March 2011

IMA Morris-Essex Chapter
morrisessex.imanet.org
March 2011
President’s Message
The Chapter’s Next Meeting
Our Chapter is fortunate an outstanding company Quest
Diagnostics and Tom Bongiorno their VP and Corporate
Controller are sponsoring our Plant Tour meeting March 16 at
the Quest Diagnostics Laboratory in Teterboro, NJ starting at
6:15pm. For security reasons, advance reservations are
required. If you plan to attend, please call or email Bill
Grammaticas at 973-669-2119 or [email protected]
by March 14, so he can record your name. This is a nice
change of pace professional development meeting, with no
charge to attend, and you receive one CPE. For easy
directions to the location, please visit our web site
www.morrisessex.imanet.org. In addition to sponsoring this
meeting, we congratulate Quest for adding the CMA program
to their accounting and finance professional development
plans for associates as we hope many other companies in our
area will do. Also, we extend a warm welcome to all their new
associates to this Chapter.
Wednesday, March 16, 2011 6:15pm
PLANT TOUR! (1) CPE
Mananaging Accounting and Finance in a
Processing Environment
Quest Diagnostics
1 Malcolm Avenue
Teterboro, NJ 07608-1070
Tom Bongiorno of Quest Diagnostics will provide
members with a Plant Tour of the Quest Diagnostic
processing facility at One Malcolm Ave. in Teterboro, NJ
to discuss Managing Accounting and Finance in a
Processing Environment. With this tour, members will
see what happens to blood, tissue, and other samples after
the doctor takes it and learn how the process is accounted
for and billed. For easy directions, please visit our web site
www.morrisessex.imanet.org.
A CMA and CPA, Thomas Bongiorno is VP and Corporate
Controller for Quest Diagnostics. Tom has served in this
capacity since joining the company in June 2000. In this
position, he is responsible for all aspects of financial
accounting, internal and external reporting, financial
internal control, enterprise risk management, SOX
compliance, shared transaction services, and financial
systems.
Mr. Bongiorno joined Quest Diagnostics from Automatic
Data Processing, Inc, where he served in a variety of
financial management positions over a 15-year period.
Tom received a BS in Accounting from the U of Delaware,
an MBA from Fordham U, and a Certificate in Advanced
Management from the Wharton Business School. Outside
of work, Tom serves as an Advisory Board member and
Chair of the Finance Committee of the New Jersey Division
of the Salvation Army.
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We want to thank Marion Conway for an outstanding
presentation about Strategic Planning at our February
meeting. In addition, we congratulated and recognized the
following 2010 eight new CMA’s:
Jill Bengis
Linda Wang
Timmo Bressler
Kevin Kilroy
Deborah Ceglarski
Michael Ciani
John Kelton
Michael Ferrer
We are happy to welcome American Appraisal to our growing
group of Chapter advertisers and sponsors. Please visit
American Appraisal’s web site to learn how this fine
company can help your company or call Sandra. Also, your
company can join this group of outstanding companies by
emailing me at [email protected]. Join now through June of
2012 and take advantage of our discounts.
Sincerely,
Don Phillips, CMA
Thoughts for the month
“I’m a budget guy, you know that. But we’ve got some money to
spend”.
“That’s what you’re in business for. You try to make a success”.
“I’m really 95 percent Mr. Rogers, and only 5 percent Oscar the
Grouch”.
“When you put the pinstripes on you are not just putting a baseball
uniform on. You are wearing tradition and pride and you are going to
wear it the right way”.
All by George Steinbrenner
CMA Subject and Financial Fact
CMA Subject and Financial Fact
IMA Statement of Ethical Professional Practice
Members of the IMA shall behave ethically. A commitment
to ethical professional practice includes overarching
principles that expresses our values, and standards that
guide our conduct.
Principles
IMA’s over arching ethical principals include: Honesty,
Fairness, Objectivity, and Responsibility. Members shall act
in accordance with these principles and shall encourage
others within their organizations to adhere to them.
Standards
A member’s failure to comply with the following four
standards may result in disciplinary action.
1.Competence
Each member has a responsibility to:
1) Maintain an appropriate level of professional expertise by
continually developing knowledge and skills
2) Perform professional duties in accordance with relevant
laws, regulations, and technical standards.
