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    PROFIT and LO$$

     A Publication of the ILLOWA 057 Chapter

     February 2008

     Student Night Date: February 19, 2008

     Accounting Opportunities in a Privately Location: Held Company The Lodge Hotel &

     Conference Center David Jones will discuss the unique aspects of a

     financial and accounting career in a privately held I -74 and Spruce Hills Drive

    company. He will differentiate on how an Bettendorf, IA accounting career in a privately held company contrasts with a career with a publicly held

    company or a public accounting firm. David's Presented by: Dave Jones, comments will provide meaningful insight to C.F.O. Muscatine Foods Corp. accounting students that are considering their career choices. This meeting will be our spring 2008 Time: 5:30 p.m. - Social Hour student night. 6:00 p.m. Dinner 6:45 p.m. - Program Speaker: David Jones is currently Chief Financial Officer for Muscatine Foods Corp., a Cost: Members and non members: $30 privately held company headquartered in Muscatine Students: Free, courtesy of the Iowa. Dave has spent his career of 25 years Illinois CPA Society working for various business units within the Muscatine Foods Corp. organization in a variety of Reservations: accounting and financial positions. Dave received Or 563-570-0389 an undergraduate degree in accounting from Augustana College and a MBA degree from St. Cancellations: Ambrose University. Dave is a long time member To cancel, please call 563-570-0389 or of the Illowa Chapter of IMA. email Directions: CPE 1.0 hour

    For reservations:

     Or call 563-570-0389

    Reservations must be made by noon Friday,

    February 15, 2008

    Payment by cash or check only. Make checks out

    to IMA.

    Institute of Management Accountants

    Treasurer's Report

    January 1 through January 31, 2008

    $4,850.91 1/1/2008 Beginning Balance

     Deposits 1,808.25

     Disbursements 1,894.54

    $4,764.92 1/31/2008 Current Balance

     Illowa Chapter - IMA

    Cash Account Audit (July 1, 2006 June 30, 2007)

    January 28, 2008


    The Illowa IMA Chapter has its cash account audited by two of its members.


    The Objectives of our audit were to determine that:

    ? Cash controls are in accordance with the Illowa Chapter Treasury

    ? There are adequate safeguards to ensure accuracy of the cash intake

    ? Cash accounts are reconciled on a timely basis

    . Independent review of the cash function is performed


    Our audit includes examination of cash documents and making sure cash control activities are effective.


    We performed a full review of cash activities performed by Treasury. Such activities include recording of cash transaction,

    reconciliation of bank account.


    No exceptions are found.


    Sam Fandohan

    Gary Stodden

Board Meeting: Our next board meeting will be held March 11, 2008 at the Laz-y Boy Gallery, Community

    Room, Elmore Drive in Davenport. The meeting will commence at 5:30 p.m. and should last an hour. All

    members are invited to attend if desired. If you are a current board member please come so we can complete

    chapter business.

     President’s Message Susan Stoefen

    I would like to thank Sam Fandohan of HNI Corp. and Gary Stodden for auditing the treasurer’s records for the period of July 1, 2006 June 30, 2007. The audit report is contained in this newsletter. Darlene Link has

    done an outstanding job of treasurer for the past several years. We will be in need of a treasurer for the

    upcoming year, as Darlene has another commitment with another charitable organization and will step down from the treasurer’s office. She promises to still be active in the chapter which is a relief to all of us as she has

    also been very instrumental in promoting the chapter to students and faculty at Augustana College, and organizing some of our technical meetings. She coordinated our January meeting at the Olin Center on the

    Augustana campus, and Amy Igou did an excellent job presenting Tips and Tricks in Excel. Amy has put

    together a wonderful brochure of tips and it is well worth attending the class to get a copy of them. Of course

    it was a bitter cold day in January, but those in attendance were pleased with presentation, and Augustana’s

    Olin Center is a great facility to hold the class. The chapter really appreciates Augustana’s donation of the room for our use too.

