ISYFA

International Society of Young Filipino Accountants

The Next Generation

Annual Newsletter 2008

NEWSLETTER

ISYFA In Action!

Greetings! I am very excited to share with you in this issue the wonderful programs and events that ISYFA promoted in 2008. It was truly a rewarding moment for the founding officers and advisors to witness the collaboration of brilliant minds and selfless efforts from our young and “young at heart” volunteers. They understand ISYFA’s remarkable vision and mission in “Empowering Tomorrow’s Leaders Today!”

The successful launching of ISYFA’s very own programs: ISYFAMentor and ISYFALeader on November 2008 showcased its continued efforts to provide a forum to inspire, educate and empower its members. ISYFA has taken pride in selecting the best mentors across the nation for its programs. I encourage everyone to take advantage of these invaluable programs and share this great opportunity with our community.

ISYFA is privileged to add as honorary advisors the following distinguished Icons of the Philip-pine accounting industry: Washington SyCip, founder of SGV Group, Benjamin Punongbayan, founder of PunongBayan and Araullo, Tammy H. Lipana, founder of Isla Lipana and Company.

Featured in this issue are:

• The outstanding student members who received scholarships from generous do-nors including, AICPA and Becker CPA review;

• Members and advisors who received awards and recognition for their exemplary leadership in the community;

• Members and advisors who were recently promoted or went into retirement.

As part of giving back to the community, ISYFA undertook the following activities:

• Typhoon Frank fundraising;

• Christmas Caroling;

• Toy Drive event;

• UST Medical Mission in the Philippines, and

• Ayala Foundation fundraising for GILAS.

ISYFA’s commitment to the community has garnered some Filipino media attention through television and local publications.

2008 was a busy and productive year , a true testimony to the brilliance, professionalism and commitment of our officers, advisors, mentors and members.

Let us continue the good work. ISYFA, a professional organization, is also your family, charity, support group, employment resource, training organization, and social networking group.

Mabuhay and more power to ISYFA!

President’s Message Benel Se-Liban

ISSUE 3

The Founding Group

President: Benel Se-Liban

Principal, Vasquez & Co., LLP

Executive Vice President: Casper Calisin

Partner, HedgeCount, LLC

Vice Presidents: Aireen Suguitan Partner, BBLC, LLP

Albert Ocampo Finance Manager, Pioneer Electronics, Inc.

Alex Gahuman Manager, McGladrey & Pullen, LLP

Hope Cue Assistant Controller, Western Emulsions, Inc.

Kathy Lai Senior Manager, KPMG, LLP

Marinella Zipagang Supervisor, City of Cerritos

Minel Diaz Manager, Gatto, Pope & Walwick, LLP

Secretary: Tonette Santillan

Manager, McGladrey & Pullen, LLP

Treasurer: Elmer Pascual

Senior Manager, Vasquez & Co., LLP

Associate Treasurer: Jennifer Bangit

Asst. Corp. Controller, Herbalife International

Auditor: Lyn Salvador

Supervisor, McGladrey & Pullen, LLP

Public Relations: Grace Reyes

Senior Associate, PricewaterhouseCoopers, LLP

Board Member: Bong Batingana

Manager, KPMG, LLP

Advisors: Carmelita O’Neil Advisor Emeritus

Susan Legaspi Partner, EO Accountancy Group

Honorary Founding Advisor:

Gilbert Vasquez Managing Partner, Vasquez & Co., LLP

Honorary Advisors:

Washington Sycip Benjamin R. Punongbayan

Tammy H. Lipana

Corporate Advisory Board:

Rowena Cipriano-Reyes Partner, PricewaterhouseCoopers, LLP

Rene Enriquez Executive Director, Mitchell & Titus, LLP

Marylou Garcia Director, Expense Reductions Analysts

Erlinda Olalia-Carin Partner, KPMG Canada

Reynaldo Padilla Managing Partner, Padilla & Co., LLP

Aurora Rubin Senior Partner(Retired), Deloitte & Touche, LLP

Albert Yeo Senior Financial Advisor, Merrill Lynch

ISYFA thanks our Honorary Advisors

Alex Gahuman

To Our Icons of Philippine Accounting and ISYFA Honorary Advisors: Thank you very much! ISYFA is so blessed to be able to gather the icons of Philippine Accounting and receive their whole hearted and genuine support to ISYFA’s vision and mission. ISYFA thanks them for lending their hands and opening their doors to young and upcoming Filipino Accounting and Finance professionals around the world. • Mr. Washington SyCip, Founder of The SGV Group congratulates ISYFA for orga-

nizing an institution that would help young Filipino accountants. • Mr. Benjamin R. Punongbayan, Chairman of Punongbayan and Araullo also com-

mends ISYFA for its noble and worthy objective to help accounting and finance pro-fessionals who have arrived in the U.S. so that they may achieve their full potential in an unfamiliar business and cultural environment.

• According to Ms. Tammy Lipana, Chairman of Isla Lipana & Co., “ It is remarkable

that an organization such as ISYFA has taken the initiative to help not only the new arrivals in the U.S., but also residents who need continuous education, networking and career opportunities. And yet, ISYFA goes beyond the Filipino professionals and the U.S., since it aids deserving students and calamity victims in the Philippines.”

ISYFA’s commitment is to continue launching and structuring strategic programs and ac-tivities that have a direct impact on our members, prospective members, and stake-holders. With the continued valuable support, guidance, and wisdom received from our advisors, ISYFA will succeed!

Photos ISYFA President, Benel Se-Liban with Ms. Tammy H. Lipana, (top photo); Mr. Benjamin Punongbayan, (middle

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ISYFA thanks our Honorary Advisors

Becker CPA Review– ISYFA Discount

Launch of ISYFA Mentor and ISYFA Leader

Scholarships and Student Outreach Programs

ISYFA Scholars of the AICPA Leadership Workshop

Up Close and Personal with Washington SyCip

Ernst & Young LLP-”Partners in Inclusiveness”

Community Outreach and Typhoon Frank

Medical Mission To the Philippines

ISYFA Supports Ayala Foundation-GILAS Project

Kudos to ISYFA Achievers

To Lobby or not to Lobby, that is the Question!

Tax Flash

Audit Flash

Celebrity Moments of ISYFA

ISYFA in the News

Photo Gallery

ISYFA 2nd Annual Bowling Event

ISYFA Career Board

Join ISYFA Committees

Becker CPA Simulation Workshop

ISYFA thanks our Sponsors

2009 Calendar of events

ISYFA Mission and Core Value

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Becker CPA Review – ISYFA Discount Nella Zipagang

Thank you for your continued support of ISYFA and our efforts with empowering tomorrow's leaders today.

I am pleased to share that Becker CPA Review is offering ISYFA members a $300 discount on their CPA Exam Review courses.

As an ISYFA member, you will be entitled to a Becker $ 300 dis-count off the full four-part course tuition of their CPA Review Pro-gram. Becker also provides a free CPA simulation workshop and a full CPA scholarship to deserving students.

This offer is available to ISYFA members only. You will need to login to have access to the form. Contact info@isyfa.org. This e-mail address is being protected from spam bots, you need JavaScript enabled to view it if you are a member and do not have the login credentials.

Become a member and take advantage of this great offer.

LAUNCH of ISYFAMENTOR and ISYFALEADER Marylou Garcia

On November 15, 2008, ISYFA celebrated its second year anniversary by launching its ISYFAMentor and ISYFALeader programs. These programs are designed to provide mem-bers with access to experienced and successful mentors and requisite leadership training to enable them to develop and mature professionally as well as individually and to allow them to reach their highest potential as leaders in their communities. This was held at the Wilshire Grand Hotel, in downtown Los Angeles, California. The event attracted hundreds of business and accounting students from various colleges and universities in Southern California and many professionals from various CPA firms, private and public companies from all over Los Angeles and San Francisco.

A video montage introducing the ISYFAMentor and ISYFALeader started the program, followed by the welcome remarks of ISYFA president, Benel Se-Liban. The presence of Diosdado Bana-tao, often referred to in the media as “Filipino Bill Gates” a successful entrepreneur and Silicon Valley visionary as the keynote and inspirational speaker made this event quite memorable. Mr. Banatao is a multi-awarded venture capitalist who was awarded among others, the pres-tigious Master Entrepreneur of the Year Award. He has been on the Forbes Magazine’s Midas List four years running. The central message of his speech was that industrialization is one of the most lasting solutions to poverty. He encouraged those in attendance to think strategically in the gift-giving to the Philippines. Mr. Banatao and his wife Maria established the Banatao Family Filipino American Education Fund that helps California high school students of Filipino heritage pursue careers in science and engineering.

ISYFALeader was introduced by its chairperson, Susan Legaspi. She described the program as “Effective Leadership Equals Success” She was joined by the members of her committee, namely: Aileen Hermoso, Roselyn Tan, Evelyn Rodri-guez and Michael Gonzales.

