Under new pension laws taking effect in 2012, charities in the UK will have to automatically enroll eligible employees into pension plans. They will be phased in over time depending on the number of employees. Trustees must ensure any increased contributions do not significantly impact charitable activities or seek advice. The Bribery Act of 2010 also applies to charities, who are advised to implement risk-based compliance procedures. New guidelines help charities learn from rejected grant applications by providing feedback to improve future submissions and help funders support applicants after refusal.
The economic downturn has created potential problems for company pension plans. As plans become underfunded and investment returns fall short, plan beneficiaries will likely blame fiduciaries. Fiduciaries like plan administrators and corporate directors face legal liability for claims of improper administration or investments. Recent legal and legislative changes in Canada have made the risks for fiduciaries less certain. Fiduciaries are held to high standards of care and prohibited from conflicts of interest. They cannot contract out of their responsibilities and have limited rights to indemnification compared to corporate directors. Insurance policies may not provide the protection that fiduciaries expect.
On March 20, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-07 Consolidations (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements (hereafter ASU 2014-07 or the standard). This standard is the third accounting alternative proposed by the Private Company Council (PCC) and endorsed by the FASB. It is an accounting alternative that permits a private company reporting entity to elect to not apply the variable interest entity (VIE) guidance to certain leasing arrangements. If elected, the guidance of this standard must be applied to all qualifying lease arrangements.
The adoption of ASU 2014-07 may result in the deconsolidation of commonly controlled lessor entities that were previously consolidated under the VIE guidance, the removal of disclosures prescribed by the VIE guidance for consolidated and certain non-consolidated commonly controlled lessor entities, or the reduction in the documentation and procedures necessary to evaluate these types of entities under the VIE guidance.
George Osborne presented his third Budget on March 21st, 2012, reaffirming the need for stability in the UK economy. Some key points included an increase to the personal tax allowance, a reduction in the additional income tax rate from 50% to 45% starting in 2013, and details on how Child Benefit will be taxed for households earning over £50,000. The Budget also proposed further cuts to corporation tax rates and measures to encourage business investment through initiatives like the Enterprise Investment Scheme and new Seed Enterprise Investment Scheme.
The document discusses the development and use of conventions in documentaries and advertising. It describes using a young presenter, expert opinions, statistics and reenactments in "Food Inc." and focusing on one topic at a time in "Big Fat Gypsy Wedding." For their own documentary, the group used a sociology expert and animated figures to represent survey responses. Their advert features a girl holding Special K to link to questions about promoting an ideal image, and their double page spread shows eating money to link to themes of capitalism. They selected accessible newspapers and branded everything with the Channel 4 logo for consistency.
The document discusses how the filmmakers planned to film segments for their documentary. They planned to show examples of the hardware, software, and online resources they used. This includes demonstrating the new HD cameras, editing footage in iMovie 11 on new Macs, and using tools like PowerPoint, Google, YouTube, and online magazines. They also discuss filming tutorials on using Adobe Photoshop and InDesign to create graphics and a double page spread for the documentary. The filmmakers aimed to provide examples of the production process and technologies to give viewers insight into how they created the documentary.
The document lists standard and special advertising rates for various placements in a publication. The standard rates section lists prices for placements like outside back cover, inside front cover, full page, half page, and smaller fractional sizes. The special position rates section gives higher prices for placements like special full pages, double page spreads, and fractional sizes in premium locations. It also provides rates for bound-in inserts and tip-ons.
The economic downturn has created potential problems for company pension plans. As plans become underfunded and investment returns fall short, plan beneficiaries will likely blame fiduciaries. Fiduciaries like plan administrators and corporate directors face legal liability for claims of improper administration or investments. Recent legal and legislative changes in Canada have made the risks for fiduciaries less certain. Fiduciaries are held to high standards of care and prohibited from conflicts of interest. They cannot contract out of their responsibilities and have limited rights to indemnification compared to corporate directors. Insurance policies may not provide the protection that fiduciaries expect.
On March 20, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-07 Consolidations (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements (hereafter ASU 2014-07 or the standard). This standard is the third accounting alternative proposed by the Private Company Council (PCC) and endorsed by the FASB. It is an accounting alternative that permits a private company reporting entity to elect to not apply the variable interest entity (VIE) guidance to certain leasing arrangements. If elected, the guidance of this standard must be applied to all qualifying lease arrangements.
The adoption of ASU 2014-07 may result in the deconsolidation of commonly controlled lessor entities that were previously consolidated under the VIE guidance, the removal of disclosures prescribed by the VIE guidance for consolidated and certain non-consolidated commonly controlled lessor entities, or the reduction in the documentation and procedures necessary to evaluate these types of entities under the VIE guidance.
George Osborne presented his third Budget on March 21st, 2012, reaffirming the need for stability in the UK economy. Some key points included an increase to the personal tax allowance, a reduction in the additional income tax rate from 50% to 45% starting in 2013, and details on how Child Benefit will be taxed for households earning over £50,000. The Budget also proposed further cuts to corporation tax rates and measures to encourage business investment through initiatives like the Enterprise Investment Scheme and new Seed Enterprise Investment Scheme.
The document discusses the development and use of conventions in documentaries and advertising. It describes using a young presenter, expert opinions, statistics and reenactments in "Food Inc." and focusing on one topic at a time in "Big Fat Gypsy Wedding." For their own documentary, the group used a sociology expert and animated figures to represent survey responses. Their advert features a girl holding Special K to link to questions about promoting an ideal image, and their double page spread shows eating money to link to themes of capitalism. They selected accessible newspapers and branded everything with the Channel 4 logo for consistency.
The document discusses how the filmmakers planned to film segments for their documentary. They planned to show examples of the hardware, software, and online resources they used. This includes demonstrating the new HD cameras, editing footage in iMovie 11 on new Macs, and using tools like PowerPoint, Google, YouTube, and online magazines. They also discuss filming tutorials on using Adobe Photoshop and InDesign to create graphics and a double page spread for the documentary. The filmmakers aimed to provide examples of the production process and technologies to give viewers insight into how they created the documentary.
