Happy April to our AGA members and friends! Except for the misery caused by seasonal allergies, spring is a wonderful time of year. It’s also the time of year when we turn our minds to our annual Spring Educational Seminar. The Educa- tion Committee has prepared a full day of high-quality training. Top- ics include Accountability, Ethics, 2013 COSO updates, Leadership, and White Collar Crime. The date is Friday, April 11, at Faulkner University, 5345 Atlanta Highway, Montgomery, from 8:00 to 5:00. I look forward to seeing you there! April is also the time of year when we offer support to the Joy to Life Foundation by participating in the 13 th Annual Walk of Life 5K Run/ Walk to be held on Saturday, April 26 beginning at 8:30 a.m. Joy to Life provides free mammograms and other breast cancer screenings to medically underserved women in Alabama. The registration fee is only $35 for the walk and $10 for the Kids Dash (ages 3-8). So get out your walking gear and your water bottle and join us for some fun and exercise in support of this extremely worthy cause. Another very important activity that takes place in April is the Chapter’s annual election for offic- ers for the upcoming program year. Nomination forms were sent out in March. Shortly, Chapter members will receive ballots showing the names of qualified candidates for the offices of Presi- dent-elect, Secretary, Treasurer, and Financial Secretary. Please carefully review the candidates and return your completed ballot according to the instructions. Also, Incoming President Lataya Lucas is still recruiting for com- mittee directors and committee members, so there is plenty of room for you! Please note: each year the Chapter offers academic scholarships. More information is included in this newsletter. Recipients will be recognized at our awards lunch- eon, Thursday, May 8, which will be our last meeting of the program year. National AGA is gearing up for the Sectional Leadership Meet- ings. Representation from the Montgomery Chapter will travel to Kansas City, MO April 24-26 for the opportunity to network with and learn from national, sectional, regional and chapter leaders together with AGA National Office staff. In just a few more months, it will be time for the Professional Development Training to be held in Orlando, FL, July 13-16. Time is passing quickly, but AGA doesn’t miss an opportunity to provide its members with outstanding and mem- orable educational and training events. In closing, thanks so much to Dr. Greg- ory G. Fitch, Executive Director of the Alabama Commission on Higher Edu- cation (ACHE), luncheon speaker for March. And thanks to those of you who joined us for the enjoyable celebra- tion of CGFM month. Your presence made all the difference! Well, our newsletter editor told me to keep this “short and sweet”, so I’d bet- ter close now. Thank you so much for your support of Montgomery Chapter AGA. Margie Toney, President Montgomery Chapter AGA, 2013-2014 MESSAGE FROM THE CHAPTER PRESIDENT THE CAPITAL CITY FOCUS SPRING EDUCATION SEMINAR VOLUME XVIII, ISSUE 8 APRIL 2014 AGA’S MISSION: AGA fosters learning, certification, leadership and collaboration for professionals and stakeholders committed to advancing government accountability. THEME: “CONNECT” SPECIAL POINTS OF INTEREST: MESSAGE FROM CHAPTER PRESIDENT APRIL’S SPRING SEMINAR WEBINAR & AUDIO CONFERENCE SPEAKER EVALUATION & MEMBERSHIP 2014 SPRING CONFERENCE CHAPTER SCHOLARSHIP INFORMATION & APPLICATIONS COMMUNITY SERVICE EVENTS FEBRUARY’S LUNCHEON WINNERS & RECOGNITION POINTS FINANCIAL REPORTS MONTHLY CALENDAR CONNECT TO AGA AGA Montgomery on: Facebook Twitter LinkedIn AGA National on: GovLoop
Transcript
Happy April to our AGA members and friends! Except for the misery caused by seasonal allergies, spring is a wonderful time of year. It’s also the time of year when we turn
our minds to our annual Spring Educational Seminar. The Educa-tion Committee has prepared a full day of high-quality training. Top-ics include Accountability, Ethics, 2013 COSO updates, Leadership, and White Collar Crime. The date is Friday, April 11, at Faulkner
University, 5345 Atlanta Highway, Montgomery, from 8:00 to 5:00. I
look forward to seeing you there!
April is also the time of year when we offer support to the Joy to Life Foundation by participating in the 13th Annual Walk of Life 5K Run/Walk to be held on Saturday, April 26 beginning at 8:30 a.m. Joy to
Life provides free mammograms and other breast cancer screenings to medically underserved women in Alabama. The registration fee is only $35 for the walk and $10 for the Kids Dash (ages 3-8). So get out your walking gear and your water bottle and join us for some
fun and exercise in support of this
extremely worthy cause.