ISYFAMentor chairperson, Marylou Garcia opened by thanking Benel Se-Liban for her vision in cre-ating ISYFA and attracting a wide base of accomplished volunteer Filipino mentors to serve and make our collective dreams come true. She shared that our leadership and mentorship programs are key vehicles to achieve the dream of elevating the status of the Filipino Finance and Accounting professionals, to help us in becoming recognized leaders and role models in our communities. She was joined by Cecile Galvez who shared her own experiences as a mentee and also presented the qualifications, accomplishments and statistics of the mentors we have on board. Soc Padua unveiled the mechanics and the logistics of the mentorship program, which is free and available to all mem-bers. Although the matching is web-based, the mentorship program is conducted on a highly per-sonal level between the mentor and mentee. As an update, this program is now live and available to all ISYFA members.

During the networking session, the student attendees were able to meet with some of the mentors that were present at the event.

The highlight of this event was the discussion with a panel of mentors specifically chosen for the Career Perspective session moderated by Joey Quinto, pub-lisher of California Journal for Filipino Americans and Janelle So, host/producer of Kababayan LA. The attendees, especially the students, were very attentive and quite interested as the panelists ad-dressed the questions that were asked to each and everyone of them. (continued on page 4)

Joey Quinto and Janelle So

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Keynote speaker Diosdado Banatao

President Benel Se-Liban with ISYFA Members

Susan Legaspi and Aileen Hermoso

Cecile Galvez, Marylou Garcia and Soc Padua

LAUNCH of ISYFAMentor and ISYFALeader (Continued from page 3) The following seven panelists were invited to share their thoughts and reflections on their career in accounting and finance:

Jennifer Cabalquinto – VP-CFO of Universal Studios in Hollywood, California Josie Castro – CFO of UCLA School of Public Health in Los Angeles Rowena Cipriano-Reyes- Audit Partner, PriceWaterhouseCoopers, LLP, Houston, Josie Nicasio – Controller of Los Angeles County Metropolitan Transit Authority Reynaldo Padilla – Managing Partner, Padilla & Company, LLP New York John Pan – President and COO of Avatar Technology in Los Angeles, CA Albert Yeo – Senior International Financial Adviser Merrill Lynch

“Integrity is very important” advised Josie Castro. “You should be able to forge ahead and deliver, be able to take the punches and go over the barriers” opined Rey Padilla. “In my case, my accounting experience was the foundation in my becoming an entrepre-neur”, said John Pan. “ I encourage you to pursue higher education, go through continuing education, find your niche, the financial field is very broad” was Albert Yeo’s advice to the students and the young professionals.

ISYFA Mentoring and Leadership programs were supported by the American Institute of Certified Public Accountants (AICPA) and Becker CPA Review course. During the event, Ostine Swan, CPA Senior Manager of AICPA Minority Initiative Program recognized two ISYFA scholars, Irene Albia of Loyola Marymount University and Heriel Alvarez of Cal State Long Beach. Casper Calisin, ISYFA Exec. VP gave the closing remarks and the acknowledgement of all the sponsors. Kathy Lai and Michael Gon-zales did a very good job of emceeing the program. They made the event very professional and it flowed very smoothly. To end the program, a slide show was shown chronicling the accomplishments and future goals of ISYFA. Although ISYFA is only two years old, it has managed to attract an exceptionally talented pool of people to serve in a voluntary ca-pacity, with one goal – the opportunity to create and deliver the Filipino dream of getting a fair chance to become leaders in this country!

ISYFA page 4

The Panelist

Josie Castro, John Pan and Rey Padilla

Ostine Swan, CPA of AICPA presenting the award to ISYFA Scholars Irene Albia and Heriel Alvarez

Miles Romney, CPA of Becker CPA Review

Congratulations!! Your ISYFA workshop, in my personal opinion, was a resounding success. The speakers were well picked. Each had much

to offer as 'role models'.

The pace of the entire pro-gram went so well...one could-n't get bored. Each panelist had a unique story to tell, and did so in a most delightful

manner. I'm sure the mentees now believe, "yes, they can".

-Guila Maramba Founding Member

The Rotary Club of Historic Filipinotown

Thank you for deciding to come out with the

ISYFAMentor program. I'm really excited about this be-cause I agree with all of you when you said that it's really beneficial to also have a men-tor that looks like you or that you can relate to culturally. I've gained a few mentors

since I came to USC, but I think that to potentially have one who is also Filipino will be as helpful as having my current mentors, if not much more.

-Grace De Asis President

USC Accounting Society Casper Calisin, Kathy Lai and Michael Gonzales

ISYFA page 5

Thanks for supporting ISYFAMentor and ISYFALeader!

ISYFALEADER “Effective Leadership Equals Success”

ISYFA Mentor is a mentoring program sponsored by ISYFA that connects emerging Filipino professionals with accom-plished volunteer Filipino professionals in mentoring relationships. Our program is dedicated to helping emerging Filipino Finance and Accounting professionals working and living in the U.S. and the Philippines access the mentors’ professional, business and leadership expertise to help them develop, grow and succeed in their professional and personal pursuits.

SUSAN LEGASPI - CHAIRPERSON Partner, EOAG

AILEEN HERMOSO CFO, Central Basin Municipal

Water District

MICHAEL GONZALES Audit Manager, Ernst &

Young, LLP

ISYFAMENTOR “Inspiring the Next Generation”

ISYFA’s customized program will highlight self-awareness tools and activities that will enhance each individual’s leadership capabilities. We will learn strategies for continuous development through peer assessment, group discussions, self-reflection, small group activities and personal coaching. Our leadership workshop aims to develop leadership skills based upon each member’s unique personality. Our mission is to provide members and professionals with the requisite training to:

• Enable them to develop and mature professionally

•Allow them to reach their highest potential as leaders in the community

MARYLOU GARCIA - CHAIRPERSON Managing Director, Expense Reduction Analyst

AURORA MAURICIO-RUBIN Senior Partner (Retired), Deloitte &

Touche, LLP

SOC PADUA Manager, Grant Thornton, LLP

CARMELITA O’NEIL ISYFA Founding Advisor

CECILE GALVEZ Director, Deloitte & Touche, LLP

ISYFA page 6

ROSELYN TAN Audit Supervisor, Vasquez &

Company LLP

EVELYN RODRIGUEZ CFO, Upper San Gabriel Valley

Water District

ANGEL A. AGUILAR, JR. Former Senior Audit Manager Grant Thornton LLP ARACELI BADILLO Senior Manager of Internal Controls and SOX Herbalife International of America, Inc Los Angeles, CA ALEX GAHUMAN Manager, Assurance Services McGladrey & Pullen, LLP AILEEN N. UMALI-HERMOSO CFO Central Basin Municipal Water District Los Angeles, CA ALICE NOELLE MALLARI Audit Manager Ernst & Young, LLP

ARLENE LC MONTEMAYOR Senior Manager, SEC and Private Assurance Practice Vasquez & Company, LLP

ALBERT OCAMPO Manager of Financial Reporting Pioneer, Inc.

AURORA MAURICIO-RUBIN Senior Partner (Retired) Deloitte & Touche, LLP

AIREEN SUGUITAN Partner BBLC, LLP

ALBERT YEO Senior and International Financial Adviser Merrill Lynch

BLAIR BAUSTISTA Senior Manager & Practice Leader Enterprise Risk Service Deloitte & Touche

ELIZABETH HACIA Sole Proprietor REBECCA T. LINGAD CFO and Portfolio Manager City of Cerritos, CA MARIA BENEL CORAZON G. SE-LIBAN Audit Principal Vasquez & Company, LLP

BRYAN ERWIN J. TENORIO Senior Audit Manager Grant Thornton, LLP

CASPER CALISIN Partner HedgeCount, LLC

CRISTY A. CANIEDA Manager Vasquez & Company, LLP

CECILIA B. CAYETANO Senior Manager, Risk Advisory Services Ernst & Young, LLP

CECILE GALVEZ Director, Assurance and Enterprise Risk Services Deloitte and Touche, LLP

CARA ABULENCIA MELLOH Sole Proprietor

THE FIRST BATCH OF MENTORS CARMELITA S. O’NEIL Accounting Director (Retired) 20th Century Fox Film Corp.

CHARINA QUILANTANG Senior Audit Manager Odenberg, Ullakko, Muranishi & Co., LLP

DYANNE P. DIEGO Audit Manager BDO Seidman, LLP

DOROTEO DIZON Senior Audit Manager Grant Thornton, LLP DONALD LORETE Manager, Corporate Compliance and Controls Synopsys, Inc.

