'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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  Current Newsletter

2014 Spring Conference Website


VGFOA News and Events:

VGFOA Executive Board

Officers 2013-2014:
President - Barbara Dameron
President Elect - Jon Munch
Past President - Charles Ramsay
Treasurer - Kim Williams

Board Members/Directors:
Diane Bergeron
Sharon Day
Renee Hoover
Jon McCubbin
Terrie Pyeatt
Kathy Seay
Pon Yusuf

Executive Secretary:
Kenneth Folk

Future Conferences

Spring Conferences:
- May 28-30, 2014
        Virginia Beach Westin Hotel
- May 20-22, 2015
        Virginia Beach 
- June 1-3, 2016
        Virginia Beach

Fall Conferences:
- October 22-24, 2014
        Hilton Richmond Hotel & Spa/Short Pump
- 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

Join the conversation at:


2014 Spring Conference

 The Westin Hotel, Virginia Beach, VA
May 28-30, 2014

Click Here to Register for the 2014 Spring Conference.

Check the website frequently, as additional information will be posted once available.

2015 VGFOA Certificate Program Scholarship

We are currently accepting applications for the 2015 VGFOA & Radford University GNAC Certificate Program Course Scholarships. The scholarships will be valid for the entire 2015 calendar year and winners may choose any Certificate course offered during that time period.

The application deadline is Friday, August 1, 2014.

Please click here for the application and more details.


2014 VGFOA Membership Renewal

VGFOA Members:

Just a reminder that 2013 memberships expired on December 31, 2013. We hope you have found your membership beneficial and decide to renew for the 2014 calendar year!

Please note that payment for 2014 Membership renewal is due by January 31, 2014. After January 31, 2014, there will be a late fee of $10 added to Membership dues.

You may renew your membership here or by mailing an invoice and a check made payable to VGFOA.

2014 Regional Organization Training Events

Southwest – September, and November (dates to be determined)

Central – May 9, September 12, December 5

NOVA – July 14, November (date to be determined)

Hampton Roads – April 28, July 11


 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


2014 Certificate Course Schedule

The following is the schedule for 2014 Certificate courses, for planning purposes only.
2014 Dates Course Location
May 15-16 Cash Management & Banking Fairfax
June 5-6 Pension, Risk Management & Procurement Chesapeake
June 12-13 Pension, Risk Management & Procurement Roanoke
June 19-20 How to Prepare a CAFR Fairfax
June 23-24 Advanced Governmental Accounting Hanover
July 10-11 Human Resource Management Hanover
July 31-Aug 1 Issuing Debt & Debt Management Henrico
Aug 7-8 Issuing Debt & Debt Management Fairfax
Sept 18-19 Human Resource Management Fairfax
Sept 25-26 Operating & Capital Budgeting Roanoke
Nov 13-14 Grants Management Roanoke
Dec 4-5 Operating & Capital Budgeting Chesapeake

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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