The University of Findlay

Institute of Managerial Accountants
& Accounting Newsletter

Fall Semester, 2011

Accounting Club Officers 2011 - 2012

(From Left to Right)
Holly Homan - Treasurer
Nicole Heyne - Vice President
Julie Cusick - President
Thomas Tomlins - Secretary

Board Members 2011 – 2012

Natalie Baldridge

Major Fest
September 21, 2011

The university-wide major fair allows students to learn about the major and minors available at The University of Findlay. The Accounting Club and accounting staff were available to meet with students and answer questions concerning the accounting program at The University of Findlay. Pictured are Julie Cusick and Natalie Baldridge.

Accounting Alumni Return to Campus
September 27, 2011

In 2011, Marathon Petroleum Corporation (MPC) became a separate downstream energy company from Marathon Oil Corporation. On June 30, 2011, Marathon Petroleum Company and Marathon Oil Company separated to become standalone companies, each with their own board of directors and stock. The two companies now share a joint, rich history that dates back to 1887. Headquartered in Findlay, Ohio, Marathon Petroleum Corporation(MPC) is the name of the parent company, which includes several subsidiary companies including Marathon Petroleum Company LP, Marathon Pipe Line LLC, and Speedway LLC.

MPC is the nation’s fifth largest transportation fuels refiner and the largest refiner in the Midwest, with 1,142,000 barrels per calendar day capacity in its six refinery system. MPC’s refining, marketing and transportation operations are concentrated primarily in the Midwest, Gulf Coast and Southeast regions of the U.S. MPC’s key to success involves a) safety and environmental excellence, b) low manufacturing costs, c)high reliability, d) crude and product flexibility, and e) dedicated andfocused employees.

MPC operations are strategically located to serve major markets. They include a six-plant refining network, a comprehensive terminal and transportation system, and extensive wholesale and retail marketing operations. This includes both the Marathon Brand and MPC’s wholly owned retail marketing subsidiary, Speedway LLC, the nation’s fourth largest chain of company-owned and operated retail gasoline and convenience stores.

The company has more than 25,000 employees and will be on campus October 14 to conduct interviews for possible internship positions. Pictured are Bruce Ritter (class 1990), and Brooke Bosse-Bormuth (class 2007). Bruce has been with Marathon for 21 years and Brooke 4 years.

Brian Krienbrink - Factory Direct International, CFO, CPA
October 4, 2011

Mr. Krienbrink is the CFO of FDI, a privately held company. The company operates under the name of Rogers Sports Management Group for clothing and Pukka for headwear. Mr.Krienbrink highly encourages students to complete a co-op or internship while in school and to prepare and sit for the CPA exam as soon as possible. CPA exam content is passed down into your daily routines as an accountant. The company does hire internships, primarily in the area of marketing. Since the company is privately held, the company does not employ interns in the accounting department.

COB Business Day
October 13, 2011

The College of Business held its Bi-annual Business Day where high school students came to campus for an educational day of learning about the University of Findlay. Representatives from the Accounting Club (Molly Homan and Nicholas Dirckson) volunteered to lend a helpinghand. A portion of the day consisted of learning more about the Hot Careers in Business with a distribution of handouts and literature for families to learn more about the accounting major and program. Following that event, there was a student panel discussion where families could hear first hand from our current accounting students. The accounting club participation ended with lunch with the prospective students and their families. The COB would like to thank you for your participation.

Charles Stumpp from Pry Professional Group, CPA
October 25, 2011

Chuck Stumpp, President of Pry Professional Group, graduated Magna Cum Laude from Bowling Green State University in 1981 with a Bachelor of Science in Business Administration. He received his CPA designation in 1983. Chuck has previous experience on the audit staff of Peat, Marwick & Mitchell in Toledo and joined Pry Professional Group in 1983 where he became a shareholder in 1991. He earned his Personal Financial Specialist designation in 2001 and Accredited Investment Fiduciary designation in 2010. Professionally, Chuck is a member of the American Institute of Certified Public Accountants and the Ohio Society of Certified Public Accountants.

Chuck, an Eagle Scout and a graduate of Hancock Leadership, is a past President of the Findlay Noon Rotary Club. He and wife Kim are co-chairs of the 2011 Hancock County United Way campaign. He is also currently the Treasurer of the Children’s Mentoring Connection Foundation and the Citizens for Findlay City Schools. His prior community involvement includes Treasurer of the Findlay Hancock County Community Foundation, President of the Hancock Properties Foundation, President of the BigBrothers/Big Sisters of Hancock County, President of Century Health, Treasurer of Read for Life, and Treasurer of the United Way of Hancock County. He has twice chaired the Professional Division for United Way campaigns.

