The City of Denver’s general obligation bonds have been rated AAA, the highest bond rating, by all three major national credit ratings agencies, Mayor John Hickenlooper and city CFO Claude Pumilia said on Tuesday.
Denver is the only city or county in Colorado to hold AAA ratings from all three credit agencies, the officials said.
“It’s rewarding to have three national agencies recognize the city’s creditworthiness with their highest ratings,” Hickenlooper said in a statement. “This is the result of tough choices Denver has made in recent years to deliver balanced budgets and operate the city government efficiently and effectively.”
Moody’s and Fitch recently undertook a ratings re-calibration assessment for all of their municipal bond ratings, designed to bring those ratings into line with global scales for corporate bonds and sovereign debt, Denver officials said. While not an upgrade due to improved credit, the higher ratings from Moody’s and Fitch likely will translate into lower borrowing costs for the City and County of Denver, they said.
Standard and Poor’s upgraded the City’s bond ratings to AAA in September 2008.
“These ratings reflect the historically low default rate of municipal bonds compared to other types of debt, as well as Denver’s diversified economic base and proactive and prudent financial management,” Pumilia said in a statement. “The higher ratings will help support investor demand and lower the cost to taxpayers when the city needs to borrow money.”
Bond ratings are an independent opinion of the general creditworthiness of a borrower. For general obligation bonds, ratings are based primarily on four main factors: the economy, the issuer’s financial position, the issuer’s current and future debt burden, and financial management.
Thursday, May 6, 2010
Mayor submits $93M Braintree budget with no layoffs
When he outlined his proposed $93 million budget for the upcoming fiscal year, which contains no layoffs and reduces the per household trash fee by $10, Mayor Joseph Sullivan told the town council that a statement was being made.
“It’s a statement of performance, management, and a successful fiscal focus that has put us in good stead for today and in the days ahead,” he said during the council’s May 3 meeting. “Our actions since the inception of our new government have created a sturdy foundation which will allow our schools to continue to perform well and our public safety divisions to be strengthened and thus our quality of life enhanced.”
The budget funds the principal and interest costs of what Sullivan called “an aggressive capital program” that includes renovations to South Middle School; the purchase of 22 acres of land from Norfolk County; the renovation of the East Braintree fire station; replacement of the heating and air conditioning system at the police station; $1.7 million in additional road improvements; and $700,000 in school capital improvements.
Sullivan made it clear that beautification efforts will continue throughout town.
“Having now completed our gateway project at Capen’s Circle, we will now look to have a gateway project finished on Route 37 and begin our Union Street improvements,” he said. “We have planted over 250 trees and will plant another 125 trees this year along our public ways.”
Sullivan cited another goal, namely finalizing plans with Holbrook and Randolph for a Tri-Town water treatment facility.
“This much needed capital project needs to have a sense of urgency,” he said. “One need only witness the MWRA situation which began this weekend to remind us of the importance of a quality water supply system.”
Council Vice President Charles Kokoros of District 1 told Sullivan, “I think that a lot of folks don’t realize what goes into the budget. You and your staff and department heads have done a lot of work to get a balanced budget. Without all of you working together, it would have been very hard to have a balanced budget. It’s nice to see that we’re not laying anyone off.”
As required by the charter, Sullivan submitted the budget for fiscal year 2011, which begins July 1, to the council on May 1.
“Municipal finance is inherently complex, but let me indulge in a moment of plain speaking,” Sullivan wrote in an accompanying letter to President Charles Ryan and the other members of the council. “Our collective decisions and actions over the past two years as we have implemented our new form of government are starting to show promise for today and the days ahead.”
He pointed out that for the third consecutive year, Braintree has seen a reduction in local aid.
“We anticipate that we will receive $700,000 less than the previous fiscal year, a four percent reduction,” Sullivan wrote. “This budget reflects that lower amount. Thus, the total reduction over the past three fiscal years (fiscal year 2009, fiscal year 2010, and fiscal year 2011) is approximately $2.5 million. However, because we have been willing to make hard choices and make economic growth a priority and effectively managed our operations, we were able this year to sustain reductions in local aid without layoffs or reductions in services.”
He added, “Moreover, the willingness of our town employees to reach sensible and sustainable collective bargaining agreements allows us to meet our fiscal challenge while continuing to provide the high quality of services our residents deserve.”
Sullivan concluded, “I am confident that you will discover that this financial plan for fiscal year 2011 is based on reliable sources of revenue and continues the effort to reform our government.”
The council is required to adopt the budget, with or without amendments, within 45 days of receiving it.
The council may delete or decrease any programs or amounts, except expenditures required by law or for debt service, but has no authority to add programs or increase amounts.
If the council fails to take action with respect to any item in the budget within 45 days of receiving it, this amount shall become a part of appropriations for the ensuing fiscal year.
The climactic vote on the budget, following weeks of hearings by the council’s ways and means committee, is scheduled for June 8 at 7:30 p.m. in the Cahill Auditorium of Town Hall.
Sullivan reminded the council that during fiscal year 2009, the cost of operations was reduced by nearly a million dollars through a “comprehensive reorganization” of the government.
“During our current budget cycle (fiscal year 2010), we have used every opportunity to streamline services, embrace the efficiency of technology, and reinforce our commitment to strong financial management,” he said.
Sullivan complimented management and unions for working “as one” to offset reductions in local aid while preserving jobs and services.
“We did not have to alter our course in midyear due to unreasonable estimates of revenue or resources, and I am pleased that we will end this fiscal year without having to tap our reserves,” he said. “In fact, we will be able to modestly enhance them.”
Moody’s Bond Rating Agency has informed the town that in light of its financial management and fiscal condition, its municipal bond rating has been upgraded from Aa3 to Aa2.
“This is a significant step that improves our economic outlook and reduces the cost to borrow money to make much needed capital improvements to our roads, schools, and infrastructure,” Sullivan said. “This action by Moody’s reinforces the point that Braintree’s fiscal health has improved.”
Local economic growth that has added nearly $2.7 million to the tax levy for fiscal year 2011, combined with Chapter 70 funding and the continuing provision of municipal foundation funding, allows Braintree to increase its proposed education budget by $2.1 million.
“The school budget absorbs the majority of the positions funded by federal stimulus money in fiscal year 2010,” explained Sullivan, a member of the school committee. “This will help ensure that these positions can be funded in fiscal year 2012 when the stimulus money is no longer available.”
Sullivan emphasized how police unions agreed to contract language that will take six officers from behind desks and put them on the street during fiscal year 2011 through the hiring of civilian dispatchers.
“This will enhance our public safety in our neighborhoods,” he said.
Sullivan spoke about the future.
“While we have seen our share of success and have begun to benefit from the hard choices we have made, our journey is far from over,” he said. “We must continue to strike a careful balance between prudent planning and aspirations to expand and improve on our services and our infrastructure. This budget takes appropriate steps to address both concerns. It contains reserve accounts for future collective bargaining agreements and to mitigate the impact of a possible midyear reduction in local aid. We also create an account to begin to offset the looming cost of retired employees’ health care.”
The mayor concluded, “The work we have done over the past two years has begun to elevate Braintree above our counterparts. Communities all around us are slashing their budgets, reducing school and public safety personnel, cutting services, and raising taxes and fees. I have spoken repeatedly about Braintree positioning itself to be the star of the South Shore. This budget clearly demonstrates our progress toward that goal and my sincere belief that Braintree’s best days are yet to come.”
“It’s a statement of performance, management, and a successful fiscal focus that has put us in good stead for today and in the days ahead,” he said during the council’s May 3 meeting. “Our actions since the inception of our new government have created a sturdy foundation which will allow our schools to continue to perform well and our public safety divisions to be strengthened and thus our quality of life enhanced.”
The budget funds the principal and interest costs of what Sullivan called “an aggressive capital program” that includes renovations to South Middle School; the purchase of 22 acres of land from Norfolk County; the renovation of the East Braintree fire station; replacement of the heating and air conditioning system at the police station; $1.7 million in additional road improvements; and $700,000 in school capital improvements.
Sullivan made it clear that beautification efforts will continue throughout town.
“Having now completed our gateway project at Capen’s Circle, we will now look to have a gateway project finished on Route 37 and begin our Union Street improvements,” he said. “We have planted over 250 trees and will plant another 125 trees this year along our public ways.”
Sullivan cited another goal, namely finalizing plans with Holbrook and Randolph for a Tri-Town water treatment facility.
“This much needed capital project needs to have a sense of urgency,” he said. “One need only witness the MWRA situation which began this weekend to remind us of the importance of a quality water supply system.”
Council Vice President Charles Kokoros of District 1 told Sullivan, “I think that a lot of folks don’t realize what goes into the budget. You and your staff and department heads have done a lot of work to get a balanced budget. Without all of you working together, it would have been very hard to have a balanced budget. It’s nice to see that we’re not laying anyone off.”
As required by the charter, Sullivan submitted the budget for fiscal year 2011, which begins July 1, to the council on May 1.
“Municipal finance is inherently complex, but let me indulge in a moment of plain speaking,” Sullivan wrote in an accompanying letter to President Charles Ryan and the other members of the council. “Our collective decisions and actions over the past two years as we have implemented our new form of government are starting to show promise for today and the days ahead.”
He pointed out that for the third consecutive year, Braintree has seen a reduction in local aid.
“We anticipate that we will receive $700,000 less than the previous fiscal year, a four percent reduction,” Sullivan wrote. “This budget reflects that lower amount. Thus, the total reduction over the past three fiscal years (fiscal year 2009, fiscal year 2010, and fiscal year 2011) is approximately $2.5 million. However, because we have been willing to make hard choices and make economic growth a priority and effectively managed our operations, we were able this year to sustain reductions in local aid without layoffs or reductions in services.”
He added, “Moreover, the willingness of our town employees to reach sensible and sustainable collective bargaining agreements allows us to meet our fiscal challenge while continuing to provide the high quality of services our residents deserve.”
Sullivan concluded, “I am confident that you will discover that this financial plan for fiscal year 2011 is based on reliable sources of revenue and continues the effort to reform our government.”
The council is required to adopt the budget, with or without amendments, within 45 days of receiving it.
The council may delete or decrease any programs or amounts, except expenditures required by law or for debt service, but has no authority to add programs or increase amounts.
If the council fails to take action with respect to any item in the budget within 45 days of receiving it, this amount shall become a part of appropriations for the ensuing fiscal year.
The climactic vote on the budget, following weeks of hearings by the council’s ways and means committee, is scheduled for June 8 at 7:30 p.m. in the Cahill Auditorium of Town Hall.
Sullivan reminded the council that during fiscal year 2009, the cost of operations was reduced by nearly a million dollars through a “comprehensive reorganization” of the government.
“During our current budget cycle (fiscal year 2010), we have used every opportunity to streamline services, embrace the efficiency of technology, and reinforce our commitment to strong financial management,” he said.
