David Rossnagel Memorial Scholarship Fund Awards Presented at October Dinner Meeting
Program Featured Community Bank CFO Panel Discussion and Tax Update Mini Session

The Chapter’s October Dinner Meeting served to honor Past Chapter President David Rossnagel through the presentation of the second annual awards from the David Rossnagel Memorial Scholarship Fund. Four deserving students were each presented with a $7,500 scholarship to attend the County College of Morris. Investors Bank and the FMS National Society jointly sponsored the Scholarship awards with the NY/NJ Chapter. The event was held at the Stony Hill Inn in Hackensack, NJ on October 21, 2015.

The recipients of the David Rossnagel Scholarship Award pose with Dominick Cama (l.), Carolyn Rossnagel (3rd-r.) and Brian McCourt (r.).
Dominick Cama, Execcutive Vice President and Chief Operating Officer at Investors Bank presents the David Rossnagel Scholarship Awards to four deserving recipients.
Chapter President Brian McCourt welcomed Members and guests and  introduced the recipients of the David Rossnagel Scholaarship Awards..
The Scholarship awards were presented by Chapter President Brian McCourt and Dominick Cama, Executive Vice President and Chief Operating Officer at Investors Bank to Marianna Goncalves Severgnini, Marvin Gordova, Mirella Quintana and Anthony V. Zaragoza. Each recipient was selected based on their choice of a finance and accounting curriculum, maintaining a strong grade point average and participation in community oriented activities.

The Role of the CFO in Support of the Community Bank Board of Directors was the topic of a contemporary panel discussion that followed the Scholarship Awards presentation. Tom Van Lenten, Director, CFO Consulting Partners served as panel moderator. The panel members consisted of three community banking experts:

·         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!”

Topics and Speakers

The Role of the CFO in Support of the Community Bank Board of Directors

Thomas Van Lenten FMS Photo
Thomas Van Lenten
CFO Consulting Partners 201 248-7207

Federal and State Tax Update

Glenn James FMS Photo
Glenn James CPA

215 241-8959

Slide Presentation

Participants in the dinner program featuring a community bank CFO panel discussion: (l.-r.) Keith Barber,  Sheila Ronning and Eric Segal.
Members earn valuable CPE credits during the afternoon Tax Update mini-session presented by Glenn James CPA, BDO USA. 
Scholarship award recipient Marianna Goncalves Severgnini  thanked the Chapter for the valuable opportunity the award will provide.