...assets (working capital needs) of the corporates could be met by one of the following methods: · First Method of Lending: Banks can work out the working capital gap, i.e. total current assets less current liabilities other than bank borrowings (called Maximum Permissible Bank Finance or MPBF) and finance a maximum of 75 per cent of the gap; the balance to come out of long-term funds, i.e., owned funds and term borrowings. This approach was considered suitable only for very small borrowers i.e. where the requirements of credit were less than Rs.10 lacs · Second Method of Lending: Under this method, it was thought that the borrower should provide for a minimum of 25% of total current assets out of long-term funds i.e., owned funds plus term borrowings. A certain level of credit for purchases and other current liabilities will be available to fund the build up of current assets and the bank will provide the balance (MPBF). Consequently, total current liabilities inclusive of bank borrowings could not exceed 75% of current assets. RBI stipulated that the working capital needs of all borrowers enjoying fund based credit facilities of more than Rs. 10 lacs should be appraised (calculated) under this method. The committee suggested norms, i.e., ceilings for inventory and receivables, which could be considered for...
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...Nontraditional sources of funding, I think would be to commercial venture. Organizations could sell it services to people who can pay for them. Bequest program - having people leave money to the organization in their will. Affinity marketing- a store could its customers that they will put a certain portion of their profit towards the organization. Phoenix Homeless Agency needs funds to continue providing counseling to qualifying recipients, so they would need to come up with the best possible way to fund their efforts. They could try several fund raising strategies to do that such as Client donations, special events, and annual campaign. I think these would do best because you would think that with the economy being the way it is that donations would not come in but that is just not true. If you make it known would your cause is for and appeal to passionate people that want the same thing they will donate. Special events are another fundraising idea I think would work, especially raffles. The organization could have another organization donation something that people would want such as a gift cards, or maybe tickets to something, I say small things like this because they could have many company’s donate this and that way there are more prizes at the end which when you think about it more people will play. Annual campaign I think would be a good idea because the organization is not new so you would think that have had donors in the past that they could contact to make...
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...Collaborative Fund-raising Activity Checkpoint: 3/12/2009 The Phoenix Homeless Agency (PHA) is in the need of increased funding to further future funding toward job counseling for qualified clients. Regularly agencies get traditional contracts and grants; but the economy has increased the need and requires them to find other sources. The Executive Director and Board of Directors have begun their search by using the internet, other agencies, and community networking. They have agreed on, that there are three options that will yield revenue while keeping costs under control. This will result in money left over for their program; appealing to local government officials, contacting local businesses for donations, and holding a strong public donation campaign. Contacting local government officials the agency may access information about funding that is available to community agencies that are not related to federal or state traditional grants and contracts. These may include United Way, connections to people who might donate, grants from large out-of the area businesses and foundations, or city donations to help unemployment. They may also receive (employ, volunteer, students) grant writers who will be willing to help organization understand, locating, and the writing process, that achieve better results. Local businesses are often feeling the same negative results as the individuals with the recession. The people understand needing help and should donate products to be sold...
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...Joint Activities with a Fund-Raising Appeal The Joint Costs of Multi-purpose Activities is the subject of AICPA Statement of Position No. 98-It applies when an organization combines the fundraising function with another function - usually some type of program activity, such as public education ("Joint Cost Allocation | Nonprofit Accounting Basics," n.d.). There are three criteria that must be met in order for a non-for profit organization; Purpose, audience, and content. The purpose indicates the reason for doing the activity. The question that must be answered is: Does the purpose of the activity meet the accomplishment of a program function? As described by the AICPA Statement of Position 98-2, the audience helps determine whether or not the activity is solely a fundraising activity - Did the activity target mostly rich people, or prior donors? If so, there is a presumption that it is primarily a fundraising activity. The third criterion that should be met when determining joint costs for multi-purpose activities is content. For example - Is the content of the activity genuinely program-oriented? Generally, the joint activity needs to ask the audience to take a specific action that will help accomplish the NFP’s mission (Reck, Lowensohn, Wilson, & Wilson, 2013, p. 557). Below are three different scenarios in which I will determine whether or not the purpose, audience, and content criteria has been met as described in Chapter 13 of the AICPA, Audit and Accounting Guide...
