CGMA DESIGNATION LAUNCHEDcal business tools, CGMA Magazine and Newsletter and other resources to help them stay up-to-date on important profes-sional issues, drive critical business decisions at their organi-zations and chart the best course to meet their professional objectives.

According to Barry Melancon, AICPA President and CEO, “Combining the AICPA’s expertise with CIMA’s more than 90 years of management accounting leadership is an effective way to create value for our members. For our 140,000-plus members who work in business, industry and government, the CGMA will complement their U.S. CPA and will elevate their value to their employers. The CGMA is poised to be the global designation for management account-ing, and this joint venture with CIMA further enhances the position of the U.S. CPA as a worldwide leader.”

The CGMA is available to qualifying AICPA members. Members of the Nebraska Society who are also members of the AICPA can save $50 off the annual CGMA registration fee.

For more information about the CGMA, visit www.cgma.org.

A new designation, the Chartered Global Management Accountant (CGMA), was launched around the world on January 31, 2012, through a joint venture of the American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA).

The CGMA is a new global designation that recognizes CPAs working in a range of management accounting roles in businesses, industries and governments worldwide. Those with the new designation play a critical role in helping or-ganizations of all sizes achieve sustainable business success. Management accountants, in today’s ever-more complex business environment, have greatly expanded their roles as business partners and must have the ability to synthesize and interpret a wide range of non-financial and financial informa-tion. The CGMA signals to employers that the designee has built upon core financial expertise and business acumen and is committed to continually developing his or her manage-ment accounting competencies.

CGMA designation-holders have access to a new re-source-rich website, www.cgma.org, featuring a global online community of peers, thought leadership papers, practi-

With almost 30 of Nebraska’s 49 State Senators in attendance, the Society held its annual State Senators’ Reception on January 3, 2012, at the Nebraska Club in Lin-coln. Pictured with the Society Chairman of the Board, Julie Bauman of Falls City, are two leaders of the 2012 Nebraska Leg-islature. Meeting with Society Chairman Bauman are Speaker of the Legislature, Mike Flood of Norfolk, (right) and the Chairman of the Legislature’s Appropriations Committee, Lavon Heidemann of Elk Creek. Senator Heidemann is also a tax client of Chairman Bauman’s firm. The annual event, which is held on the eve of each new session of the Legis-lature, has been hosted by the Society since the 1970s. A total of almost 100 persons attended the Reception.

February - March 2012

Official Publication of the Nebraska Society of CPAs

SENATORS’RECEPTION . .

BUDGET APPROVED; NO DUES INCREASEBy Dan Vodvarka Society President

With Chairman of the Board, Julie Bauman of Falls City presiding, the So-ciety’s Board of Directors approved the Society’s preliminary 2012-13 budget with no membership dues increase.

There has been only one dues in-crease the past seven years and only five over the past two decades as the Ne-braska Society continues to have some of the lowest Society dues in the nation.

The Board reviewed, discussed and gave approval to a budget of over $1,200,000 for the 2012-13 Society year.

In a culmination of nearly two years of study and review, the Board gave final approval to a number of amendments and grammatical up-dates to the Society’s Bylaws. Society members wishing a copy of the newly amended Bylaws should contact Presi-dent Dan Vodvarka at vod@nescpa.org.

The Board met at the Nebraska Club in Lincoln on January 3, 2012, prior to

the Society’s annual reception for Ne-braska State Senators.

Among the other actions taken at the meeting, the Board:

Approved the Society’s financial statement as of November 30, 2011, and 12 membership applications. Treasurer Michelle Thornburg of Omaha, at her first meeting as Treasurer, presented the financial report to the Board.

Reviewed a letter from Chairman Bauman to the Nebraska Supreme Court regarding proposed amendments to the Unauthorized Practice of Law Rules in Nebraska.

Received a report from Society Vice President Sheila Burroughs regard-ing the status of the Society’s 2011 Con-tinuing Professional Education (CPE) program which had a total of over 90 courses and 3,250 registrants.

Considered an initial draft of pos-sible state legislation for 2013 that would amend the experience require-ment for obtaining a permit to practice in the Nebr. Accountancy Act of 1957.

Approved a $15, one-time CPE coupon for use by the membership dur-ing 2012.

Received a report for the Society’s chief lobbyist, Walt Radcliffe, regarding the upcoming 2012 session of the Ne-braska Legislature.

Approved the dates of October 31 and November 1, 2012, for the Society’s 2012 Annual Meeting and Fall CPE Conference to be held at the Embassy Suites in LaVista.

