RECENT NEWS
Banc of America Securities Leads $225 Million
Facility to First Advantage
First Advantage
Corporation has entered into a $225 million senior secured credit facility with
a syndicate of financial institutions led by Banc of America Securities...
IRS & Treasury
Propose Regs on Deferred Compensation
September 29, The Treasury Department and IRS issued proposed regulations on
deferred compensation under section 409A, which governs plans and
arrangements that provide nonqualified deferred compensation to employees,
directors, or other service providers...
IT HAS NEVER BEEN HARDER TO KEEP YOUR LOW-RATE CREDIT CARD AT A
LOW RATE.
Credit Card companies are watching every move you make, and that could cost you
a lot of money. In the past the only thing you needed to do to stay in the good
graces of your credit card company was to make sure your payment-even just the
minimum balance due-was received by the due date...
Featured Partner
News from Our Senior Vice President
Last month Jim DiCamillo, Executive Vice President, spoke about the assistance we are providing for our contractor partners who are participating in the recovery efforts from damages sustained as a result of Hurricane Katrina. Here we are again, supporting our partners who are supporting relief efforts and recovery from damages and destruction caused by Hurricane Rita.
While we are in the midst of getting our office in Galveston County, Texas back on line, we are very proud to report that we have been able to meet the financial needs of every one of our partners participating in this incredible relief and rebuilding efforts.
A vital tool that we have used to enhance the credit of our clients is our Resource Monitoring Services program. This program is designed to provide lenders, project owners, general contractors, sub-contractors, suppliers and employers with an extremely high level of assurance that payments to our client-contractor for work performed on a project are used to pay project-related expenses (material, payroll, sub-contractor, etc.) before they are used to pay non-project related expenses, such as other project job costs, overhead and profit.
The Resource Monitoring Services program works in conjunction with the management of the line-of-credit by establishing a separate trust account for each contractor in a national bank. (Continue reading at the top of the middle column)
- Suze Orman
Funds are received and disbursed through this account in the name of the contractor, with payments baring only the name of the contractor. If appropriate, lien releases are provided with all payments as they are processed, insuring that the project remains unencumbered and lien-free.
Accounting for this program is accomplished using our web-based construction accounting system, which provides our client contractors, their accountants (if authorized), project owners (if necessary) and lender on-line access to all project-specific financial management reports on a real-time basis. Although we were forced to evacuate our processing center in Friendswood, Texas during Hurricane Rita, due to the fact that all of our systems are redundant and web based and we are fortunate to have a great staff, we have been able to provide uninterrupted support to all of our clients throughout the storm and its aftermath.
Through the use of our Resource Monitoring Services program we have been able to dramatically increase the availability of credit for our client contractors as well as provide assistance in their qualifying for bond credit previously not available to them, assisting them in growing their businesses and making business easier for them!
The Minority Business Development Agency (MBDA) announced today that it is deploying additional business development specialists to provide direct, on-the-ground assistance to minority business owners in the impacted area of New Orleans, Louisiana and those temporarily relocated to Houston, Texas.
“In addition to the human suffering caused by Hurricane Katrina, the devastation has affected many businesses. We know there is a need to rebuild businesses that have sustained physical... (More)