1. finance
2. accounting and auditing

3 WAYS TO REGISTER
QUESTIONS? Call 800-ASK-4FMS (800-275-4367)
Mail: Financial Managers Society
1 North LaSalle Street, Suite 3100
Chicago, IL 60602-4003
Fax: 312-578-1308
Internet: www.fmsinc.org/CALENDAR
Presorted
Standard
U.S. Postage
PAID
Wheeling, IL
Permit No. 38
Registration
November 4-5, 2014
NAME
Best Practices in ALM
for Credit Unions
TITLE
ORGANIZATION
MAILING ADDRESS
CITY, STATE, ZIP
Orlando, Florida | Loews Royal Pacific Resort at Universal Orlando®
ASSET SIZE
PHONE
FAX
E-MAIL
Save $100 with
a Members-only
Team Discount!
FMS members and their
co-workers save $100
each when two or more
employees register for
this seminar. Simply
complete one form per
person and deduct $100
from each registration fee.
Best Practices in ALM for Credit Unions | November 4-5, 2014
○ FMS Member: $975
$
○ Coworker of Member: $1,075
$
○ Nonmember: $1,275
$
Please list any special accommodations (including dietary restrictions) you require.
Not an FMS member? Join now and save on registration!
○ FMS Regular Membership: $450
$
○ FMS Affiliate Membership: $495
$
Join FMS today at www.fmsinc.org/JOIN and not only will you
save $300 on the registration fees but you can also take advantage
of the year-round FMS member benefits.
TOTAL $
Card #
Exp. Date
Signature
Refunds and Cancellations
A refund minus a $150 processing fee will be provided for cancellations received by FMS in writing by
October 13, 2014. No refunds will be given for cancellations received after that date. A substitution from
your institution is welcome at any time.
FMS reserves the right to change instructors or reschedule/cancel sessions when necessary. FMS is not
responsible for airfare penalties incurred due to the cancellation of the program.
www.fmsinc.org
800-ASK-4FMS (800-275-4367)
o Check enclosed payable to Financial Managers Society
o Charge my MasterCard, Visa or American Express
1 North LaSalle Street, Suite 3100
Chicago, IL 60602-4003
METHOD OF PAYMENT Payment must accompany registration.
November 4-5, 2014
Orlando, Florida
Please select from one of the following options. Call for details about team discounts.
Best Practices in
ALM for Credit Unions
REGISTER
ALM Education Exclusively for Credit Unions
Best Practices in ALM
for Credit Unions
As a finance professional, especially in the current economic environment, you wrestle with
ALM issues every day. Naturally, you want to perfect the skills needed to better manage the
balance sheet, no matter how simple or complex it is.
Best Practices in ALM for Credit Unions is a “roll-up your sleeves” seminar designed to put
the knowledge you need to meet elevated regulatory expectations in your hands. Presenter,
Tom Bowers, CFA, will offer a unique environment to learn the very latest IRR measurement
techniques and participate in discussions on the challenges faced by fellow managers.
Regardless of whether your credit union is covered by the scope of the amended NCUA
regulations, you will not want to miss this dynamic seminar. Throughout these two-days, Tom
will provide an in-depth review of income simulation and Net Economic Value (NEV) methodologies
and discuss the fine details of setups and assumptions essential to robust IRR modeling. He will
also make use of case study examples and hands-on exercises to further deepen your grasp of
the concepts.
Participants Will Learn To:
• Understand the tools used for IRR measurement, including income simulation, duration,
NEV analysis and economic gap
•Identify options embedded in your balance sheet, understand the risk and return
implications and develop strategies for controlling exposures
•Utilize methods to non-maturity share modeling, both re-pricing and retention assumptions for income simulation and NEV
•Extend NEV assessment beyond regulatory compliance into a management tool for
quantifying the long-term consequence to a balance sheet strategy
•Implement an IRR policy and program that can meet requirements of the recent
NCUA guidance
About FMS
For over 65 years, the Financial Managers Society’s network
of members has provided technical education to financial
professionals from community financial institutions through
conferences, seminars, webinars and publications.
For details on FMS membership benefits or how to become
a member, please visit www.fmsinc.org/JOIN or call
800-ASK-4FMS (800-275-4367).
