SEPTEMBER 2006 MONTHLY NEWSLETTER
                       THE VIRGINIA PENINSULA CHAPTER, #343

                                           OCTOBER 2006 TECHNICAL MEETING
                                        Please send your RSVPs to Carissa Kopp by October 9th.
                                           (email: or phone: 757-232-8781)

Topic:             Motivation
Speaker:           Earnie A. Huband, CMA, CFM, CPA, CBA
                   Former National President – IMA
                   Former President IMA Richmond Chapter

Date: Wednesday, October 11, 2006                                  Cost: Regular member - $ 8.00
      6pm – 7:30pm                                                 Non Member -           $ 8.00
                                                                   Student -              $ 5.00
Place:             Hampton University
                   McGrew Towers (Directions below)
                   Hampton, VA 23666
*** NOTE: The Virginia Peninsula Chapter of the IMA is registered with the Virginia Board of Accountancy as an
approved sponsor of CPE. Our number is 0308-000286.

New Website Listing
If you haven't already heard, the Virginia Peninsula IMA chapter has gotten a new URL for our website. The new website is Come back often to see all the exciting updates planned for this great site.

                                  Speaker Bio
                           Earnest A. Huband
                          CMA, CFM, CPA, CBA
                      Former National President – IMA

                  Mr. Huband was the National President of the Institute of Management
                  Accountants (IMA) in 1988-89 and is a retired Senior Vice President of
                  Signet Banking Corporation. While with Signet for more than 20 years, he
                  served in many senior management positions including Chief Internal
                  Auditor, Senior Bank Operations Officer, Assistant Controller of the bank
                  holding company and Vice President and Controller of the bank related
subsidiaries. Prior to joining Signet, he was Controller of Old Dominion Truck Leasing Co.
and spent seven years with Reynolds Metals Co.

Mr. Huband holds a bachelor’s degree in accounting and an MBA in finance/marketing from
the University of Richmond. While pursuing his business career, Mr. Huband served as an
adjunct professor at the University of Richmond for eleven years and was twice selected the
outstanding instructor. After electing early retirement from Signet, Mr. Huband taught college
full time for five years at the University of Richmond and Virginia Commonwealth University.
He also taught in the Executive MBA program at Virginia Commonwealth University for four
years. In addition, he has taught IMA education programs and a CMA review course since

In 1999 Mr. Huband received the Distinguished Alumni Award from the University of
Richmond School for Continuing Studies. Mr. Huband holds the professional designations of
CMA, CFM, CPA and CBA (Chartered Bank Auditor).

Time to update our chapter annual roster, please send
your current member status (title, company, address,
phone number, email address, etc…) to Hien Hoang at no later than September 15,

                              Student Conference
                                 Mark your calendars!
                   IMA's 7th Annual Student Leadership Conference
                                 November 9-11, 2006
                     Marriott Cleveland Downtown at Key Center
                                    Cleveland, OH

 In Today's Competitive Job Market, It's Never Too Early To Build Your Professional
Network. The Institute of Management Accountants' (IMA) Student Leadership Conference
   presents an excellent opportunity to network with accounting, finance, and information
 technology professionals, students, and educators from around the country. You will also
gain valuable information from our speakers, sponsors and exhibitors. Learn about industry
      trends, employment opportunities, the power of CMA certification, ethics, career
                                 management, and more.

  Some of the confirmed session topics include: Ethics: A Stakeholders View, Finding Your
 Ideal Job, Career Tracks: Converging on Management Accounting, CMA: Getting a Seat at
 the Table, Enterprise Risk Management, Performance Appraisals: Managing Both Sides of
     the Fence, Six Sigma: Aiding the Continuous Improvement Process, Lean Thinking:
  Implications for Accounting, Best Practices in Performance Measurement, Contemporary
     Developments in Budgeting, Cultivating People: What to Expect from a World Class

   Last Year's Student Conference Was a Huge Success! Hundreds of students and
educators representing 112 colleges/universities from 30 states throughout the U.S. attended
                                last year's event in Orlando.

   You Can't Afford To Miss This Valuable Event! We will update the IMA website with
  conference registration and hotel information shortly, so be sure to check back regularly.

Please contact Jodi Ryan at or 800-638-4427, Ext 1556, with any specific

President’s Message
        As I write this, autumn is in the air. Mornings are cool and crisp; days
are less humid.