An individual’s independence and objectivity enhances when you do not own shares in your clients businesses. Technology has been the biggest change within his career and as a result, you need to find a balance between technology use and manual procedures. Mr. Stumpp highly encouraged students to get the 30 hours of accounting before they leave college and enter the workforce. By doing so,the 30 hours will make you become CPA qualified, which is favorably perceived by potential employers. In public accounting a student can lose a semester by completed an internship, such as taxes, so it can be very difficult to get the extra hours needed to become CPA qualified. As a result, you should stayin school and get an MBA that provides you with more exposure, and perhaps get a concentration in accounting. When comparing a MBA to a MAcc degree, earning an MBA is more transferable within the workplace. Given that many employees will change jobs throughout their employment, an MBA might be the better avenue to pursue. In addition to accounting and business skills, communication skills are very important. Another bit of advice, become involved within the community. By being involved, there are two benefits. First, it is the right thing to do, and Secondly, it is an excellent means of marketing. The company does hire internships, primarily during the Winter term.

Ken Buchenroth Scholarship
November 1, 2011

Brenda Do was recognized as being an outstanding accounting student. Brenda is the third accounting major recipient to be awarded the Ken Buchenroth Scholarship. Congratulations Brenda.

Dr. Martelli Educates Accounting Students on the HR Process
November 9, 2011

Dr. Martelli, Associate Professor of Business, teaches classes in both the undergraduate and graduate business degree programs. Among others, Dr. Martelli was a Corporate Human Resource Manager for Kellogg’s in BattleCreek, MI and he has operations level HR experience as a Human Resource Manager at Kimberly-Clark’s Pulp and Paper Mill in Memphis, TN.

The staffing process at companies is a matching process that can take months to complete. Organizations can begin with a large application pool, for instance a Toledo Company recently had 8,000 applicants for 100 positions. The supply of labor does exceed the demand; as a result, companies can be very selective in their hiring process. Employees are hired touse their talents for specific responsibilities within the organization. An organization would employ people because they have the skills, knowledge, energy, initiative and capability to learn and develop.

In the selection process, organizations look beyond just the requirements of the position. Job requirements entail 70% of the requirements for positions. Organizations also have culture (20%) and reward systems (10%) that are in place. As a result, candidates should have knowledge, skills, and abilities, but also personality and motivation that match the organization’s atmosphere.

Beyond submitting your resume, application forms are normally required. These forms permit organizations to gather consistent information for all applicants and you should spend the time to complete the form. Organizations do offer internships, which is an excellent way to preview you as a possible employee. If the employer believes that you are a fit with their organization, such as your culture, personality, and skills, they will try to get you employed and find a place within their organization for you. Based upon SHRM Research, the number one reason why employees are terminated within organizations is because the culture and personality of the organization did not match the employee. Background checks is quite common, so you should always present yourself as a professional, and be cautious on what you post online, such as Facebook.

Managing Money and Staying out of the Dog House
November 10, 2011

Faculty and students from The University of Findlay’s College of Business participated in a new national financial literacy program called FETCH!™ in conjunction with the accounting firm, Knueven, Schroeder & Co. This fun competitive lesson uses a new game called Financial Education Teaches Children Healthy Habits™ to teach children to manage money early in life so they will grow into adults who make smart financial decisions. Pictured is (top) Natalie Baldridge, Anika Kumar, Amanda Purdy, Zachary Bowman and Professor Douglas Asbury, CPA, (middle) Brenda Do, Molly Homan, Dr. Joseph Martelli and Tori Mosser, (middle) Yue Liu and Julie Stalder, (bottom) Tori Mosser and Julie Cusick.

In a survey conducted by Weekly Reader and the American Institute of CPAs in 2006, it was revealed that 56% of nine to twelve year olds earn a weekly allowance. More than half (53%) have a savings account and 47% said they have a specific savings goal. In response to the requests from teachers and The Ohio Society CPAs to address financial literacy basics such as budgeting, saving and spending at the elementary level, The Ohio CPA Foundation created a new classroom activity, called FETCH!™. When students learn the value of a dollar, how to earn it, spend wisely and save, they have a better chance of growing into fiscally responsible adults.

Twenty-two COB representatives visited Bigelow Hill Elementary School and Washington Intermediate School in order to introduce financial literacy to the youths in the Findlay community in a fun and interactive fashion. FETCH!™ is set in a dog park where student teams manage the finances of owning a pet. With each turn, they use critical math and thinking skills to earn money for basics like a leash and collar, budget for unexpected expenses and save money for the future. If your dog is naughty, you could end up paying to fix the neighbor’s fence. If your dog learns a new trick or wins first place in a dog show, you get rewarded with money to put into your savings account.

The game teaches children that sometimes you must delay buying what you want right now so that you can afford what you need later. The team that ends the game with the most money in their savings account, and the most items for their pooch, wins. Through teamwork, strategy and competition, the children are able to achieve important financial literacy skills from the interactive game, which is an important foundation for a healthy financial future.