Sullivan complimented management and unions for working “as one” to offset reductions in local aid while preserving jobs and services.
“We did not have to alter our course in midyear due to unreasonable estimates of revenue or resources, and I am pleased that we will end this fiscal year without having to tap our reserves,” he said. “In fact, we will be able to modestly enhance them.”
Moody’s Bond Rating Agency has informed the town that in light of its financial management and fiscal condition, its municipal bond rating has been upgraded from Aa3 to Aa2.
“This is a significant step that improves our economic outlook and reduces the cost to borrow money to make much needed capital improvements to our roads, schools, and infrastructure,” Sullivan said. “This action by Moody’s reinforces the point that Braintree’s fiscal health has improved.”
Local economic growth that has added nearly $2.7 million to the tax levy for fiscal year 2011, combined with Chapter 70 funding and the continuing provision of municipal foundation funding, allows Braintree to increase its proposed education budget by $2.1 million.
“The school budget absorbs the majority of the positions funded by federal stimulus money in fiscal year 2010,” explained Sullivan, a member of the school committee. “This will help ensure that these positions can be funded in fiscal year 2012 when the stimulus money is no longer available.”
Sullivan emphasized how police unions agreed to contract language that will take six officers from behind desks and put them on the street during fiscal year 2011 through the hiring of civilian dispatchers.
“This will enhance our public safety in our neighborhoods,” he said.
Sullivan spoke about the future.
“While we have seen our share of success and have begun to benefit from the hard choices we have made, our journey is far from over,” he said. “We must continue to strike a careful balance between prudent planning and aspirations to expand and improve on our services and our infrastructure. This budget takes appropriate steps to address both concerns. It contains reserve accounts for future collective bargaining agreements and to mitigate the impact of a possible midyear reduction in local aid. We also create an account to begin to offset the looming cost of retired employees’ health care.”
The mayor concluded, “The work we have done over the past two years has begun to elevate Braintree above our counterparts. Communities all around us are slashing their budgets, reducing school and public safety personnel, cutting services, and raising taxes and fees. I have spoken repeatedly about Braintree positioning itself to be the star of the South Shore. This budget clearly demonstrates our progress toward that goal and my sincere belief that Braintree’s best days are yet to come.”
Wednesday, May 5, 2010
Good Financial Management ‘Can Help Control Debts’
Although the past few days have seen the country gripped in the throngs of love, the majority of Britons would prefer their partner to be careful with managing money, a new study indicates.
Research carried out by CreditExpert indicates that more than three out of four (76 per cent) adults in a relationship would rather they did not receive a gift this Valentine’s Day and instead were secure in the knowledge that their significant other was successful in organising their finances. As part of its Love or Money study, the credit report company indicated that, during a first date, 55 per cent of Britons would view a wallet or purse which is full of credit cards as an indicator of bad monetary management.
Those looking to get to grips with their finances, however, may wish to consider applying for a low-cost personal loan. In using such a loan as a means of debt consolidation, it is possible that borrowers can merge demands for payment across a number of credit cards into a single low-rate repayment.
The study indicated that although 84 per cent of Britons are aware that when a couple apply for joint credit two people become financially linked, consumers will often avoid asking each other financial questions. About half of people would wait to be told a date’s salary, with 81 per cent having never asked their other half about their credit history. Meanwhile, just over a fifth (21 per cent) of those in a relationship state that they would leave their partner if their ability to manage their money had an impact on their own life.
Jim Hodgkins, managing director for CreditExpert, said: “In the run-up to Valentine’s Day, we are all encouraged to spend money. It’s refreshing to see in our research that the majority of the British public would actually prefer their partner to be careful with their finances than spend money on an extravagant present. Good financial management can help couples keep their debts and credit agreements under control. Regular credit report monitoring enables you to keep tabs on your own credit status and be aware of where you are financially linked to a partner via a joint credit agreement.”
The company also reported that their loved one’s credit history is vital should someone want to buy a home with their partner or apply for a joint loan or other type of borrowing arrangement. Should one person have a negative financial background, it was claimed that money lenders could opt to refuse a joint application. CreditExpert went on to point out that should couples have differing attitudes when it comes to managing money this could cause difficulties in the future if they are linked together in a fiscal, as well as an emotional, sense. As an example, it was suggested that should one consumer be late in repaying credit card bills then their partners’ ability to get credit could also be damaged.
In being honest with their loved ones, it is possible that consumers will be able to get to grips with finances more easily. Furthermore those looking to be open about money, with the full knowledge of their other half, may wish to apply for a consolidation loan to pay off other debts quickly. This may be of assistance to a significant number of consumers after a recent engage Mutual Assurance study revealed that over a fifth of Britons who are either married or co-habiting have a financial secret from their partner. Abbi Rouse writes for All About Loans where visitors can apply online for tenant loans. We also specialise in homeowner loans, and self certification loans for the self employed.
Research carried out by CreditExpert indicates that more than three out of four (76 per cent) adults in a relationship would rather they did not receive a gift this Valentine’s Day and instead were secure in the knowledge that their significant other was successful in organising their finances. As part of its Love or Money study, the credit report company indicated that, during a first date, 55 per cent of Britons would view a wallet or purse which is full of credit cards as an indicator of bad monetary management.
Those looking to get to grips with their finances, however, may wish to consider applying for a low-cost personal loan. In using such a loan as a means of debt consolidation, it is possible that borrowers can merge demands for payment across a number of credit cards into a single low-rate repayment.
The study indicated that although 84 per cent of Britons are aware that when a couple apply for joint credit two people become financially linked, consumers will often avoid asking each other financial questions. About half of people would wait to be told a date’s salary, with 81 per cent having never asked their other half about their credit history. Meanwhile, just over a fifth (21 per cent) of those in a relationship state that they would leave their partner if their ability to manage their money had an impact on their own life.
Jim Hodgkins, managing director for CreditExpert, said: “In the run-up to Valentine’s Day, we are all encouraged to spend money. It’s refreshing to see in our research that the majority of the British public would actually prefer their partner to be careful with their finances than spend money on an extravagant present. Good financial management can help couples keep their debts and credit agreements under control. Regular credit report monitoring enables you to keep tabs on your own credit status and be aware of where you are financially linked to a partner via a joint credit agreement.”
The company also reported that their loved one’s credit history is vital should someone want to buy a home with their partner or apply for a joint loan or other type of borrowing arrangement. Should one person have a negative financial background, it was claimed that money lenders could opt to refuse a joint application. CreditExpert went on to point out that should couples have differing attitudes when it comes to managing money this could cause difficulties in the future if they are linked together in a fiscal, as well as an emotional, sense. As an example, it was suggested that should one consumer be late in repaying credit card bills then their partners’ ability to get credit could also be damaged.
In being honest with their loved ones, it is possible that consumers will be able to get to grips with finances more easily. Furthermore those looking to be open about money, with the full knowledge of their other half, may wish to apply for a consolidation loan to pay off other debts quickly. This may be of assistance to a significant number of consumers after a recent engage Mutual Assurance study revealed that over a fifth of Britons who are either married or co-habiting have a financial secret from their partner. Abbi Rouse writes for All About Loans where visitors can apply online for tenant loans. We also specialise in homeowner loans, and self certification loans for the self employed.
Avoid Bankruptcy With Careful Financial Management
Many people struggle with difficult financial times and choose bankruptcy as a way out of their problem. Bankruptcy can be a way to put an end to financial hardship but in some cases it is not the best option. There are other alternative that can be tried that may help you avoid bankruptcy.
Filing bankruptcy does not always save you from paying back your debts. No matter which chapter you choose to take, you may still have to pay back some of your previous debts even after you file for bankruptcy.
Bankruptcy is a very serious matter, and some people think of it too lightly. If you file for bankruptcy, it will stay on your record for a very long time, which can make it harder to get loans, mortgages, etc.
The first thing you should do is take a long look at yourself. Are you facing bankruptcy because of circumstances beyond your control or is it because you over spend or have a debt problem? This is important for you to determine because if you have some sort of money problem related to emotional or mental issues, you will quickly be back in the same boat after you file bankruptcy. On the other hand it will also be difficult for you to avoid bankruptcy and pay off your debts. You need to get help for this problem first.
If you catch your problem early enough, you may be able to avoid bankruptcy by going through credit counseling. These professionals can help you organize your expenses and understand your spending habits so you can gain control of your finances.
If you need help deciding if you should work to avoid bankruptcy or if you should file, have your case evaluated. A professional can look your situation over and help you determine if it is even feasible for you to try and avoid bankruptcy. You can have this done by a credit counselor or on a bankruptcy site online.
Another place you can look to for help is the bank where you have loans and accounts. Explain your financial problems to them and see if they can offer advice. If you have loans with them they will be eager to help you avoid bankruptcy. They may be able to consolidate some of your loans or rewrite them so you can get some relief.
If you do file for bankruptcy, you can lose many, or all, of your assets. But, to avoid bankruptcy, you can try to sell your assets before they are taken away by the bank. If you are having a hard time finding someone to buy your assets, you can try to sell them to the banks you own money to. Sometimes, the banks you owe will take assets in exchange for debt relief. Selling your assets is a good way on how to avoid bankruptcy.
When you have found a way to avoid bankruptcy and get out of debt, it is important that you change your ways and stay out of debt because the next time you get into financial problems you may not have any other choice but to file bankruptcy. Make learning how to control your finances and stick to a budget your top priority.
Bankruptcy is an issue in this economy that should be taken very seriously. So, you should do every think possible to learn how to avoid bankruptcy and take every opportunity to eliminate your debt.
Before declare bankruptcy go to this site and get his excelent free report on debt consolidation torontoand how to get out of debt in his website
Filing bankruptcy does not always save you from paying back your debts. No matter which chapter you choose to take, you may still have to pay back some of your previous debts even after you file for bankruptcy.
Bankruptcy is a very serious matter, and some people think of it too lightly. If you file for bankruptcy, it will stay on your record for a very long time, which can make it harder to get loans, mortgages, etc.
The first thing you should do is take a long look at yourself. Are you facing bankruptcy because of circumstances beyond your control or is it because you over spend or have a debt problem? This is important for you to determine because if you have some sort of money problem related to emotional or mental issues, you will quickly be back in the same boat after you file bankruptcy. On the other hand it will also be difficult for you to avoid bankruptcy and pay off your debts. You need to get help for this problem first.
If you catch your problem early enough, you may be able to avoid bankruptcy by going through credit counseling. These professionals can help you organize your expenses and understand your spending habits so you can gain control of your finances.
If you need help deciding if you should work to avoid bankruptcy or if you should file, have your case evaluated. A professional can look your situation over and help you determine if it is even feasible for you to try and avoid bankruptcy. You can have this done by a credit counselor or on a bankruptcy site online.
Another place you can look to for help is the bank where you have loans and accounts. Explain your financial problems to them and see if they can offer advice. If you have loans with them they will be eager to help you avoid bankruptcy. They may be able to consolidate some of your loans or rewrite them so you can get some relief.