Another very important activity that takes place in April is the Chapter’s annual election for offic-
ers for the upcoming program year. Nomination forms were sent out in March. Shortly, Chapter members will receive ballots showing the names of qualified
candidates for the offices of Presi-dent-elect, Secretary, Treasurer, and Financial Secretary. Please carefully review the candidates and return your completed ballot according to the instructions. Also, Incoming President Lataya Lucas is still recruiting for com-
mittee directors and committee members, so there is plenty of
room for you!
Please note: each year the Chapter offers academic scholarships. More information is included in this newsletter. Recipients will be recognized at our awards lunch-eon, Thursday, May 8, which will
be our last meeting of the program
year.
National AGA is gearing up for the Sectional Leadership Meet-ings. Representation from the Montgomery Chapter will travel to Kansas City, MO April
24-26 for the opportunity to network with and learn from national, sectional, regional and chapter leaders together with AGA National Office staff. In just a few more months, it will be time for
the Professional Development Training to be held in Orlando, FL, July 13-16. Time is passing quickly, but AGA doesn’t miss an opportunity to provide its members with outstanding and mem-orable educational and training events. In closing, thanks so much to Dr. Greg-
ory G. Fitch, Executive Director of the Alabama Commission on Higher Edu-cation (ACHE), luncheon speaker for March. And thanks to those of you who joined us for the enjoyable celebra-tion of CGFM month. Your presence made all the difference!
Well, our newsletter editor told me to
keep this “short and sweet”, so I’d bet-
ter close now. Thank you so much for
your support of Montgomery Chapter
AGA.
Margie Toney, President
Montgomery Chapter AGA, 2013-2014
MESSAGE FROM THE CHAPTER PRESIDENT
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VOLUME XVIII, ISSUE 8
APRIL 2014 AGA’S MISSION:
AGA fosters learning, certification, leadership and collaboration for
professionals and stakeholders committed to advancing government
Faulkner University – Harris College of Business & Education-Room 101
SCHEDULED
CHAPTER
MEETINGS
April 11,
2014
Spring
Seminar
May 8, 2014
Speaker
RSA Plaza,
Award
Luncheon
“Excellence in Governance – Are You There Yet?”
TENTATIVE AGENDA 7:00 – 8:00 Registration - (Continental Breakfast) 7:55 - 8:00 Opening Remarks Margie Toney, President Montgomery AGA Chapter 8:00 - 8:05 Faulkner Welcome Patrick Daly, Director & Instructor Harris College of Business & Executive Education
8:05 - 9:00 State Education Budget, Needs & School System Updates Mr. Dennis Coe, Director of Supporting Programs Alabama State Department of Education 9:00 – 9:55 Financial Accountability – Prattville Citizen Centric Report Panel: Doug Moseley, Finance Director, City of Prattville Judy Kamnikar, Ph.D., CPA, CGFM, CGFO, Auburn Montgomery Keren Deal, Ph.D., CPA, CGFM, Auburn Montgomery AUM Students: Megan McDonald and Leigh Dorsey 9:55 – 10:15 BREAK 10:15 – 11:05 Essential Advice on Ethics in the Government Workplace Wells Robinson J. Wells Robinson, P.C. 11:05 – 12:00 State of Alabama Accounting Resource System (STAARS) Update
Thomas Nola, Project Director Kathleen D. Baxter, Ph.D., CGFM, CPM Administrative Directors STAARS
FAULKNER UNIVERSITY ON CAMPUS POLICIES:
Faulkner University is entirely smoke free. This applies to all students, faculty, staff and visitors. Per Faulkner policy, “University security will monitor your event and you will be asked to leave and forfeit all fees and deposits if you are your group does not abide by this rule”.
PHOTOGRAPHY DISCLOSURE
AGA take photographs during its meetings and events for use in Association advertising, newsletters, and other promotional materials, whether in print, electronic or other media, including the AGA website. By participating in this conference you grant AGA the right to use your name and photograph for such purposes.