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...Tyler Philip Professor Wisniewski English 101 24 February, 2014 Raising Arizona Having trouble knowing whether or not a scene in a movie takes place in reality or a fictional fantasy world can be the difference in making a movie funny, “corny” or even just flat out bad. One moment the scene seems as if the movie is taking place in our world and next something terribly random happens, which would never happen in reality and it makes you question yourself what world this is in. Blurring the line between the two makes a movie harder to follow unless it’s consistent so it actually can make sense as long as your watching the movie. The Conan Brothers did an excellent job in doing so in Raising Arizona, the blurred line between reality and fantasy makes the movie more enjoyable. There are some scenes where they are so ridiculous you can’t help but laugh, without the use of this style it could have made the movie more serious and may have not been as comical. The Main character Herbert McDunnough (“Hi”) is played by Nicolas Cage who also narrates the entire film. Herbert is a criminal who sticks up grocery stores, he is married to a policewomen named Edwina McDunnough (“Ed”) played by Holly Hunter. The two quickly fall in love after she was taking mugshots of Herbert, the couple get married after Hi proposes to her after his most recent release from prison, the two move into a arizonan mobile home in the desert. They find out Ed is infertile and because of Hi’s criminal record...
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...7p’s for Amazon Price – Amazon has lowered its prices of items due to more completion with other e-tailers such as eBay. Products – Amazon allows customers to buy products that are cheaper. The customers would place an order and amazon orders it straight from the local warehouse, this then means the delivery speed is quicker and the customer gets the product a lot quicker. This lowers storage cost and allows businesses to provide a larger range of products instead of having a slow delivery speed and a small amount of products stored, this makes them have a large variety of products. Place – Amazon can access the international markets by being on the internet, they can set up multi – language Amazon can access the international markets by being on the internet, they can set up multi – language website to target specific markets, also there isn’t much cost as a store isn’t needed since it is directly from the manufacturers. Promotions – Amazon allows customers their products according to what they want. Also social media has now become more popular that means that this has become a main way of communication so people chose it as a main form of buying things, this promotes the business because it’s quick, easy and simple to use. It’s a lot more cost effective and is a lot effective for people who don’t have enough time to shop. People - For customers, it can save lots of time and this means they can order what they want and chose from a bigger variety of things instead of...
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...thread passes between the two. The tension of the thread is adjusted by a spring and nut which increases or decreases pressure 4. Take up lever: It is a lever fitted to the body of the arm. Its up and down motion feeds the thread to the needle and tightens the loop formed by the shuttle. 5. Needle bar: This is a steel rod to hold the needle at one end with the help of a clamp. Its main function is to give motion to the needle. 6. Bobbin case: This moves into position to catch the top thread and form the stitch as the needle is lowered into the bobbin chamber. 7. Presser foot: It is fixed to the presser bar to hold the cloth firmly in position when lowered. 8. Presser foot lifter: A lever attached to the presser bar for raising and lowering the presser foot. 9. Stitch regulator: This controls the length of the stitch. 10. Bobbin winder: A simple mechanism used for winding thread on the bobbin. 11. Fly Wheel: When this is made to revolve, it works the mechanism of the motion 12. Clutch or Thumb Screw: This is in the center of the fly wheel and it engages and disengages the stitching mechanism. 13. Slide Plate: A rectangular plate, which facilitates the removal of the bobbin case without lifting the machine. 14. Needle Plate or Throat Plate: A semi-circular disc with a hole to allow the needle to pass through it. 15. Feed dog: This consists of a set of teeth fitted below the needle plate. It helps to move the cloth forward while sewing...
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...RAISING CANES CHICKEN FINGERS FRANCHISE IN THE MISSISSIPPI GULF COAST BILOXI AREA Objective This Raising Canes Chicken Fingers franchise would strive to fit the hungry needs of the nearby patrons at the targeted area of Biloxi near Biloxi Regional Hospital and Casinos. While doing this Raising Canes would be expected to give superior service to customers, fair prices, and to be involved in the community in a positive way. Providing a fun, exciting, challenging world career with tremendous growth potential to all employees. Company History The chicken fingers have been served in the deep south states of Georgia, Alabama, Mississippi, and Louisiana for many years, but not as the only item on the menu. The founder of the Raising Canes Chicken Fingers, Todd Graves, was a business student at Louisiana State University. During Graves’ college days, he learned how to cook chicken fingers and developed a wonderful sauce to complement the taste (Cater III, J., & Chadwick, Ken). In college course he was told by one of his professors, after submitting his business idea for what would be later be named Raising Canes, he was told that the business proposal would not work and gave him a very low C grade for the class (http://www.rasingcanes.com). Graves went to financial institutions and other private investors with his business plan. Like his professor, they also told him the plan would not work saying “a restaurant serving only chicken finger meals will never make it”...
