Kelley PC http://kelleypc.com/ Sun, 14 Aug 2022 10:01:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://kelleypc.com/wp-content/uploads/2021/07/cropped-icon-32x32.png Kelley PC http://kelleypc.com/ 32 32 US inflation is not going away. Small businesses need to plan ahead | american small business https://kelleypc.com/us-inflation-is-not-going-away-small-businesses-need-to-plan-ahead-american-small-business/ Sun, 14 Aug 2022 10:01:00 +0000 https://kelleypc.com/us-inflation-is-not-going-away-small-businesses-need-to-plan-ahead-american-small-business/ IInflation is the biggest challenge facing small businesses this year, according to a report by the National Federation of Independent Businesses last month, with a whopping 91% admitting that rising prices are having a “substantial” or “ moderate” on their businesses. The U.S. Chamber of Commerce says nearly seven in 10 small businesses raised prices […]]]>

IInflation is the biggest challenge facing small businesses this year, according to a report by the National Federation of Independent Businesses last month, with a whopping 91% admitting that rising prices are having a “substantial” or “ moderate” on their businesses.

The U.S. Chamber of Commerce says nearly seven in 10 small businesses raised prices to deal with inflation, which is also considered their “dominant challenge.” Sixty-five percent of small businesses surveyed in a Goldman Sachs study said rising input costs have forced them to raise the price of their goods and services this year, with nearly 80 percent saying the economy is getting weaker. had worsened in the last three months.

If you’re having inflation issues in your business, you’re not alone. However, there is good news for you. And, unfortunately, bad news. The good news is that inflation seems to be leveling off.

Prices for basic materials such as industrial chemicals, building materials, copper, aluminum, plastics, packaging, iron and steel and even agricultural products such as fertilizers and processed foods stabilize or do not increase rapidly. The price of lumber products has fallen significantly from its highs of last year. Oil prices are down 30% from the start of the summer.

This is partly because the global supply chain is starting to show signs of normalcy (port traffic in Long Beach, California has fallen to 84 ships offshore, significantly less than during the pandemic, massive shutdowns in China have ended and the Baltic Dry Index, a key measure of freight costs and shipping demand, has fallen nearly 30% since the beginning of the year). There has also been a general slowdown in global demand for goods which, while not significant, has certainly affected prices.

It’s doubtful that the Democrats’ Cut Inflation Act — whatever positive impact it should have on our climate and health issues — will have much of an impact on inflation. Penn’s Wharton School says the bill would actually raise inflation through 2024 and has “low confidence that the legislation will have an impact on inflation.” But the good news is that government spending has fallen significantly and the Fed is no longer throwing fuel on the flames.

This brings me to the bad news: we are still struggling with rising costs and the situation is not going to change anytime soon. Producer prices – at 11.3% in June – are still well above historical levels and, as the producer price index is considered a leading indicator, this means that ultimately prices consumption will remain at high levels for the coming months. It took a year and a half for inflation to reach these levels (consumer prices started to rise in March 2021 and reached 7% at the end of 2021, well before Russia invaded Ukraine). It will take at least as long for it to return – hopefully – to the more sustainable levels we have seen in the past. It may take even longer.

Indeed, many obstacles stand in the way of a significant control of inflation. Some economists, including former Treasury Secretary Larry Summers, believe the Fed’s moves aren’t aggressive enough.

Additional pressure from the war in Ukraine could drive up energy and food prices, especially as the winter months approach. Further Covid cases in China could again disrupt the supply chain. Even if the global economy begins to grow significantly again in the near future, this growth could strain our fragile supply chains and disrupt the prices of many of the basic materials we purchase.

So what if you are a small business? You leverage your accounting and customer relationship management systems to stay on top of your product lines, profits, and customer margins. You raise prices wisely and prudently. You communicate frequently with your customers and you develop your relationship with your suppliers. You are constantly looking for other sources of supply. You try to lock in long-term contracts and, like so many big brands, practice “shrink-flation,” where you charge the same price for a little less product. You keep your inventory under control, your overhead low and your cash balances as high as possible.

You’re doing all this because, although it’s probably peaked, inflation isn’t going away anytime soon. We are no longer in 2012, when rates hovered around 2%. It’s 2022 and you can expect your base material prices to remain significantly high for at least the next six to 12 months. My best clients always plan ahead. So plan for that.

]]>
Weeds, Garbage and Overdue Sewer Fees Head to County Auditor’s Tax Rolls | New https://kelleypc.com/weeds-garbage-and-overdue-sewer-fees-head-to-county-auditors-tax-rolls-new/ Sat, 13 Aug 2022 14:30:00 +0000 https://kelleypc.com/weeds-garbage-and-overdue-sewer-fees-head-to-county-auditors-tax-rolls-new/ More than $776,000 of overdue sewer bills in Beaumont are destined for county property tax rolls because the municipal code and the city’s health and safety codes allow the city to list these accounts on the rolls. tax after being submitted to a public hearing. Most of these accounts are at least two months behind […]]]>

More than $776,000 of overdue sewer bills in Beaumont are destined for county property tax rolls because the municipal code and the city’s health and safety codes allow the city to list these accounts on the rolls. tax after being submitted to a public hearing.

Most of these accounts are at least two months behind on their payments.

This comes at a time when the city was also sending out notices that sewer rates were rising.

Councilor David Fenn, who is a real estate agent, said that sometimes people from out of town who come to buy properties in Beaumont sometimes have no idea that the town provides sewer service, and some of these properties are accompanied by unpaid sewer bills. “Many years, and the owner had no idea it was even there.” This generally concerns properties owned by investors.

Administrative Services Director Kari Mendoza assured Fenn that the city sends notices to the tenant and landlord for municipal bills.