VOLUME X V II I, IS SUE 8
Page 4
APRIL’S SPRING SEMINAR
THE CAP IT AL C ITY FOCU S
SCHEDULED
CHAPTER
MEETINGS
April 11, 2014
Spring Seminar
Faulkner
University
May 8, 2014
Awards
Luncheon
RSA Plaza
2nd HALF TENTATIVE AGENDA
12:00 – 1:15 LUNCH & NETWORKING (Brief Chapter Social Media Demonstration)
1:15 – 2:30 2013 COSO Internal Control Integrated Framework Update William A. (Billy) Morehead, Ph.D., CGFM, CPA, CPM Associate Professor of Accountancy Mississippi College
2:30 – 2:45 BREAK 2:45 – 3:45 Leadership with Grace William A. (Billy) Morehead, Ph.D., CGFM, CPA, CPM Associate Professor of Accountancy Mississippi College
3:45 – 4:45 White Collar Crimes and Fraud Prosecutions Stephanie Billingslea, Esq. Assistant Attorney General Office of Attorney General
4:45 – 5:00 Closing Remarks & Door Prizes
Marinated Chicken Pork Tenderloin
Mashed Potatoes Squash Casserole
Green Beans Tossed Garden Salad
Peach Cobbler Rolls
Assorted Cakes Tea, Water, Coffee
SPRING SEMINAR LUNCH MENU
VOLUME X V II I, IS SUE 8 Page 5
OMB’S SWEEPING SUPERCIRULAR—WHAT IT MEANS TO THOSE WHO
MANAGE AND MONITOR GRANTS
April 8, 2014 | 2:00-3:00 p.m. CST | Space is limited | CPE: One credit hour
FREE Members-Only Webinar Attend from workstation
This session will explore important aspects of monitoring the recipients and subrecipients of federal grants in light of the sweeping
“Supercircular” on grant reform that the Office of Management and Budget (OMB) issued on Dec. 26, 2013.
This session will address provisions of the “Supercircular” that are important for anyone who oversees federal grant dollars. It will
also it will explain how free, online tools developed by AGA’s Intergovernmental Partnership can help monitor those who receive fed-
eral grant dollars. This session is appropriate for accountants, program managers, audit and oversight officials or others involved with
federal grants.
*Please note that this webinar is only available for individuals and requires the use of online software. View the Attendee Quick Refer-
ence Guide to ensure that you are able to download and test the software. CPE will only be awarded to members who participate online
for the required length of time.
Learning Objectives:
Prerequisite: None
Advance Preparation: None required
CPE: One credit hour
Field of Study: Accounting (Governmental)
AGA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional edu-
cation on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual
courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through
its website: www.learningmarket.org.
For questions or concerns regarding registration for this event, please contact [email protected].
Web Conference: Understanding Your Costs Through Performance Management
May 7 2014 | 1:00—2:50 p.m. Central Time | 2 CPEs Available
LOCATION: TROY UNIVERSITY MONTGOMERY
Whitley Hall, room TBA
231 Montgomery Street
Montgomery, AL 36104
Register at http://montgomeryaga.org
COST: $25 members $35 non-members
Registration is preferred, but walk-ins are welcome
Performance Management consists of many elements: strategic planning, budgeting, costing, management, evaluation, measurement
and reporting. This webinar will explore how performance management has helped governments understand the costs to provide ser-
vices by discussing performance management concepts and how costing can be integrated into a performance management system. We
will learn from government that has implemented cost systems to support their performance efforts.
Speakers: Representative from Maricopa County, Arizona; Representative from the Commonwealth of Massachusetts
Learning Objectives: To understand how to integrate cost data in performance management.
Field of Study: Management Advisory Services (MAS)
The Montgomery Chapter of the Association of Government Accountants announces the availability of scholar-
ships for the upcoming academic year in the amount of $1,000 and $500 to a full-time State employee.
The scholarship values are $1,000 and $500 for full-time student or part-time student.
Undergraduate Student Qualifications:
1. The applicant must be an accounting major with an interest in government accounting.
2. The applicant must have obtained a junior standing by the upcoming fall term.
3. The applicant must have completed Intermediate Accounting I (or equivalent) and have declared accounting
as his or her major course of study.
4. The applicant must have at least one term of study remaining as of May 1 of current year.
5. The applicant must be a full-time or part-time student as determined by the university requirements.
6. The applicant must have a minimum overall grade point average of 2.0 on a 3.0 scale or 3.0 on a 4.0 scale.
7. The applicant must be a legal resident of Alabama and a citizen of the United States.
Graduate Student Qualifications:
1. The applicant must have earned an undergraduate degree in accounting or a concentration in accounting as
defined by the Alabama State Board of Accountancy.
2. The applicant must be working toward one of the following: MBA, MPA, MIS, Master’s Degree in Account-
ing or other closely related course of study.