3) Provide decision support information and
recommendations that are accurate, clear, concise, and
timely.
4) Recognize and communicate professional limitations or
other constraints that would preclude responsible judgment
or successful performance of an activity.
2.Confidentiality
Each member has a responsibility to:
1) Keep information confidential except when disclosure is
authorized or legally required.
2) Inform all relevant parties regarding appropriate use of
confidential. Monitor subordinates’ activities to ensure
compliance.
3) Refrain from using confidential information for unethical
or illegal advantage.
3.Integrity
Each member has a responsibility to:
1) Mitigate actual conflicts of interest. Regularly
communicate with business associates to avoid apparent
conflicts of interest. Advise all parties of any potential
conflicts.
2) Refrain from engaging in any conduct that would
prejudice carrying out duties ethically.
3) Abstain from engaging in or supporting any activity that
might discredit the profession.
4.Credibility
Each member has a responsibility to:
1) Communicate information fairly and objectively.
2) Disclose all relevant information that could reasonably be
expected to influence an intended user’s understanding of
the reports, analysis, or recommendations.
3) Disclose delays or deficiencies in information, timeliness,
processing, or internal controls in conformance with
organization policy and/or applicable law.
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Resolution of ethical conflict
In applying the Standards of Ethical Professional
Practice, you may encounter problems identifying
unethical behavior or resolving an ethical conflict.
When faced with ethical issues, you should follow
your organization’s established policies on the
resolution of such conflict. If these policies do not
resolve the ethical conflict, you should consider the
following courses of action:
1) Discuss the issue with your immediate supervisor
except when it appears that the supervisor is involved.
In that case, present the issue to the next level. If you
cannot achieve a satisfactory resolution, submit the
issue to the next management level. If your
immediate superior is the chief executive officer or
equivalent, the acceptable reviewing authority may be
a group such as the audit committee, executive
committee, board of directors, board of trustees, or
owners. Contact with levels above the immediate
superior should be initiated only with your superior’s
knowledge, assuming he or she is not involved.
Communication of such problems to authorities or
individuals not employed or engaged by the
organization is not considered appropriate, unless you
believe there is a clear violation of the law.
2) Clarify relevant ethical issues by initiating a
confidential discussion with an IMA Ethics Counselor
or other impartial advisor to obtain a better
understanding of possible courses of action.
3) Consult your own attorney as to legal obligations
and rights concerning the ethical conflict.
IMA Morris-Essex Chapter President:
Don Phillips, CMA 973-857-2334
IMA Ethics website address:
http://www.imanet.org/resources_and_publications/et
hics_center_helpline.aspx
IMA Ethics Helpline Number: 1-800-245-1383
Visit and Join the Chapter’s Group on Linkedin
Visit and Join the Chapter’s Group on Facebook
College Thoughts
County College of Morris
On 3/23 and 4/12 CCM offers a Career Choices
Workshop, for information and to sign up your high
school student, please call 973-328-5140.
CCM has a CASE/Horizons program, which
provides disability services for students.
Essex County College
ECC is supporting student success through
technology. The Faculty Technology Resource
Center continues to expand with two new utilities
designed to help professors meet the changing
academic needs of their students.
Rutgers University – Newark
On Friday March 11 at Madison Square Garden in
New York City, all Big East Schools will host the
2011 Big East Career Fair. Students, Alumni, and
Employers
can
register
by
visiting
www.bigeastjobfair.org.
March 31, 2011, CEO Lecture Series featuring
Sheri S. McCoy talking about “The Challenge of
Innovation in a Dynamic Global Market”. Sheri is
Vice Chairman, Executive Committee and
member of the Office of the Chairman at Johnson
& Johnson. For more information and to RSVP
visit
www.business.rutgers.edu/events/2011/03/31/.
ECC is doing a lot to encourage job opportunities
through their Building Renovation Training, Health
Care Information Tech, and Project Management
Certificate programs.
Seton Hall University
Montclair State University
Recently, Professor James Yang (CMA and
member of our chapter) won the 2010 Bright Idea
Award for his article titled “Tax Planning Strategies
for Victims of Madoff’s Ponzi Scheme”.
An
independent collaborative effort of several
organizations in NJ selected Professor Yang from
faculty members at business schools around the
state and for outstanding research. You can send
a congratulatory note to Professor Yang at
[email protected].
