Source: http://blog.purematters.com/fitness/fall-fitness-5-day-workout-and-food-plan
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Source: http://blog.purematters.com/fitness/fall-fitness-5-day-workout-and-food-plan
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By Christopher S. Johnson, CPA
If you?re in any way involved in the management of a business enterprise, whether for-profit or not-for-profit, chances are you?re hearing the
term Enterprise Risk Management (?ERM?) with growing frequency. Once reserved for large organizations with complex controls and reporting obligations, ERM is increasingly being implemented by smaller organizations that need to document reasonable governance practices, or which simply need a reliable system of identifying and mitigating risks before they develop into financial losses.
ERM can be a difficult concept to absorb because it varies widely in application; one size does not fit all. In its most refined form, ERM may encompass rigid frameworks such as those adopted by the Casualty Actuarial Society or the Committee of Sponsoring Organizations of the National Commission on Fraudulent Financial Reporting (the Treadway Commission), both viewed as authoritative sources in the ERM world. By contrast, and in a simpler setting, ERM could be summarized in a spreadsheet that serves as a checklist used routinely by management to avoid the seemingly endless obstacles that are a reality of operating a business or program. Regardless of the degree of complexity, a successful ERM program will always be comprised of certain key elements.
??Documentation: The best of plans is doomed to fail if not committed to paper. To be effective, ERM must be in the form of a documented set of policies and procedures that can be monitored and evaluated for effectiveness.
??Structure: Effective ERM is reliant upon a suitably-designed process to identify, quantify, and prioritize risks; delegating the responsibility of mitigation; and establishing suitable monitoring. To deal with judgmental aspects, a structured approach whereby risks are quantified and weighted will typically be utilized. This will generally be in the form of a spreadsheet with a series of questions with assigned values. Answering the questions results in a ?score? for purposes of measuring the severity of risks. As such, using an appropriate structure or template is critical.
??Process Ownership:? Accountability is an inherent element of ERM and therefore, each risk and each mitigating control must be assigned an ?owner? or responsible party. Although results can vary, the means by which identified risks can be most economically mitigated will typically be best developed when the process owner participates in the design process. As such, participation at the director or trustee level would generally consist of approval of the ERM program and on-going monitoring.
??Monitoring:? Once specific risk management processes are in place, they must be monitored on an on-going basis to provide assurance that risks are being appropriately mitigated as planned. This means the design of any process must be conducive to monitoring by virtue of regular reporting or a similar audit trail that can be spot-checked periodically. Monitoring also involves periodic re-assessment of the risk and the suitability of the control process implemented to mitigate it. It?s not unusual for operational or staffing changes to render a process ineffective or unnecessary.
You may be wondering why your organization doesn?t have a formal ERM process and, like many, you may have already concluded that it?s not really necessary. After all, if there?s no net financial benefit and if it?s not mandated by some regulatory authority, what?s the incentive behind implementing ERM, especially when it seems like a lot of work!? Well, as it turns out, there really are incentives to implementing ERM. In evaluating risks, there will normally be some improvements in efficiency, either through identifying redundant controls or those with a poor cost/benefit relationship, or through identifying risks associated with lost opportunity. And when process owners understand that ERM is as much about streamlining their workloads as it is about protecting the future of the organization and its mission, the result is usually a high level of enthusiasm.
In terms of the regulatory mandate issue, there is currently no direct regulatory requirement to utilize ERM, although it?s certainly considered a best practice. Naturally, the AICPA has embraced the concept since ERM is an excellent process for designing entity-wide as well as transactional-level internal controls. In July of 2012, the AICPA issued its annual Financial Reporting Alert for Not-for-Profit Entities in which it cited government regulations (compliance) as an example of a risk for which ERM is an appropriate mitigation strategy, and in 2010, the AICPA added an ERM component to its ?Not-for-Profit Audit Committee Toolkit?, long considered a staple for basic good governance practices. These are part of a long list of ERM documents and links that the AICPA offers on a dedicated ERM-only web page with an accelerating growth rate (18 new items added in 2011 as compared to just one in 2005). With so much building support from the AICPA, it would not be a surprise to see ERM adopted in some authoritative form in the near future, a move which could open the door for regulatory requirements in the same manner in which Governmental Auditing Standards (the ?Yellow Book?) has incorporated the existing AICPA audit risk standards by reference.