The document lists standard and special advertising rates for various placements in a publication. The standard rates section lists prices for placements like outside back cover, inside front cover, full page, half page, and smaller fractional sizes. The special position rates section gives higher prices for placements like special full pages, double page spreads, and fractional sizes in premium locations. It also provides rates for bound-in inserts and tip-ons.
Charities sector newsletter which includes articles on legacy giving and points to consider in appeal literature; data protection guidance in relation to collecting personal data from fundraisers and supporters; the proposed new powers for the Charity Commission and an overview of the Charity Commission’s revised guidance on setting up a charity
The below stated are the Challenges and business requirements faced .pdfapleather
The below stated are the Challenges and business requirements faced by the hospital
Population health
Population health was one of the biggest ideas in healthcare this past year, and it will likely
maintain or gain momentum in the next few years to come. But despite the frequent use of the
term in the healthcare bubble, population health is a multidisciplinary concept to be shared
between public health agencies, social institutions and policymakers.
Hospitals fit in there somewhere. Defining that role is one of the ongoing challenges they will
face in 2015.
Hospitals\' demand for population health expertise overwhelms the supply. Nearly 60 percent of
health system and hospital CEOs ranked population health as the hardest skill set to find within
the broader healthcare field, according to a 2014 American Hospital Association survey. Further,
nearly half of executives polled identified community and population health management as a
talent gap within their organizations. Some health systems are filling this gap by creating new C-
suite positions: 10 percent of executives indicated their health system had a chief population
health manager.
Quantifying population health is another challenge. Although healthcare leaders need to think
creatively about how to improve the health of a geographic population, they should also maintain
a healthy sense of skepticism about population health efforts. What might seem like a much-
needed intervention on paper, such as a grocery store in a food desert, may be one small piece of
a multipronged solution. There are no silver bullets, after all. Amid excitement for population
health, systems may oversimplify problems and overinvest in solutions only to see the same
health outcomes.
To find success, hospital leaders may need to diminish their traditional reliance on \"programs\"
and instead focus more on partnerships with community organizations and nonprofits. Some
health systems still act as autonomously as they can, ignoring a wealth of expertise and
resources.
\"When we talk to other population health managers, they have unearthed a number of unique
challenges inside their populations, such as domestic violence, elder abuse and other public
health crises,\" says Jason Dinger, PhD, CEO of MissionPoint Health Partners in Nashville, the
accountable care organization affiliated with Saint Thomas Health. \"Unfortunately, most
respond by trying to implement their own unique program to respond to the issue. We usually
encourage them to first speak with the experts in their community who work on these issues
every day. In many cases these are nonprofit organizations that can add great value to the
population health effort but often have trouble engaging and integrating with a health system\'s
efforts.\"
Shifting from volume- to value-based reimbursement
The move from volume- to value-based reimbursement is inevitable. For now, it\'s a matter of
how quickly providers should make it.
Move too fast, and hospitals risk los.
August 2012 Just Out Of Reish Plan Sponsorfredreish
1) Past 401(k) litigation has involved company stock cases where large losses occurred and revenue sharing cases where excessive fees were paid from mutual funds.
2) Future litigation risks include unfair allocation of plan expenses among participants and fiduciaries failing to properly evaluate and make prudent decisions about revenue sharing amounts.
3) Litigation risks increase when money is moving between parties without clear disclosure and oversight by fiduciaries.
2015
English 306, Christolear Nathan Afshin
Response to the new proposed labor department rules
The Labor Department has proposed a set of rules and regulations that would put financial advisers under a fiduciary standard. This would legally require these advisers to put their clients’ interests above their own. While the spirit of these proposals is all in good intention, they will not be good for the investors or the industry and ought not to be enacted.
Executive Summary
Since the financial crisis, the trust in financial advisers has eroded deeply. Many have lost trust in not only the financial system but also individual advisers. Their loss of trust is not completely unwarranted, conflicts of interest do in fact exist within the financial services industry and they have dire consequences. Conflicted advice for financial advisers to their clients can lower the expected returns of the clients’ investments and lead to a cumulative billions in annual wealth that is lost in the U.S. economy.
To combat this horrid phenomenon, the U.S. Labor Department has proposed a set of rules and regulations that would put a federal law in place that puts a fiduciary standard on financial advisers. This standard would legally require financial advisers to put the interest of the clients above the interests of the adviser. Although this may seem adequate and necessary on the surface, these rules would put a damper on the financial services industry and would end up hurting the very people trying to be protected. These rules would not work because they would cause a regulatory overlap and could end up reducing options for smaller investors.
Instead of proposing rules that would hurt the industry and consumers or rather do nothing at all and stick with the horrid status quo, I have proposed a solution. This proposal would be a private, objective nonprofit body that ensures the financial industry can fix itself rather than be attempted to be fixed by an outside body. This way we will be able to write our own destiny, rather than be told what it is. This non-profit body, with a tentative name of The Financial Ethics Body, will be funded by financial services companies that participate in this plan as a fixed percentage of their profits. By participating in the program, companies will have an ethics audit every six months to ensure that all of their employees are behaving in the most ethical way possible. If they pass this audit, companies will get an accreditation. I know some might say, “Why would any company pay dues to get audited with no guarantee of passing”, and I will tell you why. Companies will participate in this curriculum because it will become a nationwide standard to have and will show the public that a company is trustworthy and therefore eligible for their business. Not having this accreditation will be a red flag for businesses and drive potential clients away. This is, without a doubt, the best possible solution to this problem.
Na.
The document discusses new UK regulations requiring companies, including charitable companies and their trading subsidiaries, to identify and record persons of significant control (PSCs). PSCs are defined as individuals who directly or indirectly hold over 25% of shares/voting rights in a company, have the right to appoint a majority of directors, or otherwise exercise significant control or influence. The regulations are aimed at increasing transparency. The document provides guidance on how the new requirements apply to different types of charitable companies and organizations.
In a post-Financial Services Royal Commission (Hayne Royal Commission) world, the
regulatory landscape has changed fundamentally. The twin peaks model remains, but
the approach to enforcement is now summed up by the phrase, ‘adequate deterrence of
misconduct depends upon visible public denunciation of misconduct’.
