l l n e v e r i d e n t i f y a p r o s p e c t ’s “dangers”; the concerns that keep them up at night: “Funding a college education or r e t i r i n g w i t h d i g n i t y, p e r h a p s , ” Vr a b l i k o f f e r s . Wi t h m e g a o n l i n e s e a rc h e n g i n e s like Google at people’s fingertips, there’s a l m o s t t o o m u c h i n f o r m a t i o n a v a i l a b l e today, he explains “It’s classic paralysis by a n a l y s i s . M y b e s t c l i e n t s u s e m e a s a n information filter to make sense of it all ”

The bottom line for Vrablik: “Technology may aid in presentation and training, but you still need to get in front of people ”

Security is another top-of-mind concern for many firms Resilient computer hackers are like virtual burglars If they really want to get into a system, the resourceful ones will find a way When it comes to Internet security, even the smartest IT people can g e t q u i t e b a s i c w i t h t h e i r e x p l a n a t i o n o f dangers and pitfalls

“If you can get out, they can get in,” print scientist and inventor Henry Freedman once told me. That was nine years ago, and the premise still holds today Security breaches have been all over the news, from JPMorgan Chase and Target to the most recent “Heartbleed” online security flaw.

Undoubtedly, there are pros and cons

But cloud computing is now a permanent fixture on the technology landscape It’s up to individual firms to decide how far into the cloud they want to go

Cut through the clutter

• Multiple content providers in one easy to use platform

More than 1,500, educational offerings

• Search by topic, practice area or job function

Private course catalog

• Organize and manage programs taught in-house

Customizable development plans

• Monitor and guide the training of your staff

Comprehensive transcript of completed programs

• Taken both within and outside of knowledgehub

• Store certificates of attendance

Compliance tracking for:

• CPA licensing in all states

• Other credentials such as CMA, CIA, CFE, and CFP, as well as Yellow Book

SPECIAL AGENTS

Ready to fight crime and save the world? Then gear up for a job as a federal field agent.

By Sheryl Nance Nash

The FBI, CIA and Department of Homeland Security (DHS) are the stuff of Tom Clancy and Robert Ludlum not typically what the public associates with financial types That is, until you realize that most crimes are motivated by money, as Al Drucker, a former IRS Special Agent, will tell you “CPAs have the financial acumen that makes them extremely valuable It takes the trained eye of a financial investigator to uncover the paper trail,” he says

Think of asset forfeiture investigations, for instance, where the government is attempting to seize assets used to commission criminal activity “The FBI desires those with accounting degrees and preferably with their CPA license CPAs can assist agents when analyzing financial statements and other complex monetary documents that require expertise in journals, ledgers, and so on,” Drucker explains

“Every agency has financial investigation positions,” adds Stephen DiCiurcio, who served as a Senior Special Agent with the U S Customs Service as well as the Department of Homeland Security’s Immigration and Customs Enforcement (ICE) But just because you’re a CPA doesn’t mean you’ll be assigned to a finance division. “You could be investigating international trade fraud or terrorism Money is always involved in crime,” he says

And so, how does a CPA win a first-class ticket to Special Agent status? We’ll tell you

Begin the Hunt

“Many positions, like Special Agent or Investigator, are classified as ‘competitive service’ positions That means applicants have to compete with other applicants in open competition under the merit system administered by the Office of P e r s o n n e l M a n a g e m e n t , ” e x p l a i n s G l e n J e n k i n s , C PA , a f o r e n s i c a c c o u n t i n g s p e c i a l i s t a n d d i r e c t o r i n t h e A t l a n t a o f f i c e o f C o n w a y M a c K e n z i e , a c o n s u l t i n g a n d f i n a n c i a l advisory firm The first step for CPAs interested in working for one of the federal agencies is to review current openings at USAjobs gov

T h e r e a r e s o m e a g e n c i e s a n d s o m e p o s i t i o n s , h o w e v e r, that are exempt from open-competition standards, and have their own hiring and evaluation systems These are classified as “excepted service,” and most often include national security and intelligence-gathering functions Visit each agency’s website [FBI.gov, CIA.gov and DHS.gov] to find exceptedservice positions

“As you would imagine, the process is extraordinarily detailed and can be very time-consuming,” Jenkins explains “Many of the competitive-service positions have strict deadlines for completing the initial application process It’s very important to thoroughly review the application process and complete each step as outlined.” If you don’t follow the instructions to the letter, you may be disqualified, regardless of how exceptional a read your resume might be.

And remember, the competition will be stiff and the job requirements tough. Enforcement Agents in the Department o f H o m e l a n d S e c u r i t y, f o r e x a m p l e , r e q u i r e 2 2 w e e k s o f enforcement training at the Federal Law Enforcement Training Center in Brunswick, Ga , and FBI Special Agents spend 20 weeks training in Quantico, Va The CIA’s Headquarters Based Trainee (HBT) Program includes orientation, introductory field tradecraft training and interim assignments in multiple departments.

