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Month: February 2015

Speculation Financial Spread Betting And Gambling

Financial spread betting which is based upon pure conjecture involving producing speculative investments, has often been compared to gambling for several years. We have frequently wondered when there is any truth behind this statement, we have found that there’s only one major similarity.

That one similarity is a big one, and when you are taking gambling and financial spread betting by way of speculation the main one main part of common is that they both involve risk. Both have an enormous degree of risk included, studies and data have shown that we now have in fact more losers compared to winners.

Within gambling, one creates a situation which may jeopardize their financial well-being, and bets about the odds of preventing it. Normally, when they are on the winning end there is a good reward for defeating the odds of the situation. However, as one continues to gamble, over time- the actual odds get greater for hurting their own financial well-being. The risk taker does have the option to withdraw which is quite easy, however, the prospect of to earn will persuade them to continue their risk.

In speculative investments for example financial spread betting, one makes a selection based on the market and economic conditions and various historical graphs and statistics. This really is quite different then those of gambling in which no real knowledge is required. The investors need to have not just firsthand understanding by means of information, they also must have experience in order to be successful. The trader should constantly keep up with market research and watch trends if they want to earn. It is also essential to perform considerable studies about the company’s profile, competitor behavior, current condition of company performance and promising research as well as development..

One thing that gambling does not have in which speculative investments (for example financial spread betting) offer is that they’re also capable of helping to increase a down economy. This happens due to supply and demand and can obtain the economy back with an upwards swing. With spread betting the actual investors can actually bet on the stock market, without actually owning the actual stock as an additional boost.. Gambling however, provides no such help to the economic climate, and only advantages the establishments.

We feel the only thing the same with financial spread betting and gambling is the risk of financial devastation, a difference is by using spread betting, you can assist in avoiding total loss by implementing a good risk management system, whereas with gambling there is no such factor except to refrain from it.

Find out more about Financial Spread Betting and the importance of Spread Betting on Shares with regard to it.

Director’s Financial Responsibilities

The new Association director is often thrust into the job with little idea of what his or her duties and responsibilities are, other than the conceptual knowledge that s/he is obligated to serve in the best interest of the Association. Unless s/he has been an active member of CAI (which is not likely if s/he is a first-time director), s/he is not even aware of the educational resources that are available for guidance in learning what a director’s responsibilities are. Further, many directors serve only a one-year term and therefore have little incentive to go through the effort of getting the education necessary for performing their job, since their term will be completed before they can even begin to learn everything they should know.

The purpose of this article is to attempt to provide guidance to the director on his or her financial responsibilities. The most important rule with respect to financial transactions is that they should be well-documented. While the Association may produce monthly financial statements and an annual budget, it is also important to document (preferably in the minutes of the Board of Directors) the following types of financial decisions:

Authorization for new bank accounts
Authorization of changes in signers of bank accounts
Approval of transfers of cash between accounts
Authorization for purchases of major equipment, or major expenditures
Approval of the annual budget
Acceptance of monthly treasurer’s report
Acceptance of monthly interim financial statements from the management company
Approval of the annual audit or review report and tax return
Authorization for an officer of the Association to sign the annual income tax returns
Documentation of board actions and responses with respect to the accountant’s management letter that accompanies the annual audit report
Collection actions (authorization to lien member property, authorization to foreclose on member property)
Documentation of board decisions regarding insurance coverage
Adoption of a conflict of interest policy
Authorization of contract for preparation of a reserve study
Authorization of reserve expenditures
Adoption of reserve policies
Adoption of Revenue Ruling 70-604 Election (This election should be made annually and should preferably be made at the annual membership meeting, then ratified at a Board of Directors meeting.)

Accounting is a complex, technical subject in which very few people have an active interest. However, the impact of financial transactions is something that permeates every aspect of our lives, and certainly that of a community association. While no individual can be given a complete accounting education in a short enough period of time to enable them to gain a complete understanding during their term of office, there are certain things that the director can and should do on a procedural basis that would allow him or her to adequately exercise the oversight of financial responsibilities of the members of the Board of Directors of an Association.

