July/August 2020

July/August 2020

President's Message

Dear FEI NEW Chapter Members,

When I raised my hand a few years ago to become part of the leadership in this wonderful FEI chapter, no one could have guessed that our chapter, our jobs, our families and our world as we knew it, would be so impacted by the COVID pandemic. COVID has changed many things in our lives and much of what was developed and implemented in the past – is now different. My main job, as with all those members on the Executive Committee, the Board and Strategic Partners, is to figure out a way to deal with this virus and keep NEW FEI viable and relevant to our membership.

In response to COVID, we recently polled our members and received over 120 responses. Here are the major findings (all % are approximate):

80% of all respondents are NOT restricted by their employers from attending a FEI event
60% of respondents plan on attending FEI chapter meetings
95% of respondents would be willing to attend a ‘virtual’ event
90% would be willing to have separate Keynote and Professional Development sessions

Based on these findings and on numerous discussions with the Board, Executive Committee, our Strategic Partners and FEI National, the NEW FEI Chapter will implement some changes for the September (and probably October) meetings.

Click here to read John Gustavson's message in its entirety.

Diversity & Inclusion Group Update

Peer Group Group Update

The Diversity & Inclusion Group has several important updates and information as follows:

6/30/20 Lunch & Learn Webinar Recordings
The final Women's Leadership Coaching Webinar will take place on 8/25. We're exploring how we can share this experience together. Stay tuned!
A survey will be sent to members over the next month to collect input and ideas for new activities and sessions (e.g. virtual book club, workshops, webinar speakers, etc.)
2020 FUSION Event Postponement Reminder
FY20-21 Virtual Event Planning
Recommended reading and listening selections

Please read the complete Diversity & Inclusion Group Update by clicking here.

Our first virtual peer group meeting on 6/11 was a success with over 30 participants using Zoom! All meetings are comprised of what is important to you.

Topics such as: health insurance cost and program details, sales tax questions, audit costs and experiences, appreciation pay, new FASB requirements and COVID related issues on the minds of financial professionals.

Join us and share the issues important to you! The next meeting will be held virtually again via Zoom on Thursday, August 27, 2020, from 2:00 - 4:30 PM.

Date: Thursday, August 27, 2020
Time: 2:00 PM - 4:30 PM
Location: Virtual Zoom Meeting

Click here to register!

This virtual event is eligible for 3 CPE credits in the field of management services to those who attend the entire meeting and complete the polling questions.

Membership Update

2020-2021 Program Schedule

The second half of fiscal year 2019-2020 was a challenging one for the chapter and FEI as a whole due to the impact of
COVID-19. The fiscal year ended on June 30, 2020, and the chapter had a total of 256 members. Throughout the year, 42 new members were recruited, plus an additional 3 reinstatements. These efforts were offset by 40 terminations. The vast majority of chapters were faced with similar challenges and ended the fiscal year with little to no growth. However, our chapter was ranked as the 7^th largest out of 67 chapters in the country.

To read the entire membership update click here.

Due to the ongoing impact of COVID-19, we've had to
re-evaluate the way we conduct our chapter events in 2020-2021. Thank you to the 120 members that completed the event planning survey. Your feedback was immensely helpful as we plan our events this fiscal year.

Once ready, the program schedule will be distributed via email to members and strategic partners. In addition, this document will be posted on the chapter's home page under the Quick Links Section (middle right
of page).

Special Features

Baker Tilly Search & Staffing

CIBC Cleary Gull

10 Job Search Tips for Executives in Transition

You are an executive who finds yourself in between career engagements. In today’s fast paced market, this situation is not uncommon. So, how do you find your next opportunity when companies often do not post or advertise open C-suite and vice president positions? Below are 10 job search tips to navigate the process at the executive level.

1. Make sure your resume and LinkedIn profile are competitive and make you easy to reach.

2. Practice your elevator speech and make your job search known.

3. Stay active with volunteering and contract work.

4. Engage in a concerted networking effort.

5. Market your skills: seek out growing companies that are hiring in general as well as companies with well-defined job openings.

To read tips 5-10 and view the complete article, click here.

Food and Beverage Market Perspectives - July 2020

The economic and social impact of COVID-19 is truly unprecedented. As of June 30th, more than 2.5 million Americans have tested positive for the virus and unemployment has reached levels not seen since the Great Depression – and this all comes only months after the lowest unemployment levels recorded in 50 years and the longest bull market in history.

Nearly all industries have been impacted by COVID-19, with food and beverage being no exception. Many industry participants selling products to grocery retail have seen a surge in consumer demand while most with exposure to the institutional, food service and hospitality markets have been negatively impacted.

Click here to access the entire Food & Beverage Market Perspectives July 2020 Edition from CIBC Cleary Gull.

Francis Investment Counsel

Wipfli

Financial Market Insights

Listen to Francis Investment Counsel’s Director of Research, Ed McIlveen, and Scott Priebe, from Geneva Capital Management, as they discuss how the COVID-19 pandemic affected the broader macroeconomic outlook of the world’s financial markets.

LISTEN NOW: Economic Recovery in the Wake of COVID-19

What's your next step?

Does your retirement plan committee have the insights needed to make informed decisions? Contact Joseph Topp via phone (262-781-8950) or email (joseph.topp@francisinvco.com) to request a copy of Francis Investment Counsel’s quarterly economic outlook and to learn more about our fiduciary oversight process.

Summary of SBA Revised Loan Forgiveness and Loan Review Procedures Interim Final Rules
June 24, 2020 | Written by Greg Butler | Partner | Wipfli

Over the last several days, the SBA revised the original loan forgiveness application, developed a new “EZ” loan forgiveness application, and issued rules to reflect changes under the PPP Flexibility Act, including an Interim Final Rule (“IFR”) issued on June 22nd that revises the Interim Final Rules on Loan Forgiveness and SBA Loan Review Procedures. This memo provides a summary of the IFR’s revisions to the original Loan Forgiveness and SBA Loan Review Procedures.

This memo provides a summary of the IFR’s revisions to the original Loan Forgiveness and SBA Loan Review Procedures.

Covered Period

The PPP Flexibility Act extended the length of the covered period to 24 weeks, while allowing borrowers that received PPP loans before June 5, 2020 to elect to use the original eight-week covered period.

The revised rule provides that borrowers are allowed to submit a loan forgiveness prior to the end of the covered period if they have expended all of the loan proceeds for which they will request forgiveness. This will allow borrowers who are using the 24-week period to file sooner than the end of its covered period.

Click here to read the entire article.

To access Wipfli’s COVID-19 Resource Center, follow this link: https://www.wipfli.com/covid-19-resource-center