DANVILLE — The Danville Area Community College board approved new course fees and a new budget last week.
According to the course fees resolution, “the cost of educational supplies, materials, program-specific software and equipment continue to increase annually. Course fees are assessed at the section level (one fee per course per student) to attempt to recoup a portion of these expenses. The last time these fees were increased was in the summer term of 2015.”
The fee increases: $55 to $65 for Level 1; $65 to $75 for Level 2; $100 to $125 for Level 3; and $150 to $225 for Level 4 courses. The new fees take effect with the spring term in 2023.
In other business, the board last week approved a new budget. The fiscal year 2023 budget shows $29,476,301 total budgeted expenditures for all funds.
The proposed FY2023 budget’s operational budget is $18,377,858. This is approximately 4.7 percent higher than the FY2022 operating budget. With the adoption of a FY23 budget at the state level, which resulted in a .4% decrease in DACC’s operating and equalization grants, as well as continued increases in local property taxes as a result of an increasing equalized assessed valuation, the college will be able to move forward by investing in human resources to maintain quality instruction and student service, provide training needed to meet the employment demands of the community, cover software increases, maintain the colleague SIS/ERP system in the Cloud, and cover estimated increases in health insurance premiums and utilities, according to DACC officials.
Depending on the fluctuation in the EAV, the tax levy rate is anticipated to be approximately 61.35 cents. The current rate is 61.77 cents.
The board also approved a $170,770 contract with Y&S Technologies for computer equipment.
In other board business, DACC President Stephen Nacco celebrated the college’s 2022 graduation rate of 43%, nearly twice that of the national community college average, 22%.
Tonya Hill, executive director of the Danville Area Community College Foundation, gave her annual update to the board, which included the news that the foundation awarded 658 scholarships worth $945,450 for this academic year. Also, 100% of qualified applicants who were attending DACC received a scholarship this year. This is the second year in a row for that achievement. Hill declared that her goal is to reach $1 million for scholarships next year.
She was accompanied by first-year Presidential Scholar Naomi Dolan who said attending DACC had been her dream since she first enrolled in College for Kids classes in 2012; and second-year Presidential Scholar Autumn Lange who received her Associate degree in May, but is taking a third year of courses at DACC in pursuit of her bachelor’s degree in business through the Franklin University 3 + 1 program. Lange was an All Star Jaguar last year and has been featured in DACC’s digital advertising campaign.
Dolan is a member of the DACC Pep Band and is trying out for the All Star Jaguars. She wants to make the most of her DACC college experience and appreciates the Presidential Scholarship. Dolan and Lange had enough dual credit earned during high school to have a year of coursework completed before they became full-time college students.
There also was discussion by the board regarding implementing volleyball as a women’s sport.
In board chairman Dave Harby’s words, a polite and “professional” group of supporters attended the meeting. The group made brief public comments in support of the idea.
The board took no action on the topic but asked for more information from the Athletics Department and college administration in order to consider it at a future study session.
The October board meeting date was moved to Thursday, Oct. 20, at 5:30 pm due to planned travel (on college business) of both the chairman and vice chairman on what would be the regularly scheduled meeting date: Oct. 27.
Rapidly growing payment orchestration provider BR-DGE has today announced a commercial and technological partnership with Vyne, the specialist account-to-account (A2A) payments platform.
Through a single point of integration, BR-DGE’s merchants can access a world of payment providers, anti-fraud capabilities and alternative payment methods (APMs). Leveraging Vyne’s Open Banking powered payments solution, BR-DGE’s merchants will be able to reduce transaction fees and improve conversion rates and cash flow.
Vyne’s full stack solution enables merchants to receive customer funds instantly and further offer the ability to process full and partial refunds in real-time, as well as pay-outs and batched settlement with full reconciliation. The Secure Customer Authentication (SCA) embedded payment process will help to improve merchant checkout conversions by offering a seamless user experience via different channels, including online checkouts, payment by SMS, chat or email, and QR codes.
The collaboration will stimulate growth for both businesses as BR-DGE and Vyne innovate to improve the merchant and consumer payment experience. It builds on BR-DGE recently announcing a merchant partnership with leading independent travel company, Travel Counsellors. Vyne’s solution recently went live with a number of brands in the THG portfolio, including Myprotein, Glossybox, and Pop In A Box.
Commenting on the partnership, Tom Voaden, Strategic Partnership Lead at BR-DGE, said: “We are thrilled to be partnering with Vyne to enhance our payment offering to both merchants and their customers. At BR-DGE, we understand the immense benefits of Open Banking and are leveraging its power to provide a frictionless payment experience for all.
