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Jayne Gest
How postponing the employer mandate impacts your business
When the news came out July 2 that the Affordable Care Act (ACA) employer mandate — the enforcement of the shared responsibility requirement — would be postponed until 2015, you may have felt relief. But for many large-group employers, it's not so simple.
"This is not a reason to put your head back in the sand," says Mark Haegele, director of sales and account management at HealthLink. "Keep your eyes open. See what's going on. Run some cost benefit analyses of different scenarios of offering different levels of coverage, or not offering. The bulk of the health care reform law is still being implemented on Jan. 1, 2014."
In fact, Haegele says in some instances it may make sense to follow the employer mandate now, as waiting until 2015 could cause certain problems downstream.
Smart Business spoke with Haegele about what this delay means for business owners and their employees.
What was delayed until January 2015?
The Obama administration announced a one-year delay of the requirement that insurance companies and employers report certain information about health insurance coverage offered to individuals and employees, as well as the employer mandate.
It doesn't change anything relating to the community rating rules, the individual mandate, the $8 billion sector tax, etc. These provisions are causing employers to explore self-funding, and all are still in play for January.
In what scenario does waiting to follow the employer mandate in 2015 create problems?
Large employers — those with 50 or more employees, according to the legislation — with employees who work 30 to 39 hours who don't receive insurance face a unique situation. These employers were expecting to either pay a penalty or the need to offer some form of coverage. Many contemplated offering minimum essential coverage plans, or skinny bones plans, that just cover prevention and wellness — no hospitalization.
Let's say an employer has 300 employees who work 30 to 39 hours and receive no benefits, and with the delay the company doesn't plan to offer any until 2015. These employees still must have insurance coverage to meet next year's individual mandate.
Many also are eligible for sliding-scale subsidies on the new health care exchanges — those with an income level 400 percent or lower than the federal poverty level. In 2013, that qualifies any family of four with an annual income of less than $94,200, or $45,960 for an individual.
Fast forward to 2015, a portion of the 300 employees have gone on the exchange and gotten insurance with subsidies. Now, you want to provide pared-down benefits to avoid the employer mandate penalties, which basically strips the employees of their subsidy, possibly increasing their insurance costs and/or decreasing their coverage. This might make it worthwhile to price out minimum essential benefit plans for 2014. Otherwise, employees may believe you did this to them, causing retention problems.
What other concerns does the delay raise?
More Americans will be accessing federal subsidies for health insurance, but the Internal Revenue Service (IRS) won't be collecting employer mandate penalty revenue, as originally projected. With less money coming in and more going out, it may impact the ACA's sustainability.
Originally, the ACA required insurance companies and employers to send an informational return to, for example, the IRS. This was meant to help enforce the individual mandate by offering a secondary source about whether individuals are covered by health insurance. With the delay until 2015, there is no way to match up the employer informational returns with the individual tax returns, which may make the individual mandate more difficult to enforce.
So, what are some next steps for business owners?
In addition to considering whether it's worth offering coverage even though the penalties won't start until 2015, you still need to implement complicated procedures that measure how many hours variable employees work on average. Companies need to work on their approach even in 2013, as transitional relief going into 2015 is more unlikely after a one-year delay. You'll want to get it right the first time.
Mark Haegele is director, sales and account management at HealthLink. Reach him at (314) 753-2100 or firstname.lastname@example.com.
Website: Visit www.healthlink.com/key_business_trends.asp to learn more about transparency and other key health care business trends.
Insights Health Care is brought to you by HealthLink
How to weigh your options for cutting back or restructuring benefits
No matter what type or size of a business, health care tends to be one of the leading employer costs. Although the Affordable Care Act (ACA) was intended to reduce costs, businesses are finding themselves on the receiving end of double-digit rate increases each year.
"Because of these hefty increases, employers are searching for more creative ways to reduce costs, while ensuring their benefits package remains competitive in the employment sector," says Mary Policky, assistant vice president at Momentous Insurance Brokerage, Inc.
Smart Business spoke with Policky about how to reduce or restructure health benefits offerings in tough times.
When should a company consider reducing or restructuring benefits?
First, they should review their policies at the beginning of each fiscal year to determine a budget dedicated to the employee benefit package.
Then, they should do a mid-year plan review, which is also a good time to re-educate employees on important benefits available to them, such as various types of preventative care, which may be covered at no cost to the employee.
Lastly, review policies near open enrollment. Typically, the carrier releases renewal rates 60 to 90 days prior to the plan expiration date. That's the time to shop around and research opportunities with other carriers, as well as alternate plans with the current carrier.
What's the first step to figuring out where to make cuts or restructure?
A key factor is determining how much you want to spend. The challenge is how to significantly reduce the premium without sending employees into a tailspin from extreme changes, such as increasing deductibles and copays, which inevitably raise financial concern. Additionally, it's a good idea to conduct employee surveys to determine their areas of concern, such as office visit copays, in-network doctors, prescription drugs, etc.
It's also beneficial to have your broker provide benchmark information to see where you are in the industry, and where your competition is. More and more, employees are seeing that medical benefits are a vital part of their total compensation package, and will often consider a reduction in salary if the company offers comprehensive plans.
Generally, what low-hanging fruit can businesses look at first?
In addition to the deductible and copays, they should review the provider network. A company with 30 employees enrolled in an HMO plan typically spends $18,000 per month. By changing to a limited network, the premium reduces to $13,000 a month — a 28 percent savings. You can use disruption reports to gauge how many current doctors are in a new limited network.
Many employers are moving toward consumer-driven plans, such as health savings accounts (HSA) or health reimbursement arrangements (HRA). These plans allow employers to give each employee a fixed dollar amount to choose how they want to spend it on medical expenses. These tax-advantaged plans result in a lower premium and less rich benefits. However, a portion of the premium cost savings can be given back to employees to use for deductibles/copays. Also, with cost decisions in the hands of employees, the onus is on them to make better health decisions.
But it's not always about reducing benefits. Adding wellness or disease management programs help create a healthier workforce and reduce premium increases.
What's the best way to communicate to employees?
Employers often underestimate the need for clear communication and making sure that employees truly understand their benefits. Make time for mid-year reviews, webinars, conference calls and/or payroll stuffers. If you must raise rates, inform employees as soon as possible. Also, inform employees how much of the increase the employer is absorbing. A great way to convey this is through benefits statements, which show the total cost of benefits, and how much the employer is contributing.
Health care reform is just one of the many reasons to have a broker help navigate constant changes in the marketplace and tailor a plan to fit the company's needs.
Mary Policky is an assistant vice president at Momentous Insurance Brokerage, Inc. Reach her at (818) 574-0426 or email@example.com.
Blog: Get more information on employee benefits and other important insurance topics at www.momentousins.com/blog.
Insights Business Insurance is brought to you by Momentous Insurance Brokerage, Inc.
How the EPA's QAP program will impact the renewable fuel industry
"America likes cheap gasoline," says Sandra Dunphy, director of Energy Compliance Services at Weaver. "But as much as we want cheap gasoline, we also want clean gasoline and clean air — and they are not necessarily mutually exclusive."
In the balancing act between the two, Renewable Identification Numbers (RINs), which are attached to gallons of renewable fuel as it is produced, have become very valuable to the oil companies required to own them.
"If you bought 1 million RINs on Jan. 1, it would have cost you about $70,000," Dunphy says. "Today, that same purchase would cost about $1 million."
Because there's so much money in RINs, there's also the potential for fraud. After a handful of fraud cases rocked the market, the Environmental Protection Agency (EPA) has stepped in with a solution — Quality Assurance Plans (QAPs).
Smart Business spoke with Dunphy about the EPA's Renewable Fuel Standards program and how QAPs fit in.
How do RINs and the RFS program work?
Congress passed the Energy Independence and Security Act in 2007 to introduce fuels with lower greenhouse gas emissions, reduce dependence on foreign oil, and promote domestic agriculture and employment. This act spawned the EPA's RFS regulations that encourage biofuels beyond corn ethanol — those made from non-food sources like used cooking oil, wood chips and algae.
Oil refiners and importers of gasoline or diesel are required to own a certain amount of RINs at year-end. The RFS requirements will increase annually from about 16.5 billion gallons in 2013 to about 36 billion gallons by 2022.
Why have RINs become so valuable?
We are hitting the blend wall. When this law passed, Congress anticipated that the volume of gas and diesel we consume would increase each year. But demand has fallen with fuel-efficient vehicles and fewer driving miles, and now there's nowhere to put additional renewable fuel into the declining gas and diesel pool. Anticipating higher mandated renewable fuel volumes, and a possible shortage of RINs, many oil companies are buying RINs now to use in 2014 — 20 percent of RINs can be carried forward from one year to the next.