ASIC has a new, more intensive supervisory approach—close and continuous monitoring
involves regularly placing ASIC staff onsite in major financial institutions to closely monitor
governance and compliance with laws. If successful, this program may be rolled out more
broadly. Its supervisory initiative, the Corporate Governance Task Force is undertaking
targeted reviews of corporate governance practices in large listed entities to allow it to
shine a light on ‘good’ and ‘bad’ practices observed across these entities.
Following a review of its enforcement strategy APRA has adopted a ‘constructively tough’
enforcement appetite. The Government has foreshadowed an extension of the Banking
Executive Accountability Regime (BEAR) beyond the banking sector
The document discusses two potential areas of 401(k) plan litigation: excessive payments to service providers and high expense ratios of mutual funds. If plan sponsors fail to properly evaluate service provider payments and fund expenses, it could lead to litigation. Additionally, if a case reaches the Supreme Court regarding fiduciary responsibility to monitor fund expenses, it could increase scrutiny of plan sponsors' practices. While revenue sharing to pay for plan costs is allowed, amounts must be reasonable and fund expenses appropriate relative to plan size. Overall the article advises plan sponsors to focus on these issues to manage litigation risks.
Accounting for IASC 740 for Tax Exempts-MorrisKatherineMorris
Artile published in Tax Exempts Magazine in Nov 2011 which explores the impact of accounting for income taxes under more stringent rules ASC 740 (fka FAS 109 and FIN 48) as they apply to tax exempt organizations - Part I in a II Part Series
Managing Pension Volatility: The Three Legged StoolJay Dinunzio
The document discusses a new approach called the "three legged stool" for managing pension volatility. It outlines how accounting rules from the 1980s allowed for smoothing of gains and losses, encouraging risky investments. The Pension Protection Act of 2006 increased funding volatility. The existing paradigm treats companies like insurance companies for pensions. The three legged stool proposes tactical steps for companies to better understand, hedge, and ultimately transfer pension risks away from the balance sheet to limit volatility.
Challenging social injustice in adults' social health and care serviceCANorfolk
Belinda Schwehr from the legal advice charity CASCAIDr shares her and CASCAIDr’s perspectives on key issues and developments in relation to adults’ health and social care services.
The Case This case was developed by the MIT Sloan School o.docxmehek4
The Case
This case was developed by the MIT Sloan School of Management. It is part of their
“Learning Edge,” a free learning resource. This case was prepared by John Minahan
and Cate Reavis. This case is based on actual events. Actual names are changed; some
of the narrative is fictional.
In early 2012, as he prepared to enter a meeting with the board of trustees of a
state pension fund, Harry Markham, CFA, couldn't help but feel professionally
conflicted.
Since earning his Master of Finance in 2004 at one of the top business schools in
the United States, Markham had worked for Investment Consulting Associates
(ICA), a firm that gave investment advice to pension funds.
Since joining the firm, Markham had grown increasingly concerned over how
public sector pension fund liabilities were being valued. If he valued the liabilities
using the valuation and financial analysis principles he learned in his Master of
Finance and CFA programs, he would get numbers almost twice as high as those
reported by the funds.
This would not be such a problem if he were allowed to make adjustments to the
official numbers, but neither his clients nor his firm was interested in questioning
them. The board did not want to hear that the fund's liabilities were much larger
than the number being captured by the Government Accounting Standards Board
(GASB) rules and his firm wanted to keep the board of trustees happy.
How, Markham wondered, was he supposed to give sound investment advice to
state treasurers and boards of trustees working from financials that he knew were
grossly misleading?
Markham's dilemma came down to conflicting loyalties: loyalty to his firm,
loyalty to the boards of trustees and others who made investment decisions for
public pensions and who, in turn, hired his firm to provide investment expertise,
and loyalty to the pensioners themselves, as Markham believed was called for by
the CFA Code of Ethics and Standards of Professional Conduct.
In his role as investment advisor, the differing views on how to value pension
liabilities challenged Markham on both a practical and an ethical level. "My role
is not to decide the value of liabilities," he explained.
That is the actuary's job. My role is to give investment advice. However, as an
investment advisor, the first thing you want to understand is the client's
circumstances. That is a basic ethical precept. The CFA professional standards
say you should never give advice without knowing what your client's
circumstances are. And so what happens is that we have these funds that are
grossly short of money, but the accounting does not show them as being grossly
short of money. I make the case within my firm that we need to know where we
are starting before we give advice. And perhaps our advice would be different if
the client knew they were starting from a multi-billion-dollar hole that they're
seemingly not aware of.
In addition to the fact ...
Inflation Hedging and the Change in Indexation from RPI to CPI - Survey ResultsRedington
The document summarizes the results of a survey conducted by Redington and Pension Corporation on UK final salary pension schemes. Key findings from the survey include:
- The majority of defined benefit pension schemes are highly vulnerable to future inflation increases as less than 20% have at least 50% of their inflation-linked pensions backed by inflation-linked assets.
- 64% of actuaries and 39% of trustees believe schemes will carry out a buy-out or buy-in within the next three years.
- 91% of trustees said they would consider better asset-liability matching over the next three years.
Charity Registration Requirements : Is There a Public Benefit?IBB Law
Contact IBB Charity Lawyers for more information :
http://www.ibblaw.co.uk/services/charities
The public benefit requirement has always raised complex questions which in some contexts are controversial and in others are deeply political (for example the question of whether independent schools should have charitable status). When considering the charities act 2006, parliament shied away from setting any statutory
definition of public benefit and left the position to be determined under the common law. It also
removed the presumption of public benefit that had been thought to apply in certain areas. Parliament therefore left the charity commission with the difficult task of providing guidance in an uncertain area and facing litigation as people seek to challenge that guidance.
Not-for-Profit Compensation Controversies Continue to Add Fuel to the FireCBIZ, Inc.
Compensation in the not-for profit sector has been a consistent lightning rod for the IRS and other federal governing bodies, as well as for states, for many years.