Agenda
Tuesday, November 4, 2014
Wednesday, November 5, 2014
Registration and Continental Breakfast
Continental Breakfast
8:00 am
8:00 am
8:30 am to 4:30 pm
8:30 am to 3:00 pm
SECTION I – Sources of Interest Rate Risk
•Importance of IRR management for
balance sheet strategy selection
•Re-pricing mismatch risk
•Basis risk
•Options risk
•Yield curve shape risk
•Risk impacts on your credit union’s earnings and economic value
SECTION IV – Indeterminate Maturity
Shares
•Approaches to describing re-pricing and retention behaviors in share deposits
•Visualizing the dual options to shares using earnings and economic value simulation
•Current value of stable shares in balance sheet management
SECTION II – Rate Risk Measurement
Systems
•Gap analysis: strengths and pitfalls
•Income simulation: static vs. implied forwards, defeasance vs. maintain
•Modeling earnings sensitivity under yield curve reshaping scenarios
•Economic value analysis: overview of duration concepts
•Long-term balance sheet risk
measurement using net economic value
•Introduction to economic “gap” analysis using the tool of key rate duration
•Strengths and drawbacks to using rate shock policy limits
SECTION III – Liquidity Risk Management
•Liquidity risk factors defined
•Quantitative and qualitative issues to liquidity risk measurement
•Developing input assumptions for scenario-based cash flow forecasts
•Principles to the contingence
funding plan
SECTION V – Case Study: Using Risk
Reports to Guide ALCO Decision-Making
•Capturing the NII and NEV profile of Clueless Credit Unions
•Supplementing risk understanding with duration, convexity and KRD reports
•Encouraging ALCO to focus on the “risk neutral” position
•Communicating ALM to the board
of directors
Faculty
Thomas E Bowers, CFA, Vice President, ZM Financial Systems
Tom Bowers, CFA, joined ZM Financial Systems (ZMFS) in 2007, bringing an extensive
background in asset liability management, capital markets activities and regulatory
experience. Tom is responsible for the company’s online ALM.com product, helping clients
effectively configure this tool’s advanced financial analytics towards the task of risk/reward
planning. He supports users on functional methodologies such as prepayment modeling,
non-maturity deposit valuation, exposure assessment and model validation. Tom’s roles
include implementations, on-site client education and assisting with enhancing and
broadening the company’s software products.
Prior to joining ZMFS, Tom worked as senior education programs director at the IPS-Sendero
Institute. In that role, Tom developed and presented customized education courses on A/L
management and profitability measurement to US and international audiences. He also led
education events for the FFIEC and US regulatory agencies. From 2000 to 2005, Tom co-presented
basic ALM education to federal and state examiners on behalf of the National Credit
Union Administration.
Details
Location and Accommodations
Loews Royal Pacific Resort at Universal Orlando®
6300 Hollywood Way
Orlando, FL 32819
Special FMS Room Rate: $159 Single/Double
For Reservations Call: 1-866-360-7395
Deadline for Rate: October 13, 2014
Identify yourself as an attendee of the Financial Managers Society program to receive
the preferred rate. If you are making reservations through a travel agent, be sure to request
that your reservation be placed in the FMS room block to guarantee the best rate.
SECTION VI – ALM Policy, Management
Oversight and Controls
•Roles for the board and senior
management in the ALM control
program
•Developing policies limits and
procedures tailored to your institution’s risk profile
•Validating the reasonableness of input assumptions to your risk models
•Formalizing model governance amid heightened regulatory expectations
Note: Each attendee is responsible for
bringing to the seminar a four-function
hand calculator. This is a working seminar.
Attire
Business-casual attire is appropriate. Since hotel rooms are often cool, please bring
a jacket or sweater.
CPE
Earn up to 14 hours of CPE credit
Level: Basic to Intermediate
Prerequisites: None
Advance preparation: None
Field of Study: Finance
Instructional Method: Live-Group
FMS is registered with the National Association of State Boards of Accountancy as
a sponsor of continuing professional education on the National Registry of CPE
Sponsors. State boards of accountancy have final authority on the acceptance of
individual courses. Complaints regarding sponsors may be addressed to: The
National Registry of CPE Sponsors, 150 Fourth Avenue, North, Suite 700, Nashville,
TN 37219-2417 Web: www.nasba.org.
For more information regarding administrative policies such as complaints or refunds,
call 800-ASK-4FMS (800-275-4367).