ED ANONAS Director of Finance and Operations Hotel Bel-Air

ERLINDA OLALIA-CARIN Partner KPMG Canada’s Advisory Practicem

ELMER PASCUAL Audit Manager Vasquez & Company, LLP

FEDERICO QUINTO, JR. Principal SEC Assurance Services Vasquez & Company, LLP

HOPE CUE Former Senior Auditor, Assurance and Advisory Business Services Ernst & Young, LLP

ISYFA page 7

ISAGANI LAGUISMA Assurance Partner Odenberg, Ullakko, Muranishi & Co., LLP

JENNIFER BANGIT Director, Assistant Corporate Controller Herbalife International

JENNIFER CABALQUINTO VP and CFO Universal Studios, Hollywood, CA

JOSIE CASTRO CFO UCLA School of Public Health

JOSEPH CRUZ Senior Manager, International Tax Services Ernst & Young, LLP

JOSIE V. NICASIO Controller Los Angeles Metropolitan Transportation Authority

JOHN PAN President Avatar Technology

KATHERINE LAI Senior Manager KPMG, LLP

LEONARDO A. CANSECO Principal CPA-Lawyer Canseco Law Group, LLP Practitioner Faculty John Hopkins University, Carey School of Business

ERLINDA NICOLAS-DADIA Senior Director, Royalty Accounting EMI Music Publishing

THE FIRST BATCH OF MENTORS LEA DALUSONG Audit Manager Ernst & Young, LLP

LYNDON DYSIM Audit Manager Ernst & Young, LLP LEONORA GALLEROS Partner O’Connor Davies Munns & Dobbins, LLP

LINDA NARCISO Audit Manager Vasquez & Company, LLP MARIALYN SALVADOR Supervisor McGladrey & Pullen, LLP

MINEL DIAZ Audit Manager J.H. Cohn, LLP

MARYLOU GARCIA Managing Director Expense Reduction Analysts

MICHAEL GONZALES Audit Manager Ernst & Young, LLP

MARK RYAN PINEDA Assurance Senior Manager Odenberg, Ullakko, Muranishi & Co., LLP

MICHELLE SANTOS Audit Manager Grant Thornton, LLP

MARIA CHRISTINA TAN Partner Morris, Davis & Chan, LLP

MARINELA F. ZIPAGANG Financial Accounting Supervisor City of Cerritos, CA

NORMAN C. ACADEMIA Tramsaction Tax Senior Ernst & Young, LLP

NICK DADIA Managing Partner Dadia Valles Vendiola, LLP

NANCY LEPARTO Manager, Assurance PricewaterhouseCoopers, LLP

NICK PASCO CFO Hedge Fund

RENE ENRIQUEZ Executive Director Mitchell & Titus, LLP

RICEL LAPIG Audit Manager Grant Thornton, LLP

REYNALDO L. PADILLA Managing Partner Padilla & Company, LLP

ROWENA CIPRIANO-REYES Audit Partner PricewaterhouseCoopers, LLP

ISYFA page 8

RYAN RILLORTA Senior Manager, Corporate Financial Reporting Avery Dennison

SUSAN LEGASPI Partner EOAG Accounting and Consulting Firm

MARIA SOCORRO PADUA Audit Manager Grant Thornton, LLP

TONETTE SANTILLAN Manager McGladrey & Pullen, LLP

VAN GERARD DICHOSO President and CEO Dichoso Group of Companies

THE FIRST BATCH OF MENTORS STELLA MARIE SANTOS Partner E.C. Ortiz & Co. LLP

TRINI CATBAGAN Finance Officer City of Carson, CA

TERESA SANTAMARIA Associate Superintendent Compton Unified School District

ISYFA page 9

How ISYFAMentor Works

1. Participants start by completing our online application form. Here, mentors describe their experience and expertise, and members outline their professional needs and mentoring goals. 2. We will match members’ requirements with the mentors in our database. Mentors who match the member’s mentoring needs and are available will be provided to the member. 3. The member will view their brief bios and choose one that would be the best fit for him/her. An e-mail message will be sent to ISYFA requesting an introduction to the chosen mentor. 4. Upon the mentor’s acceptance, the member will be provided with the mentor’s contact infor-mation. The initial contact is initiated by the member, either via e-mail or telephone. 5. Once connected, relationships progress over telephone or in person, lasting an average of three months or as needed. 6. Once the mentoring is completed, both mentors and mentees will be asked to provide ISYFA

with feedback. We will continue to develop and grow this program as needed.

Join our exciting mentoring program! Be a Mentor!

This is an exciting year for our student membership! We awarded scholarships to students

both abroad and in the US. A very special thank you to our sponsors for their generosity in

sponsoring the Student Leadership Scholarships awarded at the launching of the ISYFA Lead-

ers and ISYFA Mentors programs. The Student Leadership Scholarships were awarded to our

very own Heriel Alvarez (California State University, Long Beach) and Irene Albia (Loyola

Marymount University).

We also had the opportunity of attending “Meet the Firms” at University of California, Los

Angeles and California State University, Long Beach and were able to recruit more of our

youngest members of ISYFA. A very warm welcome to our newest ISYFA Student Members!

Empowering tomorrow’s leaders is one of the visions of ISYFA.

ISYFA provided a scholarship grant to Mc Reynald (‘McRey”) S. Banderlipe II, a graduating student of the Master of Science in Ac-countancy program at De La Salle University (DSLU) – Manila, to help finance the completion of McRey’s thesis entitled “The impact of Selected Corporate Governance Variables in Mitigating Earnings Management in the Philip-pines”.

McRey, a working student in the Philippines, returned to full-time studies last February 2008 to concentrate on his thesis. He is a grantee of the Scholarship and Financial Assistance (SFA) Of-fice of DLSU-Manila as a full scholar. He sought an additional grant from ISYFA through its schol-arship program in April 2008 to finance the costs needed to complete his thesis.

He successfully defended his thesis on June 5, 2008 with flying colors and attended DLSU’s commencement exercises in October 2008.

Below is an excerpt of the several emails received from McRey:

“I was really amazed with ISYFA trying to help scholars and become their partners towards achieving success in the professional world of accounting. I become more inspired to finish the study because of the support and encouragement that I got from the group ever since the first time I wrote to them. Thank you ISYFA for helping me in bringing this work into completion. Now, I can use the degree that I will be earning towards contributing to the advancement of the accounting profession in our country”.

On February 7, 2009, one of the papers on his thesis was accepted for presentation at the 2009 Global Business Conference held at DSLU sponsored by the Association of Training Institutions for Foreign Trade in Asia and the Pacific (ATIFTAP).

ATIFTAP was founded following the completion of a regional project titles "Strengthening the Training Institutions in the Foreign Trade Sector" executed by the International Trade Centre (ITC) UNCTAD/WTO on June 27, 1992. ATIFTAP is the regional partner of the E-Trade Bridge Programme of ITC in the Asia-Pacific region. ATIFTAP aims to foster cooperation between the training institutions and export/trade promotion agencies in the Asia Pacific region; represent its members with governments and other institutions; org-ganize, promote and sponsor workshops, exchange programmes, joint research projects, conferences and technical cooperation projects.

ISYFA page 10

Scholarship Grant Awarded to a Student in the Philippines

Casper Calisin

Thank you to the following Scholarship donors

Joey & Gina Se

Mike & Beth Hacia Stella Marie Santos, CPA

Andrew Say Marylou Garcia Benel Se-Liban

Scholarships and Student Outreach Programs Kathy Lai

ISYFA page 11

ISYFA Scholars of the AICPA Leadership Workshop in Atlanta Lana B. Murillo

While many students prepare for their last exam and take off for vacation immediately following the end of the school year, about 100 graduate and undergraduate students from various colleges across the United States, Puerto Rico, and the Philippines were in attendance for the fourteenth annual American Institute of Certified Public Accountants (AICPA) Scholars Leadership Workshop from May 28-31, 2008 in Peachtree City, GA. Among the students that attended the workshop were seven of our very own ISYFA student scholars. Coming from Califor-nia State University, Long Beach are: Heriel Alvarez, Charmaine Baird, Joriz Camagong, Lana B. Murillo, and Jon Saclolo. The other scholars that joined them are Kristia Cedeno from Barton College in Wilson, NC, and Maria Montero from Loyola Marymount University in Los Angeles, CA. The workshop is an annual program for minority accounting students who plan to pursue a Certified Public Accountant (CPA) designation. This year’s program focused on the concerns and direction of the accounting industry, the importance of being a CPA and the opportunities it provides, finding balance between work and life, community service project opportu-nities, preparation for the CPA exam, finding mentors, and financial literacy. Groups were also formed during the workshop to create a promo-tional program for a career in accounting and a CPA designation for the elementary school, middle school, high school, and college educa-tion level. The teams were divided into one of the four divisions of education to compete for the most creative and innovative presenta-tion. Maria Montero was one of the winners for her division in the presentations. Though this was a professional event, the students participated in several fun activities such as BINGO ice breaker, karaoke, and raf-fles. They were also able to meet and mingle with students from the other colleges, as well as with professionals from various industries, the Michigan Association of CPAs (MACPA), the AICPA, and the Pub-lic Company Accounting Oversight Board (PCAOB). Below are testimonials from some of those who attended: Heriel Alvarez – “Meeting others who are in the same position in life as I am was wonderful. I feel I have made several lifelong friends whom I will definitely keep in touch with in the future.” Charmaine Baird – “It was a very inspirational experience. The semi-nars have given me the motivation to persevere and achieve over and beyond the expectations I initially had for myself.”