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...Market Funds 2012 The World Behind Fitch’s MMF Ratings by Charlotte Quiniou, CFA, Director in Fitch Ratings Fund and Asset Manager Rating Group Fitch money market fund (MMF) rating is far more than just a stamp on a fund. Its value for investors comes from the depth and breadth of the underpinning rating analysis and process. A key component of a Fitch MMF rating is also the regular, independent surveillance performed by Fitch’s analysts, which supports ongoing dialogue with fund managers, so that systematic mechanical reactions are avoided. To better serve investors, Fitch provides information on rated MMFs and developments in the money market industry, notably based on MMF surveillance information, through freely available periodic publications and online tools. A Disciplined procedures ensure consistency Fitch conducts analysis and assigns ratings on MMFs following a consistent, disciplined process that is applied globally. The diagram in Figure 1 provides a summary view of the major steps followed by Fitch when assigning or reviewing a MMF rating. At the start of the rating process, each MMF is assigned to a group of two analysts: the primary (or lead) analyst, and the secondary (or back-up) analyst. Analysts are responsible for leading the analysis and formulating a rating recommendation. The primary analyst is typically responsible for the continuous surveillance of the rating, once it has been assigned, and maintaining the dialogue with the fund manager...
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...Rae Bock started Bock Investment Services (BIS) in 1994 with the goal of making BIS the leading money market advisory service in South Carolina. To provide better service for her present clients and to attract new clients, she has developed a weekly newsletter. Lisa has been considering adding a new feature to the newsletter that will report the results of a weekly telephone survey of fund managers. To investigate the feasibility of offering this service, and to determine what type of information to include in the newsletter, Lisa selected a sample random sample of 45 money market funds. The Data File “Bock”, reports fund assets and yields for the past seven and 30 days. Before calling the money market fund managers to obtain additional data, Lisa decided to do some preliminary analysis of the data already collected. Managerial Report 1. Use appropriate descriptive statistics to summarize the data on assets and yields for the money market funds. 2. Develop a 95% confidence interval estimate of the mean assets, mean 7-day yield, and mean 30-day yield for the population of money market funds. Provide a managerial interpretation of each interval estimate 3. Discuss the implication of your findings in terms of how Lisa could use this type of information in preparing her weekly newsletter. 4. What other information would you recommend that Lisa gather to provide the most useful information to her clients? (This case problem is due to Anderson, Sweeney, and Williams for...
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...Investment Funds and Securities Bloomberg Exercises 1. Learn about the different types of funds and their classifications by going to the Bloomberg’s FUND screen: FUND <Enter>; click “Fund Functions” and “Fund Lookup”; or enter MFOD and click type: Equity, Debt, Money Market, Real Estate, Commodity, or Alternative. 2. The performances of funds by type (e.g., mutual, hedge fund, ETFs, and unit investment trust) can be found on the Fund Heat Map Screen, FMAP. Use the screen to identify the top performers based on total return for several types: FMAP <Enter>, Click “Fund Type” in “View By” dropdown. 3.) alternative) can be found on Bloomberg’s Fund Heat Map Screen, FMAP. Use the screen to identify the top performers based on total return for several objectives: FMAP <Enter>, Click “Objective” in “View By” dropdown. 4. Use the Bloomberg fund search screen, FSRC, to search for the following types of equity-type funds and ETFs: a. Fund Type: Open-End; Classification (Asset Class Focus): Equity; Fund Strategy: Growth or Growth and Income; Analytic criterion: Input total return for one year of greater than X% (e.g., 20%) b. Fund Type: Closed-End; Classification (Asset Class Focus): Equity; Country of Domicile: select (e.g., U.S.); Analytic criterion: input total return for one year of greater than X% (e.g., 20%) c. Fund Type: Open-end; Classification: Industry Focus: Select industry (e.g., technology); Analytic criterion: input total return for one...
