We are excited to host the fifth Texas CLASS Public Funds Investment Act Training on Wednesday, February 19, 2020, at the Ashton in Fort Worth from 7:30 a.m. – 5:00 p.m. Join us for an informative day of learning; this a great opportunity to enhance your knowledge of current topics in public funds management. The overall program knowledge level for this group live seminar is intermediate, and there are no prerequisites or advanced preparation necessary. Lunch will be provided, and the seminar is free of charge!
Texas CLASS/Public Trust Advisors is a registered CPE sponsor through the Texas State Board of Public Accountancy and a Certified TASBO Educator; attendees can earn up to 8 hours of certified PFIA/CPE/GFOAT training credits.
Agenda
7:30 a.m.
Registration and Breakfast
8:00 – 9:00 a.m.
Extraordinary Dialogue for Teams: A Selection from the Extraordinary Workplace Culture Series
Speaker: Eric M. Bailey, President – Bailey Strategic Innovation Group & Nicole Lance, CEO/Managing Partner – Lance Strategies/Extraordinary Balance
Field of Study: Leadership | CPE Credit(s): One | Program Level: Basic
Short Description: There are two things that get in the way of productive dialogue in the workplace: our mouths and our brains. This session will help you understand both while providing tools to transform dangerous discourse in the workplace into extraordinary dialogue.
Learning Objective: At the end of the session, attendees will understand the neuroscience and psychology behind communication, why errors in communication occur, and how to have courageous and critical conversations with teammates at work. They will gain tools for communicating with candor and respect, learn how to navigate conversations to ensure open and productive dialogue as well as how to discuss seemingly unsolvable problems among teams, understand how to have more meaningful conversations, encourage civil discourse, and restore dignity to participants in the process.
9:00 – 10:00 a.m.
How Credit Analysts Evaluate Municipal Issuers’ Investment Strategies
Speaker: Liz Sweeney, President – Nutshell Associates, LLC
Field of Study: Finance | CPE Credit(s): One | Program Level: Basic
Short Description: When credit analysts evaluate municipal debt, they include an evaluation of the issuer’s investment policies, strategies, and portfolio performance. This session provides an overview of how third-party evaluators, such as rating agencies and institutional investors, assess risk related to an issuer’s investment portfolio and how that assessment fits into their overall credit analysis. Topics include rating methodologies, questions to expect, the role of management, the role of written policies, and differences in emphasis across municipal sectors and across various fund types (e.g. bond, pension, operating funds, endowments).
Learning Objective: At the end of this session, attendees should understand the approach that credit evaluators take in assessing investment policies, strategies, and portfolio performance and be prepared to present your approach confidently and comprehensively.
10:00 – 10:15 a.m.
Break
10:15 – 11:15 a.m.
Asset Class Differences and Risk Management Techniques
Speaker: Cory Gebel, Director in Portfolio Management – Public Trust Advisors, LLC
Field of Study: Finance | CPE Credit(s): One | Program Level: Basic
Short Description: This session will discuss the rules and regulations that govern U.S. money market funds and Texas local government investment pools. A review of eligible asset classes, risk management techniques, market trends, and investment strategy will be incorporated throughout the session.
Learning Objective: At the end of the session, attendees should be able to recognize what asset classes are eligible for inclusion and how effective risk management techniques can improve portfolio efficiency.
11:15 a.m. – 12:15 p.m.
What’s Ahead for the Economy in 2020 and the Next Decade?
Speaker: Mark Vitner, Managing Director and Senior Economist – Wells Fargo
Field of Study: Economics | CPE Credit(s): One | Program Level: Intermediate
Session Description: While many of the big issues hanging over the economy moved toward a resolution in late 2019, there is still plenty of uncertainty regarding the economic outlook. Real GDP growth has slowed from roughly 3% a year ago to 2% more recently, and most projections call for growth around that pace in 2020. Will the economy avoid a recession in 2020? How will the results of the 2020 election impact the economy in the coming years? These will be some of the key issues that will be discussed during this session with a focus on growth in the U.S. and Texas.
