Message to our supporters,
When the student is ready, the teacher will appear. This is the mantra that has guided what Financial Executives Research Foundation does for the finance profession and for members of Financial Executives International (FEI). As the 64-year-old research affiliate of FEI, FERF's mission is to advance the profession and practices of financial management through research and education.
with the changes in the U.S. economy, and the financial crisis, it has been a tumultuous year, to say the least. More specific to finance and accounting, fair value has become a major issue for our businesses. This year we also witnessed initiatives that will have impact on the future of finance: regulatory committees on the audit profession and financial reporting improvements and proposals on a U.S. move to International Financial Reporting Standards (IFRS) and to adopt extensible Business Reporting Language (XBRL).
However, with change comes the promise of learning from the past and present to improve work done in the future. So, FERF continues to collaborate with FEI members and the profession every step of the way--as your facilitator to help you learn from each other to enhance what you do at your companies.
In order to do this, we established five major goals for fiscal 2008. First, we set out to increase delivery of unique, member-focused content for FEI members. Our 26 research reports were vetted with our research committee--comprised of members representing public companies, private companies, FEI chapters and technical committees and academia--to ensure that our publications are relevant, timely and practical.
Our work is then distributed back to you--the broader membership--not only via our electronic publications, e-mail newsletters and our website but also at member meetings and events. Many of our studies, such as our audit fee survey and compensation survey, received both national and local press coverage. FERF has also expanded distribution and our studies are now distributed via 7 different distribution channels, including Bloomberg Professional and Amazon. This broad and diverse distribution ensures that our member "teachings" are always accessible.
Next, FERF sought to expand our focus on information technology. In addition to providing distance learning CPE for reading our research reports, we track the number of report downloads to determine what is most useful to you. Based on the popularity of our surveys and quarterly regulatory updates, we've added more online benchmarking tools and checklists. For example, our Paycheck (sm) service, a collaboration with FEI career services, gives financial executives the ability to benchmark their compensation with their peers across the U.S. Meanwhile, our financial statement disclosure database--based on a review of 150 annual reports--includes thousands of disclosure examples in 19 key financial reporting areas, such as fair value, pensions, and income taxes.
Since more members network virtually, FERF enhanced our Financial Executives List Exchange online Q&A service so that responses are posted to our website archive on a real-time basis. The online database can be accessed at any time along with other responses we may receive through the FEI Linked-in networking group.
All this is not possible, however, without the many voluntary contributions that support our work. Our development committee was focused on expanding FERF fundraising toward becoming a fully self-sustaining organization. New and improved campaigns to promote the value of contributing to FERF have resulted in increased generosity from corporations and chapters. Of particular note is the increase in the number of individual donors, which rose 400% from 300 to 1,500 contributors due primarily to the $25 donation line on the FEI dues statement. By collaborating with FEI, FERF also built the FEI Hall of Fame into a major FEI brand building event and fundraising event for FERF by honoring the two most recent inductees and their contributions to the finance profession. From all these efforts and more, we are proud to report that we are now in our 4th consecutive year with a balanced budget.
We would like to thank our fellow FERF trustees and FEI officers and directors for their leadership during the past year. Special acknowledgement to vice chairs Marie Hollein and Marsha Hunt for chairing their respective committees. Finally, we would like to thank vice chair David Braden for stepping up as chair of FERF for 2008-2009. His diligence in ensuring for you that our research is practical will be invaluable as we refine our strategy this year and in the future.
Thanks also to the staff, including Vice President of Research and Operations Cheryl Graziano, Director of Financial Services Lorna Raagas, and Director of Research and Corporate Secretary Bill Sinnett. We are glad to report that our growth has allowed adding new staff, Gloria Lamoureux and Tom Thompson, so that we can continue improving our products and sen/ices.
Above all, FERF is thankful to all the FEI members and individual, corporate and chapter donors who support our research in so many ways. Our work for FEI members and the financial profession is only possible because of you.