If you want to truly stand out, having your CPA and prior military or law enforcement experience will give you a definite edge, as will proficiency in a foreign language “Right now the languages in high demand include Mandarin, Farsi,

says Jenkins

As with all things career, who you know is critical “Networking for work with government agencies isn’t all that different from networking for leads in the private sector Distinguish yourself, find someone to introduce you, research the agency and be committed f o r t h e l o n g h a u l , ” s a y s C a r t e r S m i t h , J D , P h D , D e p a r t m e n t o f Criminal Justice Administration at Middle Tennessee State University “LinkedIn is the best place to start,” he adds

In particular, seek out and participate in LinkedIn forum groups that are related to forensic accounting or fraud examination. “Initiate contacts within those groups that have current or prior careers with related service agencies you are interested in and ask them for advice,” Jenkins suggests Professional organizations, like CPA s o c i e t i e s a n d t h e A s s o c i a t i o n o f C e r t i f i e d F r a u d E x a m i n e r s , a r e other valuable networking sources

What’s more, many government agencies have human resources departments through which you can schedule an informational interview It’s the ideal opportunity to learn as much as you can about your target agency

A w a r n i n g t h o u g h : “ I f y o u ’ r e n o t s q u e a k y c l e a n d o n ’t e v e n b o t h e r a p p l y i n g , ” s a y s f o r m e r F B I S p e c i a l A g e n t K e n M c G u i r e , CPA “Your ‘secrets,’ whether financial or personal, will be discovered. The company you keep and have kept counts, too.”

And it goes without saying, “Never misrepresent anything on your forms or history. Deception is the biggest reason otherwise qualified new agent candidates fail,” warns Ronald Durkin, a former FBI Special Agent and currently the national principal in charge of Fraud & Misconduct Investigations at CliftonLarsonAllen

Prep for a Unique Experience

For those lucky enough to be called in for an interview, be prepared to answer questions that demonstrate your effective coping s k i l l s , s t r o n g s e l f - i m a g e a n d p o s i t i v e a p p r o a c h t o l i f e “ T h i s i s because people who are mentally fit demonstrate self-control and make good choices,” says Jenkins.

Focus on your skill sets and how they’re critical to the position you’re interviewing for Be confident in who you are “You don’t necessarily have to have been at the top of your class from an Ivy League college What’s important is that you have performed well on your job, that you have had situations where you had to make hard decisions and you stood up and did the right thing, particularly if others didn’t,” says McGuire

If you make the cut, you’ll be introduced to a whole new world of training. For example, at the FBI you’ll take classes in law, interv i e w i n g , p h o t o g r a p h y, a n d v a r i o u s o t h e r a s p e c t s o f t h e f e d e r a l investigation process, but “You won’t live in the classroom. The new agent needs to learn how to shoot and pass a variety of physical fitness tests,” says Durkin “For those who enjoy the combination of mental and physical, the FBI is the place for you.”

That combination of mental and physical toughness is essential “If you or someone near you is threatened, would you have the courage to protect yourself and the others around you by shooting the suspect? If you needed to arrest someone and they resisted, would you be physically capable of taking them down and putting handcuffs on them?” Durkin asks.

Post-training, making the leap from the public accounting or corporate world into life as a government agent is a pretty big deal

“If you want to work in a law enforcement capacity you need to transition your mindset from reactive responding to a problem

to proactive finding problems/crimes based on indicators,” says Smith “You’ll need to be innovative and demonstrate many of the qualities of an entrepreneur ”

At the same time, “Behavior is more regimented. Bureaucratic rules are prevalent Levels of hierarchy, both hard, documented levels and soft, practical levels, can have a significant impact It’s important to have a willingness to learn your agency what the department does and what the agency does. Many have a strong sense of mission that impacts your daily life,” says John Owen, a VP with specialized staffing firm Robert Half

Money Highs & Lows

“I believe the majority of the beginning base salaries for positions we’re talking about are commensurate with mid-level CPA positions in the public and private sector,” says Jenkins. “Looking at the positions listed on USAJobs gov and the agencies’ individual websites, you’ll see that starting positions are typically between $46,000$70,000 If you’re currently a government employee, base pay can be much higher based on current grade and step level.”

However, if you’re a more senior-level CPA, a partner or CFO, you may find the payscale to be below what you are currently m a k i n g “ Yo u d o n ’t e x p e c t t o g e t w e a l t h y a s a g o v e r n m e n t employee. For most, the pay is not the primary motivation for these types of jobs. You will be well compensated. The long-term benefits are attractive and the sense of patriotism, national service and pride cannot be adequately measured,” says Jenkins

That said, salaries can ramp up quickly, DiCiurcio explains, “Special Agents in the DHS can work their way up to $100,000-plus.”

Rewards & Challenges

DiCiurcio has worked on complex, parallel financial analyses that were key to the arrest and prosecution of serious violators of the law, and that resulted in millions of dollars in asset seizures He traveled the globe and was involved in numerous undercover and electronic surveillance operations. Basically, he’s pretty much seen it all, from big tax cases, terrorist funding and loan/bank fraud, to i m m i g r a t i o n f r a u d , m o n e y l a u n d e r i n g , t r a d e f r a u d a n d m o r e “Many of my cases were significant and complex I like to think I was a part of a team that did something good for our country and society,” he says

Work schedules are nothing less than high-octane, and attention to detail is absolutely essential, adds McGuire “Working with the FBI was certainly a juggling act,” he says. “ It wasn’t unusual to be working on as many as 50 small investigations at a time, or 10 to 15 bigger cases at a time ” He tackled bank failures, as well as sophisticated, complex crimes like money laundering

“ T h e r e a l i t y i s , c a s e s d o n ’t g e t s o l v e d i n a n h o u r, ” M c G u i r e explains. “You’re always on the go. Most of the work is done outside of the office I’ve done some ‘acting,’ working undercover, like when I pretended to be a potential investor in a case dealing with someone who was defrauding investors And I had to stay in shape We were allowed to workout during the day for three hours each work week to help us keep fit

“There is a camaraderie that comes from working on high-intensity investigations together,” he adds “I spent the last 30 years learning something new every day.”

