Finance Archives - Page 92 of 105

November 25, 2021

Campaign finance complaint filed against El Paso County GOP | Local News

Joe Oltmann and Vickie Tonkins (center) confer during the February El Paso County GOP Central Committee meeting.

Heidi Beedle

The vice chairman of the El Paso County GOP, Karl Schneider, filed a campaign finance complaint form with the Colorado Secretary of State’s Office today, according to documents available on TRACER, a campaign finance disclosure website.

Schneider’s complaint involves donations from the El Paso County GOP’s Aug. 6 Lincoln Day Dinner, which featured Georgia Rep. Marjorie Taylor Greene. According to Schneider’s complaint, “Donations to the Party for the Lincoln Day Dinner were not found,” he wrote. “The [Treasurer] later resigned in part, due to the fact he requested, as did I on 8 October 2021, that we hire an outside accountant and conduct a full audit to help sort this matter out. The Chair [Vickie Tonkins] has refused to provide this support and refused to communicate with myself on the matter and other members of the Executive Committee of the El Paso County GOP which has a fiduciary responsibility w/regard to all financial matters. I am very concerned that the Party has violated and is violating the Fair Campaign Practices Act and, given our current bylaws structure, we are unable to compel compliance of the Act by our Chair. It is the intent of this complaint to report suspected campaign finance law violations and ultimately achieve transparency in our Party financial dealings by requesting the Secretary of the State of Colorado investigate these allegations of campaign finance law violations.”

Attached to the complaint was an Oct. 1 email from former El Paso County GOP Treasurer John Pitchford to the executive committee — Schneider, Chairwoman Vickie Tonkins, Secretary Sheryl Glasgow and Colorado Republican Committee Chairwoman Kristi Burton Brown — bringing attention to the discrepancies. “We need a full inventory of all Lincoln [Day] items sold and unsold,” wrote Pitchford. “I am unable to do any further Tracer reporting until we have accurate records from Aug 6. Jeanine Nelms was the winning bidder for two items. I wanted to get her address so I could enter her data into Tracer. She told me she came to the office to pay for her coffee – NO coffee. She wanted to pay for her necklace – NO necklace. I suggest we hire an accountant to figure this out.”

Also included was an Oct. 8 email between Schneider and Mary Elizabeth Fabian, who ran for the District 5 City Council seat in 2021. Schneider wrote, “Please reach out to John [Pitchford]. I recall he suggested an outside consultant/accountant be hired to help him clear up donation accountability problems as of a week ago. I think there were at least two items, possibly very high dollar value (jewelry), missing and some tracer challenges. There may be other issues but not sure. I do agree with our Treasurer that if he needs additional resources, he should get it.”

Schneider’s Nov. 23 campaign finance complaint.

Colorado Secretary of State’s Office

Schneider also addressed Tonkins, who was copied on the Fabian exchange, requesting an audit be conducted for all tickets and items related to the Lincoln Day Dinner; that a police report be filed if the missing items were over $50 in value; and a Special Executive Committee session be called to address the issues.

An undated message from the El Paso County GOP Executive Committee to Brown was also included in the complaint. Burton Brown wrote, “On Oct. 12, Dr. John Pitchford resigned from his position as Treasurer of the El Paso County Republican Central Committee…. He did this when his request to hire an accountant to investigate discrepancies with the Lincoln Day Dinner was denied by the County Party Chairwoman, Vickie Tonkins…. His resignation was to become effective on October 21 so that he could stay on to train a replacement. Ms. Tonkins informed him she was not giving him the training time that he requested. To her, his resignation was effective immediately and he was to turn in the books and any party related items in his possession…. Based on John Pitchford’s concern, Vice Chair Karl Schneider, also requested a full audit from Ms. Tonkins…. To date, she has refused to respond to his request. Our county bylaws are clear, the Executive Committee has a fiduciary responsibility for the finances of the Central Committee. As such, we, members of the Executive Committee, are concerned there could be discrepancies in the Lincoln Day Dinner records/accounts. We know this was a very successful dinner. It was attended by over 400 people with many auction items, and allegedly grossed approximately $50,000. All receipts should be properly accounted for.”