The director needs complete financial information in order to perform an adequate review of transactions. Accordingly, the monthly financial reporting package for a community Association should generally include the following documents:

Monthly financial statements

a. Balance Sheet on an accrual basis

b. Income Statement on an accrual basis with budget-to-actual comparisons ( The income statement should include both current month and year-to-date amounts.

General Ledger
Cash Disbursements Journal
Aged Assessments Receivable Listing
Copies of all bank reconciliations
Copies of all bank statements
Copies of paid invoices

While the above list may seem like overkill to some, these documents should be distributed to the board members prior to the Board meeting so that they have an adequate opportunity to review them and be ready at the time of the meeting to either approve the reports or ask the necessary questions. It is not reasonable to expect even a CPA to be given a set of financial statements during a Board meeting and on the spot, have to review, understand, and approve the financial statements and, by inference, the underlying transactions.

For the director to competently review this financial package, he must have a basic understanding of each of the documents.

The balance sheet is a statement that reflects the financial status of the Association at a specific point in time (generally month-end or year-end). Common components of a balance sheet are:

Assets

Cash – Petty cash on hand or in checking accounts, savings accounts, or other types of accounts with a financial institution

Assessments Receivable – Amounts owed by members to the Association as of the date of the financial report

Fixed Assets – Property acquired by the Association with a useful life greater than one year and of significant cost

Prepaid Expenses – Payments of expenses in the current period that will benefit more than one period, such as insurance, which is often paid in a single payment for an annual premium

Liabilities

Accounts Payable – Expenses incurred, but not yet paid

Prepaid Assessments – Dues/assessments paid in advance

Income Taxes Payable – Income taxes due for the current year and any prior years

Fund Balances

Operating Fund – Accumulated earnings or losses of the Association from the current and prior years.

Replacement Fund – Amount set aside for future repairs and replacements (this balance should have an equal amount of cash set aside to accumulate for major expenses).

The income statement reflects, for a period of time, the income and expense activities of the Association. A preferred format would reflect both the current month’s and year-to-date budgeted and actual activities. Revenues generally consist of member assessments, fines, vending machine, parking, or other income and interest income. Expenses would include operating maintenance costs, utilities, management company fees, and other administrative and operating fees. Amounts transferred to reserves are generally reflected as an expense of the operating budget, unless financial statements are prepared on a fund basis.

The general ledger is a document which underlies the financial statements and summarizes all activity by account. For instance, if three different checks during the month were written for repairs, they would be grouped into the repairs expense account (even though the checks were not in sequential order). The total of those three checks would represent the current month’s total repair expense, which should agree with the income statement. This document can be used by the director to research questions such as “what is in utility or repair expense this month?”, and “why is it so high compared to prior months or prior years?” The general ledger should provide sufficient detail for you to find the answer to that question.

The cash disbursements journal is simply a listing of checks in numerical order for the current month, listing the date, payee, and amount.

The other reports are self-explanatory.

The procedures that the director might employ in analyzing these documents should consist of:

Examine the balance sheet and compare it against prior periods to see that cash balances and assessments receivable balances appear reasonable. Note if there are any significant fluctuations between restricted reserves in the current period versus prior periods.

Examine the bank reconciliations and see that they agree to the amounts reflected as cash on the balance sheet. Investigate any differences. Also, make sure they agree with the bank statements. The bank reconciliation should begin with cash per bank and reconcile down to cash per financial statements and general ledger. The reconciling items will generally consist of deposits in transit and outstanding checks. Investigate and question any large or old outstanding checks.

Review the bank statements to ascertain that all interest income has been recorded in the financial statements.

Make sure that all bank accounts are recorded in the general ledger of the Association.

Examine the aged assessments receivable listing and compare it to the balance sheet. The total of assessments receivable should agree with the balance sheet.

Review the aged assessments receivable listing and question any assessments receivable that are more than 30 days old. The Association should adopt a strict collection policy that would consist of assessment of late charges, warning letters, filing of a lien, and ultimately foreclosing on member property for non-payment of assessments. There should be no exceptions to these rules, especially for directors of the Association.

