2014 Annual report.
Institute Officers
PRESIDENT
Mark C. Silbiger
Director of Tax
The Lubrizol Corporation
SECRETARY
Janice L. Lucchesi
Vice President, Tax
Akzo Nobel Inc.
VICE PRESIDENT--REGION I
(Calgary, Montreal, Toronto, Vancouver)
Paul T. Magrath (E)
Director, Taxation
AstraZeneca Canada, Inc.
VICE PRESIDENT--REGION II
(Buffalo-Niagara, New Jersey,
New York, Rochester)
Linda A. Klang
Senior Vice President
Lehman Brothers Holdings Inc.
VICE PRESIDENT--REGION III
(Connecticut Valley, New England,
Westchester-Fairfield)
Peter F. De Nicola
Director of Taxes
FUJIFILM Holdings America Corporation
VICE PRESIDENT--REGION IV
(Cincinnati, Cleveland, Detroit, Harrisburg,
Indiana, Philadelphia, Pittsburgh, Western Michigan)
James D. Hollingsworth
Chief Tax Counsel and General Mgr.--Taxes
United States Steel Corporation
VICE PRESIDENT--REGION V
(Chicago, Iowa, Kansas City, Minnesota, Nebraska, Northeast Wisconsin, St. Louis, Wisconsin)
David J. Goeke
Director, Domestic Tax Planning
Emerson Electric Co
SENIOR VICE PRESIDENT
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N. (Sandy) Macfarlane
Vice President and General Tax Counsel
Chevron Corporation
TREASURER
Robert L. Howren
Director, Tax
BlueLinx Corporation
VICE PRESIDENT--REGION VI
(Austin, Dallas, Fort Worth, Houston, New Orleans, Oklahoma City, Tulsa)
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Mitchell Frank
Managing Director--Federal & State Income Tax
American Airlines
VICE PRESIDENT--REGION VII
(Atlanta, Baltimore-Washington, Carolinas, Florida, Kentucky, Nashville, Virginia)
Winifer Tong
Federal Tax Director
UPS
VICE PRESIDENT--REGION VIII
(Alaska, Arizona, Denver, Hawaii, Los Angeles, Orange County, Portland, Salt Lake City, San Diego, San Francisco, Santa Clara Valley, Seattle)
Daniel Goff
Vice President, Tax Xilinx, Inc.
VICE PRESIDENT--REGION IX
(Asia, EMEA)
Damien Henneken
Tax Manager
Abu Dhabi Investment Authority Real Estate & Infrastructure Investing Division
Audited Consolidating Financial Statements
TAX EXECUTIVES INSTITUTE, INC. AND TEI EDUCATION FUND
June 30, 2014
Independent Auditor's Report
CONSOLIDATING FINANCIAL STATEMENTS
Consolidating statements of financial position.
Consolidating statements of activities
Consolidating statements of cash flows
Notes to the consolidating financial statements.
Independent Auditor's Report
To the Board of Directors Tax Executives Institute, Inc. and TEI Education Fund
We have audited the accompanying consolidating financial statements of Tax Executives Institute, Inc. and TEI Education Fund (collectively, the Organization), which comprise the consolidating statements of financial position as of June 30, 2014 and 2013, and the related consolidating statements of activities and cash flows for the years then ended, and the related notes to the consolidating financial statements.
Management's Responsibility for the Consolidating Financial Statements
Management is responsible for the preparation and fair presentation of these consolidating financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidating financial statements that are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these consolidating financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidating financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidating financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidating financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Organization's preparation and fair presentation of the consolidating financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Organization's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidating financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidating financial statements referred to above present fairly, in all material respects, the individual and consolidated financial positions of Tax Executives Institute, Inc. and TEI Education Fund as of June 30, 2014 and 2013, and the changes in their net assets and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Tate & Tryon
Washington, DC
July 19, 2014
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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization: Tax Executives Institute, Inc. (TEI) was incorporated in 1944 in the State of New York and exists to enhance and improve the tax system and to serve TEI members, their employers, and society generally by facilitating interaction among, and the training of, members and their staffs, by effectively advocating its members' views, and by promoting competence and professionalism in both the private and government sectors.
TEI Education Fund (TEIF) was formed in 1987 in the Commonwealth of Virginia and exists to sponsor TEI's conferences, seminars, and tax courses.
Principles of consolidation: The consolidating financial statements include...
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