This latest partnership with Vyne further solidifies our Open Banking capabilities and ensures that our merchants continue to have access to the most convenient and secure payment solutions available. It also presents brilliant opportunities for both firms as we continue our journey of growth.”
Luke Flomo, Chief Revenue Officer at Vyne, added: “Merchants should be able to enhance their payments proposition easily, without strenuous development. BR-DGE enables merchants to seamlessly add payment methods through a single, simple integration. By adding Vyne’s Open-Banking-powered Pay with Bank to BR-DGE’s ecosystem, more merchants will be able to benefit from fairer fees, increased conversion and real-time cash flow. Our partnership with BR-DGE is an exciting move in our wider partnership’s strategy.”
by Calculated Risk on 9/26/2022 09:10:00 PM
From Matthew Graham at Mortgage News Daily: Mortgage Rates Now at 20-Year Highs
The most recent historical high water market for mortgage rates was “14 years.” It was broken so many times in September that we officially declared it to be boring last Tuesday. Now, less than a week later, 14-year highs would be more exciting than boring. As of mid-day today, we’re officially at 20 year highs. [30 year fixed 6.87%]
• At 8:30 AM ET, Durable Goods Orders for August from the Census Bureau. The consensus is for a 0.1% decrease in durable goods orders.
• At 9:00 AM, S&P/Case-Shiller House Price Index for July. The consensus is for a 17.0% year-over-year increase in the Comp 20 index for July.
• Also at 9:00 AM, FHFA House Price Index for July. This was originally a GSE only repeat sales, however there is also an expanded index.
• At 10:00 AM, New Home Sales for August from the Census Bureau. The consensus is for 500 thousand SAAR, down from 511 thousand in July.
• Also at 10:00 AM, the Richmond Fed manufacturing survey for September. This is the last of the regional surveys for September.
On COVID (focus on hospitalizations and deaths):
|New Cases per Day2||50,017||58,522||≤5,0001|
|Deaths per Day2||348||391||≤501|
|1my goals to stop daily posts,
27-day average for Cases, Currently Hospitalized, and Deaths
🚩 Increasing 7-day average week-over-week for Cases, Hospitalized, and Deaths
✅ Goal met.
Click on graph for larger image.
This graph shows the daily (columns) and 7-day average (line) of deaths reported.
NOTE: Cases have declined by more than half, and deaths lag cases – so we might see average daily deaths in the 200s soon (good news, but still too high).
Average daily deaths bottomed in July 2021 at 214 per day.
(Glenwood) — Mills County officials are revisiting possible changes to an ordinance governing commercial solar projects.
During its regular monthly meeting Tuesday at 5:30 p.m., the Mills County Planning and Zoning Commission is expected to discuss and possibly approve several proposed amendments to Chapter 27 of the county ordinances involving utility solar. If approved, the amendments would then go before the county board of supervisors for review. Holly Jackson is the Mills County Building and Zoning Technician. In a recent interview with KMA News, Jackson says that the primary concerns addressed in the amendment involve proper preparatory and accountability measures taken by the developer and the county.
“If we have the right screening requirements, what types of panels and fencing would look like, and height requirements of the panels,” Jackson explained. “And to make sure there is a solid decommissioning plan in place — what that process would be to begin each project. You know would it go through the zoning board of adjustment or the board of supervisors?”
The board of supervisors recently extended the current moratorium on commercial solar projects until November 1. Among other things, proposals have included setting a minimum height limit to go with the county’s current 15-foot maximum limit and requiring proper notification and collaboration with other departments, such as conservation and secondary roads.
However, Jackson said a first draft of the amended ordinance is beginning to take shape.
“We are in a solid place with where the draft of the ordinance is and working with each of those departments in the county that would assist with that,” said Jackson. “Right now, we are exploring what the options are if we need any zoning district amendments to make adjustments to our matrix and we are also establishing a committee that would review all of this information as well.”
Jackson has also communicated with several other jurisdictions dealing with solar developers and ordinance revisions, including Linn and Johnson Counties officials.
In other business Tuesday night, the commission is expected to hear a presentation from Supervisor Richard Crouch regarding an ordinance governing carbon pipelines. Montgomery County officials have had an extended discussion regarding a similar ordinance, mostly in response to Summit Carbon Solutions’ proposed Midwest Express CO2 Pipeline that would cut through the western portion of Montgomery County.
The properties, which comprise a mix of 10 freehold and 22 leasehold units, are located in town and city centre locations across England and are being considered for sale either individually, in small packages or as a portfolio.
