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On Thursday, February 7, we're offering a free, 1-hour CPE course for U.S. based accountants and CFPs. You can sign up at this link.
We own and operate the first Montana based series LLC named Aegis. We run it in conjunction with Aceterrus Insurance Resources Last week, I noted that employee theft is a remarkably widespread problem. The reason is simple: there are numerous avenues available for employees to steal. Here are the most common paths taken: Larceny: taking cash or property from the business. This category covers everything from taking cash out of the cash register to stealing inventory from the loading dock. Embezzlement: theft of cash or property by someone in a position of trust, like a bookkeeper or senior executive. Billing Schemes: setting up a false vendor account and paying the vendor (actually the employee) for nonexistent goods or services. Payroll Schemes: falsifying timecards to get paid for more hours than actually worked, or writing payroll checks to “phantom employees.” Expense Reimbursement Schemes: padding expense reports by adding items that were never incurred or were not business-related. Time Theft: using company time to conduct personal business. Information Theft: supplying proprietary information such as customer lists or trade secrets to a competitor. Captive insurance companies are offer businesses the ability to customize plans and procedures to their unique circumstances. They also provide an incentive for business to cut risk exposure. Please call me at 832.330.4101 if you'd like to learn more.
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Two Recent News Stories Highlight the Need for Employee Fidelity Coverage -- a Captive Specialty1/8/2017 If you're a CPA or CFP and would like to earn from continuing education credits, you can sign up for our 1-hour course offered at the beginning of February. You can sign up at this link.
No one wants to believe their employees steal. However, it's a far more common occurance than we think. Consider these two recent stories: From Oklahoma: The Oklahoma Beef Council has confirmed that federal authorities are investigating a possible $2.5 million embezzlement by a now former employee of the Council. Harvest Public Media, a collaboration by public radio stations in several High Plains states, broke the news on Jan. 5. A statement by Heather Buckmaster, chief executive officer of the Oklahoma Beef Council, reads that results on an internal investigation into potential wrongdoing has been turned over to federal authorities in Oklahoma. “Due to an ongoing criminal case and civil matters, we are limited in the details we can share,” Buckmaster said in the statement. From Hawaii: In February, a former credit union accountant will begin her two-year prison sentence for stealing more than $300,000 from the $20.9 million Independent Employers Group Federal Credit Union in Hilo, Hawaii. This is the kind of risk that captives excel at underwriting. If you'd like to learn more, please call us at 832.330.4101. If you're a CPA or CFP and would like to earn from continuing education credits, you can sign up for our 1-hour course offered at the beginning of February. You can sign up at this link.
The following is from the latest 10K Filing of Medtronic (symbol MDT) The manufacture of our products requires the timely delivery of sufficient amount of quality components and materials and is highly exacting and complex, due in part to strict regulatory requirements. We manufacture most of our products at numerous manufacturing facilities located throughout the world. We purchase many of the components and raw materials used in manufacturing these products from numerous suppliers in various countries. We have generally been able to obtain adequate supplies of such raw materials and components. However, for reasons of quality assurance, cost effectiveness, or availability, we procure certain components and raw materials from a sole supplier. We work closely with our suppliers to try to ensure continuity of supply while maintaining high quality and reliability. However, we cannot guarantee that these efforts will be successful. In addition, due to the stringent regulations and requirements of the U.S. FDA regarding the manufacture of our products, we may not be able to quickly establish additional or replacement sources for certain components or materials. A reduction or interruption in supply, and an inability to develop alternative sources for such supply, could adversely affect our ability to manufacture our products in a timely or cost-effective manner and to make our related product sales. Captive insurers excel at underwriting supply chain interruption risk. If you'd like to learn more, please contact us at 832.330.4101. |
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