Fiscal 2003 annual acknowledgement.
Author | Taggart, David M. |
Position | Financial executives research foundation - Editorial |
The Foundation's Vision to be The Source for Financial Solutions
To identify, develop and provide leading edge content through objective research to the FEI member and Foundation suppoter in a format that is accessible and practical.
from the Chairman
Fiscal 2003 brought about historic changes to the business landscape in response to the high-profile corporate scandals from a year earlier. In this demanding business environment with expanding and changing regulation, the Financial Executive Research Foundation (FERF) was a leading source of content for FEI members. Through studies, newsletters and articles in Financial Executive magazine, FERF delivered information that addressed the issues facing all financial executives.
The content from FERF was relevant and timely--reflecting peer practices that strive to facilitate prompt and ethical implementation of rapidly changing regulations. In fact, one of our best-selling studies, Valuing Employee Stock Options; A Comparison of Alternative Models, was used by the FASB, the SEC and Canadian Accounting Standards Board, in their stock options valuation debates. Our information stands apart and does not compete with research from the Big 4 public accounting firms since it is gathered in partnership with our members--providing a unique perspective on financial topics. This partnership was further strengthened with the recent launch of our Financial Executives List Exchange service (FELIX) that will allow members to get quick answers to financial questions from their peers.
When the Sarbanes-Oxley Act of 2002 was enacted, FERF prepared a financial executive checklist to assist its members with compliance. Similarly, checklists were prepared to outline key corporate governance proposals from the NYSE and NASDAQ. In response to increased regulation, FERF authored Best Practices for Sarbanes-Oxley Implementation, A Review of 2002 MD&A Disclosures and What is COSO? Defining the Alliance That Defined Internal Control, which provided detailed guidance by highlighting practices and methods used by many of the membership's leading companies. FERF also considered the impact on private companies by providing a boilerplate Audit Committee Charter--For Privately-Held Companies on its website. Our commitment to private companies was further emphasized when we developed the content for the 1st annual conference of FEI's Committee on Private Companies. This relationship will continue in 2004 as we assist in the development of the 2nd annual conference.
Other FERF studies such as Integrity-Based Financial Leadership and Ethical Behavior, Effective Implementation of Cross-Border Mergers and Acquisitions, Benchmarking the Planning Process and Commercial Insurance--Strategies for Renewal sought to identify practical alternatives for specific key topics. FERF's research also encompassed findings from full-length financial executive surveys, 2003 Protecting Value Study: Managing Business Risks and Technology Survey for Financial Executives.
Fiscal 2003 also marked the debut of FERF's Topical Alert, brief articles that provide updates and suggestions on dealing with more specific or technical subjects such as 1st Quarter Update on Qualified Retirement Plans for Benefit Plan Sponsors or 2002 Year-End Tax Planning Strategies.
FERF produces a great deal of the educational content supplied to FEI members electronically, along with its five e-newsletters: Global Update, Treasurers, Private Net, TechKnowledge and What's New in Research. As with the research studies, FERF seeks the guidance of the membership and the technical committees to drive the topics researched. We plan to further expand this research guidance this year.
Another fully electronic service, Ask FERF, continued its expansion during the fiscal year. The online service allows members and donors to ask our researchers questions on a wide range of topics and guarantees a tailored response within 48 hours. This service will be integrated with FELIX, a moderated email-based list exchange to be administered by FERF. Our electronic library, The Knowledge Center, provides a catalog of references obtained from our ongoing research. Additional research findings from FERF's studies and member interviews will continue to be highlighted in every issue of Financial Executive magazine.
Through regular attendance at area leadership, chapter and committee meetings, FERF continued its ongoing dialogue with the membership and provided periodic updates on our research. We look forward to even more interaction this year to ensure our research efforts are relevant and on-target.
Our research is supported solely by fundraising--no subsidies are received from FEI member dues. Though much of this research has been free for the past year to FEI members regardless of whether or not they supported FERF, as of July 1, 2003, we moved to a model where products must be purchased by non-donors. With a nationwide 12% decrease in corporate giving to charities, FERF is in a challenging funding position with our significant dependence on corporate contributions.
In order to maintain its level of annual research funding, FERF has implemented a more diverse and focused fundraising strategy. As you can see from the 678% increase in new company gifts, 118% increase in individual gifts, and a 20% increase in chapter giving, we have broadened our appeals to balance the large dependence on corporate giving. FERF's new focus is to increase awareness of FEI members and chapters, as well as smaller corporations and businesses.