The Beaumont City Council unanimously approved allowing the city to collect $776,224.01 through the Riverside County Auditor’s tax rolls.

Since June, Waste Management has been sending notices with invoices to property owners who were behind on their solid waste collection payments that had not been received by July 15, 2022, as these were also at risk of being added to the tax of these residents. Rolls.

In the amount of $278,041.50, City Council also approved the collection of overdue solid waste processing fees and charges on the Riverside County Auditor’s tax rolls.

Inserted into City Council’s consent program, the city approved permission to add $60,200.50 in weed abatement fees to the county auditor’s tax rolls, to cover the city’s efforts to control weeds on vacant properties to reduce the risk of fire.

Nearly 90 properties were on the list, one of which owed up to $5,435.

The city also voted to place the city’s special tax levy for community facility districts on the county tax roll for improvement areas within community facility districts (CFDs).

Permission was required by August 10 and helps CFDs meet debt servicing costs, maintain landscaping and lighting of city-owned parks, streets and roads; fund public safety services such as police and fire protection; and fund future facilities that would benefit CFDs.

There are 62 taxes that encompass 36 CFD 93-1 improvement areas; 18 separate taxes for CFDs 2016-1, 2016-2, 2016-3, 2016-4, 2018-1, 2019-1, 2021-1.

During the vote on the levies for the various districts, Council members Lloyd White, David Fenn, Rey Santos and Julio Martinez recused themselves during the votes for their CFDs.

]]>
3 growth stocks down between 40% and 89% that could soar https://kelleypc.com/3-growth-stocks-down-between-40-and-89-that-could-soar/ Sat, 13 Aug 2022 10:54:00 +0000 https://kelleypc.com/3-growth-stocks-down-between-40-and-89-that-could-soar/ Even with a recent market rally, many growth stocks are plummeting from their highs. heavy growth Nasdaq Compound The index is still on the verge of a bear market, but for investors prepared to weather potential volatility, the good news is that some high-potential companies are still trading at huge discounts. To help put investors […]]]>

Even with a recent market rally, many growth stocks are plummeting from their highs. heavy growth Nasdaq Compound The index is still on the verge of a bear market, but for investors prepared to weather potential volatility, the good news is that some high-potential companies are still trading at huge discounts.

To help put investors on the trail of growth stocks capable of delivering explosive returns, a panel of Motley Fool contributors profiled the top picks trading at attractive valuation levels. Read on to find out why they believe long-term investors can reap big rewards investing in Advanced micro-systems (AMD 2.76%), Cloudy (REPORT 3.58%)and RingCentral (RNG 4.47%) at today’s prices.

A lesson in growth over value

Daniel Foelber (advanced microdevices): AMD Stock Is Down Nearly 40% From Its All-Time High, Worse Than The 27% Drop iShares Semiconductor ETF endured. However, AMD continues to gobble up market share and grow revenue and earnings at a blistering pace while maintaining a high gross profit margin. The five-year chart says it all, as AMD’s revenue over the past 12 months has more than tripled in five years and profits have grown more than 37 times.

AMD Revenue (TTM) given by Y-Charts

AMD’s latest quarter included better-than-expected results and strong long-term guidance that supports the narrative that AMD continues to take market share from Intel (INTC 1.46%) in the PC processor industry. For several years now, AMD has under-promised and over-delivered while Intel has spent most of the past decade dealing with delays, project failures and slowing growth. Intel stock has paid the price, underperforming the market in recent years, and failed to surpass its all-time high in 2000, just before the dot-com crash. Intel has a price-to-earnings (P/E) ratio of just 7.5 and a dividend yield of 4.1%, while AMD’s P/E ratio is a much more expensive 42.5 and doesn’t pay out of dividend.

AMD stands out as the best and fastest growing company, while Intel is the cheapest stock with an added dividend. But Intel thinks the worst is behind it. On its second quarter 2022 earnings call, Intel Chief Financial Officer David Zinsner said, “The market turbulence and updated outlook are disappointing. However, we believe our turnaround is clearly taking shape and we we expect the second and third quarters to be the company’s financial trough.”

Unfortunately for Intel, it failed to embrace the smartphone revolution and fell behind in its core categories. The chip industry is growing extremely fast where just a few years make a big difference. AMD has given investors every sign that it is leading the next wave of semiconductor technologies, while Intel has given every reason why it should continue to underperform. Until Intel can deliver on its promises, AMD stands out as the best buy despite being a more expensive stock. Comparing AMD to Intel is a good lesson in what “value” really means. If AMD continues to gain market share, it could one day overtake Intel in terms of revenue and profit. Long-term investors are more interested in where a company is in 10 years from now than where it is now. By this logic, AMD appears to be a better value than Intel, even though its current earnings to market capitalization is much lower.

Invest in the evolution of the Internet

Keith Noonan (Cloudflare): When it comes to making sure your favorite internet destinations are accessible and working properly, few companies are more important than Cloudflare. Web Specialist provides Content Delivery Network (CDN) services that accelerate the ability to send and access information over the Internet. It also offers Distributed Denial of Service (DDoS) attack protection, along with a variety of other cloud-based software offerings that help ensure users can easily access websites and applications.

However, Cloudflare also has a valuation heavily dependent on growth, and it has seen a sell-off as inflation, rising interest rates and other factors have caused investors to become much more risk averse. The stock is now trading down around 64.5% from the high it hit last November.

Despite the big sell-off, Cloudflare has continued to post impressive business results and looks poised for greater long-term growth. Sales climbed 54% year-over-year in the second quarter to $234.5 million, and the company increased its number of large customers by 212 to 1,749 during the period. With large customers now accounting for 60% of sales, Cloudflare’s growth engine looks very strong, and the non-GAAP (adjusted) gross margin of 78.9% last quarter indicates significant earnings growth potential across the line.