Joriz Camagong – “What I liked most about the conference was that every person I spoke to told me that the career path I've chosen, my work ethic, and academic achievements will continue to lead me to be successful in the accounting profession. Hearing this from professionals was incredibly important because I have been struggling with gaining the confidence of being successful in the future.”

There is no doubt that the lessons learned from the workshop have made a significant impact on each of the student’s lives. It has expanded the knowledge of each individual and strengthened their leadership skills. The students are all grateful of having had the opportunity to attend, and hope that the experience will create as much of an impact on future scholars as well.

“Accounting is the language of business; the eyes and ears of management.” – Kecia Smith

Up Close and Personal with Washington SyCip Jennifer Bangit

Last April 20, 2008, ISYFA, together with Merrill Lynch, hosted a luncheon reception for Mr. Washington Sycip at the Crowne Plaza Hotel in LAX. This was a rare opportunity to meet and spend time with Mr. Sycip who is an icon and a legend of the accounting profession in the Philip-pines and Asia. Mr. Sycip is the founder of SGV & Co, the biggest public accounting firm in the Philippines, and the founder of Asia Institute of Management (AIM). He is also a recipient of the Ramon Magsaysay Award which is considered Asia’s Nobel Prize and he has received numerous praises in the field of accountancy and consultancy. Mr. Sycip is an Honorary Advisor of ISYFA. During the luncheon, a video montage recounted the birth of ISYA, its mission and vision and all of its projects. Mr. Chris Enage was the master of ceremonies. Mr. Albert Yeo of Merrill Lynch deliv-ered the welcome address. Benel introduced Mr. Sycip by summarizing his life story and his pro-fessional achievements.

Mr. Sycip’s speech started with a joke that when Benel asked him to be an honorary advisor for ISYFA, he requested her to define the word “young”. Although Mr. Sycip is already 86 years old, he is still as sharp as he was when he first started SGV…and that certainly qualifies him for the “Y” in ISYFA! Mr. Sycip went on to a more serious topic about the serious problems of the educational system in the Philip-pines. He cited the alarming drop-out rate in the elementary school level which is currently at 60%. He challenged all of us who have had the opportunity to make a good life here in the U.S. to give back to the less fortunate people in the Philippines. As a fitting follow-up to Mr. Sycip’s speech, Nella introduced Ms. Vicky Garchitorena of the Ayala Foundation. She spoke about

GILAS (Gearing up Internet Literacy and Access for Students), an organization that hopes to address a critical problem in Philippine education: the inadequacy of Internet connectivity in the Philippine high school system. GILAS aims to wire all 5,500 public high schools to the Internet within 5 years. She explained how one can adopt a high school and provide com-puter lab and internet access by donating money to this worthy cause.

Also during the event, Casper and Lyn handed out certificates of recognition to the student representatives of ISYFA to the AICPA Leadership Workshop. Following the luncheon re-ception, a CPE class was taught by Mr. Sonny Gancayco of Merrill Lynch who talked about Retirement Plan for Affluent Business Owners and Mr. Don McDougall of O’Connor and Associates who lectured on Cost Segregation for CPAs. The event was well-attended and some of our special guests were Consul Daniel Espiritu of the Philippine Consulate in Los Angeles, Vee Cristobal, President of California Society of CPA, Vic Ching, Vice President of NCPACA and Marie Domingo, officer of PASCPA. And of course not to forget our ISYFA advisors, officers, members and friends who were there in full force for this special event.

Thank you to Merrill Lynch, our major sponsor, who made this event possible. We would also like to thank Becker CPA Review and Robert Half for supporting ISYFA. Adding to the excitement of the event was the raffle of a CPA review course from Becker that was won by Joriz Camagong, one of our student members. Congratulations! Everyone went home after this event thankful of the once-in-a-lifetime chance to meet with an accounting legend, Mr. Washington Sycip, inspired by his example and success and thoughtful of the challenge to give back to our less fortunate kababayans. Thank you to all who attended!

ISYFA page 12

Merrill Lynch representatives Richard Rozman (Regional Director), Albert Yeo, and Sonny Gancayco with Mr. Sycip.

Presenting the AICPA scholars

Mr. Washington Sycip giving his speech

Vicky Garchitorena

Robert Half and Becker CPA Review representatives with ISYFA President Benel Se-Liban

ISYFA page 13

Ernst & Young LLP — “Partners in Inclusiveness” Hope Cue

Ernst & Young held its "EY: Leading a New Conversation on Inclusiveness" on Thursday, September 18, 2008 at their downtown Los Angeles offices. E&Y fosters a work environ-ment that is open and inclusive of all, regardless of gender, race, nationality, sexual orientation, etc. making the workplace fair and free from bias. E&Y is proud of its commitment and accomplishments in this area and has received numerous awards. Over a hundred accounting and finance professionals were in attendance. Most noteworthy is the fact that over 30% of the attendees were from the International Society of Young Filipino Account-ants (ISYFA) comprised of Filipino accountants and business professionals. ISYFA is barely two years old yet is the first Filipino organization invited to such an event by one of the Big Four accounting firms. ISYFA prides itself in its programs that are designed to ensure its members receive the training, education, mentoring and support necessary to maximize their potential in the global marketplace. Being invited to such an event by one of the Big Four accounting firms in the world is testimony to ISYFA’s ever increasing stature, prestige and growth. As ISYFA continues its national expansion, its membership and efforts will make it a force for decades to come.

ISYFA page 14

Community Outreach

Albert Ocampo

The ISYFA’s Community Service Committee gathered a group of volunteers who were willing to share their talents in singing and assembled a choir to sing for “A Day of Christmas Carols” in celebration of Yuletide Season. These ISYFA volunteers had shown their passion for bringing to the United States the traditional caroling event that they used to experience back home. We would like to congratulate the Community Service Committee for a wonderful job in bringing the Christmas spirits and cheers to the veterans, senior citizens and residents of Fili-pino American Service Group, Inc. (FASGI), a non-profit social service agency that provides 6 month transitional housing, case management, health/mental health outreach, information and refer-ral, food distribution, socialization and recreation, and educational classes to mentally-ill,

low-income and/or homeless seniors. FASGI expressed their gratitude to ISYFA and we quote: “On behalf of FASGI Board, Staff, Residents and Community clients, we would like to thank ISYFA for bringing the Spirit of Christmas to FASGI. You really made our residents and clients very happy. We hope and pray that this is just the beginning. We pray that the Lord will continue to bless ISYFA and all the members for all your endeavors.”

We also like to thank the generosity of Dr. Rodolfo Protascio and his wife Rose for sharing their lovely home to our ISYFA carol-ers as well as their generous donation to ISYFA.

Typhoon Frank Lyn Salvador

On January 10, 2009, ISYFA President, Benel Se-Liban flew to the prov-ince of Aklan to personally distribute the food and toys to about 120 families of Barrio Puis, municipality of New Washington who were badly hit by Typhoon Frank in June 2008. Typhoon Frank has caused the death of at least 60 people and more than 5 missing in Aklan. The flood has swept away thousands of homes leaving 300,000 dislocated. Benel said, “This was a very memorable experience for me to witness that ISYFA in its small way has brought joy and meaning to the families of this humble barrio. Truly, small things mean a lot to those who have nothing…and what other better way to begin the New Year than to start in the spirit of giving and grace”. On behalf of the ISYFA Board of Directors, Advisors and Committees, we would like to thank our donors who have generously donated money and toys to the victims of Typhoon Frank. We would also like to thank the Sal-vador family for making the ISYFA food and toy distribution effort a real-ity and the Barangay Officials of Barrio Puis for facilitating and assisting Benel in the distribution activities. Mabuhay!

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ONE MEMORABLE EXPERIENCE THAT IS WORTH SHARING… THANKS TO ISYFA!