If you do file for bankruptcy, you can lose many, or all, of your assets. But, to avoid bankruptcy, you can try to sell your assets before they are taken away by the bank. If you are having a hard time finding someone to buy your assets, you can try to sell them to the banks you own money to. Sometimes, the banks you owe will take assets in exchange for debt relief. Selling your assets is a good way on how to avoid bankruptcy.
When you have found a way to avoid bankruptcy and get out of debt, it is important that you change your ways and stay out of debt because the next time you get into financial problems you may not have any other choice but to file bankruptcy. Make learning how to control your finances and stick to a budget your top priority.
Bankruptcy is an issue in this economy that should be taken very seriously. So, you should do every think possible to learn how to avoid bankruptcy and take every opportunity to eliminate your debt.
Before declare bankruptcy go to this site and get his excelent free report on debt consolidation torontoand how to get out of debt in his website
After scrutiny, Frontier Bank closed by regulators
EVERETT, Wash. -- When Frontier Bank branches reopen Monday, they'll have a new name: Union Bank.
Frontier Financial Corp., the parent company of the long-time Everett institution, was closed by state regulators Friday. In nearly seamless succession, the Federal Deposit Insurance Corp. immediately assumed receivership of the bank and sold it to Union Bank of San Francisco.
The sale marks the end of a long fight by Frontier. Under increased scrutiny from regulators for more than a year, the bank has long struggled to break free from bad real estate loans and find investors to stop large losses.
Regulators started pounding the final nails in Frontier's coffin earlier this year when it labeled the bank "critically undercapitalized" and told officials to turn things around by April 15 or risk being sold to the highest bidder.
Brad Williamson, director of the state Department of Financial Institution's Division of Banks, said Frontier executives put up an admirable fight to recapitalize the bank. But large loan losses related to construction projects coupled with the state's economic climate was too high of a mountain to climb.
"I think in all cases, management tries desperately to bring the bank back to a safe condition," Williamson said. "But (Frontier CEO) Pat Fahey and the management at Frontier they really made a tremendous effort to recapitalize the institution."
Effective immediately, all Frontier depositors are customers of Union Bank. Frontier branches will be closed on Saturday for restructuring. Customers can still use their accounts by writing checks, using ATMs and debit cards and doing other banking through Frontier's website.
Branches will reopen Monday morning as Union Bank.
Frontier is the sixth Washington-based bank to close this year, according to FDIC data. City Bank of Lynnwood just two weeks ago landed on the failed-bank list, when regulators sold the foreclosure-plagued institution to Oak Harbor-based Whidbey Island Bank.
In 2009, 140 banks were shuttered across the U.S, the highest number in nearly two decades. FDIC officials predict more banks will close this year than last year.
Williamson is hesitant to say if that prediction will be true of Washington state.
"Nationally, I tend to agree with the FDIC," he said. "I don't really like to talk about local closures because we're starting to see shift in the capital markets."
Speculation about the bank's forced sale sent Frontier's stock soaring during the past week. But stock prices dropped 22 percent in trading Friday, ending the day at $3.57.
In after-hours trading before news of the closure, the stock continued to decline.
The drivers probably didn't know they were some of Frontier Bank's last customers when they pulled their cars through the drive-through at the branch on Highway 99 in Lynnwood on Friday evening.
It was business as usual.
The green 'open' lights above the lanes blinked over to red at 5:58 p.m. then they went dark.
The branch's doors locked at 6 p.m. Most of the interior lights went out.
A similar scene played out after closing Friday in downtown Everett. Branch employees gathered for meetings, visible through windows along Colby Avenue.
Jim Kavaney of Marysville used the cash machine outside the branch and said he was disappointed to hear about the closure.
"I've banked with them forever," he said. "I feel bad because I like Frontier, I like the people."
Last year, the scene looked different.
For several months in 2009, it appeared the bank had found a way to break free from the downward spiral: a group of investors headed by a New York hedgefund manager hoped to take over the company.
The deal would have injected Frontier with a $427 million cushion. That wouldn't only have saved Frontier, it could have meant expansion as it bought other failed banks through forced-sales.
Regulators didn't approve the deal in time for a deadline. Frontier CEO Pat Fahey relaunched a search for new investors, but didn't find a suitable match in time.
Frontier has been an Everett institution since 1978. It was conceived in a Black Angus restaurant over in a dinner meeting that brought founder Bob Dickson together with future Everett Mayor Ed Hansen.
Dickson ran the bank as CEO for decades, handing the reins over to his son, John Dickson, in 2003.
When bad real estate loans started taking a toll on the bank in 2008, John Dickson moved from CEO to bank president. And Frontier's board of directors voted to appoint retired banker Fahey to the top position.
Fahey fired John Dickson in March when he refused to cancel a family vacation to Hawaii despite the looming FDIC deadline.
When reached at his home Friday, John Dickson declined to comment.
On Tuesday, he sold thousands of Frontier shares worth more than $39,000, according to filings with the U.S. Securities and Exchange Commission.
Bob Dickson, 76, was more contemplative about the death notice delivered to the bank he helped found.
Frontier was a victim of recession, he said. The bank was not making subprime loans, Dickson pointed out; it was loaning money to builders.
Frontier took a massive blow when builders defaulted on their loans after the housing market collapsed.
"It's not only Frontier Bank," Dickson said. "Many other community banks were hit hard by this."
Union Bank went on a buying spree in April.
A subsidiary of UnionBanCal Corp., Union Bank recently acquired $600 million in assets from Tamalpais Bank after the FDIC seized that bank, based in San Rafael, Calif.
Union Bank's presence dwarfs Frontier's: 346 banking offices in California, Oregon, Washington and Texas and two international offices.
Union Bank's assets total $85.2 billion. It acquired $3.2 billion in total assets from Frontier and $2.5 billion in deposits, along with Frontier's 50 branch offices in Washington and Oregon.
A big incentive for Union Bank was the FDIC agreeing to a loss-share transaction on $3.04 billion of Frontier's less-desirable assets.
"I think it's a good match," said Williamson, the state director of banks. "Union Bank doesn't have a lot of presence in Washington state. And Frontier Bank gives them an immediate presence."
In a prepared statement, Union Bank CEO Masaaki Tanaka agreed: "We have been looking for the right opportunity to expand in the region for some time and Frontier Bank's commercial and consumer businesses match well with our own, particularly in retail and corporate banking, and wealth management."
Frontier Financial Corp., the parent company of the long-time Everett institution, was closed by state regulators Friday. In nearly seamless succession, the Federal Deposit Insurance Corp. immediately assumed receivership of the bank and sold it to Union Bank of San Francisco.
The sale marks the end of a long fight by Frontier. Under increased scrutiny from regulators for more than a year, the bank has long struggled to break free from bad real estate loans and find investors to stop large losses.
Regulators started pounding the final nails in Frontier's coffin earlier this year when it labeled the bank "critically undercapitalized" and told officials to turn things around by April 15 or risk being sold to the highest bidder.
Brad Williamson, director of the state Department of Financial Institution's Division of Banks, said Frontier executives put up an admirable fight to recapitalize the bank. But large loan losses related to construction projects coupled with the state's economic climate was too high of a mountain to climb.
"I think in all cases, management tries desperately to bring the bank back to a safe condition," Williamson said. "But (Frontier CEO) Pat Fahey and the management at Frontier they really made a tremendous effort to recapitalize the institution."
Effective immediately, all Frontier depositors are customers of Union Bank. Frontier branches will be closed on Saturday for restructuring. Customers can still use their accounts by writing checks, using ATMs and debit cards and doing other banking through Frontier's website.
Branches will reopen Monday morning as Union Bank.
Frontier is the sixth Washington-based bank to close this year, according to FDIC data. City Bank of Lynnwood just two weeks ago landed on the failed-bank list, when regulators sold the foreclosure-plagued institution to Oak Harbor-based Whidbey Island Bank.
In 2009, 140 banks were shuttered across the U.S, the highest number in nearly two decades. FDIC officials predict more banks will close this year than last year.
Williamson is hesitant to say if that prediction will be true of Washington state.
"Nationally, I tend to agree with the FDIC," he said. "I don't really like to talk about local closures because we're starting to see shift in the capital markets."
Speculation about the bank's forced sale sent Frontier's stock soaring during the past week. But stock prices dropped 22 percent in trading Friday, ending the day at $3.57.
In after-hours trading before news of the closure, the stock continued to decline.
The drivers probably didn't know they were some of Frontier Bank's last customers when they pulled their cars through the drive-through at the branch on Highway 99 in Lynnwood on Friday evening.
It was business as usual.
The green 'open' lights above the lanes blinked over to red at 5:58 p.m. then they went dark.
The branch's doors locked at 6 p.m. Most of the interior lights went out.
A similar scene played out after closing Friday in downtown Everett. Branch employees gathered for meetings, visible through windows along Colby Avenue.
Jim Kavaney of Marysville used the cash machine outside the branch and said he was disappointed to hear about the closure.
"I've banked with them forever," he said. "I feel bad because I like Frontier, I like the people."
Last year, the scene looked different.
For several months in 2009, it appeared the bank had found a way to break free from the downward spiral: a group of investors headed by a New York hedgefund manager hoped to take over the company.
The deal would have injected Frontier with a $427 million cushion. That wouldn't only have saved Frontier, it could have meant expansion as it bought other failed banks through forced-sales.
Regulators didn't approve the deal in time for a deadline. Frontier CEO Pat Fahey relaunched a search for new investors, but didn't find a suitable match in time.
Frontier has been an Everett institution since 1978. It was conceived in a Black Angus restaurant over in a dinner meeting that brought founder Bob Dickson together with future Everett Mayor Ed Hansen.
Dickson ran the bank as CEO for decades, handing the reins over to his son, John Dickson, in 2003.
When bad real estate loans started taking a toll on the bank in 2008, John Dickson moved from CEO to bank president. And Frontier's board of directors voted to appoint retired banker Fahey to the top position.
Fahey fired John Dickson in March when he refused to cancel a family vacation to Hawaii despite the looming FDIC deadline.
When reached at his home Friday, John Dickson declined to comment.
On Tuesday, he sold thousands of Frontier shares worth more than $39,000, according to filings with the U.S. Securities and Exchange Commission.
Bob Dickson, 76, was more contemplative about the death notice delivered to the bank he helped found.
Frontier was a victim of recession, he said. The bank was not making subprime loans, Dickson pointed out; it was loaning money to builders.
Frontier took a massive blow when builders defaulted on their loans after the housing market collapsed.
"It's not only Frontier Bank," Dickson said. "Many other community banks were hit hard by this."
Union Bank went on a buying spree in April.
A subsidiary of UnionBanCal Corp., Union Bank recently acquired $600 million in assets from Tamalpais Bank after the FDIC seized that bank, based in San Rafael, Calif.