It has been an honor to serve as chairman of the FERF's board of trustees. I look forward to continuing to work with my fellow trustees, with Maria Markowitz Bace, the Foundation's FVP and COO, and with her hardworking staff. I would like to thank our retiring trustees Donella Rapier of the Harvard Business School and Dr. Lawrence F. Davenport of Hale House Center, Inc. for their many years of service and to welcome incoming trustees, Irina Simmons, Vice President and Treasurer of EMC Corporation, and Marsha Hunt, Vice President and Controller of Cummins, Inc.
Last, but not least, thank you to the financial supporters of FERF. Your contribution makes our success possible.
FY 2003 board of Trustees
Chairman
David M. Taggart
Vice President & Treasurer
The Coca-Cola Company
Vice Chairman & Treasurer
Katharine B. Stevenson
Treasurer
Nortel Networks Corporation
Raj Aggarwal
Firestone Chair in Finance/Business
Kent State University
Graduate School of Management
Scott M. Boggs
Retired
Corporate Vice President, Finance
Microsoft Corporation
George Boyadjis
Executive VP, CFO, and Treasurer
American TeleCare, Inc.
Lawrence F. Davenport
Executive Director & CEO
Hale House Center, Inc.
Joan E. Netzel
First Vice President, Audit Services
SunTrust Banks, Inc.
Donella M. Rapier
Associate Dean of External Relations & CFO
Harvard Business School
Norman N.Strauss
Ernst & Young Executive Professor in Residence
Baruch College
The City University of New York
Ex-Officio Trustee
FEI Vice Chairman
H. Stephen Grace, Jr.
President
H.S. Grace & Company, Inc.
our Contributors
The Financial Executives Research Foundation extends its gratitude to the contributors 2002-2003 campaign. Supporters included public and private corporations, FEI chapters and individuals from both the active and retired membership ranks. We consider every donor our partner in providing timely, practical research to enhance the financial management profession.
Presidents' Circle
(Patron)
$10,000 and up
Abbott Laboratories
American International Group, Inc.
Bristol-Myers Squibb Company
Microsoft Corporation
President's Circle
(Investor)
$5,000-$9,999
Aluminum Company of America
Anonymous
AOL Time Warner
AT&T
Baxter International, Inc.
Citigroup
Coming Incorporated
CVS Corporation
Daimler Chrysler Corporation
Dell USA LP
Dow Chemical Company
Duke Energy Corporation
E.I.du Pont de Nemours & Company
Eli Lilly & Company
Exxon Mobil Corporation
General Electric Company, Inc.
General Motors
Hewlett-Packard Company
IBM Corporation
J.P. Morgan Chase & Co.,
Incorporated
Johnson & Johnson
Lockheed Martin Corporation
Marsh & McLennan Companies, Inc.
Medtronic, Inc.
Merck & Company, Incorporated
Motorola, Inc.
Pfizer Inc.
Procter & Gamble
Tenneco Automotive, Inc.
United Technologies Corporation
Verizon
Wyeth
Individual
David M.Taggart
Leadership
$1000 to $4999
Corporate
3M
3M Canada Company
A&E Television Networks
Adaptec, Inc.
Aetna, Inc.
Air Products & Chemicals, Inc.
Airborne Express
Alltel Corporation
American Financial Corporation
Anadarko Petroleum Corporation
Automatic Data Processing Inc.
Aventis
Bank of Montreal
Bank One Corporation
Barnes Group, Inc.
Brown & Williamson Tobacco Corporation
Canada Life Assurance Company
Cargill Incorporated
Carlson Companies, Inc.
Caterpillar, Inc.
Ceridian
Chevron Texaco
CNF Transportation Inc.
Coachmen Industries, Inc.
Colgate-Palmolive Company
Comcast Corp.
Computer Sciences Corporation
ConocoPhillips
Cooper Industries, Inc.
Cooper Tire & Rubber Company
Crane Company
Crown Central Petroleum Corporation
Cubic Corporation
Datascope Corporation
Deloitte & Touche LLP
Deluxe Corporation
Detroit Edison Company
Eaton Corporation
Edward Jones
Enbridge, Inc.
EnCana Corporation
Energen Corporation
Engelhard Corp.
Equifax Inc.
Ernst & Young
Estee Lauder Companies, Inc.
Ethyl Corporation
Federal Signal Corporation
Financial Executives International
Florida Power & Light Company
Four Seasons Hotels and Resorts
Genencor International Incorporated
Georgia-Pacific Corporation
Gillette Company
Granite Construction Inc.
Halliburton Company
Hallmark Cards, Inc.
Hershey Foods Corporation
Hunter Douglas Inc.
Illinois Tool Works, Inc.
Inco Limited
International Flavors & Fragrances Inc.
Interprovincial Pipe Line Inc.
Johnson Controls, Inc.
Jones Management Services, LLC
KeyCorp
LaBranche & Co. Inc.
Lehigh Cement Company
Lexmark International, Inc.
Life Care Services LLC
Louisville...
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