MEDICAL MISSION TO THE PHILIPPINES Carmelita O’Neil

In 2008, I witnessed the power of volunteer organizations to substantially improve the lives of destitute and sick people in the Philippines. Although I am a retired accountant with no medical training, I was invited by a friend who is local medical doctor and a member of the UST Medical Alumni Association to participate in their annual medical mis-sion to the Philippines. Their group is composed of doctors who come from various parts of the USA and they provide free medical services to the poorest of the poor in various re-gions of the Philippines over a two week time period. After expressing my skepticism to my doctor friend about my ability to contribute to this mission, she assured me that there were plenty of things that I could do to help as a "civilian" volunteer. I assumed that I could be a big help in the enormous administrative work involved in this project. Mostly, I trusted that the doctors would lead me in the right direction so that my effort would be useful. Because of my scheduling prob-lems, I missed the start of the mission in Davao City and I concentrated my effort and participation in the town of Bamban, Tarlac. This town was chosen because it is the area where a large concentrations of extremely impoverished people, the Aetas are found. Although my involvement in this mission started as a personal invitation from my doctor friend, it grew into a participation by two volunteer organizations of which I am a member. I mentioned this invitation to my fellow ISYFA members, who like me are

mostly Filipino immigrants or second generation Fil-Am and the venture was immediately received with enthusiastic good will and the offer of help. As a member of the Rotary Club, the participation of this organization was an unexpected event. While waiting for this medical team to come back from Davao, I attended a make-up meeting at a Rotary Club in Makati. It was in here that I met a member who is the director of a non-profit organization that provides medical equipments to hospitals in the coun-try. When she found out I was in town for a medical mission, she offered to donate wheel-chairs. Since I did not know what to do with them, I just asked her to give us five wheel-chairs because the transportation of these wheelchairs from a warehouse in Manila to Bam-ban was a matter of concern, we were only traveling by small cars and a truck was

needed to get them to the medical mission venue. On the first day of the mission, the town mayor in Bamban gave our group a warm welcome complete with banners promi-nently displayed in front of the City Hall and the town church. The US doctors were joined by few local doctors and nurses. Children and adults started lining up for registration as early as 7 am and the medical team worked non-stop until the last patient was seen and that lasted until late evening. Their illnesses ranged from common colds to malnutrition among children, heart problems and other maladies among adults. The group even traveled to the mountains to reach the Aetas who were not able to travel to the first venue. The health condition of these people was more severe. Many of the patients from the Aeta community had never been seen by medical doctor for a long time. I saw young female Aetas in their early teens that are already having babies when they themselves are still babies. The personal role that I played during this mission was to control the crowd, hand out pre-scribed medicines and listen to people who were asking for more help in terms of their over-all health. I also made sure the doctors did not neglect to have their meals or water. I was very impressed by the dedication of these doctors to serve the long lines of patients, even to the point of exhaustion. What struck me the most in this mission was the number of disabled people who lined up for the wheelchairs. Since we only had five, I realized that I should have asked for more. Many patients with varying disabilities were begging me to give them one, but we did not have enough for everybody who desper-ately needed one. So I called the lady Rotarian who donated the wheelchairs and I asked her for more and she generously granted my request. Additional wheelchairs were delivered to the town mayor and were given to those who needed them even after we completed the mission.

(continued on page 21)

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ISYFA Supports Ayala Foundation-GILAS Project Susan Legaspi

AF USA hosted a One-of-A-Kind Culinary Experience

“Philanthropy is alive in the hearts of overseas Filipinos! Filipi-nos have always responded positively and proudly to ap-peals for support for both charitable and social development programs in the Philippines.” This was in the message of Ayala Foundation USA (AFUSA) Chairman, Diosdado Banatao.

More than 100 people attended the fundraiser, including ISYFA officers, advisors and mentors, Gil Vasquez, Benel Se-Liban, Marylou Garcia, Susan Legaspi, Casper Calisin, Gani Laguisma, Nick Pasco, Carmelita and Pat O’Neil. The $500-a-plate benefit dinner was held poolside at the resi-dence of Chairman Diosdado and his wife, Maria Banatao in Atherton, California on September 14, 2008. Notable guests included Fernando Zobel de Ayala-Founding Chair-man of Ayala Foundation, Vicky Garchitorena-AF President, Jun Paynor-Philippine Consul General of San Francisco, Greg Macabenta-Publisher, Filipinas Magazine, Gemma Nemenzo-Filipinas Magazine, Jun-Jun Villegas, and Sheila Marcelo. Also in attendance were accountants from the Bay area including, Chato Angeles and Lili Tarachand.

Top Filipino chefs in the Bay Area gathered together and dis-played their culinary talents in a rare dining event called “Filipino Bytes: A Celebration of the Pleasures of Filipino-inspired Cuisine”. The event featured executive chefs of 5 select restau-rants in San Francisco and the Peninsula namely, Kelly Degala of Pres A Vi, Jennie Lorenzo of Fifth Floor, Tim Luym of Poleng Lounge, Emmanuel George Santos of Bistro Luneta and Daniel Sudar of Red Lantern. These culinary masters put a twist on our favorite Pinoy dishes for a night of pure gastronomic delight.

(continued on page 18)

ISYFA page 17

From the left: Benel Se-Liban, Fernando Zobel de Ayala, Vicky Garchitorena and Gilbert Vasquez

The Top Filipino chefs in the Bay Area

L-R: Marylou Garcia, Diosdado Banatao, Susan Legaspi, and Carmelita O’Neil

Ayala Foundation-Gilas Project (continued from page 17)

The registration and cocktail hour that started at 5pm was held in the spacious lawn of the Banatao estate. The guests were sere-naded by a rondalla composed of UP alumni elegantly dressed in barong tagalong and Filipiana dresses. Cocktails included delicious and exotic appetizers such as grilled homemade tocino and lon-ganisa, oyster shooters with gazpacho, Cebuano summer kinilaw, bangus maki and black pepper prawns. The main course started with fresh lumpia and the buffet dinner consisted of pork belly adobo on fried garlic rice, moure basquaise with potatoes, pinak-bet and short ribs/lamb kaldereta. The desserts were halo-halo, gateau d’amande, ube tapioca with “mangoed” basil seeds, pali-taw and leche flan.

“At first, we were not sure if we could really gather all these five incredibly talented and extremely busy Filipino chefs in one place and make them work together to come up with a dining event to remember," said Maria Banatao, Special Events Chair. "But all the chefs got very enthusiastic about this, especially when they learned it was for a very good cause. They were all willing and eager to help their disadvantaged kababayans in their home-land," added Sheri Burke, Special Events Co-chair.

ISYFA endorses GILAS (Gearing up Internet Literacy and Access for Stu-dents), the flagship project of AFUSA and will continue its support of the ISYFA-AFUSA partnership.

ISYFA page 18

ISYFA Representatives and guests enjoying dinner at Mr. Banatao’s residence

Marylou Garcia and Susan Legaspi

KUDOS TO ISYFA ACHIEVERS! Elmer Pascual

Let’s give ourselves a big pat on the back for what we have achieved in the past year. There might not be enough space to list them all here but we would like to mention a few of those achievements by the members of the ISYFA

family.

Reynaldo Padilla, ISYFA Advisor (center in the photo), for being awarded as Pan-Asian Leaders in Finance and Accounting (ASCEND) Founding member in recognition of his vision, leadership & outstanding contribution to ASCEND. ASCEND is an organization whose mission is to continually influence and encourage the development

finance, accounting and business professionals and students while serving as a collective voice for the Asian and Pacific Islander communities in the finance, accounting and related business fields.

Susan Legaspi, Founding Advisor, on being se-lected as one of the 2008 Asian Entrepreneurs of the Year. The award honors small business, exemplary entrepreneurs and Fortune 500 companies that have made an impact in the Asian Pacific American Community. The awards program hosted by the Asian Enterprise Magazine was held in May 2008 at the Biltmore Hotel in downtown Los Angeles

Cecille Galvez, ISYFA co-Chair of the Mentoring Committee, for her promotion as Director of Deloitte and Touche, LLP. Cecille plays a key role in ISYFA Mentoring and Leadership Program and her achievement comes as no surprise to those who know her.

Grace de Asis for being elected as USC Student Accounting Society President!

Grace is one of ISYFA’s student delegates to AICPA’s 2009 Accounting Scholars Leadership Workshop to be held in Peachtree City, Georgia.

Hope Cue and Katherine Lai, both founding officers of ISYFA for the recognition received from the Cali-fornia Examiner for their leadership in providing assistance, education and training to emerging Filipino students and professionals in the field of finance and accounting. The award was given at the Philippine-American Exposition on September 13, 2008 at Los Angeles Convention Center. About 10 to 12 outstanding leaders are awarded every year for their contribution to the betterment of the Filipino community.

The Secret to Achieving Real Work Life Balance Tonette Santillan

Speaking of ISYFA family, we would like to share with you the inspiring story of one of our honorary advisor during her journey through a very successful career path in a public accounting firm here in the U.S. You would definitely learn something valuable from her life experiences as she reveals to us the secret to achieving real work life balance!