All The Details

DHS [DHS.gov]

Salar y: Compensation depends on the division and position you enter into As a general guide, new agents often start in the GS 7-9 pay grade, earning approximately $34,000-$42,000

Requirements: Many positions require at least a Bachelor ’ s degree, with majors in accounting, finance, criminal justice, computer science or a foreign language at the top of the preferred list Candidates must be U S citizens and at least 18 years of age at the time of application. There are additional career-specific degree, experience and fitness requirements, which you can explore on the DHS gov website What ’ s more, candidates undergo a thorough background check, medical exam, drug screening, credit check and, possibly, fitness tests

Training: Immigration and Customs Enforcement Agents and Investigators undergo 22 weeks of training at the Federal Law Enforcement Training Center in Brunswick, Ga.

How to apply: Visit DHS USAJobs gov, create an account and follow the application instructions to the letter.

FBI [FBI.gov]

Salary: New Special Agents in their first field offices earn between $61,000-$69,000, depending on the region of the country to which they ’ re assigned Senior executive services salaries start at approximately $120,000 Generally speaking, pay varies depending on experience, education and location

Requirements: For most positions, candidates must be citizens of the United States or the Northern Mariana Islands, be 23-37 years of age upon appointment as a Special Agent, have a 4-year degree from an accredited college or university or one of the regional or national institutional associations recognized by the U S Secretary of Education, have a valid driver ’ s license, and be available for assignment anywhere in the FBI’s jurisdiction Further fitness, degree and skills requirements are position dependent Candidates undergo a background check, drug testing and polygraph tests

Training: Special Agent training involves 20 weeks at the FBI Academy in Quantico, Va Training includes classroom instruction, an intensive physical fitness regime, defensive tactic preparation, practical application exercises and firearms training

How to apply: Visit FBI USAJobs gov, create an account and follow the application instructions provided CIA

[CIA.gov]

Salary: The CIA offers several career paths; however, entry-level Headquarters Based Trainee (HBT) Program participants earn $59,000-$82,000

Requirements: Candidates must be U S citizens, have a Bachelor ’ s degree with a minimum 3 0 GPA, and demonstrate an interest in international affairs Business and professional work experience is preferred Candidates also must exhibit strong interpersonal and communications skills, and the ability to write and brief clearly and accurately Further degree and language requirements are program and position dependent All candidates must complete a medical and psychological exam, as well as a polygraph test, and must undergo an extensive background check

Training: The HBT Program includes orientation, introductory field tradecraft training and interim assignments as a Staff Operations Officer and a Specialized Skills Targeting Officer National Clandestine Service management places individuals in one of these career tracks based on skills demonstrated during the training and interim phase, and/or the agency ’ s needs Training takes place at CIA Headquarters in Washington, D C

How to apply: Visit CIA gov, create an account and follow the instructions provided

HOW TO B U I L D A L E A D E R

Three steps to identifying, cultivating and assessing tomorrow’s enterprising captains of industry.

By Carolyn Kmet

It’s challenging to pin down a single definition of leadership Peter Drucker will tell you a leader is someone who has followers, but Netflix CEO Reed Hastings, who was honored as "CEO of the Year 2010" by Fortune magazine, lost a bunch of followers when he essentially cannibalized Netflix's DVD delivery business by aggressively promoting streaming media By the end of 2011, the company’s stock price had fallen 80 percent to about $60 per share

That said, Hastings did in fact make the right move He anticipated consumer behavior and rising demand for streaming media. Under his watch, Netflix rebounded and then some As of May 2014, stock prices were hovering around $340 per share.

So perhaps rather than defining leadership in terms of the number of followers an individual has, we should define it in terms of a collection of traits, as Gallup did in 2009 According to its research, individuals are inclined towards certain strengths, and those strengths define their leadership style: Executer, Influencer, Relationship Builder or Strategic Thinker. Some individuals exhibit a blend of several styles

Leadership also can be defined in terms of how an individual arrived in his or her position of authority There are three theoreti c a l p a t h s : P o s i t i o n a l , E x p e r t a n d M o r a l P o s i t i o n a l a u t h o r i t y i s based on an individual's title, role and responsibility in the workplace. A company CEO or president, for example, has default positional authority within a firm A leader with Expert authority is one who has earned his or her team's respect through a set of skills and/or expertise in a given subject area. And Moral leaders drive growth by developing the individuals around them

“The emphasis of these three dimensions can be very different between organizations and societies, yet these three dimensions of leadership are always present,” explains Ron Price, CEO of Price Associates, a leadership consulting firm

The definition of leadership itself is slowly evolving as the business world comes to understand that leaders can’t be driven simply by money Rather, true leaders inspire, create a sense of community and connect to something bigger

“A leader must be able to inspire, evoke emotion and simultaneously provide a structure and framework in which their team can thrive,” explains Lauren Still, president of Careerevolution Group

“We’ve moved from ‘leaders are born,’ or the Great Man theory, to ‘leadership can be entirely taught,’ to a more moderate and realistic ‘it’s both nature and nurture,’” explains Lisa Sansom of LVS Consulting “We are much more open to different leadership styles at this time, and that’s a good thing. Let’s appreciate what people innately bring and where they get their leadership energy from.”

Remember too that, “Leadership has evolved from a more corporate, traditional model think grey-templed men in pinstripe suits to one that includes women, people of color and young billionaires in hoodies,” says Vickie Austin, a business and career coach and founder of Choices Worldwide

When we talk about “building a leader,” we’re really talking about three essential steps.