Regulatory mandate or not, ERM is here to stay and the Not-for-Profit sector, with all of its regulatory requirements, appears to be the perfect environment for implementation. Whether the objective is a leaner and more effective system of controls, detection and prevention of situations that may develop into financial losses, or documenting prudent oversight and governance practices, ERM is a proven method to help your organization achieve its mission.
For more information on this topic, contact cjohnson@pmn.com
Note: This article represents a general overview of Federal and/or Massachusetts general topic issues or developments and should not be relied upon without an independent, professional analysis of how any legal provisions alluded to may apply in a specific situation.
IRS CIRCULAR 230 NOTICE: In compliance with U.S. Treasury Circular 230 Regulations and any applicable state laws, we hereby notify you that any tax advice contained in the body of this document, or attachments thereto, was not intended or written to be used, and cannot be used, by the recipient or any other party for the purpose of (1) avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any transaction or matter addressed herein.
Source: http://www.pmn.com/blog/enterprise-risk-mgmt/
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Posted by BurgdorfTinkham241 on Sep 5, 2012 in Home Business | Comments Off
Vegans exempt animal goods from their life style. This is straightforward sufficient for committed older vegans, but how to raise a kid with no milk, ice cream, chocolate, or candy? In todays, predominantly meat-dependent and animal style crazed planet, it is undoubtedly a challenge for vegan parents to raise their youngsters. Fortunately, the years brought an abundance of information about vegan style, vegan shoes, vegan recipes, vegan lifestyle, and veganism. All that vegan parents need proper now are determination and creativity to encourage their children to take up the vegan way of life.
The 1st hurdle vegans have to face is the question of feeding their kids. There are lots of offered food selections in the industry these days for vegan fare. Vegan recipes are not just salads they extend to casseroles, baked dishes, and even desserts. Vegan ice creams, smoothies, and candies are now offered in the industry. These items taste just as excellent as the traditional dairy products minus the animal abuse. Children being raised on vegan diets wont really feel any different from non-vegan kids. The trick is to consist of substitutes for well-liked kiddie treats so vegan kids will not feel out of location with their non-vegan peers. Vegan dieticians advocate substituting tomato sauce with meat substitutes for normal meat sauces. There is a variety of soy cheeses and flavored soy milk drinks that are completely vegan without having sacrificing flavors. Fruit waffles and juices are most welcomed treats. Meat substitutes in pork, beef, poultry, or fish flavors are offered. Vegan youngsters would not miss out on the joys of junk food, except that theirs will not lead to them acne and make them healthier. ?Junk? foods like popcorn, baked potato and vegetable chips, sweetened dried fruits, raisins, and fruit chips are well-known options. Beverages like fruit smoothies and fruit juices are deliciously sinful sufficient to be considered junk food.
Nevertheless, children are less difficult to handle than teenagers, far more so when they are vegans. There are the fashion trends to reckon with: that trendy leather jacket, the fur scarf, or the chic leather boots everybody is talking about. A teenager must have them. Remind them if they are actually up to wearing dead animal skins on their body and then acquire them some enviable vegan style items. There are boutiques that sell exclusively vegan apparel. Vegan online shops also have substantial, not to mention, reasonably priced and chic selections for vegan shoes, vegan clothes, vegan jackets, and even vegan accessories. Vegan cosmetics are also accessible and they have been established to be much better than the ones that are animal-tested and made with animal oils. Immediately after all, slim and fit vegan bodies deserve fashionably gorgeous vegan clothes.
Vegan household assistance groups assert that appropriate education and information about animal rights and abuse is crucial. Understanding the vegan life style tends to make managing and raising vegan kids easier. When they are aware and informed, youngsters are surprisingly simple to handle. They do make their own options, but with data, they normally make the correct choice. So they strongly advise starting vegan households to encourage each and every other and educate their children to make them comprehend why is it very good to be vegan. With understanding, the kids turn out to be cooperative and healthier, and the loved ones stays together longer.
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Source: http://www.buyarticlespro.com/home-business/raising-youngsters-the-green-way/
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Source: http://video.msnbc.msn.com/cnbc/48907747/
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Normally, when oil and gas prices accelerate on both sides of the Atlantic, alternative energy sources come into focus and become a big part of that ?energy independence? discussion.
