'Developing Governmental and Financial Leaders'         

The Virginia Government Finance Officers' Association shall be the premier organization in developing leaders with financial and management expertise, through education, fellowship and professional development, to foster excellence in government.

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2014 Fall Conference Website


VGFOA News and Events:

VGFOA Executive Board

Officers 2014-2015:
President - Jon Munch
President Elect - Renee Hoover
Past President - Barbara Dameron
Treasurer - Terrie Pyeatt

Board Members/Directors:
Diane Bergeron
Curtis Doughtie
Rebecca Forry
Jon McCubbin
Janet Romanchyk
Kathy Seay
Pon Yusuf

Executive Secretary:
Kenneth Folk

Future Conferences

Spring Conferences:
- May 20-22, 2015
        Hilton Virginia Beach Oceanfront Hotel 
- May 4-6, 2016
        Hilton Virginia Beach Oceanfront Hotel
- May 10-12, 2017
        Hilton Virginia Beach Oceanfront Hotel

Fall Conferences:
- October 21-23, 2015
        Staunton Stonewall Jackson Hotel
- October 26-28, 2016
        Hilton Richmond Hotel & Spa/Short Pump
- October 24-26, 2018
        Hilton Richmond Hotel & Spa/Short Pump


Contact VGFOA

919 E. Main Street, Suite 1100
Richmond, VA  23219
Phone:  804-249-4525
Fax:  804-783-2286

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2014 Certificate Course Schedule

The following is the schedule for 2014 Certificate courses, for planning purposes only.

2014 Dates             Course                                              Location

Dec. 4-5                  Operating and Capital Budgeting               Chesapeake

Dec. 8-9                  Grants Management                                   Roanoke

Dec. 18-19              Cash Management and Banking                Fairfax


2014 Regional Organization Training Events

SouthwestDecember 3 (Various Topics)

Central December 5 (Accounting and Auditing, VRS Pension, Economic and Investment Update)


Hampton Roads


2015 Certificate Course Schedule

The following is the schedule for 2015 Certificate courses, for planning purposes only.
2015 Dates Course Location
Jan 8-9 Virginia Government and Law Roanoke
Feb 19-20 Intermediate Governmental Accounting Roanoke
March 5-6 Virginia Government and Law Henrico
March 19-20 Grants Management Fairfax
April 23-24 Short Term Investments Fairfax
May 28-29 Cash Management and Banking Hanover
June 11-12 Advanced Governmental Accounting Newport News
June 25-26 How to Prepare a CAFR Roanoke
July 30-31 Issuing Debt and Debt Management Newport News
Aug 6-7 Internal Controls, Auditing and Fraud Fairfax
Sept 10-11 Operating and Capital Budgeting Henrico
Nov 5-6 Pension, Risk Management and Procurement Fairfax
Nov 12-13 Internal Controls, Auditing and Fraud Hanover
Dec 3-4 Human Resource Management Chesapeake


The Government Finance Officers Association has issued a new alert on the Municipalities Continuing Disclosure Cooperation initiative, offering guidance to issuers on how to make use of the extra time they were granted to participate in the program and explaining problems state and local governments face in performing due diligence.

GFOA MCDC Alert I - Click Here

GFOA MCDC Alert II - Click Here


 Sequestration Impact on

Federally Subsidized Bond Payments

The automatic spending cuts (the “sequester”) that went into effect on Friday, March 1st, 2013, will continue for Federally Subsidized Bond payments into fiscal year 2014.  This includes Build America Bonds (“BABs”), Qualified Zone Academy Bonds (“QZABs”), Qualified School Construction Bonds (“QSCBs”), and Qualified Energy Conservation Bonds (“QECBs"). 

The Internal Revenue Service issued guidance that the exact percentage of cuts for BABs and other direct-pay bonds will be 7.2% for the federal fiscal year 2014, which covers the period of October 1, 2013 through September 30, 2014. The IRS has noted that payments processed during this period will be reduced by the 7.2% sequestration rate irrespective of when the amounts claimed by an issuer on any Form 8038-CP was filed with the IRS. 

Issuers must continue to submit Forms 8038-CP for the full amount of their subsidy payments in accordance with the Form 8038-CP instructions. Affected issuers will be notified through correspondence that a portion of their requested payment was subject to the sequester reduction.

Issuers of federally subsidized bonds affected by sequestration may be able to pay their bonds off early – prior to maturity – by utilizing Extraordinary Redemption Provisions included in many bond issues.

It is unclear how long the sequestration will last, and what the impact to issuers will be. Issuers should plan on reductions and/or delays in payments should the sequestration continue for an extended period of time.  

For more information on the effects of the sequestration on federally subsidized bonds payments, go to:

Update: Effect of Sequestration on Certain State & Local Government Filers of Form 8038-CP


VGFOA Responds to GASB Exposure Drafts

VGFOA has released a response to GASB's Exposure Draft: proposed Statement of Government Accounting Concepts - Measurement of Elements of Financial Statements, along with a Response to GASB's Preliminary Views of the Governmental Accounting Standards Board on Fair Market Value and Application.

Copies of all the recent VGFOA responses are available under Association Positions. VGFOA position statements are developed by the Standards Setting Committee for the signature of the VGFOA President.
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