Approved the recommendations of the Awards Selection Committee to honor four outstanding Society members during the 2012 Annual meeting.

The Board also nominated Immedi-ate Past Chairman John Fruhwirth of Omaha as Nebraska’s next Elected Member of the AICPA Council begin-ning during October 2012.

The Board will next meet at Ma-honey State Park on May 23, 2012, during the Mid-year committee meet-ings.

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The Society’s continuing professional education (CPE) schedule will begin a couple of weeks earlier than usual this year with two outstanding course in early May!

The 2012 schedule will begin on May 8, 2012, with Loscalzo’s Audits of Defined Contribution Pension Plans (emphasizing 401K Plans) being held at the German-American Society in Omaha. That course will be followed by Lo-scalzo’s Auditing Manual Utilizing the Risk-Based Audit Standards on May 9, 2012, at the same location.

Rebecca Lee will be the discussion leader for both courses. “While Re-becca has not instructed a Society CPE course in Nebraska for a few years, in the past she has averaged an almost 4.7 score for her teaching abilities and is an excellent discussion leader”, Sheila Burroughs, Vice-President, said. The eight-hour courses will begin at 8:30 am both days.

Planning and scheduling of the Society’s 2012 CPE schedule is in its final stages and will be completed by early March. The annual CPE Catalog and Member Resource Guide is scheduled to be published and distributed to all Society members in early April 2012 with the Society’s monthly newsletter.

Other May 2012 courses include: Bradley Burnett as the discussion leader for Tax Planning Update for C and S Corporations, Partnerships and LLCs to be held at the Sandhills Convention Center in North Platte on May 21 and Pay-roll Tax and Contract Labor Update which will be held at the Fairfield Inn & Suites in Grand Island on May 22, 2012. Also, on May 24, popular Nebraska CPA discussion leader, Paul Koehler of Lincoln, will present Currently Effec-tive SASs at the Holiday Inn Downtown in Lincoln.

All three hotels have the following special nightly rates for Society Mem-bers. Call the hotel directly for reservations.

Fairfield Inn & Suites, Grand Island – (308) 381-8980 - $96.95 Holiday Inn Downtown, Lincoln – (402) 475-4011 - $84. Quality Inn (Sandhills Convention Center), North Platte – (800)  760‐

3333 - $74.99 for a deluxe standard room and $119.99 for a two room suite. The complete 2012 list of CPE courses, including descriptions, costs

and locations, will be posted on the Society’s website by late March ac-cording to Vice-President Burroughs.

The Foundation Fundraising Campaign, which began in 2010, has received contributions from many Society members and as of February 1, 2012, the Campaign has raised over $23,000.

The Campaign’s long-term goal is to increase the value of the Foundation’s over 50 annual scholarships and grants to Nebraska college accounting students and programs.

Following are the most recent members who have invested in the future of the CPA profession in Ne-braska (since October 1, 2011):

FUNDRAISING CAMPAIGN CONTINUES

IF YOU HAVE NOT CONTRIBUTED RECENTLY – PLEASE JOIN US!!

In MemoriamDennis R. Baumert

Lincoln, NE 1934 - 2012

Nebraska Certificate #692 Society Certificate #488

Former Chairman, Nebraska Board of Public Accountancy

Gold Investors- Randall K. Koski, Omaha

Silver Investors- Leslie J. Robbins, Jr., Omaha

In MemoriamKim M. Goering Platte Center, NE

1961 - 2012 Nebraska Certificate #3567

Society Certificate #5512

Bronze Investors- Patricia Brunz, Sunderland - Gene G. Garrelts, Omaha - Lori K. Mueller, Omaha - James R. Slattery, Lincoln

Other Investors- Thomas J. Purcell, III, Omaha - Shirley Spieker, Omaha

In MemoriamScott M. Wallace

Elkhorn, NE 1960 - 2012

Nebraska Certificate #3508 Society Certificate #2565

2012 CPE BEGINS MAY 8 & 9!

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By Dan Vodvarka, Society President The second session of Nebraska’s

102nd Legislature convened on January 4, 2012, in Lincoln. The session is scheduled to last 60 working days and is set to adjourn Sine Die on April 12, 2012.

Nebraska’s state senators intro-duced more than 465 bills during the first 10 days of the session to add to the hundreds of bills held over from the Legislature’s first session in 2011. By February 16, the Senators will have designated their priority bills and will busy with afternoon Committee hear-ings. All day floor debate is tentatively schedule to begin on February 27.