Tonkins did not immediately respond to the Indy‘s request for comment. Schneider’s complaint is not the first accusation of discrepancies in regards to the El Paso County GOP’s finances. According to a Sept. 4 email sent by Pitchford to members of the Fountain City Council, obtained via a Colorado Open Records Act request, Pitchford accused newly elected Fountain Mayor Sharon Thompson and Colorado Rep. Mary Bradfield (R-HD21) of filing a false report. “In 2019 I became treasurer of the El Paso County GOP and in that capacity, I reviewed our Tracer reports and found one of them to be in my opinion fraudulent,” wrote Pitchford. “I’ve attached this report and it will allow you to do the math so that you can determine for yourself that this particular report is fraudulent on its face. Our CPA put it this way, ‘it just doesn’t add up.’ I began asking questions as to why this report was falsified and who had knowledge of it. I wanted to know why no effort was made to determine why this report was in error by nearly $44,000 and why no efforts were made to correct it before filing it with the Secretary of State. Sharon Thompson had knowledge of this document and assisted state representative Mary Bradfield in preparing it.”

A TRACER report filed by Bradfield that Pitchford claimed was fraudulent.

Colorado Secretary of State’s Office

Thompson, who served as the Republican House District 21 chairwoman since 2012, denied involvement with the TRACER report in question. “I had nothing to do with the books,” she said in a Sept. 12 phone interview. “I’ve never prepared a TRACER Report.”

Bradfield confirmed that Thompson was not involved in the filing of the report, and said the report in question was the result of an adjustment made with the knowledge of the Secretary of State’s Office. “After collaboration with the Secretary of State Tracer Division, a one time adjustment was made in the EPC GOP Tracer account,” she said in an email.

November 24, 2021

Five Personal Finance Thumb Rules To Follow

Following certain thumb rules can sort out your finances broadly. Thumb rules may not always give you an accurate picture but can steer you in the right direction as they are usually time-tested processes. They are something that are easily learnt, remembered, and applied.

“Thumb rules help in streamlining our finances. Basically, when we form a rule and follow a time-tested process, our probability to reach financial freedom increases,” says Anant Ladha, founder, Invest Aaj For Kal, a financial planning firm.

Here are five popular personal finance thumb rules that you can follow to sort out your money life. However, ensure they suit your personal circumstances instead of following them blindly.

1. Maintain an emergency fund equivalent to 6 months of your salary: You know how important it is to create an emergency fund. It always comes to the rescue when you are in crisis. This should include regular expenses, EMIs, and your insurance premiums.

While six months is the general thumb rule, it differs from case to case. For instance, those with secure jobs can look at three months of emergency money, while the self-employed or those into freelance assignments, who face higher uncertainty, can keep aside expenses that can last up to a year.

2. Take a term insurance 10 times of your annual income: The purpose of a life insurance is to replace the income of the insured in case of his or her unfortunate demise. While there are ways to calculate your insurance requirements, the thumb rule is that you should buy life insurance that is equal to at least 10 times your annual income.

It is recommended that you buy a pure term plan as these plans offer a higher coverage at a lower premium.

3. The rule of 100: This thumb rule suggests that the percentage of equity in your portfolio should be 100 minus your age. So, when you are 30, the equity portion of your portfolio should be 70 per cent. When you are 40, it should be 60 per cent and when you are 50, it should be 50 per cent, and so on. This thumb rule is based on the fact that equity investments deliver good returns over a longer time period as market volatilities even out. So at the start of your career, you should have a higher proportion in equity and reduce your equity exposure as you near retirement.

4. The 35 per cent rule: Some loans like home loans and educational loans are good loans. However, other debt like credit card dues may put a strain on your finances. As a thumb rule, EMI as a percentage of your income should not exceed 35-40 per cent. Anything above that might put a strain on your finances. In case you EMI is more than that, you should avoid taking any more loans.

