Cherie Hennig

Corporate tax filing has just gotten more complicated with the arrival of a new tax form: Schedule M-3 Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More. The information recorded on the form will show discrepancies between book and taxable income. With the differences made more obvious—or transparent—the Internal Revenue Service (IRS) can more easily evaluate those that look legitimate and identify the ones that do not appear to be acceptable.

"In the 1990s, a lot of public accounting firms became aggressive about marketing tax planning schemes, many of which the IRS felt lacked economic substance," said Cherie Hennig, professor in the School of Accounting and director of the Executive Master of Science in Taxation (EMST) program in the College of Business Administration. "The IRS had to audit taxpayers who had been sold boilerplate schemes and who had often suffered an abuse of trust because they were guided to abusive tax shelters."

According to Hennig, "With the new M-3, the IRS has put taxpayers on notice that they'll be scrutinized. They have to flag differences between book and taxable income and explain what causes them."

Though many companies think they are well under the $10 million requirement, they might be surprised.

"Small- or medium-sized companies with real estate and equipment can easily get to $10M in gross assets," Hennig said.

And once they've reached that size, the filing realities are complex.

"If a corporation has members of a consolidated group, each member has to file an M-3," she said." "And if a company includes subsidiaries, the situation is very convoluted because they have to file on both a consolidated and an individual basis."

The challenge for tax preparers is that information on the financial statements to shareholders that differs from taxable income reported to the IRS must be disclosed.

"The information has to be scheduled out, and there has to be an explanation about which transactions gave rise to the differences," Hennig said. "Some of the differences are perfectly legitimate, but the IRS wants to be able to see them and  be able to measure the aggressiveness of the tax planning."

The introduction of the M-3 form, therefore, will make the job of tax return preparers more difficult. But Hennig and her colleagues hope to ease the way. They are about to publish a book designed to help tax preparers understand the form.

"One of the most interesting consequences of our new tax environment is that now the tax professionals and the accountants, who rarely worked together in the past, have to work together on the book-tax reconciliation process," she said. "In our book, we are trying to teach financial accounting rules to tax people so that they can get information into the desired format to complete the M-3, which is a very intricate, three-page form. They will then be able to assist accountants in preparing the tax accrual that goes on the balance sheet."

The co-authors are taking care to make the book a handy "how-to."

"Our text will be a practical, compliance-oriented explanation of the new form, with lots of examples and four case studies," said Hennig, who has more than 100 publications in the tax field to her credit.

Despite her immersion in tax research, she admits that learning M-3 also posed challenges to her.

"My knowledge of financial accounting was definitely out of date," she said. "With recent changes, we can't just think of the tax profession as being separate from accounting. Today, you have to be able to exercise a lot of judgment, and in order to exercise that judgment wisely, tax professionals have to understand the financial accounting rules."

The working title of the professional reference book is Book-Taxable Income Reconciliations: A Guide to Schedule M-3.

FOCUS ON

.: South Florida's Real Estate Community benefits from REAAC programs.

Pedro Martin (center) with REAAC Vice President Craig Kirsner
and other sponsors and guests. 

The Real Estate Alumni Affinity Council (REAAC) has been quite active these days, offering programs and events for both real estate students and the real estate community at large.

In March, REAAC held the Real Estate Career Forum, during which a panel of real estate professionals discussed career opportunities for today's commercial brokers, investors, appraisers, and bankers with students and alumni.  Panelists shared their personal success stories and provided guidance for those entering diverse real estate sectors. Participating panelists included Tony DeRosa of Westvest Associates, Jose Hatzell of Joseph J. Blake, Tony Puente of CB Richard Ellis, and Eric Toth of Ocean Bank.

Also in March, REAAC hosted its annual Distinguished Speaker Luncheon, featuring Pedro Martin, CEO of Terra Group. Martin, one of the most successful developers in South Florida with more than thirty years of experience in real estate, spoke to about 80 alumni and South Florida real estate professionals who gathered at the Coral Reef Yacht Club to learn about industry trends. 

REAAC is a sub-division of the college's Business Alumni Chapter.  The Council acts as a support group for the college's Jerome Bain Real Estate Institute, the Real Estate Student Association (REASA), and the South Florida real estate community by organizing career discussions, seminars, and luncheons featuring keynote speakers.  Join REAAC on April 13th at its Networking Happy Hour. RSVP today at http://business.fiu.edu/alumni/index.cfm. To learn more about becoming a member or corporate supporter of REAAC, please contact REAAC Vice President Craig Kirsner at 305-968-2030 or via e-mail at craig@kirsner.us.

.: Traveling Happy Hour reaches its final destination.

Last fall, the Business Alumni Chapter introduced alumni to its Traveling Happy Hour, a unique and fun way to network.

