RSUM of Joseph D. Prelogar, CPA

Mr. Prelogar has over 35 years of business experience in accounting, finance and business consulting as a practicing CPA and in business management as a senior corporate executive or owner of various businesses. As a Partner of Arthur Andersen & Co., Mr. Prelogar served as engagement partner on audits of both publicly traded and privately owned companies of varying sizes in diverse industries, special business consulting engagements for medium and large clients, litigation support engagements, and bankruptcy proceedings involving both debtor in possession and unsecured creditors. Mr. Prelogar was responsible for and served as engagement partner for all significant real estate, hospitality and construction industry clients served by the Kansas City office. He also served as engagement partner for over 200 limited partnership Regulation D offerings involving real estate and other investment grade assets.

Practice Quality Assurance Program On multiple occasions, Mr. Prelogar served as a member of the Arthur Andersen & Co. internal Practice Quality Assurance Program group. In this capacity, he traveled to other U.S. offices of Arthur Andersen & Co. to critically review his partners adherence to generally accepted auditing standards in the execution of their audit engagements. Additionally, Mr. Prelogar reviewed each engagement teams compliance with internal firm operating policies and quality assurance procedures. These reviews were performed for at least one of the most significant audit engagements of each partner in the Audit Division of the offices visited. The purpose of this program was to supplement and support his firms independent peer review program conducted every three years by another international public accounting firm.

Auditing and Business Consulting - Mr. Prelogar has provided professional services with respect to companies in the following industries:

Agriculture (corporate farming, commodities trading and brokerage)
Associations (not-for-profit, trade, services)
Banking
Brokerage (securities)
Computer Software
Construction (commercial and road building)
Distribution (beverages, chemicals, electrical and plumbing components, heavy equipment, personal items, steel products, telecommunications)
Entertainment
Hospitality (hotel, motel)
Investment banking
Manufacturing (apparel, automobile, electronics, chemicals, oil field equipment, technology)
Oil and Gas (syndication, drilling, exploration, operation, distribution)
Pari-Mutuel (dog racing, horse racing)
Professional Sports (football, baseball, soccer)
Publishing (newspapers, trade periodicals)
Real Estate (syndication, feasibility, development and operation of office buildings and shopping centers, residential development, PUDs, economic evaluation),
Restaurant (franchise, national chain, specialty)
Services (architectural, engineering, legal, medical)

Fraud Investigation and Litigation Support Throughout his business career, Mr. Prelogar has served numerous clients regarding matters of corporate/accounting fraud, unfair pricing practices, franchise violations, insurance claims, contract disputes, real estate valuations and other litigation matters. On each of these occasions, his engagement team was responsible for discovering and documenting factual and economic data for use by the litigation team. On most occasions, he assisted counsel in developing technical deposition questions and strategies.

Bankruptcy Consulting - Mr. Prelogar served as engagement partner representing the Debtor in Possession for a 1 billion real estate bankruptcy. Mr. Prelogar testified in U.S. Bankruptcy Court Western District of Missouri regarding the financial activities of the Debtor in Possession. In this same matter, he also served the Unsecured Creditors Committee regarding preferential payments and analysis and reconcilement of amounts owed to unsecured creditors on a combined basis across more than 140 separate but related entities. Mr. Prelogar has directed the successful non-judicial financial and operations reorganization of numerous companies over the past 15 years in the computer services, hospitality, real estate development, information processing, automotive manufacturing and retail services industries.

Industry Specialty Recognition - Mr. Prelogar served on Arthur Andersen & Co.s firm wide industry specialty teams for agriculture and real estate. In this capacity, he was engagement partner on three separate engagements to identify, document and provide the factual basis to prosecute corporate fraud in the pledging of fictitious warehouse grain receipts, overstated grain inventories and grain commodities fraud. Mr. Prelogar also authored two of Arthur Andersen & Co.s firm wide training courses. One course pertained to intermediate real estate audit training and another pertained to review and compilation procedures for prospective financial statement engagements.

Teaching Throughout his career in public accounting, Mr. Prelogar spent over 150 hours per year teaching technical courses to accountants and auditors. He also developed and taught the first course on Advanced Auditing Theory in the M.B.A. program at the University of Missouri Kansas City.

Professional Society Activities Mr. Prelogar served for several years on the Missouri Society of CPAs Technical Standards Compliance Committee and served as its Chairman in 1986 - 1987. Mr. Prelogar also served on the Board of Directors of the Missouri Society of CPAs Kansas City Chapter for 5 years and as its President in 1991 1992.

Education University of Kansas B.S. Accounting 1968

Licenses and Professional Affiliations (currently held)

Certified Public Accountant Kansas, Missouri and Texas
Practice Permit Kansas, Missouri and Texas
American Institute of Certified Public Accountants
Kansas Society of Certified Public Accountants
National Due Diligence Alliance Registered Due Diligence Analyst


Licenses and Professional Affiliations (previously held)

NASD/SEC Series 7, 24, 63 (all 50 states)