Why did the EPA create the QAP program?
Since 2011, a few RIN fraud cases have shaken the market's foundation and made oil companies nervous about buying renewable fuel or RINs, after the EPA penalized oil companies who used fraudulent RINs for their annual compliance needs. As a result, many oil companies started buying only from the biggest renewable fuel producers who had the ability to replace bad RINs, and small fuel producers suffered.
The QAP program seeks to address the concerns of invalid RINs in the market and tries to level the playing field.
How does the QAP program validate RINs?
There are three options available to a domestic renewable fuel producer or importer with this program. The first option is to maintain the status quo, where oil companies do their own due diligence reviews.
Second, under the QAP-B program, the producer hires an auditor to audit its paperwork and conduct an engineering visit quarterly to ensure the energy and mass going into the plant are equivalent to the energy and mass going out. It reassures those buying the RINs that the producer is doing everything it is supposed to. The oil company has an affirmative defense against EPA penalties if they use a QAP-B RIN for compliance. They just might have to replace bad RINs if the producer cannot.
Another option is the QAP-A program. It's the same as QAP-B, but the scrutiny is more ongoing. In addition, the auditor must hold an insurance policy. So, if a producer makes an invalid RIN and can't replace it, the auditor is responsible.
What's the timeline for the QAP?
The EPA has not issued the program's final regulations. That is likely to happen in the third or fourth quarter of this year and become effective beginning in 2014. However, the EPA is encouraging producers to get started now. A renewable fuel producer's purchasers will probably dictate what type of QAP the producer will need, if any.
Sandra Dunphy is director of Energy Compliance Services at Weaver. Reach her at (832) 320-3218 or firstname.lastname@example.com.
Follow up: Weaver has been pre-approved to perform U.S. EPA RFS Quality Assurance Plan audits. Contact Sandra Dunphy if you're a domestic producer or importer of renewable fuel and would like to learn more.
Insights Accounting is brought to you by Weaver
How to ensure your estate plan is doing things for you, not to you
Estate planning is more than just having documents. It needs to be tied to long-term intent and aligned with your goals. What works for one person may not work well for the next, and what worked 10 years ago may not work now.
Geoffrey M. Zimmerman, CFP® practitioner, senior client advisor at Mosaic Financial Partners Inc., says many treat their estate plan like a transaction, even though the moving parts may have changed.
"They may have a document that is doing things to them and to their beneficiaries, and not really working well for them," he says. "That's why it's important to review the plan periodically. It might take a visit to your attorney and the cost of several hours of time to update it. But in terms of relieving the headache on a surviving spouse or beneficiaries, those can be dollars well spent."
Smart Business spoke with Zimmerman about why your estate plan should be continually adjusted.
What recent changes make updating your estate plan important?
Although the estate tax exemption did not reset as many feared, there are new items to consider. Undistributed income from an irrevocable trust can reach the top federal income tax bracket of 39.6 percent plus the Medicare tax of 3.8 percent after only $11,950. Those trusts can also see capital gains rates increase from 15 to 20 percent. This might impact a surviving spouse with capital gains assets in a credit shelter trust (also called a bypass trust) and assets in a marital trust.
How could outdated plans create problems?
In 1996, a couple with a $3 million estate would typically use a bypass trust to allow both spouses to use their respective $600,000 exemption to non-spouse beneficiaries, effectively allowing $1.2 million to pass to heirs free of estate tax. The remaining $1.8 million — plus any additional growth — was taxed at the death of the surviving spouse at rates up to 55 percent. A common planning strategy at the death of the first spouse was to put growth assets into the trust, as there would be no estate taxes on those assets. Heirs would still pay capital gains taxes, but capital gains taxes were (and still are) lower than estate taxes.
Today, the estate tax exemption has increased to $5.25 million per person. In our example above, the surviving spouse's estate of $2.4 million worth of property could more than double before reaching $5.25 million and triggering any estate taxes.
Also, with the new laws, there is a now a new feature called 'portability,' which allows the surviving spouse to use the deceased spouse's unused exemption amount. So in theory, a surviving spouse could pass up to $10.5 million worth of assets to heirs free of estate tax without using a bypass trust.
Older trusts that call for the creation and funding of a bypass trust may incur other unintended consequences. For example, formulas that call for funding the bypass trust to the maximum amount available without triggering an estate tax could leave the surviving spouse at a disadvantage with little or no assets in the survivors trust. Subtrusts that contain highly restrictive conditions for distributions to the survivor can create further complications. Finally, estates that contain large amounts of illiquid assets that would need to be split between multiple trusts may also be problematic. Periodic reviews, including a flowchart to understand what assets are going where, may be particularly helpful.
Also, as mentioned earlier, undistributed income in the bypass trust can hit top tax rates at very low levels of income, whereas the surviving spouse may not reach top tax brackets until he or she reaches $400,000 in taxable income.
Does this mean subtrusts are no longer useful?
They are still useful in cases where control over the disposition of assets is important, such as preventing a surviving spouse from disinheriting children from a previous marriage. You must balance the need for control against the surviving spouse's needs, and your goals for your non-spouse beneficiaries. The surviving spouse and beneficiaries may have different interests — income versus growth. Proper planning, which includes a good understanding of goals and motivations, can help improve the odds of a successful outcome.
Geoffrey M. Zimmerman, CFP® practitioner, senior client advisor, at Mosaic Financial Partners Inc. Reach him at (415) 788-1952 or firstname.lastname@example.com.
Zimmerman, CFP® practitioner and senior client advisor for Mosaic Financial Partners Inc. serves affluent individuals and families. A complimentary consultation is available upon request.
Insights Wealth Management & Finance is brought to you by Mosaic Financial Partners Inc.
How to manage excess liquidity
A company's liquidity and cash needs are like a river. The short-term immediate needs flow pretty fast as cash moves in and out of the business. But the further you go down in the water — down to cash that's only needed for a rainy day — the slower it moves. In fact, it can be too idle.
"Often, there is this big pool of excess cash for the off chance they need liquidity," says John Whiting, CFP, principal at Moss Adams Wealth Advisors. "But what they give up in that scenario, by keeping that money highly liquid, is less yield and return on those dollars. It can grow to be a fairly significant amount of money that potentially, year-after-year, is pooling up in unproductive ways."
Smart Business spoke with Whiting about maximizing your business's treasury management to make assets as productive as possible.
Why is treasury management critical?
Treasury management is the strategic management of a company's working capital and excess liquidity. By maximizing this, given the specific business needs, the company is more competitive with better earning potential through properly deployed assets.
Today, businesses have accumulated a lot of cash and may not deploy those assets with the economic uncertainty. Even in this low-yield environment, companies that have built cash over the past three to five years could be getting an extra 20 to 30 basis points. And by deploying excess liquidity, you not only can get an extra return, but also, with low interest rates, can use working capital lines to address unexpected needs.
Why do treasury functions not get the same scrutiny as inventory control, capital budgeting and accounts receivable?
It can be an afterthought, as it may initially start so small it doesn't feel like it warrants a lot of attention. Typically, a controller or CFO is charged with making sure the liquid assets are positioned, but there isn't anything defining the objective.
What's a better approach?
You need to be disciplined, looking out over the horizon and anticipating company cash needs to a better extent.
The business should have a written investment policy statement that defines expectations and is used to segment liquid assets into different buckets based on the time horizon for the business's needs. The statement also would say exactly what investments are appropriate for each bucket, including the necessary credit quality.
Further, the investment policy statement should help set up controls to monitor risk.
How should the guidelines for how funds are invested be structured?
Start with assessing the risk and the needs of the company. Then, look at the next business cycle or more to see possible cash flow needs. You can time assets to ensure the liquidity is there when you need it.
Let's say, a business is sitting on $10 million in liquid assets and is anticipating either an acquisition or significant capital improvements that might take $3 million or $4 million of that in 18 months or two years. Understanding that allows you to position the assets by buying municipal bonds or high-quality corporate fixed income that would mature three months before the assets might be needed. Now, you're getting the best and highest yield possible, given that expected need.
What's important to know about monitoring these treasury functions?
It's important to understand the real return on investments by having a reporting mechanism, which then determines your success. For example, many CFOs or controllers use multiple financial institutions in order to mitigate risk. However, they need to aggregate all of the information to really assess and score the overall management process.
The cost of management is not terribly opaque, even with the effort to create more transparency. With fixed income, you need an understanding of who is negotiating on your behalf and how are they going about procuring that fixed income for you.