No legislation directly regarding the Nebraska Accountancy Act of 1957was introduced into the 2011 or 2012 sessions but there are a number of bills of interest to Nebraska CPAs that are being monitored by the Society staff and the Society’s chief lobbyist, Rad-cliff and Associates of Lincoln.

One of major legislative bills be-

fore the 2012 Legislature is LB970 as introduced by Bellevue Senator Abbie Cornett, Chairman of the Revenue Committee, on behalf of Governor Dave Heineman. The bill would pro-vide over $325 million in tax relief to

Nebraska over a three-year period and eliminate the county inheritance tax in Nebraska. The bill had a public hearing before the Revenue Committee on January 26, 2012. Senator Cornett has also introduced

LB790 which abolishes the inheritance tax. Nebraska is one of only eight states with an inheritance tax.

Among the numerous tax bills in-troduced are three by Society member Kearney Senator Galen Hadley. Sena-tor Hadley introduced LB850, legisla-tion that would create “incentive areas” to boost the population in Nebraska’s

rural areas by providing refundable tax credits for out-of-state individuals who move and stay in certain Nebraska counties. He has also introduced LB830 to provide a sales and use tax exemption for biochips used for genetic research and other commercial applica-tions and LB872 which moves the Ne-braska tax code from traditional “cost of performance” rules to more balanced methods of appropriating income de-rived from sales of intangibles and ser-vices. LB850 and LB872 were consid-ered during a public hearing before the Revenue Committee on January 27, 2012.

Sales Tax on Services A bill carried over from 2011 of

particular interest is LB560, introduced by Senator Cornett, which would tax certain services not currently exempt from the state sales tax. The bill re-mains before the Revenue Committee. The Society has strongly opposed any extension of the state sales tax to pro-fessional services for many years.

2012 LEGISLATURE UNDERWAY

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Nebraska Society membership applications have been received from the following individuals. Objections should be filed with the Secretary of the Nebraska Society of CPAs: Daniel L. Wells, Diesel Power Equipment Co., 13619 Industrial Rd., Omaha, NE 68137.

Nebraska CPA is published ten times annually for members of the Nebraska Society of CPAs. Publication is monthly, with the exception of two combined issues: February/March and December/January. Copy dead-line is the tenth of the month prior to publication.

Nebraska Society of CPAs 635 South 14th Street, Suite 330

Lincoln, Nebraska 68508 (402) 476-8482 or (800) 642-6178

Fax (402) 476-8731 Email society@nescpa.org

www.nescpa.org

OFFICERSJulie D. Bauman, Chairman

Patrick J. Lavelle, Chairman-Elect Michelle R. Thornburg, Treasurer

Daniel L. Wells, Secretary John B. Fruhwirth, Immediate Past Chairman

DIRECTORSGene G. Garrelts Jamie L. Johnson Patrick G. Kirlin Marcy J. Luth

Thomas J. Meister

David E. Lechner Elected Member of AICPA Council

Richard D. Gifford West Nebraska Chapter President

STAFFDan Vodvarka, President

Sheila Burroughs, Vice President

MEMBERSHIP APPLICATIONS

Joshua Borowski, Almquist, Maltzahn, Galloway & Luth, PC, Grand Island

Melissa S. Brewer, Christensen Brozek Faltys, PC; Norfolk

Bo R. Hansen, Lutz & Company, PC; Omaha

Andrea R. Mendlik, BKD, LLP; Omaha

James A. Rein, Kennedy and Coe, LLC; Loveland, CO

Kyle K. Schachenmeyer, Graf-ton & Associates, PC; Lincoln

Adam C. Spellman, KPMG LLP; Omaha

Eryn E. Stevens, DeBoer & As-sociates, PC; Omaha

Hans D. Tiemann; Beatrice Sonja T. Vehorn, Boyle Hess &

Elliott, CPAs, PC; Omaha

TRADITION CONTINUES . . . Almost 100 persons attended the Society’s annual State Senators’ Reception held on January 3, 2012, at the Nebraska Club in Lincoln. In the upper picture, Nebraska Society members Doug Skiles of McCook (left) and Michelle Thornburg of Omaha enjoy a conversation with Omaha Senator John Nelson and his wife Judy (right). Skiles is the chairman of the Nebraska Board of Public Accountancy and Thornburg is the Society’s new Treasurer and member of the Board of Directors. In the lower picture, Past Society Chairmen Rand Hansen (right) and John Fruhwirth of Omaha visit with Society member Larry Kopsa of York and his wife Maggie The annual event, held on the eve of each new session of the Ne-braska Legislature, has been hosted by the Society since the mid-1970s.

