Building Connections Chapter Logo Light Blue
Bimonthly Newsletter of Chicago CFMA

October, 2016
President's Letter
It's hard to believe that summer is behind us and it's October. Maybe you're like me... I love the fall with its gorgeous color and crisp nights. There's something about the arrival of a new season - it causes you to reflect for a moment on what you've done and then look ahead at what awaits you before year end. 

Looking back over the past two months our chapter hosted two large annual events: the Golf Outing to benefit the Intern Program and the 3rd Midwest Regional Conference.  These events require a great deal of planning and effort.  On behalf of the Board of Directors, I would like to thank the committee members and volunteers for your time and talent and our attendees for helping make it a success.   For those of you who were able to join us, we hope you found value in your participation and look forward to seeing you at future CFMA events.

As we enter fourth quarter, for many of us that means planning for year-end.  As such, the Program Committee is hosting a program next week: Hot Topics for Year End: Are You Ready?   Please consider joining us for a cocktail reception and the program as we address year end planning and review updates to the Tax Relief Extension Act of 2015. 

Our Chapter's commitment to providing quality educational opportunities continues in November with a 4-hour course designed for non-financial managers and construction project leaders.   Registration is open online and more information is listed below.  We encourage you to share this opportunity with your colleagues. 

Fall won't be here for long, so please take time to enjoy!

Mary Davolt 
Chapter President 
In This Issue
Thank You 2016 Platinum Sponsors
CliftonLarsonAllen Logo

New Members
Nicholas Marino
Great Lakes Plumbing & Heating Company

Tom Dabovich
Zurich Surety

Edna Punzalan
Tilson Technology Management Inc.

Kevin Kuhn
Kuhn and Company

Danielle Medine
Mueller & Co., LLP

Steve Siwek
Cobra Concrete Cutting

Teru Kiefer
Walsh Group

On-Demand Computer-Based CCIFP Exam 
Beginning October 15, the CCIFP exam will be available at Pearson test centers nationwide. With a computer-based examination which can be scheduled online, certification will now be available on a day and time that works best for you. Details are available on CFMA's on-demand testing page .

2016 Golf Outing
Bowes Creek Country Club in Elgin was the place to be on September 1st as the CFMA Chicago Golf Outing took over the course.  128 golfers enjoyed a beautiful day on the links followed by dinner and drinks. 

Proceeds from the golf outing support the chapter's Annual Intern Program.  Thanks to all who participated and sponsored this year's outing. 
Here are just a few photos from the event:




View these and more CFMA Chicago Event Photos on our website and on facebook.
Featured Platinum Sponsor 
Exit Baby Boomers,  
Enter a New Generation of Owners
By Timothy J. Iszler, CPA, and Larry A. Mackowiak, CPA
Over the next 10 years, tremendous value will transition to new owners as baby boomers who own businesses with significant value retire and exit the marketplace. Some baby boomers will exit gracefully, with well-planned processes to transition to qualified successors. Others will struggle with how to tackle this important process (including who to involve) and some will be crippled by indecision, not even able to begin the process. Read the complete article now .

Succession planning - an important part of any organization's long-term strategy - can pose special challenges for construction companies, but owners and buyers can take steps to help make sense of the various alternatives available to them and to make the transition a smooth one.

Hot Topics for Year End 
Are You Ready? 
October 19, 2016 

Join CFMA for an overview of the Tax Relief Extension Act of 2015 and how certain provisions affect the construction industry in 2016 and beyond.  Other discussion points:
  • Fresh look at income tax accounting methods specific to the construction industry.
  • Brief overview of year end planning strategies and opportunities.
  • Discuss legal developments arising in 2016 (so far!) impacting the business of construction
  • Stay on top of changes concerning mechanics liens, payment bonds, and other claims for payment
Ryan Hiss  Partner, Laurie & Brennan, LLP 
Alex Warner Tax Manager, CliftonLarsonAllen, LLP 

Maggiano's Little Italy, Oak Brook, IL
4:00 p.m.  Check-in & Networking Cocktail Reception
5:00 p.m.  Program

$50 CFMA Members           REGISTER TODAY! 
$75 Non-CFMA Members

Financial Management Essentials for Non-Financial Managers and Construction Project Leaders
November 16, 2016 
This 4 hour course provides non-financial managers and construction project leaders with the financial management essentials necessary to ensure the successful outcome of any construction project. Participants will learn critical skills including risk assessment, financial tracking, monitoring, communication and adjustments required to remain compliant throughout the project life cycle--all while carefully balancing the budget and forecasting financials.

Tracey Fenolio, CPA, CCIFP, Controller  
FCL Builders, LLC
Tamara Kilty, Finance and Accounting Manager All-Bry Construction  

This program provides 4 CPE credits in the field of Specialized Knowledge & Application .

Doubletree Hotel, Oak Brook, IL
7:30 a.m. Check-in / Breakfast
8:00 a.m. - Noon  Program

$125.00 CFMA Members
$150.00 Non-CFMA Members 
Midwest Regional Conference Roundup
More than 160 participants, exhibitors and speakers, the largest attendance to date, gathered at the Hyatt Lodge McDonald's Campus on September 27 for the 3rd Midwest Regional Conference.   In addition to the keynote address with Rick Mattoon, Federal Reserve Bank of Chicago, attendees had the choice of thirteen educational sessions to choose from throughout the day; all qualifying for CPE creidt.  Another option available to attendees this year was an 8-hour Basics of Construction Accounting course.  The day concluded with a networking reception and prize drawing in the exhibitor area. 

Special thanks to the planning committee and participating CFMA chapters: Chicago, Fox River Valley, Madison, Milwaukee, SW Michigan and Western Michigan.  We look forward to growing this event in 2017.
Some of the  Conference Committee Members gathered for a photo.

Representing three  CFMA chapters.
Big winner in the prize drawing.
Enjoying a shoe shine during the cocktail reception.
Keynote Speaker: Rick Mattoon,
CFMA Chicago Chapter 
Member News
Catrina Payne, CFMA Chicago Chapter Board Member, Klein Hall CPA's has a new address:
3957 75th Street, Aurora, IL  60504 

Ryan Hiss recently joined a new firm and is now a Partner at Laurie & Brennan. 

We want to share your good news!  Send your updates to Deb Hypke, Chapter Admin. 
"Back to School this Fall: Fundamentals of Construction Law."
The American Bar Association is offering CFMA Chicago chapter members a discounted rate to attend the Fall 2016 Regional Program ABA Forum on Construction Law on November 4 in Chicago. The program is a comprehensive one-day seminar taught by veteran construction lawyers in our region.  To take advantage of the discount, enter the discount code LOCALBAR at the registration page (see link below).
The program will be useful for construction industry financial executives and project managers to provide a basic understanding of certain concepts of construction law that impact contract performance.
The discounted registration fee includes lunch and a copy of the Forum's book Fundamentals of Construction Law, Second Edition.