Best Practices in ALM
for Credit Unions
As a finance professional, especially in the current economic environment, you wrestle with
ALM issues every day. Naturally, you want to perfect the skills needed to better manage the
balance sheet, no matter how simple or complex it is.
Best Practices in ALM for Credit Unions is a “roll-up your sleeves” seminar designed to put
the knowledge you need to meet elevated regulatory expectations in your hands. Presenter,
Tom Bowers, CFA, will offer a unique environment to learn the very latest IRR measurement
techniques and participate in discussions on the challenges faced by fellow managers.
Regardless of whether your credit union is covered by the scope of the amended NCUA
regulations, you will not want to miss this dynamic seminar. Throughout these two-days, Tom
will provide an in-depth review of income simulation and Net Economic Value (NEV) methodologies
and discuss the fine details of setups and assumptions essential to robust IRR modeling. He will
also make use of case study examples and hands-on exercises to further deepen your grasp of
the concepts.
Participants Will Learn To:
• Understand the tools used for IRR measurement, including income simulation, duration,
NEV analysis and economic gap
•Identify options embedded in your balance sheet, understand the risk and return
implications and develop strategies for controlling exposures
•Utilize methods to non-maturity share modeling, both re-pricing and retention assumptions for income simulation and NEV
•Extend NEV assessment beyond regulatory compliance into a management tool for
quantifying the long-term consequence to a balance sheet strategy
•Implement an IRR policy and program that can meet requirements of the recent
NCUA guidance
About FMS
For over 65 years, the Financial Managers Society’s network
of members has provided technical education to financial
professionals from community financial institutions through
conferences, seminars, webinars and publications.
For details on FMS membership benefits or how to become
a member, please visit www.fmsinc.org/JOIN or call
800-ASK-4FMS (800-275-4367).
Agenda
Tuesday, November 4, 2014
Wednesday, November 5, 2014
Registration and Continental Breakfast
Continental Breakfast
8:00 am
8:00 am
8:30 am to 4:30 pm
8:30 am to 3:00 pm
SECTION I – Sources of Interest Rate Risk
•Importance of IRR management for
balance sheet strategy selection
•Re-pricing mismatch risk
•Basis risk
•Options risk
•Yield curve shape risk
•Risk impacts on your credit union’s earnings and economic value
SECTION IV – Indeterminate Maturity
Shares
•Approaches to describing re-pricing and retention behaviors in share deposits
•Visualizing the dual options to shares using earnings and economic value simulation
•Current value of stable shares in balance sheet management
SECTION II – Rate Risk Measurement
Systems
•Gap analysis: strengths and pitfalls
•Income simulation: static vs. implied forwards, defeasance vs. maintain
•Modeling earnings sensitivity under yield curve reshaping scenarios
•Economic value analysis: overview of duration concepts
•Long-term balance sheet risk
measurement using net economic value
•Introduction to economic “gap” analysis using the tool of key rate duration
•Strengths and drawbacks to using rate shock policy limits
SECTION III – Liquidity Risk Management
•Liquidity risk factors defined
•Quantitative and qualitative issues to liquidity risk measurement
•Developing input assumptions for scenario-based cash flow forecasts
•Principles to the contingence
funding plan
SECTION V – Case Study: Using Risk
Reports to Guide ALCO Decision-Making
•Capturing the NII and NEV profile of Clueless Credit Unions
•Supplementing risk understanding with duration, convexity and KRD reports
•Encouraging ALCO to focus on the “risk neutral” position
•Communicating ALM to the board
of directors
Faculty
Thomas E Bowers, CFA, Vice President, ZM Financial Systems
Tom Bowers, CFA, joined ZM Financial Systems (ZMFS) in 2007, bringing an extensive
background in asset liability management, capital markets activities and regulatory
experience. Tom is responsible for the company’s online ALM.com product, helping clients
effectively configure this tool’s advanced financial analytics towards the task of risk/reward
planning. He supports users on functional methodologies such as prepayment modeling,
non-maturity deposit valuation, exposure assessment and model validation. Tom’s roles
include implementations, on-site client education and assisting with enhancing and
broadening the company’s software products.