Katz, Marshall & Banks partners Lisa Banks and David Marshall released the seventh edition of their SEC Whistleblower Guide – which covers a program that has paid out $376 million since its creation nine years ago. This comprehensive manual provides crucial information for whistleblowers who submit information about securities violations, including best practices for submitting SEC tips, the criteria needed to be classified as a whistleblower under the SEC Whistleblower Program, the laws protecting whistleblowers from retaliation, and more.
The document discusses different ways for homeowners associations to fund unexpected costs such as those from natural disasters. It recommends that associations establish a line of credit as the best option. A line of credit allows quick access to funds when needed without interest penalties. Other options like special assessments or bank loans take more time and have disadvantages. The document concludes by advising associations to maintain adequate reserves, a strong operating budget, and a line of credit for emergencies.
This document discusses the regulatory challenges faced by financial institutions in complying with know-your-customer (KYC) and anti-money laundering (AML) regulations, especially regarding third-party payment processors and senders. It notes that regulations have become more complex and ambiguous, creating pressure on banks. Many banks have responded by cutting off relationships with entire categories of businesses rather than assessing individual risk. Regulators have provided guidance encouraging a risk-based approach to maintain legitimate business relationships. The document proposes that business customer intelligence solutions can help banks comply with regulations while avoiding reputational risks and maintaining revenue sources.
1) The responsibilities of charity trustees are increasing with greater regulation, so trustees risk personal liability if charity assets are not properly incorporated or transferred.
2) Charities can incorporate as a company, incorporate just the trustees, or become a Charitable Incorporated Organisation to help address these risks.
3) Charities must follow strict Gift Aid rules to reclaim tax on donations and avoid HMRC penalties, such as keeping proper donation records for 6 years.
Mirkin. J (2011). Motivation of New Zealand Lawyers, Jonny Mirkinjonnyfromnz
This document discusses problems with using a "third-third-third" principle to determine compensation for New Zealand lawyers. It identifies 10 variables that can impact a lawyer's ability to benefit from such a system, including performance monitoring systems, charge-out rates, legal aid work, and more. It recommends that firms identify how these variables may affect motivation, and make adjustments to ensure fair and achievable budgets that still incentivize lawyers. Without addressing these variables, the intended motivation from the compensation scheme may fail.
Charities sector newsletter which includes articles on legacy giving and points to consider in appeal literature; data protection guidance in relation to collecting personal data from fundraisers and supporters; the proposed new powers for the Charity Commission and an overview of the Charity Commission’s revised guidance on setting up a charity
The below stated are the Challenges and business requirements faced .pdfapleather
The below stated are the Challenges and business requirements faced by the hospital
Population health
Population health was one of the biggest ideas in healthcare this past year, and it will likely
maintain or gain momentum in the next few years to come. But despite the frequent use of the
term in the healthcare bubble, population health is a multidisciplinary concept to be shared
between public health agencies, social institutions and policymakers.
Hospitals fit in there somewhere. Defining that role is one of the ongoing challenges they will
face in 2015.
Hospitals\' demand for population health expertise overwhelms the supply. Nearly 60 percent of
health system and hospital CEOs ranked population health as the hardest skill set to find within
the broader healthcare field, according to a 2014 American Hospital Association survey. Further,
nearly half of executives polled identified community and population health management as a
talent gap within their organizations. Some health systems are filling this gap by creating new C-
suite positions: 10 percent of executives indicated their health system had a chief population
health manager.
Quantifying population health is another challenge. Although healthcare leaders need to think
creatively about how to improve the health of a geographic population, they should also maintain
a healthy sense of skepticism about population health efforts. What might seem like a much-
needed intervention on paper, such as a grocery store in a food desert, may be one small piece of
a multipronged solution. There are no silver bullets, after all. Amid excitement for population
health, systems may oversimplify problems and overinvest in solutions only to see the same
health outcomes.
To find success, hospital leaders may need to diminish their traditional reliance on \"programs\"
and instead focus more on partnerships with community organizations and nonprofits. Some
health systems still act as autonomously as they can, ignoring a wealth of expertise and
resources.
\"When we talk to other population health managers, they have unearthed a number of unique
challenges inside their populations, such as domestic violence, elder abuse and other public
health crises,\" says Jason Dinger, PhD, CEO of MissionPoint Health Partners in Nashville, the
accountable care organization affiliated with Saint Thomas Health. \"Unfortunately, most
respond by trying to implement their own unique program to respond to the issue. We usually
encourage them to first speak with the experts in their community who work on these issues
every day. In many cases these are nonprofit organizations that can add great value to the
population health effort but often have trouble engaging and integrating with a health system\'s
efforts.\"
Shifting from volume- to value-based reimbursement
The move from volume- to value-based reimbursement is inevitable. For now, it\'s a matter of
how quickly providers should make it.
Move too fast, and hospitals risk los.
August 2012 Just Out Of Reish Plan Sponsorfredreish
1) Past 401(k) litigation has involved company stock cases where large losses occurred and revenue sharing cases where excessive fees were paid from mutual funds.
2) Future litigation risks include unfair allocation of plan expenses among participants and fiduciaries failing to properly evaluate and make prudent decisions about revenue sharing amounts.
3) Litigation risks increase when money is moving between parties without clear disclosure and oversight by fiduciaries.
2015
English 306, Christolear Nathan Afshin
Response to the new proposed labor department rules
The Labor Department has proposed a set of rules and regulations that would put financial advisers under a fiduciary standard. This would legally require these advisers to put their clients’ interests above their own. While the spirit of these proposals is all in good intention, they will not be good for the investors or the industry and ought not to be enacted.
Executive Summary
Since the financial crisis, the trust in financial advisers has eroded deeply. Many have lost trust in not only the financial system but also individual advisers. Their loss of trust is not completely unwarranted, conflicts of interest do in fact exist within the financial services industry and they have dire consequences. Conflicted advice for financial advisers to their clients can lower the expected returns of the clients’ investments and lead to a cumulative billions in annual wealth that is lost in the U.S. economy.