Half the battle is asking the questions and getting straight answers. An outside adviser is often the best management choice, but be sure to have an open discussion about the fee structure and associated costs. In fact, it can be a line item on your investment report because understanding the real cost of managing assets is key.
John Whiting, CFP® is a principal at Moss Adams Wealth Advisors. Reach him at (707) 535-4167 or email@example.com.
Insights Accounting & Consulting is brought to you by Moss Adams LLP.
How to understand the integration of your office systems
Even in this recovering economy, businesses are trying to do more with less. While managing existing processes can enable flexibility for the ups and downs of business, incorporating software could alleviate pain points, improve productivity and save money.
"The big question is, 'How do I improve what I do with my customers, my vendors or my employees?'" says Curtis Verhoff, systems integrations and applications manager at Blue Technologies. "Those are the big three, and every organization is like that — whether it's somebody who sells widgets, provides professional services or is trying to find donors and support."
Smart Business spoke with Verhoff about utilizing software to improve a range of business functions.
What are some examples of optimizing your software resources?
These software solutions often deal with enterprise content or customer relationship management, but they also can be transactional, such as helping handle invoices, statements, packing slips or the documents you use daily to communicate with customers. One business recently optimized its existing systems to reduce raw postage costs, saving anywhere from $4,000 to $5,000, or 20 percent, each month.
Two other organizations increased productivity by improving payment management. By adding to its software and adjusting existing systems, one company took better advantage of pricing discounts by paying vendors earlier. The other business tweaked the integration of its current system, getting its elite group of customers to pay on average five to seven days faster, which improved cash flow.
What can maximizing your software integration mean for your business?
In this economy, it's critical to look at the level of success you're having integrating your current software products. All businesses have to work harder to maintain their current customer loyalty, while trying to attract new customers. You must be more productive with the same or fewer employees.
Your competitors are already working to be productive and more customer friendly — you don't want to be left behind. You need to provide advantages to your customers to separate yourself. Highlighting your software solutions through marketing can give your customers an indication of how it will make doing business with you more pleasant and reliable.
How can you discover if you have problems with existing software?
What complaints do you hear from your current staff about being more productive, servicing customers better or doing day-to-day activities more efficiently? Is each department running at peak efficiency? Where is your business not functioning at optimal capacity? If you've integrated certain solutions, then what's the ROI and are you happy with that?
If you're not hearing about problems, check with your managers. Some managers don't take problems to the top until they reach critical mass.
Once you've spotted the pain, what's next?
First, identify and pull together people to discuss the fine details of the problem. You don't need to connect all the dots, just get a solid understanding. Develop a game plan that focuses on the most painful areas that, if resolved, can produce the biggest gain.
Many companies put together a laundry list, and then don't move forward, fearing the cost and scope. However, if you prioritize the most critical items, you might be able to resolve the few problems that are causing most of the pain.
Then, reach out to a provider with the skills and abilities, as well as the offerings, to help you overcome your top challenges. It's important for all parties to keep the larger list in mind because it could affect the software solution decision. Each resolution is a piece of the puzzle, and you want to avoid having to revisit it later once you've moved on.
Curtis Verhoff is a systems integrations and applications manager at Blue Technologies. Reach him at (216) 271-4800, ext. 2251 or firstname.lastname@example.com.
Save the date: Discover how your office technology can connect your business at our Aug. 20 Synergy Showcase. Meet us at the Q to see for yourself. Visit http://bit.ly/12PbQOd for details.
Insights Technology is brought to you by Blue Technologies
How to manage the fiduciary obligations of your retirement plan
Many retirement plan sponsors don't realize the significance of breaching their fiduciary responsibilities.
"Being a plan sponsor should not be taken lightly, and being a fiduciary especially should not be taken lightly. There can be, and have been, severe consequences for breach of fiduciary obligations," says Rob Martin, ERPA, QPA, Senior Team Manager at Tegrit Group. "So, take them seriously and find sound professionals and service providers to guide you."
Even though the company is sponsoring the plan, a fiduciary is a named individual. Therefore, with very egregious errors, the personal assets of the individual fiduciary could be at risk.
Smart Business spoke with Martin about handling fiduciary obligations.
What fiduciary obligations are retirement plan sponsors responsible for?
The fiduciary obligations are to look out for the best interests of the plan participants and to put their needs before any personal or employer needs. The plan sponsor must have a written investment policy statement that includes how the selection of fund offerings and service providers are made.
If one of the funds has a bad year, it doesn't necessarily mean the sponsor didn't do its job. As long as the process is in place to select that fund beforehand — a process that compares past history with benchmarks and other funds in that same category — then there will be no problems from a Department of Labor (DOL) standpoint.
What can happen if sponsors fail to meet their fiduciary obligations?
The DOL has made a point of emphasizing fiduciary obligations when it comes to auditing retirement plans. The DOL audits can occur randomly or if there's been a complaint against the company.
If a DOL audit finds problems, the sponsor will need to correct them quickly. For egregious errors, the DOL will hold the fiduciary in violation and go through the legal system. Even if a fiduciary is found in good standing, it takes extra work and time, including possibly paying service providers, to find needed items.
Civil lawsuits are another danger if you're not following DOL guidelines.
How should these obligations be managed?
One of the best places to find information is on the DOL's Web page: Meeting Your Fiduciary Responsibility, www.dol.gov/ebsa/publications/fiduciaryresponsibility.html. Plan sponsors should call third-party investment administrators or investment advisors for further assistance.
Sponsors need to answer participant questions in a timely manner. Otherwise, participants may file a DOL complaint and/or lawsuit. Once a suit is filed, fiduciaries will have legal fees and face the consequences of the case's outcome.
Plan sponsors should also have a default account, known as a Qualified Default Investment Alternative (QDIA). A QDIA protects the fiduciaries from participants who do not make an investment election or who fall short in making a full investment election.
What is the biggest hot button area to keep an eye on, as a fiduciary?
The hot button area right now is fees. Part of being a fiduciary is to provide the new fee disclosure notice to the participants. This started in 2012 and now must be provided annually or quarterly to the participants, depending on what's being disclosed.
Another important fiduciary responsibility is making sure plans have reasonable plan expenses. The plan sponsor should have a process, as part of the investment policy statement, to examine service providers and see whether it pays reasonable plan expenses, by utilizing professionals who provide benchmarks for comparison.
Do late deposits remain a concern?
The DOL is still pursing this. These typically apply to making timely participant contributions and loan repayments — not employer contribution deposits. More specifically, for plans with fewer than 100 participants, the DOL considers timely to be within seven business days.
With all fiduciary obligations, the key is choosing professionals with a good understanding of the requirements, which can be investment advisors, third-party administrators or record keepers.
Rob Martin, ERPA, QPA is a Senior Team Manager at Tegrit Group. Reach him at (614) 458-2023 or email@example.com.
For additional retirement planning tips, visit Tegrit's Advisor Resource Center at www.tegritgroup.com/arc.
Insights Retirement Planning Services is brought to you by Tegrit Group
How private equity grows companies, acting as lifeblood for the economy
Private equity firms use pools of capital that are raised from a variety of sources. This capital comes not only from wealthy individuals, but also from insurance companies (that pay retirement plans and annuities) and pension funds.
As a result, school teachers, police officers and others often have a portion of their retirement assets allocated to private equity, which bolsters the overall investment returns of the fiduciaries that run these funds. These higher returns are increasingly important in today's low interest rate environment. Private equity firms use this capital to invest in all sorts of companies, creating jobs and economic growth along the way.
"Private equity firms are easily and inaccurately portrayed as corporate pirates," says Jackie Hopkins, managing director, Sponsor Finance Group, at FirstMerit Bank.
"But these firms are willing to invest in businesses that need capital to grow as well as companies that might go bankrupt if not supported with new capital in exchange for ownership. In order to induce them to accept the risk of these investments, private equity firms need high returns. Sometimes the returns are very large. Sometimes the firms lose their investment. Either way, they provide critical capital that allows the economy to grow."
Smart Business spoke with Hopkins, who lends to private equity firms, about how these serial entrepreneurs operate.
How does the private equity world work?
Private equity companies use pools of capital from investors, called limited partners. The general partner of the private equity firm is tasked with finding good investment opportunities to generate above average returns. The partner is usually paid operating expenses and a portion of the profits earned. In most cases, the general partner buys a controlling interest in a company with a leveraged buyout (LBO), and uses his or her expertise to improve revenue and profitability, such as helping a Midwest firm expand product sales internationally. After three to seven years, the company is typically resold.
What is a leveraged buyout?