Review the income statement comparison of budgeted to actual activity both for the current month and the year-to-date, and question any significant variations.

For any questioned income or expense items, trace the account to the general ledger and review the detail for that account.

Review the cash disbursements journal for the month and challenge the propriety of all expenses. For instance, if any checks are written to any director of the Association, find out why. If the management company is being paid more than their contractual fee, find out why.

It will take some time for the director to perform all of the above procedures, but it will provide you with insight as to the financial transactions of the Association, and a greater understanding of how your Association operates. While this may seem like too much work to be done on a monthly basis, you as a director have an obligation to the members of the Association to safeguard the assets of the Association. Only through diligence and a step-by-step procedural review of transactions can this be done.

Financial Concerns And Fitness

Getting your finances in order doesn’t seem like it would be a lifestyle change for fitness benefits, but it really can be. Just think of the role that money plays in your everyday life. You worry about money and end up facing financial hardships that move into your work life, your home life, your marriage, and even your physical health.

Financial fitness isn’t something that we’ll stress for too long here, but it is something to make part of your overall guide to living a long, healthy lifestyle.
As you know, stress causes a wide range of health concerns for your body. Money is one of the largest causes of stress in people every single day.
Therefore, when you want to improve your well being and health you need to take into account the fitness of your overall financial life. In the perfect world you would have plenty of money to do what you want to do. But, that’s not always possible. So, to help you, we’ve put together some things that can offer you success when managing your financial outlook even when you are struggling to make ends meet.

Live within your means. While it’s nice to have what everyone else has, its not going to make your life better to have them. For example, if your neighbors just purchased a new car, you may feel like you need to have one too. But, will having a new car really improve your life? Then it may not be worth the financial risk and cost to own one.
Don’t use credit. Credit today is used for everything from buying a house or car to buying lunch at McDonald’s. While you may need to use credit for the larger, more expensive purchases, keep as many of your other purchases credit free. This may be hard, but if you stop using credit today and start using cash, you may find yourself with more cash to spend then credit!
Make a budget with your entire family. It goes without saying that you can’t spend what you have if you don’t know what you have. Each month make a goal of tackling one extra bill to pay it down as much as possible. Give yourself some money to use as you want for entertainment each month too, so that you don’t feel deprived. You are more likely to stick with your budget this way. Include each family member in the making and keeping of the budget!

Don’t eat out. This isn’t good for your waistline anyway! You can save thousands of dollars each year by eating at home! You’ll cut the pounds off, eat better quality foods and better recipes!

Getting your finances in check may mean talking with various people including your lenders and financial planners. But, if you didn’t have to pay all of those credit cards each month, how much money would you have in cash to spend? Get to that point and you’ll have immeasurable success throughout all areas of your life, too.

Online Instant Bad Credit Loans Get Approval Financial Solution

There is an approach that person bankruptcy is successfully the end of any kind of credit rating deal. Conventional creditors certainly are reluctant to loan money to anyone who has been announced insolvent at least 2 decades prior to an application. But it is possible to get online instant bad credit loans. The consistent behind the thinking is fair, with creditors entitled to be careful about approving candidates looking for acceptance with a bad credit rating score ratings, but it is important to note that person bankruptcy does not mean an end to earnings and monetary responsibility. What this implies is that receiving personal loan from the bank installments is still possible, especially when the specific suffering which prompted person bankruptcy proceedings has been overcome. And if this is the process, these creditors can still feel confident in granting instant loan approval.

The Fact of Your Situation

But how can someone that has been announced insolvent not find themselves avoided by a lender, whether they are traditional creditors or online lenders? Knowing the reality of the person insolvency situation is the key. Once this is understood, the way to problem for online instant bad credit loans from the bank is clearer. Actually, given that such candidates have no current financial debt to form into the equation the probability of default are extremely low down. For that basis, approval with a bad credit rating score ratings is possible. Moreover, creditors are willing to accept that person bankruptcy was likely the only way out of an impossible fiscal predicament. Modern decades have seen the number looking for person bankruptcy increase, thus it no longer reflects terribly on a personal loan from the bank candidate.

