Fiscal 2003 annual acknowledgement.

The Foundation's Vision to be The Source for Financial Solutions

To identify, develop and provide leading edge content through objective research to the FEI member and Foundation suppoter in a format that is accessible and practical.

from the Chairman

Fiscal 2003 brought about historic changes to the business landscape in response to the high-profile corporate scandals from a year earlier. In this demanding business environment with expanding and changing regulation, the Financial Executive Research Foundation (FERF) was a leading source of content for FEI members. Through studies, newsletters and articles in Financial Executive magazine, FERF delivered information that addressed the issues facing all financial executives.

The content from FERF was relevant and timely--reflecting peer practices that strive to facilitate prompt and ethical implementation of rapidly changing regulations. In fact, one of our best-selling studies, Valuing Employee Stock Options; A Comparison of Alternative Models, was used by the FASB, the SEC and Canadian Accounting Standards Board, in their stock options valuation debates. Our information stands apart and does not compete with research from the Big 4 public accounting firms since it is gathered in partnership with our members--providing a unique perspective on financial topics. This partnership was further strengthened with the recent launch of our Financial Executives List Exchange service (FELIX) that will allow members to get quick answers to financial questions from their peers.

When the Sarbanes-Oxley Act of 2002 was enacted, FERF prepared a financial executive checklist to assist its members with compliance. Similarly, checklists were prepared to outline key corporate governance proposals from the NYSE and NASDAQ. In response to increased regulation, FERF authored Best Practices for Sarbanes-Oxley Implementation, A Review of 2002 MD&A Disclosures and What is COSO? Defining the Alliance That Defined Internal Control, which provided detailed guidance by highlighting practices and methods used by many of the membership's leading companies. FERF also considered the impact on private companies by providing a boilerplate Audit Committee Charter--For Privately-Held Companies on its website. Our commitment to private companies was further emphasized when we developed the content for the 1st annual conference of FEI's Committee on Private Companies. This relationship will continue in 2004 as we assist in the development of the 2nd annual conference.

Other FERF studies such as Integrity-Based Financial Leadership and Ethical Behavior, Effective Implementation of Cross-Border Mergers and Acquisitions, Benchmarking the Planning Process and Commercial Insurance--Strategies for Renewal sought to identify practical alternatives for specific key topics. FERF's research also encompassed findings from full-length financial executive surveys, 2003 Protecting Value Study: Managing Business Risks and Technology Survey for Financial Executives.

Fiscal 2003 also marked the debut of FERF's Topical Alert, brief articles that provide updates and suggestions on dealing with more specific or technical subjects such as 1st Quarter Update on Qualified Retirement Plans for Benefit Plan Sponsors or 2002 Year-End Tax Planning Strategies.

FERF produces a great deal of the educational content supplied to FEI members electronically, along with its five e-newsletters: Global Update, Treasurers, Private Net, TechKnowledge and What's New in Research. As with the research studies, FERF seeks the guidance of the membership and the technical committees to drive the topics researched. We plan to further expand this research guidance this year.

Another fully electronic service, Ask FERF, continued its expansion during the fiscal year. The online service allows members and donors to ask our researchers questions on a wide range of topics and guarantees a tailored response within 48 hours. This service will be integrated with FELIX, a moderated email-based list exchange to be administered by FERF. Our electronic library, The Knowledge Center, provides a catalog of references obtained from our ongoing research. Additional research findings from FERF's studies and member interviews will continue to be highlighted in every issue of Financial Executive magazine.

Through regular attendance at area leadership, chapter and committee meetings, FERF continued its ongoing dialogue with the membership and provided periodic updates on our research. We look forward to even more interaction this year to ensure our research efforts are relevant and on-target.

Our research is supported solely by fundraising--no subsidies are received from FEI member dues. Though much of this research has been free for the past year to FEI members regardless of whether or not they supported FERF, as of July 1, 2003, we moved to a model where products must be purchased by non-donors. With a nationwide 12% decrease in corporate giving to charities, FERF is in a challenging funding position with our significant dependence on corporate contributions.

In order to maintain its level of annual research funding, FERF has implemented a more diverse and focused fundraising strategy. As you can see from the 678% increase in new company gifts, 118% increase in individual gifts, and a 20% increase in chapter giving, we have broadened our appeals to balance the large dependence on corporate giving. FERF's new focus is to increase awareness of FEI members and chapters, as well as smaller corporations and businesses.

It has been an honor to serve as chairman of the FERF's board of trustees. I look forward to continuing to work with my fellow trustees, with Maria Markowitz Bace, the Foundation's FVP and COO, and with her hardworking staff. I would like to thank our retiring trustees Donella Rapier of the Harvard Business School and Dr. Lawrence F. Davenport of Hale House Center, Inc. for their many years of service and to welcome incoming trustees, Irina Simmons, Vice President and Treasurer of EMC Corporation, and Marsha Hunt, Vice President and Controller of Cummins, Inc.

Last, but not least, thank you to the financial supporters of FERF. Your contribution makes our success possible.

FY 2003 board of Trustees

Chairman

David M. Taggart

Vice President & Treasurer

The Coca-Cola Company

Vice Chairman & Treasurer

Katharine B. Stevenson

Treasurer

Nortel Networks Corporation

Raj Aggarwal

Firestone Chair in Finance/Business

Kent State University

Graduate School of Management

Scott M. Boggs

Retired

Corporate Vice President, Finance

Microsoft Corporation

George Boyadjis

Executive VP, CFO, and Treasurer

American TeleCare, Inc.

Lawrence F. Davenport

Executive Director & CEO

Hale House Center, Inc.

Joan E. Netzel

First Vice President, Audit Services

SunTrust Banks, Inc.

Donella M. Rapier

Associate Dean of External Relations & CFO

Harvard Business School

Norman N.Strauss

Ernst & Young Executive Professor in Residence

Baruch College

The City University of New York

Ex-Officio Trustee

FEI Vice Chairman

H. Stephen Grace, Jr.

President

H.S. Grace & Company, Inc.

our Contributors

The Financial Executives Research Foundation extends its gratitude to the contributors 2002-2003 campaign. Supporters included public and private corporations, FEI chapters and individuals from both the active and retired membership ranks. We consider every donor our partner in providing timely, practical research to enhance the financial management profession.

Presidents' Circle

(Patron)

$10,000 and up

Abbott Laboratories

American International Group, Inc.

Bristol-Myers Squibb Company

Microsoft Corporation

President's Circle

(Investor)

$5,000-$9,999

Aluminum Company of America

Anonymous

AOL Time Warner

AT&T

Baxter International, Inc.

Citigroup

Coming Incorporated

CVS Corporation

Daimler Chrysler Corporation

Dell USA LP

Dow Chemical Company

Duke Energy Corporation

E.I.du Pont de Nemours & Company

Eli Lilly & Company

Exxon Mobil Corporation

General Electric Company, Inc.

General Motors

Hewlett-Packard Company

IBM Corporation

J.P. Morgan Chase & Co.,

Incorporated

Johnson & Johnson

Lockheed Martin Corporation

Marsh & McLennan Companies, Inc.

Medtronic, Inc.

Merck & Company, Incorporated

Motorola, Inc.

Pfizer Inc.

Procter & Gamble

Tenneco Automotive, Inc.

United Technologies Corporation

Verizon

Wyeth

Individual

David M.Taggart

Leadership

$1000 to $4999

Corporate

3M

3M Canada Company

A&E Television Networks

Adaptec, Inc.

Aetna, Inc.

Air Products & Chemicals, Inc.