3. The applicant must be at least a part-time student as determined by university requirements.
4. The applicant must have maintained an overall undergraduate grade point average of 2.0 on a 3.0 scale or 3.0
on a 4.0 scale.
5. The applicant must be a legal resident of Alabama and a citizen of the United States.
MONTGOMERY CHAPTER - AGA SCHOLARSHIP
Page 10 THE CAP IT AL C ITY FOCU S
MONTGOMERY CHAPTER - AGA SCHOLARSHIP
CHAPTER MEMBERS
DEADLINE APRIL 7, 2014
GENERAL QUALIFICATIONS:
The Montgomery Chapter of the Association of Government Accountants announces the availability of scholarships
for the upcoming academic year in the amount of $1,000 and $500 to a member of the Montgomery Chapter of the
Association of Government Accountants. The applicant must be a paid-up member of the Montgomery Chapter of the Association of Government Accountants and must have been a member for at least twelve (12) consecutive
months prior to the scholarship application.
The scholarship values are $1,000 and $500 for full-time student or part-time student.
Undergraduate Student Qualifications:
1. The applicant must be an accounting major with an interest in government accounting.
2. The applicant must have obtained a junior standing by the upcoming fall term.
3. The applicant must have completed Intermediate Accounting I (or equivalent) and have declared accounting as
his or her major course of study.
4. The applicant must have at least one term of study remaining as of May 1 of current year.
5. The applicant must be a full-time or part-time student as determined by the university requirements.
6. The applicant must have a minimum overall grade point average of 2.0 on a 3.0 scale or 3.0 on a 4.0 scale.
7. The applicant must be a legal resident of Alabama and a citizen of the United States.
Graduate Student Qualifications:
1. The applicant must have earned an undergraduate degree in accounting or a concentration in accounting as de-
fined by the Alabama State Board of Accountancy.
2. The applicant must be working toward one of the following: MBA, MPA, MIS, Master’s Degree in Accounting
or other closely related course of study.
3. The applicant must be at least a part-time student as determined by university requirements.
4. The applicant must have maintained an overall undergraduate grade point average of 2.0 on a 3.0 scale or 3.0 on
a 4.0 scale.
5. The applicant must be a legal resident of Alabama and a citizen of the United States
VOLUME X V II I, IS SUE 8 Page 11
MONTGOMERY CHAPTER - AGA SCHOLARSHIP
CHILD OF CHAPTER MEMBER
DEADLINE APRIL 7, 2014
GENERAL QUALIFICATIONS:
The Montgomery Chapter of the Association of Government Accountants announces the availability of scholar-
ships for the upcoming academic year in the amount of $1,000 and $500 to a child of a member. The applicant’s
parent must be a paid-up member of the Montgomery Chapter of the Association of Government Accountants and
must have been a member for at least twelve (12) consecutive months prior to the scholarship application.
The scholarship values are $1,000 and $500 for full-time student or part-time student.
Undergraduate Student Qualifications:
1. The applicant must be an accounting major with an interest in government accounting.
2. The applicant must have obtained a junior standing by the upcoming fall term.
3. The applicant must have completed Intermediate Accounting I (or equivalent) and have declared accounting
as his or her major course of study.
4. The applicant must have at least one term of study remaining as of May 1 of current year.
5. The applicant must be a full-time or part-time student as determined by the university requirements.
6. The applicant must have a minimum overall grade point average of 2.0 on a 3.0 scale or 3.0 on a 4.0 scale.
7. The applicant must be a legal resident of Alabama and a citizen of the United States.
Graduate Student Qualifications:
1. The applicant must have earned an undergraduate degree in accounting or a concentration in accounting as
defined by the Alabama State Board of Accountancy.
2. The applicant must be working toward one of the following: MBA, MPA, MIS, Master’s Degree in Account-
ing or other closely related course of study.
3. The applicant must be at least a part-time student as determined by university requirements.
4. The applicant must have maintained an overall undergraduate grade point average of 2.0 on a 3.0 scale or 3.0
on a 4.0 scale.
5. The applicant must be a legal resident of Alabama and a citizen of the United States.
THE CAP IT AL C ITY FOCU S Page 12
MONTGOMERY CHAPTER - AGA SCHOLARSHIP
ACCOUNTING SCHOLARSHIP
DEADLINE APRIL 7, 2014
The Montgomery Chapter of the Association of Government Accountants announces the availability of scholar-
ships for the upcoming academic year in the amount of $1,000 and $500.