To combat this horrid phenomenon, the U.S. Labor Department has proposed a set of rules and regulations that would put a federal law in place that puts a fiduciary standard on financial advisers. This standard would legally require financial advisers to put the interest of the clients above the interests of the adviser. Although this may seem adequate and necessary on the surface, these rules would put a damper on the financial services industry and would end up hurting the very people trying to be protected. These rules would not work because they would cause a regulatory overlap and could end up reducing options for smaller investors.
Instead of proposing rules that would hurt the industry and consumers or rather do nothing at all and stick with the horrid status quo, I have proposed a solution. This proposal would be a private, objective nonprofit body that ensures the financial industry can fix itself rather than be attempted to be fixed by an outside body. This way we will be able to write our own destiny, rather than be told what it is. This non-profit body, with a tentative name of The Financial Ethics Body, will be funded by financial services companies that participate in this plan as a fixed percentage of their profits. By participating in the program, companies will have an ethics audit every six months to ensure that all of their employees are behaving in the most ethical way possible. If they pass this audit, companies will get an accreditation. I know some might say, “Why would any company pay dues to get audited with no guarantee of passing”, and I will tell you why. Companies will participate in this curriculum because it will become a nationwide standard to have and will show the public that a company is trustworthy and therefore eligible for their business. Not having this accreditation will be a red flag for businesses and drive potential clients away. This is, without a doubt, the best possible solution to this problem.
Na.
The document discusses new UK regulations requiring companies, including charitable companies and their trading subsidiaries, to identify and record persons of significant control (PSCs). PSCs are defined as individuals who directly or indirectly hold over 25% of shares/voting rights in a company, have the right to appoint a majority of directors, or otherwise exercise significant control or influence. The regulations are aimed at increasing transparency. The document provides guidance on how the new requirements apply to different types of charitable companies and organizations.
In a post-Financial Services Royal Commission (Hayne Royal Commission) world, the
regulatory landscape has changed fundamentally. The twin peaks model remains, but
the approach to enforcement is now summed up by the phrase, ‘adequate deterrence of
misconduct depends upon visible public denunciation of misconduct’.
ASIC has a new, more intensive supervisory approach—close and continuous monitoring
involves regularly placing ASIC staff onsite in major financial institutions to closely monitor
governance and compliance with laws. If successful, this program may be rolled out more
broadly. Its supervisory initiative, the Corporate Governance Task Force is undertaking
targeted reviews of corporate governance practices in large listed entities to allow it to
shine a light on ‘good’ and ‘bad’ practices observed across these entities.
Following a review of its enforcement strategy APRA has adopted a ‘constructively tough’
enforcement appetite. The Government has foreshadowed an extension of the Banking
Executive Accountability Regime (BEAR) beyond the banking sector
The document discusses two potential areas of 401(k) plan litigation: excessive payments to service providers and high expense ratios of mutual funds. If plan sponsors fail to properly evaluate service provider payments and fund expenses, it could lead to litigation. Additionally, if a case reaches the Supreme Court regarding fiduciary responsibility to monitor fund expenses, it could increase scrutiny of plan sponsors' practices. While revenue sharing to pay for plan costs is allowed, amounts must be reasonable and fund expenses appropriate relative to plan size. Overall the article advises plan sponsors to focus on these issues to manage litigation risks.
Accounting for IASC 740 for Tax Exempts-MorrisKatherineMorris
Artile published in Tax Exempts Magazine in Nov 2011 which explores the impact of accounting for income taxes under more stringent rules ASC 740 (fka FAS 109 and FIN 48) as they apply to tax exempt organizations - Part I in a II Part Series
Managing Pension Volatility: The Three Legged StoolJay Dinunzio
The document discusses a new approach called the "three legged stool" for managing pension volatility. It outlines how accounting rules from the 1980s allowed for smoothing of gains and losses, encouraging risky investments. The Pension Protection Act of 2006 increased funding volatility. The existing paradigm treats companies like insurance companies for pensions. The three legged stool proposes tactical steps for companies to better understand, hedge, and ultimately transfer pension risks away from the balance sheet to limit volatility.
Challenging social injustice in adults' social health and care serviceCANorfolk
Belinda Schwehr from the legal advice charity CASCAIDr shares her and CASCAIDr’s perspectives on key issues and developments in relation to adults’ health and social care services.
The Case This case was developed by the MIT Sloan School o.docxmehek4
The Case
This case was developed by the MIT Sloan School of Management. It is part of their
“Learning Edge,” a free learning resource. This case was prepared by John Minahan
and Cate Reavis. This case is based on actual events. Actual names are changed; some
of the narrative is fictional.
In early 2012, as he prepared to enter a meeting with the board of trustees of a
state pension fund, Harry Markham, CFA, couldn't help but feel professionally
conflicted.
Since earning his Master of Finance in 2004 at one of the top business schools in
the United States, Markham had worked for Investment Consulting Associates
(ICA), a firm that gave investment advice to pension funds.
Since joining the firm, Markham had grown increasingly concerned over how
public sector pension fund liabilities were being valued. If he valued the liabilities
using the valuation and financial analysis principles he learned in his Master of
Finance and CFA programs, he would get numbers almost twice as high as those
reported by the funds.
This would not be such a problem if he were allowed to make adjustments to the
official numbers, but neither his clients nor his firm was interested in questioning
them. The board did not want to hear that the fund's liabilities were much larger
than the number being captured by the Government Accounting Standards Board
(GASB) rules and his firm wanted to keep the board of trustees happy.
How, Markham wondered, was he supposed to give sound investment advice to
state treasurers and boards of trustees working from financials that he knew were
grossly misleading?
Markham's dilemma came down to conflicting loyalties: loyalty to his firm,
loyalty to the boards of trustees and others who made investment decisions for
public pensions and who, in turn, hired his firm to provide investment expertise,
and loyalty to the pensioners themselves, as Markham believed was called for by
the CFA Code of Ethics and Standards of Professional Conduct.
In his role as investment advisor, the differing views on how to value pension
liabilities challenged Markham on both a practical and an ethical level. "My role
is not to decide the value of liabilities," he explained.
