The Do More Blog
-
5/23/2013 Study on Nonprofit Investment Policies Released
Raffa Wealth Management just released results of the Study on Nonprofit Investing (SONI), the first of its kind to provide benchmarking data for nonprofits interested in measuring the success of investment portfolio polices and management strategies against their peers. Results point to critical lapses in investment policies that could expose nonprofits to unnecessary risk and […]
Raffa Wealth Management just released results of the Study on Nonprofit Investing (SONI), the first of its kind to provide benchmarking data for nonprofits interested in measuring the success of investment portfolio polices and management strategies against their peers.
Results point to critical lapses in investment policies that could expose nonprofits to unnecessary risk and potentially depress returns on their investments. “We were most surprised by how many organizations lacked clear investment guidelines on benchmarking, diversification and even guidelines to address who is ultimately responsible for investment decisions,” said Dennis Gogarty, president, Raffa Wealth Management. “Timing the markets gets expensive and is something that is more likely to happen when you don’t have clear investment policies.”
While the nonprofit sector is generally sound in terms of reserve ratios, overall average returns on investments lagged traditional indexes by 1 to 2 percent; many organizations lack key investment guidelines; and many made changes to their asset allocation policies in 2012 – a possible reaction to short-term market trends and not the organization’s strategic needs, a move which likely caused dips in returns.
Key findings:
- 38% of respondents lack guidelines that require sufficient levels of diversification.
- 43% neglect to indicate the degree of discretion given to outside advisors.
- About 30% of organizations surveyed made changes to asset allocations in 2012, most to be more aggressive. Those organizations reported lower ROI.
- 70% of organizations reinvested all of their dividend income in 2012.
- Charities held more reserves in cash and other fixed income assets, resulting in their portfolios under performing other nonprofits.
- Smaller organizations held more reserves in cash than larger organizations; this correlated with a lower overall ROI.
- Larger organizations were more likely to invest in alternative investments; real estate being the most common.
- Shifts to alternative investments in 2012 were generally not advantageous.
More than 150 finance executives at associations, public charities and other nonprofits participated in the survey conducted February 2013 by a third-party research firm.
Learn more about Raffa Wealth Management and Raffa’s Investment Advisory Services.
-
5/20/2013 Record-Setting Week for Stocks
Financial News for the Week Ending May 18th U.S. stocks had another record-setting week on positive consumer sentiment and other economic readings. The S&P 500 gained 2.1% and the Dow rose 1.6% for the week. Japan saw stocks advance to a 52-week high, gaining 3.6%, and Europe rose 1.2%. On the positive upswing for stocks […]
Financial News for the Week Ending May 18th
U.S. stocks had another record-setting week on positive consumer sentiment and other economic readings. The S&P 500 gained 2.1% and the Dow rose 1.6% for the week. Japan saw stocks advance to a 52-week high, gaining 3.6%, and Europe rose 1.2%. On the positive upswing for stocks the 10-year U.S. Treasury yield rose to 1.95% and gold sank to $1,364.90 an ounce.
IPOs are on pace to raise the most money since the financial crisis. So far in 2013, 64 companies have raised $16.8 billion in initial public offerings.
Retails sales rose 0.1% in April as declines in food and gas prices allowed consumers to spend more elsewhere.
Japan’s GDP grew 3.5% to start the year outpacing expectations, an early sign that Japan’s stimulus measures are having an effect on the economy. The mark was up from the 1% growth seen in the 4th quarter.
The eurozone has now entered its worst slump since the end of World War II as first quarter GDP was -0.9%, the sixth straight quarter of contraction for the country bloc. The readings raise more questions about fiscal austerity, and there remains a stark contrast between the slightly positive growth of the northern countries and the near depression conditions of the southern countries.
The CPI-U for April fell 0.4% driven by falling food and energy prices for the second straight monthly drop. The annual inflation rate is now at 1.7% excluding food and energy prices, well below the Fed’s target rate.
Reposted from the Raffa Wealth Management Blog.
All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
-
5/13/2013 Dow Broke Records
Financial News for the Week Ending May 11th U.S. markets ended the week at another record closing on positive economic news as the Dow surged past the 15,000 level. The S&P 500 and Dow rose 1.0% for the week. Japan rocketed up 6.7% over the week on the country’s easy money policies and Europe increased […]
Financial News for the Week Ending May 11th
U.S. markets ended the week at another record closing on positive economic news as the Dow surged past the 15,000 level. The S&P 500 and Dow rose 1.0% for the week. Japan rocketed up 6.7% over the week on the country’s easy money policies and Europe increased 1.3%. The 10 year Treasury yield rose to 1.90%.Germany’s DAX index was the first European index to move into record territory since the financial crisis.
