Union City Rotary Club - Weekly Bulletin & News

Today, Dr. Thomas H. Payne visits and enlightens U.C. Rotarians on a subject which over the past few years has gained a substantial amount of interest, Our Global Economy.

Dr. Payne is the Horace and Sara Dunagen Chair of Excellence in in Banking at the University of Tennessee at Martin where he also serves as Professor and Interim Chair of Accounting, Finance, Economics and Political Science.

Since coming to academia from the private sector where he worked for two Fortune 500 companies, Dr. Payne has earned a reputation as an outstanding teacher, author, speaker and consultant in the financial services industry. Besides his duties in Martin, Dr. Payne is a visiting professor at the University of Orleans (France) where he teaches Financial Analysis and Risk Management. Tom served with the Financial Services Volunteer Corporation to assist the Savings bank of Albania during its privatization; and, in 2005 hosted a lending and risk management program for Russian bank executives. He works closely with regional community banks and the Tennessee Bankers Association. He also serves on the faculty of the Graduate School of Banking at LSU and the Barret School of Banking in Memphis.

Tom and his wife Amy have two daughters Rachel (24) who is a UT Martin graduate and CPA in Franklin, and Rebekah (18) who currently attends UT Martin.

Next week, Chris Sanders, who is a former Professional Football Player with the Tennessee Titans is in town with the Baptist Men’s Conference, has agreed to be our guest speaker.

Chris is a former American football wide receiver who was a multi-sport athlete at Ohio State University before playing seven seasons in the NFL. At Ohio State he was a member of the track and field team from 1992 to 1994, where he set the school record in the indoor long jump. That record still stands today. He was also a member of two relay teams that also set Ohio State records.

On the Ohio State football team Sanders was three-year starter at the flanker position. He had 71 career receptions for 1,120 total yards, and was such a strong team contributor that for two years he kept future Biletnikoff-winner Terry Glenn on the second team.

Sanders was selected in the third round by the Houston Oilers in the 1995 Draft. He stayed with that organization for seven years.

In 2005, Sanders began coaching at Christ Presbyterian Academy, a private K-12 school located in Nashville. While there he worked as an assistant coach in both football and track. In 2008, he left CPA and began coaching the wide receivers position and the swim team at Montgomery Bell Academy in Nashville.

Last week, there were two speakers scheduled for an explanation of our new 2011 tax laws. Travel delays kept Jim Thompson from keeping his appointed spot at the podium, so it was left up to President Elect Al Creswell, CPA and partner in the accounting firm of Alexander, Thompson, and Arnold to explain the laws.

Al began by congratulating the Auburn Alumni in the audience on their win of the NCAA College National Football Championship. He asked about the absence of Jim Harrelson. Fred Wilkerson had an explanation of his absence, while doing so, he also mentioned something about Jim not having much confidence in his team, seems Jim came to some kind of agreement with a buddy who was in a pool with him. The way it was explained was, when it came down to the wire, Jim was willing desert his beloved War Eagles in order to make sure he won half of the $5.00 pool.

Down to business at hand. Al related to the new tax laws as being very complex and with the multiple changes could result in being the Accountant’s Retirement Act. He also spoke of the increase in changes, as compared to the 70’s and 80’s when tax laws changes came about every few years instead of every year or even monthly.

Estate Tax Laws were the main topic Al covered, reminding us that as a result of laws in 2009, and 2010 theoretically the Estate Tax disappeared, "so the old deal of trying to keep people alive through 2009, and then trying to push them into the grave in 2010 didn’t exactly work out like people anticipated" he said.

He explained the problem with the new tax laws, is it is for two years, so what we have now is if you passed away in 2010, whoever is handling your estate have two options, they can elect to have "O" in estate tax, or you can choose a five million dollar exemption for the estate and anything over that is taxed, but your Aires take that at it’s current value. "The rates for estates have changed as well, last year the top rate was 45%, with a 3½ million dollar exemption, for the next 2 years, the tax rate is 35% and has a 5 million dollar exemption, also this will increase for inflation for 2012" he said.

Al ended his presentation with a question, answer period, he received several interesting questions, and produced very informative answers.

Coming Attractions

Jan. 28 - Chris Sanders

Feb. 04 - TBA

Feb. 11 - Dr. Mike Calfee Recent trip to Russia

Birthdays

Jan. 23 - Mike Cox

Jan. 24 - Bruce Culver

Jan. 25 - Skipper White

Anniversaries

None on record for this week.

Basketball 2010-11

Tonight

Union City @ Trenton

So. Fulton @ Bradford

OCCHS Open

UTM

Tomorrow Men @ Eastern IL

Tomorrow Women @ Eastern IL

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