Union Bank's presence dwarfs Frontier's: 346 banking offices in California, Oregon, Washington and Texas and two international offices.
Union Bank's assets total $85.2 billion. It acquired $3.2 billion in total assets from Frontier and $2.5 billion in deposits, along with Frontier's 50 branch offices in Washington and Oregon.
A big incentive for Union Bank was the FDIC agreeing to a loss-share transaction on $3.04 billion of Frontier's less-desirable assets.
"I think it's a good match," said Williamson, the state director of banks. "Union Bank doesn't have a lot of presence in Washington state. And Frontier Bank gives them an immediate presence."
In a prepared statement, Union Bank CEO Masaaki Tanaka agreed: "We have been looking for the right opportunity to expand in the region for some time and Frontier Bank's commercial and consumer businesses match well with our own, particularly in retail and corporate banking, and wealth management."
Cleburne school district finally free of state financial monitor
The state has notified Cleburne school district officials that their financial management has improved enough to warrant the departure of the state-appointed monitor who has overseen the handling of their affairs for 18 months.
Monitor Monte Geren will complete his final report to the Texas Education Agency and present it to the Cleburne school board at its May 10 meeting.
"It was a first time for me to be in this kind of situation," Superintendent Ronny Beard said in a statement from the district. "The whole monitor process worked well. ... Dr. Geren has been a great ally. We didn't always agree, but we were always able to work through everything in a professional manner."
Geren was called in to monitor the district after the discovery that federal grant money was not properly documented on salaries or was misused on staff retreats and excessive travel expenses.
A residents watchdog group uncovered the improprieties, which prompted the state inquiry.
The TEA conducted a three-year audit in 2006, and the district eventually had to pay back $362,000 in federal grant funds.
Geren served as an observer and consultant as administrators untangled the financial mess that dated to 2003.
The fallout included the resignation of Superintendent Robert Damron in March 2008 and the hiring of Beard that July. The central administration and business and finance departments were reorganized, and jobs and duties were reshuffled.
Sound accounting procedures have been introduced with Geren's guidance, district officials said.
The district was required to pay Geren's hourly fee of $75, capped at $600 per day.
Monitor Monte Geren will complete his final report to the Texas Education Agency and present it to the Cleburne school board at its May 10 meeting.
"It was a first time for me to be in this kind of situation," Superintendent Ronny Beard said in a statement from the district. "The whole monitor process worked well. ... Dr. Geren has been a great ally. We didn't always agree, but we were always able to work through everything in a professional manner."
Geren was called in to monitor the district after the discovery that federal grant money was not properly documented on salaries or was misused on staff retreats and excessive travel expenses.
A residents watchdog group uncovered the improprieties, which prompted the state inquiry.
The TEA conducted a three-year audit in 2006, and the district eventually had to pay back $362,000 in federal grant funds.
Geren served as an observer and consultant as administrators untangled the financial mess that dated to 2003.
The fallout included the resignation of Superintendent Robert Damron in March 2008 and the hiring of Beard that July. The central administration and business and finance departments were reorganized, and jobs and duties were reshuffled.
Sound accounting procedures have been introduced with Geren's guidance, district officials said.
The district was required to pay Geren's hourly fee of $75, capped at $600 per day.
Personal selection of financial software for students
Students deal with problems both at the same time, mostly the money management takes the back seat. more than expected do not, students do not request suitable organisation of their accounts, as are many of their funds, possibly from their relatives or to a unchanging schedule where they are employed. The outcome is a tyro who is confronted not usually with payments unclear school loans, but one that has little or no savings. if you find it difficult to time, there are sit on the state of your finance management and concentration on income and paperwork, a personal finance program will unequivocally make the process cheaper. is it expensive? Most software pda monetary basis, or Smartphone software, at $ thirty in normal prices. You can go aloft or lower, depending on the facilities included. as a student, you need usually the basic functions, such as bill monitoring, monetary calculator, billing and alerts. Amateur models personal finance software embody calculators for mortgages, stock trade systems that you unequivocally have no use for the moment. Financial management is compulsory if the monetary goals perplexing to achieve. For example, if you intend to take one more courses in the subsequent division for a monetary formulation tool to help you establish if there areas in your stream bill source, where money why. a personal finance software will discuss it you if a course is something extra you can equates to formed on your stream habits, or either sure expenses, you have to regulate in order to do so. The educational life is hard sufficient as it is. You can discharge the stress of your finance management and equates to more time for other critical topics with a unsentimental monetary tool with you wherever you go. be obliged for the students to learn to manage your money yourself. Not usually will you earn a substantial grade of joy as you learn to conclude your relatives more, to control your spending.
Brewer's bond rating improves
BREWER, Maine — The city's finance director said she was nervous about a recent surveillance review of the city’s bond rating, but apparently she had nothing to worry about after hearing this week that the city's bond rate actually improved by two levels.
“Given the difficult times, I wasn’t sure what to expect,” Finance Director Karen Fussell said Friday after receiving a fiscal management assessment report on Wednesday by Standard & Poor’s Financial Services LLC.
Standard and Poor’s upgraded Brewer’s bond rating from A, or upper medium grade, to AA-, or high-quality grade, Fussell told City Council members in a memo Friday.
The last time the New York-based company rated Brewer was 2005.
“In these difficult times to see an upgrade is noteworthy,” she said. It “reflects very positively on the city’s fiscal management and the council’s leadership.”
The Standard & Poor’s report states, “The outlook is stable,” for Brewer, and reflects a “good financial position despite ongoing budget stress.”
In Fussell’s memo to councilors, she highlighted the bond company’s other high points — that taxpayer concentration is diverse, and despite ongoing stress largely caused by state aid cuts and a slight decline in the tax base, Brewer’s financial operations remain favorable.
The report also states, “Brewer’s management practices are considered ‘good’ under Standard & Poor’s financial management assessment,” and that “the city’s debt burden remains manageable.”
“Given the difficult times, I wasn’t sure what to expect,” Finance Director Karen Fussell said Friday after receiving a fiscal management assessment report on Wednesday by Standard & Poor’s Financial Services LLC.
Standard and Poor’s upgraded Brewer’s bond rating from A, or upper medium grade, to AA-, or high-quality grade, Fussell told City Council members in a memo Friday.
The last time the New York-based company rated Brewer was 2005.
“In these difficult times to see an upgrade is noteworthy,” she said. It “reflects very positively on the city’s fiscal management and the council’s leadership.”
The Standard & Poor’s report states, “The outlook is stable,” for Brewer, and reflects a “good financial position despite ongoing budget stress.”
In Fussell’s memo to councilors, she highlighted the bond company’s other high points — that taxpayer concentration is diverse, and despite ongoing stress largely caused by state aid cuts and a slight decline in the tax base, Brewer’s financial operations remain favorable.
The report also states, “Brewer’s management practices are considered ‘good’ under Standard & Poor’s financial management assessment,” and that “the city’s debt burden remains manageable.”
Accounting and financial management software error
Accounting software is a multiple of a series of modules such as accounts receivable, accounts payable, general ledger, billing and register interpretation software aspects.
The accounting software has become need of the hour for all companies. Without it, no classification would be able to do business to scrupulously manage accounts. The software collects and processes associated to accounting modules such as accounts payable, accounts receivable, payroll and hearing balance. The software adds clarity and a one after another proceed on how to manage your business.
You can possibly rise an accounting software in residence if you have a team of software developers. Or you can even buy them from retailers in the quality and reliability. You can even buy accounting software from CRM vendor. In the best box is that when you buy an accounting software and CRM together, you’re sure to get good discounts with a guarantee.
The software is the complexity and functions. You need to be accepted the needs of your company, you buy an accounting software accordingly. You might have even customized to encounter the specific needs of your organization. But the personalization is inexpensive, so confirm accordingly.
Some basic software modules are accounts receivable, accounts payable, general ledger, invoicing, inventory, purchasing and sales order.
The many critical resources and liabilities appearance. They are critical since the financing is one of the key elements that an classification can run uniformly and efficiently. Without enough appropriation to survive, no company or organization. Other Non-core modules, that are only as important, collections, payroll, time sheets, seizure, and cost requests.
The accounting software has become need of the hour for all companies. Without it, no classification would be able to do business to scrupulously manage accounts. The software collects and processes associated to accounting modules such as accounts payable, accounts receivable, payroll and hearing balance. The software adds clarity and a one after another proceed on how to manage your business.
You can possibly rise an accounting software in residence if you have a team of software developers. Or you can even buy them from retailers in the quality and reliability. You can even buy accounting software from CRM vendor. In the best box is that when you buy an accounting software and CRM together, you’re sure to get good discounts with a guarantee.
The software is the complexity and functions. You need to be accepted the needs of your company, you buy an accounting software accordingly. You might have even customized to encounter the specific needs of your organization. But the personalization is inexpensive, so confirm accordingly.
Some basic software modules are accounts receivable, accounts payable, general ledger, invoicing, inventory, purchasing and sales order.
The many critical resources and liabilities appearance. They are critical since the financing is one of the key elements that an classification can run uniformly and efficiently. Without enough appropriation to survive, no company or organization. Other Non-core modules, that are only as important, collections, payroll, time sheets, seizure, and cost requests.
Financial Management Services
Financial management services are the services offered by various financial institutions such as banks, insurance companies, investment banks, etc., to help individuals or corporations in achieving their financial goals, in terms of accumulating greater wealth and future financial security. There are a number of financial management services companies offering a diverse portfolio of services to suit different financial requirements of their clients. In order to accomplish the task, these companies provide the assistance of professional financial advisors. These financial advisors help individuals or corporate manage their wealth appropriately. Some of the financial management services for individuals offered by financial management companies include:
1.Account Management: It includes opening or closing of different types of accounts, transfer of funds, etc.
2.Investment Solutions: The financial advisor helps the individuals diversify their portfolio through alternative investment plans, mutual funds, equities, and even save for retirement through annuities.
3. Financial Planning: The financial management association offer financial planning as a major part of their diverse portfolio of services. They provide individuals with personal financial advisors who plan their current expenditures and save for future short-term or long-term goals by analyzing different options available.
4.Retirement Planning: The financial advisor guides their clients in planning for their financial requirements after retirement, by helping them identify goals, researching and analyzing different opportunities to secure funds and make investments to suits their needs.
5.Wealth Management: The financial management services companies offer services to manage their clients’current assets and liabilities through investments as in life
insurance, growing wealth to address the individual’s future needs by analyzing risk factors in different investment plans, and preserving wealth for a secure future.
Services offered for corporate organizations include:
1.Corporate Cash Management: The financial advisor helps identify various taxable and
non-taxable investments, such as discount rates, auction rate preferred stock, etc.
2.Corporate Stock Benefit Plans: These are to help the corporate clients retain their efficient employees.
3.Investment Banking: The financial management services companies help their corporate clients meet their future business requirements by investing in various investment plans.