The company should be able to continue to show strong sales growth as it provides virtually essential services in the information age. With more websites and apps constantly online, and internet services becoming more central to business and day-to-day communications, Cloudflare stock looks set to offer big gains for long-term investors. .

This is the opportunity to ring at your door

James Brumley (Central Ring): I understand why investors began to seriously sell their RingCentral shares early last year. The stock of doorbells and home security skyrocketed at the start of the COVID-19 pandemic, when people were spending much more time at home and making many home improvements. However, once the lockdowns started to loosen, the market began to realize that the 124% rise in this ticker in 2020 after the 100% advance in 2019 was just too, too fast.

However, this stock’s 89% pullback from the 2021 peak is equally exaggerated…for the opposite reason.

Largely lost in the noise of all this volatility, this company continues to grow, and it does so primarily through its subscription business.

The figures for the last quarter put things in perspective. Revenue rose 28% year over year, pushing non-GAAP earnings from $0.32 per share to $0.45. The company is looking for revenue growth in the same direction for the rest of the year, but RingCentral has raised its earnings forecast from a range of $1.83 to $1.87 to a range of $1.91 to $1.95 per share for 2022. Notably, subscription revenue makes up 95% of its total revenue, which typically represents high-margin revenue because once in the fold, those customers no longer need to be reconquered.

In this vein, a sharp increase in sales and marketing expenses is the main reason why the company continues to lose money according to generally accepted accounting principles (GAAP).

For investors who can look further, the opportunity is there. It will take just a little more for RingCentral to achieve the scale it needs. However, with most of its value wiped out, the stock could start bouncing back long before that happens, in anticipation of such a development.

]]>
Manteca has a $144 million portfolio https://kelleypc.com/manteca-has-a-144-million-portfolio/ Sat, 13 Aug 2022 08:38:01 +0000 https://kelleypc.com/manteca-has-a-144-million-portfolio/ Automobile sales are helping to drive investment from the town of Manteca – literally. Investments in corporate securities issued under auto companies, their receivables, leasing and credit arms – installment debt owed by car owners – accounted for more than a third of the 21, $5 million the city had invested in corporate securities as […]]]>

Automobile sales are helping to drive investment from the town of Manteca – literally.

Investments in corporate securities issued under auto companies, their receivables, leasing and credit arms – installment debt owed by car owners – accounted for more than a third of the 21, $5 million the city had invested in corporate securities as of June 30.

Overall, the city as of June 30 had $144 million in its investment portfolio.

US Treasury issues accounted for $54.7 million or 38% of the city’s overall investments.

The snapshot of Manteca’s investment portfolio is shared with city council on Tuesday.

The quarterly reports have been presented to council since former city manager Miranda Lutzow informed elected officials three years ago that the city’s financial accounting was in such disarray that it was unclear whether more than $68 million was correctly accounted for by the finance department. .

These issues were related to the general ledger not being kept up to date as well as redundant expense entries and income being placed in the wrong accounts.

Although there were never any signs of theft or the like detected, it was determined that money was borrowed from restricted accounts and used for purposes other than those for which it was lawfully collected and which should be repaid with interest.

That amount — which reached $20 million at one point — involved growth fees collected for work such as road improvements that were used for water and sewer projects.

The exact amount of what must be reimbursed by taxpayers will require rate increases for sewer and water services. Studies determining what those rate hikes might need to be will be reported to the board later this year.

The final amount should be large enough that the ongoing water rate study can be split into two rate increases enacted at different times and spread over several years. The city must not only repay interfund loans made on behalf of the water fund, but it must also raise funds for necessary capital improvement projects involving aging water infrastructure, as well as cover maintenance costs and current operation.

A sewer rate hike study is also underway.

Neither water rates nor sewer rates have increased in 13 years.

Most investment portfolio funds represent money that the city has raised for a specific purpose or has received from the state or federal government for a specific purpose. As such, it cannot be leveraged for day-to-day city operations such as police and fire or to augment personnel in either department or the entire city.

A portion of the funds represents reserves, including those in the general fund accounts. It also reflects property tax receipts that are remitted to the city twice a year as well as quarterly sales tax receipts.

Property and sales taxes represent the largest source of revenue for the city’s general fund. While funds come in two to four times a year, about 85% of the city’s general fund costs involve salaries and benefits that are spread fairly evenly over 12 months.

The accounting problem has been largely corrected and procedures have been put in place to prevent this from happening again.

Among the debt securities the city holds in its portfolio managed by PFM Asset Management that are related to automobiles are related to BMW, Ford GM, Harley-Davidson, Honda, Hyundai, Mercedes-Benz, Nissan, Toyota, Volkswagen and CarMax.

All of the debt is at the top of the ratings issued by S&P, Moody’s and Fitch, the three firms that assess the solvency of companies and municipalities.

To contact Dennis Wyatt, email dwyatt@mantecabulletin.com

]]>
UFC president Dana White not planning fighter raises https://kelleypc.com/ufc-president-dana-white-not-planning-fighter-raises/ Fri, 12 Aug 2022 19:08:39 +0000 https://kelleypc.com/ufc-president-dana-white-not-planning-fighter-raises/ UFC President Dana White has said fighters’ compensation in the organization will not change dramatically while he is in his current position, telling GQ in a video posted Thursday that he believes the fighters “are paid what they are supposed to be paid”. The topic of fighter pay has been a hot topic in MMA […]]]>

UFC President Dana White has said fighters’ compensation in the organization will not change dramatically while he is in his current position, telling GQ in a video posted Thursday that he believes the fighters “are paid what they are supposed to be paid”.