“The Stillman Exchange” is the official business
publication of Seton Hall University written by
student’s bi weekly. It includes sections about
money investing, international business, ethics,
and more at www.stillmanexchange.com
IMA CPE Thought
Definition of Return Driven Strategy
1. Three dimensions of ROI, growth, and shareholder
value,
1) Genuine Assets
2) Vigilance to forces of change
3) Disciplined performance measurement and
valuation
Eleven core tenets organizations use to identify
weaknesses in their strategy
1) Ethically maximize wealth
2) Fulfill otherwise unmet customer needs
3) Target appropriate customer groups
4) Innovate offerings
5) Deliver offerings
6) Brand offerings
7) Partner deliberately
8) Map and redesign processes
9) Engage employees and others
10) Balance focus and options
11) Communicate holistically
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Senior Camela Cruz Finance and information
Management major did an internship with Quest
diagnostics last summer.
Currently she is
President of the Finance Club on campus
We encourage students and alumni from these
Colleges and Universities to become active and
join the IMA, set up a student chapter, become
CMA’s, and attend Morris-Essex professional
development meetings.
News Around New Jersey
Monthly Laugh
1. Employment Opportunities are improving
1) Ajilon Finance Parsippany has 12 positions
between Sr. Accountant and Controller
www.ajilonprofessional.com.
2) Robert Half Parsippany has 10+ pages of
positions all within 25 miles of their office
www.roberthalffinance.com.
3) Foster McKay Florham Park has 6+ pages of
positions all within 25 miles of their office
www.fostermckay.com/currentopportunities/foster-mckay.
A young accountant, straight out of school, applies for a
job advertised in the Sydney Morning Herald. He is
interviewed by the owner of a small business who has built
it up from scratch.
"I need someone with an accounting degree," says the
man, "but mainly I'm looking for someone to do my
worrying for me."
"What do you mean?" said the accountant.
"I have lots of things to worry about, but I want someone
else to worry about money matters."
"OK," says the accountant. "How much are you offering?"
"You can start on seventy-five
thousand," says the owner.
"Seventy-five thousand dollars. How can
a business like this afford to pay so
much?"
"That," says the man, "is your first
worry."
2. EisnerAmper has a report on “The Pros and
Cons of Converging with International Financial
Reporting Standards”.
3. NJ Small Business Development Center Lead
Consultant Roger Cohen prepared a report on
International Trade. Visit their web site at
www.njsbdc.com learn more about this topic.
If you have one half hour a month and you enjoy writing
(maybe during lunch break or after work), we could use
your help writing material for our newsletter. Please email
Bill Barish at [email protected].
4. Deloitte has a report on “The Consumer
Spending Index Continues Steady Decline in
January”.
If you have web site and computer skills and can spare
one half hour a month, we could use your help with
upgrading our web site. Please email Paul Natalizio at
[email protected].
5. If any companies are looking for summer
internships, please email [email protected], and I
will put you in contact with our local college’s
representative.
Want to help advertising and sponsorship with our
Chapter grow, then please email Alan Shandler at
[email protected].
Pictures from the February meeting
These are great opportunities for College Students and
Young Professionals, too.
Robert Lipka from County College of Morris
explaining about the Live Instruction CMA course
starting March 5 on the Randolph campus.
Robert Gettel and other attendees networking
before dinner and our technical session.
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Welcome to all the new IMA members from the Quest
Diagnostic Accounting and Finance Departments!
The Morris-Essex Chapter supports your effort to
pursue and achieve the CMA designation!
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Calendar of Chapter Meetings
COMPLETE CALENDAR AT MORRISESSEX.IMANET.ORG
Date
Wed., Apr. 20
Speaker
Barbara Newman
Topic
Effective Interviewing
Wed., May 18
Dolores Stammer &
Todd Pierro
Small Business Development
and Mergers & Acquisitions
(2 CPEs)
Theme
College
Students
Member
Appreciation
Location
Hanover Manor
Hanover Manor
Additional Pictures from the February meeting
Kevin Kilroy is happy to receive his CMA certificate
and pin
Marion Conway our speaker wraps up her
presentation
Please visit and patronize our gracious host
location, The Hanover Manor
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