LINCOLN AGA CHAPTER SPONSORS EXCEL COURSEThe Lincoln Chapter of the Association of Government Accountants (AGA)

will sponsor a four-hour Advanced Excel training course on March 14, 2012, in Lin-coln.

The course is scheduled on March 14 from 1-5 pm in the Nebraska State Office Building, 301 Centennial Mall South in the Lower Level Room C in Lincoln. The course discussion leader will be Melissa Turner of Easel Solutions, Inc. She is a Microsoft Certified Trainer and the course will focus on using Microsoft Excel to transform created, edited, and formatted basic spreadsheets into more visually effec-tive presentations.

The course is free to all AGA members. Non-members can attend for a $50 registration fee. The Nebraska Board of Public Accountancy has approved the course for four hours of continuing professional education (CPE) for CPAs.

To register for the course, go to the Lincoln Chapter’s website at www.lincolnneaga.org/index.php and click on the Events page. For more informa-tion about the course, persons can contact Ken Rouch at KenRouch@msn.com.

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Because of decades of leadership with a historic Lincoln CPA firm and with the Nebraska Society and for his continuing work to improve the CPA profession in Nebraska, Michael S. McClure of Lincoln is the Society’s 2011 recipient of the Distinguished Service to the Profession Award.

With almost 35 years of experi-ence in public accounting, McClure is a Partner in charge of Business Valua-tion Services with the long-time Lin-coln firm of BMG Certified Public Accountants, LLP.

The foundation of BMG began in 1924 when Robert VanBoskirk and Calvin B. Remington founded one of Lincoln’s first accounting firms. By 1973 the firm had evolved into Van-Boskirk, Trumble and Associates and would eventually include Mike and Art Basso. In 1983, the firm was re-organized with Mike, Art Basso and Tom Goeglein as partners and was renamed Basso, McClure & Goeglein. In 2005, another re-organization oc-curred that established the present firm of BMG Certified Public Accountants. Today beyond the traditional tax, ac-counting and auditing services, the almost 90-year-old firm provides its clients with forensic accounting and litigation services, business valuations, peer reviews, payroll services and computer consulting services.

A 1976 graduate of the University of Nebraska-Lincoln with a B.A. de-gree in accounting, Mike joined the Nebraska Society in 1980 and soon after became active on Society com-mittees.

Over the years he held numerous leadership positions in the Society in-

MIKE MCCLURERECEIVES 2011 DISTINGUISHEDSERVICE AWARD

cluding Chairman of the Accounting Principles and Auditing Standards Committee; a current member and Past Chairman of the Quality Review Com-mittee; and an active participant in the Lincoln MAP Roundtable. He has also served on the Society’s Nominating Committee. In the mid-1990s, respect-ing his leadership qualities, the mem-bership elected Mike to the Society’s Board of Directors where he served on the Executive Committee as Treasurer. He later served six years on the Society Foundation’s Board of Trustees. He is also a member and former President of the Nebraska Chapter of the National Association of Certified Valuation Analysts and is currently on the Ne-vada Society of CPAs’ Peer Review Acceptance Board. In addition he is an active member of the Lincoln Inde-pendent Business Association and the East Lincoln Business Association.

Much of Mike’s CPA career has centered on his commitment to helping protect the quality and integrity of his chosen profession through peer and quality review programs.

The firm Partner and Society member who nominated Mike for this award wrote, “One of Mike’s most significant contributions to the profes-sion has been his involvement as a vol-unteer on the Nevada Society of CPAs Peer Review Acceptance Board. The position requires a significant amount

of his time and provides an immeasur-able benefit to the CPA profession in Nebraska and other states served by the Acceptance Board. The Board works behind the scenes every day to ensure that CPAs are providing quality ac-counting and auditing services that are required.”

And that same member praised Mike as a person. “Mike is patient and kind and is always willing to help out where needed. His approach to profes-sional problems has always involved thoughtful consideration and detailed research. His written communication skills are some of the best that I have encountered. His commitment to im-proving and maintaining quality within the CPA profession is unmatched and I’m proud to be one of his business partners.”

