What are the best tax strategies for 2008? Plan ahead.

Sharon Lassar, director, School of Accounting. View full interview to
learn more.

Death and taxes. Both are unavoidable, as the old saying goes. But with careful planning, businesses and individuals can take steps now to reduce—or at least better manage—the pain when next year’s tax deadlines roll around.

According to Sharon Lassar, director, School of Accounting in the College of Business Administration, it’s not too early to start reviewing 2008 tax strategies—especially in light of the current economic downturn.

What every business should consider . . .

“Whether your business is making or losing money, now is a good time to talk to your financial advisor,” she said. “Your CPA or tax accountant can help you make the best business investment, purchasing, or expensing decisions as you move through the year. You can explore different ways to borrow money or raise capital to reach your desired objective while minimizing your tax situation. Taking the time to discuss options now gives you the opportunity to think through decisions before you fully engage them.”

Certainly, the state of today’s economy combined with the credit crunch comes into play for businesses of all sizes.

“This is a good time to re-evaluate your current business tax strategy and make appropriate adjustments,” Lassar said. “You might, for one thing, consider slowing down deductions and adjusting the depreciation rate on capital additions for longer-term benefits.”

Actions individuals can take.

For individuals, Lassar recommends taking the time to review your personal 2007 tax situation closely and compare it with predicted 2008 income, expense, and investment opportunities.

“If, for example, your income is decreasing, you should re-evaluate your withholding allowances so that you don’t end up paying too much toward taxes this year,” she said.

Lassar stresses one key bit of advice for individual taxpayers: always remember to pay yourself first.

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“Take advantage of any opportunities to save for retirement,” she said. “Next, consider saving for your children’s college education. If you are able, you also can think about gifts to other family members.”

“Be sure and check in with your financial advisor in the summer months or early in the fall to review your personal tax situation, as this gives you time to change direction if your situation has shifted.”

—Sharon Lassar, director, School of Accounting

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Other suggestions?

“This year, we’ve already seen a downturn in stock portfolios,” Lassar said. “Now is a good time to review and restructure your stock investments. You might consider selling some investments and recognizing losses as a way to offset potential gains.”

She also suggests that individuals review itemized deductions and consider alternating itemized and standardized deductions from one year to the next.

“Be sure and check in with your financial advisor in the summer months or early in the fall to review your personal tax situation, as this gives you time to change direction if your situation has shifted,” she said.

Bottom line, no one likes taxes but everyone has to pay them.

“You can’t make taxes go away, but you can plan proactively to minimize the tax bite,” Lassar said.

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Executive Dean’s contributions are crystal clear.

The traditional 10th anniversary gift is tin; the modern, aluminum.

From left to right: philanthropy award winner Irela Bague, entrepreneur award winner Patricia Thorp, AXA Advisors sponsor Luis Chiappy, Coral Gables Chamber Chair Carolina Rendeiro, public service non-profit award winner Virginia Jacko, Coral Gables Chamber President Mark A. Trowbridge, corporate award winner Penny Shaffer, and international business award winner Joyce J. Elam. Photo courtesy of Alberto Romeu Studio.

However, with her tenth anniversary as executive dean of the College of Business Administration approaching, Joyce J. Elam received an exquisite crystal vase on April 4, 2008, as one of the five winners at the AXA Advisors 2008 Businesswomen of the Year Awards.

Though not an anniversary gift per se, the timing made the recognition—from the Coral Gables Chamber of Commerce—even more special.

“I was honored to be selected for this award from among so many outstanding women,” said Elam, who also is James L. Knight Professor of Management Information Systems and vice provost of FIU Online.

Now in its fifth year under the sponsorship of AXA Advisors, the Businesswomen of the Year Awards recognize women who live or work in Miami-Dade County, who are members of the Coral Gables Chamber of Commerce, who demonstrate excellence in their business or profession and a commitment to serving as role models for other women.

Elam won in the international business category, sponsored by Regions Bank. The other categories were entrepreneur, corporate, philanthropy, and public service/non-profit. Wanda Trouba, Regions Bank vice chair, business and economic affairs division, presented the award and read the citation.

Elam’s achievements show range of her commitment to quality.

