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SEPTEMBER 2008 ISSUE

N E W J E R S E Y N e w s l e t t e r

MESSAGE FROM THE PRESIDENT

Change in the Air

T he chill of autumn is in the air. No, I can’t feel actually feel it on a gloriously sunny and summery Labor Day, but there it is nonetheless. There’s nothing more tangible than the sense that things are changing – constantly.

PRESIDENT KEN R. DROSSMAN Lakeview Business Consulting

VICE PRESIDENTS JON ALPERT Apple & Eve, LLC

Sitting here in the break between the two major political parties’ conventions, it’s never been more evident that change is all around us. The candidates’ oratory is dedicated to the principle that the country needs change, even if each party’s definition of

what change means differs taxes, the environment, the

significantly. Whether economy, foreign policy,

addressing healthcare,

BILL GRAMMATICAS Implementation Specialists For Healthcare

ANDREAS ROTHE Parsons Brinckerhoff

leadership or citizens, each

any of the myriad other topics candidate asserts that he will bring

on the minds of our country’s about the necessary change.

For senior financial executives, change is just as much in evidence and, in a sense, just as daunting because what change means in the business environment is also unclear. Consider just some of the challenges we face in our daily work:

An economy that many believe is in recession, although 2nd growth was reported at a robust 3.3%

Quarter GDP

Energy and most other commodity prices that affect many companies’ costs well above their prior year levels (even after a significant easing over the summer), and yet companies are still constrained from passing along most such costs to consumers even as inflationary pressures rise Financial markets still in turmoil and credit availability limited or with much tighter conditions attached Rapidly evolving reporting and accounting principles, highlighted by the pending migration from GAAP to IFRS

TREASURER PAULETTE CHATMAN FirstEnergy Corporation

DIRECTORS PAUL CHASE Financial Executives International

ED COOKE Lion Brand Yarn Co

LOU DESIDERIO Visible World, Inc.

DAVE HUBER Horizon Blue Cross/Blue Shield of NJ

BARBARA KANE-BURKE Arkados Corp

H

ow’s a senior financial company to success?

manager to cope, much less help navigate his or her FEI offers any number of resources – articles in

JOHN KIRKPATRICK Absolute Resource Solutions

“Financial Executive” magazine alerting us to the latest developments; the FELIX list exchange providing an online tool to network with colleagues and fellow members and share expertise on specific issues, and FERF research studies on a wide variety of topics are just a few. The NJ chapter of FEI is also helping with a Professional Development session on the morning of October 14th tackling subjects ranging from Accounting for Consolidations, Business Combinations and Non-Controlling Interests in Consolidated Financial Statements to International Mergers & Acquisitions to new developments in

Workforce Healthcare Insurance.

Be sure to mark your calendars to save the

date and watch for the registration announcement.

EUGENE MALINOWSKI Crown Bank

MIKE MARCOPOTO Burns & Roe Enterprises Inc

JIM MEER Columbia Laboratories, Inc

MARK MISHLER Vital Signs, Inc.

Speaking of change, Nick Cyprus, Controller and Chief Accounting Officer of General Motors (an organization that lives with change), will be the speaker at our first chapter dinner meeting of the year on September 22nd at the Governor Morris Westin Hotel in Morristown. Come to renew friendships and relationships with your FEI colleagues and stay to hear Nick discuss some of the unique challenges facing GM and other large companies today and what it takes to meet the financial reporting requirements of a multi-national public company. I look forward to seeing you there.

GERRY NAJARIAN NJ Manufacturing Extension Program Inc

COMMITTEE CHAIRS

CAREER SERVICES JON ALPERT

CAREER SERVICES CO-CHAIR JIM MEER

Best,

MEMBERSHIP/RETENTION DAVE HUBER

PROGRAMS ANDREAS ROTHE

Ken

SPONSORSHIP BILL GRAMMATICAS

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