Airborne Express

Alltel Corporation

American Financial Corporation

Anadarko Petroleum Corporation

Automatic Data Processing Inc.

Aventis

Bank of Montreal

Bank One Corporation

Barnes Group, Inc.

Brown & Williamson Tobacco Corporation

Canada Life Assurance Company

Cargill Incorporated

Carlson Companies, Inc.

Caterpillar, Inc.

Ceridian

Chevron Texaco

CNF Transportation Inc.

Coachmen Industries, Inc.

Colgate-Palmolive Company

Comcast Corp.

Computer Sciences Corporation

ConocoPhillips

Cooper Industries, Inc.

Cooper Tire & Rubber Company

Crane Company

Crown Central Petroleum Corporation

Cubic Corporation

Datascope Corporation

Deloitte & Touche LLP

Deluxe Corporation

Detroit Edison Company

Eaton Corporation

Edward Jones

Enbridge, Inc.

EnCana Corporation

Energen Corporation

Engelhard Corp.

Equifax Inc.

Ernst & Young

Estee Lauder Companies, Inc.

Ethyl Corporation

Federal Signal Corporation

Financial Executives International

Florida Power & Light Company

Four Seasons Hotels and Resorts

Genencor International Incorporated

Georgia-Pacific Corporation

Gillette Company

Granite Construction Inc.

Halliburton Company

Hallmark Cards, Inc.

Hershey Foods Corporation

Hunter Douglas Inc.

Illinois Tool Works, Inc.

Inco Limited

International Flavors & Fragrances Inc.

Interprovincial Pipe Line Inc.

Johnson Controls, Inc.

Jones Management Services, LLC

KeyCorp

LaBranche & Co. Inc.

Lehigh Cement Company

Lexmark International, Inc.

Life Care Services LLC

Louisville Bedding Company

Maple Leaf Foods Inc.

Martin Marietta Materials, Inc.

Masco Corp.

Meredith Corporation

Methanex Corporation

MGIC investment Corporation

Nationwide

NCR Corporation

New York Times Company

Nortel Networks Corporation

Northrop Grumman Corporation

OG&E Electric Services

Omnicom Group Inc.

Omnova Solutions Foundation

Parker Hannifin Corporation

PepsiCo, Inc.

Perrigo Company

PNM Resources

PPG Industries, Incorporated

Price Waterhouse LLP

Principal Financial Group

Quanex Corporation

Reynolds & Reynolds Company

Robert Bosch Corporation

Royal Bank of Canada

SBC Communications, Inc.

Scientific-Atlanta, Inc.

Sensient Technologies Corporation

Sony Corp.of America

Southdown, Inc.

Specialty Laboratories, Inc.

Stihl

Tecumseh Products Company

Telephone and Data Systems, Inc.

Texas Industries

Textron Lycoming

Tribune Company

Unitrin, Inc.

Universal Leaf Tobacco Co.

Upton Resources Inc.

USG Corporation

Valero Management Company

Valmont Industries, Inc.

W.W. Grainger, Inc.

Welch's

Wiremold Company

Woodward Governor Company

Individuals

Gunter Dufey

P.N. Roy

William Quan

Supporters

$251-$999

Corporate

21st Century Insurance Group

A. O. Smith Corporation

Administaff, Inc.

Agricore United

Agrium Inc.

Airgas Inc.

ALAS, Inc.

Alexander & Baldwin, Inc.

Aliant, Inc.

Alliance Capital Management Corp.

Altera Corporation

Amcol International Corporation

American Axle & Manufacturing, Incorporated

American Refining Group, Inc.

American United Life Insurance Company

Analog Devices, Inc.

Applied Materials, Inc.

Arch Chemicals

Ariel Capital Management, Inc.

Ashland, Inc.

Avon Canada Inc.

BAE Systems

Ball Corporation

Bandag, Incorporated

Bank of Nova Scotia

Bank of Oklahoma, N.A.

Barber Foods

BASF Corporation

Bausch & Lomb, Inc.

Bemis Manufacturing Company

Berlex Canada, Inc.

Bose Corporation

Building Materials Holding Corp.

Butler Company

Butler Manufacturing Company

Cabot Oil & Gas Corporation

California Casualty Mgmt. Co.

California Portland Cement Company

Canadian Broadcasting Corporation

Canadian Wheat Board

Capitol Aggregates

Certified Management Accountants of Alberta

CH2M Hill, Ltd.

Church & Dwight Co., Inc.

Citizens Banking Corporation

Cobalt Corporation

Coca-Cola Bottling Co. United, Inc.

Coloplast Corporation

Commonwealth Industries, Inc.

Cooperative Federee De Quebec

Cullen/Frost Bankers

Cushman & Wakefield Inc.

Dana Corp

Darden Restaurants, Inc.

DaveyTree Expert Company

DeVry Inc.

DynCorp

E.W. Scripps Company

Eastman Kodak Company

Edw. C. Levy Co.

EIF (Energy Investors Funds) Group

ElkCorp

Ensign-Bickford Industries, Inc.

Finning International Inc.

First National Rank of Omaha

Flushing Savings Bank

FM Global Foundation

Franklin international, Inc.

Gannett Co., Inc.

GATX Corporation

Genco

General Electric Canada Inc.

General Mills, Inc.

Gould Electronics Inc.

Green Shield Canada

Griffith Laboratories Inc.

Guitar Center, Inc.

Hale House Center

Hastings Entertainment, Inc.

Hillman Company

Hilton Hotels Corporation

Howmedica Osteonics, Inc.

Hutchinson Technology Incorporated

InterDigital Communications Corp.

International Multifoods Corporation

International Paper Company

International-Matex Tank Terminals

Intuit, Inc.

John Hancock Mutual Life Insurance Co.

John Henry Company

Johnsson Group, Inc.

Kemin Americas/Industries, Inc.

Kerr-McGee Corporation

L-3 Communications/Spar

Aerospace Limited

Laitram Corporation

Lamson & Sessions Company

Leucadia National Corp.

Lifetouch Inc.

Lindblad Expeditions, Inc.

Lindsay Manufacturing Company

LSI Industries Inc.

Lubrizol Corporation

Lydall, Inc.

Marsulex Inc.

Massachusetts Mutual Life Insurance Company

Mastercraft Boat Co.

Media Arts Group, Inc.

Media General, Inc.

MEEMIC Insurance Company

MEMEC LLC

Mercantile Bankshares Company

Michigan Millers Mutual Insurance Company

Milliken & Company

Mississippi Power Company

Moon Incorporated

Mohawk Paper Mills, Inc.

Molex Incorporated

Murphy Oil Corp,

National City Bank Charitable Trust

National Gypsum Company

National Rural Telecommunications Cooperative

NCE Resources Group Inc.

NEW Customer Service Companies, Inc.

Nexen, Incorporated

Nordson Corporation

Nordyne, Inc.

Novartis Consumer Health Canada Inc.

O'Charley's, Inc.

Orion Corporation

Oshkosh B'Gosh, Inc.

Pappas Restaurants

Pardsh & Heimbecker Ltd.

Parsons Brinckerhoff, Inc.

Paychex, Incorporated

Pepsi Bottling Group, Inc., The

PepsiAmericas, Inc.

Phillips, Hager & North Ltd.

Plaskolite, Inc.

Port Authority of NY & NJ

Precision Castparts Corp.

Protein Technologies International

R.T. Vanderbilt Company, Inc.

Reily Companies, Inc.

Rich Products Corp.

Ridgewood Savings Bank

Rite Hite Foundation

Salem Leasing Corporation

SaskPower

Schottenstein Stores Corp.