In an LBO, an investor uses debt to finance a portion of the purchase price of a company. Depending on the underlying business risk of the transaction, the amount of debt can be very low or up to 65 percent of the purchase price. Using debt allows the investor to amplify his or her return. In addition, interest costs are deductible while equity capital is not, providing a built-in bias toward debt financing in the capital structure.
The debt to equity ratio changes depending on market conditions — today, the average equity investment for a middle market company is 40 to 45 percent in a LBO. For larger companies, it is usually less, because a bigger company can absorb more financial risk.
How is private equity financing different than traditional middle market bank loans?
Traditional middle market loans focus on the balance sheet —assets, inventory, receivables, equipment, real estate, etc. — so if the company is unable to service its debt out of earnings, the collateral can be sold to repay the debt.
Private equity financing tends to be enterprise value loans, looking at the company's earnings before interest, taxes, depreciation and amortization (EBITDA). Financial institutions look at selling the entire company as an enterprise for a multiple of EBITDA. They consider how sustainable the EBITDA is to figure out how much debt the company can safely carry. So, if you think the average multiple of a middle market company is six times (that is, its total value is six times its most recent EBITDA), the bank might lend up to three times. The inherent risk is the possibility that EBITDA will decline or that the prospects for the company or the industry lead to a lower multiple. So to qualify for this type of enterprise loan, a company should have a sustainable level of EBITDA that is not too concentrated in terms of customers, products or suppliers, and is not prone to cyclical swings.
Jackie Hopkins is managing director of the Sponsor Finance Group at FirstMerit Bank. Reach her at (312) 429-3618 or firstname.lastname@example.com.
Website: Get information about FirstMerit's Sponsor Finance Group services.
Insights Banking & Finance is brought to you by FirstMerit Bank
How to successfully set up performance-based compensation
Performance-based compensation is the variable component of total compensation that may be paid to an individual, team or even companywide upon achieving some defined performance metric. For instance, when a salesperson is paid a commission for achieving a sales target, or an annual bonus is distributed after meeting a companywide goal.
"You need some form of performance-based compensation to keep top performers motivated and happy," says Brian Berning, managing director at SS&G's Cincinnati office. "They want to believe that they can make as much as they possibly can if they are able to achieve goals. And with a variable component, there's rarely a ceiling on it."
Smart Business spoke with Berning about using incentives to benefit both the employee and the company.
How do companies typically pick incentives for performance-based compensation plans?
It's largely based on defining goals and setting performance benchmarks around them, which can be for an individual, team, companywide or any combination of the three. It's important to understand that without consequences, positive and negative, it's not a goal — it's a wish. The best companies develop incentives with clear, objective and measurable goals, stating exactly how to successfully get to the target.
You also want to target the right people. A shop foreman of a manufacturing company can influence on-time delivery but shouldn't be tied to goals for meeting sales initiatives.
Which incentives can be problematic?
Those that are difficult to explain, to measure or achieve are prime for failure. Remember you're trying to reward results that are largely influenced by behaviors in connection with the company's goals. So, if the incentive is tied to a behavior that the responsible party has no control over, or the performance measurement isn't in alignment with meeting the desired goals, it simply won't work. Employees must be able to understand it, measure it and achieve it.
Why is it important to avoid rushing in?
Look at various scenarios and test to make sure that they mathematically work — that they're achieving your desired goals. There's nothing more embarrassing than implementing a performance-based incentive structure that doesn't work.
On a commission-based structure, for example, be careful when trying to reward certain behavior. If you sell two products, product A and product B, and you want to encourage additional product B sales, you may increase B's commission. But if everyone is focused on selling product B, there could be a loss of sales in product A. It's better to use minor awards or only change the commission structure minimally, enough to keep people conscious of it, but not enough for them to ignore product A.
So, talk to your staff and others, and make sure the plan is designed properly.
How can awarding equity in a private company be problematic?
There seems to be two situations that prompt a company to look at a plan like this.
1. Senior management thinks that by giving employees ownership, it is going to motivate results. But by giving stock, you haven't tied that to goals. The award isn't instantaneous; employees don't have more cash. As an owner, how is an employee going to behave any differently?
2. The business uses this as a tool to recruit talent when cash flow is tight. It may work, but it can have consequences later if it doesn't work out with that employee.
There are other options that look and feel like equity, such as contractual arrangements that don't necessarily result in the award of true stock or units in a partnership.
What should management be doing to measure, review and adjust these plans?
Measure it frequently and pay promptly. Otherwise, people will lose interest in it.
When reviewing or adjusting the plan, that should be far less frequent. If you're continuously tweaking your plan, you're going to create confusion. If there's some anomaly, fix it immediately, but if you're making wholesale changes right away, you made a mistake and didn't do your due diligence. A well-defined performance-based compensation plan provides employees with an upside they feel they can achieve that ultimately helps the company.
Brian Berning is managing director at the Cincinnati office of SS&G. Reach him at (513) 587-3270 or email@example.com.
Website: SS&G was named a top workplace in Northeast Ohio.
Insights Accounting is brought to you by SS&G
How to weigh the decision of buy versus lease
Whether to buy or lease is a question real estate professionals hear from business owners all the time. It's a difficult decision that's based on several factors.
You should evaluate your needs, as well as your personal and business goals, with a qualified real estate consultant, says Joseph V. Barna, SIOR, principal at CRESCO Real Estate. Also, understand your motivation drivers — are you interested in the bottom-line cost of occupancy, long-term ownership, image or flexibility?
"You need to step back and look at where you're at, where you want to go, and how important your personal goals on the ownership side are in order to understand the best manner in which to invest your money," he says.
Smart Business spoke with Barna about what propels owners to buy or lease.
What drives owners to buy?
One example would be if you are in a specialized industry and you're going to make a significant investment in the space's infrastructure. You don't want to be unable to come to terms on a down-the-road lease renewal or expansion and have to reinvest in another building.
Another scenario is that you don't anticipate long-term future growth and the facility you identify is in a desirable location that meets your projected needs.
Many times, the deciding factor is whether you can buy a building, 'right.' If a building can be acquired in the lower range or below market value and/or combined with market-driven incentives, the opportunity is worth serious consideration.
Sometimes it comes back to pride of ownership. In Northeast Ohio, we are fortunate to have a wealth of successful entrepreneurs who want to own their real estate simply for pride or a desired image, even if they have to pay a premium for it.
Why do business owners decide to lease?
One reason would be that your space requirements could fluctuate, so you don't want to be locked into a building. Often this can be market driven; your business grows when the market's healthy and contracts when it's not. Also, many large national or global companies lease space because they don't want to be in the real estate business and worry about selling a property when they decide to relocate.
You also should look at the return on investment. In real estate, a typical return for a market transaction would be 8 to 13 percent on the property's value. However, if you have a dynamic business that's getting a 25 to 30 percent margin on your products, it may be better to put your cash into increasing manufacturing and market share for the higher ROI. In addition, our financial markets have changed over the past five years. In most cases, traditional real estate financing has higher equity requirements, such as 25 to 35 percent down, which could also be a deal killer.
How can a lease-purchase analysis help?
To determine the actual cost of occupancy, bring in a qualified broker or consultant to run a lease versus purchase analysis. On the lease side, you look at your base lease rate, utilities, pass throughs and any other additional costs. On the sale side, you're weighing your equity requirement, mortgage payment, property upkeep, maintenance, insurance and taxes. The analysis gives you a clear-cut idea of whether you're better off leasing or buying.
The final decision will not always be the lowest cost alternative, but this analysis will at least let you know where you stand based on the cost of occupancy. Then you can consider other factors, like proximity to your customer base as well as employees, flexibility and personal objectives.
How far out should you start considering whether to lease or buy?
The perfect situation is at least one-and-a-half to two years ahead of when you need to make a decision. You need to understand the current market trends, all of the logical lease and sale alternates and the price of new construction, while projecting where your business will be in five or 10 years combined with personal objectives. You can go into the market and identify the perfect alternative, but it could take a year to consummate a transaction — and even more time if you're building new, retrofitting or applying for government incentives. If you let that fuse get too short, it limits your alternatives.
Joseph V. Barna, SIOR, is a principal at CRESCO Real Estate. Reach him at (216) 525-1464 or email@example.com.
Get analysis of trends in the industrial and office real estate markets by downloading our quarterly Market Beats report.
Insights Real Estate is brought to you by CRESCO