The topic of fighter pay has been a hot topic in MMA for years and has been thrust more into the spotlight by YouTuber-turned-boxer Jake Paul in recent months. White said he thinks top boxers are overpaid and reiterated in the GQ interview that he thinks UFC fighters are paid more reasonably.

“Boxing has been completely destroyed, because of the money and everything that’s going on,” White said. “That’s never gonna happen while I’m here. Believe me, these guys get paid what they’re supposed to get paid. They eat what they kill. They get a percentage of the pay-per-view purchases. And the money is divided between all the fighters.”

The UFC pays fighters about 20% of its revenue, according to data uncovered in the ongoing antitrust lawsuit filed by some veterans against the promotion. Other major sports leagues, such as the NFL, NBA, and MLB, share about half of their revenue with players, but these leagues are unionized and athletes can bargain collectively through player associations. MMA fighters, and UFC fighters in particular, have nothing similar at the moment.

“Boxing has been completely destroyed, because of the money and everything that’s going on. That’s never going to happen while I’m here. Believe me, these guys are getting paid what they’re supposed to be paid. They eat what they kill, they get a percentage of pay-per-view purchases, and the money is split among all the fighters.

Dana White on UFC pay raises

UFC fighters are classified as independent contractors, which could make collective bargaining legally difficult. Several attempts to unionize UFC fighters have failed over the past 10 years, including one by former baseball agent Jeff Borris.

“There’s not too much you can talk about about the UFC,” White told GQ. “If you look at what we’ve done with the company over the past 22 years, it’s amazing. Never done, ever, the things we’ve done in the fight business. You always have to have something to grumble about. , I guess . And fighters always want to make more money.”

White and executives at UFC parent company Endeavor have argued that fighters’ compensation has grown exponentially over the past decade, although UFC revenue has also risen sharply since then.

“No major sports organization pays its athletes as badly as Dana White and the UFC,” Paul tweeted in response to White’s comments on GQ. “If you don’t see that, you’re one of Dana’s sheep. They keep talking about selling out 21 events in a row, but never talk about raising fighters’ salaries, giving them medical care. health and a fair distribution of income.

Antitrust lawsuit filed against the UFC in 2014 by veterans including Cung Le claims the promotion is a monopoly or monopsony, controlling the vast majority of the sport’s market share, locking fighters into restrictive contracts which do not allow them to test their worth in the free market and the suppression of wages.

The trial is being conducted by fighters from the MMA Fighters Association, which does not want unionization. Instead, MMAFA would like Boxing’s Muhammad Ali Law, which grants contractual protection to boxers, to be extended to MMA. This expansion of MMA was introduced as a bill in the House of Representatives by Rep. Markwayne Mullin, R-Okla., in 2017, but has since remained stuck in legislative limbo. The UFC has spent hundreds of thousands lobbying against the potential law.

In 2020, a federal judge said he would grant class certification in the antitrust case, making it a class action lawsuit that would allow more fighters to receive a share of what could be billions of dollars. damages. The judge, Richard Boulware, did not formalize the class certification, and the case looks set to continue for many years.

“The UFC has established a compensation structure that pays fighters less than 20% of revenue,” MMAFA founder Rob Maysey told ESPN. “The only way to determine which fighters are ‘supposed to get paid’ is to remove the contractual constraints imposed by the UFC and bring real competition to the market for fighting services.”

]]>
For some community health centers, serving the poor brings big surpluses https://kelleypc.com/for-some-community-health-centers-serving-the-poor-brings-big-surpluses/ Fri, 12 Aug 2022 10:03:18 +0000 https://kelleypc.com/for-some-community-health-centers-serving-the-poor-brings-big-surpluses/ Placeholder while loading article actions DARLINGTON, SC — Just off the deserted town square, with its many shuttered businesses, people lined up at the walk-in pharmacy window of Genesis Health Care, a federally funded clinic. Drug sales provide the bulk of revenue for Genesis, a nonprofit community health center treating about 11,000 mostly low-income patients […]]]>
Placeholder while loading article actions

DARLINGTON, SC — Just off the deserted town square, with its many shuttered businesses, people lined up at the walk-in pharmacy window of Genesis Health Care, a federally funded clinic.

Drug sales provide the bulk of revenue for Genesis, a nonprofit community health center treating about 11,000 mostly low-income patients at seven South Carolina clinics in 2020 and 2021.

Those sales helped Genesis achieve a $19 million surplus on $52 million in revenue — a 37% margin — in 2021, according to its audited financial statements. It was the fourth year in a row that the center’s surplus exceeded 35%, records show. The industry average is 5%, according to a federally funded report on the financial performance of health centers.

Genesis attributes its wide margins to excellent management and says it needs the money to expand and modernize its services while being less dependent on government funding. The center benefits financially through the use of a government drug discount program.

Yet Genesis’ sizable surplus stands out among federally qualified nonprofit health centers, a central part of the national safety net for treating the poor.

Some of America’s wealthiest hospital systems got even richer from federal bailouts

In 2021, the federal government pumped over $6 billion [nachc.org] in core funding grants to 1,375 centers across the country, which provide primary care to more than 30 million low-income people. That same year, the American Rescue Plan provided an additional $6 billion over two years for covid support.

These community health centers must take all patients regardless of their ability to pay, and in return they receive annual government grants and higher reimbursement rates from Medicaid and Medicare than private physicians.

Analysis by KHN found that a handful of centers have had surpluses of 20% or more in at least three of the past four years. Health policy experts say the surpluses alone should not cause concern if health centers plan to use the money for patients. But they add that the high markups suggest the need for more federal scrutiny of the industry and whether its money is being spent fast enough.

“Nobody knows where all their money is going,” said Ganisher Davlyatov, an assistant professor at the University of Oklahoma who has studied health center finance.