For a period of six months, alumni "traveled" with the Business Alumni Chapter as they hosted networking receptions throughout upscale locations in the Brickell and Coral Gables areas, including Tarpon Bend, Mendoza Restaurant, Bahia at the Four Seasons Hotel and Novecento.  Through the series, the chapter's goal was to unite alumni and increase membership in the FIU Alumni Association and Business Alumni Chapter.

"Alumni of the college were very responsive to the Traveling Happy Hour.  Attendance exceeded our expectations, bringing an average of 70 alumni to each reception," said Cristina Jaramillo, marketing manager for the college's Office of Alumni and Partner Relations.

"These events provided me with a great opportunity to network with fellow alumni and business people in South Florida and stay in touch with the university," said Traveling Happy Hour regular Alison Hegedus (BBA '98), market research analyst at AvMed Health Plans.

Each time a member of the college's chapter attended a Traveling Happy Hour, he or she automatically was entered into a raffle to win travel prizes. At the conclusion of the series, Betty Alvarez (BBA '97) was the lucky winner of two airline tickets to anywhere in the U.S. courtesy of TraveLeaders, and Craig Kirsner (MBA '04) won luggage sponsored by Carnival Cruise Lines. Elated, Alvarez said, "I definitely needed this!" 

If you are not yet a member of the Business Alumni Chapter, visit our website today for a membership form http://business.fiu.edu/alumni/index.cfm. In addition to unique event programming, as a member of the Business Alumni Chapter, you also enjoy a variety of Panther Perks.  For a complete list of membership benefits, visit http://fiualumni.com.

.: Alumni Circle hosts reception to raise awareness for Teach For America.

Left to right: Nicole Brisbane, TFA core member; Maria Alonso, senior vice
president/market development manager, Bank of America; Jane Henzerling,
executive director, TFA; Monique Catoggio (EMBA '03), director of alumni and
partner relations,College of Business Administration; Mark Trowbridge,
deputy executive director, Miami Parking Authority.

More than 50 guests celebrated with members of the Alumni Circle at the Miami Children's Museum on March 9th to spread the good news about Teach For America's (TFA) work in Miami-Dade County. The Alumni Circle hosted the event to raise awareness among our business leaders about TFA's impact on the success of many schools in the county and to encourage support from both individuals and corporations to expand the organization's efforts.

"I think we accomplished our mission," said Monique Catoggio (EMBA '03), director of Alumni and Partner Relations for the college. "Many of the attendees clearly were moved by the testimonials presented at this very special event by Teach For America's core members (teachers) and sponsors. I know they will receive additional support due to our efforts."

To learn more about the Alumni Circle and its initiatives, please contact Catoggio at catoggio@fiu.edu or 305-348-4227.        

.: Jessica Goldman-Srebnick, Partner and COO of Goldman Properties' Hospitality Division, speaks to Business Alumni.

The Business Alumni Chapter, in partnership with SouthFlorida CEO and the Real Estate Alumni Affinity Council, hosted its SouthFlorida CEO Speaker Series on Wednesday, February 8 from 6:30-9:00 p.m. at Mosaico Restaurant, featuring Jessica Goldman-Srebnick, partner and COO of Goldman Properties' Hospitality Division.

Goldman-Srebnick offered a unique perspective on the dynamics of a successful family business through her discussion titled "The Evolution of a Family Business—From the Dining Room to the Boardroom."

The 35-year-old businesswoman gave a personal account of how her family built Goldman Properties into a premier boutique real estate leader in the field of neighborhood revitalization in urban pedestrian centers, with properties in New York, Miami, Philadelphia and Boston. She also explained how to formulate effective family/business goals, integrate practices that lead to highly performing companies, and incorporate professional managers.

"The SouthFlorida CEO Speaker Series exposes our alumni to the expertise of South Florida's business leaders on the latest in various business trends," said Arturo Aviles, Business Alumni Chapter director of the Speaker Series.

Godllman-Srebnick shared the following statistics about family-owned businesses:

• More than 90 percent of all business enterprises in the United States are family-owned, and nearly 35 percent of Fortune 500 companies are family firms

• Family businesses account for 78 percent of all new jobs created. Approximately 30 percent of all family-owned businesses survive into the second generation, and 12 percent will be viable into the third generation.

• Only 3 percent of all family businesses operate at the fourth generation level and beyond

• In the next five years, 30 percent of family-owned firms will experience a change in leadership due to retirement or semi-retirement, with approximately $10.4 trillion of net worth being transferred by the year 2040.

• Twenty five percent of senior generation family business shareholders have not completed any estate planning other than writing a will; 80 percent want the business to stay in the family, and 20 percent are not confident of the next generation's commitment to the business. (Source: University of North Carolina—Ashville)
  

.: Business leaders address "hot topics" at first annual Chapman Alumni Conference.