Junk bond yields have fallen below 5% for the first time ever as investors hungry for yield have bid up the prices of the low credit quality securities.
The dollar rallied against many currencies over the week. It rose to 102 Yen, its highest level since October 2008, even with the Australian dollar for the first time since June and hit its highest level against the euro in a month.
Mortgage rates have fallen back near their November lows as the average 30-year fixed mortgage rate stands at 3.35%.
Jobless claims fell to their lowest level since November 2007 prior to the great recession.
Walt Disney, News Corp, Groupon and Toyota all issued positive financials over the week.
Fannie Mae and Freddie Mac has benefited from the housing rebound as they both posted near record profits. Fannie Mae announced it would make a $59.4 billion dividend payment to the Treasury.
Philip Falcone, the renowned hedge fund manager, agreed to a settlement with the SEC that calls for him to be sidelined from the securities industry for two years as a result of civil fraud charges that were brought against the manager and his firm Harbinger. He plans to return investors money, liquidating his funds.
Reposted from the Raffa Wealth Management Blog.
All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
-
5/10/2013 RWM Provides Financial Training for Association Client
Raffa Wealth Management (RWM) was recently invited by the American College of Radiology (a Raffa client) to offer a session on the fundamentals of financial planning to their younger members. ACR found that many of the new radiologists who were getting out of school and starting their careers didn’t have time to focus on basic financial […]
Raffa Wealth Management (RWM) was recently invited by the American College of Radiology (a Raffa client) to offer a session on the fundamentals of financial planning to their younger members.
ACR found that many of the new radiologists who were getting out of school and starting their careers didn’t have time to focus on basic financial planning practices, and ACR believed getting some basic training and advice from an independent source would be a great benefit to their members.
Raffa Wealth Management’s Dennis Gogarty and Chase Deters provided an hour-long session covering the basics, including:
- budgeting,
- cash flow analysis,
- debt management,
- insurance needs,
- asset allocation,
- estate planning,
- retirement savings and
- how to pick a financial planner.
“Any association with young, busy members can offer this type of training as a great benefit to help their members start their careers and their financial practices on the right foot,” said Gogarty, president of RWM.
View the PowerPoint presentation from the session via SlideShare:
-
5/8/2013 Raffa Partner Keynotes Forensic Conference
The Caribbean Conference on Business Forensics 2013 will bring together professionals from across the region and North America who are engaged in the field of Business Forensics, May 14 and 15, 2013, on the island nation of Trinidad and Tobago. Raffa Partner Lawrence Hoffman is a keynote speaker at this year’s conference. He said, “I am […]
The Caribbean Conference on Business Forensics 2013 will bring together professionals from across the region and North America who are engaged in the field of Business Forensics, May 14 and 15, 2013, on the island nation of Trinidad and Tobago.
Raffa Partner Lawrence Hoffman is a keynote speaker at this year’s conference. He said, “I am honored and looking forward to being a keynote speaker at the upcoming conference in Trinidad. I will be giving a keynote address the morning of May 14 titled ‘The Future of Forensic Accounting and its Impact on Business.’ I will also be conducting two other sessions: ‘Understanding Forensic Accounting’ and ‘Strategies for Implementing Forensic Accounting Practices.’ The conference has a great line up of dynamic and very experienced speakers. Should be a great time.”
 The overarching theme of the conference is the role that Forensic Accounting, Digital Forensics and Business Forensics play in facilitating the confidence, trust and security within private and public sector organizations.
The conference content will be presented over two days:
- Day One: Forensic Accounting & Introduction to Digital Forensics
- Day Two: Digital and Operations Forensics & Advanced Risk Management
Learn more from the Global Expert Systems website.
-
5/6/2013 Positive Economic Indicators to End the Week
Financial News for the Week Ending May 4th The unemployment rate dropped to 7.5% reaching its lowest level since December 2008, and hiring rose by 165,000 in April surpassing expectations. Hiring was also revised up in February and March by a combined 114,000. U.S. stocks reached new highs to end the week on a positive […]
Financial News for the Week Ending May 4th
The unemployment rate dropped to 7.5% reaching its lowest level since December 2008, and hiring rose by 165,000 in April surpassing expectations. Hiring was also revised up in February and March by a combined 114,000.
U.S. stocks reached new highs to end the week on a positive jobs report. The S&P 500 crossed the 1600 barrier finishing at 1614 and the Dow briefly crossed the 15,000 level before finishing at 14,974 on Friday. For the week, the S&P 500 gained 2.0% and the Dow rose 1.8%. In Europe stocks also were up for the week gaining 1.7%, while Japan saw stocks slide 1.4%. On the positive economic news, the Treasury yield rose to 1.74% as investors moved out of the safe haven.