Paul Breen, director in the licensed leisure team at Savills, said: “Following the success of our earlier marketing campaigns for JD Wetherspoon, we are delighted to be launching these 32 properties to the market. These venues are well configured and fitted to a high standard, which will make them appealing to a broad range of potential buyers.”
Toby Hall, senior director at CBRE, added: “The excellent mix of locations in this portfolio is rarely seen in the market. With more than half of the portfolio located in London and the south-east and other strong locations in the south-west, the Midlands and north, we believe the pubs represent an excellent opportunity for existing pub operators and new entrants.”
JDW spokesman Eddie Gershon said: “On occasion, Wetherspoon does put some of its pubs up for sale. This is a commercial decision. We understand that customers and staff will be disappointed with it. The pubs will continue to operate as Wetherspoon outlets until they are sold.”
The properties on sale are:
Barnsley – Silkstone Inn
Beaconsfield – Hope & Champion
Bexleyheath – Wrong ‘Un
Bournemouth – Christopher Creeke
Cheltenham – Bank House
Durham – Water House
Halifax – Percy Shaw
Hanham – Jolly Sailor
Harrow – Moon on the Hill
Hove – Cliftonville Inn
London Battersea – Asparagus
London East Ham – Miller’s Well
London Eltham – Bankers Draft
London Forest Gate – Hudson Bay
London Forest Hill – Capitol
London Hornsey – Toll Gate
London Holborn – Penderel’s Oak
London Islington – Angel
London Palmers Green – Alfred Herring
Loughborough – Moon & Bell
Loughton – Last Post
Mansfield – Widow Frost
Middlesborough – Resolution
Purley – Foxley Hatch
Redditch – Rising Sun
Sevenoaks – Sennockian
Southampton – Admiral Sir Lucius Curtis
Stafford – Butler’s Bell
Watford – Colombia Press
West Bromwich – Billiard Hall
Willenhall – Malthouse
Wirral – John Masefield
Now more than ever, there is strong demand for a transition plan that can meet a family’s definition of a “fair” plan for land transition yet is flexible enough to change with the planning environment.
There are reasons to divide land among heirs, but often dividing is the beginning of a transition out of the family. The best plan to replace yourself is to find a way to get your land to the “farm heir.” This may not be financially possible for all families.
A land entity like a Limited Liability Company (LLC) or a Family Limited Partnership (FLP) can meet the goal of keeping land in the family without dividing it.
The land entity can be a “Swiss Army knife” plan that is flexible enough to work in almost any situation.
The manager is responsible for collecting rent, paying property taxes, paying debt payments and making decisions for management and upkeep. The net rent is distributed (after expenses) to the ownership proportionately.
An important objective is to provide an opportunity for current family members (and future family members who might not even be born yet) the opportunity to farm the ground without forcing them to buy it.
Most entities use the Iowa State Extension rental survey as a guide to set the family rent price. The last few years have brought the need to add a flex lease calculation for increased production, increased prices or a combination of both. Remember that just because prices are high does not mean profits will follow.
We sometimes get push-back from uneducated family members and advisers about the “issues” of multiple owners of family land: “What if there are 25 owners of this land?”
A good operating agreement allows permitted owners the option to sell. If there happens to be 25 owners, it will be because they want to be owners (otherwise, they would have exercised their “put” option to sell).
The combination of the “put” option for permitted owners (who don’t want to be) to sell and a “call” option to buy back non-permitted owners assures that this entity will be owned by family members until no family members want to own the land.
Every family has differing opinions on how to value the land for these options. The process to value the land in the future for each family can range from appraisal to a stated discount off appraisal to special use valuation.
Special use value is a formula for valuing land (that is to stay in the family) for a cash flow value. This formula is set up under section 2032(a) of the internal revenue code. This is the truest representative value of land (based on the land’s ability to cash flow without subsidization).
Thirty years ago when I started in this business, federal estate tax was enemy No. 1. At that time, the federal estate tax exemption level was $600,000 per person and the exemption did not carry over at the first death between spouses.
Today, this exemption level has increased up to $12,060,000 per spouse and it is possible for the unused exemption to carry over to a surviving spouse (portability).
This has lessened the perceived need for estate tax planning. However, the current exemption will automatically reduce back to 2011 levels ($5,000,000 plus inflation since 2011) on Jan. 1 of 2026.
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If your estate is taxable at the federal level (40% tax above the exemption amount), a land entity can position you to make gifts of equity to the next generation and allow discounts to reduce an estate (depending on the operating agreement and the experience level of the professionals who are completing the estate plan tax return).
A multiple member LLC files an income tax return but is a pass-through entity taxed as a partnership (members are typically a husband and wife).