5. The rule of 72: This thumb rule gives you an indication of how much time it will take you to double your money when you are investing in a certain instrument. It says 72 divided by the rate of return is the time taken for your money to double. So, if your rate of return is 8 per cent, your money will double in nine years and if it is 12 per cent, it will double in six years. Remember, it is important to earn a rate of return that beats inflation. Also, where you invest would depend on your risk appetite and the time to a certain goal.

Thumb rules are meant to act as broad guidelines and are not meant to be followed to the tee. “It is important to remember that everyone is unique. At times according to your financial situation some adjustments need to be made and it’s absolutely acceptable. At times, you may also deviate from the goal, and try to get back on track,” says Ladha.

November 23, 2021

PERSONAL FINANCE: Organize and protect your important documents, for your family’s sake

A few weeks ago, my column focused on my recommendation that as parents, we should consider sharing our financial lives with our adult children: “Discuss your finances and your estate with your kids.” A continuation of this discussion leads to the importance of organizing our personal files — paper and electronic — for the sake of our children, and ourselves as well. I can promise you, based on my years of experience assisting clients with the administration of their loved one’s estates, that by organizing your files now you will be making life much easier for whoever is tasked with figuring out your financial life following your death. Your current efforts ultimately will be viewed as an act of extreme consideration!

My guess is that personal organization (i.e., clearing out old files) isn’t one of your top priorities. It hits everyone’s “To Do” list, and is rolled forward to future To Do lists, and only rarely does it get crossed out. Since one of the priorities of the financial planning process is to create as smooth a transition as possible upon one’s passing, the present is a good time to start. Not sorting through your personal files will cause unnecessary angst and stress on whoever ultimately will be tasked with figuring out your personal filing system.

Although (hopefully) falling short of an episode of “Hoarders,” most of us have accumulated copious amounts of paper and digital documents, often physically stored in various locations, and on multiple digital sites. Some documents should be retained indefinitely and periodically updated as necessary. This category includes: wills and ancillary estate documents, trust agreements, property deeds and details of capital improvements, documents of family events such as births, deaths and marriage; the list goes on. A “final letter of instruction” containing funeral and burial arrangements and other instructions that will be of immediate importance should be created and easily accessible.

Then there are documents that should be retained for a reasonable period, such as investment and brokerage statements, mortgage and loan documents, and prior year’s tax returns and supporting documents. My experience is that most other papers, such as household bills, and bank and brokerage statements, especially when they are available online, should be tossed after a year.

As an aside, I’m frequently asked how long past tax returns should be retained. Although the IRS recommends three years, there may be tax reasons to retain them for up to seven years. Personally, and without any clear justification, I tend to retain past tax returns for at least ten years, longer than most of my fellow CPAs typically recommend.

When embarking on a paper clean-up project, here are some guidelines that you might find helpful:

Establish the project framework upfront. There are many books and online checklists that can help you create a filing structure (such as an index) and provide recommendations for how long to retain various types of documents.
When sorting through papers, ask yourself questions such as:
- Are your records self-explanatory to others?
- If not, how can you best provide helpful descriptions? (Post-it notes can fall off!)
- Are your records in one place and in a consistent format?
- Should you cancel paper statements that otherwise can be viewed online?

You will want to archive documents in a way that allows for easy access and updating. Although there are loose-leaf book formats, where possible I find that digital archiving is the best approach. A further advantage to going digital is to protect your files from fire, theft, and natural disasters such as wild fires and hurricanes. You may want to explore online “digital vaults” that are easy to navigate and update, while offering a high degree of cybersecurity. Digital vaults also allow full or limited access for professionals or family members.

Even the best filing system is of little value if those whom you want to have access them don’t know they exist, or don’t know the passwords. Make sure the appropriate people know how to access your files. Now is a good time to consider whom to bring into your confidence.

By clearing out useless paper and creating an orderly filing system now, you will reduce the strain on your family down the road.