Prior to joining ZMFS, Tom worked as senior education programs director at the IPS-Sendero
Institute. In that role, Tom developed and presented customized education courses on A/L
management and profitability measurement to US and international audiences. He also led
education events for the FFIEC and US regulatory agencies. From 2000 to 2005, Tom co-presented
basic ALM education to federal and state examiners on behalf of the National Credit
Union Administration.
Details
Location and Accommodations
Loews Royal Pacific Resort at Universal Orlando®
6300 Hollywood Way
Orlando, FL 32819
Special FMS Room Rate: $159 Single/Double
For Reservations Call: 1-866-360-7395
Deadline for Rate: October 13, 2014
Identify yourself as an attendee of the Financial Managers Society program to receive
the preferred rate. If you are making reservations through a travel agent, be sure to request
that your reservation be placed in the FMS room block to guarantee the best rate.
SECTION VI – ALM Policy, Management
Oversight and Controls
•Roles for the board and senior
management in the ALM control
program
•Developing policies limits and
procedures tailored to your institution’s risk profile
•Validating the reasonableness of input assumptions to your risk models
•Formalizing model governance amid heightened regulatory expectations
Note: Each attendee is responsible for
bringing to the seminar a four-function
hand calculator. This is a working seminar.
Attire
Business-casual attire is appropriate. Since hotel rooms are often cool, please bring
a jacket or sweater.
CPE
Earn up to 14 hours of CPE credit
Level: Basic to Intermediate
Prerequisites: None
Advance preparation: None
Field of Study: Finance
Instructional Method: Live-Group
FMS is registered with the National Association of State Boards of Accountancy as
a sponsor of continuing professional education on the National Registry of CPE
Sponsors. State boards of accountancy have final authority on the acceptance of
individual courses. Complaints regarding sponsors may be addressed to: The
National Registry of CPE Sponsors, 150 Fourth Avenue, North, Suite 700, Nashville,
TN 37219-2417 Web: www.nasba.org.
For more information regarding administrative policies such as complaints or refunds,
call 800-ASK-4FMS (800-275-4367).
Best Practices in ALM
for Credit Unions
As a finance professional, especially in the current economic environment, you wrestle with
ALM issues every day. Naturally, you want to perfect the skills needed to better manage the
balance sheet, no matter how simple or complex it is.
Best Practices in ALM for Credit Unions is a “roll-up your sleeves” seminar designed to put
the knowledge you need to meet elevated regulatory expectations in your hands. Presenter,
Tom Bowers, CFA, will offer a unique environment to learn the very latest IRR measurement
techniques and participate in discussions on the challenges faced by fellow managers.
Regardless of whether your credit union is covered by the scope of the amended NCUA
regulations, you will not want to miss this dynamic seminar. Throughout these two-days, Tom
will provide an in-depth review of income simulation and Net Economic Value (NEV) methodologies
and discuss the fine details of setups and assumptions essential to robust IRR modeling. He will
also make use of case study examples and hands-on exercises to further deepen your grasp of
the concepts.
Participants Will Learn To:
• Understand the tools used for IRR measurement, including income simulation, duration,
NEV analysis and economic gap
•Identify options embedded in your balance sheet, understand the risk and return
implications and develop strategies for controlling exposures
•Utilize methods to non-maturity share modeling, both re-pricing and retention assumptions for income simulation and NEV
•Extend NEV assessment beyond regulatory compliance into a management tool for
quantifying the long-term consequence to a balance sheet strategy
•Implement an IRR policy and program that can meet requirements of the recent
NCUA guidance
About FMS
For over 65 years, the Financial Managers Society’s network
of members has provided technical education to financial
professionals from community financial institutions through
conferences, seminars, webinars and publications.
For details on FMS membership benefits or how to become
a member, please visit www.fmsinc.org/JOIN or call
800-ASK-4FMS (800-275-4367).