        Our September meeting had to be cancelled due to a very busy month
for everyone in our group. We will be rescheduling the speaker for the spring.
The October meeting will be held at the scheduled time. I hope everyone will be able to attend.

        On a disappointing note, I received an announcement from National that there will be no more
testing for the CFM program after December 2007 because they were unable to find “a sustained
audience.” They will continue to support current CFM holders.

       I have order some flyers and other pamphlets for distribution at our meetings.

       See you in October!!

Gail Najarian
VA Peninsula Chapter President

A thought to remember:

      “To accomplish something important, two things are necessary: a definite idea
and not quite enough time.”


Earn your CMA in 2006!
As a CMA candidate in the previous CMA program, you have less than two years to complete
your CMA. The final deadline of December 31, 2007 is approaching quickly! IMA wants to
ensure that you achieve your certification in this allotted time and would like to offer you the
tools and support to achieve your goal. IMA's CMA Learning System-Previous Exam Version
is an interactive and customizable learning tool, developed by IMA to help high-potential
management accounting and finance professionals like you prepare for the CMA exam and
train for future leadership positions within your organization.

       With the support of IMA's CMA community, you can earn your CMA in 2006!

                            Reflects Commitment to Holders of CFM Certification

The Board of Regents of the Institute of Certified Management Accountants (ICMA®) today announced that
testing for the Certified Financial Manager (CFM®) program will no longer be available after December 31, 2007.
The CFM certification program was established approximately 10 years ago, and more than 4,100 management
accounting professionals have earned the CFM designation. The ICMA and its parent, the Institute of
Management Accountants (IMA®), will continue to support all CFM holders with appropriate member services,
recognition of the CFM achievement, and the maintenance of certification records.

“The CFM certification is an excellent program,” said John Brausch, chair, ICMA Board of Regents, “but the
program was unable to find a sustained audience. Therefore, the Board made the decision not to expend further
resources on the CFM but rather to dedicate those resources to supporting the Certified Management
Accountant (CMA®) program.” Added Brausch, who holds both the CFM and CMA designations, “This was a
difficult decision for the Board, but we believe that the benefits to be gained by focusing solely on the
enhancement of the CMA program will, in the long run, make the decision worthwhile. We again congratulate
those who have earned the CFM and assure them of our continuing support.”

Those who are currently CMAs and those who are currently enrolled in the CFM program, will continue to have
the opportunity to take the CFM examination until December 31, 2007. New enrollees who are not yet CMAs will
be accepted into the CFM program until December 31, 2006 and will also have until the end of 2007 to take the
CFM examination.

“The decision of the Board of Regents is consistent with ICMA’s vision to be the world’s leading provider of
certification for management accounting and finance professionals,” said Dennis Whitney, vice president-ICMA,
“This new focus will enhance the value of the CMA.” Whitney, who also holds both the CFM and CMA
designations, added, “We understand that some will be disappointed about this decision, however, the value
added to the CMA program will benefit most certified members as 95% of the CFM holders are also CMAs.”

                      STUDYING FOR THE CMA OR CFM EXAM
  Please let Regina Singletary at know if you take any
  part of the CMA or CFM exam regardless of whether you pass it or not. Chapter
  is allowed to get one point for every hour you study up to 50 hours per part of
  the CMA or CFM exam. Thanks.

                               WAY TO GO!!!

 Virginia Peninsula IMA Chapter was awarded the following at the 87th
             Annual Conference in Las Vegas in June 2006:

       ** Membership Achievement – Net Membership Acquisition 2005-2006
  ** Three-year Membership Achievement – Net Membership Acquisition 2005-2006

 Virginia Peninsula IMA Chapter was also awarded the following at the
            86th Annual Conference in Boston in June 2005:

                   **** 6th place Banner, Warner Division
    ** Three-year Membership Achievement – Net Membership Growth 2004-2005
         ** Membership Achievement – Net Membership Growth 2004-2005
       ** Membership Achievement – Net Membership Acquisition 2004-2005
  ** Three-year Membership Achievement – Net Membership Acquisition 2004-2005

Special Thanks to Caitlin Herbert at IMA National for updating our chapter
         Visit our chapter website at
                  The IMA National website is
                           Other related websites are:
           Hampton Roads Chapter:
                   Richmond Chapter:
                  Virginia Council:
            Virginia Skyline:
             Lynchburg Chapter:

                     2006 – 2007 Meeting Schedule
 MEETING DATE                 TIME                      LOCATION                          SPEAKER & TOPIC
 September 13, 2006          6:00 p.m.   Hampton University – McGrew Towers           Ben Williams III – “Like-kind”
                                                                                         Exchange of Property

  October 11, 2006           6:00 p.m    Hampton University – McGrew Towers             Ernie Huband - Motivation

  November 8, 2006           6:00 p.m.   Hampton University – McGrew Towers         Fred Westphal – Goodman & Co. -

   December 2006             4:00 p.m.                       TBD                            Holiday Gathering

  February 14, 2007          6:00 p.m.   Hampton University – McGrew Towers                         TBD

   March 14, 2007            6:00 p.m.   Hampton University – McGrew Towers                         TBD

    April 26, 2007           6:00 p.m.         Student Night- Joint Meeting with                    TBD
     Tentative                                          VSCPA - TBD

                                 Your VA Peninsula Chapter #343
                                 2006-2007 Officers and Directors
        Office                           Name                        Phone                    E-mail
President                      Gail Najarian                       757-247-8211

Secretary                      Sidne Graves                        757-221-2833

Treasurer                      Tasha Cartharn                      757 624-1100

Admin Team Leader              Regina Singletary                   757-222-6170

VP Communications              Hien Hoang                          757-222-6166

VP Prof Education              Nellie Crawford                     757-727-5224

VP Membership                  Eugene Johnson                      757-245-7566

Director of Meetings           Nellie Crawford                     757-727-5224

Director of Newsletter         Hien Hoang                          757-222-6166

Reg Council Delegate           Regina Singletary                   757-222-6170

Council Delegate Alternate     Hien Hoang                          757-222-6166

Director at Large              Carissa Kopp                        757-232-8781

Director at Large              Glenn Banks                         757-599-0613

Perspectives                           Message from the Chair

                            Being Involved                                   | BY WILLIAM BROWER, CMA, CFM
                                         I’m sure you have heard the old saw that you only get
                                        out of something as much as you put into it. And, related:
                                        Anything worth doing is worth doing well. The question
                            that comes to mind, then, is whether being actively involved in
                            IMA® is something that’s worthwhile. Despite the fact that we are
                            all faced with the tugs and pulls of family, work, and community,
                            many members are finding time to be actively involved in IMA. For some, attending
professional education events, signing up for the free IMA webinars (the last one had more than 500 participants), and
reading Strategic Finance are the only membership benefits they are using. Others regularly attend local chapter meetings,
building strong professional relationships and personal friendships, and, thankfully, some exceptional individuals go the
extra mile to take on chapter leadership responsibilities. These individuals are interested in furthering their professional
development, honing their leadership skills, and helping IMA advance the profession.

Our most successful chapters and councils have strong leaders who consistently provide excellent, interesting programs that
entice their members to attend. Other chapters are struggling to find the formula that will work for them. How can you
help? By getting involved: letting the local chapter know what speakers and programs would be interesting to you, letting
the chapter leadership know what forums and times would enable you to participate, and attending the meetings that interest

Unfortunately, there is less personal interaction in society today—many of us are becoming more isolated. I know that I
spend more time typing on my computer than interacting with others face to face or even by phone. This isn’t a good trend.
It might be more efficient, but it is hardly more effective. In order to be a successful management accountant today, you
need the social skills and oral communication skills that enable you to influence others and sell your ideas—not just the
technical skills of your craft.

When I joined IMA, I had the choice to become a member-at-large or join a chapter. Luckily for me, another IMA member
invited me to join the North Penn Chapter. My association with this local chapter has been a rich and rewarding experience.
It led to my involvement at the national level, and it provided me the opportunity to become involved in the international
arena as well through my stint on the Professional Accountants in Business Committee of the International Federation of
Accountants (IFAC).

I am convinced that these opportunities wouldn’t have happened had I chosen the path of member-at-large. So I ask you: Is
being a member-at-large right for you, or should you join a local chapter? If you are waiting for an invitation, here it is. I
would like to invite any and all members-at-large to join a local chapter. You can make a difference by becoming active at
the local level. You will help yourself, and you will help strengthen IMA.

What do you think? Please share your thoughts with me at n
6 STRATEGIC FINANCE I September 2006


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