The Business Alumni Chapter. together with the Chapman Graduate School of Business, held an exclusive conference for Chapman School alumni on Friday, February 10th at FIU's Downtown Center. 

Chapman Graduate School alumni joined leading South Florida business experts for a day of executive briefings on today's hottest business topics, which included "Making Your Stand: An Entrepreneurial Discussion," lead by Dennis Custage, founder, Global Boardroom Solutions; Craig Frank, founder, Tudog Creative Consulting, and Isidro Almirall, founder and CEO, Seven Star Holdings; and "Marketing to the Hispanic Consumer," lead by Michael Rodriguez, vice president and general manager, Telemundo 51; Betsy Henao, group account director, ZUBI Advertising, and Cecilia Alvarez, college assistant professor, marketing. 

Other sessions were "Trends in National and Local Real Estate Markets," lead by Tere Blanca, managing partner, Cushman and Wakefield, and Anthony "Tony" Villamil, CEO, The Washington Economics Group; "Growing the Best: Strategies for Managing Talent Recruitment and Retention," lead by Gabriel Sanchez-Zinny, partner, Egon Zehnder International and a member of the college's Dean's Counci; Robert Garcia, senior vice president, Global Accounts, Latin America, Lee Hecht Harrison, and Colin D'Arcy, president, South Florida Commercial Division, Humana; and "The Business Climate in Latin America: Prospects for 2006," lead by Paulo Leme, managing director, Latin America, Goldman Sachs, and Donna Hrinak, principal, Kissinger and McClarty and former U.S. Ambassador to Brazil, Venezuela, and the Dominican Republic.

"This event, which we hope to organize annually, offers our Chapman School alumni an opportunity to continue their professional development by hearing from and interacting with business leaders in our community, some of whom are our alumni," said Monique Catoggio (EMBA '03), director of the college's Alumni and Partner Relations Office. "We are happy to be able to bring them learning and high-level networking events such as this one."   

.: Entrepreneurs to be inducted in May.

A panel of judges representing the business community and previous honorees selected this year's Entrepreneurship Hall of Fame inductees, who will be recognized on Wednesday, May 17th at the Parrot Jungle Island during the college's 7th annual Entrepreneurship Hall of Fame Luncheon and Induction Ceremony. 

Albert Santalo (EMBA '97), president of Avisena, will receive our "Founder" award, and Glenn J. Rufrano (MSM '76), president & CEO of New Plan Excel Realty Trust, Inc., will receive our "Builder" award. The 2006 South Florida Entrepreneur of the Year award given to a non-alumnus/a will be presented to Manny Medina, chairman and CEO of Terremark Worldwide, Inc., an outstanding entrepreneur and member of the South Florida community.  The event also will recognize winners of the Howard J. Leonhardt New Venture Challenge, a student business plan competition.

The Entrepreneurship Hall of Fame is the college's largest alumni event each year, bringing together more than 500 alumni and other local business leaders. Please save the date now and join us for this spectacular event. Register today on our web site.

.: Alumni Notes

• Luis Arrizurieta (BA '87) has joined real estate investment firm J.I Kislak as chief financial officer.

• Braulio Baez (BBA '88) has joined Holland & Knight's public-policy practice as senior counsel. He has been a Florida public service commissioner since 2000 and chairman of the panel for two years.

• Joy Venero (BBA '92) has been promoted to executive vice president and chief lending officer at Premier American Bank.

• Avisena-led by Albert Santalo (EMBA '97), president and CEO of the company, has recently been honored with the prestigious South Florida Business Journal 2006 Business of the Year Award for health services.

• Andrew Yap (MBA '97), senior vice president and CEO of LEASA Industries and College of Business Administration instructor, was featured in the "Business Monday" section of The Miami Herald.

• Jason T. Quimby (MSF '02) has been named vice president of Iberia Tiles.

• Arvi Arunachalam (MSF '03) presented a paper titled "Intra-period Valuation and Coupon Payments: Solution to a Paradox" at the Association of Global Business meeting at the Wyndham Resorts in Miami Beach this past November. Arunachalam currently is completing his final semester of coursework in the PhD program in finance in the college.

• Judy-Ann Allen (BBA '04), director of networking events for the Business Alumni Chapter, has joined Assurant Solutions as a compliance specialist.

.: College's American Marketing Association chapter wins top prize at Collegiate Conference.

Members of the college's American Marketing Association (AMA) chapter heard the
good news in person when the chapter was honored as "Collegiate Chapter of the Year"
at the organization's 28th Annual International Collegiate Conference in Orlando, FL.