That is the actuary's job. My role is to give investment advice. However, as an
investment advisor, the first thing you want to understand is the client's
circumstances. That is a basic ethical precept. The CFA professional standards
say you should never give advice without knowing what your client's
circumstances are. And so what happens is that we have these funds that are
grossly short of money, but the accounting does not show them as being grossly
short of money. I make the case within my firm that we need to know where we
are starting before we give advice. And perhaps our advice would be different if
the client knew they were starting from a multi-billion-dollar hole that they're
seemingly not aware of.
In addition to the fact ...
Inflation Hedging and the Change in Indexation from RPI to CPI - Survey ResultsRedington
The document summarizes the results of a survey conducted by Redington and Pension Corporation on UK final salary pension schemes. Key findings from the survey include:
- The majority of defined benefit pension schemes are highly vulnerable to future inflation increases as less than 20% have at least 50% of their inflation-linked pensions backed by inflation-linked assets.
- 64% of actuaries and 39% of trustees believe schemes will carry out a buy-out or buy-in within the next three years.
- 91% of trustees said they would consider better asset-liability matching over the next three years.
Charity Registration Requirements : Is There a Public Benefit?IBB Law
Contact IBB Charity Lawyers for more information :
http://www.ibblaw.co.uk/services/charities
The public benefit requirement has always raised complex questions which in some contexts are controversial and in others are deeply political (for example the question of whether independent schools should have charitable status). When considering the charities act 2006, parliament shied away from setting any statutory
definition of public benefit and left the position to be determined under the common law. It also
removed the presumption of public benefit that had been thought to apply in certain areas. Parliament therefore left the charity commission with the difficult task of providing guidance in an uncertain area and facing litigation as people seek to challenge that guidance.
Not-for-Profit Compensation Controversies Continue to Add Fuel to the FireCBIZ, Inc.
Compensation in the not-for profit sector has been a consistent lightning rod for the IRS and other federal governing bodies, as well as for states, for many years.
Katz, Marshall & Banks partners Lisa Banks and David Marshall released the seventh edition of their SEC Whistleblower Guide – which covers a program that has paid out $376 million since its creation nine years ago. This comprehensive manual provides crucial information for whistleblowers who submit information about securities violations, including best practices for submitting SEC tips, the criteria needed to be classified as a whistleblower under the SEC Whistleblower Program, the laws protecting whistleblowers from retaliation, and more.
The document discusses different ways for homeowners associations to fund unexpected costs such as those from natural disasters. It recommends that associations establish a line of credit as the best option. A line of credit allows quick access to funds when needed without interest penalties. Other options like special assessments or bank loans take more time and have disadvantages. The document concludes by advising associations to maintain adequate reserves, a strong operating budget, and a line of credit for emergencies.
This document discusses the regulatory challenges faced by financial institutions in complying with know-your-customer (KYC) and anti-money laundering (AML) regulations, especially regarding third-party payment processors and senders. It notes that regulations have become more complex and ambiguous, creating pressure on banks. Many banks have responded by cutting off relationships with entire categories of businesses rather than assessing individual risk. Regulators have provided guidance encouraging a risk-based approach to maintain legitimate business relationships. The document proposes that business customer intelligence solutions can help banks comply with regulations while avoiding reputational risks and maintaining revenue sources.
1) The responsibilities of charity trustees are increasing with greater regulation, so trustees risk personal liability if charity assets are not properly incorporated or transferred.
2) Charities can incorporate as a company, incorporate just the trustees, or become a Charitable Incorporated Organisation to help address these risks.
3) Charities must follow strict Gift Aid rules to reclaim tax on donations and avoid HMRC penalties, such as keeping proper donation records for 6 years.
Mirkin. J (2011). Motivation of New Zealand Lawyers, Jonny Mirkinjonnyfromnz
This document discusses problems with using a "third-third-third" principle to determine compensation for New Zealand lawyers. It identifies 10 variables that can impact a lawyer's ability to benefit from such a system, including performance monitoring systems, charge-out rates, legal aid work, and more. It recommends that firms identify how these variables may affect motivation, and make adjustments to ensure fair and achievable budgets that still incentivize lawyers. Without addressing these variables, the intended motivation from the compensation scheme may fail.
Similar to Charities October11 Forrester Boyd (20)
Mirkin. J (2011). Motivation of New Zealand Lawyers, Jonny Mirkin
Charities October11 Forrester Boyd
1. charitiesgroup issue 2
news
2011
LEADING ADVISORS IN THE CHARITIES SECTOR
new pension auto-enrolment
Significant reforms to pension law salary and gradually rise to 3%. ‘essential’ if current and future
under the Pensions Acts of 2007 and resources are potentially insufficient
2008 are to affect charities within Charities operating defined benefit to meet additional contributions, or
England, Wales and Scotland from schemes (also known as final salary if the impact of funding the scheme
October 2012. schemes) are also to be subject to is to have an ‘unacceptable’ impact
the requirements of accounting on charitable activities.
Under the Acts, charities will have to standard FRS17, which requires
automatically enrol all eligible workers disclosure of the schemes’ assets or For more information go to
into a qualifying pension scheme. liabilities on the balance sheet. http://snipurl.com/240fv8
Whereas previously an employee
would not benefit from a pension Several commentators have raised
scheme unless they had opted in, concerns about the effect this
under auto-enrolment they will
automatically benefit from their
disclosure will have on the way a
charity manages its reserves (the ‘free’
public benefit
employer’s qualifying scheme unless resources available once commitments reporting
they choose to opt out. Employees have been met and expenditure
declining to opt out will have to covered). However, according to the requirements
contribute at least 5% of their earnings Charity Commission, provided a
to the scheme, while employers will charity is confident that scheme Compliance with the Public Benefit
also have to contribute a percentage. contributions can be maintained Reporting (PBR) requirements varies
with no impact on planned levels of greatly between charities, according
While these auto-enrolment provisions charitable activity, trustees are to a study carried out by Sheffield
seem onerous, they are to be unlikely to have to designate any Hallam University. Responding to this
implemented with a degree of further funds when drafting their research the Charity Commission has
flexibility. Employers’ duties under reserves policy. urged trustees to embrace PBR as a
the Acts are to be phased in, meaning chance to ‘tell the story of their
an employer will only be obliged to If the trustees are uncertain as to charity’s work and its impact.’
fulfil them once the relevant ‘staging whether increasing contributions can
date’ arrives. The staging date will be met using expected future income Less than 6% of the charities
depend upon the number of or they feel doing so would mean surveyed with an income below or
employees, with charities employing ‘significant curtailment’ of charitable equal to £500,000 clearly addressed
larger numbers having an earlier activities they are advised to seek all the PBR requirements. While
staging date than those employing ‘immediate actuarial and legal advice’. larger charities were generally more
relatively small numbers. The Seeking professional advice becomes likely to have met the requirements,
employer’s contribution levels are in some cases this was as a result of
also to be phased in. Contributions work by external advisers and
will start at 1% of an employee’s members of staff, rather than the
trustees’ themselves, with the
research claiming that in some cases
trustees’ had only a ‘vague
awareness’ of relevant guidance.