Agenda
Tuesday, November 4, 2014
Wednesday, November 5, 2014
Registration and Continental Breakfast
Continental Breakfast
8:00 am
8:00 am
8:30 am to 4:30 pm
8:30 am to 3:00 pm
SECTION I – Sources of Interest Rate Risk
•Importance of IRR management for
balance sheet strategy selection
•Re-pricing mismatch risk
•Basis risk
•Options risk
•Yield curve shape risk
•Risk impacts on your credit union’s earnings and economic value
SECTION IV – Indeterminate Maturity
Shares
•Approaches to describing re-pricing and retention behaviors in share deposits
•Visualizing the dual options to shares using earnings and economic value simulation
•Current value of stable shares in balance sheet management
SECTION II – Rate Risk Measurement
Systems
•Gap analysis: strengths and pitfalls
•Income simulation: static vs. implied forwards, defeasance vs. maintain
•Modeling earnings sensitivity under yield curve reshaping scenarios
•Economic value analysis: overview of duration concepts
•Long-term balance sheet risk
measurement using net economic value
•Introduction to economic “gap” analysis using the tool of key rate duration
•Strengths and drawbacks to using rate shock policy limits
SECTION III – Liquidity Risk Management
•Liquidity risk factors defined
•Quantitative and qualitative issues to liquidity risk measurement
•Developing input assumptions for scenario-based cash flow forecasts
•Principles to the contingence
funding plan
SECTION V – Case Study: Using Risk
Reports to Guide ALCO Decision-Making
•Capturing the NII and NEV profile of Clueless Credit Unions
•Supplementing risk understanding with duration, convexity and KRD reports
•Encouraging ALCO to focus on the “risk neutral” position
•Communicating ALM to the board
of directors
Faculty
Thomas E Bowers, CFA, Vice President, ZM Financial Systems
Tom Bowers, CFA, joined ZM Financial Systems (ZMFS) in 2007, bringing an extensive
background in asset liability management, capital markets activities and regulatory
experience. Tom is responsible for the company’s online ALM.com product, helping clients
effectively configure this tool’s advanced financial analytics towards the task of risk/reward
planning. He supports users on functional methodologies such as prepayment modeling,
non-maturity deposit valuation, exposure assessment and model validation. Tom’s roles
include implementations, on-site client education and assisting with enhancing and
broadening the company’s software products.
Prior to joining ZMFS, Tom worked as senior education programs director at the IPS-Sendero
Institute. In that role, Tom developed and presented customized education courses on A/L
management and profitability measurement to US and international audiences. He also led
education events for the FFIEC and US regulatory agencies. From 2000 to 2005, Tom co-presented
basic ALM education to federal and state examiners on behalf of the National Credit
Union Administration.
Details
Location and Accommodations
Loews Royal Pacific Resort at Universal Orlando®
6300 Hollywood Way
Orlando, FL 32819
Special FMS Room Rate: $159 Single/Double
For Reservations Call: 1-866-360-7395
Deadline for Rate: October 13, 2014
Identify yourself as an attendee of the Financial Managers Society program to receive
the preferred rate. If you are making reservations through a travel agent, be sure to request
that your reservation be placed in the FMS room block to guarantee the best rate.
SECTION VI – ALM Policy, Management
Oversight and Controls
•Roles for the board and senior
management in the ALM control
program
•Developing policies limits and
procedures tailored to your institution’s risk profile
•Validating the reasonableness of input assumptions to your risk models
•Formalizing model governance amid heightened regulatory expectations
Note: Each attendee is responsible for
bringing to the seminar a four-function
hand calculator. This is a working seminar.
Attire
Business-casual attire is appropriate. Since hotel rooms are often cool, please bring
a jacket or sweater.
CPE
Earn up to 14 hours of CPE credit
Level: Basic to Intermediate
Prerequisites: None
Advance preparation: None
Field of Study: Finance
Instructional Method: Live-Group
FMS is registered with the National Association of State Boards of Accountancy as
a sponsor of continuing professional education on the National Registry of CPE
Sponsors. State boards of accountancy have final authority on the acceptance of
individual courses. Complaints regarding sponsors may be addressed to: The
National Registry of CPE Sponsors, 150 Fourth Avenue, North, Suite 700, Nashville,
TN 37219-2417 Web: www.nasba.org.
For more information regarding administrative policies such as complaints or refunds,
call 800-ASK-4FMS (800-275-4367).
3 WAYS TO REGISTER
QUESTIONS? Call 800-ASK-4FMS (800-275-4367)
Mail: Financial Managers Society
1 North LaSalle Street, Suite 3100
Chicago, IL 60602-4003
Fax: 312-578-1308
Internet: www.fmsinc.org/CALENDAR
Presorted
Standard
U.S. Postage
PAID
Wheeling, IL
Permit No. 38
Registration
November 4-5, 2014
NAME
Best Practices in ALM
for Credit Unions
TITLE
ORGANIZATION
MAILING ADDRESS
CITY, STATE, ZIP
Orlando, Florida | Loews Royal Pacific Resort at Universal Orlando®
ASSET SIZE
PHONE
FAX
E-MAIL
Save $100 with
a Members-only
Team Discount!