Since the American Marketing Association (AMA) chapter in the College of Business Administration was revitalized in 2001, it has won one award after another, and this year it topped them all when it was named "Collegiate Chapter of the Year" at the 28th Annual International Collegiate Conference in Orlando, FL in March.

"We are now considered number one out of more than 300 chapters in the United States—a great recognition for our very hard-working student members," said Tim Dugan Birrittella, lecturer in the Marketing department and the organization's faculty advisor, who accompanied nineteen students to the conference. "The very first year we rejuvenated the chapter, we earned Outstanding Membership and Outstanding Chapter Planning, and in subsequent years, we were named Outstanding Regional Chapter (Top Ten in the United States) twice, and Top Regional Chapter (Top Four in the United States) once."

Winning the award caps a long process that begins when each collegiate chapter submits a ten-page chapter plan at the start of the academic year. The document highlights the chapter's goals, objectives, and strategies. A twenty-page annual report outlining the accomplishments and failures for the year follows. Judges evaluate the chapters based on professional development, community service, fundraising, membership, internal and external communications, operations (including financial results), and presentation.

"Our members accomplished a tremendous amount this year," Birrittella said. "They successfully conducted more than 26 professional development programs, completed ten community service projects, raised more than $11,000 to subsidize the Collegiate Conference for twenty members, maintained an overall student membership of 125 students, and increased chapter awareness. It's a testament to student involvement that the chapter won this prestigious award."

The college directly supported the effort by contributing funds to help enable the students to attend the event.

.: Second Global Leadership and Service Project-Bangkok 2006 renews memories, creates new ones.

Some aspects of the second Global Leadership and Service Project (GLSP)–Bangkok, which took place from March 16-26, 2006, were just the same as the inaugural trip: two of the sites at which students worked and the feelings the experience brought out.

Some aspects were different: a more formalized plan to guide the work, the addition of one new site, the greater involvement of two service clubs from Thai universities, and the inclusion of three students from outside the College of Business Administration and its International Business Honor Society (IBHS).

The Klong Toey Community School and the Association for the Promotion of the Status of Women (APSW) remained on the schedule, while the Children's Creativity Foundation (CCF), another community school, was added.

"The objective for the two children's sites was to provide cultural, hygienic, and self-promotion education to impoverished children from ages three to twelve who would not receive this education otherwise," said Stephanie Moreta, project coordinator and site leader for the Klong Toey Community School.

Milvia Suarez led the CCF project and students from two Thai universities—Rajabhat Chandraksen and Chulalongkorn—also participated at both children's sites to help translate and implement the curriculum the IBHS students developed.

Since the first GLSP–Bangkok, the objective of the APSW site has been to establish a business plan for marketing textile products the women make so the items can be sold in the United States. Such sales will help keep the non-profit running and also will serve as jobs for the women so that they can become functional members of society.

"The women at APSW are either ex-prostitutes, mentally or physically abused, or have HIV/AIDS, and many of them have children," said site leader Adriana Perez who also served as chairperson of the GLSP project.

Students from two other U.S. universities won scholarships to join the group: Karen Uhring, University of Missouri-St. Louis (UMSL) and Jacob Pierce, Boise State University, both of whom demonstrated a commitment to community service.

"For me, the most memorable experience was the 'house tour' of the children's homes in Klong Toey," Uhring said. "I will never forget how proudly each of them presented their homes and introduced us to their families."

Pierce shared her reaction.

"Upon seeing their homes, I had an epiphany in the true sense of the word," he said. "I learned that my role in promoting social justice is not to fulfill their lack of things but to work along the side of education that brings awareness and a desire for change."

Uhring and Pierce are planning GLSPs at their own schools—exactly what the college's student organizers hoped would happen by including students from other universities.

"We currently are exploring the best implementation strategy, which will most likely begin with the chartering of an IBHS chapter on our campus," Uhring said.

"After seeing the success and great working model the IBHS has established with its GLSP, I've been inspired to do the same at my home university," Pierce said. "Having lived in Mexico, I have a few contacts I will be calling upon to see about their needs and the possibilities of organizing and executing a GLSP there."

Cécilia Serin was the GLSP's first international participant. She attends the International University of Monaco, which is going to become the first international IBHS to be chartered by the college's national model chapter, empowered to charter other IBHS chapters globally.

"I had the opportunity to work at all the sites, but I spent more time in APSW, where I interviewed three women," she said. "Their stories had a strong impact on me, as if I was faced with a reality that the world wants to ignore. Afterwards, I was even more determined to do whatever I could to help those women."

She looks forward to establishing a GLSP with the support of her university and partners in Indonesia, where she already has worked on projects for more than a year.

"My university is willing to encourage students to get involved in community service, and my Indonesian partners have asked for students to come and work on projects," she said.

After a thorough debriefing, IBHS president Mark Elbadramany and IBHS members will begin to work on the GLSP–Bangkok 2007, at which their Thai partners are expected to play an even greater role.