Compliance ‘general charitable
purposes’ charities being less likely
than others to satisfy the
requirements.
charities
2. Charities and the Bribery Act
The Bribery Act 2010 came into by the MoJ, which include principles
force on 1 July 2011. It created four of proportionate procedures, due
new offences, including failure by a diligence and communication.
commercial organisation to prevent
bribery, and modernised the general The MoJ is particularly clear on the
law on bribery and corruption. In issue of facilitation payments. While
‘The Bribery Act 2010 – A Quick these small payments for the
Start Guide’ the Ministry of Justice purpose of speeding up a service are
(MoJ) confirmed that the Act applies treated as the norm in some
to charities. cultures, they are nevertheless
counted as bribes under the new law exemption’ in respect of facilitation
The Charity Commission just as they are under the old law. payments, and describes
recommends that all charities adopt prosecution as usually taking place
a risk-based approach to compliance According to the Commission, the unless it is sufficiently within the
and advises them to carry out risk Government recognises that public interest to do otherwise.
assessments when faced with facilitation payments may be
situations that have the “potential to necessary to protect against ‘loss of For more information go to:
involve bribery or corruption”. When life, limb or liberty,’ and in such http://snipurl.com/1960n3
drafting anti-bribery policies and cases is likely to allow the common
procedures a charity should consider law defence of duress; however, it To view the MoJ guidance go to:
the six informing principles outlined stresses that there ‘is no general http://snipurl.com/1mlszg
grant applications – learn from rejection
A set of new guidelines has been enhance their processes to cut down the refusal of funding, as well as
published to help charities learn on the time they spend on rejected methods of providing feedback and
from and improve on unsuccessful submissions. post-refusal support.
grant applications and to assist
grant-making organisations to Jon Fitzmaurice of Cass Business Read the guide at:
support rejected applicants more School said they had found ‘a lot of http://snipurl.com/22182x
effectively. The research, published frustration on both sides’, as grant
by the Centre for Charity seekers wanted feedback even when
Effectiveness at the Cass Business applications were successful, while
School, aims to improve policy and grant makers struggled to find time
practice among grant makers and to give detailed feedback. He added
grant seekers. that ‘if both sides work harder at this
process the sector will benefit
'The Art of Refusal: Promising enormously.’
Practice for Grant Makers and Grant
Seekers' was funded by the Charities The guide provides advice to grant
Aid Foundation (CAF) and includes seekers on how to make pre-
qualitative research from around 40 application contact with the grant
grant-making and 100 grant-seeking makers, how to identify the
organisations. appropriate individual and suitable
timing for the contact. It also advises
Jane Arnott, senior advisory manager on how to gain good quality
at the CAF, explained that many feedback and how to manage the
charities that had failed to secure a communication of a grant refusal
grant were ‘puzzled as to why an within their organisation.
application failed.’ She added that as For grant makers, the guide makes
competition for grants is becoming suggestions for attracting the best
increasingly fierce, it is important to applicants, setting clear criteria
help charities improve their throughout all stages of the process,
applications and grant makers and best practice for communicating
3. in brief.. models, according to research by to make charitable donations both in
New Philanthropy Capital (NPC). their will, and during their lifetime.
The study found that social Hannah Terry of CAF explained that
Charities' independence enterprises reported an average of new incentives could "help to
could be questioned 17% annual growth over the last five establish a norm of leaving 10% of
Charities and social enterprises years, compared to just 6% growth an estate to charity" but that this tax
established by public sector in normal firms. Two thirds of social relief alone "will not have a major
employees under Government enterprises were still operating five impact." There is more on this story
reforms could be in danger of years after starting up, compared at: http://snipurl.com/20x5p
having their independence with 47% of normal businesses. A
questioned, two experts in the spokeswoman for NPC attributed Cheques to continue as long
sector have claimed. Responding to the resilience of social enterprises to as they are needed
a consultation by the Independence their "diverse sources of funding", as The Payments Council announced in
Panel, Rosie Chapman and Belinda they get income from both July that cheques would continue to
Pratten, former policy heads of the commercial activities and grants. be used, after proposals to scrap
Charity Commission and National There is more on this story at: them provoked widespread criticism.
Council for Voluntary Organisations http://snipurl.com/2i4f6 It also said that the target date of
(NCVO) respectively, said the 2018 for the closure of the cheque
reforms could cause the public to Charity Commission processing system would be
doubt a charity's independence, and publishes guidance on abandoned. The Payments Council
therefore, the extent to which it is Equality Act consulted around 600 stakeholder
working in their interest. They also The Charity Commission has groups and concluded that many,
argue that this is particularly true of published guidance on a key section particularly charities and small
charities with Government- of the Equality Act 2010 that may businesses, would suffer if the
appointed trustees and other such affect charities' activities. The guide cheque payment method was
links to Government. focuses particularly on the 'charities' removed. The Payments Council
There is more on this story exemption' in the Act, which allows Board has said that it will work on
http://snipurl.com/14h8vk charities to restrict the help they improving the security and efficiency
provide to a section of society that of all payment methods and
'Donation by default' most shares a protected characteristic, encourage innovation in payment
effective, research finds provided it can be justified as a fair, options. There is more on this story
Adding a donation to a customer's balanced and reasonable way of at: http://snipurl.com/4wos
bill and giving them the choice to carrying out a legitimate aim. A
opt out is the most effective way of spokeswoman for the Commission Guide to ethical investment
getting people to give to charity, said that “trustees must remember for charities launched
research by the Cabinet Office's that the general principle of fair and The National Ethical Investment
Behavioural Insight Team (BIT) equal treatment for all applies to Week (NEIW) Action Guide for
suggests. The research, which was charities." She added that trustees Charities has been launched in
conducted in a restaurant, found should "familiarise themselves with partnership with the Charity Finance
'donation by default' to be more this guidance to ensure that their Directors' Group (CFDG). The Guide
effective than other methods such as charity is working within the law." provides advice on how social
informing diners about a charity and There is more on this story at: impact investing and other green
leaving an envelope on the table. http://snipurl.com/1wjlz8 and ethical forms of investment can
The BIT estimated that the average help charities achieve their mission.