Certain tax districts allow that a farmer can pay rent into their family land entity. This becomes a rent deduction on schedule F that can provide tax savings for some self-employed farmers. Check with your income tax advisor before assuming this benefit.
Many families are concerned about future medical expenses, divorces or other potential liabilities.
Although this happens in a relatively small number of cases, you can be confident in the worst-case scenario if your land is in a land entity with rules that require family ownership and terms for buyouts that will cash flow in the event of a forced buyout.
Sometimes the timing is not perfect to make a transfer, but it can be invaluable to have the structure in place so that when the timing is right, you will have the confidence to make the transfer.
Communication is an important part of averting current and future family issues. The problem with communication is most of my clients do not know what to say or do not know how to say it.
Having the structure of a well thought-out operating agreement gives a family the confidence to communicate your wishes and more importantly how the process will work for the heirs in the future.
Your children may not like your rules, but there is a much greater chance they will respect the process if the rules are well written and communicated.
Beginning in 2023, the state of Iowa has eliminated the state income tax on retirement income. This includes IRAs and pensions. It also includes rental income on land owned and farmed for 10 years by those age 55 years or older who are retired.
Unfortunately, the original tax law did not include rent from a multiple member LLC. Those who have established land entities to preserve future land ownership will have to weigh the loss of future Iowa Income Tax savings (3.9% of net income) against the other advantages that the entity brings to the table.
Rather than waiting until death and hoping the next generation figures it out on their own, the land entity offers the ability to begin making transfers to the children and the grandchildren while living so they can understand, appreciate and connect with the ownership of the land.
My sincere hope is that the two sides of any family land issue can negotiate an agreement, but if not, the main function of the “Swiss Army knife” land entity operating agreement is to have a set of rules to fall back on to mediate disagreements the way you would have wanted.
For 30 years, Steve Bohr has been a partner in the farm continuation firm of Farm Financial Strategies, Inc. For additional information on farm continuation issues or if you have a question, contact Steve via email at Bohr@FarmEstate.com or by phone at 1-800-375-4180.
by Calculated Risk on 9/24/2022 08:11:00 AM
The key reports this week are August New Home sales, the third estimate of Q2 GDP, Personal Income and Outlays for August, and Case-Shiller house prices for July.
For manufacturing, the Richmond and Dallas Fed manufacturing surveys will be released this week.
—– Monday, Sept 26th —–
8:30 AM ET: Chicago Fed National Activity Index for August. This is a composite index of other data.
10:30 AM: Dallas Fed Survey of Manufacturing Activity for September.
—– Tuesday, Sept 27th —–
8:30 AM: Durable Goods Orders for August from the Census Bureau. The consensus is for a 0.1% decrease in durable goods orders.
This graph shows the year-over-year change in the seasonally adjusted National Index, Composite 10 and Composite 20 indexes through the most recent report (the Composite 20 was started in January 2000).
The consensus is for a 17.0% year-over-year increase in the Comp 20 index for July.
9:00 AM: FHFA House Price Index for July. This was originally a GSE only repeat sales, however there is also an expanded index.
This graph shows New Home Sales since 1963. The dashed line is the sales rate for last month.
The consensus is for 500 thousand SAAR, down from 511 thousand in July.
10:00 AM: the Richmond Fed manufacturing survey for September. This is the last of the regional surveys for September.
—– Wednesday, Sept 28th —–
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
10:00 AM: Pending Home Sales Index for August. The consensus is 1.0% decrease in the index.
—– Thursday, Sept 29th —–
8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for an increase to 218 thousand from 213 thousand last week.
8:30 AM: Gross Domestic Product (Third Estimate), GDP by Industry, and Corporate Profits (Revised), 2nd Quarter 2022 and Annual Update The consensus is that real GDP decreased 0.6% annualized in Q2, unchanged from the second estimate of -0.6%.
—– Friday, Sept 30th —–
8:30 AM: Personal Income and Outlays, August 2022 and Annual Update The consensus is for a 0.3% increase in personal income, and for a 0.2% increase in personal spending. And for the Core PCE price index to increase 0.5%. PCE prices are expected to be up 6.0% YoY, and core PCE prices up 4.8% YoY.
9:45 AM: Chicago Purchasing Managers Index for September. The consensus is for a reading of 52.0, down from 52.2 in August.
10:00 AM: University of Michigan’s Consumer sentiment index (Final for September). The consensus is for a reading of 59.5.
Wyoming lawmakers are considering several ways to ease the burden of soaring property taxes on residents.