The citation noted that Elam is “a recognized expert in the strategic uses of information technology, management of the IT function, and uses of IT in individual and group decision making and learning . . . has published extensively in academic journals, has had experience in executive development programs and consulting, and is a frequent speaker on management information systems topics as well as on women in leadership topics at national and international meetings.”

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“We are extremely proud of her and the impact her leadership has had and will continue to have on our community.”

—Irma Becerra-Fernández (PhD ’94), Knight Ridder Research Professor, Department of Decision Sciences and Information Systems

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Two-time Emmy Award winner Laurie Jennings, anchor and reporter on WPLG–Local 10, emceed the event, which fifteen finalists and approximately 200 supporters attended.

“The competition was arduous, but our dean clearly emerged as the most deserving winner, and we are extremely proud of her and the impact her leadership has had and will continue to have on our community,” said Irma Becerra-Fernández (PhD ’94), Knight Ridder Research Professor, Department of Decision Sciences and Information Systems. Sharon Lassar, director, School of Accounting, noted, “It was good to see that the community recognizes her leadership in developing world class international business programs at the university. We are proud and fortunate to have such an innovative leader.”

Terry Witherell, associate vice president, University and Community Relations, Florida International University cited Elam’s “outstanding work toward bringing the status of our international programs to the highest level. Due to her perseverance and vision, we are now credible players in this arena. This renown serves to float our institutional balloon ever higher toward a goal of perceived excellence for our university.”

She shared the enthusiasm of the two faculty members concerning Elam’s leadership.

“Whether she realizes it or not her day-to-day leadership has a profound influence on many of us . . . her village of admirers,” Witherell said.

Miriam Lopez, chief executive officer, TransAtlantic Bank; Julio Ramirez, executive vice president of global operations, Burger King Corporation; and Toni Randolph, Randolph Family Foundation, were the judges.

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Lectures grace spring calendar.

View McKinney’s entire lecture.

Two recent lectures in the College of Business Administration drew audiences that may have differed in their business interests, but not in their enthusiasm for what the speakers presented.

On March 24, 2008, Rosabeth Moss Kanter, Ernest L. Arbuckle Professor, Harvard Business School, spoke about “Leadership Skills for Changing Times: Creating Innovative Businesses and a Prosperous America” to an audience of approximately 75. Two days later, real estate “artist” Frank McKinney, a builder of homes with price points in excess of $50M captivated a similar number with an energetic message aimed at the members of the sponsoring organization, the Real Estate Student Association (RESA), and the Finance and Real Estate Department.

McKinney gives audience insights into selling wisely to the wealthy.

For Sam Kantor, president of RESA, McKinney’s appearance was a personal validation of persistence—a good skill in any business field. McKinney came to campus thanks to Kantor’s follow through after inviting him. It also was a chance for Kantor to hear how McKinney has built a business selling to the ultra-wealthy and to learn where he sees the market going.

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“McKinney stressed the need to know the market for your product, to understand risk, and to give back to the community.”

—William Hardin, associate professor, Finance and Real Estate Department and director, real estate programs

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Sam Kantor

According to William Hardin, associate professor, Finance and Real Estate Department and director, real estate programs, “McKinney stressed the need to know the market for your product, to understand risk, and to give back to the community.”

“I was happy to see RESA becoming active and look forward to more events like this,” said John Zdanowicz, professor, Department of Finance and Real Estate and director of the Jerome Bain Real Estate Institute, which funded refreshments and is financially supporting RESA.

Kanter lecture explores principles of leadership.

“Kanter provided a rich perspective on how to foster and nurture the next generation of leaders in the global environment,” said Sumit Kundu, Knight Ridder Center Research Professor, Department of Management and International Business. “She drew on ideas set out in her latest book, America the Principled: 6 Opportunities for Becoming a Can-Do Nation Once Again.”

Rosabeth Moss Kanter

The idea of “can-do” suggests winning, so it was no surprise that Kanter explored many aspects of winning—including its relationship to hard work and discipline; the importance of tapping the talent of teams; the notion that “winners think small and big”; and effective ways to handle losing. She also explained “the Kanter Law”: “Everything can look like failure in the middle.”

In response to a question from Kundu on succession planning, she urged attendees to participate in their communities, which she does through her involvement—partially as a member of the board of trustees—in City Year, a one-year service opportunity for people from all backgrounds. Two members of City Year Miami, Aaron Gougis and Jennifer Godinez, attended the lecture and embodied the idea of sustaining leaders by investing in youth.