How To Calculate Your Financial Debt To Earnings Ratio

So, what is the fuss about not having current economical obligations anymore? That question might seem strange, but the explanation is pretty straightforward. Like any other economical loan, publish online instant bad credit loans are needs to fit within the debt-to-income rate set by the loan production. The rate states that a highest possible 40% of available earnings can be used to repay economical obligations. But since there is no current fiscal debt that indicates the pay back sum each 30 days can be quite high. This automatically indicates that, even with a large financial loan, getting acceptance with a bad credit rating score ratings is very easy.

For example, if a contestant earns $4,000 per monthly, then the highest possible to commit to paying back Fast Bad Credit Loans are $1,000. With no other monetary obligations, it signifies the pay back on the loan from the bank can be $1,000, thus making a 3-year personal loan of around $30,000 affordable.

How To Meet The Requirements

It is important to note that publish online instant bad credit loans are staggered according to the period of time that has elapsed since the ruling was made. So, it is incredibly hard to get a personal loan 3 several weeks after being announced person bankruptcy, but not so challenging after 2 decades. Though, financial loans of perhaps no more than $3,000 are available for the first 12 several weeks, and after that $5,000 up to $10,000 can be secured. Certainly, getting acceptance with a bad credit rating score ratings is never guaranteed, but security can make a significant difference. But, it is suitable to take out of bad credit loans as soon as possible because paying back them allows the borrower to begin to rebuild their credit rating score.

It is Imperative that Employers know and Use the Financial Resources we have to Begin International

It is essential that SMEs know they have the support and resources when embarking on Home exports has highlighted the growing importance of export is achieved in the economy of Castilla-La Mancha as an essential factor in the output of the crisis

Spain, June 18, 2013 – The Minister of Employment and the Economy of Castilla-La Mancha, Home Carmen said that the Government of Castilla-La Mancha working to ensure that the companies in our region have access to new financial resources that successfully tackle internationalization.

Following the signing of a cooperation agreement with the Spanish Company Development Finance (COFIDES), through its president, Salvador Marin, Home stated that the Government of Castilla-La Mancha is very clear that one of the priorities economic recovery and the productive fabric of the region, passes through the internationalization of their businesses. So, has emphasized that spare no effort or resources to achieve this end. We know that the more companies to export Castilla-La Mancha will be better for our economy and creating jobs.

In this regard, he explained that this agreement will be a useful tool for our business, especially in a time when we are aware that many are experiencing financial problems. In this way, clarified that this agreement will serve to support our business with all the possibilities available to us and will be essential to generate greater economic activity and accelerate economic recovery.

The minister also said that this agreement is particularly aimed at supporting small and medium enterprises in the region, which are the basis of the business of Castilla-La Mancha. Therefore, he pointed out that it is very important that SMEs know they have the support and resources when embarking on export. They know that we have by his side in all their needs at the time of export

Home has highlighted the growing importance of export is achieved in the economy of Castilla-La Mancha. He indicated that in 2012, exports of enterprises in Castilla-La Mancha increased by 8.6% year on year to reach 4.356 million euros, and have increased by 16% the number of exporting companies to reach figure of 4439.

The Minister also highlighted the opportunity offered by this collaboration agreement with COFIDES to businesses in our region, the company to be the leader in the internationalization support, and be a guarantee of success in the viability of export operations, because it has different types of services and support lines adapted to the needs of business.

The event was attended also CEO Economic Strategy and European Affairs, Teresa Jimenez, director of IPEX, Angel Prieto, the CEO of ICEX, Pedro Morejon, and representatives of Banco Santander and Banco Sabadell, as a shareholder of public-private company, which has 1,400 million euro budget to provide resources to SMEs in their expansion.

Finally, it is noted that COFIDES is a public-private partnership that provides financial support to both investments by Spanish companies abroad, as management FIEX (Fund for Foreign Investment) and FONPYME (Fund Foreign Operations of Small and Medium Enterprises).

Press Contact: Consejeria de Empleo y Economia Media Relations Consejeria de Empleo y Economia Address: Avda Ireland No 14 512-212-1139 http://www.castillalamancha.es/gobierno/empleoyeconomia

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