Scott Fetzer Company

Sealed Air Corporation

Segal Company, Inc.

Sequa Corporation

Snelling and Shelling, Inc.

Standex International Corporation

State Street Corporation

Stewart Enterprises, Inc.

Stites & Harbison

Stratesec, Inc.

Sunwest Bank

SuperMarkets Online, Inc.

Tasty Baking Company

Theragenics Corp.

TIVO, Inc.

TJX Companies, Inc.

Toronto Stock Exchange

Toys 'R' Us

Tree Top, Inc.

Unified Foodservice Purchasing Co-op, LLC

Union Planters Corp.

Universal Stainless & Alloy Products, Inc.

Unocal Corp.

UnumProvident Corporation

Viad Corp

Virginia Credit Union, Inc.

Walker Family Foundation

Warner Bros. (A Division of AOL Time Warner)

Washington Post Company

Watlow Electric Mfg Co.

West Group

Western & Southern Life Ins. Co.

Western Oil Sands Inc.

Whitney Holding Corporation

Woodbridge Foam Corporation

XL Capital, Ltd.

Yancey Bros. Co.

Individuals

John V. Colgan

Blair E Curtis

Steven H. Low

Karla J. Mansfield

Matthew McKenna

Michael Nemser

S. Lawrence Prendergast

Raghavan Rajaji

Allen Ritz

William Sinnett

Edward Smith

Charles Trego

James E. Wall

Rick C. Wong

Subscribers

$250

Corporate

A-dec, Inc.

AccentCare, Inc.

Acclaim Entertainment Inc.

ACG Holdings, Incorporated

Aderis Pharmaceuticals

Advanced Accessory Systems, LLC

Advanced Breath Diagnostics LLC

Agensys

Air Liquide America Corp.

AirT, Inc.

Alton Ochsner Medical Foundation

American Dental

American Savings Bank, F.S.B.

American Seating Company

AMETEK, Inc.

Arrow International, Incorporated

Arsenal Digital Solutions

Astrazeneca PLC

Atwood Mobile Products, Inc.

Bankers Trust Co.

Bemis Company, Inc.

BJ Services Company

Black & McDonald Ltd.

Blevins & Associates, Inc.

Blue Cross and Blue Shield of North Carolina

Body Shop of America, Inc.

Bowles Fluidics Corporation

BP America, Inc.

BPB Canada, Inc.

Brown & Brown, Inc.

Brunswick Corporation

Buckeye Technologies, Inc.

Business Objects Americas

Cabot Microelectronic Corporation

Cameco Corporation

Canadian Tire Corp. Ltd.

CardiacAssist, Inc.

Carriage Services, Inc.

Cascade Engineering

Cavell Energy Corporation

Centra Software, Inc.

Certified General Accountants Association MB

Cessna Finance Corp.

CGI Group, Inc.

Charlotte Pipe and Foundry Company

Chase Corporation

Chordiant Software, Inc.

City Public Service Board

CNF, Inc.

Coldwater Creek, Inc.

Colony Capital, Inc.

Columbia Energy Group

Compressor Controls Corporation

Computer Associates

International, Inc.

CompX International, Inc.

Cone Mills Corporation

Cornerstone Systems

Crowe Chlzek & Co. LLP

Cytec Industries Inc.

Data Flow/Alaska, Inc.

DBL Distributing

Deb Shops, Inc.

Decision Resources, Incorporated

Decoma International Inc.

Delta Dental Plan of Michigan

DemandTec, Inc.

Descartes Systems Group

Development Dimensions International Inc.

Dey, Inc.

Dixon Ticonderoga Company

DPR Construction, Inc.

Dynamex, Inc.

Earl G. Graves, Ltd.

Edmonton Journal

Educational Testing Service

Elizabeth Town College

EIIwood Group, Inc.

Endo Via Medical, Inc.

Ensign Oil & Gas Inc.

Equity Corp. International

Evergreen Resources, Inc.

Fairmont Hotels & Resorts Inc,

Falconbridge Limited

FCCI Insurance Group

FEI Products, Inc.

Fidelity Advisor Technology Services

First Essex Bancorp, Inc.

First National of Nebraska, Inc.

First Tennessee National Corp.

Forzani Group Ltd.

Gerling Global Life Reinsurance Company

Glimcher Realty Trust

Gordmans, Inc.

Grand &Toy Ltd.

Great Atlantic & Pacific Tea Co., Inc.

Greystone Managed Investments, Inc.

GTECH Corp.

Guidant Corporation

H. Muehlsteln & Co., Inc.

H. S. Grace & Company, Inc.

H.G. Schaefer & Associates Ltd.

Hallmark Entertainment Networks

Harris Corporation

Haskel International

HCC Insurance Holdings, Inc.

High Pressure Equipment Company

HIP Health Plan

Hubbell Incorporated

Husky Injection Molding Systems Ltd.

IMS Health

Independent Purchasing Cooperative, Inc.

Industrial Dist. Group, Inc.

Integris Metals, Inc.

Intel Corporation

International Rectifier Corporation

IXI Mobile, Inc.

Jones & Associates, Inc.

Journal Enterprises, Inc.

Kaiser Foundation Health Plan of Colorado, Inc.

Kelly Services, Inc.

Kimberly-Clark Corporation

Kirkpatrick & Lochart LLP

Kohn Pedersen Fox Associates

Kurt Salmon Associates, Inc.

LeCroy Corporation

Louisiana-Pacific Corporation

Macromedia, Inc.

Mainroad Contracting, Ltd.

Manpower, Inc.

Markel Corporation

Marriott Senior Living Services

McIlhenny Company

McNaughton Apparel Group, Inc.

Men's Wearhouse

Meridian Automotive Systems

Milwaukee Stove and Furnace Supply

Minerals Technologies Incorporated

Mobile Data Solutions, Inc.

Mocon, Inc.

Moneris Solutions Corporation

Moore Co.

NABI Biopharmaceuticals

National Basketball Association

Netscout Systems, Inc.

NFP Insurance Services, Inc.

North Coast Energy, Inc.

Northern Labs, Inc.

Norwood Promotional Products

Novamex

Nu Skin Enterprises

Nutramax Products, Inc.

Oakwood Worldwide

Ohio National Financial Services

Olympic Resource Management

Optium Corporation

Overlook Systems Technologies

Pace Global Energy Services LLC

Parts Now LLC

Pediatric Services of America, Inc.

Philips Oral Healthcare, Inc.

Phillips Service Industries, Inc.

Pier 1 Imports

Placer Dome Inc.

PlayNetwork, Inc.

PMC-Sierra, Inc.

Polycom, Inc.

Port of Seattle

Progress Software Corp.

Proper Mold & Engineering, Inc.

Psion Tek[ogix, Inc.

Reader's Digest Association, Inc.

Regeneron Pharmaceuticals, Inc.

Rehrig Pacific Company

Reilly Industries, Inc.

Reimer World Corp.

Reyes Holdings, LLC

Rheem Manufacturing Co.

Rhodia, Inc.

Robert B. Somerville Co,

Rohm & Haas Company

Rolls-Royce North America Inc.

Rothmans, Benson & Hedges Inc.

Saputo, Inc.

Sahawk, Inc.

Select Medical Corporation

Source Corp.

St. Joseph Corporation

Stantec Incorporated

SunTrust Banks, Inc.

Sysco Corporation

Teck Cominco Limited

TELUS Corporation

Teranet Land Information Services Inc.

