·         Eric Segal, Director, Orrstown Bank

·         Keith Barber, Audit Committee Chair, Ameriprise Bank

·         Sheila Ronning, President, Women in the Boardroom

The panel presented several key issues for discussion regarding the role of a community bank CFO in regard to the typical community bank board of directors. The panel noted some key recommendations and qualifications for the CFO. Panel members also asked whether the role of a director is to “hire or fire” the CFO. Each of the panel members shared their thoughts on how board members analyze and evaluate CFO performance.

The panel noted that a CFO may communicate differently with the audit committee than with the full board of directors. The panel discussed what they believe to be the two biggest challenges facing the community bank board members is the ability to keep their “Nose-in, hands-off” and to continue to meet the ever-increasing volume of regulatory pressure.

Glenn James CPA, a tax Partner with BDO USA presented a very informative Tax Update at the afternoon min-session. Glenn emphasized that states are adopting a market-based nexus which means that institutions may be faced with a multi-state tax exposure. He discussed the current developments regarding state taxes in New Jersey, New York and Pennsylvania.

He noted that the proposed 2016 budget for New Jersey contains no new tax provisions. He added that New Jersey will have a republican governor until January 2018 which will create a strong disincentive for increased taxes. Glenn discussed the current exposure drafts affecting tax reform. He also discussed federal tax reform with possible changes from the upcoming senatorial elections. Glenn emphasized the detrimental effect on tax preparers resulting from the severe “lack of service” due to budget cuts at the Internal Revenue Service. He summarized the potential for change thusly: “No tax reform unless a republican President is elected!”