"The GLSPs are a community service vehicle, which we describe as a 'dual side experience without frontiers,'" said Robert Hogner, associate professor of management and international business and coordinator of the college's Civic Engagement Initiative, who accompanied the students for the second time. "They help students understand their future role and responsibilities as international leaders by understanding the global environment in which they'll be working."

Another group of humanitarians recently returned from the first GLSP to Nicaragua and plan a second trip this summer. More information about these unique projects can be found at www.ibhs.biz.

When U.S. News & World Report announced the 2007 publication of "America's Best Graduate Schools," the Alvah H. Chapman Graduate School of Business ranked eighteenth in the international specialization category—up four spots from last year. It was the only graduate program in Florida to appear in the list's upper echelon.

"We are delighted that the Chapman School has achieved the impressive landmark of being ranked in the top twenty programs in international business in the country," said Executive Dean Joyce J. Elam. "As we look toward the future of business education at the university, our strength in educating students—at both the undergraduate and graduate levels—and providing corporations and small businesses with a pool of talented, grounded, and well-rounded employees will continue to be undeniable."

As a member of the top twenty, the Chapman School finds itself in the august company of major schools of business at the following leading universities: Thunderbird, University of South Carolina, University of Pennsylvania, Columbia University, New York University, University of Michigan–Ann Arbor, Harvard University, Duke University, University of Southern California, University of California–Berkeley, University of California–Los Angeles, Georgetown University, Stanford University, Michigan State University, Indiana University–Bloomington, University of Texas–Austin, University of Washington, Northwestern University, and Temple University.  View the entire list. 

.: Office Depot's gift of $1 million boosts the Building for Business Campaign.

President Modesto Maidique and Office Depot Chairman and CEO Steve Odland
look at model of new building business complex for the college.

Office Depot recently donated $1 million to the College of Business Administration's Building for Business Campaign. The donation is eligible for a $1 million match from the State of Florida, giving the college $2 million toward construction of its new $45 million, five-building complex on the University Park campus.

"We are very pleased to be able to form an important strategic relationship with the university, which is one of the pacesetters in international business education," said Steve Odland, chairman and chief executive officer of Office Depot, in a ceremony at University Park on February 2nd. "As a global company with operations in 23 countries, we have a keen interest in enhancing academic programs that support this emphasis. Through the synergies we are establishing, Office Depot and the college will be drawn closer together—benefiting both of us in innumerable ways."

From left, President Modesto Maidique, Monica Luechtefeld, executive vice president
for business development and information technology at Office Depot, Chapman Graduate
School of Business Dean José de la Torre, and Office Depot Chairman and
CEO Steve Odland hold Office Depot's gift.         

In recognition of the company's support, the university will name the multi-story lobby and accompanying first-floor student commons space the Office Depot Student Center. The Office Depot Student Center will be a focal point in Commons Hall—one of the largest buildings and the only three-story structure in the interlocking buildings of the planned complex.

"The Office Depot Student Center will accommodate formal and informal gatherings of student organizations and other events, support informal education and teamwork, and foster pride among the student body," said Alvah H. Chapman Graduate School of Business Dean José de la Torre.

To further strengthen the relationship between the company and the university, Monica Luechtefeld, executive vice president for business development and information technology at Office Depot, has been invited to join the colllge's Dean's Council—its principal advisory board. Also, the college will assign at least two teams of graduate students in international business to work directly on projects identified by Office Depot each year for at least five years, and annually will fund the Office Depot Summer Research Fellowship, which will support a short-term research project on an issue of mutual interest to Office Depot and an international business professor at the university.

Undergraduate student and accounting major Kenneth Rojas thanks Office Depot
on behalf of the College's students.

In addition, the college will seek to engage Office Depot in other mutually beneficial initiatives over the next decade, such as internships at the company for its students and projects that will assist in the placement of its graduates in Office Depot's international operations. Finally, the gift makes Office Depot eligible for membership and participation in the Torch Society—Gold Flame, which recognizes contributors of $1 million or more to the university.

"Given Office Depot's opportunities for expansion outside the United States and the university's considerable strength in the international arena, our cooperative projects will provide benefits to the company, the university and, most importantly, to the young men and women of South Florida and nationally who want to pursue productive careers in international business organizations," de la Torre said.

At the invitation of Annabelle Rojas (MBA '98), director of external relations and resource development in the college, whose office is coordinating the campaign, Kenneth Rojas, an accounting major who will graduate in the spring of 2006, represented the student body at the ceremony. In his speech, he expressed the gratitude of the 7,000 undergraduate students and 1,000 graduate students in the college who take classes at locations throughout the university.

