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April 1, 2010; Issue 2

The Journal of Augustana’s Accounting Department

The 2009 Accounting graduates at their banquet in the Wilson Center.

'Picture Yourself Here' gets a great response

The response to the first Journal of the Accounting Department was overwhelming. We received e-mails and contacts from alumni across the decades.

It is our hope to send out a newsletter each term, but we are starting slowly with just a semi-annual approach for the first few years.

So many alumni sent us stories for the "Picture Yourself Here" request that we have included just a few in this edition. We have a treasure-trove of stories for the next few editions, but would always welcome more. If you weren't included this time, just keep watching.

-- Pamela Druger

A Classic Augustana Story

By Dr. Henry R. (Hank) Anderson, CPA, CMA

Professor S. James Galley

Now I want to tell you a true story about my college days. I went to Augustana College for my undergraduate degree. I wasn't much of a student in those early days. I got Cs in Principles and Intermediate Accounting. When I got to the Cost Accounting class, I was a senior and my future wife's mother was dying of cancer.

Every time Professor (James) Galley scheduled a Cost exam, I was called home (100 mile away) because Maybelle had taken a turn for the worse. Each time I took a makeup exam when I returned and they were never the same exam as those taken by my fellow students. They were harder! And I aced all of them and ended up with the highest grade average in the class. Professor Galley gave me a B because he did not understand how or why my performance on exams had changed! What he did not know was that I was a mechanical drawing national champ in high school. Production was very interesting to me and costing it out was great. That was in 1961.

Now it is 1977 and I just had my first book published "Basic Cost Accounting Concepts." Tongue in cheek, I sent a copy of the book to Professor Galley with a note saying that I would appreciate his reviewing my performance in his Cost Accounting class and consider the book as extra credit material. "I am requesting that you change my grade from a B to an A."

I heard nothing for several weeks. Then I received a letter from the president of the College saying that Professor Galley had forwarded my request for a grade change to him and he had all responsible committees review that request. Also enclosed was a copy of my transcript with the B crossed out and an A inserted for Cost Accounting. Even my overall grade average had been increased.

Now it is 1988. Professor Galley retired and there were four speakers at the retirement dinner, one from each decade of his teaching career. I was the speaker for the 1960s. And I told this story to the audience. Everyone laughed. But after the dinner was over, this lovely coed approached me, pointed her finger at me and said, "You are the one!" I said "What?" She said that she had approached Professor Galley for a grade change. He said to her: "I have only changed one person's grade in my 30-plus years of teaching and he had to write a book to earn it!"

Only at Augustana College could this happen. I still miss corresponding and talking with Jim. He was my friend as well as my mentor.

Hank Anderson, Class of 1961
Board of directors, California Olive Oil Council,
Professor emeritus of Accounting, University of Central Florida, Orlando
Dean emeritus, Mihaylo College of Business & Economics, California State University, Fullerton

Rita Brown, Class of '84

I am very impressed with the volunteer spirit in young people today. When I was a student at Augie in the early 1980s, the college did not work in cooperation with organizations such as Habitat with Humanity or Big Brothers/Big Sisters. High schools did not require community volunteer hours.

I graduated with an accounting and math/computer science major in 1984 and accepted a position with Arthur Andersen in Chicago. I was on track to pass the CPA, gain my two years of public accounting experience, and pursue a prestigious accounting career. I didn't make it. Instead I decided to volunteer in the U.S. Peace Corps.

I knew the U.S. Peace Corps required a two-year commitment. I was young and eager to travel. I visited the local recruiting office and learned about a program in the Fiji Islands for high school accounting and economic teachers. I filled out the application that day. (As a side note, I listed Mr. Reed, my accounting professor, as a reference. He is the one who mentioned the application to my parents...)

Twenty years later, I can only describe the experience as phenomenal. I was assigned to a Methodist high school, but most of my fellow teachers were Hindu or Muslim. I attended weddings, funerals, three-day birthday parties, and many social events in a menagerie of cultures. My schedule was grueling — teaching 38 of 40 available classes a week. I had no television, telephone or hot water. I met the most amazing Americans in my Peace Corps group — graduates from Harvard, Cal Tech, and Boston College. We still stay in contact today.

As an accountant, there are some certainties in life. You will be asked to be the PTA treasurer of your children's school. You will be asked to be the treasurer of your children's club teams. If you are not asked to be the church treasurer, you will be asked to be on the audit committee. Every single non-profit organization needs a good volunteer accountant. After graduation, find an opportunity to combine your accounting knowledge with your generation's impressive spirit of volunteerism.

Kevin Waden, Class of '93

Since leaving Augustana, I spent the first nine years of my career (1993-2002) in the audit practice in Chicago for Arthur Andersen, where I was promoted several times ultimately to the experienced manager position.

While at Andersen I spent the bulk of my time working on utility and real estate clients, including Commonwealth Edison Company or ComEd (now part of Exelon), Nicor Gas, Southern Indiana Gas and Electric (now Vectren), and ProLogis (public real estate investment trust).

I was also provided the opportunity to complete my MBA at Northwestern University’s Kellogg Graduate School of Management, where I concentrated in finance, real estate and organization behavior.

With the demise of Andersen in the spring of 2002, I joined ComEd as the manager of financial reporting, focusing on our SEC, state and Federal Energy Regulatory Commission filings. I later was promoted to director of reporting covering ComEd and its sister utility PECO Energy, based in Philadelphia. In 2007 I took on the director of accounting operations role for ComEd and in 2009 I was promoted to vice president and controller for ComEd.

I enjoy the challenges of working at one of the largest U.S. utilities as well as one of the largest market cap companies based in Chicago. On a daily basis I work with accountants, finance experts, engineers, lawyers as well as our regulators at the state and federal level.

I believe the liberal arts education I received at Augustana helped prepare me for working with some many varied backgrounds successfully.

On a personal front, I am married to Chris (Reich) Waden, Augie class of 1991, and we have three children, Rebecca (7), Allison (4) and Jared (2). Additionally, I strive to give back where I can, especially at our church where I am the finance chair (Community Fellowship Church in West Chicago) as well as through the United Way.

Richard E. Dailing, Class of '59

My major was "Economics and Commerce in Preparation for Accounting."

Upon graduation I was employed at John Deere Industrial Equipment Works as a general accountant. After a few years I was promoted to the position of budget director. I became a member of Budget Executive Institute and was J.D. Industrial Equipment budget firector for several years. In the interim, John Deere Company was going to move the Industrial Works to Dubuque. Rather than move to Dubuque with the J.D. Industrial Equipment Works I opted to join Nichols-Homeshield as a manager of General Accounting & Accounts receivable. I prepared the income statement, the balance sheet and supporting schedules for the Corporation.

With this experience I was hired by Bear Mfg. Company as their controller and worked in that capacity for several years. Bear Mfg Company was the balance and alignment company that was the sole provider of this service to three major auto races at Indianapolis 500, Pocano, and Daytona. I served later as chief financial officer and finally as the general manager of a local division of Parker-Hannifin Corporation. Parker-Hannifin was a manufacturer of hydraulic and pneumatic components. I retired early for health reasons.

I felt that I was fully and properly prepared for my career by the Accounting Department at Augustana. Most of my major field classes were taught by Professor James Galley. My Cost-Accounting training was under the tutorage of Seymour Golden, CPA. I enjoyed my years at Augustana and I have attended several of our class reunions.