4.Account Transfer: The companies provide quick account transfer services to their corporate clients, to maintain a normalcy in business functioning. This is not a comprehensive list of services.
They may differ from one financial management company to another. One can select the services according to their requirements – personal or professional.
1.Account Management: It includes opening or closing of different types of accounts, transfer of funds, etc.
2.Investment Solutions: The financial advisor helps the individuals diversify their portfolio through alternative investment plans, mutual funds, equities, and even save for retirement through annuities.
3. Financial Planning: The financial management association offer financial planning as a major part of their diverse portfolio of services. They provide individuals with personal financial advisors who plan their current expenditures and save for future short-term or long-term goals by analyzing different options available.
4.Retirement Planning: The financial advisor guides their clients in planning for their financial requirements after retirement, by helping them identify goals, researching and analyzing different opportunities to secure funds and make investments to suits their needs.
5.Wealth Management: The financial management services companies offer services to manage their clients’current assets and liabilities through investments as in life
insurance, growing wealth to address the individual’s future needs by analyzing risk factors in different investment plans, and preserving wealth for a secure future.
Services offered for corporate organizations include:
1.Corporate Cash Management: The financial advisor helps identify various taxable and
non-taxable investments, such as discount rates, auction rate preferred stock, etc.
2.Corporate Stock Benefit Plans: These are to help the corporate clients retain their efficient employees.
3.Investment Banking: The financial management services companies help their corporate clients meet their future business requirements by investing in various investment plans.
4.Account Transfer: The companies provide quick account transfer services to their corporate clients, to maintain a normalcy in business functioning. This is not a comprehensive list of services.
They may differ from one financial management company to another. One can select the services according to their requirements – personal or professional.
Initiative Aims to Strengthen the Financial Management Skills
CHICAGO, April 22, 2010 – Today, the Chicago Department of Family and Support Services (DFSS), together with Fiscal Management Associates, LLC (FMA), kicked off its Strategic Financial Management initiative at The Art Institute of Chicago, 111 S. Michigan Avenue. Developed for Chicago’s out-of-school time providers and generously funded by The Wallace Foundation, this initiative will provide 18 months of comprehensive training to strengthen the financial management skills of more than 100 Chicago community-based organizations.
“During this difficult financial climate, it is critical that we provide our community-based organizations with the resources and assistance they need to make sound financial decisions,” said Ric Estrada, first deputy commissioner, Chicago Department of Family and Support Services. “By providing this comprehensive training program, we are able to strengthen our network of providers so they can make the most of their funds and to continue to offer quality programs to our communities.”
“Out-of-school time providers often face administrative and managerial challenges as they strive to provide high-quality services for children,” said Nancy Devine, director of communities, The Wallace Foundation. “Our hope is that this training program will help providers meet those challenges – and also yield lessons that will be useful for other providers around the nation.”
Today’s kick-off event will provide community-based executive directors, CEOs, lead finance executives and program directors with an opportunity to participate in workshops focused on critical concepts in nonprofit financial management as well as interactive discussions. Following the event, participants will continue to engage in a range of educational sessions including:
Scenario planning, budget development and forecasting;
Budgeting for and managing government contracts;
Understanding indirect costs and cost allocations;
Managing cash flow; and
Preparing for the audit process.
“We are delighted to now have a Chicago base,” says Hilda Polanco, managing director and founder of FMA. “We look forward to continuing to meet and work with the great nonprofits that make Chicago the great city it is.”
FMA offers a range of fiscal management, accounting, organizational and technology consulting services customized to the specific needs of each organization. The multidisciplinary FMA team comprises a diversity of cultures, languages and educational interests.
For more information about the Strategic Financial Management Initiative, please call 312-743-0938.
About the Chicago Department of Family and Support Services
The Chicago Department of Family and Support Services (DFSS) is dedicated to supporting a continuum of coordinated services to enhance the lives of Chicago residents, particularly those most in need, from birth through the senior years. The department works to promote the independence and well-being of individuals, support families and strengthen neighborhoods by providing direct assistance and administering resources to a network of community-based organizations, social service providers and institutions. For more information about the Chicago Department of Family and Support Services, call 312-743-0300 or visit www.cityofchicago.org/fss.
About Fiscal Management Associates
Fiscal Management Associates (FMA), www.fmaonline.net, is a nationally known and respected fiscal consulting firm that empowers nonprofit organizations with the knowledge and skills to successfully serve their constituents and fulfill their missions.
About The Wallace Foundation
The Wallace Foundation is an independent, national foundation dedicated to supporting and sharing effective ideas and practices that expand learning and enrichment opportunities for all people. Its three current objectives are: strengthening education leadership to improve student achievement; enhancing out-of-school learning opportunities; and building appreciation and demand for the arts. The Foundation maintains an online library of research reports and other publications that may be downloaded free of charge at: www.wallacefoundation.org.
“During this difficult financial climate, it is critical that we provide our community-based organizations with the resources and assistance they need to make sound financial decisions,” said Ric Estrada, first deputy commissioner, Chicago Department of Family and Support Services. “By providing this comprehensive training program, we are able to strengthen our network of providers so they can make the most of their funds and to continue to offer quality programs to our communities.”
“Out-of-school time providers often face administrative and managerial challenges as they strive to provide high-quality services for children,” said Nancy Devine, director of communities, The Wallace Foundation. “Our hope is that this training program will help providers meet those challenges – and also yield lessons that will be useful for other providers around the nation.”
Today’s kick-off event will provide community-based executive directors, CEOs, lead finance executives and program directors with an opportunity to participate in workshops focused on critical concepts in nonprofit financial management as well as interactive discussions. Following the event, participants will continue to engage in a range of educational sessions including:
Scenario planning, budget development and forecasting;
Budgeting for and managing government contracts;
Understanding indirect costs and cost allocations;
Managing cash flow; and
Preparing for the audit process.
“We are delighted to now have a Chicago base,” says Hilda Polanco, managing director and founder of FMA. “We look forward to continuing to meet and work with the great nonprofits that make Chicago the great city it is.”
FMA offers a range of fiscal management, accounting, organizational and technology consulting services customized to the specific needs of each organization. The multidisciplinary FMA team comprises a diversity of cultures, languages and educational interests.
For more information about the Strategic Financial Management Initiative, please call 312-743-0938.
About the Chicago Department of Family and Support Services
The Chicago Department of Family and Support Services (DFSS) is dedicated to supporting a continuum of coordinated services to enhance the lives of Chicago residents, particularly those most in need, from birth through the senior years. The department works to promote the independence and well-being of individuals, support families and strengthen neighborhoods by providing direct assistance and administering resources to a network of community-based organizations, social service providers and institutions. For more information about the Chicago Department of Family and Support Services, call 312-743-0300 or visit www.cityofchicago.org/fss.
About Fiscal Management Associates
Fiscal Management Associates (FMA), www.fmaonline.net, is a nationally known and respected fiscal consulting firm that empowers nonprofit organizations with the knowledge and skills to successfully serve their constituents and fulfill their missions.
About The Wallace Foundation
The Wallace Foundation is an independent, national foundation dedicated to supporting and sharing effective ideas and practices that expand learning and enrichment opportunities for all people. Its three current objectives are: strengthening education leadership to improve student achievement; enhancing out-of-school learning opportunities; and building appreciation and demand for the arts. The Foundation maintains an online library of research reports and other publications that may be downloaded free of charge at: www.wallacefoundation.org.
India Alternatives debuts with Rs 28 cr deal in education
Frameboxx Animations and Indian Institute of Financial Management come together as part of this deal.
Interesting niches in education continue to attract the alternative asset class. India Alternatives Investment Advisors Private Limited, sponsored by the promoter of Centrum Group Chandir Gidwani, has made its debut investment of Rs 28 crore in the education sector.
The investment follows the creation of a platform by way of a merger between Frameboxx Animations, an animation training firm, and the Indian Institute of Financial Management (IIFM), which offers MBA programmes and vocational training in financial services.
The PE firm is investing in the combined entity, which will provide training and higher education courses in diverse fields ranging from media to financial services.
Shivani Bhasin Sachdeva, CEO of India Alternatives, said, in a statement, “The education sector in India is an $80-billion dollar opportunity. We have created this exclusive transaction by combining two players to form a unique platform in the education sector.”
Talking to VCCircle, she said, the PE firm would hold a significant minority stake in the combined entity. She says, India Alternatives would look at opportunities in the higher education niches which focus on training for high employability.
India Alternatives has also roped in Anjani Jain, Vice Dean of The Wharton School, to provide strategic guidance to portfolio companies in the education sector.
The Framboxx-IIFM merger will create an entity that will provide training and higher education in diverse fields including MBA, financial services as well as media and animation.
It will have over 50 centres offering animation training and more than 20 offering vocational programmes in finance (wealth management, financial planning and insurance management) and a pan-India presence of MBA centres.
Rajesh Turakhia, promoter of Frameboxx, said, “This is an exciting deal which allows Frameboxx to diversify into the fast-growing financial services sectors”.
Jagmohan Bhanver, promoter of IIFM said, “The existing international tie ups of IIFM and Frameboxx coupled with strong industry involvement in all the programmes will deliver world class education with high employability”.
The venture capital and private equity industry have been keenly following recession-proof and non-cyclical themes particularly in the wake of the global economic slowdown.
According to VCCircle’s Deal Outlook Survey conducted in December last year, 71% of the participants said, they wanted to invest in the education space this year. The sector has already seen some traction in terms of deals.
The largest recent deal in this space has been PremjiInvest' investment of $43.32 million (about Rs 214 crore) in Manipal Universal Learning Pvt Ltd. Other ventures that got funded this year include Pathways World School, Resonance Eduventures Pvt Ltd, Speakwell English Academy, IL&FS Education & Technology Services Ltd and Career Point Infosystems Ltd.
Interesting niches in education continue to attract the alternative asset class. India Alternatives Investment Advisors Private Limited, sponsored by the promoter of Centrum Group Chandir Gidwani, has made its debut investment of Rs 28 crore in the education sector.
The investment follows the creation of a platform by way of a merger between Frameboxx Animations, an animation training firm, and the Indian Institute of Financial Management (IIFM), which offers MBA programmes and vocational training in financial services.
The PE firm is investing in the combined entity, which will provide training and higher education courses in diverse fields ranging from media to financial services.
Shivani Bhasin Sachdeva, CEO of India Alternatives, said, in a statement, “The education sector in India is an $80-billion dollar opportunity. We have created this exclusive transaction by combining two players to form a unique platform in the education sector.”
Talking to VCCircle, she said, the PE firm would hold a significant minority stake in the combined entity. She says, India Alternatives would look at opportunities in the higher education niches which focus on training for high employability.
India Alternatives has also roped in Anjani Jain, Vice Dean of The Wharton School, to provide strategic guidance to portfolio companies in the education sector.