On My Own Terms by Aurora Mauricio-Rubin, CPA Growing up in Manila, I remember complaining to my mother that nothing important ever happened to me or in my lifetime. Today, three months after my offi-cial retirement as a partner at Deloitte (one of the largest professional service firms in the world aka “the Big 4”), I pass on this admonition to those who might be thinking the same thing: be careful what you ask for. No one could have anticipated the changes that revolutionized the accounting profession in the past two decades and put into sharper focus the value proposition that a CPA brings to the table. But the opportunities, experiences and highlights of my forty-year career bear witness to not only the resiliency but also the robustness of the profes-sion. My story follows. After graduating from the University of the Philippines in 1964, I joined SGV & Co. (the leading CPA firm in the Philippines) as a Research and Training Specialist, instead of the more traditional entry-level staff auditor position. In addition to participating in several annual audits, I helped prepare firm positions on technical matters, conduct selected industry studies, draft speeches by firm leaders, and develop internal learning programs. For a first job, I remember thinking what a great way to find out how well my college education prepared me to deal with the real world of business and on such a fast track at that. It did not take me long to realize that the best thing a good education does is hone your ability to think and process what you know, feeding your desire to learn even more and put your cumulative knowledge to good use. The experience at SGV boosted my self-confidence, reaffirmed my career choice and taught me good work habits, in addition to intro-ducing me to a number of lifelong friends and colleagues. Catching the first wave of the “brain drain” (the term coined by the press to refer to the significant immigration of Filipino professionals to the West), I left the Philippines in May 1969 for greener pastures in the United States. Joining the audit staff of the New York office of Haskins & Sells (predecessor firm to Deloitte), I entered a male-dominated profession in the US at a time when women were not viewed as career oriented and family-friendly benefits were not part of a company‘s employment package, when no woman had been ad-mitted into the partnership of any of the leading professional service firms in the US, when women were not represented in the executive ranks of international business organizations, when the Philippines was not known for anything but a location for US military bases and a source of good nurses, before the Americans' consciousness regarding the value of diversity had been raised, and before affirmative action programs had been implemented. What a sharp contrast to the work environment I left behind: women were already in the senior ranks of every major industry sector in the Philippines; dual-career couples could count on their extended family and widely available, reasonably paid help for support; and Filipinos were keenly interested in what’s happening in the great big world outside the Philippines, particularly as a benchmark for the country’s performance, progress and prognosis.

(continued on page 21)

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TO LOBBY OR NOT TO LOBBY, THAT IS THE QUESTION! Susan Legaspi

ISYFA is often approached by various Filipino organizations to (1) campaign on behalf of or to oppose a candidate for pub-lic office and (2) to lobby, solicit votes/funds or to advocate in favor of a variety of issues and causes pertinent to the Filipi-nos or other political causes. IRC section 501(c)(3) charitable organizations are restricted from participating in various activities. In particular, the law places two rather harsh constraints on participation in political and lobbying activities. ISYFA absolutely cannot be involved in political campaigns or “electioneering” activities. To do so would put ISYFA’s tax-exempt status at extreme risk. With respect to lobbying or legislative activities, ISYFA is very cautious and has, therefore, politely declined such lobbying requests. This is simply because one of the conditions of being a 501(c)(3) tax-exempt organization is that no "substantial part" of its activities may include lobbying or attempting to influence legislation. What is "substantial" is quite subjective and the IRS has been quite harsh in many instances. It is also important to differentiate between and understand the consequence of the following two activities: Electioneering. What is electioneering and how much of this activity is allowed for Section 501(c)(3) organizations? Electioneering is defined as intervening in the electoral process, either in the election or appointment of an individual for pub-lic office. A Section 501(c)(3) organization will endanger its exempt status if it directly or indirectly authorizes/ratifies the actions of its members in their political candidate endorsements. There is an absolute prohibition on campaigning for or against a candidate for public office. Lobbying. What is lobbying and to what extent may Section 501(c)(3) organizations participate?

1. Lobbying is an attempt to influence legislation. There are two types of lobbying activities with different rules governing each activity: direct and grassroots.

• Direct lobbying typically involves a communication or discussion with a public official who has a role in writing, approving legislation or expressing his/her point of view. Public office may be in the national, state or local levels.

• Grassroots lobbying is a communication or discussion with the public concerning a specific legislation, expressing a point of view or urging the public to take action. An example would be a call to action that: (a) encourages the individual to contact a legislator, (b) provides a tear-off postcard to mail to a legislator, or (c) provides the contact information of a legislator.

2. Legislation includes an act by a legislative body at any level of government, such as the city council, state legislature or Congress. It may also include public action on a ballot initiative, constitutional amendment, referendum or similar activity.

A clear understanding of the distinction between the two types of lobbying activities may allow the organization more lee-way for advocacy. For example, “An arts organization seeking an additional appropriation in the year’s budget for Na-tional Endowment for the Arts is lobbying. The same organization working with NEA on its definition of decency for purposes of making grants is not lobbying since an administration regulation is NOT legislation.” An important factor is the attempt to influence a change in the law.

ISYFA page 20

TO LOBBY OR NOT TO LOBBY...(continued from page 20) There are some exceptions to the above rules. Where a piece of legislation directly affects a nonprofit, charitable activity, opposing such legislation is considered a “self-defense” exemption. Another exception is “nonpartisan analysis, study or research” even if it may advocate a specific point of view provided all pertinent facts are exposed to the public to allow them to form an independent opinion or con-clusion on an issue. If such research is subsequently used for lobbying, the expenses used in research may not be consid-ered lobbying when it is determined that the “primary pur-pose” was not for use in lobbying. Voter education or regis-tration drives are acceptable provided they are conducted in a nonpartisan manner. Be mindful that other exceptions exist but are not covered in this article. Rules on campaigning and lobbying differ de-pending on the type of organization (i.e., private foundations, section 501(c)(4)s, etc.).

MEDICAL MISSION... (continued from page 16)

The first five disabled people who were fortunate enough to get their wheelchairs were all very thankful. They all said that we gave them a second chance in life. One recipient who obvi-ously has polio since birth was so proud wheeling himself around in his new chair. The large and ugly callous on his knees and elbows are proof that he was crawling on his hands and knees all his life. The smile on his face, the tears in his eyes as he expressed his gratitude was very touching and the effect it had on me was indescribable. It was at this juncture that I realized why I was brought to this mission. Although my personal contribution was minor, I was able to connect three volunteer organizations that provided “Service Above Self”. The leadership and "heavy lifting" of the mission was supplied by the doctors of UST Medical Alumni Association. The financial contribution from ISYFA that helped to buy some of the medicines, and the donation from Rotary for the essential medical equipment. There was a lesson to be learned from this experience. Seem-ingly unrelated volunteer organizations can coordinate to ac-complish good deeds, even half way around the world. Even though the project was medical in nature, a group of account-ants and Rotarians were able to contribute to goals of the UST Medical Alumni Association. The admonition of "Love thy Neighbor" is directed to all of us, regardless of our profession or station in life. On my flight back to the States, I kept on recalling the scenes that I witnessed in this amazing adventure and I have nothing but admiration to these courageous and selfless doctors who do this project every year. They are all successful in their own rights yet they are very generous in sharing their blessing of talent to the less fortunate. This quote from Danny Thomas aptly describe them: "Success in life has nothing to do with what you gain in life or accomplish for yourself, it is what you do for others."

ISYFA page 21

ON MY OWN TERMS (continued from page 19)

Call it irrational exuberance or plain naiveté, I just knew that I could make it in the Big Apple but I had enough sense to realize that certain things are beyond one’s control and that how one prepares for and reacts to the bumps along the road can make the difference.

What helped keep me focused in those early years was a set of values that define who I am, an openness to change, and the knowledge that I will always have a safety net “back home”.

While remembering my roots, I listened and tried new and different ideas and ways of thinking. I prioritized, worked hard, learned from each experience, and took responsibility for my actions and decisions. Above all, I kept things in perspective - reminding myself often that I chose to leave the comforts of home and move to the US, and therefore I should be prepared to make adjustments when needed to assimilate without losing my authentic self in the process.

All of these efforts were rewarded when I was admitted as a partner in 1981 - only the second woman audit partner in the long history of Deloitte. Even more significantly, I was the first Asian woman to break the glass ceiling of any of the Big 4. It took American businesses more than a decade later to see the light and recognize the strategic impli-cations of the changing demographics, specifically the increasing num-bers of women and minorities in the US work force.