subset: commoncrawl


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Business student wins national health care award
Business student Tiffany Chui has sound advice for improving Canada's health care system. Her report entitled Improving Emergency Room Wait Times and Patient Quality Care with Mashup Technologies earned second-place in a national contest.
The Health Council of Canada's Health Innovation Award competition challenged college and university students to propose ways of renewing and sustaining Canadian health care.
"I feel very fortunate that I won because the process was clearly quite competitive and there were many excellent ideas worthy of merit," says Ms. Chui.
According to her report, integrating current technologies such as global positioning systems, e-Health and social media networking (Twitter, YouTube) with 911 dispatch systems could enable better flow for communication. Dispatchers could be equipped to send triage patients to the nearest hospital with the shortest wait time for their given condition. With the Canadian health care system at a unique stage in its history, leveraging technology can renew the system but implementing and executing these ideas is more challenging.
Ms. Chui received her award at the Health Innovation reception in Ottawa recently.
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Eric Holder clashes with Republicans as scandal hearings begin in Congress
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The Scandal Show debuted on Capitol Hill Wednesday, with a four-hour-plus hearing starring Attorney General Eric Holder.
The House Judiciary Committee session generated lots of heat, but shed little light on either the Justice Department's seizure of telephone records from Associated Press journalists or the Internal Revenue Service's practice of giving extra scrutiny to conservative groups' applications for tax-exempt status.
Holder couldn't answer questions about the AP case, which arose out of the leaking of classified information about an anti-terrorist operation in Yemen. The attorney general said he recused himself from the leak investigation because he had access to this information and had been interviewed by the FBI about it.
The attorney general, however, did talk about the Justice Department's investigation of whether any IRS officials broke the law in their reviews of applications for tax-exempt status as social welfare organizations.
It will take time to find out who was involved in the decision to target Tea Party groups and other conservative organizations, Holder said. But he promised the Justice Department "will take a dispassionate view" and "let the chips fall where they may."
"Anybody who has broken the law will be held accountable," he said.
This was the first of what will be a series of hearings on the IRS situation, as well as the AP subpoenas. Here are three moments that stood out:
Holder scolds Issa over how he conducts himself
At times, it was almost as if Rodney Dangerfield, not Eric Holder, was testifying to the committee. By the end of the day, Holder was complaining that he hasn't "always been treated with a great deal of respect" from members of Congress.
"I am the attorney general of the United States," Holder said.
But it was Rep. Darrell Issa, R-Calif., who really got under Holder's skin. They've got a history – Issa, who chairs the House Oversight and Government Affairs Committee, led the investigation of the Justice Department's botched "Fast and Furious" operation. Disputes over that probe led the House to pass a contempt of Congress citation against Holder.
Today Issa grilled Holder about Thomas Perez, the assistant attorney general for civil rights who has been nominated by President Barack Obama to be the next Labor secretary. Issa's complaint had to do with Perez's role in a housing discrimination case, but his questioning led Holder to keep talking even when Issa interrupted him.
"I'm not going to stop talking now," Holder said at one point.
He then told Issa that the way the congressman conducts himself is "unacceptable and shameful."
Don't blame me if IRS official pleads the Fifth, Holder says
Rep. Jim Jordan, R-Ohio, told Holder he was concerned that the Justice Department's criminal investigation would lead Lois Lerner, who heads the IRS' tax-exempt division, to cite that as a reason why she can't comment on what happened.
Lerner is scheduled to appear before Issa's committee on Tuesday.
"I know for a fact that Lois Lerner lied to me. And staff," Jordan said.
Holder said it's his responsibility to investigate whether any laws were broken, but he'll try to stay out of Congress' way.
If Lerner clams up, it'll be your fault, not mine, Holder essentially told Jordan.
"Your characterization" that Lerner lied to Congress "in and of itself could put her in the very situation you don't want to happen," Holder said.
Mel Watt's grandson steals the show
Holder had plenty of other confrontations with other Republican committee members – Rep. Louie Gohmert, R-Texas, even accused the attorney general of "casting aspersions on my asparagus."
Not sure what that means, but Gohmert was upset when Holder told the congressman that he "cannot know what I know" about the FBI's investigation of Tamerlan Tsarnaev before the Boston Marathon bombing. Gohmert alleged that "political correctness" had impeded the FBI's investigation.
The tense moments, however, were relieved by the site of Rep. Mel Watt's 2-year-old grandson, Nico, sitting on the North Carolina Democrat's lap as Watt asked his questions during the hearing. The kid was adorable – so much so that Holder advised Watt that he should have saved the toddler for Watt's confirmation hearing.
President Barack Obama has nominated Watt to be the next director of the Federal Housing Finance Agency. He's a controversial pick, so he could use Nico's help.
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I am adventurous and fun.
I am adventurous and fun.


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Browse more artists »Bio: Hello, my name is Jeremy Black. I am an 18 year old singer/songwriter. I am currently involved in four choirs, and two barbershop quartets. I recently auditioned for The X Factor, but got sent home. Besides singing I also am into photography and designing my own websites. I currently have a Faceb... See Full Bio
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15 minutes
Prof. John Searl on VERITAS Radio | The Man Who Can Save The Planet [Full Interview]
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Shot to the bro Earnest for cracking his first Kipping muscle up weighing in @104kgs, After 15 minutes. Was a bit rusty but we all got to start somewhere. More first muscle up vids to come and feel free to post your own. #startedfromthebottom #whosnext
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This interview was recorded on March 26, 2010. We consider it a classic interview and are now sharing the entire interview for the first time, as a courtesy from VERITAS Radio. Please subscribe or donate at www.VeritasRadio.com so that we can continue providing a no-censorship / no-commercial alternative to the mainstream media. In Veritas! Thank you! ~ Mel Fabregas S y n o p s i s Recounting his remarkable story, Prof. Searl detailed how he first conceived of the device via a series of recurring dreams. Years later, he assembled the early prototypes of the invention and saw that it mysteriously floated, non-stop, upwards. Eventually, Searl managed to develop a means of controlling the device. It was during this time that sightings of his experiments in England were dubbed 'UFOs' by an unsuspecting public as well as the newspapers who knew of his work but desired to keep it under wraps. Should the technology ultimately be used to create a vehicle, he claimed that it could travel from London to New York in 15 minutes and a trip to the moon or the ISS would be the equivalent of "a bus ride." On why the device has yet to be harnessed by companies or governments, Searl explained that one issue surrounds ownership of the creation because "once they see it, they want to own it." As such, Searl said that he has to "protect the technology so the whole world owns it, not a particular group." To that end, he has resisted getting a patent on the machine in order to keep the precise details of the invention secret. Additionally, he noted that, despite seeing the invention at work, experts simply could not believe that it was a magnetic powered device. "They are brainwashed to a particular concept," Searl lamented. For those that do believe, Lockerman observed, there is a different kind of effect: one of sadness that such a device is not being put to good use.