QUALIFICATIONS:
1. The applicant must be an accounting major with an interest in government accounting.
2. The applicant must have obtained at least a junior standing by the upcoming fall term.
3. The applicant must have completed Intermediate Accounting I (or equivalent) and have declared accounting
as his or her major course of study.
4. The applicant must have at least one term of study remaining as of May 1 of the current year.
5. The applicant must be a full-time or part-time student as determined by the university requirements.
6. The applicant must have a minimum overall grade point average of 2.0 on a 3.0 scale or 3.0 on a 4.0 scale
7. The applicant must be a legal resident of Alabama and a citizen of the United States.
Page 13 VOLUME X V II I, IS SUE 8
MONTGOMERY CHAPTER - AGA SCHOLARSHIP
MONTGOMERY CHAPTER
ASSOCIATION OF GOVERNMENT ACCOUNTANTS
SCHOLARSHIP APPLICATION
Name:
Campus Address:
Campus Telephone:
Home Address:
Home Telephone:
Classification for upcoming fall term: Junior
Senior
Term in which applicant completed Intermediate Accounting I (or equivalent):
Grade Point Average and Scale:
Is applicant a full-time student? Yes
No
Credit hours planned for next term (specify semester hours)
Is applicant a legal resident of Alabama (state residency in years/months):
NOTE TO APPLICANT:
Your written statement, in fifty (50) words or less, giving the reason you are applying for this scholarship and indicating your interest in government must accompany this application. The completed application, written statement, and official transcript (mailed by your university) must be received by April 7, 2014. Mail to: Association of Government Accountants, Kay Wilson, Scholarship Committee Chair, P. O. Box 1001, Montgomery, Alabama 36101.
Name:
Signature:
Social Security Number Last 4 Digits:
Date:
Page 14 THE CAP IT AL C ITY FOCU S
MONTGOMERY CHAPTER - AGA SCHOLARSHIP
MONTGOMERY CHAPTER
ASSOCIATION OF GOVERNMENT ACCOUNTANTS
SCHOLARSHIP APPLICATION
FULL-TIME STATE EMPLOYEE
Name:
Campus Address:
Campus Telephone:
Home Address:
Home Telephone:
Classification for upcoming fall term: Junior
Senior
Term in which applicant completed Intermediate Accounting I (or equivalent):
Grade Point Average and Scale:
Is applicant a full-time student? Yes
No
Credit hours planned for next term (specify semester hours)
Is applicant a legal resident of Alabama (state residency in years/months):
NOTE TO APPLICANT:
Your written statement, in fifty (50) words or less, giving the reason you are applying for this scholarship and indicating your interest in government must accompany this application. The completed application, written statement, and official transcript (mailed by your university) must be received by April 7, 2014. Mail to: Association of Government Accountants, Kay Wilson, Scholarship Committee Chair, P. O. Box 1001, Montgomery, Alabama 36101.
Name:
Signature:
Social Security Number Last 4 Digits:
Date:
VOLUME X V II I, IS SUE 8 Page 15
MONTGOMERY CHAPTER - AGA SCHOLARSHIP
MONTGOMERY CHAPTER
ASSOCIATION OF GOVERNMENT ACCOUNTANTS
SCHOLARSHIP APPLICATION
CHAPTER MEMBER OR CHILD OF CHAPTER MEMBER
Name:
Campus Address:
Campus Telephone:
Home Address:
Home Telephone:
Classification for upcoming fall term: Junior
Senior
Term in which applicant completed Intermediate Accounting I (or equivalent):
Grade Point Average and Scale:
Is applicant a full-time student? Yes
No
Credit hours planned for next term (specify semester hours)
Is applicant a legal resident of Alabama (state residency in years/months):
NOTE TO APPLICANT:
Your written statement, in fifty (50) words or less, giving the reason you are applying for this scholarship and indicating your interest in government must accompany this application. The completed application, written statement, and official transcript (mailed by your university) must be received by April 7, 2014. Mail to: Association of Government Accountants, Kay Wilson, Scholarship Committee Chair, P. O. Box 1001, Montgomery, Alabama 36101.
Name:
Signature:
Social Security Number Last 4 Digits:
Date:
THE CAP IT AL C ITY FOCU S Page 16
BREAKFAST FOR BRANTWOOD CHILDREN’S HOME
The Young Leadership Council of Montgomery will be hosting “Breakfast for Brantwood” on Wednesday,
May 14, 2014 from 7 am - 9 am at the Capital City Club located at 201 Monroe Street on the 22nd Floor of
the RSA Tower.