The Cumbernauld Group

The Schwan Food Company

The Yofarm Company

Tippie Services, Inc.

Toronto-Dominion Bank

Toyota Canada, Inc.

Trans Alta Corporation

Transmeta Corporation

Tube Processing Corp.

Twin Disc, Incorporated

Tyler Technologies Inc.

Union Gas Ltd./Central Gas

Union Pacific Corporaton

Union State Bank, USB Financial Center

UTI Corporation

Value City Department Stores, Inc.

Vanguard Group

Ventaso, Inc.

Vedtas DGC, Incorporated

VMS, Inc.

Vtech Advanced American Telephones

Wal-mart Stores, Incorporated

Wellmark, Inc.

Werner Holding Company (PA), Inc.

West Pharmaceutical Services

Wilmington Savings Fund Society Financial Corporation

Winning Associates, Limited

Winpak Limited

Wolverine Tube, Inc.

World's Finest Chocolate

Xilinx Inc.

Zimmer Holdings, Inc.

Individual

David E. Adante

Carl Anderson

Harold R. Beattie

Dennis Beresford

Steven Berlin

Steven P. Berry

Michael E. Boron

Walter Bromfield

Mark Burak

Judy Curry

Dan A. Decanniere

Glen Derback

M. Colleen Estes

John F. Gillespie

Gordon Gold

Brian W. Grassby

Richard B. Grogan

Robert F. Hagan

Timothy D. Hart

Laurie A. Hart

Henry Herr

John Hulse

Dale Jones

James Katz

Stanley L, Krejci

Allan B. Landis

Jearld Leonhardt

William A. Longbrake

James May

John McLean

Greffe Pierre

Gayle Powelson

Clyde Preslar

Donella Rapier

S.Bradford Rives

Robert B. Rosowski

Michael Rothman

Colleen A. Sayther

Robert F. Schneider

Derek A. Smith

Brian Stuchell

Greg L. Walther

Bradley A. Wiens

Mark Winzenread

Donors

$1-$249

Corporate

Aceto Corp.

ADP Canada

Altman Foundation

American Dryer Corporation

Ameritas Life insurance Corp.

Astral Broadcasting Group, Inc.

ATC Logistics

Board of Trade of the City of Chicago

C.C. Myers Inc.

California Consulting Corp.

Charkit Chemical Corp.

Charleston Hosiery, Inc.

Citizens Bank of Massachusetts

Claiborne Farm

Clearwater Fine Foods Inc.

Clearwire Technologies, Inc.

Coastal Community Credit Union

Continental Real Estate Cos.

Craftex Mills, Inc. of PA

Crescent School

Delta Petroleum Co., Inc.

Dynamic Materials Corp.

Eggers Industries Inc.

EverTrust Financial Group, Inc.

Fala Direct Marketing, Inc.

Flexovit USA, Inc.

Franklin Industries Inc.

Frequency Electronics, Incorporated

Grace Pacific Corporation

Hartzell Industries, Incorporated

Humanim, Inc.

Hunt Midwest Enterprises, Inc.

Kenneth R. Smith, Professional Corporation

Kurdziel Industries, Inc.

M&T Bank

MacNaughton Group

Magnetic Analysis Corp.

Manulife Financial

Milwaukee Bucks, Inc.

N.M. Paterson & Sons Limited

NP Dodge Company

OCLC Online Computer Library Center. Inc.

PQ Corporation

Reunion Industries, Inc.

Safeway, Inc.

SaskTel

Schulze and Burch Biscuit Co.

Securicor Canada Limited

SEM Products, Inc.

Servotronics, Inc.

Shrewsbury State Bank

Society of Management

Accountants of Ontario

TAPEMARK

Tekmatex, Inc.

TSG Capital Group, L.L.C.

United Liquors Ltd.

VPI, LLC

Wellsford Real Properties. Inc.

WG & R Furniture

Wolff Shoe Company

INDIVIDUALS

$1-$249

Cecil Abarr

Michael J. Abatemarco

Kenneth J. Adams

Joseph W. Adelhardt

Mike Adhikari

Joseph Adiletta

Joel Adler

Lee Adrean

Raj Aggarwal

Emery Allain

Fred Allardyce

John Allison

Merlin Alper

Linda Altemus

George B. Amoss

David G. Anderson

Katherine Anderson

Timothy Anglim

Tim Arbogast

Chad Archer

John D. Arthur

James Atkinson

John Aufderheide

Stephen Babcock

Marla Bace

Lee W. Bachman

Lee Bachman

Jeff Badrtalei

Stephen Bailor 

Donald Bainter

David C. Baker

Forbes Baker

Richard Baker

Nancy R. Baldiga

Brenda L. Ball

Eric R. Ball

Gary Ballard

George Y. Banks

Kevin Bannon

Frederick Banyard

Joseph Baratta

Charles D. Barber

Henry Barber

Richard Barclay

Thomas Bardsley

Freda W Bass

Jose Basto

Earl W. Baucom

Douglas Bay

Scott Beagle

Susan Bechtol

Dennis J. Reckingham

Leonard Bedell

Kenneth R. Beers

Charles Bell

Colleen Bell

Thomas M. Berger

Vincent Berinato

Susan Berkel

Norbert Berneburg

Gail Beske

Kenneth S. Betuker

Donald S. Bierer

Richard A. Bierly

David G. Binder

David R. Birdwell

Frederick Blake

Richard Blarney 

T. Eugene Blanchard

G. Blevins

Peter Bloch

Mary Bochnak

Scott M. Boggs

J. Scott Bohling

Albert Bongiovi

Franklyn Bonnet

Russ W. Borrows

Wallace Boston

Monty Botosan

Timothy K. Bowman

William L Bown

George Boyadjis

Pat Royce

Steven Boyle

David Braden

Terence Brady

Larry Brady

Edward J. Braks

Robert Brannon

Keith E. Brauer

Ridge Braunschweig

Victor W. Breed

Robert J. Brooks

Lawrence M. Brown

Thomas L. Brown

John P. Brown

Paul L. Brunswick

Philip K. Brunt

Michael A. Bryson

David Buchanan

William Buchholz

Charlene Budd

Thomas Bundros

David Bunker

James A. Burk

James Burmeister

James Bury

John Butler

John Byom

Thomas R. Byrd

David Byrd

David Callander

Thomas Callicutt

Bruce A. Campbell

Burton Carlson

Wiley Carter

W. John Cash

Vern Cassens

Gary Castagna

Peter Catalano

Anthony S. Cavalieri

Eapen Chacko

Maria E.G. Chase

Paulette Chatman

Donald Cherrey

Peter Chiarella

Robert Chisholm

Frederick D.S. Choi

Martin Chopp

Carl Christoferson

Kenneth Cichocki

Robert J. Cobuzzi

Norman A. Cooke. III

Herbert S. Cohen

Colin Cohen

Michael E. Collier

Daniel Collins

Robert Colson

C. Perry Colwell

Michael Connolly

Osmond Conrad

James A. Cooley

Fred Corrado

David Costello

James J. Costello

William J. Cox

Elwin H. Creese

Roger A.Cregg

James Crines

Chuck Croes

Charles R. Croft

Bruce Crowell

Joseph Curran

Richard Curry

Jeffrey Curtiss

Harry Cynkus

Robert A. Dager

Lawrence Damron

Arul E. Daniel

James Daniel

Jon F. Danski

Thomas E. Darcy

Paul Dascher

Debra Davenport

Lawrence Davenport

Kris Davenport

Paul V. Daverio

William W. Davis

Joseph E. Davis

Anna M. Dawyd

Peter DeBerge

Susan Decker

Elizabeth K. DeLany

Leslie A. Delperdang

Thomas E. Deming

Thomas R. Demrick

Richard M. Denmark

Thomas J. Depenbrock

Victor Deutsch

Lawrence M. Dicke

Stephen Y. Dickinson

John O. Dilland

Charles Diller

Joseph G. DiLorenzo

John Diracles, Jr.