“I was inspired by her saying that young individuals can change the world,” Gougis said, “and I have gotten the chance to grow and lead through City Year.”

For Godinez, the City Year experience, falling between undergraduate and graduate school, is giving her the “chance to lead a large group of youth and meet with community leaders.”

The Kanter lecture was part of the Herbert A. Wertheim Lecture Series, which has brought distinguished speakers and experts in business leadership and entrepreneurship to Florida International University since 1993.

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Global Energy Forum stimulates discussion of factors shaping global energy demand and supply in The Americas.

Olivier Lazare, vice president, new business development in The Americas, Shell Oil Company, was keynote speaker at the Forum. View his address.

With a vested interest in the energy debate, representatives from the public and private sectors came together to attend the “Global Energy Challenges: Implications for The Americas” symposium held on April 15, 2008, in the Special Events Center in the College of Business Administration Complex at University Park.

Florida International University’s Energy Business Forum, the Council of the Americas, and event sponsor Shell Oil Company hosted the lively discussion.

Opening keynote speaker Olivier Lazare, vice president, new business development in The Americas, Shell Oil Company, presented a global energy outlook based on his company’s experience and perspective.

Two panel discussions followed. The first, “Meeting Energy Challenges in The Americas,” featured Karen Harbert, former assistant secretary for policy and international affairs at the U.S. Department of Energy and current executive vice president and managing director of the Institute for 21st Century Energy at the U.S. Chamber of Commerce. She was joined by Michael Warren, national manager of the Latin American research group at Toyota Motor North America; Murray Smith, a member of the energy advisory board at TD Securities Canada; and Luis Alvarez Poli, chief executive officer of Andes Energy.

The second session, titled “Potential for Biofuels in The Americas,” offered shared perspectives from Matthew T. McManus, division chief of energy producer affairs at the U.S. Department of State; Brian Dean, acting executive director of the Interamerican Ethanol Commission; Richard Vogel, manager of environmental and regulatory affairs at Vecenergy; and Doug Durante, executive director, Clean Fuels Development Coalition.

Energy discussion resonates with attendees.

Fred Cartaya (MSME ’98, BSME ’86), vice president, Biodiesel of South Florida LLC, welcomed the symposium as a chance “to meet and discuss potential opportunities with other stakeholders of renewable energy.”

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“Everyone in the community spectrum—from governments, to private companies, to academia—needs to work together to resolve energy-related challenges in a collaborative fashion.”

—Rafael Jaén Williamson, regional manager for policy, government, and public affairs, Latin America, Chevron Corporation

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Eric Farnsworth, vice president, Council of The Americas. View his remarks.

According to Rafael Jaén Williamson, regional manager for policy, government, and public affairs, Latin America, Chevron Corporation, this symposium “reinforced the fact that everyone in the community spectrum—from governments, to private companies, to academia—needs to work together to resolve energy-related challenges in a collaborative fashion.”

Williamson has attended previous Energy Business Forum events, finding them to be “very valuable, with a rich exchange of knowledge and perspectives.”

Ed Glab, clinical professor, Department of Management and International Business, director of the Knight Ridder Center for Excellence in Management, and co-director of the Energy Business Forum, welcomes the feedback.

“We are uniting the people who conduct the research, make the investments, and determine the regulations needed to tackle the realities of today’s energy challenges head on,” Glab said.

To learn more about the Energy Business Forum, visit: http://krcem.fiu.edu/Energy.html.

Karen Harbert, executive vice president and managing director of the Institute for 21st Century Energy at the U.S. Chamber of Commerce. View her remarks.

Luis Alvarez Poli, CEO, Andes Energy. View his remarks.

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At Commencement, graduates learn they have much to be proud about.

Graduates at Chapman Graduate School and School of Accounting Commencement on April 28. View video highlights of the ceremony.

Spring Commencement took place on April 28, 2008. The ceremony for College of Business Administration’s Chapman Graduate School and School of Accounting occurred in the afternoon, with undergraduates from the Landon School receiving their diplomas in the evening.

Approximately 607 undergraduate students and 208 graduate students participated.

