Rotary Happenings: Rotary getting back to normal after Hurricane Irma
Getting back to normal after Hurricane Irma for Rotary means returning to our regular format for Friday morning meetings. This week our club President Holli Martin wanted to make note that in the past few years Sanibel-Captiva Rotary has brought in over 25 new members. Such a fantastic growth spurt comes at a risk of not getting to know our newer members well and sometimes them not getting to know our long-time members and snowbird members on a level that is beneficial to all concerned.
Holli has started monthly fun social get-togethers for our membership and these have certainly become popular events, but she also wants us to get to know the value in each of the professions brought to the table through Rotary membership. This past Friday we started with short presentations by three Rotarians about their selected professions, there were no scripts, no PowerPoint, no prepared questions, basically just off-the cuff stuff for about seven minutes each.
Jack Alexander, Rotary Classification-CPA Auditor, Audit Manager Stroemer & Company 4 year Rotarian
Jack went right to the heart of being an auditor. Identifying the process and keeping in mind the following, “Trust but Verify.” Wikipedia “An audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law.”
Jack told us auditors drill down in the process, they test transactions.They are looking to verify the business methods of the company and that financial statements are stated correctly. Audits can provide an opinion, a review, and/or compilation depending on the type of professional services needed. An opinion, the gold-standard for audits states the financial position of the business and their financials are presented correctly and in conformity with accounting principles generally accepted AICCP. One thing Jack stated may surprise you “audits are not designed to prevent fraud, they are formulated on signed financial statements from the company as a basis for audit.”
Gary Dyer, Rotary Classification-Financial Services, Portfolio Manager Investors Security Trust-new Sanibel-Captiva Rotary member as of Feb. 10, 2017
Gary started with a story about himself when he was in kindergarten and the kids were asked what they wanted to be when they grew up. Gary stated “financial analysts” the die was cast. Gary’s dad was in financial services dealing with investment portfolios, mergers, and acquisitions and Gary just thought, hey this sounds pretty good. A mini-me was in the making. Gary was given his first stock at age 6 years oldSteak & Shake by his Dad. Gary followed his destined career path after Indiana University and became a financial analyst receiving financial credentials leading him after several years to his current position of portfolio manager. Gary truly enjoys the research done in his position, but his true passion is getting to know his clients and positioning their investments tailored to their financial needs. Each individual client has their own financial story and depending on their age and amount of investment capital they have Gary looks at placing them in their best investment position. Gary told us that,” Baby boomers and the real wealthy like personal contact with their portfolio managers, they like to ask questions and have assistance with managing risk.” Millennials seem to be more comfortable with investing online, but as they collect wealth, that may change.
John Raho, Rotary Classification-Financial Controller, new Sanibel-Captiva Rotary member as of Aug. 11, 2017
John has worked in finance, primarily working in or with Fortune 500 companies for 30 years with his latest position as division controller with Corning, Inc. working overseas in Greater China, Japan and the UK. John started his talk with a question, “Does anyone know what guerilla glass is?” No hands went up.
Most everyone knows Corning, Inc, but not everyone knows that Corning manufactures a product called Guerilla Glass used for the glass screens on mobile electronic devices. John was financial controller for this division for several during developing years. John, also, told the story of the beginning of the business relationship between Corning and Apple. In early 2000 Apple Founder and CEO Steve Jobs wanted to improve on the screen quality of his developing iPhone and contacted Wendell Weeks, CEO of Corning, Inc. asking him if he had a product that could serve as cover glass for his new iPhone. Corning did not have a product on hand at the time, but had an experimental product not yet being manufactured that potentially could serve that purpose. After all, Corning’s company motto is “Discovering Beyond Imagination.” Jobs challenged Weeks to start manufacturing that product and have it ready for him in six months. Corning went to work and produced a sample product six months later. Corning has experimented and improved their products throughout the years and is now in the 5th generation of Guerilla Glass. Although Apple has experimented with other glass screen manufacturers over the years, it continues to return to Guerilla Glass as the gold-standard.
As a financial controller, John, was charged with the responsibilities of pre-budget forecasts, maintaining internal financial control, and closing division books.
Sanibel-Captiva Rotary meets Friday mornings, 7 a.m., at the Dunes. Guests are welcomed.