Well, not this time.
During the run up to mid-$4 gas and $147 a barrel oil in 2008, many assumed these costs would continue to advance. That made alternative sources ? especially renewables such as solar, wind, biofuels, and geothermal ? more attractive to investors, politicians, and energy enthusiasts.
Alternative sources are more expensive than conventional oil, gas, or coal. They are, however, more environmentally friendly. Paying those higher costs was regarded as a tradeoff for cleaner energy sources and a reduction in emissions. That view has changed. And it?s part of the reason why I?ve recently avoided alternative energy companies like First Solar (Nasdaq: FSLR), Canadian Solar (Nasdaq: CSIQ) or SunPower Corporation (Nasdaq: SPWR) in my Energy Advantage portfolio.
It is hardly a convincing argument anymore, especially during a sluggish economic recovery. The economic downturn has made reliance on more expensive energy sources a difficult proposition to accept.
Yes, increasing oil and gas prices should reduce the spread between conventional and renewable, thereby providing stronger arguments for change. And proponents argue that alternatives provide an enhanced advantage given that they can also be domestically produced.
Just don?t bet on these arguments holding up this time. Here?s why.
The main difference in the current environment is the huge unconventional oil and gas reserves existing in the United States. Both are energy ?game changers,? transforming the energy balance and expectations of sourcing well into the future. I?m speaking here of shale and tight oil and gas, coal bed methane, bitumen, heavy oil, and oil sands. Each of these requires much greater commitments of energy to produce energy (so the ?Energy Returned for Energy Invested, or EROEI, is worse) that do conventional oil and gas.
That means there is a cost premium added to the overall increase in oil and gas prices now underway.
The caveat is the amount of reserves available. The large amount of unconventional oil and gas existing on the American market, buttressed by synthetic oil flows from the oil sands in Canada, is transforming the energy balance. And this transformation is dramatic.
Foreign Imports Wane in New Era of American Energy
In 2012, the U.S. is likely to import a smaller amount of its daily crude oil needs than at any time in decades. Preliminary figures could put that as low as 49% of domestic demand. To put matters into perspective, we were looking at 67% only three years ago.
The picture for gas is even more optimistic. Five years ago, I remember sitting in a policy meeting at which the consensus pointed to 15% of U.S. gas needs being imported as liquefied natural gas (LNG) by 2020. Today, we are poised to see American LNG exports comprising some 9% to 12% of the world market in 10 years or less.
Shale gas alone has provided what looks like a century or more of gas reserves; very little was estimated in the early 2000s. Today, the U.S. market could increase gas production by 25% each year for the foreseeable future without tapping anything beyond what we already know is extractable.
Now nobody will do that, of course. It would destroy the market and drive every operator out of business. But knowing that it could be done is a major restraint on prices. Those prices will rise over time as major new demand sources for gas are phased in. These include:
All of which brings us back to today?s subject.
Undercutting the Alternative Energy Argument
With the movement to exploiting unconventional domestic sources of oil and gas, one of the primary arguments in favor of alternative energy is undercut. Absent any major breakthrough in technology (inverters for example, that would dramatically decrease the loss of electricity from solar and wind generation), the cost differential will remain.
Despite the rise in oil and gas prices, alternatives will still be more expensive to utilize, even before considering the infrastructure expenses for delivery and support that would have to be introduced. The rise of shale gas and oil, along with the large volumes of other unconventional reserves present, make a move to alternatives less likely.
Concerns about the economic recovery remain paramount, given the major position held by energy ? both its availability and its cost. Once concerns about a double dip are over, Europe appears to have its house in order and financial cliffs are avoided, we may approach this differently. And genuine considerations about environmental stewardship may again become central to the discussion. But some of those concerns have come into focus with the recent announcement that carbon emissions have reached a 20-year low in the United States.
This month, the U.S. Energy Information Agency cited ?low-priced natural gas? as the primary driver of the steep emissions decline, as natural gas is replacing more-carbon intensive coal as a greater source of electricity generation.
This does not bode well for the prospects of alternative energy.
Disclosure: No positions
Source: http://seekingalpha.com/article/815781-u-s-oil-and-gas-put-squeeze-on-alternative-energy?source=feed
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