Executive Dean of the college and Vice Provost, FIU Online, Joyce J. Elam, addressed both audiences, focusing many of her remarks on the impressive achievements of students—individuals and student organizations—as well as on the business school’s consistent strengths in the rankings and its noteworthy new building complex.

She conferred the degrees on those graduating from the Landon School and the School of Accounting; Tomislav Mandakovic, associate dean, Chapman Graduate School, handed the diplomas to those receiving their master’s degrees or doctorates. Among the latter were four from the college’s International Executive MBA (IEMBA) in Jamaica: Corine Bolton, Karen Gardener, Vivia Newman, and Jacqueline Simpson.

FIU Medallion winner underscores the sense of pride, with a dose of adaptability added to the mix.

Modesto A. Maidique, Florida International University president, and Ronald M. Berkman, executive vice president and provost, presented Timothy J. Ellington (MBA ’77) the FIU Medallion as “Outstanding Alumnus” during the evening ceremony.

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“I am very proud of the school.”

—Timothy J. Ellington (MBA ’77), managing director/principal, Bear Stearns Inc.

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Jimmy Plannett (MSMIS ’06)

“When I got my master’s degree and was fortunate enough to teach at the university for a couple years, it was a new school in an area that was not well developed. I have seen it grow into a major university that has experienced high growth. I am very proud of the school,” said Ellington, a member of the college’s Master of Science in Finance Advisory Board and currently a managing director/principal with Bear Stearns, Inc., who will join JP Morgan Chase in a similar position post-merger.

Speaking from experience, both as a member of an army family and as a professional, he also touched on adaptability.

“The business environment today is more transitory and global than ever, and that trend will continue,” he said.

Life after graduation proves value of MSMIS degree.

When Jimmy Plannett (MSMIS ’06), senior business systems analyst, Norwegian Cruise Line, decided to pursue a graduate degree, he wanted a program “focused on IT, business, and management” and opted for the Master of Science in Management Information Systems (MSMIS) in the college because the four other Florida universities he considered “were more specific to computer science, security or network administration.” His said his decision has enriched him—in knowledge and financially.

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“Because I have an MIS degree from a business school, I can bridge the gap between business and IT better than others.”

—Jimmy Plannett (MSMIS ’06), senior business systems analyst, Norwegian Cruise Line

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“Because I have an MIS degree from a business school, I can bridge the gap between business and IT better than others,” said Plannett, noting that “I can tell I have a different perspective because of my knowledge, and that really brings benefits to the table when I meet with different departments inside of IT, vendors, and especially, business owners.”

Though a systems engineer when he began the program, he left shortly before completing it “to pursue a more business-facing role” and received a “significant salary increase.”

Building on that powerful combination of IT expertise and business background at the core of the MSMIS program, Plannett is pursuing an MBA in the college through its joint degree program.

“Having either degree puts me ahead of the competition” he said. “I think having both degrees and my experience singles me out in a good way.”

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Community benefits from recent reaffirmation of College of Business Administration’s AACSB-International accreditation.

The College of Business Administration is among the seven percent of elite business schools worldwide accredited by the AACSB International—The Association to Advance Collegiate Schools of Business. See what AACSB International accreditation means to you.

After years of hard work on the part of faculty, staff, and administrators to strengthen the quality of the business school, and after months of preparing complex, in-depth reports, the College of Business Administration hosted an AACSB International—The Association to Advance Collegiate Schools of Business—peer review team from January 27-29, 2008. The reviewers’ task: to determine if the college continues to meet the rigorous standards required to carry the prestigious AACSB-International-accredited designation.

Everyone’s dedication paid off.

Based on the report from the peer review team, the AACSB Business Accreditation Committee informed Executive Dean Joyce J. Elam that the business school and the School of Accounting would receive reaffirmation of their accreditation for another five years with no conditions. Fewer than seven percent of the world’s business schools have achieved business and/or accounting accreditation from AACSB, putting the college and the School of Accounting in very elite company. The accreditation applies to the undergraduate, master’s, and doctoral programs.

More than a symbol, the college’s AACSB accreditation positively affects the business community.