Beat cancer? Your Medicare Advantage plan might still charge for it.

The Federal Health Resources and Services Administration, which regulates the centers, has limited authority under federal law over how much the centers spend on services and how they use their surpluses, James Macrae said. , an associate director.

The goal of the federal funding is to help the clinics meet the health needs of many of the country’s poor.

“They are expected to take any profit and reinvest it in the center’s operations,” he said. “It’s definitely something we’re going to look at and what they’re doing with those resources,” he said of KHN’s findings.

But Ge Bai, a professor of accounting and health at Johns Hopkins University, questioned why some centers should achieve surpluses of 20% or more in consecutive years.

A center with a high margin “raises questions about where the surplus went” and its tax-exempt status. “Centres have to provide enough benefits to earn their public tax exemption, and what we’re seeing here is a huge amount of [surpluses],” she says.

Bai said centers need to be able to answer questions about “why aren’t they doing more to help the local community by expanding their reach of service.”

The unintended consequences of the $178 billion bailout to keep hospitals and doctors afloat

Health center officials defended their healthy surpluses, saying the money allowed them to expand services without relying on federal funds and helped them save for big projects, such as constructing new buildings. They pointed out that their operations are overseen by boards of directors, of which at least 51% must be patients, ostensibly for the operations to meet the needs of the community.

“Health centers should have operating reserves to be financially viable,” said Ben Money, senior vice president of the National Association of Community Health Centers. Surpluses are needed “as long as health centers plan to spend the money to help patients,” he said.

Some center officials have noted that profit margins can be skewed by large contributions earmarked for construction projects. Grants and donations appear as revenue in the year they are awarded, but the costs of a project are spread in the financial statements over a longer period, often decades.

The base annual federal grant for the centers is about 20% of their funding on average, according to HRSA. Subsidies have more than doubled over the past decade. Federal grants to the centers are awarded on a competitive basis each year based on a complex formula that takes into account the need for services in an area and whether the clinics provide care for specific populations, such as the homeless. , agricultural workers or residents. of public housing.

The centers also receive reimbursements from Medicare and Medicaid that can be up to twice what federal programs pay private physicians, said Jeffrey Allen, partner at consulting firm Forvis.

Additionally, some health centers like Genesis also benefit from the federal 340B drug rebate program, which allows them to purchase drugs from manufacturers at deeply discounted rates. Patient insurers typically pay centers a higher rate and clinics keep the difference. Clinics can reduce out-of-pocket expenses for patients, but they are not required to do so.

For its analysis, KHN began with research by Davlyatov which used the centers’ IRS tax filings to identify the two dozen centers with the highest profit margins in 2019. KHN then reviewed the financial statements audited these centers for the past four years (2018 to 2021), and found nine that had margins of 20% or more for at least three years.

Northern Mississippi Primary Health Care was one of them.

“We don’t take unnecessary risks with company assets,” said Christina Nunnally, quality manager at the center. In 2021, the center had nearly $9 million in surplus on $36 million in revenue. More than $25 million of that revenue came from the sale of drugs.

Nunnally said the center is building a financial cushion in case the 340B program ends. The drugmakers have asked for changes to the program.

The center recently opened a school health program, a new dental clinic and clinics in neighboring counties.

“That kind of margin may not be achievable one day,” she said. If the center is going through tough times, it won’t want to “have to start cutting programs and staffing levels.”

Outside Los Angeles, Bahram Bahremand, CEO of Friends of Family Health Center, said its high margins were the result of California’s extensive Medicaid coverage for low-income residents and good management.

The center – whose profit margins exceeded 25% from 2018 to 2020 – opened a $1.9 million facility in Ontario last year and purchased the building that houses its main clinic, in La Habra, for 12 .3 million with plans to expand it, he said.

Bahremand added that the center is also reducing administrative costs by focusing on having more providers in relatively fewer locations.

“You shouldn’t ask yourself, ‘Why are we making so much money?’ You should ask yourself, ‘Why are other clinics not making so much money?’ Bahremand said.

In South Carolina, Genesis started as an independent clinic and was sometimes barely able to make the payroll, said Tony Megna, CEO and general counsel of Genesis. The conversion to a federally licensed health center about a decade ago brought federal funding and a stronger foundation. It recorded a surplus of more than $65 million from 2018 to 2021.

“Our attitude towards money is different from most because it’s so ingrained in us to worry about whether we’re going to pay our bills,” said Katie Noyes, special projects manager at Genesis. .

The center is spending $50 million to renovate and expand its aging facilities, Megna said. In Darlington, a new $20 million building that will more than double the facility’s space is set to open in 2023. And its strong results are helping the center pay all of its workers at least $15.45 a year. hour, more than double the state minimum wage. , he said.

Megna received nearly $877,000 in salary and bonuses in 2021, according to Genesis’ latest IRS tax return, an amount nearly four times the industry average.

Genesis board chairman-elect David Corry said in a memo to KHN that part of that compensation compensated for several years when Megna was inadvertently underpaid. “We determined early on that providing Mr. Megna with ‘average’ compensation like that of other FQHC CEOs was not what we wanted. Mr. Megna’s extensive legal experience and training as well as his institutional and regulatory knowledge set him apart from the rest.

Megna said her base salary was $503,000.

Genesis officials said the financial security provided by the center’s surpluses has enabled them to provide additional services to patients, including foot care for people with diabetes. In 2020, Genesis used $2 million to create an independent foundation to help families with food and utility bills, among other needs.

Most of Genesis’ revenue comes from the 340B program, according to its audited financial statements. Many prescriptions filled at the clinic’s pharmacy are for expensive specialty drugs, which treat rare or complex conditions such as cancer.