The Framboxx-IIFM merger will create an entity that will provide training and higher education in diverse fields including MBA, financial services as well as media and animation.
It will have over 50 centres offering animation training and more than 20 offering vocational programmes in finance (wealth management, financial planning and insurance management) and a pan-India presence of MBA centres.
Rajesh Turakhia, promoter of Frameboxx, said, “This is an exciting deal which allows Frameboxx to diversify into the fast-growing financial services sectors”.
Jagmohan Bhanver, promoter of IIFM said, “The existing international tie ups of IIFM and Frameboxx coupled with strong industry involvement in all the programmes will deliver world class education with high employability”.
The venture capital and private equity industry have been keenly following recession-proof and non-cyclical themes particularly in the wake of the global economic slowdown.
According to VCCircle’s Deal Outlook Survey conducted in December last year, 71% of the participants said, they wanted to invest in the education space this year. The sector has already seen some traction in terms of deals.
The largest recent deal in this space has been PremjiInvest' investment of $43.32 million (about Rs 214 crore) in Manipal Universal Learning Pvt Ltd. Other ventures that got funded this year include Pathways World School, Resonance Eduventures Pvt Ltd, Speakwell English Academy, IL&FS Education & Technology Services Ltd and Career Point Infosystems Ltd.
Friday, April 16, 2010
The growth of financial literacy for youth month
Financial literacy month takes place during the entire month of April. Several activities campaigns will take place this month in order to raise financial awareness, further people's money management skills, and encourage financial responsibility.
This month started in America partly due to findings in several studies that suggested that majority of students that graduated from high school lacked practical money management skills. In addition, many students were found unable to balance a checkbook, as well as having no insight on how to manage the spending, savings, earnings, and investments.
More specifically, the American Savings Education Council found less than half of the U.S. high school and college age population have a regular savings. Additionally, only a small fraction of students in that age range were found to keep a budget, while more than 1/3 of those did not keep track of their spending at all. There is absolutely no doubt that these statistics are very similar here in the Bahamas.
Financial literacy month raises awareness about the millions of young adults around the world that have a hard time when it comes to establishing credit and maintaining a positive credit history. Most have developed bad money management habits that started in high school and for many; those habits stay with them their entire life. Unfortunately they learn their money management lessons after a major financial mistake. Many young people have learned through personal experience due to a lack of financial awareness. These financial mistakes can completely be avoided if something is done early enough to teach our youth. My last article mentioned that this month has been officially been proclaimed as Financial Literacy for Youth Month in The Bahamas by our nation’s Prime Minister.
Some of the lessons youth will learn during this month is the importance of personal financial management, the rules of money and how it works, financial behavior of the wealthy, how to avoid bad financial mistakes and the smart steps toward the road to Freedom!
You can choose from a handful of different ways to help raise awareness about the financial education movement here in the country. Here’s how you can get involved.
1. StandUp for Financial Literacy campaign. This campaign involves a series of events across the country. The goal of this campaign is to get as many people to teach and talk about financial literacy to students.
2. Organize a Youth Money Game Night. Teenagers are always looking for ways to have fun. Why not teach them important financial lessons at the very same time. The T.E.E.N. (Teen Economic Empowerment Network) in conjunction with Creative Wealth is helping to host a series of money game nights all over the country. It takes a group of 5 or more teens together to host a game. You bring the youth, we bring the games.
3. If you have kids who are between the ages of 6- 12, enroll them into the “Rich Futures” Cashflow for Kids Club. Children are interested in learning about money at a young age. Educational psychologists say that between the ages of 5-12 children make decisions about life and how they plan to handle their future. They also make decisions about money. After the age of 12-14, it becomes harder for parents to teach them new ideas. It is best to teach them when they’re young and eager to learn. That is the purpose of the Rich Futures Cashflow for Kids club.
4. Host a “Teenz Talk Money” Session. There are many financial topics that our youth need to learn. It is important that they begin learning now. Some topics that can be discussed at these sessions are: an introduction to banking services, credit and credit cards, how to choose and keep a checking account, how to keep track of money, why you should save, save, save, paying for college and cars and what renting and home ownership is all about. It takes ten teens to host a session at a time and date convenient for the host. For a complete list of topics, feel free to contact me.
There are so many other things that you can do within your circle of influence. I would be happy to work with your kids, teens and young adults within churches, schools and communities to help to financially empower our next generation.
Youth financial literacy does not require that school systems undergo a complete overhaul within their educational systems, but rather they notice the need for a balance in education. Studies show that even as little as 10 hours of financial education makes a difference in the choices an individual makes with his or her finances.
Although the focus of financial literacy for youth month is the provision of money management training for our youth, this month is not just intended to focus solely on the youth. With many adults also lacking basic money management skills this campaign is intended to make everyone aware that picking up a practical financial education can improve many areas of their life.
It is my hope that financial literacy month inspires parents to engage their children in financial literacy education and that this message will extend into the classroom to touch the lives of those who will be the future leaders of this country. Let us use financial literacy month as a springboard to help your child and our youth learn how to become a financially responsible adults now before it’s too late.
If this is done, we can definitely expect a bright economic future for our nation.
This month started in America partly due to findings in several studies that suggested that majority of students that graduated from high school lacked practical money management skills. In addition, many students were found unable to balance a checkbook, as well as having no insight on how to manage the spending, savings, earnings, and investments.
More specifically, the American Savings Education Council found less than half of the U.S. high school and college age population have a regular savings. Additionally, only a small fraction of students in that age range were found to keep a budget, while more than 1/3 of those did not keep track of their spending at all. There is absolutely no doubt that these statistics are very similar here in the Bahamas.
Financial literacy month raises awareness about the millions of young adults around the world that have a hard time when it comes to establishing credit and maintaining a positive credit history. Most have developed bad money management habits that started in high school and for many; those habits stay with them their entire life. Unfortunately they learn their money management lessons after a major financial mistake. Many young people have learned through personal experience due to a lack of financial awareness. These financial mistakes can completely be avoided if something is done early enough to teach our youth. My last article mentioned that this month has been officially been proclaimed as Financial Literacy for Youth Month in The Bahamas by our nation’s Prime Minister.
Some of the lessons youth will learn during this month is the importance of personal financial management, the rules of money and how it works, financial behavior of the wealthy, how to avoid bad financial mistakes and the smart steps toward the road to Freedom!
You can choose from a handful of different ways to help raise awareness about the financial education movement here in the country. Here’s how you can get involved.
1. StandUp for Financial Literacy campaign. This campaign involves a series of events across the country. The goal of this campaign is to get as many people to teach and talk about financial literacy to students.
2. Organize a Youth Money Game Night. Teenagers are always looking for ways to have fun. Why not teach them important financial lessons at the very same time. The T.E.E.N. (Teen Economic Empowerment Network) in conjunction with Creative Wealth is helping to host a series of money game nights all over the country. It takes a group of 5 or more teens together to host a game. You bring the youth, we bring the games.
3. If you have kids who are between the ages of 6- 12, enroll them into the “Rich Futures” Cashflow for Kids Club. Children are interested in learning about money at a young age. Educational psychologists say that between the ages of 5-12 children make decisions about life and how they plan to handle their future. They also make decisions about money. After the age of 12-14, it becomes harder for parents to teach them new ideas. It is best to teach them when they’re young and eager to learn. That is the purpose of the Rich Futures Cashflow for Kids club.
4. Host a “Teenz Talk Money” Session. There are many financial topics that our youth need to learn. It is important that they begin learning now. Some topics that can be discussed at these sessions are: an introduction to banking services, credit and credit cards, how to choose and keep a checking account, how to keep track of money, why you should save, save, save, paying for college and cars and what renting and home ownership is all about. It takes ten teens to host a session at a time and date convenient for the host. For a complete list of topics, feel free to contact me.
There are so many other things that you can do within your circle of influence. I would be happy to work with your kids, teens and young adults within churches, schools and communities to help to financially empower our next generation.
Youth financial literacy does not require that school systems undergo a complete overhaul within their educational systems, but rather they notice the need for a balance in education. Studies show that even as little as 10 hours of financial education makes a difference in the choices an individual makes with his or her finances.
Although the focus of financial literacy for youth month is the provision of money management training for our youth, this month is not just intended to focus solely on the youth. With many adults also lacking basic money management skills this campaign is intended to make everyone aware that picking up a practical financial education can improve many areas of their life.
It is my hope that financial literacy month inspires parents to engage their children in financial literacy education and that this message will extend into the classroom to touch the lives of those who will be the future leaders of this country. Let us use financial literacy month as a springboard to help your child and our youth learn how to become a financially responsible adults now before it’s too late.
If this is done, we can definitely expect a bright economic future for our nation.
Tuesday, April 13, 2010
e-Payment and the search for prudent management of public funds
Chairman, Federal Inland Revenue Service , Mrs. Ifueko Omogui-Okauru
One year after the introduction of e-Payment into the country, experts believe that the system needs to be fine tuned.
When the Federal Government mooted the idea of introducing the electronic-payment system in 2008, the decision was greeted by mixed reactions from experts in both the public and private sectors of the economy.
The system was officially introduced into the public sector in January 2009 to facilitate payment for goods and services, as well as minimise the level of interactions between contractors and government officials thus eliminating corrupt tendencies.
It was also meant to eliminate the use of cash to facilitate speedy payments of all transactions, fast-track the implementation of government policies through the elimination of delays in government’s payment system, enhanced real time reporting and improved quality of financial reporting system in the public sector, as well as elimination of risks associated with carrying large cash.
But one year after the flag off of the system, experts say a lot of improvement still needs to be done to enable the programme to achieve the desired objective.
The Federal Government was not unmindful of these facts when it organised a two day workshop on e-payment for Accountants-General and Auditors-General from the three tiers of government.
Speaking at the event, the Permanent Secretary, Ministry of Finance, Mr. Achi Achinuvu, admitted that there was still more work to be done to make the system achieve the desired result.
For instance, he said that as part of its ongoing reforms in the public sector, the Federal Government would from next year begin the implementation of an Integrated Financial Management Information System for the public sector.
The GIFMIS, which would be fully operational by 2011, would facilitate the end-to-end processing of the e-payment initiative.
The end-to-end e-payment initiative implies that all ministries, departments and agencies of government will be making e-payment directly to the beneficiaries from the infrastructure installed in their offices.
Already, the Office of the Accountant General of the Federation has been repositioned for the effective implementation of the system through the GIFMIS.
The move is coming on the heels of a series of complaints by contractors handling projects in remote areas over the difficulties associated with the e-payment model.
For instance, some contractors had in the past raised the alarm over information security, lack of regulatory framework, as well as infrastructural limitations associated with the payment mode.
But Achinuvu said that despite the bottlenecks associated with the mode of payment, the scheme had recorded huge success.
He said that the e-payment system, which was introduced a year ago, had helped to minimise the interaction between contractors and government officials thus eliminating corrupt tendencies.