James Dixon

Daniel Dolan

Thomas J. Doll

A. Jacqueline Dout

Alexis Dow

David Dowell

Harold Downing

John S. Doychich

Margaret L. Doyle

Eric J. Draut

Carolyn S. Dreher

William Dries

Mark E. Droege

Patrick Duff

J. Michael Duncan

R. Terry Duryea

Mark R. Eaton

Ralph Ebbott

Bob Eberlein

Jeffrey Eckmann

Kenneth Edstrom

Robert Egan

Raymond C. Eggleston

John R. Eickhoff

Julian Eiland

Christopher Eisenhardt

Edward Ellis

Jack W. Ellis

Gary Ellis

Robert D. E]liston

Victor H. Emerson

David M. Engel

Frank A. Epifano

Melvin L. Epstein

Steven P. Erwin

Joe A. Ethridge

Thomas G. Evancie

Addison L. Everett

Marc Faerber

George J. Fansmith

Robert A. Farkas

Martha A. Fasci

Arthur L. Fatum

Brian T. Fearn

William E. Feher

Kenneth Feinberg

Jake Fennessy

Joseph Fermano

James N. Fernandez

William C. Ferril

Gerald Fickenscher

Francisco A. Figueroa

Melvin Fincke

John P. Finneran

Robert Fischer

Peter J. Fischl

Bruce Fishberg

Gregory J. Fisher

Warren Fix

John Flavio

Tonya K. Flesher

Patricia J. Flick

Stanley H. Florance

Timothy E. Flynn

Leland Foecking

Lawrence Foerster

Robert E. Foss

Charles Foudree

Allison Fox

John E. Framel

Roger W. Franklin

Timothy Frazier

Eugene K. Fdesen

Brian C. Fulwiler

John Gappa

William G. Gardner

William Gardner

Michael Garrity

Damon Gasque

Pierre Gauvreau

Joseph Gaydos

Filip Geeraert

Start G. Gegen

Timothy Geppert

Richard Gedach

J. Martin Gerlinger

Timothy Giegel

Edward M. Gillespie

James H. Gilmour

John Gilpin

John J. Gish

Lawrence J. Gitman

Philip Glasgo

Robert S. Gluck

Robert C. Gluth

Raymond D. Godeke

Gwendolyn Goffe

Jay Gonzalez

Morris Goodwin

William R. Graber

Todd Graber

Jack Gray

Cheryl Graziano

Mary Jo Green

David Greene

Carl Greene

Gary R. Griffith

Timothy J. Groff

L. Blaine Grube

William Gruber

Jeffrey Gudman

Michael Gudman

Steven J. Guerrettaz

Tamara Guldenpfennig

David Gullickson

James Gunning

Janet Ann Guzman

Stewart A. Hacker

Zahl D. Haddad

James C, Heefner

Robert Hager

Nicholas G. Hahn

Arthur E. Hall

Scott A. Hamilton

Kenneth Hamm

Arnold L. Hansmann

Robert Hargrave

David J. Harper

Arthur W. Harrigan

Arden S. Harris

Christian B. Harris

James W. Harris

Larry D. Hartsook

M. Hass

Anthony B. Hausfeld

Dorothy Hayes

Ronald F. Hayes

Dennis Healey

John R. Hecht

William F. Heitmann

Jeffrey O. Henley

Arthur E. Henningsen

Janice K. Henry

Gerald N. Herman

Dennis J. Herrick

Jay S. Herron

Dennis Hickey

James J. Hickey

John J. Higgins

Curtis V. Hill

Walter Hines

Frederick Hirt

Steven F. Hodkinson

Paul Hoff

Randal M. Hoff

Edward G. Hoff

Ronald H. Hoffman

Leon Hoffman

John J. Holland

Andre Horn

Richard P. Homer

Peter E. Hornstra

Karla K. Horwitz

Thomas C. Hoster

Thomas J. Hoyer

Thomas W. Hubbs

Robert A. Huber

Jeffrey P. Huber

Gene Huey

Bradley J. Hughes

Craig W. Hupper

William Hutaff

Samuel H. lapalucci

Albert Imesch

Joseph Impellizeri

Jo Anne G. Jackson

Laurence D. Jadrych

George B. James

Michael R. Janson

Gary Jensen

Robert A. Jensen

Daniel L. Jensen

Debra Johnson

Burdette Johnson

Carol Johnson

Grant W. Johnson

Galen G. Johnson

James Johnston

Russell Jones

Philip Juckeland

Jack Judd

Henry Kahn

Annette Kaiser

Ray Kalich

Neal K. Kanda

Dale E. Kann

Kenneth F. Kaplan

Edward A. Karasek

Bruce C. Karsk

Randall T. Kawano

Gregory Keane

Dennis M. Kelleher

Myles P. Kelly

Douglas H. Kelsall

Warren Kennedy

Thomas Kerins

Mark B. Kerwin

Thomas R. Ketteler

Stephen Keyser

Frank Killackey

Alfred King

Richard King

Gerhardt Kirchmann

Thomas M. Kitchen

Thomas Kloc

Jack Kloster

William F. Knese

Dale A. Knight

Robert Kneeven

H. Louie Koester

Martin H. Kopp

Thaddees A. Kostanski

Fred Kozlowski

Vernon Kraetsch

William Kraut

Dale E. Kris

Edward Kristoff

Martin Kroll

Stephen R. Kroll

John H. Krueger

Kenneth Kubacki

Leonard G. Kuhr

Paul Kummer

Gregory Kuzma

R.James Lafferty

Dennis Lakomy

Robert J. Lambrix

M. Carol Lancaster

Raymond J. Land

Brian Larcom

Gaylen N. Larson

Percy G. Latter

James Lattanzi

J. Michael Lauer

Richard J. Lavallee

Robert E. Lawson

Anthony R. Lechich

Paul Lehmann

Wilmer D. Leinbach

C. Peter Leinlnger

Richard Lemieux

Donald R. Lessard

David W. Lester

J. James Lewis

Timothy Leybold

Rodney T. Liddle

Ralph J. Lightner

John G. Lindell

Tally Liu

Anne Lloyd

Duane Locher

George Loney

Lawrence Lopina

Frank C. Lordi

Frank J. Loughery

W. Lamar Lovvorn

Carol P. Lowe

Wayne B. Lowell

Arthur H. Lowell

Jay Ludwig

Steven Lukas

Scott Lunger

George Luster

Joseph Lutes

Dallas P. Lutz

Thomas E. Lynch

Lewis Lyons

Joseph Macnow

Thomas C. Madison

Robert Mahoney

Patricia Major

Michael B. Maraghy

Palmer A. Marcantonio

Laurel F. Marchessault

Richard Markle

Pamela Marrs

Kevin B. Marsh

Richard J. Marsheutz

James E. Martin

William R. Martin

Sabi S. Marwah

Clem F. Maslowski

Gerald E. Masterson

Robert Mathis

Loren J. Mattingly

Dennis M. Maude

Rexford Maugans

James Maurice

Robert E. May

Robert F. Maynard

Winston McAdoo

William W. McAleer

Ted McArthur

Karbryn McBride

James McConeghy

William F. McCord

Robert Craig McCoy

Kenneth G. McCreadie

Michael McCreery

D. Kirk McDonald

Michael McGee

Patdcia A. McKay

Donald McKay

Graham R. McLellan

Terence E. McMorrow

Joseph M. McNulty

David L. Mead

John J. Mehalchin

Eugene Meken

Orville E. Melby

Theodore F. Merkel

Joseph Messina

Phillip Metka

Kenneth D. Metzger