Megna, 67, a former bankruptcy lawyer, said maintaining the financial security of the center was vital to keeping it open for patients.

“We’re very careful how we spend our money,” Megna said.

KHN (Kaiser Health News) is a national newsroom that produces in-depth journalism on health issues. Along with policy analysis and polling, KHN is one of the three main operating programs of KFF (Kaiser Family Foundation). KFF is an endowed non-profit organization providing information on health issues to the nation.

]]>
New integration offers improved two-way synchronization of projects, invoices and expenses between Knowify and QuickBooks Online Advanced https://kelleypc.com/new-integration-offers-improved-two-way-synchronization-of-projects-invoices-and-expenses-between-knowify-and-quickbooks-online-advanced/ Thu, 11 Aug 2022 19:00:00 +0000 https://kelleypc.com/new-integration-offers-improved-two-way-synchronization-of-projects-invoices-and-expenses-between-knowify-and-quickbooks-online-advanced/ NEW YORK, August 11, 2022 /PRNewswire/ — Knowify, a leader in construction business management software, today announced the release of the Knowify Connector – a new and improved integration with QuickBooks Online Advanced that further simplifies the financial management of construction projects. for contractors. Intuit (Nasdaq: INTU), the global technology platform behind TurboTax, QuickBooks, mint, […]]]>

NEW YORK, August 11, 2022 /PRNewswire/ — Knowify, a leader in construction business management software, today announced the release of the Knowify Connector – a new and improved integration with QuickBooks Online Advanced that further simplifies the financial management of construction projects. for contractors. Intuit (Nasdaq: INTU), the global technology platform behind TurboTax, QuickBooks, mint, credit karma and MailChimphas made the connector available to all users who use both QuickBooks Online Advanced and Knowify at no additional cost.

The Knowify connector makes it easier than ever for construction companies to collect project, invoice, and expense data in one place, eliminating the need for double entry and preserving data quality. Near real-time data synchronization between platforms means users can assess project profitability in real time and better understand where they have cost overruns. The connector allows project managers and finance professionals to work closely together, so that projects can progress without interruption and the impact of an individual project’s profitability on the entire company can be quickly evaluated.

“The Knowify Connector has made the already deep integration between QuickBooks Online Advanced and Knowify even more powerful and accessible.” Said Marc Visent, CEO and co-founder of Knowify. “Knowify’s mission is to give growing construction businesses the tools and guidance to execute projects more efficiently and to understand how each project they undertake affects their business as a whole. The Knowify Connector provides contractors faster and more accurate project data, so they can get a clear idea of ​​how their projects and overall activities are performing.”

Key Benefits:

  1. Streamline your project processes: Avoid double data entry for projects created in Knowify and the project’s corresponding financial data in QuickBooks Online Advanced.
  2. Track performance at a glance: Share project information between Knowify and QuickBooks Online Advanced, to quickly assess profitability and see project costs updated to budget broken down by materials, equipment, labor, and more.
  3. View project updates in real time: Business owners and finance professionals working in advanced QuickBooks Online and your project managers operating in Knowify can work in sync using the latest project information.

To learn more about Knowify, visit: https://www.knowify.com/

To learn more about the Knowify Connector, visit: https://quickbooks.intuit.com/r/bookkeeping/whats-new-in-quickbooks-online-june-2022/

To learn more about QuickBooks Online Advanced for Construction, visit: https://quickbooks.intuit.com/industry/construction/

About Knowify

Founded in 2016, Knowify’s business management software empowers contractors and contractors to grow their business with confidence using a suite of simple yet powerful tools. With the ability to create proposals, track employee time and expenses, track job costs at a granular level, and manage billing, Knowify shows the impact each job has on your business, so you know exactly what projects to focus on. Knowify acts as a single source of truth for every project, eliminating all the manual data entry and expense tracking that keeps business owners and managers tied to their desks. Knowify also offers extensive integration with Intuit QuickBooks and is a top-notch building solution on Intuit’s Apps.com.

About Intuit

Intuit is the global technology platform that helps consumers and small businesses overcome their biggest financial challenges. Serving over 100 million customers worldwide with TurboTax, QuickBooks, mint, credit karmaand MailChimp, we believe everyone should have the opportunity to thrive. We never stop working to find new and innovative ways to make this possible. Please visit us for the latest information about intuitour products and services, and find us on social.

SOURCE Know

]]>
Agriculture Department invests in taxpayer education, program outreach efforts for farmers and ranchers https://kelleypc.com/agriculture-department-invests-in-taxpayer-education-program-outreach-efforts-for-farmers-and-ranchers/ Thu, 11 Aug 2022 09:52:12 +0000 https://kelleypc.com/agriculture-department-invests-in-taxpayer-education-program-outreach-efforts-for-farmers-and-ranchers/ The U.S. Department of Agriculture is investing in two outreach and education efforts for farmers and ranchers, including those new to farming or who have been historically underserved by USDA programs. USDA’s Agricultural Services Agency Invests $10 Million in Taxpayer Education Focused on Agriculture as well as $4.5 Million in Education Reserve Program Transition Incentive […]]]>

The U.S. Department of Agriculture is investing in two outreach and education efforts for farmers and ranchers, including those new to farming or who have been historically underserved by USDA programs. USDA’s Agricultural Services Agency Invests $10 Million in Taxpayer Education Focused on Agriculture as well as $4.5 Million in Education Reserve Program Transition Incentive Program Outreach conservation, which helps access to land for beginning and socially disadvantaged farmers and herders. Both of these efforts help advance equity and access in USDA programs and agriculture, according to a press release from the Bangor-based Farm Service Agency.