STEP ONE:

Identify Potential Early

“For the organization, the benefits of recognizing leaders early is obvious: Accelerated performance, clearer strategies, stronger culture, greater ROI,” Price explains As for the individual, it’s import a n t t o a c k n o w l e d g e l e a d e r s h i p p o t e n t i a l e a r l y o n b e c a u s e t h e path to success is long. “Just like any skill, performance is a combination of talent and practice Informed practice allows for good habits to be formed and also allows leaders to discover their particular strengths and blind spots before their sense of achievement threatens to narrow their coachability,” says Price

Without this early focus, “it’s all learning on the job about how to be a leader,” adds Sansom “We can give aspiring leaders some tools, stretch assignments, coaching, development, etc., to allow them to learn about leadership before they get that first leadership job ”

And in that way, she says, these individuals will be better prepared to be leaders when they do ascend to the top which is far better than spending a year or two “learning the ropes, being and feeling largely ineffective, and wasting corporate dollars and time ”

In spite of all that, many firms do a pretty poor job of actually identifying leaders early. Most fly under the radar until a leadership position opens up, and the individual self-selects by applying f o r t h e r o l e T h

t ’s

opportunity lost.

STEP TWO:

Cultivate That Potential

Remember the departure of Andrew Mason from his role as CEO of Groupon in February 2013? Four-and-a-half years after successfully launching the daily deal site, Mason was fired following a f a i l e

t i a l p u b l i c o f f e r i n g a n d s u c c e s s i v e f i n a n c i a l b l u n d e r s Mason had the technical expertise and charisma to launch the company, but lacked the experience and depth to grow it

In his company-wide farewell letter, Mason stated: "From controversial metrics in our S1, to our material weakness, to two quarters of missing our own expectations and a stock price that's hovering around one quarter of our listing price, the events of the last year and a half speak for themselves As CEO, I am accountable "

“The skills that got them ‘here’ will likely not be enough to get them ‘there,’” Still says of company growth Skills such as building b o n d s , i n f l u e n c i n g , a n d m a n a g i n g b o t h s t r e s s a n d c o n f l i c t a bsolutely must be cultivated if an individual’s leadership potential is identified early on

“All these skills can be learned and improved over time And an organization that identifies potential leaders and provides them with the support to develop some of the softer skills that may not be innate is an organization that is laying the foundation for intentional internal development and creating a strong team bench,” Still explains.

Certainly, to ensure longevity a certain level of emotional intelligence is vital "What’s important in a leader is to have higher levels of self-awareness and social and emotional intelligence," says Still. "Technical skills will get someone just so far, but at a certain stage, if that person can't effectively navigate people issues and develop a team, a promising career may stagnate "

It’s also important to cultivate the desire and ability to lead. Austin believes that leaders evolve most powerfully by modeling successful leaders “Whether it’s through formal mentoring or informal observation, we tend to learn by watching others,” she explains “And good leaders seek feedback, coaching, training and ongoing learning through their networks, including professional associations ”

Education and training are key “Experience is most valuable if it includes a learning component; for example, reflecting on what worked and what didn’t,” contends Anne Reilly, Ph D, an associate dean and professor of management for the Quinlan School of Business at Loyola University, Chicago. At Loyola, for example, students “learn how business operations impact different stakeholders differently: Employee, manager, stockholder, the community,” Reilly explains, “which means that these students tend to have a broad perspective about the role of business in society as they develop as leaders ”

Reilly adds that students are actively encouraged to volunteer for Junior Achievement, take service trips to developing nations and raise funds to support community causes. Through these activities they learn the concept of responsible leadership

STEP THREE:

Assess Skills in the Present

As an individual progresses along the path to leadership, different skills are called upon at different stages Which means that if a company is evaluating whether to promote an individual up the chain based on performance, past work may not be the best indicator of leadership ability. As Still explains, technical expertise does not necessarily go hand-in-hand with leadership prowess

Beth Tunis, professional coach and therapist, explains how an individual’s risk profile shifts as they ascend to greater responsibil-

ity; also, their ability to recover from failure increases. She says qualities like these become a bigger priority as the individual progresses from managing details to driving innovation.

“Similar to graduating from one year to the next in school, our technical skills build upon prior learning, mixed in with our experiential practice and social skills and mistakes, enabling us to grow into our best selves For some, this is personal leadership For others, it’s leading a group,” Tunis explains.

So what is it that drives a leader continually forward? It really d e p e n d s o n t h e i n d i v i d u a l . “ S o m e a r e m o t i v a t e d b y t h e g a m e , whatever the game may be: Growing the business, growing the team, increasing in numbers or size. Excellent leaders are motivated by being of service to their clients and by making a differe n c e , ” s a y s A u s t i n . A n d w h i l e m o n e y i s a r e w a r d , “ S u c c e s s f u l leaders are motivated by fulfilling a mission That’s what gets them out of bed in the morning ”

4 MUST-HAVES FOR GROWTH-MINDED LEADERS

1. Nimbleness

Perhaps being a leader today is more challenging than in y e a r s p a s t W i t h t e c h n o l o g y , t h e p a c e o f b u s i n e s s i s f a s t e r , a n d t h e n e e d t o a d a p t q u i c k l y t o c h a n g e m o r e prevalent “Everything from the way we do business virtually across the globe to the expectations of how people dress, how offices are designed and how people connect has changed A leader needs to stay nimble and surround h i m s e l f o r h e r s e l f w i t h g r e a t p e o p l e w h o c a n h e l p t h e company stay relevant,” says Austin

Tunis says that especially because of today’s constantly changing environment, a leader’s mindset and agility are increasingly important, and leaders should take the time to cultivate these characteristics “For example, profess i o n a l s c a n w o r k o n t h e i r m e n t a l a g i l i t y b y c h a l l e n g i n g assumptions, staying present and in the moment, asking for feedback and taking appropriate risks,” she suggests

2. Curiosity

You really need to step back to take an objective look at your leadership profile in the context of continued growth, says Tunis “If a leader approaches the role with curiosity, t h e y c a n l e a n i n t o t h e p r o c e s s , r e c e i v i n g a n d m a k i n g change with greater ease, since taking a stance of curiosity allows one to be open to new ideas and change versus being defensive and unwilling,” she explains