Learning Objective: At the end of this session, attendees should have a better understanding of the risks facing the global economy and how they impact the U.S. and Texas economies. Attendees should also have a better understanding of why the Texas economy has consistently ranked as one of the nation’s fastest-growing large states.
12:15 – 12:45 p.m.
Lunch
12:45 – 1:45 p.m.
Overview of the Tax and Security Laws that Apply to Tax-Exempt Bonds
Speaker: Barbara League, Of Counsel – Orrick
Field of Study: Finance | CPE Credit(s): One | Program Level: Overview
Session Description: This session is an overview of the tax and security laws that apply to tax-exempt bonds with an emphasis on understanding why the regulatory framework is in place and how to issue spot both before and after issuance. In addition, this session will identify and briefly discuss common mistakes that issuers make and best practices.
Learning Objective: At the end of this session, attendees should have a better understanding of the Federal tax and securities laws that apply to their tax-exempt bonds, along with a better understanding of how to identify and resolve issues when they occur.
1:45 – 2:45 p.m.
GASB Update and Review (Specifically GASB 88 Certain Disclosures Related to Debt and an Update on GASB 72 Fair Value Measurement and Application)
Speaker: A.J. Bowers, Partner – Carr, Riggs, & Ingram, LLC
Field of Study: Accounting | CPE Credit(s): One | Program Level: Update
Session Description: GASB regularly issues new statements such as GASB 88, which was issued in April 2018 and designed to improve the information that is disclosed in the notes to government financial statements related to debt including direct borrowings and direct placements. It also clarifies which liabilities governments should include when disclosing information related to debt. We will discuss the updated reporting requirements for this statement effective for fiscal years beginning after June 15, 2018. In addition, GASB statements are complex, so we will also have a refresher on GASB Statement 72, Fair Value Measurement and Application, and the reporting requirements that were required for fiscal years beginning after June 15, 2015.
Learning Objective: This session will provide an understanding of new guidance under GASB 88 and a review on the requirements of GASB 72 focusing on how these statements apply to local governments.
2:45 – 3:00 p.m.
Break
3:00 – 4:00 p.m.
The Triangulation of ACH, Wire, and Check Fraud
Speaker: Greg Litster, President and Co-Founder – SAFEChecks
Field of Study: Accounting | CPE Credit(s): One | Program Level: Intermediate
Session Description: Wire fraud has almost quadrupled since 2013, with most losses unrecoverable. ACH payment fraud has also risen dramatically in the last two years. Unauthorized ACH debits and ACH payments unwittingly sent to fraudsters due to bogus and unverified change of bank and remittance instructions are not your bank’s liability. These fraudulent transactions cannot be returned or recalled after 24 hours. Despite predictions of their demise almost fifty years ago, paper checks are still used by most companies and fraudsters! Checks are now used in 70% of BEC scams, up nearly 100% since last year, a clear integration of social engineering, technology, and an old-school payment system. Fraud may shift between payment methods, but it is not going away and its scope is expanding astronomically. This session will include real-life fraud situations including what went wrong and how the losses could have been prevented.
Learning Objective: At the end of this session, attendees will be better equipped to identify current strategies fraudsters use to commit ACH and wire fraud, as well as specific and straightforward internal controls organizations can use to thwart them. Attendees will better understand check fraud including eChecks and mobile banking and how fraudsters are beating Payee Positive Pay. They will learn clear-cut strategies for preventing check fraud of all types.
4:00 – 5:00 p.m.
The Custodian’s Role in the Investment Process
Speaker: Dave Paldino, Senior Relationship Manager – UMB Bank
Field of Study: Finance | CPE Credit(s): One | Program Level: Overview
Session Description: This session will offer an overview of the control points provided by a custodian including safekeeping and protecting assets, trade settlement, and cash control. Discussion will also include value-add services provided by many custodians including cash management, securities lending, and technological advances such as straight-through processing distributed ledger technology (DTL).
Learning Objective: At the end of this session, attendees should understand the basic role of a custodian as well as the evolving functions of a custodian.