The author does not provide tax, legal, financial or investment advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, financial and investment advisors before engaging in any transaction.

November 22, 2021

How to Land a Top Job in Finance

Are you ready to take on the world of finance as an eager, hard-working, entry-level employee? If so, there’s good news. Right now, jobs are plentiful for people with the proper education, a can-do attitude, and the willingness to spend time on a thorough search effort. Besides taking the time to do a bit of soul searching to decide on your preferred industry niche, it’s wise to bolster your resume with relevant work and volunteer experience.

And, by expanding your professional network and making lots of contacts, you’ll get the attention of a large number of potential employers. And, don’t be afraid to use the services of a professional head-hunting agency. Avoid the ones that ask you to pay a fee. The more reputable ones get their commission from companies that do the hiring. Here’s a shortlist of realistic actions you can take to land a position in the financial industry.

Choose a Niche

Finance is a vast field, so be sure to narrow down your goals before composing the final version of your resume. Retail and banking are perhaps the two most common starting points for those with little or no prior experience in the niche. Others find excellent opportunities in the securities markets, insurance, retirement planning, financial analysis, and corporate accounting. It’s never too late to begin a new career so even if you are already in one of these sectors it is completely feasible to make a switch to another to land your dream job.

Get the Right Degree

No matter your current situation, give serious thought to earning a graduate degree in business at some point in the early part of your career. Many programs offer evening and weekend classes, either online or in traditional classrooms. Paying for an MBA, for example, can be a challenge for anyone, which is why so many people turn to private lenders to get the student loan financing needed for an advanced degree. One of the main advantages of private lenders is that you’ll have the chance to borrow the entire educational costs, including tuition, books, fees, and related expenses. Terms, repayment periods, and interest rates are competitive, and you can even apply online to get an answer in a matter of minutes.

Cherry Pick Volunteer Opportunities

Don’t submit a resume to any prospective employer unless the document includes at least one volunteer job. Be sure to choose these pro-bono kinds of tasks carefully. For example, if your goal is to become a tax analyst, consider donating your time to a community organization that helps low-income people file their annual returns. Or sign up with a non-profit consumer counseling service that works with people who need general advice about getting out from under credit card debt, managing their monthly budgets, and setting up basic retirement accounts. You won’t receive any pay as a volunteer, but you will acquire worthwhile experience and add muscle to your resume.

Join Professional Societies

No matter what sector of the larger finance field you intend to enter, you can join professional societies to connect with like-minded people. The majority offer low annual membership dues for students and recent graduates. Ask a mentor which organizations are the best to join to make connections and gain access to free online educational resources.

November 22, 2021

In UAE, French finance minister warns of climate action cost

Just over a week after some 200 nations struck an agreement aimed at intensifying global efforts to fight climate change, the finance minister of France has warned that the cost of the energy transition will be “much higher than expected.”

November 21, 2021, 6:08 PM

3 min read

ABU DHABI, United Arab Emirates — Just over a week after some 200 nations struck an agreement aimed at intensifying global efforts to fight climate change, the finance minister of France warned on Sunday that the cost of the energy transition will be “much higher than expected.”

“We should never underestimate the price of the climate transition,” Bruno Le Maire told reporters in Abu Dhabi, the oil-rich capital of the United Arab Emirates.

Reveling in France’s strong economic rebound from the devastation of the pandemic, Le Maire was in the Gulf Arab sheikhdom to discuss joint investments in a wide range of fields, from port infrastructure to hydrogen fuel and renewable energy.

The UAE has publicly pledged to have net zero carbon emissions by 2050, among a list of countries that made the long-range, still-vague commitment before the climate summit in Glasgow opened earlier this month. Even as the country with the region’s first nuclear power plant tries to position itself as a leader on environmental issues, the hydrocarbon-rich UAE’s economy feeds on petrodollars.

Le Maire noted the challenges facing industrialized economies if they shift away from the cheap fuel pumped out of the Persian Gulf toward renewable energy sources.