Sandra Meyer

William E. Meyers

Gerald Miller

Randall A. Miller

Larry F. Miller

Richard Miller

Diane Millikan

John D. Minard

Phyllis Minott

Bruce Misamore

Jeffrey J. Miszner

Sally E. Mitchell

Peter Moerbeek

Robert Monahan

James P. Moniz

Stephen G. Moore

Lester W.B. Moore

Daniel J. Moos

Frank P. Morelli

Robert Morris

David M. Morris

David F. Morrison

Robert M. Mortenson

Marshall N. Morton

J. Gary Mourton

Paul L. Mucci

Charles Muchmore

Michael J. Mudler

Gerd D. Mueller

Timothy J. Mulvaney

R. Patrick Murphy

James W. Murphy

Jon Myers

Anupam Narayan

William Naryka

Sandy J. Navin

Maureen Neiberger

Bryan S. Neider

Joan E. Netzel

Jacqueline Neumann

Gareth Nevitt

Adrian Newman

Merrill E. Newman

J. Rick Newsome

Michael J. Nicholson

William J. Nicol

Charles W. Nielsen

Emmalee Noble

David S. Norris

Dewey H. Norton

Charles Noski

David Nunes

Michael R. Nuremberg

Lowell Nystrom

Alan D. Oak

Andre S. Oberhotzer

Daniel O'Boyle

Thomas M. O'Brien

Edward Odmark

Mark O'Flynn

Mary Oldshue

Robert Olson

Theodore Olson

Russel Olson

Robert Orben

Roger M. Orlady

Dale O'Roke

Narmo L. Ortiz

John Pain

John Paladino

Christopher M. Pappo

Lawrence Parks

Lawrence W. Parrish

Stanley W. Pasternak

Gary Patterson

Seth Patterson

Kent Paul

David L. Paulson

John F. Payne

Jeff Pellatz

Gary D. Penisten

Wilford Penny

Victor Persbacker

Robert W. Peshek

Fredrick Pfeifer

Lawrence Piano

Stephen J. Piecara

Lowrie G. Piercy

Claudia M. Pieropan

Ulrich Pilz

Michael Pinto

Janet Pirus

Barbara Pbttner

David Pleasance

Frank J. Poja

Albert J. Pontius

Terry Poole

Henry Porter

Gary Porter

Walter Pressey

Robb Prince

Lorna Raagas

Brian Rademacher

James M. Raley

Kavasseri V. Ramanathan

Kurt Ramin

Robert J. Rapport

Nicholas R. Rasmussen

Karen Rasmussen

Louis A. Raspino

Robert Ratliff

Glenn Rau

Billie K. Rawot

Richard Rawson

Richard J. Raybin

Paris Reece

Thomas E. Reed

Walter Reich

Delbert D. Reichardt

Hal D. Reiff

James T. Reilly

Kevin Reinhart

Robert Reisman

Elliott Reiter

John Reith

John Restuccio, CIRM 

Thomas M. Rettler

Philip Reville

Kelth Reynolds

Gary Rhea

Daryl A. Rhodes

Clyde Rhodes, Jr.

Philip Rice

Robert Rich

Daniel R. Richards

Albert L. Richey

Susan M. Richman

David B. Rickard

Kenneth Riscica

Carl A. Rispoli

Robert S. Roath

Gary W. Roberson

Richmond R. Roberts

Warren J. Robertson

Gordon Robertson

Randall M. Robey

Jean Robinson

Warren Robinson

Rick Rodell

Harold Rodriguez

Edward A. Romano

Marvin F. Romanow

William Bomenius

Steven J. Root

Richard Rosebery

Bruce M. Rosen

Martin Ross

Jason L. Roth

Melvin H. Rothtisberger

Duane A. Rouse

John A. Roussel

Sarah J. Roy

Anthony W. Ruggiero

Steve M. Rull

Christine Russell

Thomas J. Ruthemeyer

Brian B. Ruttencutter

Robert L. Ryan

Francis Ryan

Steven T. Sabatini

Richard Salazar

Robert Salisbury

Fernando V. Sanchez

Diane D. Sanders

Hubert E. Sandoz

Espi Sanjana

Alan B. Satterwhite

Franklin N. Saxon

Harry G. Schaefer

Dennis Schaer

Frederick E. Schea

Jonathan Schiff

Jerry A. Schiller

Myron Schlanger

Albert Schlesinger

William Schlukebier

Stephen Schmitz

Ferdinand Schmitz

Thomas J. Schneberger

Daniel L. Schneid

Jerry A. Schneider

Thomas M. Schoewe

Richard A. Schrader

James E. Schranz

Fred A. Schubert

Robert Schuler

Harvey Schwalbach

Jacques D. Sciammas

James M. Scott

Joseph S. Seeker

Joseph M. Sellers

Daniel Shank

E. Shineman

Patricia Siegfried

Byron R. Siliezar

Bernard Simon

Charles Sims

Alvin Singer

Madyn B. Sjaarda

Kenneth J. Smaha

Donald Smith

George Smith

James K. Smith

Ronald E. Smith

David N. Smith

William Smollen

William Snider

Arthur Snyder

Robert Sommer

Robert Specht

Frank Spina

Thomas M. St. Clair

Graham D. Staley

William Stanners, Jr.

Jon M. Stark

William T. Steele

Alan Steiger

Ray Stephens

D. Michael Steuert

Katharine Stevenson

Howard Stevenson

LeAnne Stewart

John E. Stockman

Edward W.Stone

William B. Stone

William R. Storm

Ronald S. Stowell

Arthur Strahla

Norman N. Strauss

Tim Sullivan

Daniel Sullivan

Robert Sullivan

Elwell Swanson

Lynn M. Swisher

Robert E. Switz

Myra G. Tatum

Hollis Taylor

Jeffrey A. Templer

Michael J. Terrell

David A. Terwilliger

Carl Texter

Edward E. Thiele

John Thoma

O. Rawley Thomas

D. Stanley Thompson

Robert Thompson

Robert L Thompson

Tracy Thompson

Carl A. Thomsen

Harland Tolhurst

Steve W. Tomei

Edward J. Toth

James A. Tracy

Loralice Trahan

Harvey S. Traison

Robert T. Trebing

Douglass Treff

Randy L. Trostle

William L. Trubeck

Roger Trupin

William M. Trust

Eugene Tuch

Patsy Turnipseed

Eric L. Tyra

Thomas Tyson

Brian Tytler

Richard M. Ubinger

Gregory W. Ulferts

John H. Untereker

George Uveges

Harry Van Gorp

John Vandermeer

Kenneth R. Venti

Curtis Verschoor

Thomas J. Virgin

Steve G. Vegel

Richard M. Voripaieff

Gregory H. Wagner

Harvey A. Wagner

Robert V. Wagner

Lawrence M. Wagner

Clark G. Waite

Robert Walker

Cory Walker

Lorne D. Walker

David Walker

Bill Walls

M. Kirk Walters

Susan Wang

John E. Warga

Ronald Warren

Richard Waugh

Geoffrey M. Weaver

Fred G. Weaver

Philip G. Weaver

Stephen E. Webb

Jeffrey B. Weeden

E. Wayne Weidmann

Martin M. Weinberg

Henry W. Welch

Joseph P. Wenzler

Joseph Wessling

Donald F. West

Neil Wester

William L. Westman

John E. Wheeler

Anthony L. White

Ronald L. White

John T. Wholihan

Kevin B. Wilcox

Lawrie Will (Dowell)