Tickets are $15. Each ticket includes breakfast and a $10 contribution to Brantwood Children’s Home, a
501(c)(3) organization. Breakfast-to-go will be available for those until able to stay for the program.
Sponsorships are also available for $150. Sponsorships include breakfast for eight (8), a reserved table,
and organization mentions in “Breakfast for Brantwood” advertising. Deadline for sponsorship is Monday,
April 14, 2014.
Since 1917, Brantwood Children’s Home has been providing a safe, stable and structured environment for
abused, neglected or other at-risk children. More than a program or a place to live, Brantwood is truly a
home and family for young people in desperate need. Brantwood provides a place for the heart to heal, and
important relationships to blossom.
To purchase tickets, become a sponsor, or to make a donation, please contact AGA member Demetrius
Bass Kemp at [email protected]. She will be on hand at the Spring Seminar for your convenience.
We thank you in advance for your support of this very worthy cause.
AGA members and family sharing time on St. Patrick’s Day Celebration on Saturday, March 15
Plug the financial leaks, now! By Amanda Gengler @Money March 3, 2014: 9:21 AM ET
There's no reason to let your money go down the drain.
NEW YORK (Money Magazine)
Most of the initial stages on the road to wealth involve making sure that you're moving forward, not slipping backward. Unfortunately, many of us are too consumed by day-to-day life to focus on the countless instances of small-scale back-sliding: completely unnecessary waste, extra money we could have if we just reached for it, fees we could avoid if we just made a little effort. The stupid easy stuff, in other words. What follows is a list of 10 common financial leaks -- by no means an exhaustive list, but a good starting point -- and strategies for plug-ging them.
1. Your savings barely earns interest. The average money market fund pays next to nothing -- 0.12% as of March 2013 -- yet savers still leave loads of money in them. With a little shopping around, you'll see that many institutions pay close to 1%, which can earn $100 a year on every $10,000 in savings. Search for the best rates here.
2. You don't admit your money mistakes. This one has broad application, but let's focus on a really common one: You haven't been to the gym in months, but you don't cancel your membership because doing so would mean acknowledging that you made a mistake -- and that you won't get back the money you already wasted. Continuing that unused membership can cost $500 to $1,000 a year.
3. You waste your flexible spending dollars. A third of FSA account holders let their hard-earned dollars go unspent each year -- at a cost of $120 a year on average. To use up funds by the Dec. 31 or March 15 deadline (check with your firm), buy a spare pair of glasses or stock up on staples like bandages. You'll need a prescription to get reimbursed for most OTC meds, which your doctor can fax to the pharmacy. Calculator: Net worth -- How do you stack up?
4. You leave your heat and AC running for no reason. Using a programmable thermostat to adjust your home's temperature -- it can lower the heat at night and when you're at work, for example -- could shave 5% to 15% off your heating and cooling bills. What's more, about half of households with a programmable thermostat fail to use that feature.
5. You pay your bank to hold your money. Americans spend $7 billion on bank fees each year. But many banks will waive their month-ly checking account fee if you set up direct deposit from your employer.
6. You pay your fund manager for making too many trades. Mutual funds that replace their holdings the most frequently have only a 31% chance of outperforming the market, says Russel Kinnel, director of mutual fund research at Morningstar: "You're better off steering clear." Watch: How to save for retirement in 2014 The brokerage and other costs that managers ring up by moving in and out of stocks on a regular basis don't show up in the expense ratio. So check your fund's turnover rate at Morningstar.com or in the prospectus. If the entire fund turns over 1 1/2 times (150%) or more a year, it's too much.
7. You pay your fund company too much for doing almost nothing. Running a passively managed broad index fund requires relative-ly little human input, so the "expense ratio" you pay on such funds should be tiny. Yet, the difference in cost between the lowest- and highest-priced index funds can be nearly one percentage point -- or close to $1,000 a year for every $100,000 you invest.
8. You spend more on your car than it's worth. Once your car is 10 years old, the cost of repairing it after an accident is very likely more than the car is worth, says Philip Reed of Edmunds.com. Dropping collision coverage for your wheels and covering just injury and property damage could save up to 40%.
9. You pay too much for auto insurance. Drivers who have stayed with the same insurer for more than eight years could save 19% by switching, according to a recent study. Yet, 75% of policyholders automatically renew without getting a new quote.
10. You don't bundle your insurance policies. Insuring your home and auto with a single company can save up to 25% per year, says Alec Gutierrez of Kelly Blue Book. That's $300 a year for a typical home and auto policy.
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