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...Moreover, we would have both qualitative and quantitative discussions on most topics, the latter mainly being numerical examples (not any rocket science or high-flying calculus). Though we would talk about the global scenario, our focus, whenever possible, would be on Asia. After gaining an idea into what IB is and understanding the basics of Trading, we would study in detail the capital-raising process, mainly Underwriting and Syndication. Here, we would learn about IPO and SEO and ADR and GDR as well as about NIF and RUF. We would also get familiar with Euromarket and the innovative Euro instruments like Euronote and Euro-CP as well as Eurobond and Euroequity. This would also give an opportunity to get a glimpse into Financial Engineering in debt and equity instruments as well as about Structured Financing. We would then talk about MADS (merger, acquisition, divestiture, and spinoff) and learn how to evaluate them. Wealth Management and Mutual Fund would commence one of our focus areas, and, here, we would learn how an AMC works. This would lead to an insight into Hedge Funds and Private Equity. In that light, we would also talk about LBOs and LBO valuation. Project Financing (PF)...
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...Industry: The heath care sector is dominated by few big firms that are highly profitable and with stable free cash flow and returns on capital. Despite of the sectors high profitability is hard for new companies to come into the sector, which is due to high barriers of entry. One of the barriers is the long timeframe of the drug development (see appendix) and the amount of money that is necessary to be spent in order to get through with the project. As mentioned in our case, the cardio surgeons are the “cowboys” that fast adopts new technologies and cardiac devices, which are due to lower switching costs, as a result the product cycle can be very short and the firms must spent a lot of time and money in R&D in order to keep up with the development. Company’s overview: Conor Medsystems, LLC develops controlled vascular drug delivery technologies. The company focuses on the development of unique drug-eluting stents for the treatment of restenosis. Its products include stents specifically designed for multi-drug delivery. The main competitive advantage of their stents is that their device includes hundreds of small reversion drilled into the stent, and each of this tiny holes could be packed with different drugs. Also they create new cobalt chromium stent that would be thinner and stronger. So approximately for further 2-3 years Conor won’t have the rivals in this area of business. The question that faces the management on this stage is what appropriate scheme and amount of...
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...and investment trusts. Firstly, it will shortly introduce the definitions of two different funds, then after identifying the main difference between them, it will talk about the advantages and disadvantages for each other. Finally, it will come up with a conclusion. Unit trusts and investment trusts are two types of funds that people can invest in as a private investor in the world. They together form the very fundamental way of how funds operate. Unit trusts are‘open-ended’funds, which means that the size of the fund and the number of units depends on the amount of money investors put into the fund.(Arnold,2012:30) Moreover unit trust fund is an investment scheme where money from many investors is pooled together for collective investments, and is invested towards a specified goal as stated in the investment objective of the fund.(Fig1.1) (ambmutual.com) Arnold(2012) also claimed that investment trusts differ from unit trusts-they are companies able to issue shares and other securities rather than units. Investors can purchase these securities when the investment company is first launched or purchase shares in the secondary market from other investors. These are known as closed-end funds because the company itself is closed to new investors – if you wished to invest your money you would go to an existing investor to buy shares and not buy from the company. An open-end fund does not restrict the amount of shares that can be issued or redeemed at any time. Usually,...
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...management are the two classes in which the investment strategies are categorized. Active management is whereby financial professionals try to outperform a specific benchmark. Passive funds like the exchange traded funds (ETFs) are whereby the index is tracked with no active stock selection (Barr, 2009). The risk of a failing a benchmark or index can be reduced through passive investment. Passive investment also reduces the cost. The active investment has the potential of boosting returns through outperforming some benchmarks. However, there are increased risks and also there are no guarantees that the benchmarks will be exceeded or matched. In a well-diversified portfolio, active and passive investment can flourish. The role of ETFs which is an important building block for dynamic and diverse portfolios is to offer access to equities and fixed income across large developed economies and the emerging markets. ETFs can be traded like share, thus similar liquidity is offered hence it allows the investor to adjust to their portfolios. In the context of investors’ specific objective, active management allows risks to be managed properly (Barr, 2009). Passive funds don’t neutralize risks, but they introduce benchmark risks and concentrated risks to investors and in relation to exchange-traded fund. The concept of market efficiency holds that there can be no over-valued or under-valued securities because of the market factors of discount which at all times influence the pricing of...
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