“AACSB accreditation ensures that our business school is meeting the highest standards of management education,” Elam said. “Because we are an AACSB-accredited business school, the business community can be assured that the college is offering current and relevant academic programs, that our faculty are highly qualified—with the majority having terminal degrees and being actively involved in research, consulting, and board membership—and that we hold ourselves to the highest standards of educational accountability.”

According to her, these positive aspects of accreditation, which are valuable to business partners everywhere, are “of particular importance to our local business community because they either currently employ or hire the majority of our graduates.”

Commitment to continuous improvement will propel the college onward.

Within the context of its highly complimentary report, including praising the college for its development of international business as an area of strategic focus, the evaluation team encouraged the college to continue to focus on being a leading internationally-oriented business school.

“We will develop a more comprehensive, well-defined concept of what it means to be an internationally educated student and the implications of this effort for faculty, staff, and students,” Elam said.

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Two student groups bring national honors back to College of Business Administration.

View what some of the winners had to say. From left, Michael Jadoo, Alpha Kappa Psi president; case competitors Maria E. Sabando, Isselle Medina, Jaime Montalvan, and Anthony Munyaka, and Lenroy Jones, director, Career Services and an advisor to the organization, with a check for the business school.

April proved a month to remember for members of two student organizations in the College of Business Administration— Alpha Kappa Psi and the American Marketing Association (AMA). They competed at the national level and scored impressive victories.

Alpha Kappa Psi wins prestigious Johnson & Johnson case competition.

A five-person team from the College of Business Administration’s Alpha Kappa Psi chapter won the national Johnson & Johnson Case Competition, held at the company’s corporate headquarters in New Brunswick, New Jersey on April 10-11, 2008.

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“The judges told us that our having done a weighted SWOT (strengths, weaknesses, opportunities, threats) analysis . . . worked in our favor.”

—Isselle Medina, J&J case competition team member

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Jaime Montalvan, Isselle Medina, Anthony Munyaka, Maria E. Sabando, and Matthew Ohashi bested teams from Bucknell University, La Salle University, Pennsylvania State University, Rider University, Rutgers University, Seton Hall University, University of Florida, University of Illinois, and Villanova University.

“The judges told us that our having done a weighted SWOT (strengths, weaknesses, opportunities, threats) analysis, rather than a simple SWOT analysis, worked in our favor, as did the fact that we performed a Porter’s five forces analysis,” Medina said.

Between winning the campus competition on March 24, 2008, at which two teams from the college’s Financial Management Association and one from the Florida International University Accounting Association also competed, team members could not make any changes to their presentation. However, they were allowed to polish how they presented the information, and they devoted about thirty hours to doing so.

Michael Jadoo, chapter president, provided input to Alpha Kappa Psi’s team prior to the campus event and accompanied them to the finals. James Bussey (EMBA ’99), chief of staff, Executive Dean’s Office and founder, three years ago, of the Yellow Rose Toastmasters club on campus and himself a winner of many speaking contests, serves as advisor to the fraternity and helped team members refine their presentation skills.

AMA remains solidly in top tier of collegiate chapters nationwide.

The college’s chapter of AMA was the second-largest collegiate chapter to attend the 30th Annual International AMA Collegiate Conference, held from April 3-5, 2008 in New Orleans, Louisiana.

With more than 300 chapters in AMA’s collegiate division, the college’s placement in the Top Eight netted them a “Distinguished Chapter” award at the 30th Annual International AMA Collegiate Conference, the theme of which was “Absolutely DIG-IT-AL,” held from April 3-5, 2008 in New Orleans, Louisiana.

“This is the sixth consecutive year the chapter has been in the Top 10,” said faculty advisor Tim Dugan Birrittella, lecturer, Department of Marketing, who has overseen the chapter’s rejuvenation and who was appointed to the AMA’s Collegiate Chapters Council for three years, including as conference co-chair for the 2008 event, and again for 2009.

AMA members Lyssette Gonzalez and Mariana Lopardo with two of the items that contestants advertised.

Also, the chapter’s entry in the exhibition competition won the “Student’s Choice” award, representing the chapter’s first such award.

“Our booth—“Digital Idol”—was an American Idol meets an on-the-spot sales competition” said David Velez, chapter vice president, who coordinated the group of students who developed and built the concept.

Through a series of fundraisers, students amassed more than $21K to help subsidize the majority of the trip for the 37 members who attended—the second largest student contingent present.

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