"We need a home of our own," he said. "The building is becoming a reality due to the support from the community and especially Office Depot. Your investment in our education is appreciated, and we can only hope that some of us will work for Office Depot so that you may experience the quality of our graduates."

.: Conference focused on women leaders attracts worldwide audience.

Three members of the Abu Dhabi Businesswomen Council with university
representatives: Shafika Al Ameri, director; College Executive Dean Joyce J. Elam;
Susan Webster; Amanda Bullough; Carmen Algeciras; Rawda Al Mutawa,
chairperson; Fatima Obaid Al-Jaber, deputy chairman; and Deanna Salpietra

A four-woman delegation from the College of Business Administration recently attended the "Women as Global Leaders" conference in Abu Dhabi, United Arab Emirates (UAE).

Executive Dean Joyce J. Elam; Carmen Algeciras, director of the college's USAID Farmer-to-Farmer Program; Deanna Salpietra, research coordinator, Knight Ridder Center for Excellence in Management, and Amanda Bullough, a PhD student and adjunct professor who teaches an online course on entrepreneurship, represented the college. Susan Webster, director, intellectual property management and resource development, who presented at the inaugural event last year and met the conference's director, was the fifth member of the Florida International University contingent. Delegates from 87 countries—from Afghanistan to Zimbabwe—met at Zayed University for the three-day event, the theme of which was "Communities in Transition."

"Zayed University was founded in 1997 to prepare the young women of the United Arab Emirates to be responsible, globally-aware leaders in their society," Elam said. "The event was held in a truly magnificent setting at the Emirates Palace Hotel in Abu Dhabi, where we had the opportunity to listen to a group of internationally-renowned women leaders, including Mary Robinson, the former president of Ireland; Her Majesty Queen Rania Al-Abdullah, Queen of the Hashemite Kingdom of Jordan; and Cherie Booth, noted British attorney, human rights advocate, and wife of British Prime Minister Tony Blair."

The group interacted with students from Zayed University, appointed and elected government officials from the region, leaders from a variety of non-government organizations (NGOs), and academics from around the world.

"We left the conference much inspired, with a greater understanding of the Gulf region and the opportunities and challenges for its women as they assume a more prominent role in the United Arab Emirates and the Gulf region," Elam said.

The college's representatives spent three additional days meeting with local NGOs and university leaders in both Dubai and Abu Dhabi to discuss the design of a program to address the needs of women and businesses in the local communities in the region. Their six-day stay also provided an excellent opportunity to get the college's name more widely known in the Middle East.

"We interacted with prominent women leaders, established worldwide relationships, shared experiences, and learned from others," said Salpietra. "We considered it a research trip to help establish contacts with possible partners and to get ideas about the projects for which the local academic and business communities need most help."

After their networking and data collection efforts, the college's representatives returned home to formulate a plan for a program that will focus on the cultivation of women's economic empowerment through entrepreneurship and other leadership initiatives among faculty and students from the UAE and beyond.

"We plan to create outreach programs that address the economic and social needs of all Middle Eastern women, not just those in the UAE," Salpietra said. "What we devise might take the form of joint programs or professional development offerings."

Once the specifics take shape, Salpietra and Algeciras plan to apply for funding from the U.S. Department of State, Office of Middle East Partnership Initiatives grants program.

.: First Albert Haar Award honors owners of The Keyes Company.

Jerry Haar and his brother, Stanley Haar, with Alan Carsrud and Ted Pappas

Amid warm memories captured in "Through the Years," a slide presentation showing members of the Pappas family—owners of The Keyes Company—patriarch Theodore J. Pappas (Ted) Pappas, and his sons, Mike and Tim, who now control the firm, were honored at the inaugural Albert Haar Family Business Award Luncheon. The distinguished award is designated for family businesses that, like Albert Haar's, exemplify philanthropy, family unity, and the entrepreneurial spirit.

"I decided to endow a quarterly series of award luncheons to honor my father, who built a family business that embodied the values of hard work, family, faith, and community," said Jerry Haar, professor in the Department of Management and International Business in the College of Business Administration and associate director of the college's Knight Ridder Center for Excellence in Management. "Those qualities are the heart and soul of immigrant entrepreneurs, who are then able to rise to the top because of the opportunities afforded in the United States. The Pappas family is an excellent example."

Ted Pappas with students

Over the past eighty years, Keyes, which provides real estate, mortgage, and title services, has become a legend in South Florida. Now headquartered in Miami, it has grown from a one-desk office into the largest independent real estate company in Florida, with approximately 2,000 associates in more than thirty offices from Homestead to New Smyrna Beach. Keyes is listed as the 35th largest real estate brokerage company in the United States and is a member of an alliance of 74 mega-brokers nationally and a network of international affiliates with more than 85,000 sales professionals.

