Meeting Minutes

July 18, 2009

In attendance: Central MN: Gary Owen; Minneapolis Chapter: Lance Elston, Karen Dallman, & Liz Weninger; South Central MN: Linda Olson; Southern: Nancy Richardson.

President Lance Elston called the meeting to order.

The minutes from the April meeting were reviewed and approved as submitted.

The Treasurers Report was reviewed. The insurance bond was renewed for 2 years. A successful April seminar helped the Council close out the IMA year with a profit of nearly $3500.

National Committee Report: National focusing on some primary points during the next couple years: Education (webinars); Technology (new software at National office); Certification (increase marketing and development efforts); and Membership (Linkup IMA online social networking community, spur growth in the young professional group, and work on student retention). MEF grants requests must be received by August 28. Chapters can receive up to $2000 to promote student and certification activities. IMA competition guide and form reporting deadlines can be found on the IMA website within the chapter portal. 10th annual IMA student leadership conference will be November 6th – 7th , 2009. The Council questioned the possibility of sponsoring a student to attend the conference. Linda Olson will research who attends, who pays, and what is the cost (flight/ hotel/conference fee). It was determined that a full day of corporate visits would need to be scheduled in order to request a visit from an IMA national leader. There was discussion relating to the Ethics program. The Northern Lights Council has purchased the DVD (about $250) and program booklets when the council ran the Ethics seminars. If chapters host the IMA created Ethics program, the individual chapters would have to purchase their own DVD and booklets.

Chapter Reports:
Central MN: New President- John Meyer. The chapter is planning on 4 technical meetings and 1 social meeting. Chippewa Valley: No report. LaCrosse-Winona: Larry Zorn, Council treasurer, has requested the chapter funds be turned over to the council, but he hasn’t heard anything. The chapter has lost its IMA affiliation and nonprofit status so if they don’t pass along the funds, they will have to pay taxes on them. Lake Superior: They are trying to get student involvement thru contacts they have at a couple area schools. The chapter will host the fall council meeting. Minneapolis: The chapter has a “state of the chapter” message on their website. They are scheduling 8 dinner meetings. This year they are trying morning round table discussions in an effort to appeal to different members. Red River Valley: The chapter is inactive now, but is still hoping to rejuvenate the group. St Paul: Not aware of any chapter activity at this time. There has been some talk of combining Minneapolis and St Paul chapters. Both chapter boards would need to approve the concept. National has additional steps that need to be followed before this could happen. South Central: The chapter plans on a tour plus an additional three meetings. Southern: One meeting was a tour of a new Wal-Mart with a discussion of their inventory control policy. They are planning 4 technical meetings. A small group that would like to add some new faces.

Gary Owen will ask all chapters to send him their meeting schedules for the year by August 31. He will get the info on the Council website plus broadcast it to all chapters.

Communications: Lori Dietrich will continue to maintain an up to date database. Gary Owen will remain the contact for anything that needs to be placed on the Council website.

Leadership Training Seminar: The 2010 seminar will be Friday, April 23, at St Thomas. Potential topics: Lean Accounting; Ethics (speaker from St Thomas Center of Ethical Development??); and a time slot for a current business topic that might arise in the near future. There was a discussion about the difference between continue education hours and CPE hours. In order to be classified CPE, the seminar topic has to be preapproved, the speaker has to have a syllabus, and handouts need to be provided to the attendees. CPAs are required to tally CPE hours.

Accounting and Auditing Student Conference: Event occurs on September 29, 2009. Booth cost is $700. Lance, Gary and one other person will be at the booth. The board approved the funds to purchase two $25 gift cards to use for a drawing.

New Business: None

Future meeting schedule:
October 24: Duluth February 13 or 20th: Ridgedale Library April 23: St Thomas University

Respectfully Submitted by Linda Olson, Council Secretary