3 Hunger

An essential ingredient of a leader’s evolution is “creative tension,” or the desire to progress from where they are to where they want to be, says Price This creative tension has a number of motivations: The hunger for learning, the desire to create measurable results, the craving for harmony or beauty, the desire to help others, a commitment to advancement, or the wish to champion a deep sense of purpose “All growth comes from an awareness and a desire to close a gap from where one is to where one wants to go, ” says Price

4. Self-Awareness

Recognize that there is no such thing as perfection, and therefore no such thing as “having arrived ” Instead, you need to keep your eyes fixed on the future and continually drive your team forward “When we quit moving forward we start to fall backward,” says Price “Lack of self-awareness is the greatest danger any leader faces, and the first signs of fuzziness come from thinking we have arrived ”

DIVERSIT Y NOW

The need to change perceptions of diversity and provide equal opportunities, all while meeting growing marketplace demands, feeds a competitive cycle that's left the accounting profession struggling to shed a seemingly unbreakable stereotype public accounting is still dominated by white males

While this isn’t entirely true, for minority students and young professionals still deciding on a degree and career path, this perception is one that arguably dissuades them from ever pursuing accounting and the CPA credential

“Quick stereotypes still exist and easily last with students. Not only that, but there’s another perception issue surrounding the accounting profession there’s a lack of sexiness to it,” says Melina Barona, diversity recruiter and campus development manager with KPMG LLP “This perception compounds the pipeline challenge; we simply don’t have enough students pursuing accounting to meet demand ”

It's not simply a matter of more candidates, but rather of more diverse candidates Minority populations of African, Asian, Latin and Middle-Eastern descent are driving U S population growth, and Census data tells us that combined minority group populations are on track to surpass more than half of the total U.S. population within the next 30 years.

Achieving diversity in the accounting profession is a topic many talk about, some actively address, but fewer truly excel at.

By Derrick Lilly

surface, however Today’s definition of diversity is far more broadminded. It’s no longer just about race, ethnicity and gender, it’s about recognizing and respecti n g i n d i v i d u a l s f o r t h e i r d i f f e r e n c e s i n thought, culture, religion, sexual orientat i o n , Ve t e r a n s t a t u s , p h y s i c a l a b i l i t i e s and disabilities, what generation they’re part of, and much more.

“The business case for diversity is simple Our clients are changing, so our profession needs to change,” says Erica O'Malley, Grant Thornton LLP’s national managing partner, Employee Benefit Plans and Diversity & Inclusion

“Frankly, both the clients and employers of public accountants are becoming increasingly diverse and equally demanding of the teams they hire,” adds Bill Graf, CPA, immediate past chair of the ICPAS Board of Directors and a partner in Deloitte’s Chicago headquarters “One of the largest clients I work with rates its vendors on the extent of their diversity, not only on the team servicing it, but throughout the entire organization. This rising trend is being driven by rapidly changing demographics across our nation, and it’s driving the accounting profession to reconsider its diversity and inclusion and recruiting and employment standards and goals ”

Even though the marketplace recogn i z e s t h a t d i v e r s i t y a n d i n c l u s i o n a r e good for business, the accounting profession still has a long way to go to actually achieve it

By The Numbers

“It’s a competitive profession; whoever gets here faster is going to be the most s u c c e s s f u l S u p p l y a n d d e m a n d w i l l change the demographics over time, but l o o k a t g e n d e r a s a n e x a m p l e , ” s a y s O ’ M a l l e y “ F o r m o r e t h a n a d e c a d e , n e a r l y 5 0 p e rc e n t o f h i r e s h a v e b e e n f e m a l e s , b u t t h e p e rc e n t a g e o f f e m a l e partners still lingers under 20 percent. Right now, ethnic minorities make up far s m a l l e r p e rc e n t a g e s o f n e w h i r e s a n d partners than even women do So you have to ask, how long is it going to take for everyone to grow their numbers in the upper ranks?”

T h e A I C PA’s 2 0 1 3 T r e n d s R e p o r t points out that despite record demand and accounting graduate hiring in 2012, only 30 percent were non-whites The shocking part is that that’s a record.

Even more troubling is the fact that very few women and people of color ever make it to the partner level. Fortyfour percent of all firm employees are women, but only 19 percent are in partner-level positions, for example And when you see that a staggering 90 percent of CPA firm partners are Caucasian, it’s clear that the profession is very slow to change. The next largest partner group, at a mere 5 percent, is Asian/ Pacific Islander, while Black/AfricanAmerican and Hispanic/Latino partners account for only 2 percent each

The numbers aren’t any better for corporate finance leaders; a mere 4 percent of S&P 500 and Fortune 500 company CFOs are of African-American, Hispanic or Asian descent, according to a recent measure by Crist|Kolder and The Wall Street Journal

“The numbers have only marginally improved; we’re just not getting there Diversity in this profession doesn’t happen by chance,” stresses Elizabeth A Murphy, PhD, MBA, CPA, associate professor in DePaul University’s School of Accountancy & MIS and chair of the Illinois CPA Society’s Diversity Initiatives Task Force “Just because there’s a more diverse population on campus doesn’t mean we’ll end up with more diverse accounting graduates or CPAs in the partner pipeline. The accounting profession must deliberately increase its efforts to attract and retain not only the best and brightest talent, but also the most diverse and inclusive talent ”

But how?