The Eugenio Pino and Family Global Entrepreneurship Center, one of whose institutes is the Institute for Family Business, organized the event. Haar was director of that entity at the time he decided to fund the award "to honor my father, and to show, as a faculty member of the college, my support for the Pino Center, which the college also supports."

"It was great to recognize one of the more famous, multi-generational family firms and an excellent time to celebrate an important part of South Florida's economy," said Alan Carsrud, executive director of the Pino Center. "For me, it was a chance to celebrate what really makes American businesses work."

Haar's brother, Stanley Haar, president and CEO of Haar Capital Management, a commodities firm, was a presenting sponsor along with his sibling and was on hand for the ceremony, which about 100 people attended. The audience included approximately twenty students who were able to participate thanks to the generosity of a number of business partners who sponsored them.

Marco Madrazo, an international business major who will graduate in December, 2006, wanted to get to know the family and to see what drove the senior Pappas.

"I consider myself an entrepreneur, and I wanted to meet someone who was already successful so that I could speak to him and find out what his vision was and how and why his family achieved success," said Madrazo, who is co-founder of Infinity Biofuels, Inc. "That was my main goal, and I got it."

"I thought the Pappas family was wonderful," said Luis Corrales-Palma, a sophomore who plans to major in international business and who currently is taking a business plan writing course in preparation for the upcoming Howard J. Leonhardt New Venture Challenge. He is co-founder of Infinity Biofuels, Inc. "They were really inspirational and provided a good learning experience. I have two brothers and I would love to do something similar with them."

Platinum student sponsors included the College of Business Administration, Bayview Financial, InterMedia, and the Young Presidents' Organization. Gold student sponsors were Butler, Buckley & Deets, Inc., Parrot Jungle, Keyes Mortgage, an affiliate of Wells Fargo, and The Keyes Company/Realtors. Fowler White Burnett was a Bronze student sponsor

.: Eugenio Pino and Family Global Entrepreneurship Center captures position on "Top Ten" list.

Fortune Small Business has recognized the Eugenio Pino and Family Global Entrepreneurship Center as one of the ten "cool" universities in the country for entrepreneurial programs and research. The university joined schools liked Harvard University, Cambridge, MA, and the University of Texas—Austin on the list.

"We have accomplished in a little more than two years what many entrepreneurship centers have been attempting to do for decades—to be listed," said Alan Carsrud, executive director of the Pino Center. "I believe this initial success is the result of not trying to be like so many others, but of instead attempting the different approach of bringing entrepreneurship campus-wide. Our dynamic partnership with other colleges within the university enables us to offer entrepreneurship to artists, engineers, accountants, chemists, and students in many disciplines who otherwise would not be exposed to it."

Carsrud credits a number of supporters—including the College of Business Administration—with helping the Center make its mark so quickly.

"The support of the college and the collaboration among it and the colleges of engineering and computing and of arts and sciences have been critical, along with the hard work of the center's faculty and staff," he said.

Executive Dean Joyce J. Elam was delighted with the important contributions the Pino Center has made to the college and was pleased by the recognition.

"With the establishment of the Pino Center, entrepreneurial activities within the college have accelerated tremendously," she said. "It was very rewarding to be recognized for the entrepreneurial spirit that defines our college and for the significant entrepreneurial accomplishments of our students."

Carsrud also acknowledged the major impact of the support from the Ewing Marion Kauffman Foundation and the initial endowment from Sergio Pino.

"Without their support, this achievement would not have been possible," he said.

The Pino Center is one of the Foundation's eight centers around the country. Two others—at Howard University, Washington, D.C. and at the University of Rochester, Rochester, NY—also ranked in the top ten in the Fortune Small Business article, which is titled "10 Cool Colleges for Entrepreneurs" and which described all the programs as "cutting edge."  The article and brief descriptions of the winners can be found here.

.: Case co-authored by two College of Business Administration faculty members takes center stage at international competition.

Irma Becerra-Fernández

The 9th Annual FedEx International Graduate Logistics Case Competition in Fayetteville, Arkansas focused on a case study about the International Federation of Red Cross and Red Crescent (IFRC), written by two members of the Department of Decision Sciences and Information Systems in the College of Business Administration: Irma Becerra-Fernández, associate professor, and Kuldeep Kumar, professor.

The case, "IFRC: Choreographer of Disaster Management—Preparing for Tomorrow's Disasters," to which two other researchers contributed, was published by INSEAD, Fontainebleau, France, which also published a companion case titled, "IFRC: Choreographer of Disaster Management: The Gujarat Earthquake," also researched and written by Kumar and Becerra-Fernández, among others.

Both cases specify that they are to be used "as a basis for class discussion rather than to illustrate either effective or ineffective handling of an administrative situation," making them ideal for analytical events such as the one in Arkansas.