Julie Willett

Franz Winsperger

Frederick Wirth

Michael Wise

Richard A. Wisot

Richard B. Witaszak

James Woloszyk

William Woodard

Timothy C. Woods

Ross J. Woolley

Denver W. Woolsey

Ron Wooten

Raymond F. Wright

Donald J. Wrobel

Bradley E. Wucherpfennig

Clyde Wyant

Rolfe Wyer

John Yahres

Vicki Yamasaki

Anthony Yankauskas

Joseph Yanni

Richard C. Yonker

Frank R. Young

George Yungmann

Donald J. Zeillmann

Douglas Ziegenfuss

Stephen C. Zimmer

FEI Chapters

Arizona

Atlanta

Austin

Baltimore

Birmingham

Blue Grass

Boston

Buffalo

Central Florida

Central Pennsylvania

Chattanooga

Chicago

Cincinnati

Colorado

Columbus

Connecticut/Westchester

Dallas

Dayton

Delaware

Detroit

District of Columbia

Edmonton

Fort Wayne

Fort Worth

Fox-Rock

Hamilton

Hawaii

Houston

Indianapolis

Iowa

Kansas City

Long island

Los Angeles

Louisville

Memphis

Milwaukee

Mississippi Valley

Nashville

Nebraska

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New Jersey

New Mexico

New York City

Northeast Ohio

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Northern Florida

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Pennsylvania

Oklahoma City

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Ottawa

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Portland

Providence

Regina

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San Antonio

San Diego

San Francisco

Silicon Valley

Southern Carolinas

Southern Rorida

Southwestern Ontario

Springfield

St. Louis

Tampa Bay

Toledo

Toronto

Tulsa

Twin Cities

Vancouver

Virginia

Washington State

Western Michigan

Wichita

FERF would like to

thank the following who

participated in the 2003

Campaign based on their

years of FEI membership

FEI Members with

20 + Years

Cecil Abarr

John Allison

Merlin Alper

Stephen Bailor

Richard Baker

George Y. Banks

Frederick Banyard

Joseph Baratta

Charles Bell

Thomas M. Berger

Norbert Berneburg

David G. Binder

T. Eugene Blanchard

Albert Bongiovi

Franklyn Bonnet

John P. Brown

David Buchanan

William Buchholz

David Bunker

John Butler

Wiley Carter

Vern Cassens

Peter Chiarella

Robert Chisholm

Fred Corrado

William J. Cox

Blair E. Curtis

James Daniel

Paul Dascher

Joseph E. Davis

Chades Diller

Harold Downing

Gunter Dufey

Kenneth Edstrom

Raymond C. Eggleston

Julian Eiland

Melvin L. Epstein

Addison L. Everett

Kenneth Feinberg

William C. Ferril

Melvin Fincke

Warren Fix

Stanley H. Florance

Chades Foudree

John E. Framel

Eugene K. Friesen

William G. Gardner

James H. Gilmour

Lawrence J. Gitman

Robert C. Gluth

Jay Gonzalez

Gary R. Griffith

L. Blaine Grube

James Gunning

Arthur W. Harrigan

Arden S. Harris

James W. Harris

Ronald F. Hayes

Jeffrey O. Henley

James J. Hickey

Paul Hoff

Andre Horn

Thomas W. Hubbs

George B. James

Daniel L. Jensen

Robert A. Jensen

Grant W. Johnson

James Johnston

Russell Jones

Dale E. Kann

Warren Kennedy

Thomas M. Kitchen

Dale A. Knight

Robert Knueven

Martin H. Kopp

Theddeus A. Kostanski

Vernon Kraetsch

William Kraut

Dale E. Kris

Edward Kristoff

Stephen R. Kroll

Gayten N. Larson

Percy G. Latter

Wilmer D. Leinbach

John G. Lindell

Duane Locher

Lawrence Lopina

W. Lamar Lowom

Arthur H. Lowell

Jay Ludwig

George Luster

Dallas P. Lutz

Joseph Macnow

Thomas C. Madison

Robert Mahoney

William R. Martin

Robert E. May

Kenneth G. McCreadie

John J. Mehalchin

Orville E. Melby

Theodore F. Merkel

Larry F. Miller

Randall A. Miller

Robert Morris

Robert M. Mortenson

Michael J. Mudler

James W. Murphy

Merrill E. Newman

William J. Nicol

Charles W. Nielsen

David S. Norris

Michael R. Nuremberg

Dale O'Roke

Alan D. Oak

Russel Olson

Robert Orben

Narrno L. Ortiz

Lawrence Parks

David L. Paulson

Gary D. Penisten

Wilford Penny

Lowrie G. Piercy

Albert J. Pontius

Terry Poole

Henry Porter

Waiter Pressey

William Quan

Raghavan Rajaji

James M. Raley

Walter Reich

Delbert D. Reichardt

Hal D. Reiff

Robert Reisman

Carl A. Rispoli

Robert S. Roath

Richmond R. Roberts

Anthony W. Ruggiero

Thomas J. Ruthemeyer

Francis Ryan

Robert Salisbury

Espi Sanjana

Alan B. Satterwhite

Albert Schlesinger

Daniel L. Schneid

James E. Schranz

Robert Schuler

Harvey Schwalbach

E. Shineman

Alvin Singer

Arthur Snyder

Robert Sommer

Thomas M. St. Clair

Jon M. Stark

Alan Steiger

Howard Stevenson

William B. Stone

Arthur Strahla

Robert Sullivan

Carl A. Thomsen

Edward J. Toth

Chades Trego

Eugene Tuch

Lawrence M. Wagner

Robert V. Wagner

Clark G. Waite

M K. Walters

Henry W. Welch

Donald F. West

William L. Westman

Ronald L. White

Denver W. Woolsey

Raymond F. Wright

Donald J. Wrobel

Clyde Wyant

Rolfe Wyer

George Yungmann

FEI Members with

more than 10 and less

than 20 Years

Michael J. Abatemarco

Joseph W. Adelhardt

Joel Adler

George B. Amoss

David G. Anderson

Lee W. Bachman

Jeff Badrtalei

Donald Bainter

Bmnda L. Ball

Charles D. Barber

Freda W. Bass

Jose Basto

Earl W. Baucom

Kenneth R. Beers

Kenneth S. Betuker

William L. Bown

Pat Boyce

Edward J. Braks

Keith E. Brauer

Robert J. Brooks

Paul L. Brunswick

James A. Burk

Thomas R. Byrd

Anthony S. Cavalieri

Herbert S. Cohen

John V. Colgan

Michael E. Collier

C. P. Colwell

David Costello

Roger A. Cregg

Richard Curry

Robert A. Dager

Jon F. Danski

Paul V. Davedo

William W. Davis

Peter DeBerge

Thomas E. Deming

Thomas R. Demrick

Thomas J. Depenbrock

Glen Derback

Lawrence M. Dicke

Joseph G. DiLorenzo

Thomas J. Doll

A. Jacqueline Dout

John S. Doychich

Eric J. Draut

William Dries

John R. Eickhoff

Jack W. Ellis

Robert D. Elliston

Victor H. Emerson

Joe A. Ethridge

Thomas G. Evancie

Marc Faerber

Martha A. Fasci

Joseph Fermano

James N. Fernandez

John P. Finneran

John Flavio

Tonya K. Flesher

Roger W. Franklin

Damon Gasque

Stan G. Gegen

J. M. Gedinger

Edward M. Gillespie

John F. Gillespie

Morris Goodwin

William R. Graber

Timothy J. Groff

Jeffrey Gudman

Steven J. Guerrettaz

Stewart A. Hacker

Zahi D. Haddad