“Running a farm operation is tough, and we’re working to help fill the gaps where farmers need help,” said Sherry Hamel, FSA’s Maine executive director. “First, filing taxes for a farm operation can be difficult and many agricultural producers may not have the funds to hire accountants or tax specialists to help them, especially for historically underserved new producers. This new initiative provides support for producers to get through tax season. Second, we want to make sure growers are aware of our many program options, and the Conservation Reserve Program Transition Incentive Program (CRP TIP) provides a unique opportunity for growers whose CRP lands are expiring d help bring new farmers into the fold.

Taxpayer education

The FSA’s $10 million investment is funding the new taxpayer education and asset protection initiative. As part of the first phase of this work, the FSA has partnered with the University of Arkansas and the National Farm Income Tax Extension Committee. This partnership establishes taxpayer education hubs while developing and delivering tax education resources to farmers, ranchers, agricultural educators and tax professionals through partnerships with stakeholders and institutions serving minorities across the country.

Many growers are unaware that receiving USDA program funds for activities, such as conservation contracts, disaster assistance payments, and pandemic relief, are taxable income, and need assistance to help them plan their short and long term activities associated with their program payments. To address these issues, the FSA is investing in partnerships with the University of Arkansas, the National Farm Income Tax Extension Committee and other partners to develop and deliver taxpayer education to producers to help them better understand the important relationship between federal income taxes and USDA agricultural programs. . Next phases of this work will include a suite of online resources for producers, continuing education opportunities for tax attorneys and CPAs, and funding and training opportunities for stakeholder organizations.

“Many rural areas lack certified legal and accounting services, and agricultural producers need additional knowledge and/or resources to integrate tax planning into their financial planning,” said Ronald L. Rainey, assistant vice president of the Agriculture System Division of the University of Arkansas. “This partnership will help the University of Arkansas and the USDA work together to overcome inequities in tax services serving farming communities.”

These tax education partnerships aim to meet the immediate needs of producers by providing farmers with training and information on agricultural taxation and asset protection, as well as developing infrastructure to support rural taxpayer education and tax preparation for beginning and historically underserved farmers and ranchers. the long term.

Tax estimate tool

Additionally, the USDA is updating and expanding online tax resources for producers, including the new Tax Estimator Tool, an interactive spreadsheet producers can download to estimate tax liability. It is for informational and educational purposes only and should not be considered tax or legal advice. Producers may need to work with a tax professional to determine the correct information to enter into the tax estimator. The tool is available at ruraltax.org.

Registration is also open for a webinar on using the tax calculator to estimate the tax burden. The webinar will take place at 2 p.m. on Monday, August 15. Eastern Standard Time. Previous webinars, fact sheets and other resources are available at farmers.gov/taxes.

Funding available for CRP TIP outreach

The TIP provides financial incentives to CRP participants whose contracts are expiring if they sell or lease the land to a beginning farmer, a seasoned farmer or rancher, or a farmer from a socially disadvantaged group.

The FSA is making available up to $4.5 million in funding and plans to award 15-20 partner and stakeholder organizations to carry out outreach activities and provide technical assistance to promote awareness and understanding of the CRP TIP among farming communities, especially those who are military veterans, new to farming, or historically underserved.

Eligible stakeholders include federally recognized Indian tribal organizations, state governments, local governments, non-profit organizations, and institutions of higher education. Interested stakeholders can submit one- to two-year proposals and should submit their applications through Grants.gov by October 14, 2022.

Deputy Assistant Secretary Montaño added, “This technical assistance funding will be critical in helping our external stakeholders connect contract holders to beginning growers and ensure landowners understand the TIP.”

CRP TIP training for staff

The FSA will also train field staff in the CRP TIP to improve and increase staff and producer awareness and support participation. The training will help staff understand the larger issues that may affect landowners’ considerations for CRP TIP and enable them to further assist growers.

Growers interested in the CRP TIP and other USDA programs should contact their local USDA service center to learn more or to apply for programs.

Discover the other upcoming events in the region!

]]>
African economies are struggling after the pandemic. https://kelleypc.com/african-economies-are-struggling-after-the-pandemic/ Wed, 10 Aug 2022 10:38:54 +0000 https://kelleypc.com/african-economies-are-struggling-after-the-pandemic/ Comment this story Comment With a Tweeter in May, Ghana’s President Nana Akufo-Addo excitedly announced the launch of an online government levy – a 1.5% charge on mobile money transactions over 100 Ghanaian cedis ($12) . Certain merchant, bank and personal transfers are now subject to the new tax. Ghana’s parliament passed the measure in […]]]>

Comment

With a Tweeter in May, Ghana’s President Nana Akufo-Addo excitedly announced the launch of an online government levy – a 1.5% charge on mobile money transactions over 100 Ghanaian cedis ($12) . Certain merchant, bank and personal transfers are now subject to the new tax.

Ghana’s parliament passed the measure in March amid contentious debate. In May, the Supreme Court rejected an injunction filed by the opposition party to stop the implementation of the electronic levy due to a perceived irregularity in its parliamentary passage.

Like many developing countries, Ghana’s economy is being tested both by the effects of the pandemic and by the disruptions from the ongoing conflict between Russia and Ukraine. Ghana has experienced rapid economic growth in recent years, but the economy is struggling with double-digit inflation, a weak currency, rising public debt and a high cost of living. To aid recovery and pursue development without abandoning Akufo-Addo’s characteristic vision of “Ghana beyond aid”, his administration introduced electronic levies to help increase national net income. Initially, the administration hoped to avoid the need for an International Monetary Fund (IMF) bailout, but did an about-face to secure IMF support. A government projection in July, meanwhile, reduced projected e-tax revenue to around $70 million, down sharply from previous estimates of around $800 million.