Kuldeep Kumar

The Supply Chain Management Research Center in the University of Arkansas' Sam M. Walton College of Business, in alliance with FedEx Freight and a host of other corporations, sponsored the competition, which drew top logistics students from around the world to Fayetteville, AK to compete February 23-25, 2006.

"FedEx stipulated that this year's case should be based on supply chain management issues faced by humanitarian organizations during emergency relief operations, a topic that recently has elicited considerable attention given the many natural disasters that have taken place of late and the many questions that have arisen about the responsiveness of the agencies involved," Becerra-Fernández said. "A search on the topic brought up our case, which is part of INSEAD's collection of cases."

The case zeroes in on Hurricane Mitch, a 180-mph Category 5 storm in 1998 that killed an estimated 10,000, left two million homeless, and devastated the economies of Honduras, Nicaragua, and Guatemala.

During the competition itself, teams acted as a "business consultant" for a global humanitarian relief organization. The MBA students were unaware of the case that would be used as the basis for the competition until they arrived in Fayetteville. They had only 24 hours to review the case and develop their recommendations, which they made to a panel of industry judges. The three finalists made a second presentation to another group of judges.

Several hours after they received the case, a panel of representatives from each of the competing teams spoke on a conference call with Becerra-Fernández. She fielded their questions by herself since the other authors were out of the country.

"It was a very complex case, setting out how the various humanitarian agencies worked together—information we had gathered during four days of interviews at the International Federation of Red Cross headquarters in Geneva," she said. "However, the competitors were somewhat restricted in terms of what they could ask about, mainly getting clarification on the process, since their task was to develop recommendations."

The team from Pennsylvania State University took first place, winning a $3,000 award. Michigan State University, the second place winner, won $2,000, and Germany's Darmstadt University of Technology captured third place and $1,000. Arizona State University, University of Maryland, University of Minnesota, University of Wisconsin, and The Ohio State University rounded out the contestants.

This case is one of eight written by Becerra-Fernández, including three that she and Joyce J. Elam, executive dean of the college, co-wrote.

.: MSMIS program revises curriculum to prepare future CIOs.

Veronica Gómes, IBM, MSMIS student; Tatiana López, MSMIS program assistant;
Juan Poggio, Telefónica USA, MSMIS advisory board member and alumnus;
Zuzana Hlavacova, MSMIS program manager; and Julia Accárdo,
FP&L, MSMIS alumna at the MSMIS retreat in Key Largo

Despite the laid-back atmosphere in the Florida Keys, a recent two-day retreat held in Key Largo to evaluate the Master of Science-Management Information Systems (MSMIS) program in the Alvah H. Chapman Graduate School of Business was anything but relaxed. The event was packed with presentations and intense discussions among members of the Decision Sciences and Information Systems (DSIS) department, a host of advisory board members, top researchers in the field, and program staff members.

It was all part of the five-year curriculum review undertaken by each Chapman School program to ensure that it prepares students for the realities of an ever-changing business environment.

"Five years ago, IT outsourcing was not a major issue, and the Internet was not the major force it is today," said Irma Becerra-Fernández, associate professor in the DSIS department and faculty director of the MSMIS program. "To continue to meet our goal of graduating students who are qualified to take leadership positions in IT in South Florida, we have to evolve our curriculum to ensure they are ready for such transformations."

The group analyzed programs similar to those in the College of Business Administration and top programs in the country to see if they follow the 2006 Model MSMIS Curriculum—which they do. Participants also benchmarked the college's offerings against the model.

"At the end of two days, we reached a good understanding of what needs to change, then met with the faculty and decided on short- and long-term recommendations, which we presented to our advisory board two weeks after the retreat," Becerra-Fernández said.

Some recommendations will be implemented immediately.

"We are consolidating two courses and creating a new one starting this fall," said Zuzana Hlavacova, program manager. "In the spring, we will offer one elective, giving students the option of taking a course with an IS management focus, such as globalization applications of IS, or one with a more technical focus."

"The advisory board felt that offering electives was very important," said Juan Poggio (BS '00, MSMIS '03), global service and project manager, Telefónica USA, who became a member of the advisory board as a student and who now brings the perspective of an alumnus as well as of a professional. "We hope that as many as four electives will be available over time."

"Our advisory board members also indicated that the ability to communicate well is very important, and we will begin to offer professional development seminars to improve our students' writing, critical thinking, and presentation skills," Becerra-Fernández said.

Although preparing for the retreat, working through issues at that event and the advisory board meeting, and now making adjustments to the program has been challenging, Becerra-Fernández couldn't be happier about the process.

"I'm very excited," she said. "It's so rewarding when you can effect change that will have a huge impact on helping our students be successful in meeting the needs of employers."