James C. Haefner

Scott A. Hamilton

Arnold L. Hansmann

David J. Harper

Christian B. Harris

Larry D. Hartsook

John R. Hecht

William F. Heitmann

Arthur E. Henningsen

Gerald N. Herman

Dennis J. Herrick

Jay S. Herron

Dennis Hickey

Curtis V. Hill

Steven F. Hodkinson

Edward G. Hoff

Randal M. Hoff

Ronald H. Hoffman

John J. Holland

Richard P. Homer

Jeffrey P. Huber

Robert A. Huber

Bradley J. Hughes

Samuel H. lapalucci

Jo Anne G. Jackson

Laurence D. Jadrych

Michael R. Janson

Philip Juckeland

Kenneth F. Kaplan

Edward A. Karasek

Bruce C. Karsk

Randall T. Kawano

Dennis M. Kelleher

Myles P. Kelly

Mark B. Kerwin

Thomas R. Ketteier

Jack Kloster

William F. Knese

John H. Krueger

Raymond J. Land

J. Michael Lauer

Richard J. Lavallee

Robert E. Lawson

Anthony R. Lechich

Paul Lehmann

Richard Lemieux

Donald R. Lessard

David W. Lester

Timothy Leybold

Rodney T. Liddle

Tally Liu

George Loney

Frank C. Lordi

Frank J. Loughery

Wayne B. Lowell

Steven Lukas

Michael B. Maraghy

Palmer A. Marcantonio

Richard J. Marsheutz

James E. Martin

Clem F. Maslowskl

Gerald E. Mesterson

William W. McAleer

William F. McCord

Donald McKay

David L. Mead

Kenneth D. Metzger

William E. Meyers

Gerald Miller

Diane Millikan

John D. Minard

Jeffrey J. Miszner

Lester W. Moore

Stephen G. Moore

Frank P. Morelli

David F. Morrison

Marshall N. Morton

Paul L. Mucci

Gerd D. Mueller

Sandy J. Navin

Jacqueline Neumann

Emmalee Noble

Thomas M. O'Brien

Andre S. Oberholzer

Edward Odmark

Lawrence W. Parrish

John F. Payne

Fredrick Pfeifer

David Pleasance

Frank J. Poja

Kavasseri V. Bamanathan

Robert J. Rapport

Nicholas R. Rasmussen

Richard J. Baybin

Thomas E. Reed

Elliott Reiter

Thomas M. Rettler

Gary Rhea

Daryl A. Rhodes

Albert L. Richey

Susan M. Richman

Harold Rodriguez

Edward A. Romano

Richard Rosebery

Bruce M. Rosen

Robert B. Rosowski

Jason L. Roth

Melvin H. Rothlisberger

Steve M. Bull

Fernando V. Sanchez

Franklin N. Saxon

Frederick E. Schea

Thomas J. Schneberger

Thomas M. Schoewe

Richard A. Schrader

Fred A. Schubert

Jacques D. Sciammas

Joseph S. Seeker

Charles Sims

Madyn B. Sjaarda

Kenneth J. Smaha

David N. Smith

George Smith

Ronald E. Smith

Graham D. Staley

William T. Steele

D. Michael Steeert

Edward W. Stone

Daniel Sullivan

Jeffrey A.Templer

D. Stanley Thompson

Loralice Trahan

Harvey S. Traison

Robert T. Trebing

William L. Trubeck

Patsy Turnipseed

Eric L. Tyra

Gregory W. Ulferts

John H. Untereker

George Uveges

John Vandermeer

Thomas J. Virgin

Steve G. Vogel

Gregory H. Wagner

Harvey A. Wagner

Bill Walls

Susan Wang

John E. Warga

Ronald Warren

Richard Waugh

Fred G. Weaver

Geoffrey M. Weaver

Stephen E. Webb

Jeffrey B. Weeden

Joseph P. Wenzler

John E. Wheeler

Frederick Wirth

Richard A. Wisot

Timothy C. Woods

Joseph Yanni

Frank R. Young

FEI Members with more

than 5 and less than 10

Years

Henry Barber

Dennis J. Beckingham

Leonard Bedell

Donald S. Bierer

Robert Brannon

Victor W. Breed

Terry Campbell

Burton Carlson

James A. Cooley

Margaret L. Doyle

Mark E. Droege

Bob Eberlein

Steven P. Erwin

Brian T. Fearn

Francisco A. Figueroa

Bruce Fishberg

Robert E. Foss

Raymond D. Godeke

Kada K. Horwitz

Craig W. Hupper

Neal K. Kanda

Gregory Keane

Douglas H. Kelsell

Leonard G. Kuhr

Kevin B. Marsh

Anupam Narayan

Bryan S. Neider

J. Rick Newsome

Christopher M. Pappo

Claudia M. Pieropan

Gayle Powelson

Karen Rasmussen

Louis A. Respino

Daniel R. Ricberds

Richard Salazar

Jerry A. Schneider

Joseph M. Sellers

Lynn M. Swisher

James A. Tracy

Richard M. Ubinger

Kevin B. Wilcox

Richard B. Witaszak

Dear FERF Supporter:

Thanks to your support this fiscal year, FERF continues to be the leading source of information for the financial management profession. Look for our acknowledgement of your support in September's Financial Executive magazine.

To save money this year, our annual report will be published on-line, available September 2003.

Your generosity has enabled FERF to refocus its resources on enhancing and streamlining its research. With a renewed alignment and support of FEI's technical committees, FERF produced significant publications such as Valuing Employee Stock Options, A Comparison of Alternative Models and A Review of 2002 MD&A Disclosures.

This research has been used by several organizations, including the AICPA, the Canadian Accounting Standards Board, TechNet and FEI to focus the FASB, SEC and Congress on the real issues facing the finance community.

FFRF is developing its research and publications for Fiscal 2004. Relevant topics, based on FEI member input, include:

Effective Implementation of Cross-Border Mergers and Acquisitions

Audit Committee Best Practices

Director and Officer Insurance--How Changes are Affecting Companies

Practical Implementation for Sarbanes-Oxley Section 404

The Reasons for Earnings Restatements

What Drives the Value of Employee Stock Options

A Review of 2003 MD&A Disclosures

Additionally, due to your support, FERF launched FELIX-PC (Financial Executives List Exchange for Private Companies) on July 7, 2003. FELIX is a moderated, e-mail based discussion forum that allows FEI members of private companies to communicate with and learn from their peers.

Again, my sincerest thanks for your support of FERF, and I hope you will include us in your budgets this summer.

Sincerely,

Maria Markowitz Bace Executive Vice President and Chief Operating Officer Financial Executives Research Foundation (FERF)

P.S. We hope our Fiscal 2003 Awareness Campaign, which enabled FEI members to receive all FERF publications free, was a successful effort in reintroducing FERF to you as a FEI member.

Because FERF is a separate legal entity that is solely supported by contributions and pays FEI for shared service support, Fiscal 2004 marks FERF's return to "business as usual". That means only subscribers/ donors of $250 or more (based on your pledge date) will receive all of FERF publications for one year.