Bob McDonough installed as TEI's President.

Robert J. McDonough of the New England Chapter became the 59th President of Tax Executives Institute at the conclusion of TEI's Annual Meeting of Members on August 14. The meeting, which was held in Kohler, Wisconsin, marked the end of the term for David L. Bernard of the Northeast Wisconsin Chapter, who is Vice President-Taxes and Real Estate for Kimberly-Clark Corporation in Neenah, Wisconsin. Mr. McDonough is the third Institute president from the New England Chapter--technically the first "chapter" chartered by the Board of Directors, even though the organization was founded in New York--the first in 41 years.

The Institute's Annual Meeting of Members also saw the installation of other Institute officers and new representatives from half of TEI's 54 chapters, including a representative for TEI's newest chapter, Nebraska. The meeting presented the opportunity for the Institute to release its financial statements for the fiscal year ending June 30, 2007, which reflected revenues totalling more than $7 million, net revenues for the year of approximately $1.3 million, and net assets of more than $7 million.

At the Board of Directors meeting immediately following the annual meeting, Mr. McDonough presented, and the Board affirmed, TEI's goals for the year under the theme of TEI 2008: Teamwork, Excellence, and Integrity. The Institute's objectives include:

* Exploring the establishment of separate chapters outside North America, including China, Australia, India, Mexico, and South America.

* Expanding TEI's outreach to tax students, directly (by offering student memberships), through professors at colleges and universities, or through an enhanced scholarship program, with special efforts directed institutions with significant minority student bodies.

* Continuing efforts to increase TEI's demographic diversity and encourage involvement of senior tax executives in TEI, among other things, by revamping TEI's Senior Tax Executive Conference.

* Establishing a separate Financial Reporting Committee to ensure appropriate coverage of the increasing importance of financial reporting issues.

* Developing and implementing communications strategies to promote member involvement in TEI's advocacy efforts and members' commitment to professionalism.

* Establishing a blue ribbon task force to review and make recommendations about TEI's fulfilling its social responsibility.

[ILLUSTRATION OMITTED]

A member for 20 years, Mr. McDonough most recently served the Institute as Senior Vice President and chair of the Continuing Education Committee. He has been a Regional Vice President and member of TEI's Executive Committee. A former member and chair of TEI's IRS Administrative Affairs Committee, he also chaired the Communications Committee. In 2004, he became Treasurer of the Institute. Mr. McDonough also served as President of the New England Chapter and its Chapter Representative.

Mr. McDonough is Senior Vice President, Corporate Tax and Treasurer for Polaroid Corporation in Waltham, Massachusetts. He holds B.S. and J.D. degrees from Boston College and an LL.M. degree in Taxation from Boston University.

Also installed at the Annual Meeting of Members were Vincent Alicandri of the Toronto Chapter as Senior Vice President, Neil D. Traubenberg of the Denver Chapter as Secretary, and Paul O'Connor of the New England Chapter as Treasurer. Nine Regional Vice Presidents and new Chapter Representatives were also installed. At the Board of Directors meeting immediately following the annual meeting, the chairs of the TEI's steering committees were appointed.

For additional information concerning TEI's goals and objectives for the coming year, please see Mr. McDonough's President's Corner Column.