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Time for a re-paint maybe? Approaching 27R
A view of the Star Alliance tail.
Close up of G-MIDWs engine as she is towed into the bmi hangar in the early evening light.
The engine cowling catches the evening light as the aircraft is towed into the bmi hangar at East Midlands.
Catching the low evening sun whilst on tow to the bmi hangar.
Close up of the IAE V2500 engine on the Star Alliance bmi A320.
Turning onto Runway 09 on a claggy afternoon relieved only by the glinting runway lights. This aeroplane wears the collours of Star Alliance rather than the more common blue & white killer whale s... (more)
Backtracking runway 32
A rather filthy Midland A320 slowing down runway 32. It is clear where the airbridge has attached to the fuselage
[Nikon D70]


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This MUST be Imagination at work. NO; I would not.
I don't think we'd be right for each other if that happened.
No way, Jose'
Don't want to be anybody's "better than nothing" second-choice.
Only temporarily so I could make their lives hell from close up
Nope, not after all I did and gave up for her.
No, I want to be a choice not an option. Soon as the next one comes along, they''ll be off, again.
I really don't know. I want to say, 'I'd NEVER do that!'.... but until I'm in those shoes I really can't judge. I don't know what the dynamics are of the situation and what each person needs.
no if the do it once they will do it again
Not if I love them, I am not sure I can keep the rage attacks that I get from betrayal at check


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Purdue Calumet, North Central campuses to prepare plan for administrative unification HAMMOND and WESTVILLE, Ind. – Purdue is moving forward with the preparation of a plan that would unify the administration of the university's two northwest Indiana campuses. The effort stems from a joint proposal by chancellors Thomas Keon of Purdue University Calumet…
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Chinese New Year Celebration
Purdue University Calumet hosts Chinese New Year celebration Saturday (2/8) A limited number of tickets remains available for Purdue University Calumet's Chinese New Year Dynasty Party Saturday (2/8) on campus.
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Accreditation Review
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Property group Peel goes private in £1.3bn buy-out
Peel Holdings, the owner of the Trafford shopping centre in Manchester and the biggest company listed on the AIM market, plans to go private.
Peel Holdings, the owner of the Trafford shopping centre in Manchester and the biggest company listed on the AIM market, plans to go private.
Share buybacks and the company's transactions have already reduced the free floating shares to just 6.6 per cent of its issued share capital. The rest is owned by John Whittaker, the chairman, and Olayan Group, a financial and commercial business of Middle Eastern origin.
These two dominant shareholders are behind the buyback proposal, which was independently recommended to minority investors as "fair and reasonable" by Rothschild, the financial adviser.
Mr Whittaker said: "The majority shareholders wish to be free to develop Peel in a more flexible way that is commensurate with the prospects and risk profile of the Peel Group. This may involve taking decisions that might be unattractive to remaining minority shareholders."
The company believes that its newer activities outside traditional commercial property, such as developing regional airports and ports, are riskier. Peel Ports encompasses the ports of Clydeport and the Manchester Ship Canal, while airports include Liverpool John Lennon Airport, plus airports at Teesside and Doncaster.
Peel's Trafford Centre is one of the biggest shopping centres in the UK, with over 1 million sq ft of accommodation. It was worth £1.3bn in the valuation produced yesterday. The offer, at 1,240p, came at a 37 per cent premium to the closing share price of Peel on Tuesday. The value of the offer, described by the company as "generously priced" is also 3 per cent higher than its adjusted net asset value - taking into account the tax payable if Peel's estate was sold off. The basic NAV at 1,845p is considerably higher than the offer price. Mr Whittaker said: "The majority shareholders want to provide minority shareholders, who are faced with the limited liquidity of Peel shares, with an opportunity to realise their investments in Peel at a favourable time in the property cycle."
Peel listed on the stock exchange in 1983 before transferring to the junior AIM market in 2000.
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Marketplace Morning Report for Monday, July 4, 2011
Episode Description:
Marketplace Morning Report for Monday, July 4, 2011
Australia seeks to get rid of five cent coin
Fears mount that consumers could be on the losing end should the five cent coin be abolished in Australia.
Europe agrees to give $17 billion to Greece
Germany presses for conditions on the latest Greek bailout.
Top scholars face new disclosure regulations
Faculty from Columbia Business School face new regulations regarding working outside the classroom.
Protecting your investments in case of default
Some investors are beginning to believe a default by the United States government is possible. What can investors do to protect themselves from this scenario?
Dunkin' Donuts' IPO returns company to the public
The popular fast food spot is one of a couple dozen companies owned by private equity to go public this year.
Lower gas taxes lure drivers to Missouri
With lower state taxes on gasoline, Missouri is easily undercutting its border mate Illinois when it comes to the price to fill up.
Fed may have missed best opportunity for selling off mortgage bonds
As part of the government bailout of AIG, the Federal Reserve bought $16 million worth of mortgage-securities from the company. Now, thanks to changes to the bond and housing markets, it may be stuck with them for a while.
Fashion stores go mobile in Portland
Portland, Ore., has a reputation for mobile food carts. But now you'll find trailers and buses selling clothes and fashion accessories.
Most popular
Browse the show calendar
Recent comments on our stories..
Biz Stone takes it one tweet at a time
What's this 'little bird' thing...Twitter...is that a law firm or something?
mryanone | Mar 14, 2014At Thanksgiving, plumbers' plates are full
This man here really tells it like it is! I had a great laugh with this article. There's no busier time than thanksgiving, then EVERYBODY is...
FarrellMackennon | Mar 14, 2014Multiple labor lawsuits hit McDonald's
While the lawsuit will properly be decided by the courts, to me it's immoral to exploit minimum wage workers by "stealing" their...
GraceG | Mar 14, 2014My first job: Big-rig truck washer
This small personal piece reminded me of my first job many years before as a dishwasher at a summer resort along the Maine Coast. In the early 60...
Craniac62 | Mar 11, 2014
Submit your Personal Finance Questions to the Getting Personal blog.
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Columbus Correctional Institution
1255 Prison Camp Road, Brunswick, North Carolina 28424
Columbus Correctional Institution Visiting Information:
Regular Population Inmate's visitation including special visits is by appointment Sunday through Thursday, weekly. Appointments must be made at least three days in advance and no more than 14 days. The visitor must call, Monday through Thursday between the hours of 9:00 a.m. to 10:30 a.m. or noon to 4:30 p.m. to schedule an appointment. Each inmate will be allowed only one visit per week. A maximum of three visitors (adults and children) will be permitted to visit an inmate per weekly visitation session.
Sunday Monday – Thursday
8:00am to 9:00am 8:30am to 10:30am
9:30am to 10:30am 12:00pm to 2:00pm
12:00pm to 1:00pm 2:30pm to 4:30pm
1:30pm to 2:30pm
3::00pm to 4:00pm
*Visitation on Sundays will be for one hour blocks and Monday – Thursday sessions are two hour blocks. Visitation will not occur on holidays
A valid photo identification card must be presented by anyone (16 yrs. or older) arriving at the institution to visit with an inmate. All visitors are required to conform to the standards of dress as described in the Visitation Rules listed in the "For Offender's Families" section of this website.
Special Visits:
Extended Visits are available by appointment and with staff approval to those visitors who live over 500 miles from Columbus Correctional Institution, and may be scheduled no more than once every six (6) months. These visits are limited to immediate family.
Legal Visits:
Legal visits will be by appointment only Monday through Thursday. The legal visitor must call, Monday through Thursday between the hours of 9 to 10:30 a.m. or noon to 4:30 p.m. to schedule an appointment. In addition, the legal visitor must provided a letterhead document 24 hours before the scheduled visit, indicating the name of the attorney/agency, the inmate requesting to visit, and the date of time of the visit.
Segregated Inmates / Non –Contact Visits:
Inmates who are in segregation or have been restricted to non contact visitation can visit Monday through Thursday also by appointment only. The visitor must call at least 48 hours in advance to schedule an appointment. Only two adults, or one adult and one child will be allowed to visit during a one hour visiting session. Schedule - is daily from 9 to 10 a.m., 1 to 2:00 p.m., and 2:30 to 3:30 p.m.