To ensure an uninterrupted connectivity of the system, the Central Bank of Nigeria has been requested to champion the implementation of a national switch, which will serve as a platform to provide seamless interconnectivity for all banks.
He said that the workshop, with the theme, ”e-payment system and public financial management reporting system as tools for achieving transparency in government,” was coming at a time when the government budgeting process was undergoing phenomenal transformation.
He emphasised the need to kick-start the process, adding that the system would aid the computerisation of public financial management processes, from budget preparation and execution to accounting and reporting, with the help of an integrated system for financial management of line ministries, spending agencies and other public sector operations.
According to him, ”As the world moves in a direction of a global village, we cannot remain isolated within the mundane systems and practices of public sector accounting. We must keep pace with emerging trends in technological advancement.
”The present administration has continued to place emphasis on transparency, probity and accountability as a means of ensuring prudent and judicious utilisation of resources. While the commercial entities across the world are moving towards International Financial Reporting Standards, governments are harmonising with International Public Sector Accounting Standard. The Federal Government would be implementing the GIFMIS by next year.”
Speaking in the same vein, the Accountant-General of the Federation, Mr. Ibrahim Dankwaabo, urged the FG to approve the adoption of IPSAS as a form of reporting in the public sector.
”Adoption of a uniform global standard would ensure understandability of the financial statements on the part of international investors. In other words, adoption of IPSAS would increase the acceptability of accounts of Nigeria, internationally, ”he added.
But the Chairman of the Federal Inland Revenue Service, Mrs. Ifueko Omogui-Okauru said that sharp practices among Deposit Money Banks, as well as problems from switches in effecting transfers from one bank to another were major reasons why the Federal Government is yet to reaped the benefits of the e-payment system.
The FIRS boss, who spoke at the workshop, noted there was need to improve the system to enhance accountability and transparency
She said the diversion of some of the e-payment accounts, as well as the banks‘ inability to quickly reconcile the accounts when the need arose, were responsible for the complaints
According to her, ”Some of the problems we faced with e-payment at the FIRS, among others, have to do with reconciliation; being able to reconcile what is paid, what the banks received and ultimate basic account. The complaints and constraints facing accountants in FIRS are also the fact that e-payment has not been as fast as it should be.
”In fact, it‘s like we are doing the e-payment on the manual system; we have not seen the full benefits of e-payment. Another problem is the diversion of e-payment of taxes to accounts other than those designated at the banks. We noted that in some banks, this e-payment does not get to the designated accounts, but are posted to some accounts, even when we thought that e-payment should go direct.”
Speaking in a similar vein, the Director, Consolidated Accounts, Office of the Accountant General of the Federation, Mr. Oludare Osibote, also said that late returns in respect of unapplied funds, use of different Information Technology platforms by different banks, which had caused problems of interconnectivity, non uniformity of accounts numbers, since banks use different number of digits, as well as lack of regulatory framework on e-payment were other factors affecting the success of the scheme
One year after the introduction of e-Payment into the country, experts believe that the system needs to be fine tuned.
When the Federal Government mooted the idea of introducing the electronic-payment system in 2008, the decision was greeted by mixed reactions from experts in both the public and private sectors of the economy.
The system was officially introduced into the public sector in January 2009 to facilitate payment for goods and services, as well as minimise the level of interactions between contractors and government officials thus eliminating corrupt tendencies.
It was also meant to eliminate the use of cash to facilitate speedy payments of all transactions, fast-track the implementation of government policies through the elimination of delays in government’s payment system, enhanced real time reporting and improved quality of financial reporting system in the public sector, as well as elimination of risks associated with carrying large cash.
But one year after the flag off of the system, experts say a lot of improvement still needs to be done to enable the programme to achieve the desired objective.
The Federal Government was not unmindful of these facts when it organised a two day workshop on e-payment for Accountants-General and Auditors-General from the three tiers of government.
Speaking at the event, the Permanent Secretary, Ministry of Finance, Mr. Achi Achinuvu, admitted that there was still more work to be done to make the system achieve the desired result.
For instance, he said that as part of its ongoing reforms in the public sector, the Federal Government would from next year begin the implementation of an Integrated Financial Management Information System for the public sector.
The GIFMIS, which would be fully operational by 2011, would facilitate the end-to-end processing of the e-payment initiative.
The end-to-end e-payment initiative implies that all ministries, departments and agencies of government will be making e-payment directly to the beneficiaries from the infrastructure installed in their offices.
Already, the Office of the Accountant General of the Federation has been repositioned for the effective implementation of the system through the GIFMIS.
The move is coming on the heels of a series of complaints by contractors handling projects in remote areas over the difficulties associated with the e-payment model.
For instance, some contractors had in the past raised the alarm over information security, lack of regulatory framework, as well as infrastructural limitations associated with the payment mode.
But Achinuvu said that despite the bottlenecks associated with the mode of payment, the scheme had recorded huge success.
He said that the e-payment system, which was introduced a year ago, had helped to minimise the interaction between contractors and government officials thus eliminating corrupt tendencies.
To ensure an uninterrupted connectivity of the system, the Central Bank of Nigeria has been requested to champion the implementation of a national switch, which will serve as a platform to provide seamless interconnectivity for all banks.
He said that the workshop, with the theme, ”e-payment system and public financial management reporting system as tools for achieving transparency in government,” was coming at a time when the government budgeting process was undergoing phenomenal transformation.
He emphasised the need to kick-start the process, adding that the system would aid the computerisation of public financial management processes, from budget preparation and execution to accounting and reporting, with the help of an integrated system for financial management of line ministries, spending agencies and other public sector operations.
According to him, ”As the world moves in a direction of a global village, we cannot remain isolated within the mundane systems and practices of public sector accounting. We must keep pace with emerging trends in technological advancement.
”The present administration has continued to place emphasis on transparency, probity and accountability as a means of ensuring prudent and judicious utilisation of resources. While the commercial entities across the world are moving towards International Financial Reporting Standards, governments are harmonising with International Public Sector Accounting Standard. The Federal Government would be implementing the GIFMIS by next year.”
Speaking in the same vein, the Accountant-General of the Federation, Mr. Ibrahim Dankwaabo, urged the FG to approve the adoption of IPSAS as a form of reporting in the public sector.
”Adoption of a uniform global standard would ensure understandability of the financial statements on the part of international investors. In other words, adoption of IPSAS would increase the acceptability of accounts of Nigeria, internationally, ”he added.
But the Chairman of the Federal Inland Revenue Service, Mrs. Ifueko Omogui-Okauru said that sharp practices among Deposit Money Banks, as well as problems from switches in effecting transfers from one bank to another were major reasons why the Federal Government is yet to reaped the benefits of the e-payment system.
The FIRS boss, who spoke at the workshop, noted there was need to improve the system to enhance accountability and transparency
She said the diversion of some of the e-payment accounts, as well as the banks‘ inability to quickly reconcile the accounts when the need arose, were responsible for the complaints
According to her, ”Some of the problems we faced with e-payment at the FIRS, among others, have to do with reconciliation; being able to reconcile what is paid, what the banks received and ultimate basic account. The complaints and constraints facing accountants in FIRS are also the fact that e-payment has not been as fast as it should be.
”In fact, it‘s like we are doing the e-payment on the manual system; we have not seen the full benefits of e-payment. Another problem is the diversion of e-payment of taxes to accounts other than those designated at the banks. We noted that in some banks, this e-payment does not get to the designated accounts, but are posted to some accounts, even when we thought that e-payment should go direct.”
Speaking in a similar vein, the Director, Consolidated Accounts, Office of the Accountant General of the Federation, Mr. Oludare Osibote, also said that late returns in respect of unapplied funds, use of different Information Technology platforms by different banks, which had caused problems of interconnectivity, non uniformity of accounts numbers, since banks use different number of digits, as well as lack of regulatory framework on e-payment were other factors affecting the success of the scheme
Monday, April 12, 2010
UK’s Award-Winning Mango Launches Financial Management Training for Australian NGOs
Sydney, 12 April 2010 – Mango, the award-winning UK registered charity which helps aid agencies around the world strengthen their financial management, will launch training in Australia next month for the very first time.
Last year, Mango ran its highly practical financial management training courses for non-governmental organisations (NGOs) working in humanitarian relief and development in over 40 countries around the world, helping to improve effectiveness and accountability.
Australian NGOs will now have the opportunity to benefit from Mango running two of its most popular courses in Melbourne in May 2010. These include its highly regarded two day Financial Management for Effective Programmes – A Programme Officer’s Survival Course on 11-12 May (FM3) together with its one day course Assessing and Building Partners’ Financial Management Capacity on 13 May (FM9). The training will also now form part of Mango’s pan Asia Pacific training programme and its work with various training partners in the region.
The Melbourne events will be facilitated by Mango’s Training Partnerships Manager, Sara Holloway ACMA. Holloway is an experienced finance manager and trainer, having worked with blue chip commercial organisations in the UK and US and development and humanitarian NGOs in Kenya, India, Uganda, Sri Lanka and across Southern Africa.
Mango works with all the major international agencies, including ActionAid, Care International, CAFOD, Christian Aid, Oxfam, Plan International, the Red Cross, Save the Children, Tearfund, VSO, World Vision and their partners. It also works with a substantial and growing number of local organisations including microfinance organisations.
“Mango training aims to take the fear out of finance. These courses help to build the confidence and skills of NGO staff to use financial management tools to implement project activities effectively and accountably and to assess and strengthen local partners’ financial management systems and capacity. We’re really looking forward to running our courses in Australia,” said Mango’s Training Director, Terry Lewis.
Mango also offers humanitarian relief and development organisations easy and reliable access to high quality pre-screened finance staff with the technical skills, interpersonal competencies and commitment to work effectively with NGOs around the world.
Mango’s Recruitment Director, Lucy Markby commented: “As an NGO committed to providing high quality finance staff for permanent, interim or short term roles and consultancy assignments at affordable rates, we believe we are uniquely placed to assist NGOs with their recruitment needs all over the world.
“For example, we are currently recruiting French speaking accountants to help support Save the Children and other organisations who are committed to rebuilding Haiti in the longer term. We have over 300 accountants on Mango’s register committed to contributing their skills to the sector. There is huge demand for finance professionals within the sector so we are always delighted to hear from accountants keen to work in humanitarian relief and development organisations around the world.”
Last year, Mango ran its highly practical financial management training courses for non-governmental organisations (NGOs) working in humanitarian relief and development in over 40 countries around the world, helping to improve effectiveness and accountability.
Australian NGOs will now have the opportunity to benefit from Mango running two of its most popular courses in Melbourne in May 2010. These include its highly regarded two day Financial Management for Effective Programmes – A Programme Officer’s Survival Course on 11-12 May (FM3) together with its one day course Assessing and Building Partners’ Financial Management Capacity on 13 May (FM9). The training will also now form part of Mango’s pan Asia Pacific training programme and its work with various training partners in the region.