“We don’t want the people with the lowest income to pay for the climate transition,” he said, acknowledging lessons learned from the carbon tax aimed at encouraging alternative energy use that sparked France’s mass so-called Yellow Vest protest movement in 2018.

To help bridge the energy transition, Le Maire stressed the need to fund new energy technologies, adding that France’s “faster cooperation” with the UAE in the field “is of the highest value.”

The UAE and France have become increasingly aligned in recent years, sharing a mistrust of political Islam across the Middle East. Major French aviation and defense companies have powered growth in the emirates, home to over 30,000 French citizens. Le Maire on Sunday toured Abu Dhabi’s outpost of the Louvre, which draws visitors to artifacts on loan from the Paris museum.

Le Maire, a close partner of President Emmanuel Macron who’s now gearing up for a re-election campaign, touted France’s mass vaccinations that he said fueled the economy’s expected 6.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} growth rate for the year.

“We are not in the position of other European countries,” he said, as Austria lurches into lockdown to stem its worst wave of coronavirus infections.

“(Lockdowns) have a very negative impact on the economy and that’s the exactly the kind of situation we want to avoid.”

November 20, 2021

Opinion: Personal finance courses should be mandatory in college

Discovering about personal finance will established pupils up for results past graduation

A multitude of distinctive facets go into individual finance this sort of as spending costs and taxes, controlling credit rating, creating a price range and investing in investments. However, far too many school students know following to absolutely nothing on the subject matter.

In buy to give college learners the self esteem and understanding they require to make their own monetary selections and have an understanding of personalized finance, the subject matter ought to be a expected study course in every college or university curriculum.

Ann Atkinson, government director of the T.W. Lewis Centre for Particular Progress, believes in the great importance of personal finance education for younger adults.

“Mastery of standard personal finance is vital at a youthful age in buy to pave the path for economical peace in the potential,” she stated.

The U.S. is commencing to incorporate financial literacy into superior university education, with 25 states having launched legislation to involve particular finance schooling in large schools this 12 months.

7 states currently educate a 50 {1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}-semester, standalone class focusing only on personalized finance, and just around 20 states have to have some kind of private finance education, which can be included into other programs and is not needed to be its have class.

Heber Toscano, a junior finding out aerospace engineering and peer academic chief with Barrett, The Honors College or university, hosted a “Funding in Higher education” celebration for Barrett learners.

He experienced initially received an fascination in personal finance in the course of his freshman calendar year of faculty soon after knowing it was by no means taught to him. He reported was hungry to study about particular finance, so he had to take matters into his individual palms.

“It would be good to have a curriculum-primarily based requirement for particular finance, as it can be mind-boggling for learners to do their possess investigation,” Toscano reported.

If own finance is developed into higher education curricula, learners will be certain information on the fundamental principles of the subject matter in advance of they graduate university, one thing which is extremely important for individuals entering modern society and the workforce. A single topic college students know astonishingly minimal about is investing, which Atkinson explained, can do a great deal of very good for college students.

“Think about what very good you could do in the world if your income was at get the job done for you, developing even although you rest,” Atkinson stated.

Investing and earning interest on individuals investments can maximize the total of money you have 12 months by yr, without the need of anyone touching the funds. Nevertheless, these opportunities really don’t signify substantially if young men and women do not know they exist or how to use them.

Additional, misunderstanding personal finance can final result in mishandling funds and earning blunders which can have outcomes that final for yrs.

Freshly graduated college students could be very easily targeted by ripoffs, and some learners can even accidentally dedicate money crimes. These crimes, even when dedicated accidentally, can lead to fines, very poor monetary information and even jail time.

Comprehension finance — what is authorized and what is illegal — is critical for faculty college students.

Speaking about finance can support one particular understand much more about it. Toscano prompt “trying to get someone who’s wiser than you and has additional experience in daily life” can educate a whole lot about personalized finance, as they know what to do and what not to do, serving to to stay clear of building harmful economic blunders.

Attain the columnist at amsolom2@asu.edu and follow @_alexmarie on Twitter.

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