As a Deloitte partner for 27 years, I was privileged to be given the opportunity to lead various aspects of the firm’s US practice as well as the global operations of the Deloitte network. Sometimes, I had to define the scope of the role having been the first to hold the position (e.g., Global Risk Management Partner) or being responsible for im-plementing new initiatives requiring change in firm methodologies, processes and indeed firm culture (e.g., National Managing Partner of Continuing Education, Global Chief Ethics Officer, Global Director of Auditing Services, etc.). I helped supervise the first external reviews of the quality control systems of auditing firms (referred to as peer re-views) before professional standards for such reviews had been devel-oped. When the People’s Republic of China opened its doors to the Western world in the early 90s, I led the consulting team that devel-oped recommendations for enhancing the competencies of the account-ing professionals in the country. During the East Asian financial crisis of 1997, I represented Deloitte in a multinational, multi-firm grassroots team to address relevant issues and manage their ramifications on various stakeholders affected by the crisis - a pioneering effort that led to further global collaborative initiatives involving regulators, CEOs, investors, academics, professionals and the media, which con-tinue today.

The choices I made during my career were heavily influenced by my desire to have balance in my life, with family as priority one. With marriage and children in my near-term plans, I gave up client service - back then, the only track to partnership at Deloitte -, and took on na-tional practice management roles in continuing education, technical research and consultation which gave me a more predictable and man-ageable schedule. Defying the odds, I was admitted into the partner-ship and became the only woman partner with a child. At a time when working mothers were uncommon and without the family-friendly ar-rangements that are commonplace today, I realized that I would need to find or create ways to make things work . With the support of my husband Mel and a full-time nanny for our two children, well-honed organization skills, and the oft-tested ability to compartmentalize my life and focus so that I was always present, I managed to have both a fulfilling professional career as well as a happy personal life.

Looking back, I can’t think of anything important that I would change or do over if I could. I stand by the choices I made and am thankful for my blessings, especially my children, Joanna and Paul. They are not only living proof that dual-career couples can have it all; they have helped clarify what is really important in life.

President Obama signed the stimulus package on February 17, 2009. H.R. 1, the American Recovery and Reinvestment Act of 2009, is a $787 billion package containing over $280 billion in tax relief and over 300 changes to the IRC. Most of the changes affect 2009 and later years, but there are two important changes that may require quick action on the taxpayer’s part. We’ll begin this brief overview of the Act with those changes.

Net operating losses for small businesses: An eligible small business may elect to carry back an NOL two, three, four, or five years. (IRC §172(b)(1)(H)) An eligible small business is one that meets the gross receipts test of IRC §448(c) for the year of the loss, using a $15 million threshold instead of $5 million. There are two unique aspects to this law:

• It is effective for NOLs generated in years beginning or ending in 2008; and

• It allows the taxpayer to elect to which of four preceding tax years (two through five) to first carry back the NOL.

Due to the effective date of the law, a taxpayer may have already filed its return for the loss year making an election (such as the election to forego the carryback period) that would otherwise be irrevocable. However, transition rules give the taxpayer 60 days from the date of enactment (February 17, 2009) to revoke a prior election and make a new one allowed under the law.

First-time Homebuyer Credit: For purchases made after December 31, 2008, and before December 1, 2009, the maximum credit is in-creased to $8,000 and the repayment provisions are eliminated for taxpayers who own and live in the home for at least 36 months. (IRC §36) Purchases made on or after April 9, 2008, and before January 1, 2009, continue to be governed by the original First-time Homebuyer Credit. However, taxpayers who elect to treat a 2009 purchase as made on December 31, 2008, will use the 2009 rules pertaining to the maximum credit and repayment. (Note: Presumably the IRS will have to make changes to the 2008 Form 5405 to accommodate this.)

Making Work Pay Credit: This new credit is available for 2009 and 2010. The credit is 6.2% of a taxpayer’s earned income up to a maxi-mum of $400 ($800 for married filing joint). (IRC §36A) The credit is phased out at a 2% rate for modified adjusted gross income above $75,000 ($150,000 for married filing joint) and is completely phased out at $95,000 ($190,000 for married filing a joint return)

$250 Economic Recovery payment: Recipients of Social Security, railroad retirement, and veterans benefits are each eligible for a one-time payment of $250. Payments must be made no later than 120 days from the date of enactment. Like the 2008 rebates, the IRS will make the payments and no action is required on the part of the taxpayer. Certain government retirees are eligible for a refundable credit on their 2009 returns of up to $250 per individual. (IRC §36A(c))

AMT patch: For once we don’t have to wait until the end of the year for the AMT patch. The 2009 AMT exemption amounts are $70,950 for joint filers and surviving spouses (up from $69,950 in 2008) and $46,700 for singles and heads of households (up from $46,200). (IRC §55(d)(1))

Sales tax deduction for new vehicles: For new vehicles purchased on or after the date of enactment in tax years ending before January 1, 2010, a taxpayer can deduct sales taxes as an additional standard deduction up to the first $49,500 purchase price. The deduction is sub-ject to phase out of modified AGI between $125,000 and $135,000 ($250,000 and $260,000 for married filing joint return. (IRC §§63(c), 164(a)(6), 164 (b)(6))

Hope Credit enhanced: Renamed the American Opportunity Tax Credit, for 2009 and 2010, it’s enhanced in six ways (IRC §§24(b)(3)(B), 25(e)(1)(C)(ii), 25A):

• Applies to four years of college instead of just two; • The maximum credit increased to $2,500; • The credit may offset regular tax and the AMT; • The definition of qualified expenses is expanded to include course materials; • Up to 40% of the credit is refundable; • AGI phaseout level is increased to $80,000 ($160,000 for married filing a joint return).

Earned Income Credit and Child Tax Credit: Both enhanced for 2009 and 2010.

Unemployment compensation: Up to $2,400 excluded from income in 2009. (IRC §85(c))

Bonus depreciation and increased §179: Both are extended for one year.

Work Opportunity Tax Credit: There are two new categories of targeted groups in 2009 and 2010: unemployed veterans and disconnected youth. (IRC §51(d)(14))

Qualified small business stock: The IRC §1202 exclusion for gain on the sale of small business stock is increased from 50% to 75% for stock acquired after the date of enactment and before January 1, 2011. (IRC §1202(a)(3))

S corporation built-in gain period: For sales of assets occurring in years beginning in 2009 and 2010, the period for recognizing built-in gains is decreased from ten years to seven years. (IRC §1374(d)(7))

Residential Energy Credit: The IRC §25C credit (for insulation materials, energy efficient windows, etc.) is restored for 2009 and 2010 with the amounts tripled (30% up to $1,500). The §25D credit is enhanced; the dollar cap is removed for solar hot water property, geothermal heat pumps, and wind energy property.

Source: Spidell Publishing • Web site: www.caltax.com • E-mail: subscriptions@spidell.com

TAX FLASH Lorna Dertadian

ISYFA page 22

AUDIT FLASH Michael Gonzales

Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157 or the Statement) became effective on January 1, 2008 for calendar year-end companies. FAS 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. FAS 157 does not require any new fair value meas-urements. FASB issues FAS 157 because there were different definitions of fair value and limited guidance for applying those definitions in GAAP. Moreover, that guidance was dispersed among the many accounting pronouncements that require fair value measurements. FASB developed FAS 157 in consideration of the need for increased consistency and comparability in fair value measurements and for expanded disclosures about fair value measurements.

FAS 157’s definition of fair value retains the exchange price notion in earlier definitions of fair value. The Statement clarifies that the ex-change price is the price in an orderly transaction between market participants to sell the asset or transfer the liability in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset or liability. The transaction to sell the asset or transfer the liability is a hypothetical transaction at the measurement date, considered from the perspective of a market participant that holds the asset or owes the liability. Therefore, the definition focuses on the price that would be received to sell the asset or paid to transfer the liability (an exit price), not the price that would be paid to acquire the asset or received to assume the liability (an entry price).

As 2008 was the first year that FAS 157 was in effect (except in those instances where companies early adopted the Statement), there were considerable challenges in the application of the Statement in private industry and as well as significant challenges in auditing companies’ application of FAS 157. These challenges were also compounded by a business environment that saw both a prolonged downturn in the U.S. credit markets and the weakening of the global economy; this environment resulted in illiquidity in many markets, especially those for debt and asset-backed securities. Illiquidity in the financial markets made more difficult a market participant’s determination of the fair value, based on the exit price concept, of its assets and liabilities.

FASB acknowledged these challenges to applying FAS 157 presented by the current market environment by issuing the following guidance since the initial issuance of FAS 157:

• FASB Staff Position FAS 157-2, Effective Date of FASB Statement No. 157: FSP FAS 157-2 delayed the effective date of FAS 157 for nonfinancial assets and nonfinancial liabilities, except for items that are recognized or disclosed at fair value in the financial state-ments on a recurring basis (at least annually), until fiscal years beginning after November 15, 2008, and interim periods within those fiscal years. Accordingly, calendar-year companies applied the measurement requirements of FAS 157 to nonfinancial assets and liabilities for the first time in the first quarter of 2009.