The Melbourne events will be facilitated by Mango’s Training Partnerships Manager, Sara Holloway ACMA. Holloway is an experienced finance manager and trainer, having worked with blue chip commercial organisations in the UK and US and development and humanitarian NGOs in Kenya, India, Uganda, Sri Lanka and across Southern Africa.
Mango works with all the major international agencies, including ActionAid, Care International, CAFOD, Christian Aid, Oxfam, Plan International, the Red Cross, Save the Children, Tearfund, VSO, World Vision and their partners. It also works with a substantial and growing number of local organisations including microfinance organisations.
“Mango training aims to take the fear out of finance. These courses help to build the confidence and skills of NGO staff to use financial management tools to implement project activities effectively and accountably and to assess and strengthen local partners’ financial management systems and capacity. We’re really looking forward to running our courses in Australia,” said Mango’s Training Director, Terry Lewis.
Mango also offers humanitarian relief and development organisations easy and reliable access to high quality pre-screened finance staff with the technical skills, interpersonal competencies and commitment to work effectively with NGOs around the world.
Mango’s Recruitment Director, Lucy Markby commented: “As an NGO committed to providing high quality finance staff for permanent, interim or short term roles and consultancy assignments at affordable rates, we believe we are uniquely placed to assist NGOs with their recruitment needs all over the world.
“For example, we are currently recruiting French speaking accountants to help support Save the Children and other organisations who are committed to rebuilding Haiti in the longer term. We have over 300 accountants on Mango’s register committed to contributing their skills to the sector. There is huge demand for finance professionals within the sector so we are always delighted to hear from accountants keen to work in humanitarian relief and development organisations around the world.”
Sunday, April 11, 2010
Career in Financial Management
Function
Financial management is the process of monitoring and reporting cash flow, conducting financial assessments, and setting up efficient systems for handling funds. Most financial management jobs can be found at commercial banks, credit unions and finance companies, but they may also be in a government office, health care industry or technology. Some financial managers may work as independent contractors to offer private services and money management advice. Overall, financial managers perform tasks that are unique to their organization.
Responsibilities
Financial management officers and professionals are responsible for: determining credit ratings and credit ceilings for the organization and its partners and/or vendors; performing collections duties on past-due accounts; preparing financial statements such as balance sheets, income statements and cash flow projections; working with the accounting department to retrieve or produce various financial reports; supervising cash management activities; analyzing financial data and providing details to the board of an organization; managing insurance budgets; and overseeing all banking activities of the organization.
Education and Training
Individuals interested in pursuing a career in financial management typically need at least a bachelor's degree in business, accounting, finance or economics to obtain an entry-level position. They may develop important skills and acquire specialized knowledge on the job, and those who wish to pursue supervisory positions can complete an MBA program. Professional training programs for financial managers are also available by the American Institute of Banking, the American Bankers Association and through various employers. Financial managers may choose to specialize in a certain field such as investments or auditing, and can pursue certification in these areas.
Career Options
In addition to serving as a chief financial officer (CFO) or financial manager for an organization, individuals with a strong background in financial management can find work as accountants, auditors, budget analysts, insurance underwriters, personal financial advisers, financial services sales agents, real estate brokers, loan officers, securities agents or financial analysts. Some professionals who hold a master's degree or higher may also pursue teaching careers at a college, university or secondary school.
Employment Prospects
Job seekers in the financial industry are expected to face tough competition. Individuals who wish to pursue financial management will need several years of experience in the field, especially in highly specialized industries. Many of these professionals are paid well. Wage and salary financial managers routinely make six-figure salaries; those who work in the securities and commodity contract industry, and managers of companies and industries, make significantly more.
Financial management is the process of monitoring and reporting cash flow, conducting financial assessments, and setting up efficient systems for handling funds. Most financial management jobs can be found at commercial banks, credit unions and finance companies, but they may also be in a government office, health care industry or technology. Some financial managers may work as independent contractors to offer private services and money management advice. Overall, financial managers perform tasks that are unique to their organization.
Responsibilities
Financial management officers and professionals are responsible for: determining credit ratings and credit ceilings for the organization and its partners and/or vendors; performing collections duties on past-due accounts; preparing financial statements such as balance sheets, income statements and cash flow projections; working with the accounting department to retrieve or produce various financial reports; supervising cash management activities; analyzing financial data and providing details to the board of an organization; managing insurance budgets; and overseeing all banking activities of the organization.
Education and Training
Individuals interested in pursuing a career in financial management typically need at least a bachelor's degree in business, accounting, finance or economics to obtain an entry-level position. They may develop important skills and acquire specialized knowledge on the job, and those who wish to pursue supervisory positions can complete an MBA program. Professional training programs for financial managers are also available by the American Institute of Banking, the American Bankers Association and through various employers. Financial managers may choose to specialize in a certain field such as investments or auditing, and can pursue certification in these areas.
Career Options
In addition to serving as a chief financial officer (CFO) or financial manager for an organization, individuals with a strong background in financial management can find work as accountants, auditors, budget analysts, insurance underwriters, personal financial advisers, financial services sales agents, real estate brokers, loan officers, securities agents or financial analysts. Some professionals who hold a master's degree or higher may also pursue teaching careers at a college, university or secondary school.
Employment Prospects
Job seekers in the financial industry are expected to face tough competition. Individuals who wish to pursue financial management will need several years of experience in the field, especially in highly specialized industries. Many of these professionals are paid well. Wage and salary financial managers routinely make six-figure salaries; those who work in the securities and commodity contract industry, and managers of companies and industries, make significantly more.
Effective Financial Management in Business
Financing plan. It is a short statement but it has an incredible impact on where your business will be in the future. When you start a business, business planning is without question, staring you right in the face...But many times small business owners let this lose its place on their list of priorities. A solidly structured plan for financial management should be on the top of your business goals today, just as much or more so, than the day that you started your business. For example: Remember the big dot com boom that came crashing down around many online business owners? A big reason for this was because of the assumed attitude of "We are filthy rich today, who needs to plan for tomorrow? It will always be like this, won't it?" Well, history has proven the answer to this to be a big flashing red NO!
To avoid these arrogant decisions and mistakes we must plan ahead. We must have a clear vision of where we are going, where we want to be, and how not sticking to our business plan will effect us. In hard times we need to weigh our options carefully. Do we take out a business loan to pay our employees when the revenue has ceased to trickle in, or did we think ahead and tuck away a portion of our profits into a business savings account for such an occasion? The success or demise of your company depends on your answer to such a question as this. Its a fact of business life. So instead of finding ourselves awestruck and helpless when the stock market crashes again next year, let us be the wise sage that plans for it now. How? Well the options are abundant, however there are a handful of tried and true methods that are always consistent winners. Select a reputable financial adviser. If you are a "do-it-yourselfer" then consider brushing up on your skills by taking an online class.You can do this from the office with minimal effort, trust me, I know.
To avoid these arrogant decisions and mistakes we must plan ahead. We must have a clear vision of where we are going, where we want to be, and how not sticking to our business plan will effect us. In hard times we need to weigh our options carefully. Do we take out a business loan to pay our employees when the revenue has ceased to trickle in, or did we think ahead and tuck away a portion of our profits into a business savings account for such an occasion? The success or demise of your company depends on your answer to such a question as this. Its a fact of business life. So instead of finding ourselves awestruck and helpless when the stock market crashes again next year, let us be the wise sage that plans for it now. How? Well the options are abundant, however there are a handful of tried and true methods that are always consistent winners. Select a reputable financial adviser. If you are a "do-it-yourselfer" then consider brushing up on your skills by taking an online class.You can do this from the office with minimal effort, trust me, I know.
The importance of financial management ethics
Money by itself is not necessarily evil. Rather, it is something that is used to trade goods and services. We call it "currency", and it allows us to do business between organizations. Unfortunately, that is the sterile dictionary-type definition but it does not capture all the issues that are involved with finances. In corporate life, just like many other realms, money causes all sorts of problems. People make incredibly bad decisions because of money, and plenty of people have gone to prison because of their money-related behavior. This is why people always approach money with a certain amount of uneasiness. Here are a few thoughts on why financial management ethics are important.
The numbers do not have a soul
Ethics are important because finances make people do some strange things. The spreadsheet does not have a conscience, and the goal of working with spreadsheets is to make numbers add up in a way that is pleasing to the organizations and it's constituents. Unfortunately, people can move around numbers in all sorts of ways to make them add up "correctly." Because of this, companies adopt financial management ethics in order to have an outside source of guidance. People are afraid (and rightly so) that without a moral barometer, anything is possible on that spreadsheet.
Financial management ethics are also important because of history. Just say "Enron" and people either laugh or get very serious. The trouble with Enron is that everyone was happy as long as the numbers kept looking good. However, much mischief was afoot at Enron and the company was running fast and loose with ethical principles. Enron is a textbook example of why financial ethics are important. Without ethics, there are truly no boundaries when it comes to organizational culture.
Expectations
Countries like the United States are built around many great things but they also flirt with danger on a regular basis. In a post-modern world, capitalism can quickly dissolve into greed and villainy. Again, companies that do not have any sort of moral code or ethical principles are really free to do whatever they want. Because shareholders and financial markets have impossibly high demands on certain companies, executives feel somewhat forced to make moral compromises. Before people know it, Enron appears again and again. Why? Because people aren't clear on their own ethical viewpoints and they are left to make decisions based on a reactionary environment. Therefore, if people are serious about living life a certain way, they must write a strict moral code and be willing to follow it, no matter what happens in the financial market.
The numbers do not have a soul
Ethics are important because finances make people do some strange things. The spreadsheet does not have a conscience, and the goal of working with spreadsheets is to make numbers add up in a way that is pleasing to the organizations and it's constituents. Unfortunately, people can move around numbers in all sorts of ways to make them add up "correctly." Because of this, companies adopt financial management ethics in order to have an outside source of guidance. People are afraid (and rightly so) that without a moral barometer, anything is possible on that spreadsheet.
Financial management ethics are also important because of history. Just say "Enron" and people either laugh or get very serious. The trouble with Enron is that everyone was happy as long as the numbers kept looking good. However, much mischief was afoot at Enron and the company was running fast and loose with ethical principles. Enron is a textbook example of why financial ethics are important. Without ethics, there are truly no boundaries when it comes to organizational culture.
Expectations
Countries like the United States are built around many great things but they also flirt with danger on a regular basis. In a post-modern world, capitalism can quickly dissolve into greed and villainy. Again, companies that do not have any sort of moral code or ethical principles are really free to do whatever they want. Because shareholders and financial markets have impossibly high demands on certain companies, executives feel somewhat forced to make moral compromises. Before people know it, Enron appears again and again. Why? Because people aren't clear on their own ethical viewpoints and they are left to make decisions based on a reactionary environment. Therefore, if people are serious about living life a certain way, they must write a strict moral code and be willing to follow it, no matter what happens in the financial market.
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