Consumer spending rose 0.3% in March and consumer confidence bounced back in April.
Home prices continue to be a strong point of the economy as the February reading of the Case/Shiller index showed home prices rose 9.3% from a year earlier. It’s the fastest pace of growth since 2006.
The Fed concluded a two-day policy meeting announcing it would carry on with its bond purchase program and said it could even increase the purchases if inflation or unemployment do not move with their expectations.
Unemployment rose to 12.1% in March in Europe, the highest level since records began, while inflation has fallen to 1.2% in April. The numbers provided more support for action from the ECB which announced it was cutting its key lending rate by 0.25% to a record low of 0.5% in a widely anticipated move in hopes of fighting back against recession the euro zone has entered.
Japan saw its industrial output rise for the 4th straight month in March as the country continues to shows steps toward recovery.
With more than half of S&P 500 companies reporting first quarter profits, 73% have beaten analysts estimates for earnings, but fewer than half have beaten revenue estimates, much of which is due to slowing sales driven by Europe and a rising dollar.
Apple made its first foray in 20 years into the bond market with the largest corporate bond deal in history at $17 billion. The debt was issued primarily to return money to shareholders as much of its cash is tied up overseas.
Facebook posted a 38% jump in revenue on mobile ad sales growth and a 6.8% increase in earnings.
Berkshire Hathaway’s profit skyrocketed up 51% in the first quarter driven by rising profits at railroads and improving operations at its insurance holdings. The numbers surpassed Wall Street expectations.
Reposted from the Raffa Wealth Management Blog.
All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
-
4/29/2013 Welcoming Eastern Students Back to Raffa
As part of our work with Eastern Senior High School and Companies for Causes, Raffa hosted an inaugural group of high school students last summer for “Easternships.” We are getting ready for the second year of the program and look forward to hosting a new group of students in July and August! D.C. students shadowed Raffa […]
As part of our work with Eastern Senior High School and Companies for Causes, Raffa hosted an inaugural group of high school students last summer for “Easternships.” We are getting ready for the second year of the program and look forward to hosting a new group of students in July and August!
D.C. students shadowed Raffa professionals and took part in learning sessions hosted by our staff. The students strengthened their communication skills, learned workplace etiquette and developed leadership skills.
As Tom Raffa described last summer, “Three students participated in the mentorship program at Raffa. They were able to shadow professionals in our accounting, marketing, technology and back-office operations and have been given specific training on social media, financial and career planning and business communications.”
Watch this short video about last summer’s program:
If your company is interested in supporting the students at Eastern and hosting at least one Easternship student, visit the CforC website for more information.
-
4/29/2013 First Quarter GDP Growth at 2.5%
Financial News for the Week Ending March 27th U.S. markets rose over the week on positive economic news. The S&P 500 gained 1.7% and the Dow notched a 1.1% gain. Internationally, Japan continued its march upward gaining 4.3% and Europe rose 4.2%. The 10-year Treasury edged down to 1.669%. A Twitter hacker caused a temporary […]
Financial News for the Week Ending March 27th
U.S. markets rose over the week on positive economic news. The S&P 500 gained 1.7% and the Dow notched a 1.1% gain. Internationally, Japan continued its march upward gaining 4.3% and Europe rose 4.2%. The 10-year Treasury edged down to 1.669%.
A Twitter hacker caused a temporary crash in the U.S. stock market by announcing a bombing at the White House. Computerized trading programs seized on the news to send the market down and raised more questions about the trading approach.
First quarter GDP came in below expectations at 2.5%. The pace picked up significantly from the 4th quarter, however, fell below analyst estimates of 3.0%. Reductions in federal spending and meager spending from business will likely keep growth from expanding.
U.S. home prices rose 11.8% and sales fell 0.6% as a result of limited supply in March.
An early reading on manufacturing in China fell in April adding to fears about the country’s growth.
Europe saw its private sector weaken further in April and business activity fell in Germany for the first time since November. Spain’s unemployment rate jumped to 27.2% and France has the highest level of job seekers ever. The numbers are prompting a revisit of the austerity measures the countries have enacted.
The U.K. announced the first quarter saw growth of 0.3%, which was better than expected and it avoided falling into a third recession.
Apple’s first quarter earnings release helped ease investors concerns, but it posted its first drop in profits in a decade. The technology company posted strong gains in iPad and iPhone sales. The firm announced it would return $100 billion to investors through dividends and stock buy backs.