Early Exposure

It can be argued that this is a pipeline issue first and foremost Young people simply aren’t being exposed to, or excited by, accounting early enough in their academic careers As it stands, many of the students who realize it’s a career worth pursuing only learn this by seeing the successes of a parent or close friend or relative firsthand

“ M e l i n a h i t o n i t w e n e e d t o b r i n g some attractiveness to the profession Like Chicago Fire and Chicago PD, we need a Chicago CPA to show accounting can be e x c i t i n g , f u n a n d l u c r a t i v e , ” q u i p s K a r i Natale, assistant director of development w i t h t h e I l l i n o i s C PA S o c i e t y a n d C PA E n d o w m e n t F u n d o f I l l i n o i s “ B u t i n a l l s e r i o u s n e s s , e a r l y o u t r e a c h i s i m p o r t a n t regardless of how hard the ROI is to measure We need young people to realize that if they like sports, food or fashion, whatever, there’s something appealing for them to do as a CPA in every industry.”

Think career day presentations, collaborating with community schools to provide financial literacy and introductory accounting courses, and volunteer efforts with organizations like Junior Achievement and the National Academy Foundation, which stimulate interest in business, accounting and higher education

“Whatever it may be, we need our gradu a t e s t u d e n t s , i n t e r n s a n d p r o f e s s i o n a l s going back to their alma maters, their child r e n ’s s c h o o l s , a n d t h o s e s u r r o u n d i n g their communities to mentor students and share their stories,” says Natale “If nothing else piques their interest, most kids will probably fall out of their chairs when they hear what the average starting salaries are in this profession ”

“I’d also argue that high schools can do a better job of teaching accounting,” adds Murphy “If bookkeeping is the only thing they’re being exposed to they’re being sent all the wrong signals ”

Murphy suggests that the accounting profession should work harder to collaborate with universities and professional associations to provide high school students and educators with access to accounting camps led by accountants and accounting professors The result could be multifold Ideally, efforts would expose students to true accounting work and spark their interest in the profession. In the meantime, supporting universities and firms would gain meaningful access to potential future students and interns And the insights gained by high school faculty would leave them better prepared to recommend accounting as a career path, helping to bolster the pipeline of future talent

“It will be a challenge, but schools are most appreciative of you coming to them,” adds Murphy, “especially in areas challenged by low income and crime, but those are the folks that need it the most ”

College Prep

The reality is, many ethnically diverse students still come from less affluent backgrounds or grow up in cultures where higher education remains largely out of reach Many CPA firms, universities and professional associations like the Illinois CPA Society (ICPAS), the National Association of Black Accountants (NABA), the Association of Latino Professionals in Finance and Accounting (ALPFA) and the National Council of Philippine American Canadian Accountants (NCPACA), amongst others, have taken great strides to provide grants and scholarships to low-income and underrepresented ethnic groups in the profession. But giving these students the opportunity to attend an accounting program at an accredited university addresses only one part of the challenge.

“A 3 0 GPA is the minimum most firms consider, and recruiters also want to see success and leadership in extracurricular activities Many ethnically diverse students simply don’t meet the requirements,” explains Murphy “The fact is that many of these students are working full-time to afford their education. So the extracurricular activities clubs, competitions, committees that help students grow and develop and polish their technical knowledge, soft skills and business prowess aren’t even an option for them because they literally can’t afford to dedicate the time to them ”

“

m i c s a n d e x t r a c u r r i c u l a r s may help some students, but we also need to look deeper into the programs and offerings of our colleges and universities ”

The question is, what can we do to bring greater equality to the academic landscape?

“There’s a reason why most recruitment resources are spent on the schools with toptier accounting programs We need more schools investing in career development offices and programs that help students prepare to interact with us,” says Barona. “As a recruiter, it breaks my heart when I meet students who do really well in their coursework but have no coaching on creating a good resume or how to interact professionally with people from the business world ”

Entering its third year, the donor-driven Mary T Washington Wylie Internship Preparation Program administered by ICPAS

and the CPA Endowment Fund of Illinois is working to address this exact issue

“What we’re doing is preparing the college sophomores and juniors whom we’ve identified through our relationships with NABA, ALPFA and accounting faculty across Illinois as deserving African-American and other underrepresented minority students to be placed into an internship or job,” explains Natale “In addition to financial assistance, we’re delivering three days of intensive training and direct exposure to people in the profession to get them the resume, interviewing and career resources that they so desperately need The message we’re trying to send to firms is that if they really want to do something about diversity, we’ll help to prepare the students that we can, but they have to hire and retain them. The profession needs these students to succeed and be advocates of it ”

Firm Mentality

Firms may recognize the business case for diversity They may want a more diverse workforce Some may be exploring or supporting programs to increase diversity But the truth is, firms can’t talk the talk if they don’t walk the walk In other words, they're going to have to be flexible with their recruiting directives now if they want diversity later

“ D u r i n g r e c r u i t i n g , a c a d e m i c s , a c t i v it i e s a n d i n t e r p e r s o n a l s k i l l s a r e s c r u t inized. Everyone is always trying to get the best candidates, but what sometimes happ e n s i n t h e p r o c e s s i s t h a t u n c o n s c i o u s bias can come into play,” says O’Malley “It’s not easy, but no one can look at any one group and say that because they are a particular culture, or because they went to a particular school, that they’re going to be a better accountant ”

GPA numbers are a good example “We need to stop looking at the GPA from one school as being more meaningful than the s a m e G PA f r o m a n o t h e r, ” s a y s N a t a l e , who knows firsthand through her Endowment work that dozens of smaller universities and colleges across the state produce excellent students but rarely or never garner the attention of firm recruiters.

“It’s also going to be an issue for us to find the diverse students that we’re looking for if we continue to focus our efforts on the same schools over and over,” adds Barona, who suggests that it’s time for recruiters to “cast a wider net” and reach out to those schools being overlooked.