FMS members and their
co-workers save $100
each when two or more
employees register for
this seminar. Simply
complete one form per
person and deduct $100
from each registration fee.
Best Practices in ALM for Credit Unions | November 4-5, 2014
○ FMS Member: $975
$
○ Coworker of Member: $1,075
$
○ Nonmember: $1,275
$
Please list any special accommodations (including dietary restrictions) you require.
Not an FMS member? Join now and save on registration!
○ FMS Regular Membership: $450
$
○ FMS Affiliate Membership: $495
$
Join FMS today at www.fmsinc.org/JOIN and not only will you
save $300 on the registration fees but you can also take advantage
of the year-round FMS member benefits.
TOTAL $
Card #
Exp. Date
Signature
Refunds and Cancellations
A refund minus a $150 processing fee will be provided for cancellations received by FMS in writing by
October 13, 2014. No refunds will be given for cancellations received after that date. A substitution from
your institution is welcome at any time.
FMS reserves the right to change instructors or reschedule/cancel sessions when necessary. FMS is not
responsible for airfare penalties incurred due to the cancellation of the program.
www.fmsinc.org
800-ASK-4FMS (800-275-4367)
o Check enclosed payable to Financial Managers Society
o Charge my MasterCard, Visa or American Express
1 North LaSalle Street, Suite 3100
Chicago, IL 60602-4003
METHOD OF PAYMENT Payment must accompany registration.
November 4-5, 2014
Orlando, Florida
Please select from one of the following options. Call for details about team discounts.
Best Practices in
ALM for Credit Unions
REGISTER
ALM Education Exclusively for Credit Unions
3 WAYS TO REGISTER
QUESTIONS? Call 800-ASK-4FMS (800-275-4367)
Mail: Financial Managers Society
1 North LaSalle Street, Suite 3100
Chicago, IL 60602-4003
Fax: 312-578-1308
Internet: www.fmsinc.org/CALENDAR
Presorted
Standard
U.S. Postage
PAID
Wheeling, IL
Permit No. 38
Registration
November 4-5, 2014
NAME
Best Practices in ALM
for Credit Unions
TITLE
ORGANIZATION
MAILING ADDRESS
CITY, STATE, ZIP
Orlando, Florida | Loews Royal Pacific Resort at Universal Orlando®
ASSET SIZE
PHONE
FAX
E-MAIL
Save $100 with
a Members-only
Team Discount!
FMS members and their
co-workers save $100
each when two or more
employees register for
this seminar. Simply
complete one form per
person and deduct $100
from each registration fee.
Best Practices in ALM for Credit Unions | November 4-5, 2014
○ FMS Member: $975
$
○ Coworker of Member: $1,075
$
○ Nonmember: $1,275
$
Please list any special accommodations (including dietary restrictions) you require.
Not an FMS member? Join now and save on registration!
○ FMS Regular Membership: $450
$
○ FMS Affiliate Membership: $495
$
Join FMS today at www.fmsinc.org/JOIN and not only will you
save $300 on the registration fees but you can also take advantage
of the year-round FMS member benefits.
TOTAL $
Card #
Exp. Date
Signature
Refunds and Cancellations
A refund minus a $150 processing fee will be provided for cancellations received by FMS in writing by
October 13, 2014. No refunds will be given for cancellations received after that date. A substitution from
your institution is welcome at any time.
FMS reserves the right to change instructors or reschedule/cancel sessions when necessary. FMS is not
responsible for airfare penalties incurred due to the cancellation of the program.
www.fmsinc.org
800-ASK-4FMS (800-275-4367)
o Check enclosed payable to Financial Managers Society
o Charge my MasterCard, Visa or American Express
1 North LaSalle Street, Suite 3100
Chicago, IL 60602-4003
METHOD OF PAYMENT Payment must accompany registration.
November 4-5, 2014
Orlando, Florida
Please select from one of the following options. Call for details about team discounts.
Best Practices in
ALM for Credit Unions
REGISTER
ALM Education Exclusively for Credit Unions