 HARDING, SHYMANSKI & COMPANY Certified Public Accountants and Consultants
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Construction and Real Estate Industry
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Because Harding, Shymanski & Company, P.S.C. is committed to providing quality service to our construction and real estate clients, we have selected a team of dedicated professionals to serve as your industry's consultants. These individuals understand the language and key issues unique to your industry and possess the drive and determination to help you manage your company on a proactive basis.
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Gribbins Insulation Earns Prestigious Safety Honor
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In less than a year, Gribbins Insulation has been honored with ten safety awards from national and state industry associations, government agencies, and clients. Most recently, the National Safety Council selected Mr. Jim Gribbins as one of the "2012 CEOs Who Get It" along with the CEOs of Dow Chemical and Georgia-Pacific. The 2012 roster of nine individuals represents national and international organizations of all sizes from a wide variety of industries.
Congratulations to Jim Gribbins and Gribbins Insulation!
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Construction Fraud Prevention
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A recent report issued by the Association of Certified Fraud Examiners revealed that world-wide fraud loss is estimated to be more than $2.9 trillion each year. The study also revealed that misappropriation schemes are the most common form of fraud and small organizations are more likely to be victimized by fraud.
In addition to the above items, the following list describes fraud risks that the construction industry is especially susceptible to:
- Tool theft: Small hand tools may often disappear from a jobsite and subsequently be reported as lost.
- Materials waste: Excessive materials, including non-project related materials, may be ordered.
- Vehicle and equipment maintenance: A service provider may unknowingly receive payment from a construction company for work done on a non-business vehicle or parts may be ordered for non-business reasons.
Occupational fraud is most likely to be detected by tips, which is a discovery that has been consistent with data collected since 2002. The implementation of a fraud tip center or fraud hotline can have a significant impact in detecting and deterring possible fraud within an organization.
For more information on fraud prevention and detection, as well as the implementation of a fraud hotline for your organization, please contact Priscilla Capes, CPA, AAP, Certified Fraud Examiner, at (800) 800-7800.
**"Preventing Construction Fraud" article by Marion A. Hecht featured in the January/ February issue of Constructor.
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Email Tips
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A January 2012 article published in Construction Executive discusses the importance of proper email and smartphone usage. Smartphones are becoming an essential tool in the construction industry, where applications for tasks such as estimating, sourcing materials and viewing drawings have recently become available. As a result, smartphone use has progressively increased in the construction industry over the past several years. With the increase in smartphone usage, there has been a corresponding increase in email correspondence.
The unstructured nature of email communication introduces unique risks. For example, if an employee leaves an organization, several emails with documentation relating to project-relevant exchanges could potentially be lost. In fact, in a recent court case, Microsoft was even ordered to pay $25 million upon failure to provide certain email evidence. Examples such as this illustrate the importance of maintaining adequate email controls and records. The following list details five tips for protecting against email liabilities:
- Make sure all important communication is documented in writing: This could include email, physical documents, text messages, as well as other forms of communication.
- Make it accessible: Important communication should be accessible by relevant personnel.
- Structure data: Ensure data is organized appropriately so it can be easily located, when needed. Moving all emails into one large folder may make it difficult to find specific correspondence.
- File similar data together: Filing all data relating to a specific project in the same location is an intuitive way to organize correspondence.
- Utilize an intuitive system: Choosing a user-friendly system can go a long way in aiding the appropriate storage and organization methods for email correspondence.
Ultimately, companies capable of delivering well-documented evidence have a large advantage over their competitors.
For more information about using effective email and smartphone techniques to benefit your organization, please contact Paul Esche, CPA, CCIFP, CCA, at (800) 880-7800.
**"5 Email Tips that can Save Millions of Dollars" article by Alec Milton featured in the January 2012 issue of Construction Executive.
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Federal Contracting Requirements
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An article featured in Constructor magazine highlights the special employment laws for government contractors. There are a number of laws that apply only to government contractors, as well as some laws that apply only to federal construction contractors. Recent updates to some of these laws include the following:
- Equal employment laws: These laws prohibit discrimination and require affirmative action by federal contractors with regard to race, color, religion, sex, national origin and status as a veteran or qualified individual with a disability. Reporting requirements also apply.
- Davis-Bacon and Other Wage Laws: The Davis-Bacon Act requires payment of prevailing wages and benefits to employees working on federal government construction contracts valued at greater than $2,000. Wage and benefit rates are set by the Department of Labor.
- E-Verify: Certain federal contracts and subcontracts are required to use the Department of Homeland Security's web-based E-Verify system to verify employees' authorization to work legally in the United States.
- Drug Free Workplace Act: This requires certain employers to agree to provide drug-free workplaces as a condition of receiving a federal contract or grant.
- Labor-Rights Poster: Several new federal contracts and subcontracts direct contractors to post designated notices informing employees of their rights under the National Labor Relations Act.
Noncompliance with any of the above laws can potentially result in penalties. As a result, companies who maintain federal or federal-assisted contracts should ensure relevant personnel are familiar with the above legal requirements.
For more information to ensure that your organization is in compliance with federal contracting requirements, please contact Randy Schulz, CPA, at (800) 880-7800.
**"Update on Federal Contracting Requirements" article by Tamika Carter and Denise Gold featured in the January/ February 2012 issue of Constructor.
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Harding, Shymanski & Company, P.S.C. provides accounting, tax, and consulting services to our clients from offices in Evansville, Indiana, and Louisville, Kentucky.
We are committed to quality. Adding value to the services we provide is our most important goal. Our unwavering dedication and commitment to quality resonate throughout every aspect of our work.
Call us today! (800) 880-7800
www.hsccpa.com
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Disclaimer
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The information contained in this email is for general guidance on matters of interest only. The publication does not, and is not intended to provide legal, tax or accounting advice.
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