Michael S. McClure, in apprecia-tion for the time and talent you have unselfishly given over the years to ad-vance the CPA profession in Nebraska; for your leadership in the continued success of a long-time, historic Lincoln accounting firm and for your profes-sional dedication to the Quality and Peer Review programs within the CPA profession at the state and national levels, your peers —Nebraska’s CPAs – are very proud to present you with the Society’s 2011 Distinguished Ser-vice to the Profession Award.

The following is the tribute read when Mike McClure of Lin-coln was presented with the Soci-ety’s 2011 Distinguished Service to the Profession Award at the Soci-ety’s Annual Meeting Luncheon on October 26, 2011, in LaVista.

Mike McClure, a Partner in the Lincoln firm of BMG Certified Public Ac-countants, LLP, (left) receives the Society’s 2011 Distinguished Service to the Profession Award from Immediate Past Chairman John Fruhwirth of Omaha during the Society’s Annual Business Meeting Luncheon.

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GABRIEL HONORED FOR PUBLIC SERVICE

After many years of unselfish service to the Seward community, the students of Concordia University and numerous civic and charitable organizations, Duane J. Gabriel, a sole practioner in Seward, Nebraska, is today honored with the Nebraska Society’s 2011 Public Service Award.

A Society member since 1976 and a graduate of the University of Nebraska-Lincoln, Duane over the past 30+ years has established a re-markable record of public service to the Seward community and Ne-braska. He began his professional career as an accountant in the Lin-coln firm of Miller & Moore before establishing his own practice, Duane J. Gabriel, CPA, in 1978 and today remains the owner of his CPA firm in Seward.

Gabriel’s list of leadership posi-tions in Seward is long and diverse. He has been President and a Board member of the Seward Area Cham-ber of Commerce; a Board member of the Seward Library Foundation; and a former President of the Sew-ard Lions Club. He gave nearly a decade of service as a Board mem-ber of the Seward Memorial Hospi-tal and the Hospital’s Foundation and spent over 20 years as an Ad-junct Accounting Professor at Con-cordia University. He is currently a Board member of the Seward County Aging Commission.

Added to this outstanding record is his consultation and assistance to non-profit organizations in eastern Nebraska ranging from helping with the Seward County Habitat for Hu-manity to consulting with the Sew-ard Jr. Jays baseball organization.

But the true scope of Duane’s

service and positive influence on the lives of many Seward citizens can only really be realized through the words of those whose lives he has touched. A Society member who is the CFO of the Memorial Health Care Systems in Seward, wrote concern-ing Duane’s service on the hospital Board, “These were challenging years for healthcare organizations, and Duane spent numerous hours helping us meet these challenges through his role of governance over this organization. Duane’s knowl-edge and expertise were extremely valuable, and his business skills played a key role as he successfully chaired our Board audit and finance committees. During Duane’s ten-ure, the Seward healthcare system did very well as compared to our peers and he played a major role in that success.”

A colleague at Concordia Uni-versity wrote, “He has been instru-mental to the professional develop-ment of many accounting students at Concordia University who have as-pired to become CPAs. He has taught the taxation and auditing courses here for the bulk of the 28 years of the accounting programs existence and has provided intern-ships and employment opportunities for our students and graduates. Gabriel is a very knowledgeable, demanding instructor. Students come away from his classes know-ing their stuff.”

A student supported his nomina-tion by noting, “Mr. Gabriel has helped me go from wanting to be an accountant to wanting to be a CPA to wanting to be the best CPA that I can be. (He) has taught me that it is not only important to do things right, but to go beyond that and do the best that you can possibly do. He puts this into practice himself.”

And his professionalism and service has inspired his staff. A CPA in Gabriel’s firm helped nomi-nate him by writing, “ It is not the

The following is the tribute read when Duane Gabriel, a sole practi-tioner in Seward, was presented with the Society’s 2011 Public Ser-vice Award at the Society’s Annual Meeting Luncheon on October 25, 2011, in LaVista.

The recipient of the Society’s 2011 Public Service Award, Duane Gabriel, meets with Jesse Skelton of Concordia University (left), who is the recipient of the Duane J. Gabriel 2011 Public Service Award $2,000 scholarship for the 2012-13 college year, during the Society’s Annual Business Meeting Luncheon.

list of committees and boards or as-sistance provided to non-profit enti-ties that impresses; it’s his dedica-tion to service and willingness to accept leadership roles with those organization that makes (Duane) stand out. His interaction in chari-table and civic activities has created a significant impact on the Seward community over the last three dec-ades. A servant does not ask for a nomination. A servant does not ask to be approved for an award. That is why I’m asking for him.”