A World Bank report in April blamed the country’s disappointing economic performance on poor public finance management, and Ghanaians protested the controversial electronic levy. These developments raise questions about viable solutions to post-pandemic economic recovery in Africa. Here’s why.

Is Africa losing ground in the battle for water and sanitation?

Ghanaians want to know where their taxes are going

Ghanaians pay high prices for goods and services – and many see reason to protest the additional tax. IMF economists have revised growth projections for the region to 3.8% in 2022 and predicted that rising food prices resulting from the Russian-Ukrainian conflict will hurt consumer purchasing power in sub-Saharan Africa. In Ghana, some politicians say electronic direct debit is adding additional economic pressures as two-thirds of households report that incomes have yet to return to pre-coronavirus pandemic levels, according to the Ghana Statistical Service.

A 2021 Afrobarometer survey suggests that Ghanaians are willing to contribute to their own economic progress but want increased transparency on how tax revenues are used. They also want solutions to counter widespread corruption among public officials. The survey shows that 72% of respondents in Ghana are willing to pay more taxes to support development with domestic resources rather than external loans. But 70% aren’t sure how their government uses taxes.

This sentiment was clear in a recent Afrobarometer survey, conducted after the introduction of e-levy: 76% of respondents believe that e-levy is a bad idea and will increase the burden on poor and ordinary citizens, while that 51% are not up to it. all convinced that the government will use the revenues for development programs. Popular disapproval of e-levy may therefore stem not only from the current situation of ordinary Ghanaians, but also from a deeper distrust of government promises to provide social services.

Are there any flashbacks to the rollout of VAT in Ghana?

The impassioned rhetoric – including the threat of a coup – that followed the introduction of electronic direct debit with Ghana’s 2022 budget statement is familiar enough to many citizens. In 1994, the government introduced an unpopular Value Added Tax (VAT). This has led to deadly protests, especially in Accra. The government subsequently withdrew the VAT, then reintroduced it in 1998. The VAT has become an integral part of the Ghanaian tax system, with several modifications over the years.

Much of the political wrangling and ugly protests over the e-tax parallel what followed the original 1994 VAT Act in Ghana. Some scholars argue that, among other lessons learned from this experience, the government failed to adequately prepare citizens ahead of a major public policy. In the case of Ghana, for example, a large part of the population is employed in the informal sectors of the economy, and only 42% of the current population have bank accounts.

Can Africa “leapfrog” the traditional electric model?

As in other parts of Africa, informal workers and the unbanked are likely to rely heavily on ‘mobile money’ to transact easily – they can simply transfer money with mobile phones and do business without a bank account.

Will the mobile money industry contribute to post-pandemic recovery?

Critics of the e-levy claim the tax is insensitive and untimely. Former President and Opposition Leader John Mahama opposes the e-tax, saying the current administration lacks political vision and leadership – and engages in economic mismanagement. He has promised to repeal the tax if his political party is elected to power after the 2024 elections.

In any event, the adoption of this electronic debit is another validation of the exponential growth of the mobile money transaction industry across Africa. The use of mobile money has increased dramatically in recent years, and the pandemic has further accelerated this preferred form of payment. Ghana’s total digital transactions for 2020 were estimated at around $81 billion, up from $12.5 billion in 2016.

Don’t miss any of TMC’s smart analytics! Subscribe to our newsletter.

It’s not just Ghana, Uganda and Kenya that have also started taxing mobile transactions. Similarly, critics in Ghana fear that the introduction of such a levy does not necessarily broaden the tax base. Instead, the new tax could reverse gains made in electronic payments and financial inclusion, especially in informal sectors of the economy. Curiously, the Afrobarometer survey reveals an almost 50-50 split between Ghanaians who would continue to use – or avoid using – electronic financial transactions after electronic debit. Other experts say, conversely, that with the exponential increase in registered active mobile money users – around 61% of Ghanaians by November 2021 – this industry will undoubtedly remain a crucial part of the recovery. post-pandemic.

The effects of the COVID-19 global economic crisis and ongoing supply disruptions provide further incentive for developing economies like Ghana to adopt resilient domestic economic policies based on sound public spending and inclusive revenue mobilization. The recent launch of the e-tax in Ghana and public reaction suggest that building broad public consensus and effective public education, alongside government accountability, will be a critical part of these policy changes. Although public education campaigns will not eliminate concerns about a new tax, they can alleviate setbacks and frustrations.

Teachers: Check out TMC’s ever-growing list of topical classroom guides.

Richard Aidoo is a professor of political science at the Spadoni College of Education and Social Sciences at Coastal Carolina University.

]]>
Here’s who made the 2022 DCCO Summer Dean’s List https://kelleypc.com/heres-who-made-the-2022-dcco-summer-deans-list/ Wed, 10 Aug 2022 00:01:24 +0000 https://kelleypc.com/heres-who-made-the-2022-dcco-summer-deans-list/ In August, Blue Ridge Community College named high-achieving students from eight western North Carolina counties to the 2022 Summer Dean’s List. These full-time students maintained 3 .5 or higher, and each received a congratulatory letter from college president Dr. Laura B. Leatherwood. “We appreciate your hard work, leadership and outstanding performance in class,” she wrote. […]]]>

In August, Blue Ridge Community College named high-achieving students from eight western North Carolina counties to the 2022 Summer Dean’s List. These full-time students maintained 3 .5 or higher, and each received a congratulatory letter from college president Dr. Laura B. Leatherwood.

“We appreciate your hard work, leadership and outstanding performance in class,” she wrote. “The example you set is valuable to your school and your community.”

According to the college’s registrar, the summer semester enrolled a record number of students for a summer semester since the college’s inception in 1969. A total of 69 degrees, diplomas and certificates were awarded to 67 graduates during the course. of the summer semester, according to a press release from the BRCC.

]]>