    ILLOWA Chapter of IMA Technical Meeting

    Integrity through Transparency

    Tuesday, March 18, 2008

    The Iwireless Center

    Moline, IL

5:30 p.m. - Social Hour

    6:00 p.m. Dinner

    6:45 p.m. - Program

Speaker: David Burritt, Controller and Chief Financial Officer, Caterpillar

Embracing 6 Sigma Philosophy, Caterpillar aligns their actions with corporate values making good

    business sense as it creates strong shareholder value. Caterpillar is building the strength of its finance

    team through professional certifications that include the CMA and CPA as desired foundations for

    professional advancement. Caterpillar’s Code of Conduct provides the foundation or building blocks underlying the company’s strategy-Integrity, Excellence, Teamwork, and Commitment. With 95,000 employees and almost 300 facilities throughout the world, Caterpillar deals with the diversity of

    experience and background by clearly defining the company culture in its Code of Conduct. In turn, the

    Code of Conduct serves as a daily guide for putting their “values into action”.

Speaker: David Burritt has a distinguished career as a long term Management Accounting Leader at

    Caterpillar in Peoria, Illinois where he is currently Controller and Chief Financial Officer. Mr. Burritt

    holds both CPA and CMA professional designations and has been instrumental in building a World

    Class Finance Function at Caterpillar. At the 2007 IMA National Conference in Phoenix, Mr. Burritt

    and Caterpillar were recognized as the Jim Bullock Award Winner for their strong international support

    of the CMA program. Please attend and share our experience this distinguished national financial


CPE 1.0 hour


     Members: $30 Students: $20

    For reservations: or call 563-570-0389

Reservations must be made by noon Friday, March 14, 2008

     Registration is open for the IMA’s Annual Conference and Exposition to be held

    June 14 18, 2008 Tampa, FL, at the Tampa Convention Center.

Our website is up and running. Check it out by using the following link: There are some links still under construction on the home

    page so check back often to see the enhancements as they develop. A big thank-

    you goes to Jackie Diekmann of Diekmann Consultants for volunteering to design the

    site. It will be a great communication tool for our chapter.

     59 Chapters participated resulting in 180 new

    members joining due to the Chapter Challenge. The following Chapters are the winners of the $500 prize

    in their respective size category.







    The Illowa Chapter had 3 new members join during this challenge. Bob Hayes of HNI Corp has won the

    free dinner for an upcoming technical meeting as he was instrumental in getting 2 new members to join

    from HNI Corp. Our chapter is considered a large chapter as we have 200 plus members.

Cynthia Cooper, the WorldCom whistleblower, will speak at Augustana College. Mark your calendars

    for an upcoming Ethnics Seminar at Augustana College, Centennial Hall, April 10, 2008. The program

    will begin at 6:30 p.m. with a reception at 8 p.m. Ms. Cooper helped uncover the massive fraud at

    WorldCom which amounted to over $9 billion, and lead to the imprisonment of 5 executives. Watch

    for more details on this outstanding ethics event.


     2007 - 2008



     Susan Stoefen 563-570-0389


     Shirley Schmidt Treasurer Darlene Link Membership Team Leader Herb Fickel Communication Team Leader Didi Wilkins Regional Council Delegates Amy Igou Diana McCabe Gary Stodden Past President Bill Karben Mid-America Council President Sheryl Elliott Chapter Website National IMA Website

     Please make sure your spam filter allows my email address to be an approved sender. I have had a lot of emails returned to me due to spam blockers. And as a reminder, if you change your email address please let me know as well. My email address is

     If you would like to submit a news article for the next newsletter please forward to Susan Stoefen at by the first of the month. You can advertise in the

     newsletter for $25.

     Please use this form to update your membership information. You

    may do this online or email the information to the address below. You

     may also print off the form and mail to

     th Shirley Schmidt 4150 E. 60 Street #908 Davenport, IA 52807

     INFORMATION UPDATE (Please Print)

     Update your information online at

     Dr. ___ Mr. ___ Mrs. ___ Ms. ___ Professional Designation _______________________ Account # _____________________ Last Name _________________________________ First Name ___________________________ MI ____________________ New/Current Business

     Name ___________________________________________________________________________________________________ Address _________________________________________________________________________________________________ City/State/Zip ____________________________________________________________________________________________

     Phone _____________________ Fax _________________ E-mail __________________________________________________ New Home: Address _________________________________________________________________________________________________

     City/State/Zip ____________________________________________________________________________________________ Phone _____________________ Fax _________________ E-mail __________________________________________________ I prefer to stay with my present chapter ______. I prefer to affiliate with the ____________________________________Chapter.

     Your signature ___________________________________________________Date _____________________________________ (National requires your signature for any changes) Please send all IMA correspondence to my: Business Address _____________ Home Address _________________________

     Please send this form to: Shirley Schmidt at

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