obtained in this way was equivalent Proposed inheritance tax Research by NEIW found that impact
to 1.2% of each diner's spend, and relief welcomed investing is becoming more popular
that if this method was rolled out The Charities Aid Foundation (CAF), with charities and 36% of private
across UK restaurants, it could Charity Finance Directors’ Group investors want to know more about
generate £50 million for charities. (CFDG) and National Council for it. Caron Bradshaw, chief executive
There is more on this story at: Voluntary Organisations (NCVO) of the CFDG, explained that green,
http://snipurl.com/1vz49o have welcomed proposals to ethical and impact investments ‘reap
introduce inheritance tax relief for significant social, mission related,
Social enterprises more charitable legacies in their joint reputational and financial benefits’
resilient in recession, report response to an HM Revenue & for charities and charitable
finds Customs (HMRC) consultation. foundations. Read more at:
Social enterprises are more likely to However, the groups have urged the http://snipurl.com/2bpefe
survive in a difficult economic Government to introduce further Read the guide at:
climate than traditional business initiatives to encourage more people http://snipurl.com/2bpenn
4. charities still fail to ‘showcase’ benefits
Charities must do more to According to the Charity Commission,
demonstrate how the public benefits which regulates charities in England
from their work, the Charity and Wales, trustees are generally
Commission has warned. Research able to describe their charity’s aims
carried out for the Commission by and describe who benefits from their
Sheffield Hallam University found work, but are less able to demonstrate
that many charities are failing to meet how people have benefited in practice.
the legal requirement to demonstrate Small charities in particular were
public benefit in their Trustees’ Annual found to be at fault. According to
Reports (TARs). Almost a third of the the research, while 26% of charities
charities included in the research did with an income of more than
not provide descriptions of the £500,000 had prepared TARs that
benefits that arise from their activities, met the requirement, only 10% of
and a further 50% provided only charities with an income of between aims to relieve poverty or advance
vague or unclear descriptions. Less £100,000 and £500,000 did so. education or religion were presumed
than 20% provided clear descriptions Among charities with an income of to provide public benefit, but were
of public benefits in their TARs. less than £100,000, only 2% not required to demonstrate this.
managed to meet the requirement. The Charities Commission has
published guidance for charities on
The requirement to demonstrate demonstrating public benefit, along
public benefit was introduced in with sample TARs, on its website.
April 2008, following the
implementation of the Charities Act For more information go to:
2006. Prior to this, charities with http://snipurl.com/1olgap
Grimsby t: 01472 350601
Louth t: 01507 606111
tougher competition for funding
Scunthorpe t: 01724 863105
High levels of demand and to benefit from their support. For
www.forrester-boyd.co.uk increasing competition for example, the Lloyds TSB Foundation
diminishing funding streams mean for England and Wales is looking to
If you would like to receive further that nearly three quarters of increase the length of time that
information on any of the articles in organisations applying for funding must elapse before an organisation
this newsletter, please contact our from BBC Children in Need are can re-apply for funding after
charities partner, Kevin Hopper, at our unsuccessful, according to chief receiving one of its grants. At present,
Grimsby office or e-mail executive David Ramsden. organisations must wait two years
k.hopper@forrester-boyd.co.uk before being eligible to apply again.
Speaking at the Action Planning
Authorised and regulated by the Financial
2011 Charity Funding Roadshow, Mr Other sources of funding are being
Services Authority.
Ramsden went on to say that fierce cut off altogether, such as the
competition meant that funding Government’s Civil Society Transition
organisations would increasingly be Fund, which was set up to help small
“using the language of outcomes” charities and social enterprises
when considering applications. struggling under public sector
independent quality assured professionals
"We’ve had to do some pretty spending cuts.
The UK200Group is a modern and proactive professional careful analysis about where we can
membership association of chartered accountants and
lawyers which provides training and business services to make the most difference," he said. According to Nick Hurd, minister for
enhance the performance of member firms. As well as
being focused on the general small to medium businesses, the civil society, no more funding
members have specialist knowledge and experience of the Mr Ramsden also commented that, will be available now that the
agriculture, healthcare, charities, legal and property and
construction sectors to provide effective support and advice of the organisations whose funding Transition Fund’s £107 million has
in the areas of tax, financial management, business planning
and legal issues.
applications were successful, many been allocated. “It’s finished, there’s
www.uk200group.co.uk were not awarded the full amount no money to do another one,” he
This newsletter has been prepared for general interest and it is important to they had requested. told delegates at the Roadshow.
obtain professional advice on specific issues. We believe the information
contained in it to be correct. While all possible care is taken in the preparation
of this newsletter, no responsibility for loss occasioned by any person acting or
refraining from acting as a result of the material contained herein can be
accepted by the UK200Group, or its member firms or the author. Other funding bodies are looking at For more information go to
UK200Group is an association of separate and independently owned and
managed chartered accountants and lawyer firms. UK200Group does not
ways of enabling more organisations http://snipurl.com/197v3o
provide client services and it does not accept responsibility or liability for the
acts or omissions of its members. Likewise, the members of UK200Group are
separate and independent legal entities, and as such each has no
responsibility or liability for the acts or omissions of other members.