The Joint Revenue Committee moved forward with five proposals during its meeting last week in Casper. These include a measure that would change the qualifications for a property tax refund program and another to give the Legislature greater flexibility to provide exemptions to residential properties.
WyoFile is an independent nonprofit news organization focused on Wyoming people, places and policy.
Clemenger Group NZ today announced the merger of its two
New Zealand-based specialist consulting firms: public
affairs and strategic communications firm GRC Partners and
public relations and reputation management agency Porter
Part of the Clemenger Group network of
companies, GRC Partners + Porter Novelli
will serve clients across a broad range of industries with a
single reference point for their public affairs, corporate
and financial communications needs, as well as
multi-disciplinary special projects.
two agencies’ capabilities, experience, and strong
government and business networks, GRC Partners will be led
by Managing Partner Mark Watts. Brad Pogson will become the
firm’s first New Zealand partner. More than half of the
firm’s consultants are shareholders in the
GRC Partners + Porter Novelli will operate
offices in Auckland and Wellington, and will maintain its
existing, and deep connections throughout Australia via
GRACosway, Australia’s longest-standing public affairs and
corporate financial communications firm. The new firm will
also retain its connection to Porter Novelli
Managing Partner, Mark Watts says:
“For our clients, the establishment of GRC Partners +
Porter Novelli means one firm for expert advice in public
affairs, corporate and financial communications. For our
teams, it means greater collaboration and opportunities for
development, building on our existing cross-agency
“I’m now looking forward to
leading GRC Partners + Porter Novelli, working closely with
Brad and the rest of our unified team, and to showing our
current and prospective clients what we can
Current clients include NZX-listed
businesses, multinational brands and other companies drawn
from a diverse range of industry sectors in New Zealand,
Australia and beyond.
Clemenger Group New Zealand CEO,
Strahan Wallis says: “Together GRC Partners + Porter
Novelli will form a formidable force in government, public
and corporate communications. Clients will have access to
best-in-class consultancy services from a phenomenal team of
experts in Auckland, Wellington and beyond. This is one of
the best teams I’ve seen in many years, and I am excited
to see what they will deliver together.”
Partners + Porter Novelli has a trans-Tasman board, led by
Kirsten Mulley, CEO of GRACosway, who also serves as a
director of Clemenger
DANVILLE — It’s been 17 years since the annual Walk for Life started in Danville.
The walks have changed location through the years, just as the Women’s Care Clinic also moved locations to now being on Bowman Avenue.
This year’s Walk for Life is at 10 a.m. Saturday at Lincoln Park. Check-in is at 9:30 a.m.
“It’s just a really good time for the community. I think the heart behind it is to gather the community and do some peer-to-peer fundraising,” said Mariah Hanson, director of the Women’s Care Clinic of Danville.
The event is where people sponsor participants to walk. It’s rain or shine.
The walk has been at different locations through the years including along Vermilion Street and from Lincoln Park to the former Women’s Care Clinic on Williams Street.
They previously had to get a parade license for those walks. Participants would have signs too.
Due to the clinic now being farther away from Lincoln Park, they won’t walk to the new building, Hanson said.
They will do a one-mile route throughout the park.
She said it’s more now to get out and exercise and raise money.
There also are additional activities. There is a vendor fair, petting zoo, face-painting station, balloons and other activities. The vendor fair will have items such as honey, jewelry, candles and even meat.
Hanson said the underlying message is pro-life of what they do as a clinic.
But they also don’t want to exclude people.
“We’re not here to condemn. We’re here to show the community that we’re here, and have fun,” she said.
Usually about 100 to 150 people have attended the annual event in the past.
The public is invited to the event. They don’t have to walk.
Everything is free, but there will be a hot dog lunch for a $5 meal fee at 11 a.m.
Money raised goes back to serving clients and what the clinic does day-to-day.
The non-profit, faith-based clinic offers free services to families, including pregnancy tests, parenting classes, education, community referrals, limited obstetrical ultrasound and support groups.
The clinic started in a garage by Linda Odle, moved to Vermilion Street, then Williams Street and is now in its largest location yet, 1509 N. Bowman Ave. in Danville.
One parenting class just started last week.
Raising Highly Capable Kids is a place to learn how to raise healthy, caring and responsible children. This class will run through Nov. 16. Childcare will be provided for children birth to fourth grade. A meal along with weekly giveaways also will be provided at the Women’s Care Clinic class.
Hanson said through some other hosts and sponsors, the walk was already about 90 percent paid for. That’s why they can offer most of the activities free to the public.
She said they have walk participants who do it every year that they count on.
One family raises funds and does it in memorial of a granddaughter who passed away.
“That’s really special; very cool,” Hanson said.