About KTMA

The Kentucky Treasury Management Association is a non-profit group whose purpose is to promote professional and educational development in the fields of finance and treasury management. KTMA members reflect the business community of Greater Louisville with representatives from government, corporations, associations, financial institutions, and service providers.


Our membership consists of both treasury practitioners and service providers, representing a broad cross-section of corporate, government, non-profit and service enterprises. Our members represent diverse industries: manufacturing, service, retail, public utilities, insurance, non-profit, financial services, wholesale distribution, and government. Through its presence in Greater Louisville, Southern Indiana and Lexington, the KTMA seeks to provide members with opportunities to remain current regarding treasury topics and issues, learn new skills, and network with other treasury and financial professionals. The KTMA is a regional affiliate of the Association for Financial Professionals (AFP). For more information or specific questions, please contact us.


Our members embrace a wealth of information and experience and are always willing to exchange ideas, concerns and solutions to treasury management problems. Whether you are a novice in the field of treasury management or an established veteran, the sharing of ideas with fellow professionals can improve performance in your current position and help you expand within the treasury profession. By attending monthly meetings, members can also qualify for Certified Treasury Professional (CTP) credits.

Board Members

Cindy Capehart, President

Cindy possesses over 12 years of Treasury, Cash Management and Investment Management experience. She joined Atria Senior Living, Inc. in October 2006 as the Director of Treasury Operations. In this role, Cindy has overseen the implementation of a treasury workstation, an online payment gateway, and a purchasing card program.

Prior to Atria Senior Living, Cindy served as Manager, Cash Management for Brown & Williamson Tobacco, where she oversaw cash management, investments, a JPY hedge program, and assisted in the implementation of a treasury workstation as well as a regional treasury service center. Cindy has also worked for various manufacturing companies in various roles from senior financial analyst to controller.

Cindy earned her Bachelor’s degrees in Accounting and Management from the University of Louisville and MBA from Bellarmine University. She earned the Certified Treasury Professional (CTP) certification in 2001.

Mike Smith, Vice President & Secretary

MICHAEL A. SMITH was named Vice President, Treasury in 2011. Prior to that, he served as Manager and then Director, Treasury from 2007 to 2011. He has been an integral part of the Company’s growth through his work on acquisition due diligence and integrations, financing's and building out the treasury function. 

Mr. Smith joined Ventas from Brown & Williamson Tobacco where he started as a Treasury Analyst and upon the announcement of the Merger with RJ Reynolds Tobacco took on a project management role leading the Treasury integration with Reynolds and was a key member of the SAP conversion team for the remaining US and Japan businesses.  His final roll there was as Manager of Income Tax Compliance where he managed all compliance aspects and all state and Federal audits.  Prior to that Mr Smith held controller and financial reporting rolls at a couple of national companies headquarter in Kentucky and started his career at a local accounting firm in Louisville. 

Mr. Smith received a B.S. in Accounting from the University of Kentucky. He is a Certified Public Accountant and Certified Treasury Professional.  He is The Treasurer for The Kentucky Treasury Management Association and a member of NAREIT, The Kentucky Society of Certified Public Accountants and The Association of Financial Professionals.

Sarah Jefferson, Treasurer

A Mt. Sterling, Kentucky native, Sarah began her banking career as a teller and moved quickly into a branch manager position. She now has over 13 years of banking experience with the last 8 years focused exclusively on cash management and commercial banking.

As the director for Traditional Bank’s Cash Management department, Sarah uses her knowledge and skills to create customized plans and simplify banking for all types of businesses. She assesses commercial clients’ cash management needs and offers online solutions such as ACH origination and direct deposit payroll, NACHA imports, wire transfers, sub-user administration, positive pay reconciliation and other time saving tools.  She and her team educate clients on their investment account options to help them get more from their deposit account structure.

Sarah lives in Lexington, is married to Andrew, and has two young children. She supports a number of philanthropic organizations but has a special fondness for the Makenna Foundation where she served on the board for many years. She also loves great food and wine, UK sports, and Kentucky Sports Radio. 

"What I love most about working in Cash Management is providing creative solutions to make clients' lives easier – so they can focus on their business, not their banking."  Sarah Jefferson