Professor Elam

Webex invites All Classes

Tuesday Jan 19 2021

 

ACCT 4311 Spring 2021

Hosted by Dennis Elam

5:30 PM - 6:50 PM Thursday, Jan 21 2021 (UTC-06:00) Central Time (US & Canada)

Recurrence: Occurs every Thursday effective 1/21/2021 until 5/6/2021 from 5:30 PM to 6:50 PM, (UTC-06:00) Central Time (US & Canada)

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Meeting Information

Meeting link:

https://tamusa.webex.com/tamusa/j.php?MTID=m5c1e116c321bd82c0aaa698ec88d474d

Meeting number:

145 685 0549

Password:

ANdMMJ525JH

Host key:

926213

 

 

ACCT 5327 Spring 2021

Hosted by Dennis Elam

12:00 PM - 2:45 PM Saturday, Jan 23 2021 (UTC-06:00) Central Time (US & Canada)

Recurrence: Occurs every Saturday effective 1/23/2021 until 5/8/2021 from 12:00 PM to 2:45 PM, (UTC-06:00) Central Time (US & Canada)

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Meeting Information

Meeting link:

https://tamusa.webex.com/tamusa/j.php?MTID=m75dacbd34513ff1d510cf1e0469f003c

Meeting number:

145 527 4765

Password:

EJuSiXFK773

Host key:

321240

ACCT 5308 Spring 2021

Hosted by Dennis Elam

9:00 AM - 11:30 AM Saturday, Jan 23 2021 (UTC-06:00) Central Time (US & Canada)

Recurrence: Occurs every Saturday effective 1/23/2021 until 5/8/2021 from 9:00 AM to 11:30 AM, (UTC-06:00) Central Time (US & Canada)

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Meeting Information

Meeting link:

https://tamusa.webex.com/tamusa/j.php?MTID=m6486f09059cfa136fc7ca4294c190fe7

Meeting number:

145 915 4284

Password:

dJXHjWZA242

Host key:

274043

Buy Your Own Book

Tuesday Jan 12 2021

Hello,   You have asked and we have listened; students need choice. Starting in spring 2021, Jaguar Day One will no longer be offered. What does this mean for you?   There will no longer be a 'Course Materials' fee charged to student accounts Students are solely responsible for the acquisition of any and all required course materials   Where do you find out what books are required for your courses?   You have a couple options. First, you can easily find out what your required course materials are when you register. Under 'Class Schedule Listing', each class has a 'Textbook Information' link that will take you to the bookstore page. Here you will find you required book, its price, and the option to buy.

You can also find your books:   On the main bookstore page. You can run a search for every course you are registered in at once under 'Get Your Textbooks'. Access the bookstore site here:

Bookstore Website

The Jaguar Day One email address is no longer operable. Should you have any questions, please call or email your bookstore at:     (210) 784-1070 Bookstore Email

Ursula Vaughan, Director, Learning and Technology Development

CPAs are into lots fo things these days

Thursday Jan 7 2021

I received this message from KFord CPAs here in San Antonio.  Kim Ford has  moved her firm from the traditional tax and audit roles to valuation and forensics.

Check the firm out here

 

https://thekfordgroup.com/

Need a buyout provision reviewed? We can help!  

When was that buyout provision last updated?

The buyout provision of an owner's agreement must be carefully drafted and regularly reviewed. If it is not, the buyout may not be legally enforceable - or serve the owners' current needs. In the case of Namerow v. PediatriCare Associates a stale buyout provision came back to haunt a retiring owner. 

Retirement Triggers Buyout
In 2000, the members of PediatriCare entered into an operating agreement. It gave retiring members the right to have their interest purchased by the remaining members and the practice once they reach age 60 and have provided at least 25 years of service to the practice.

The agreement stipulated a fixed buyout amount of $2.4 million. It required the members to update the valuation annually, but they failed to do so. The agreement further provided that, if the parties failed to agree on a revaluation for more than two years, the practice's value would equal the last stipulated value, adjusted to reflect changes in "net worth" on the buyout date. 

Experts Define "Net Worth"
The issue at trial was the buyout price for a retiring member's 25% interest. his expert defined net worth as "the excess of assets over liabilities." He assumed that the stipulated value in 2000 included goodwill beyond the book value of net tangible assets. The expert applied various metrics to value goodwill in 2016. He concluded that the practice's value ranged from approximately $5.6 million to $6.75 million.

On the other side, the defendants' expert defined net worth as "assets minus liabilities as stated in the balance sheet," which typically excludes goodwill. He adjusted the stipulated value for changes in the book value of net worth between 2000 and 2016 and concluded that the practice's value ranged from about $2.8 million to $3.2 million. 

Net Worth Excludes Intangibles  
The Superior Court of New Jersey found that net worth should exclude goodwill. Based on the $2.4 million stipulated value and tangible assets ranging from about $590,000 to $973,000, the court stated that the plaintiff's expert "blindly assumes that the difference between the two figures must account for intangible assets." But the court explained that this assumption was "designed to inflate" the practice's current value. 

Because the parties had failed to update the buyout provision, the court was forced to apply the original valuation formula from the operating agreement. However, the court awarded the retiring member to amount based on the high end of the defense expert's range of values. 

Seek Valuation Advice
The outcome of this case might have differed if the members had periodically consulted with a valuation expert and reviewed the buyout provision. It also might have changed if the buyout provision had required a contemporaneous valuation or provided a more explicit definition of the term "net worth." 

IMA January Meeting

Jan 1 2021

San Antonio Chapter

Out with the old, in with the new!  While 2020 was a tough year for a lot of people, your IMA Chapter thrived - and we are poised for an even stronger 2021!

Register now for our first web meeting of the year:  Thursday, January 21st from 6-8pm Central Time.

Our meeting is sponsored by Bowtie Business Intelligence.  Our annual meeting sponsor is Empower Wealth Advisors.

Our speakers and topics on the 21st will be: 

Forensic Accounting at San Antonio Police Department
Gilbert Barrera, J.D., M.P.A, Professor at Texas A& M San Antonio
Ira Copple, Chapter Board Member and Controller at Lock'er Down, Inc.

The Impact of Recent Legislation and Litigation on ERISA Retirement Plans
(helpful even if you are only a retirement plan participant)
Ryan Canales, Certified Plan Fiduciary Advisor, Empower Wealth Advisors

The meeting qualifies for 2 hours of CPE but you don't need CPE to get tremendous value from the meeting. 

Register now at http://SanAntonio.IMAnet.org.  

Attached, please find our 2nd ever newsletter.  MANY thanks to new Student Member Hope Harrell for her fantastic work to make this a reality.  It is packed with great information about what happened last year and what lies ahead.  Share it with colleagues and prospective members.

As always, if you have any questions, please contact the chapter at [email protected].  

SA IMA newsletter_2021-01.pdf

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