Did you know that April is Financial Literacy Month? When did all this happen, you ask? Well, I searched the CalCPA website and found a press release dated March 30, 2004, titled “April Declared ‘Financial Literacy Month': Resolution aimed at helping Californians better manage their money.” The article begins with, “In our continuing effort to increase financial literacy among all Californians, CalCPA joined with Assemblyman Paul Koretz (D-West Hollywood) in crafting an Assembly resolution declaring April ‘Financial Literacy Month’ in California—ACR 61 has been unanimously approved by the California Legislature.”
But I couldn’t stop there, so I continued my search on the internet and found ACR 61, Assembly Concurrent Resolution No. 61—Relative to Financial Literacy Month, which was passed by the California Senate and Assembly in March 2004. And if you read through the bill, you will find some interesting facts from 2004. Here are a few of them:

Californians' total personal income is 60 percent higher than any other state and accounts for 13 percent of all personal income in the United States.
60 percent of American households carry forward some portion of their credit card debt every month, with an average balance of more than $4,000, and 20 percent of families with an annual income below $50,000 spend close to one-half of their net income on debt payments.
More than 75 percent of all college students have at least one credit card with an average debt of almost $3,000, and some university administrators state that more students drop out due to credit card debt rather than to academic failure.
The United States reportedly has the lowest individual savings rate in the industrialized world as almost half of all workers have accumulated less than $50,000 for their retirement, and one-third have saved less than $10,000.

Crystil Turner, who is CalCPA's community outreach manager, provided this plea for all of us to get involved with helping others in the area of financial literacy. Here are her words that I pass along to you.
   With financial literacy month just around the corner, you may be wondering how you can become involved with educating Californian’s on becoming more financially literate. As of February, there are more than 1,200 CalCPA members signed up as financial literacy volunteers. These volunteers are notified of financial literacy presentation opportunities with both the Student Outreach Program and the Dollars & Sense Workshops.
   CalCPA’s Student Outreach Program places CPA’s in high school classrooms, where they are asked to present an interactive and relevant lesson on personal finance. Each presentation is designed to cover one of six financial literacy lessons within the time parameters of one class period. The lessons are based on a curriculum that covers financial planning, budgeting, savings and investing, managing credit or insurance.
   CalCPA’s Dollars & Sense program brings a panel of CPA experts to workshops hosted by legislators, community groups, schools and businesses. Each workshop consists of a presentation, which is designed to provide tips on how the audience can better manage their money, improve savings and investment strategies and save on taxes, and a Q&A where participants walk away with valuable information that meets their specific financial need.
   For more information on either of these programs, or if you are interested in becoming a financial literacy volunteer, contact Crystil.
   Thank you, Crystil, for helping us get out this important message. And thanks to Tracy Wirtes, who is our chapter chair on financial literacy. Among our 1,000-plus chapter members, we have 54 volunteers involved in financial literacy. They do a lot, but could do a lot more with your help!
   Respectfully,
—Renee H. Miller, CPA
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CHAPTER NEWS

New Members

On behalf of the Inland Empire Chapter’s officers, directors and members, we extend our warmest of welcomes to our new members: William Garcia, Valentine Okoro, Cheryl Gilbert... [see all new members]