Duane J. Gabriel, for your many years of unselfish service to the Seward Community and to your chosen profession, and for your dedication to the education of ac-counting students and future Ne-braska CPAs, your peers – Ne-braska’s CPAs – are proud to pre-sent you with the Society’s 2011 Public Service Award.

Since 1992, Internal Control – Integrated Framework has provided valuable guidance for companies when developing and assessing inter-nal control systems. In fact, it became the most widely used internal control framework in the world. But with advances in technology and business operations, the time was right for the framework to be updated so it could remain relevant and useful.

The Committee of Sponsoring Organizations of the Treadway Com-mission (COSO), which released the original document, has now issued an exposure draft for public comments through March 31, 2012. The pro-posed updated framework was re-vised in light of changing complexity and conditions to make it easier for companies to design and assess their internal control and, ultimately, gather reliable information for sound decision making and achieve their objectives. Companies using the pro-posed updated framework should be better equipped to improve their agil-ity, confidence and clarity. However, companies that currently have effec-tive internal control systems will not experience additional responsibilities under the clarified framework.

Built on Existing Strengths COSO built on the strengths of

the original document by adding timely revisions to address the impact of significant subsequent develop-ments. The final proposal is based on insights and perspective from a broad range of professionals in industry, as well as representatives and observers from academia, government agencies and not-for-profit organizations.

While the revisions represent worthwhile enhancements to the guidance, companies should be aware of what the proposal will not change. The definition of internal control and the objectives of the framework, for example, remain the same. Internal control is still defined as a process intended to offer reasonable assur-

ance of meeting three objectives: Effective and efficient opera-

tions. Reliable financial reporting. Compliance with appropriate

laws and regulations. The new proposal also retains the five components of a system of internal control: Control environment. Risk assessment. Control activities. Information and communica-

tions. Monitoring. The new framework does not set

a higher threshold for internal control system maintenance or design. It will, however, serve as a valuable internal control resource for all companies.

Making Useful Updates One significant enhancement is

COSO FRAMEWORK UPDATE ADDRESSES

CHANGING BUSINESS ENVIRONMENTthe codification of internal control concepts introduced in the original Framework into 17 principles and supporting attributes that companies can use in managing risk and improv-ing performance in an increasingly complex and fast-moving environ-ment.

Additional enhancements help companies address:

New expectations on corporate governance

The globalization of markets and company operations

New business models Greater complexity of laws,

regulations, standards and rules Expanded expectations for

competencies and accountabilities New attitudes and expectations

Continued on Page 9

8

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COSO FRAMEWORK . . . From Page 8

on the prevention and detection of corruption

With its principles-based ap-proach, the proposed framework al-lows users to apply judgment in maintaining and improving internal control. It should offer management and boards of directors the flexibility to expand the core framework’s use beyond financial reporting. It offers separate guidance on external report-ing, addressing internal control over information not included in published financial statements. It should also allow users to apply internal control to a wide range of entities in different industries and at various organiza-tional levels. Companies using the framework should be in a better posi-tion to spot and analyze risks and create workable approaches to them.

Details on Comments and Re-lated Resources

“The proposed framework is a significant enhancement to an impor-tant resource,” said AICPA officials. “Our members in business and indus-try and auditors should familiarize themselves with the proposal and offer COSO any comments they may have. In a rapidly changing environ-ment, it’s beneficial to receive timely insights into necessary adjustments to or new perspectives on the internal control process.” Download the docu-ment and provide comments through ic.coso.org. Release of the final framework is expected in fall of 2012.

The AICPA is providing a num-ber of resources to help CPAs under-stand the proposed update, including a free webinar for Institute members. The webcast was co-hosted with The Institute of Internal Auditors. Visit aicpa.org/COSO for additional in-formation and tools on the updated framework.

COSO consists of five organiza-tions and provides thought leadership and guidance on internal control, en-terprise risk management and fraud deterrence. The AICPA is a member of COSO.

