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TEI 2012: Members First Report to Austin Chapter

TEI 2012: Members First Report to Austin Chapter. Timothy J. McCormally Executive Director Tax Executives Institute October 24 , 2012. TEI 2012: Members First. DeTocqueville’s Observation

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TEI 2012: Members First Report to Austin Chapter

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  1. TEI 2012: Members FirstReport to AustinChapter Timothy J. McCormally Executive Director Tax Executives Institute October 24, 2012

  2. TEI 2012: Members First DeTocqueville’s Observation The Strength of Voluntary Associations: Individuals with common interests joining together to accomplish what they could not do alone

  3. TEI 2012: Members First 21st Century Translation: Strength in Numbers; Courage in Anonymity

  4. TEI 2012: Members First TEI Mission Tax Executives Institute serves its members and their employers through education, networking, and advocacy. In good times and bad, TEI strives to provide the best value in membership, education, networking opportunities, and advocacy of our member’s interest.

  5. TEI 2012: Members First Vision 20/20 Task Force Methodology • Research • Values • Goals • Prioritized Objectives • Tactical Initiatives

  6. TEI 2012: Members First Vision 20/20 Task Force Values • Ethics & Integrity • Professionalism • Valuing People & Partners • Individual Growth & Development • Focus on the Future • Diversity • Visionary Leadership • Organizational Community

  7. TEI 2012: Members First Vision 20/20 Task Force Goal Areas • Education • Advocacy & Government Liaison • Global Operations & Initiatives • Marketing, Communications, and Public Relations • Membership Recruitment, Retention & Networking • Chapter Development & Relations • Governance and Management

  8. TEI 2012: Members First Vision 20/20 Task Force “Operationalizing” • Development of Prioritized Objectives (POs) and Tactical Initiatives (TIs) • Process for Selecting TIs for inclusion in annual Operating Plan • “Evergreening” nature of the plan

  9. TEI 2012: Members First Overarching Theme of 2012-2013: TEI 2012: Members First • Being Member Centric in All We Do • Customer Service: Listening and Transparency • Advocacy: Serving as an Effective Voice for the Membership • Diversity: Reflecting the Strengths of the Membership

  10. TEI 2012: Members First • Staff Transition • Executive Director • Chief Tax Counsel • Director of Marketing & Communications • Expansion of Membership • Australia • Brazil • Advocacy • Transparency & Inclusion • Tax Reform • Global Tax Advocacy Task Force

  11. TEI 2012: Members First Advocacy The Challenge of Reaching Consensus • Winners and Losers (across borders or industries) • The Perfect as the Enemy of the Good • Setting Priorities

  12. TEI 2012: Members First Governance Assessment Effective Use of IT/Website

  13. TEI 2012: Members First Corporate Tax Department Survey • Survey initiated in 2011, completed in 2012 • Updates surveys done in 1991 and 2004-2005

  14. TEI 2012: Members First Corporate Tax Department Survey • 67 questions • More than 500 CTOs responded

  15. TEI 2012: Members First Corporate Tax Department Survey • The final product is a compendium of summary results, analysis, third-party commentary, and an online stratification tool that can be used to create customized tables of results

  16. TEI 2012: Members First Corporate Tax Department Survey Performance Management: The most common measurement used to evaluate the tax department’s performance was “lack of surprises” (72%)

  17. TEI 2012: Members First Corporate Tax Department Survey Other measures • Results of audits (cited by 60%) • meeting compliance deadlines (59%) • cash taxes (57%) • effective tax rates (53%) • measurable tax project objectives (53%) • staying within the department budget (51%)

  18. TEI 2012: Members First Corporate Tax Department Survey Significant Deficiency/Material Weakness: 14% reported company received a significant deficiency or material weakness from auditors with respect to tax in past 5 years

  19. TEI 2012: Members First Corporate Tax Department Survey Significant Deficiency/Material Weakness: Substantial majority (70%) were able to remediate the deficiency or weakness in 1 year or less

  20. TEI 2012: Members First Corporate Tax Department Survey Significant Deficiency/Material Weakness: 14% reported company received a significant deficiency or material weakness from auditors with respect to tax in past 5 years

  21. TEI 2012: Members First Corporate Tax Department Survey Company size and location: The majority of companies responding (63%) have consolidated worldwide revenues of more than $1 billion

  22. TEI 2012: Members First Corporate Tax Department Survey Senior Tax Executive: Similar to the 2004-2005 survey, the majority of senior tax executives have the title “Director of Tax/Corporate Tax Director” (39%) or “Vice President” (39%)

  23. TEI 2012: Members First Corporate Tax Department Survey • 67% of STEs report directly to the company’s CFOs • 12% report to Controller • 9% to Chief Accounting Office • 5% to the Treasurer

  24. TEI 2012: Members First Corporate Tax Department Survey • Number of Employees: Companies responding to the survey have an average 10.6 employees within the tax department and 0.7 contractors (for an average of 11.2 total personnel, compared to 11.4 in 2004-05)

  25. TEI 2012: Members First Corporate Tax Department Survey Number of Employees: 71% have 4 or more total personnel in the tax department.

  26. TEI 2012: Members First Corporate Tax Department Survey • Tax Department Budget: Just more than half (54%) saw an increase in their tax department’s budget during the past 3 years; 64% reported increases in the same period in the 2004-2005 survey

  27. TEI 2012: Members First Corporate Tax Department Survey • Software/Technology: Tax department IT has improved since 2004; 21% report the company’s tax provision software is integrated with the compliance system, compared with 15% in the 2004-2005 survey

  28. TEI 2012: Members First Corporate Tax Department Survey • Audits: About one-third (30%) report an increase in federal/national home-country audits over the past 3 years (59% report no change)

  29. TEI 2012: Members First Corporate Tax Department Survey • Survey results are available online as well as in book form • Provided on a complimentary basis to survey participants • Members receive discount

  30. TEI 2012: Members First Continuing Education • 67th Annual Conference (Hollywood, Florida) • State & Local Tax Controversy Seminar (December 2012) • Return of Complimentary Webinars

  31. TEI 2012: Members First Continuing Education Now is time to belong to TEI TEI’s programs provide the best value, dollar for dollar, for training dollars, especially at chapter level The value of belonging to a network • Sharing Insights • Sharing Experiences • Sharing Recommendations

  32. TEI 2012: Members First IT/Website Developments • LinkedIn Presence • Chapter Websites & Blogs • Better Search Engines • More Archival Information • Launch of “MemberFuse” to Enable Collaboration Among Members • Mobile App for Annual Conference

  33. TEI 2012: Members First Personal Reflections

  34. TEI 2012: Members First Questions?

  35. TEI 2012: Members First Thank You Timothy J. McCormally 202.464.8340 tmccormally@tei.org

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