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Wiki Headlines 6th Mar: There is an option now on your profile page to use "compact" folders. This works pretty well for phone users and others who like less scrolling.
main index Narrative
The Shrouded Pathis a Kingdom Hearts crossover with Silent Hill featuring the main protagonists from Kingdom Hearts: Birth by Sleep.Set in an AU universe, the story begins when Aqua, Terra and Ven are sent on a mission to locate Master Xehanort. Somewhere along the way, they end up losing Ven, but manage to trace him to a town called Silent Hill. . .The Shrouded Path also has a Darker and Edgier sequel under the title Those Who Fight Monsters.
Characters From These Works Make An Appearance:
Tropes Applying to Both Works Include:
Tropes Applying Exclusively to The Shrouded Path include:
Tropes Applying Exclusively to Those Who Fight Monsters Include:


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John Brumby
Once Were Premiers:John Brumby
We look through the Fairfax archives for the most memorable images of John Brumby as part of our new weekly series on Victoria's five living former premiers: Once were Premiers.
Vic Premier John Brumby's father dies
Victorian Premier John Brumby's father has died, aged 84.
John Brumby resigns after Labor loss
Click to play videoOutgoing premier John Brumby resigns after sting of rejection from Labor loss.
John Brumby concedes defeat
Click to play videoState Labor leader John Brumby congratulates Ted Baillieu and the Coalition on their election victory.
John Brumby on the issues that matter
As part of its election coverage, The Age invited both major party leaders to participate in question and answer sessions. Premier John Brumby came to Media House on Tuesday.
John Brumby's pledge to the needy
Click to play videoLabor offers half a billion dollars to welfare groups, as Liberal announces plans to boost maths and science teachers.
In their words - John Brumby and Ted Baillieu
The Premier and opposition leader on a day that Victorians will never forget.
Is government dysfunction the new norm?
Nicholas Reece This week Tony Abbott marked the first 100 days of his new government in a very modern way. The Prime Minister released a YouTube video and a 30-page glossy brochure, and undertook an exhaustive...
Women's pay: Taking steps to fix inequality
Anne Davies It seems extraordinary that in 2013 a female graduate in her first year would be paid, on average, $5000 less than a male graduate.
Casino empire grows with help from powerful friends
Jason Dowling The spotlight on Crown comes at a sensitive time for James Packer, who is embroiled in a bitter contest with Echo Entertainment over the multibillion-dollar casino industry in New South Wales.
Parting company: 'brothers' no more
Mark Baker Nick Styant-Browne is embroiled in the fight of his life and has gone to battle with the firm he helped make famous, wrecked a 20-year friendship and provoked the wrath of many Labor supporters who...
Lawyers from union case 17 years ago say no Gillard link
Phillip Coorey LAWYERS who represented the Australian Workers Union in cases against Julia Gillard's former boyfriend, the allegedly corrupt union official, Bruce Wilson, say they never uncovered any link between...
Chinese tech giant appeals against broadband ban
Bianca Hall Chinese technology giant Huawei warns Australia could be in breach of its international trade obligations.
Chinese telco seen as security threat
Jill Stark Chinese communications and technology giant Huawei is branded a threat to United States national security.
Huawei wants equal treatment for NBN suppliers
David Wroe Local arm of Chinese telecom firm hits back at exclusion from national broadband network.
Treasurers want online tax-free limit reduced
Lenore Taylor GOT some great deals doing online Christmas shopping on overseas sites? That is exactly why state governments are worried.
A life of strong love and quiet generosity
Karl Quinn If Rupert Murdoch rules his vast media empire with a firm hand, it is perhaps because he learnt from the best.
Tourists told to be village people
Iconic Victorian villages will be the centrepiece of a $36 million tourism campaign promoting the state's regional areas.
OPI scalp Linnell cleared on appeal
Adrian Lowe It took 17 months to publicly bring down Stephen Linnell but less than two minutes for all the work the Office of Police Integrity spent on their only scalp to be discarded.
Windsor Hotel affair sent to Ombudsman
Melissa Jenkins The Windsor Hotel affair has been referred to Victoria's Ombudsman for investigation.


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Chronology of Coverage
Apr. 8, 2013
Administrative Judge Benjamin Gutman overturns suspensions of federal prosecutors Joseph Bottini and James Goeke, whom Justice Dept had tried to discipline for failing to turn over evidence that might have helped defense in botched corruption trial against late Sen Ted Stevens; rules that Justice Dept had violated its own procedures, under the Professional Misconduct Review Unit.MORE »
Jun. 1, 2012
Mistrial in the federal campaign finance case against John Edwards marks yet another setback for the Justice Department's public integrity section; once-vaunted watchdog group has been trying to rebuild itself following a botched prosecution of Sen Ted Stevens in 2009.MORE »
May. 26, 2012
Legal team that defended Sen Ted Stevens in his corruption trial harshly criticizes as too lenient the punishment that the Justice Department handed out to two prosecutors found to have engaged in reckless professional misconduct in the case.MORE »
May. 25, 2012
Justice Department will temporarily suspend prosecutors Joseph Bottini and James Goeke for reckless professional misconduct during the botched 2008 corruption trial of Sen Ted Stevens.MORE »
Mar. 19, 2012
Editorial urges the Justice Department to take a closer look at the power and responsibilities of its prosecutors in light of the findings of a scathing new report on the department's handling of the corruption trial of the late Sen Ted Stevens; asserts that the department should set a national standard and adopt open-file requirements for prosecutors to be more forthcoming about evidence favoring the defense.MORE »
Highlights From the Archives
Former Senator Ted Stevens Killed in Plane Crash
Mr. Stevens died in a crash in Alaska on Monday. The former NASA administrator Sean O'Keefe was on the plane but survived.
August 11, 2010usNewsDismissal for Stevens, but Question on 'Innocent'
Disclosures that information was withheld from the defense of former Senator Ted Stevens did little to erase much of the evidence that he regularly accepted gifts.
April 12, 2009usNews AnalysisJustice Dept. Moves to Void Stevens Case
The Justice Department moved to drop charges against Ted Stevens, citing prosecutorial misconduct.
April 2, 2009usNewsAlaska Senator Is Guilty Over His Failures to Disclose Gifts
Calling the verdict "unjust," Ted Stevens, the Senate's longest-serving Republican, asked voters to re-elect him.
October 28, 2008washingtonNewsARTICLES ABOUT TED STEVENS
Four Republican Senators returned today from a weekend tour of Honduras and disputed charges that the Reagan Administration had built semipermanent military installations there without Congressional approval. The Senators said they found no evidence of unauthorized military construction...
February 28, 1984, TuesdayKEY G.O.P. PREDICTS 5% RISE FOR THE PENTAGON
The Senate's assistant majority leader said today that the final military budget for 1985 would grow 5 percent after accounting for inflation, rather than the 7.5 percent that President Reagan and the rest of the Republican leadership have insisted on. The comment by the assistant leader, Ted...
August 04, 1984, Saturday2 Alaska Republicans Unopposed in Primary
Senator Ted Stevens, an Alaska Republican, faced no challengers in the state's primary today, but five Anchorage Democrats were running for the right to challenge him in November. John Havelock, a former state Attorney General, is the most well-known of the five. In the race for the...
August 29, 1984, WednesdaySENATE STAFF RECOMMENDS NO INQUIRY ON HATFIELD
The Senate Ethics Committee staff has found insufficient evidence to warrant a formal investigation of the dealings of Senator Mark O. Hatfield with a Greek entrepreneur, the panel's chairman said today. The chairman, Senator Ted Stevens, Republican of Alaska, said he agreed with the staff...
September 20, 1984, ThursdayG.O.P. GAINS STRENGTH IN HOUSE
Senate Republican candidates grasped President Reagan's coattails yesterday, but early returns indicated that they would be unable to solidify their control of the Senate. Mr. Reagan, who spent the final week of his campaign appearing in behalf of Senate Republican candidates, seemed unable to...
November 07, 1984, WednesdaySTATE DEPT. IN A DITHER OVER HELMS
The State Department has no embassy in Raleigh, N.C., but it was more interested today in the post-election political scene in North Carolina than in most of the reports it was receiving from its nearly 200 missions overseas. Department officials, hoping that the answer would be ''no,'' were...
November 08, 1984, ThursdaySEARCH 195 ARTICLES ABOUT TED STEVENS:
Former Senator Ted Stevens of Alaska Is Killed in Plane Crash
Ted Stevens, 86, was the longest-serving Republican senator until he lost his bid for a seventh term in 2008 after he was convicted of corruption charges. The charges were later thrown out.
- Opinion: The Fat Drug
- Reaching My Autistic Son Through Disney
- This Land: The 'Boys' in the Bunkhouse
- Well: Why High-Impact Exercise Is Good for Your Bones
- Op-Ed Contributor: London's Laundry Business
- Rio's Race to Future Intersects Slave Past
- Domingo Undimmed
- The Story Behind the SAT Overhaul
- Farm Bill Reflects Shifting American Menu and a Senator's Persistent Tilling
- Buried by His Past