Take community colleges. Many financially savvy and lower-income students of all walks of life are starting their college careers at these institutions before transferring to more prominent universities to finish their degrees. It saves cents, but costs t h e m e a r l y e x p o s u r e t o r e c r u i t e r s , w h o t e n d t o f o c u s o n f r e s h m e n a n d s o p h omores at top tier universities to fill internships and other opportunities

“ T h i s h a s t o c h a n g e T h e r e ’s a h u g e amount of talented young people at comm u n i t y c o l l e g e s t h a t w e h a v e g o t t o t a p i n t o a s a p i p e l i n e f o r o u r f u t u r e , ” s a y s O’Malley. “Partnering with these colleges and their faculty is key to putting these students on our radar and us on theirs.”

Leading Change

G e t t i n g m o r e s t u d e n t s i n t o a c c o u n t i n g programs and recruiting more diverse candidates for internships is all well and good, but if the accounting profession is really going to adopt a culture of diversity and i n c l u s i o n , t h e r e ’s g o i n g t o h a v e t o b e a change at the top as well

“There’s an imbalance in representation between leadership and staff, between the firms and their customers, and between their overall demographics compared to today’s population,” says Natale “Having diversity, whether it’s gender, race, ethnicity, lifestyle choices, whatever, it strengthens your organization, opens it up to new opportunities, and serves as a catalyst for improved decision-making, increased productivity and competitive advantage.”

“Unfortunately, when the next generations of diverse interns and employees see fewer like faces to mentor them and that are willing to invest in them, it creates an ‘upand-out’ environment,” Murphy stresses “Is it really surprising that they aren’t filtering up to partner?”

What’s driving the falloff is twofold, O’Malley explains. On the leadership side, there’s a lack of diverse role models, and on the culture side, the profession has some traditional norms like golf and happy hours and heavy workloads that don’t mesh well with how many cultures build relationships, interact with clients and colleagues and manage time with their families.

“I’m a woman and a partner, but there were no female partners early in my career. T h e n , e v e n t u a l l y, t h e r e w a s o n e T h e n t h e r e w e r e t w o T h e n , f i n a l l y, o n e c a m e along that I related to and wanted to be like,” O’Malley explains “We really have

How has promoting diversity improved your firm?

sity and inclusion promises more return in p r o d u c t i v i t y a n d l o y a l t y t h a n y o u c a n imagine or measure.

L i s t e n i n g i n o n t h e A c c o u n t i n g F i r m

t o i n v e s t i n c r e a t i n g m o r e d i v e r s e r o l e models that are passionate about advancing young professionals and continuing the evolution of a truly diverse and inclusive firm culture We also need to stop holding employees to a standard that’s not consistent with their own culture We need more leaders to take action.”

A s m o r e f i r m s r e a l i z e t h a t a l a c k o f diversity and inclusion is leaving a gaping hole in their business strategies, one of the b i g q u e s t i o n s t h e y ’ r e f a c i n g i s w h e r e t o s p e n d t h e i r t i g h t l y h e l d d o l l a r s t o m a x imize change In a profession so focused on figures, a measurable ROI drives most decisions, but it’s also very hard to define in this space Some would argue that diver-

Diversity Leaders Group meeting recently hosted at the ICPAS Chicago offices, firms seem most willing to invest in their own people Funding comes easiest for mentori n g p r o g r a m s , p a r t n e r a n d s t a f f d i v e r s i t y a n d i n c l u s i o n t r a i n i n g , a n d a l l - i n c l u s i v e b u s i n e s s r e s o u rc e g r o u p s ( B R G ) t h i n k w o m e n ’s e x e c u t i v e c o m m i t t e e s a n d c u ltural committees in which any employee can take part that raise awareness of the i s s u e s s u r r o u n d i n g i n c l u s i o n a n d s p e a rhead discussions and initiatives addressing them. Of course, as one participant pointe d o u t , f i n d i n g s u p p o r t b e c o m e s e a s i e r when you keep the “B” (business) in BRG. After all, involving clients, business partners and other professional associations in i n i t i a t i v e s s e r v e s m a n y p u r p o s e s , f r o m f u n d i n g a n d n e t w o r k i n g t o g e n e r a t i n g more diverse ideas and solutions

“Public accounting is the feeder to corporate America; what we do here has the o p p o r t u n i t y t o m a k e a m u c h b r o a d e r impact,” says O’Malley. “All the research indicates that diverse teams provide bett e r, m o r e c r e a t i v e a n d i n n o v a t i v e s o l utions So, are we going to let the voices of our diverse groups and our diverse leaders be heard?”

BUY

C L A S S I F I E D S

West Central IL CPA Practice gross $328K; Rochelle CPA Practice gross $110K; Darien Tax & Acctg - gross $475K; West Central IL CPA Practice gross $207K; Southwest Chicago Tax Practice - gross $83k Quad Cities CPA Practice - gross $533k

For practice details, call 1-800-397-0249 Or, visit us at www.accountingpracticesales.com

to inquire about available opportunities and register for free email updates

THINKING

Accounting Practice Sales is the leading marketer of accounting and tax practices in North America We have a large pool of buyers, both individuals and firms, looking for practices now We also have the experience to help you find the right fit for your firm, negotiate the best price and terms and get the deal done To learn about our risk-free and confidential services, call Trent Holmes at 1-800-397-0249 or email trent@accountingpracticesales.com

We moved, expanded & made room for YOU & YOUR FIRM!

We are the answer to your need for

Expanded Service O erings

Highly Trained & Educated Sta & Support Succession Plan

We are the FIT you’ve been seeking! Let’s talk!