Chapter Leadership at CalCPA Council Meeting

By Scott Hofferber, CPA

Renee Miller (chapter president) Johanna Sweaney Salt (CalCPA MAP/MCS Committee chair) and myself (chapter immediate past president and a CalCPA vice chair) represented the Inland Empire this year at the Jan. 25-26 CalCPA Council meeting.
   First, we must congratulate and thank Michael Eisenberg (Los Angeles Chapter) for his commitment to our profession. Mike was recognized at the meeting for a lifetime achievement award he had received from the PFP arm of the AICPA. During the council meeting he commented on the impact financial literacy programs have had on society and the profession. Mike wanted to make sure that every chapter member who has had any involvement in financial literacy programs (CalCPA and AICPA) understands that the work everyone is doing has raised awareness and respect for our profession at every layer of our society.
   He reported that $35 million in equivalent media costs had been allocated toward financial literacy awareness nationwide in just one quarter during 2007, a remarkable affirmation of the need for these programs and the awareness we are raising through our collective efforts.
   Renee, besides attending the day-and-a-half council sessions, represented our leadership team at a special President’s Breakfast for incoming and outgoing chapter presidents. The emphasis of the meeting was communicating the services and benefits of CalCPA membership to members and prospective members. CalCPA staff unveiled a new PC-based video conferencing environment, which has some interesting implications for us in the Inland Empire, offering a potential method for addressing the challenges we face in gathering together in such a large geographical area.
   Johanna addressed the body assembled in response to the proposed dues increase.
   Johanna was also honored, along with our own staff liaison Vince Chin, as graduates of the third CalCPA Leadership Institute. Bruce Gray and I joined them at a Leadership Institute alumni reception held after the first day’s session to celebrate the effectiveness the Institute has had on developing a talented and enthusiastic leadership pool on which CalCPA can draw for a good number of years into the future. Most of the candidates for leadership positions at this year’s CalCPA’s Council meeting are Leadership Institute graduates.
   I was pleased to be present when Susan Klein of the California CPA Education Foundation introduced the council and the public to the Financial Leadership Forum, a culmination of about three years’ effort by many (including myself and Susan) to focus a proportionate share of CalCPA’s attention, resources and services onto our business and industry members. A significant number of CPAs in California serve in these non-public accounting roles and CalCPA is pleased to launch this new concentration of services to address the needs of these professionals.
   I also attended the President’s Breakfast as a representative of the CalCPA Board of Directors in my vice chair position. I also served as the Inland Empire’s representative to the CalCPA Nominating Committee. The half-day deliberations resulted in a slate of candidates for state level leadership, which will be voted on at the June annual meeting in Hawaii.
   The committee selected, and the Inland Empire Chapter can be very proud having, Johanna Sweaney Salt as a vice chair to represent us on the CalCPA Board for a two-year term (2008–10). Congratulations, Johanna! It is unprecedented for Inland Empire leadership to have two representatives on the CalCPA Board at the same time. We can all be very proud of the hard work that we have put forth to make our chapter and its leadership team significant and important locally and statewide.

2008-09 Chapter Nominations

Inland Empire Chapter nominations for the 2008-09 year have been slated. Please fax your ballot to chapter program associate Monica Thompson at (951) 924-8298. All ballots must be received by Friday, April 11.
Download your ballot today

Bulletin Deadlines

Keep these due dates in mind if there is something you’d like to publish in the Bulletin. E-mail information to chapter program associate Monica Thompson.

April issue: March 7
May issue: April 6
June issue: May 9
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CHAPTER EVENTS

Golf Tournament

By Dick Savich, Golf Committee Chair

Mark your calendars for the next Inland Empire Golf Tournament, to be held Monday, May 19, at the Greg Norman Course at PGA West in La Quinta. Our goal this year is to have over 100 golfers!
We have the opportunity to play a premier course during prime season at a great price—$175 per person, which includes lunch, dinner, carts, practice range, special contests, prizes, drinks, refreshments and more. Be prepared to take advantage of this great deal and get your foursome together now. Look for more details in future bulletins.
Also, we need sponsors for the raffle, silent auction and goody bags. If you are interested, e-mail Monica Thompson or call (951) 242-7558. Net proceeds go to the Scholarship Fund, which helps Inland Empire accounting students. We have provided scholarships to students at 17 different colleges and universities in the Inland Empire.
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CalCPA NEWS

We Value Your Membership—Renew Today

Renew your 2008-09 CalCPA membership and you will be entered into a drawing for a FREE VP membership good through April 2009 courtesy of the California CPA Education Foundation. Learn more.
Renew Today!
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RESOURCES:

Inland Empire Chapter Leadership

Contact Your Program Associate:

Monica Thompson

Contact Your Program Director:

Vince Chin

California CPA Education Foundation CPE in the Inland Empire Chapter