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New Hampshire tops Reading in series opener
The New Hampshire Fisher Cats defeated the Reading Fightin Phils, 5-1, on Thursday night at FirstEnergy Stadium.
It was the first game for both teams following the Eastern League All-Star break.
New Hampshire plated two runs in the first inning on a Kevin Nolan single. Reading got one back in the bottom half thanks to a solo home run from Derrick Mitchell.
But Fightin Phils starter Jesse Biddle could not get comfortable all night, allowing a two-run shot to Gabe Jacobo in the fourth that made it 4-1 Fisher Cats.
Biddle went four innings, allowing four earned runs while striking out five. The left-hander will most likely make his next appearance in the MLB Futures Game next week.
These two teams will continue their series Friday night at 7:05.
Copyright 2013 WFMZ. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Crime Alert tip leads to bank robbery suspect's arrest
Go offline for National Day of Unplugging
Man arrested 10 minutes after hit-and-run accident on Route 22
Teenager rescues accident victims
Proposed no-kill cat shelter down to its final life in Northampton
Jury reaches verdict for man in sheriff's deputy's shooting death
Police: Man admits to bank robberies in Berks County
Mount Penn man admits to committing 3 bank robberies
Montgomery County sells nursing home for $41 million
Maserati dealership coming to the Lehigh Valley


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Snow report: 2013 and 2014 long-range winter weather, Our snow report for winter 2013 and 2014 quickly provides snowfall, snow depth, and current weather across the u.s.!. Farmer's almanac 2013-2014 canadian winter forecast snow, 2013-2014 canadian winter forecast snow outlook the farmer's almanac predictions. 2014 long range winter forecast | farmers' almanac, What will the coming winter bring? get our long-awaited 2014 forecast!.
The weather centre: final 2013-2014 winter forecast, Hello everyone, this is the final 2013-2014 winter forecast from the weather centre. this post will finalize my projections for this winter, with 3 month. Us winter forecast: snow to bury rockies; slow onset in east, @sooi500 tweeted: "have you seen this us winter forecast? wow could be a fun winter!" additional relevant tweets and social media reaction. Farmer's almanac 2013 2014 us winter outlook snow forecast, Check out more snowboarding photos here check the canadian winter forecast for 2014 here and check out last season's prediction here and judge for yourself how the.
The weather centre: official 2013-2014 winter forecast, Hello everyone, and welcome to the weather centre's official 2013-2014 winter forecast. this forecast will examine the indices most likely to play a. Winter 2013 forecast - farmer's almanac 2013 winter, The winter division remains consistent with the 2013 canadian winter predictions. the east part of canada, is expected to experience a cold, snowy winter.. Oklahoma winter outlook 2013-2014 snow forecast oklahoma, Oklahoma winter outlook 2013-2014 snow forecast oklahoma city tulsa norman broken arrow lawton edmond moore midwest city enid stillwater . back to group.


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Article Free PassSevilla, conventional Seville, provincia (province) in the comunidad autónoma (autonomous community) of Andalusia, southwestern Spain. The province comprises the lower Guadalquivir River valley and has varied relief. It is bordered by the Morena Mountains to the northwest and by the Sub-Baetic ranges of the Algodonales and Caballo mountains to the south and southeast. Between these ranges is the low, undulating surface (campiñas) of the Guadalquivir trough.
Below Sevilla city, the provincial capital, the navigable Guadalquivir River forms the marshy plains of Las Marismas before entering the Atlantic Ocean. These plains are the haunt of wildfowl; bulls are pastured there, and land-reclamation projects have long been in progress. Most of the land is contained in Coto Doñana National Park.
On the fertile campiñas, olives, wheat, rice, cotton, sugar beets, and oranges are cultivated on large estates. The raising of sheep and goats is also a significant component of the local economy. The agricultural population along the northern course of the Guadalquivir is scattered among numerous small towns, many on ancient Roman sites, around which horticulture is practiced on small holdings, all somewhat isolated from main routes of communication. Together with its agricultural wealth, the province yields copper, iron ore, and coal. Food processing and the production of automotive parts, metals, and textiles are considerable sources of income. The service industry (especially tourism) has grown in importance. The main population centres, apart from Sevilla, are Écija, Carmona, Marchena, Utrera, Morón de la Frontera, and Osuna. Area 5,419 square miles (14,036 square km). Pop. (2007 est.) 1,849,268.
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Demotivational Pics+
By honggang li
Open iTunes to buy and download apps.
- More contents are available for free on "more" section.
Demotivational Pics+ is updated daily with hundreds of new hilarious pics added by our visitors everyday. You can rate pics, comment on pics, share them with friends, download them to your phone, and much more.
Customer Reviews
Love the funny pics
But wish the page turning worked differently. Pics are shown too small to read fine print a lot and it is easy to Mia click. Still a great diversion
Very Good
Better than ifunny, because this stuff is actually funny. Only complaint is that some pictures don't load. Very awesome otherwise though.
Made me laugh. I wish the pics would change if sliding your finger across instead of looking for the arrow. But the content is good and it's free
- Free
- Category: Business
- Released: Feb 09, 2012
- Version: 1.0
- Size: 3.1 MB
- Language: English
- Seller: honggang li
- © zky
Compatibility: Requires iOS 3.0 or later. Compatible with iPhone, iPad, and iPod touch.


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BeerAdvocate on your phone?! True story. Try the beta now.
Tickets for American Craft Beer Fest are on sale now! (May 30 & 31 in Boston, MA)
Red Rocket Ale - Bear Republic Brewing Co.
Displayed for educational use only; do not reuse. |
Ratings: 2,078 | Reviews: 1,117 | Show All Ratings:
Reviews by krausenman:
North Carolina
4.03/5 rDev -1%
look: 4.5 | smell: 4 | taste: 4 | feel: 4 | overall: 4
A-The beer pours a very clear garnet color and is capped with a rocky tan head that when finally dies down leaves lacy tan-colored foam on the inside of my glass.
S-There is a malty grainy aroma with has some biscut like toasted notes that you can pick up on initially. I can detect some sort of grape-like ester aroma (maybe from the yeast). There was little to no hop aroma in my beer.
T-I can taste malty/caramel type flavors first which transitions to a distinct bitterness after a moment. The beer has a smooth viscous quality that is tasty while the hops provide an interesting counterpoint with there astringent bitterness.
M-The beer has a low level of carbonation that enhances the medium mouthfeel.
D-While I don't think that I'll drink a lot of this beer I have to say that it's balanced and enjoyable. The hops provide a relief for the malty sweetness that makes the beer quaffable.
Serving type: bottle
11-22-2010 01:28:38 | More by krausenman
More User Reviews:
Red Rocket Ale from Bear Republic Brewing Co.
out of 100
based on 2,078 ratings.


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This race had been on my list for quite some time as I've always heard people rave about it. The race has uh-mazing views and an awesome atmosphere. 1,090 more words
Tags » 10K
Marathon Training Week 14 Recap
Wow. I am TWO weeks away from my FIRST marathon!!! I can't believe it!!
This was a pretty chill week as far as mileage:
Sunday, February 9th… 319 more words
My Journey to Marathon des Sables
It is two weeks into the new year and already I am feeling like I am on a rollercoaster ride! After two years of thinking and dreaming about I believe I am ready to take on the Marathon des Sables. 903 more words


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Now, airport officials are trying to figure out how to return the money, because its intended recipients would be breaking the law if they accepted it, The Lexington Herald-Leader reported.
After a recent visit to Kentucky, Sheik Mohammad bin Rashid al Maktoum, the crown prince of Dubai, and his brother, Sheik Hamdan bin Rashid al Maktoum, left 10 envelopes. The three that have been opened contained a total of $8,000.
The Maktoums are frequent users of the airport because they own horse farms in the area. A spokeswoman for a Kentucky Islamic group said Muslims prize generosity, especially during the holy month of Ramadan.
Bernie Lively, the head of the airport board, says there is no evidence that anyone working there broke the law or performed extra services in hopes of a payoff. He said he believes the Maktoums were just being nice.
Aaron Carter is still in love with Hilary Duff
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