Contact: Debbie Robidas 847.509.4100 debbier@ browncpagroup.com

VALUATION OF YOUR CLIENT’S BUSINESS OR PRACTICE

By: Crandall & Brackett, Ltd 630 653 7922 email: robert@crandall-brackett.com Web: www.crandall-brackett.com

Our only service is performed on your behalf in a mutual engagement setting

From basic research to a full valuation, we tailor our services to your needs We author, teach and participate on policy setting committees and boards within the valuation profession

95% Tax Services

$150,000 Please Reply Interest to Purchase, Including Background and Ability to Pay to: PO Box 8065 Aurora IL 60507-8065

ACCOUNTING OPPORTUNITY

Small CPA firm with many high earning clients located in Buffalo Grove looking to bring in a Junior CPA for future partnership

My goal is to possibly retire in approximately 10 years Please respond only if you have an established client base bonnie@fischmancpa com

CPA careerspace

For CPA career-climbers and the people who hire them

www.icpas.org/careerspace.htm

Lifetime Achievement Award

Brian T. Whitlock, CPA, JD, LLM Partner, Plante Moran, PLLC

Outstanding Leadership

inAdvancing Diversity Award

Kevin R. Janes, CPA Advisory Partner, Ernst & Young LLP

Emerging Leader in Advancing Diversity Award

Seun Salami, CPA Senior Manager, Deloitte

Outstanding Educator Awards

Dr. John Delaney, DBA, MBA, CPA, CMA, CIA Associate Professor, Chair of Accounting Department, Augustana College

Julie Y. Gilbert, CPA Accounting Faculty, Triton College of Business

Jay S. Rich, Ph.D., CPA Interim Chairperson, Illinois State University

Time and Talent Public Service Volunteerism Awards

Eric J. Dubrowski, CMA

Peoria County

Elizabeth H. Pritchard, CPA, CMA, MBA, MST, MSA

Young Professionals Leadership Award

Amanda L. Gavin, CPA Caterpillar, Inc.

The Illinois CPA Society is proud to recognize the following award winners and congratulate them on their accomplishments.

Special Achievement in Volunteerism Award

Irwin A. Lyons, CPA Miller Cooper & Company Ltd.

Distinguished Service Awards

John C. DeLand, CPA Wolf & Company LLP

Governmental Report Review Committee

Samuel Delgado, CPA

Abbott Laboratories

Diversity Initiatives Task Force

Anna M. Harris, CPA

Chicago Metro Chapter

David M. Henderson, CPA

Duggan Bertsch, LLC

Taxation International Committee

Eileen M. Iles, CPA Crowe Horwath LLP

Women's Executive Committee

Gary E. Kemnitz, CPA

Borhart Spellmeyer & Co. Ethics Committee

Andrew D. Klemens, CPA

Wolf & Company LLP

Taxation Flow-through Entities Committee

Mary E. McCormick, CPA

Women's Initiatives Task Force

Marianne Phelan, CPA

Fox River Trail Chapter

Elizabeth A. Prossnitz, CPA

BDO USA, LLP

Accounting Principles Committee

Paul J. Rozek, CPA

Selden Fox, Ltd.

Taxation Estate, Gift and Trusts Committee

Daniel P.Vargo, CPA

Daniel P. Vargo & Associates, P.C.

Fox Valley Chapter

Sarah Herrmann ICPAS Member

Outreach Manager & Hype it editor herrmanns@icpas org

hype.it

{Follow us on Twitter @IllinoisCPA}

Being Normal Is So Overrated

“If you are always trying to be normal, you never know how amazing you can be.”

This Maya Angelou quote was shared with me by a young professional right after the “Connect Effect” Leadership Conference in May I think Maya hit the nail on the head.

There were over 280 people in the room during the conference, which explored maki n g a u t h e n t i c a n d m e a n i n g f u l c o n n e c t i o n s Yo u v e r y w e l l m a y h a v e e v e n b e e n o n e o f them Each of these 280 people had different perspectives, life experiences and beliefs that i n f l u e n c e d t h e i r f r a m e s o f r e f e r e n c e . S o i f everyone is different, what does it really mean to be normal?

Many of history’s great leaders would be considered anything but ordinary by today’s standards Winston Churchill, for example, was devoted to his expansive collection of toy soldiers. And Steve Jobs refused to put a license plate on his Mercedes and was notorious for bad hygiene Any of these behaviors would raise an eyebrow or two, and yet both Winston and Steve had qualities that have placed them at the top of the list of history’s notable leaders

T h e r e ’s a n o t h e r q u o t e I ’ d like to share, this time from p s y c h o t h e r a p i s t C a r l J u n g :

“ To b e n o r m a l i s t h e i d e a l aim of the unsuccessful.” In

o t h e r w o r d s , p u t a s i d e y o u r s e l f - c o n s c i o u sness and embrace your unique strengths It’s t h e p a t h y o u n e e d t o t a k e t o m a k e t h o s e authentic connections and grow into an influential leader.

There are so many ways the Illinois CPA Society can help you along the way For starters, connect with me If we haven’t met yet, send me an email to introduce yourself. I’ll be happy to help you get the most out of your Society membership I’m here to help you build your career, connections and professional credibility All you need to do is ask P S Did you notice my change of name and email address? I took a trip down the aisle this summer, and I’m happy to say I got hitched without a hitch!

Connect Effect Summer Series

WHAT: Quick Connections

Put the skills you learned at the 2014 ‘Connect Effect ’ Young Professional Leadership Conference to work at this fun ‘speed networking’ event.

WHEN: Thursday, August 14, 5:30-7:00 p m

WHERE: Illinois CPA Society offices

COST: $20 (drinks and appetizers provided) Visit www icpas org/yp htm to register