The Greater Omaha Chamber of Commerce has presented its “Volunteer of the Year” award to Jim Krieger of Omaha, Tonn Os-tergard of Lincoln and Jeffrey Scherer of Beemer. . . In 2011, Krieger served as Chairman of the Greater Omaha Chamber, Oster-gard served as the Chairman of the Lincoln Chamber of Commerce and Scherer served as the Chairman of the Nebraska Chamber of Commerce & Industry. . . The Omaha CPA firm of Lutz & Company PC was recently named as one of the 2011 “100 Best Accounting Firms to Work For” by Accounting Today and Best Companies Group. Lutz was one of 45 medium-sized firms on the list. Also honored on the list was the Omaha firm of Bland & Associates, P.C. . . Chris Oppliger of Omaha has joined the Carson Wealth Management Group as its Director of Tax Planning. . . Ryan Burger of Lincoln has been named a Shareholder in the Seward firm of Duane J. Gabriel, CPA, PC. . . Kevin Foral of Omaha has been named Manager of Tax Service in the Omaha office of RSM McGladrey, Inc. and McGladrey & Pullen, LLP and Stephanie Dowden of Council Bluffs, IA has been named Supervisor of Tax Services. . . Chris Lindner and AndreaMendlik of Lincoln has been promoted to Manager in BKD’s Ne-braska practice office in Lincoln. . . . Tonn Ostergard of Lincoln is the new Chairman-Elect of the University of Nebraska Foundation. . . Kristine Hull of Omaha is the 2012 Chairman of the Greater Omaha Young Professionals and will represent the organization on the Greater Omaha Chamber of Commerce’s Board of Directors. . . JamieJohnson of Lincoln has been named the Director of Finance and Ac-counting position with NMPP Energy Group in Lincoln. . . Kris Rut-ford of Lincoln has been appointed Treasurer of Lincoln Rotary 14. . . Amber Pliefke of Lincoln has joined the staff of HBE Becker Meyer Love LLP in Lincoln as a Senior Accountant and Taylor Emshoff of Lincoln has joined HBE as a staff accountant. . . Scott Becker of Lin-coln is currently serving as the Past President of the Board of Direc-tors of the Nebraska Community Blood Bank. . . Ken Rouch of Lin-coln has earned the Certified Government Financial Manager (CGFM) designation from the Association of Government Accountants. . . Frank Hayes of Omaha has been elected to the Companion Life In-surance Company’s Board of Directors. . . Aaron Flaugh of Omaha has been promoted to Executive Vice President and Chief Financial Officer of the Seldin Company in Omaha. . . Barbara Jessen of Omaha has been elected as a Partner in the Omaha firm of Melotz & Wilson, LLC. . . Amy Sughroue of Omaha has been promoted to Tax Manager in the Omaha firm of Frankel Zacharia, LLC. . . Chris Rothof Deshler has been elected to the Board of Directors of the National Association of Manufacturers.

MAKE PARTNER GOAL SETTING MORE EFFECTIVEBy Gary Adamson, CPA

I may be making a big assump-tion but I hope that you are already engaged in partner goal setting in your firm. If done well, it will raise the bar for each partner which in turn will raise the bar for the firm. We all have heard the basic rules of the game including having a limited number of measurable, stretch goals. Here are a few ideas to really juice up your process for better results.

Committed Leadership. Coaching and mentoring the

firm's partners is one of the most im-portant if not the most important re-sponsibility of your managing part-ner. Depending on the size of your firm, the managing partner may per-sonally do it or get others involved. The goal setting process is a team sport. The MP and his/her manage-ment team sit down with the partners and together they come up with the goals. Equally important is the in-volvement of the MP in follow up meetings to discuss progress. A good

rule of thumb is that you need to have a dialogue every sixty days or so. The biggest reason why goal setting pro-grams fail is lack of follow up by firm leadership.

Hygiene vs. Goals. I see too often what I call hy-

giene items listed as goals. There are some things that are like brushing your teeth in the morning - you just need to do it and you really shouldn't be rewarded for it. Your firm should have minimum expectations for part-ners that include things like putting your time in, doing your billings, col-lecting your receivables, etc. They are not goals. Partners should be impact players and their goals should have a high impact on the firm's success.

Firm Wide Goals/Objectives and Comp Plan.

There are two important connec-tors that each partner's goals should have. First is the linkage to overall firm goals for the year. How is each partner supporting either specific or overall firm initiatives, and the goals

of other partners? That's how you raise the tide. And second, how does the achievement of goals link to the compensation system? If it doesn't or if you need an accountant to figure it out, you're not going to get the results that you want.

Don't hide them! I would bet that in your firm,

once the goals are set, they don't see much daylight until it's time for some follow up. Why do most of us do that? Why wouldn't all partners like to see the goals of their peers? Why wouldn't staff like to know what the partners are working on? Maybe they could help! If my goals are on the firm's intranet for all eyes to see, I know that I will have more incentive to hit them. It's called peer pressure. Of course, there may be some par-ticular issues for some partners that are not suitable for sharing but for the most part they are. It is healthy to share them.