• FASB Staff Position No. 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly: This FSP emphasizes that even if there has been a significant decrease in the volume and level of activity for the asset or liability and regardless of the valuation technique(s) used, the objective of a fair value measurement remains the same. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. However, this FSP also highlights that a reporting entity should evaluate the specific factors to determine whether there has been a significant decrease in the volume and level of activity for the asset or liability when compared with normal market activity for the asset or liability (or similar assets or liabilities). If the reporting entity concludes there has been a significant decrease in the volume and level of activity for the asset or liability in relation to normal market activity for the asset or liability (or similar assets or liabilities), transactions or quoted prices may not be determinative of fair value (for example, there may be in-creased instances of transactions that are not orderly). Further analysis of the transactions or quoted prices is needed, and a signifi-cant adjustment to the transactions or quoted prices may be necessary to estimate fair value in accordance with FAS 157.

• FASB Staff Position No. 115-2, Recognition and Presentation of Other-Than-Temporary Impairments: This FASB Staff Position (FSP) amends the other-than-temporary impairment guidance in U.S. GAAP for debt securities to make the guidance more operational and to improve the presentation and disclosure of other-than-temporary impairments on debt and equity securities in the financial state-ments. For debt securities, the Board is modifying the existing requirements that to avoid recognizing an other-than-temporary impair-ment an investor must assert that it has both the intent and the ability to hold a security for a period of time sufficient to allow for an anticipated recovery in its fair value to its amortized cost basis. Instead, the Board believes it is more operational for an entity to assess whether the entity (a) has the intent to sell the debt security or (b) more likely than not will be required to sell the debt security before its anticipated recovery (for example, if its cash or working capital requirements or contractual or regulatory obligations indi-cate that the debt security will be required to be sold before the forecasted recovery occurs). If either of these conditions is met, the investor must recognize an other-than-temporary impairment. Additionally, the Board decided to modify the terminology used to as-sess the collectability of cash flows from probable that the investor will be unable to collect all amounts due to the recovery of the entire cost basis of the security to clarify that an entity should not wait for an event of default or other actual shortfall of cash to conclude that some or all of the cash flows are not likely to be collected.

Audit and industry professionals should continue to monitor further future developments in fair value measurements and other associated accounting guidance.

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ISYFA President Benel Se-Liban sat with Ron Cruz of Mornings @ ANC to introduce ISYFA in the Philippines.

Benel Se-Liban with ISYFA scholars Charmaine Baird and Maria Montero were the guests of the show

Kababayan LA

Marylou Garcia, Kathy Lai, and Benel Se-Liban with Kababayan LA’S Host Janelle So

Kababayan LA’s Janelle So with ISYFA’s Michael Gonzales

ISYFA Mentor Cecille Galvez being interviewed by Kababayan LA Host Janelle So

CELEBRITY MOMENTS OF ISYFA

What is Kababayan LA?

Kababayan LA is Southern California’s only daily Filipino television show. Hosted by the popular Jannelle So, Kababayan LA is a mix of news, entertainment and lively interviews.

What is Mornings@ANC?

Mornings@ANC is a show aired in ABS-CBN News Channel which is hosted by Marieton Pacheco, Ron Cruz, TJ Manotoc and Ginger Conejero. The journalists deliver news from all around the world, along with the lat-est trends affecting Filipi-nos in the Philippines and around the world.

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ISYFA IN THE NEWS

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ISYFA STUDENT OUTREACH at CSULA and CSULB

BECKER MEET THE FIRMS

ISYFA MONTAGE IN THE MAKING

BOARD AND COMMITTEE MEETINGS

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KALAYAAN 2008 GRAND BALL

HOLIDAY PARTY/PACQUIAO FIGHT

ISYFA SUPPORTS PHILIPPINE CONSULATE—LOS ANGELES

ISYFA DAY IN THE SNOW

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ISYFA’s 2nd Annual Bowling Event Exclusively sponsored by Manpower Professionals

ISYFA CAREER BOARD

Are you looking for a job? In response to the hard economic times, ISYFA is now launching an on-line career job listing. If you are a qualified candidate, you will have an opportunity to be connected to the prospec-tive employers through the ISYFA member who recommended the job opening. Check our website at www.isyfa.org for our most up-to-date job listings. Don’t forget! Only members can access the ISYFA Career Board. If you’re not a member, join now!

Does your company have job openings? We encourage our ISYFA members to advise ISYFA of any avail-able position. This is a good way to practice our “Bayanihan” tra-dition by providing the best opportunities to our members to achieve their career goals. Please submit your job listing to raciel@gmail.com.

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EVENTS COMMITTEE

MEMBERSHIP/EDUCATION COMMITTEES

STUDENT COMMITTEE

COMMUNITY SERVICE COMMITTEE

To be part of ISYFA’s family, please visit our website at www.isyfa.org , drop by our office or contact Carmelita O’Neil at 800-375-2689 or caroneil2004@yahoo.com.

BE AN ACTIVE MEMBER!

JOIN ISYFA COMMITTEES!

WE NEED YOUR SUPPORT!

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ISYFA International Society of Young Filipino Accountants

Benel Se-Liban, Susan Legaspi, Carmelita O’Neil, Kathy Lai, Casper Calisin, Elmer Pascual, Lyn Salvador, Marylou Garcia, Alex Gahuman, Lana Murillo, Lorna Dertadian, Hope Cue, Aurora Mauricio-Rubin, Jennifer Bangit, Nella Zipagang, Tonette Santillan, Albert Ocampo, Michael Gonzales

Contributors

Mission Statement • To elevate the Filipino’s stature in the accounting profession and the boardrooms, marking them more clearly as

integral members of management. • To foster personal development among members and to assist with and facilitate their assimilation in the ac-

counting profession. • To promote professional development through continuing education. • To provide camaraderie through networking events involving its members, potential members and associates. • To assist the accounting profession and businesses to become more competitive globally. • To reinforce high ideals of technical competence, ethical conduct and integrity.

CORE VALUES STATEMENT

At ISYFA, we live by a set of shared values and adhere to the highest ideals of professionalism and ethical behavior in the spirit of:

Integrity - We advocate the TRUTH and conduct ourselves at all times with utmost HONESTY.

Discipline - We strictly follow the code of Professional Responsibility and Conduct.

Commitment to Social Responsibility - We pledge to help and to strive to become vital members of society.

Solidarity - Together as ‘one body’, we will promote unity, harmony and teamwork.

801 S. Grand Avenue, Suite 400 Los Angeles, CA 90017 Web: www.isyfa.org

Become part of ISYFA’s family…..you can either be a member, mentor, advisor or donor! For more infor-Become part of ISYFA’s family…..you can either be a member, mentor, advisor or donor! For more infor-Become part of ISYFA’s family…..you can either be a member, mentor, advisor or donor! For more infor-Become part of ISYFA’s family…..you can either be a member, mentor, advisor or donor! For more infor-mation, please Visit our website at www.isyfa.org or drop by our office. For faster service, contact Carme-mation, please Visit our website at www.isyfa.org or drop by our office. For faster service, contact Carme-mation, please Visit our website at www.isyfa.org or drop by our office. For faster service, contact Carme-mation, please Visit our website at www.isyfa.org or drop by our office. For faster service, contact Carme-lita O’Neil at 800lita O’Neil at 800lita O’Neil at 800lita O’Neil at 800----375375375375----2689 or 2689 or 2689 or 2689 or caroneil2004@yahoo.comcaroneil2004@yahoo.comcaroneil2004@yahoo.comcaroneil2004@yahoo.com....

THE FOUNDING OFFICERS AND ADVISORS.

2009 CALENDAR OF EVENTS • January: CFA Free Workshop offered by Stalla

• February: Meet the Firms at CalState Long Beach

• March: ISYFA Day in the Snow

CPA Exam Simulation

• April: Stalla Problem-Solving Workshop

Forum with USC Accounting Society

• May: AICPA Student Leadership Workshop

• CPA Exam Simulation

• June: 3rd Annual Bowling Event

Philippine Independence Ball

• July: ISYFA Leadership Workshop

CPE Sponsored by Vasquez & Co.

• August: 5k Run– Filipino Historic Town

• September: Mentors and Mentees Circle

• October: Students and Community Outreach

• November: National and Local Launch of ISYFA

• December: ISYFA Holiday Party

There are also various participation opportunities in other civic and professional organi-

zations through ISYFA! Specific activity dates may change without notice. Please visit

www.isyfa.org for the most accurate information on any of these activities.

Be a sponsor!

Sponsorship Packages are

available!

Be a donor! Support our

leadership and scholarship

programs!

The information in this newsletter is gathered from sources believed to be ac-curate. You should discuss any legal financial or tax situation with an appro-priate professional advisor. The views expressed here are explicitly made by the authors and does not necessarily reflect ISYFA’s views.