The program presented fundamentals in accounting, business, economics and finance to the children in order to meet a growing need to understand personal finance and to create responsible financial habits for them in the future. The lesson could not be timelier as familie sacross America are struggling with economic issues. According to the U.S. Census Bureau (2010), 77% of U.S. families are in debt with 46.1% holding credit card debt. Learning how to manage money and make responsible financial decisions is important for everyone. Understanding how to use and manage money early in life paves the way for a lifetime of financial success.

Additionally, the program enabled the volunteers to inspire careers in accounting and business to the students and for the volunteers to become mentors to the youths of Findlay. The event concluded with a pizza party allowing for further interaction with the students and to answer additional questions from the children.

We would like to thank the 22 COB volunteers for their student outreach in making a difference in the lives of youths in Findlay. Faculty and students from UF participating in this event and donating 88 hours for community service were: Dr. Patricia Abels, Mr. Douglas Asbury, Dr. Scott Freehafer, Dr. Joseph Martelli, Dr. John Wolper, Darren Bass, Natalie Baldridge, Zachary Bowman, Julie Cusick, Nicholas Dircksen, Brenda Do, Hillary Esselstein, Dejon Faulkner, Trelyn Gerlinger, Molly Homan, Adam Koehler, Anika Kumar, Yue Liu, Tori Mosser, Amanda Purdy, Julia Stalder, Nathaniel Vidika.

Nicole Heyne Receives FEI Award
November 10, 2011

Nicole Heyne was one of the eleven area undergraduate students who received recognition at the annual student award banquet hosted by the Financial Executives International (FEI) Toledo Chapter on November 10, 2012. Ms. Heyne was acknowledged for her accomplishments as being an outstanding accounting student and she received a $250 award check. Following dinner, the speaker for the evening program, Dr. Alan Woodliff discussed the Tauber Institute for Global Operations.

The Financial Executive International (FEI) is a professional organization comprised of financial policy makers who are senior-level corporate financial executives, such as CFO’s, with a membership of over 15,000 financial officers around the world. The FEI is a leading voice for over 70 years on behalf of corporate financial executives, and who actively engage the FASB, PCAOB, IASC, SEC and legislators in discussions to represent the viewpoints of its membership. The FEI is dedicated to advancing ethical and responsible financial management. To qualify for the annual award, a student must demonstrate a “high level of academic achievement and intellectual honesty, and [must hold] high promise for a successful career in business.”

Nicole is a native of Coldwater, Ohio and plans to graduate in May 2012 with majors in Financial Accounting and Managerial Accounting. Nicole’s academic achievement has enabled her to be on the Dean’s list, the recipient of several UF scholarships, the recipient of the Ohio Society CPA scholarship, a Dana Scholar, and a member of the Aristos Eklektos Honor Society. She has served as the Accounting Club vice president, secretary, and board member. She has been involved in various co-curricular activities at the University of Findlay and various community service projects. Ms. Heyne aspires to become a CPA and practice in private accounting.

Congratulations to Ms. Heyne on her receipt of this honor.

Warren Long, Director of Finance at BVCCS Division
November 15, 2011

After earning his bachelor’s degree from Tiffin University, Mr. Long has spent 20 years working in both public and private accounting. Since 2005, he has been employed with Blanchard Valley Health Systems, where he isthe Director of Financial Reporting. The organization has over $40 in net revenue each year, with over $84 million assets. Mr. Long manages a staff of 17 and he is responsible for 4 different business lines. He makes many presentations to the Board of Governance in addition to his responsibilities for the annual budget, external audits, tax filings, cost reports, and being the financial expert to help operations. He suggests taking on tough assignments without complaining. If the assignments were easy, they would not you. He also suggested completing a Masters and CPA immediately after receiving a bachelor’s degree. Networking is also extremely important for those searching for employment. As a candidate you show demonstrate by examples of the value you can add to the firm on both your resume and in the interviewing process.

Christmas on Campus
December 3, 2011

Dr. Abels representing the Accounting Club in conjunction with Dr. and Mrs. Wolper and representatives from the Hospitality Management Club participated in the annual Christmas on Campus event that took place at the AMU on Saturday, December 3, 2010. The annual Christmas on Campus event was hosted by student organizations. Thanks to the entire group of volunteers for making this day a success for the children.

Accounting Club Christmas Party
December 6, 2011

The Accounting Club held its annual Christmas party. There were many games played that was served with a variety of delicious food. Natalie Baldrige, board of directors, will be graduating in December, so the club elected additional board members. Julia Stalder and Kirsten Peterson are our newly elected Board of Trustees Members. Thank you Natalie for all your work with the accounting club and congratulations on earning your degree. We all wish you the best!

Accounting Club Dates Set for Spring 2012

The Club will host its meetings on Tuesday evenings, in Room 209 Old Main from 5:15-6:15. The tentative dates for the meetings are: January 24, February 28, March 27, April 10, and April 24. We hope to see you there!