Financial Managers Society Philadelphia Chapter

Program: August Golf Outing Date: 8/2/2022 No. of Attendees: 85 Expenses: $26,135 Description: Annual golf outing for FMS members and sponsors. We had a lunch, golf outing and dinner. The educational event, sponsored by FHLB Pittsburgh , covered regional economic and banking topics.

Program: November Dinner Meeting- Payments in the Fast Lane ...What's the Rush? Date: November 9, 2022 No. of Attendees: 30 Expenses: $4,568 Description: The event was sponsored by ACBB. The session discussed the balance that's paramount for sustainable payment solution strategies. Community Financial Institutions and their partners face unprecedented pressure to keep pace in an ever-evolving payments landscape. This session explored options not just for 'faster payments', but for other payment automation opportunities that can drive efficiency, stimulate new product offerings, increase non-interest income - and improve customer retention.

Program: October Dinner Meeting - Auditor's Expectations over CECL adoption Date: 10/12/2022 No. of Attendees: 40 Expenses: $4,264 Description: The event was sponsored by CFGIL. Attendees that participate in this session will gain a better understanding of CECL. The Current Expected Credit Loss ("CECL") standard requires "life of loan" estimates of losses to be recorded for private companies starting January 1, 2023. This concept provides operational complexities and significantly more inputs and assumptions than in the previous impaired model. Attendees will learn here as to what auditors will expect for documentation, best practices from previous adoptions and how to properly govern the process of transitioning to CECL.