Fiscal Year 2008 Board of Trustees Financial Executives Research Foundation, Inc
Milo Belle Consultants, LLC
Practice Lead--Healthcare and Emerging Growth
David B. Braden
Assistant VP and Assistant Treasurer
Marie N. Hollein
Director, Financial Risk Management
Marsha L. Hunt
Vice President and Controller
PRESIDENT & CHIEF EXECUTIVE OFFICER
James J. Abel
President and CEO
Financial Executives International
VICE PRESIDENT *
Vice President - Research and Operations,
Financial Executive Research Foundation
CORPORATE SECRETARY *
William M. Sinnett
Director of Research
Financial Executives Research Foundation
Paul W. Chase
Vice President & Chief Financial Officer,
Financial Executives International
* Officer but not Trustee
Dr. Raj Aggarwal
Sullivan Professor of Int'l Business and Finance
Dean, College of Business Administration
University of Akron
Scott M. Boggs
Cascade Natural Gas Corporation
William A. DeMilt
Kim K. Gazzola
Joan E. Netzel
Group Vice President
Audit Relationship Manager
SunTrust Banks, Inc.
Robert R. Scherba
Senior Vice President, Finance & People
Michael A. Simons
Chief Financial Officer
Blauer Manufacturing Co.
Norman N. Strauss
Ernst & Young Executive Professor in Residence
Robert R. Walker
Anthony L. White
FEI Vice Chair
Joseph G. DiLorenzo
Plymouth Rock Studios
FERF WOULD LIKE TO ACKNOWLEDGE AND THANK THE FOLLOWING SUPPORTERS FOR FISCAL YEAR ENDED JUNE 30, 2008.
PLATINUM CHAPTER LEADERS $10,000
GOLD CHAPTER LEADERS $5,000-$7,499
SILVER CHAPTER LEADERS $2,500-$4,999
Arizona (FELIX Sponsor)
CHAPTER LEADERS $1,000-$2,499
District of Columbia
San Francisco Bay Area
CHAPTER SUPPORTERS $500-$999
CHAPTER SUBSCRIBERS $250-$499
Philadelphia (3 years gift)
Delaware (3 years gift)
PLATINUM MAJOR GIFT $50,000
Exxon Mobil Corporation
SILVER MAJOR GIFT $20,000
General Electric Company
PLATINUM PRESIDENT'S CIRCLE $15,000
The Coca-Cola Company
GOLD PRESIDENT'S CIRCLE $10,000-$14,999
Abbott Laboratories, Inc.
Bristol-Myers Squibb Company
SILVER PRESIDENT'S CIRCLE $5,000-$9,999
Aluminum Company of America
American International Group, Inc.
Dow Chemical Company
Duke Energy Corporation
E. I. du Pont de Nemours & Company
El Paso Corporation
Eli Lilly and Company
General Motors Corporation
H. S. Grace & Company, Inc.
Johnson & Johnson
Maple Leaf Foods Inc.
Procter & Gamble Co.
Sony Corp. of America
The Chrysler Foundation
Time Warner Inc
Tyco International (US) Inc
United Technologies Corporation
GOLD LEADERSHIP $2,500-$4,999
Colony Capital LLC
International Flavors & Fragrances Inc.
Interpublic Group of Companies, Incorporated
McCormick & Company, Inc.
PPG Industries, Incorporated
Precision Castparts Corp.
Telephone and Data Systems, Inc.
The Hershey Company
Wal-mart Stores, Incorporated
SILVER LEADERSHIP $1,000-$2,499
A&E Television Networks
American Financial Group, Inc.
Barness Group, Inc.
Brown & Brown, Inc.
CCC Group, Inc.
Computer Sciences Corporation
Computer Services, Inc.
Davey Tree Expert Company
Essex Investment Management Co., Inc.
Florida Power & Light Company
Four Seasons Hotels and Resorts
General Mills, Inc.
Granite Construction Inc.
Hunter Douglas, Inc
Hutchinson Technology Incorporated
LaBranche & Co. Inc.
Louisville Bedding Company
Martin Marietta Materials, Inc.
Please note: Every effort has been made to ensure the accuracy and completeness of the donor lists in this annual...