Outside assistance. I believe the managing partner

participation in the process is key as stated above. Some firms have found great results through utilizing, in ad-dition to the managing partner, the assistance of someone from outside the firm. This can range from work-ing just with the managing partner, to practice or office leaders, to the entire partner group. I know of one firm where the outside coach works with all partners on a quarterly schedule. There is something about being held accountable by someone from the outside that can raise the level of suc-cess in many firms. Remember the goal is to help en-hance the individuals' performance to improve your firm. It's a lot of work but worth it.

About the author: Gary Adamson is the President of Adamson Advisory, specializing in practice manage-ment consulting for CPA firms. He is an Indiana University graduate and has exten-sive hands on experience as the recent man-aging partner of a top 200 CPA firm. He can be reached at either (765)488.0691 or gadamson@adamsonadvisory.com.

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By Rick Schneider Natural Heritage Program Manager

Nebraska Game and Parks Commission

PRACTICES FOR SALE CouncilBluffs, IA, CPA Practice - gross revenues $330K - Well-established firm with high-quality client base and solid fee structure. Revenues com-prised of 77% tax and 23% account-ing. Council Bluffs, IA Tax Practice - gross revenues $135K - Loyal client base, composed primarily of individ-ual tax clients. Turn-key opportunity with employee in place to assist in transition. For more information about these great listings or others in your area, call (800) 397-0249. Also, see listing details and register for f ree emai l updates at www.accountingpracticesales.com.THINKING OF SELLING YOURPRACTICE? Accounting Practice Sales is the leading marketer of ac-counting and tax practices in North America. We have a large pool of buyers, both individuals and firms, looking for practices now. We also have the experience to help you find the right fit for your firm and negoti-ate the best price and terms. To learn more about our risk-free and confidential services, call Trent Holmes at (800) 397-0249 or email trent@accountingpracticesales.com.

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ACCOUNTING MANAGERResponsible for all areas related to financial statements and reporting. This position will be responsible for developing and maintaining ac-counting practices and procedures to ensure accurate and timely finan-cial statements. Responsible for internal controls, separation of du-ties and compliance with GAAP and IRS. This position will supervise ac-counting staff. The position will work with a wide variety of areas includ-ing tax, general ledger preparation, financial statements, year-end audit preparation, banking/treasury man-agement, benefits administration, forecasting, as well as oversight of foreign subsidiary financial state-ments and coordination with foreign accountants. Relocation assistance not provided. Position Available In: L incoln, NE.To apply v is i t www.sandhills.jobs to complete an online application, or email your re-sume and cover le t ter to jobs@sandhills.com.

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2012 Nebraska Society of CPAs’ Conferences Governmental Accounting & Auditing Conference ~ June 12 & 13, 2012 ~ Lincoln, NE

Not-For-Profit Conference ~ June 14, 2012 ~ Lincoln, NE Fall CPE Conference ~ October 31 & November 1, 2012 ~ LaVista, NE

HASTINGS COLLEGE seeks AS-SISTANT PROFESSOR in Ac-counting/Finance. The successful candidate will teach undergraduate courses in Accounting, Information Systems, and Finance. The pre-ferred teaching areas are somewhat flexible depending on the qualifica-tions of the individual chosen and on the needs of the department. The position requires the ability to integrate oral and written communi-cation skills as well as computer skills into course requirements. Hastings College gives highest pri-ority to teaching effectiveness. Will-ingness to advise, counsel, and work closely with students is essen-tial. QUALIFICATIONS: M.B.A. or M.P.A. with C.P.A. and/or C.M.A. required. Teaching experience or personal educational background in a liberal arts college are highly de-sirable as is some practical experi-ence in the non-academic business world. APPLICATIONS: Candi-dates who meet the qualifications should send a vita, a personal state-ment addressing why they want to become a member of the Hastings College faculty, and either (1) an official credential file or (2) unofficial transcripts of all college and univer-sity work, as well as three letters of reference to Dr. Clark Hendley, Vice President for Academic Affairs, Hastings College, 710 N. Turner Ave., Hastings, NE 68901. Phone: (402) 461-7346. Fax: (402) 461-7778. Experienced teachers are also encouraged to submit copies of course syllabi and results of teach-ing evaluations. APPLICATION DEADLINE: To be assured full con-sideration, all materials should be received by February 20, 2012. To find out more about Hastings Col-lege please visit our website at www.hastings.edu. E.O.E

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