Netflix, Barclays, Boeing, Ford, Samsung and Proctor and Gamble all had positive earnings growth that beat expectations. However, a common theme during earnings announcements is firms offering a weak outlook.
Reposted from the Raffa Wealth Management Blog.
All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
-
4/22/2013 Worst Week of Year for U.S. Markets
Financial News for the Week Ending April 20th U.S. markets had their worst week of the year on disappointing earnings, plummeting commodity prices and weaker than expected economic reports. The S&P 500 and Dow dropped 2.1% for the week. Internationally, markets were down as well with Europe sinking 2.5% and Japan falling 1.3%. Investors moved into […]
Financial News for the Week Ending April 20th
U.S. markets had their worst week of the year on disappointing earnings, plummeting commodity prices and weaker than expected economic reports. The S&P 500 and Dow dropped 2.1% for the week. Internationally, markets were down as well with Europe sinking 2.5% and Japan falling 1.3%. Investors moved into the safety of fixed income on growth worries as the 10 year Treasury fell to 1.707%.
Gold prices continued their freefall hitting a two-year low during the week before edging up to end the week.
China’s economic growth eased in the first quarter, surprising investors. The GDP growth rate dropped to 7.7% from 7.9% in the 4th quarter of 2012 raising fears that quickening growth in second half of 2012 is already slowing in China.
The CPI-U gained 1.5% in March over a year earlier below the Fed’s 2% target. The reading likely means the Fed remains comfortable with maintaining its easy money policies.
Citigroup, Goldman Sachs, American Express, Ebay, Google and GE all reported earnings that topped expectations, however many firms warned about growth moving forward.
Yahoo, Intel, Bank of America, Morgan Stanley, IBM, Microsoft and McDonald’s reported earnings that disappointed.
Reposted from the Raffa Wealth Management Blog.
All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
-
4/15/2013 550-Mile Bike Ride to End AIDS
Raffa Partner Dennis Shine is in training. From June 2-8, 2013, he’ll be bicycling as part of the AIDS/LifeCycle. It’s a 7-day, 545-mile bike ride from San Francisco to Los Angeles to make a world of difference in the lives of people living with HIV and AIDS. And, Raffa is on board as well. Dennis’ […]
 Raffa Partner Dennis Shine is in training. From June 2-8, 2013, he’ll be bicycling as part of the AIDS/LifeCycle. It’s a 7-day, 545-mile bike ride from San Francisco to Los Angeles to make a world of difference in the lives of people living with HIV and AIDS.
And, Raffa is on board as well. Dennis’ ride was the focus of Raffa’s April Denim Days, and Team Raffa came through! The staff raised more than $3,000 – the largest sum raised during any Denim Day so far! (And we’re aren’t done yet – our staff fundraising continues.) Dennis encouraged staff to push the amount they could raise by promising to personally match their total. And, the total raised is also always matched by Tom Raffa. Once everything is totaled, Team Raffa will have helped Dennis more than meet his fundraising goal of $10,000!
In explaining why he’s taking part and why the issue is important to him, Dennis shared some startling statistics:
- 1.2 million people are living with HIV in the United States, with a fifth unaware of their status. Since the epidemic began, an estimated 1.7 million Americans have been diagnosed with AIDS.
- In 2010, over 47,000 people were diagnosed with HIV infection in 46 states and over 33,000 people throughout the USA were diagnosed with AIDS.
- This epidemic is not just a “gay disease.” Statistics show about 20% of 2010 diagnoses are women and 86% of the women diagnosed trace the HIV transmission through heterosexual contact. African Americans and Latinos are disproportionately affected by HIV and AIDS.
- Based on the same study the numbers are even more staggering if we look at the HIV/AIDS epidemic worldwide: Over 34 million people are living with HIV/AIDS and it is estimated half of the adults are women. Approximately 400,000 children were infected with HIV in a single year.
His fundraising efforts will help two charities provide the essential services for prevention and care to thousands of people: The L.A. Gay & Lesbian Center and the San Francisco AIDS Foundation.
Raffa will share updates during Dennis’ 550-mile on Facebook, so check there during the first week of June. You can also follow Dennis’ progress via his fundraising and personal blog page (where you can also donate to support his efforts!).
In his fundraising outreach, Dennis noted, “We’ll keep riding until AIDS and HIV are a thing of the past.”
-
4/15/2013 Largest Drop in Shipments of Laptops & Desktops
Financial News for the Week Ending April 13th U.S. stock markets posted another week of strong performance and their best since the first week of the year. The S&P 500 gained 2.3% and the Dow rose 2.1% reaching fresh records during the week. Internationally, Europe rose 1.8% and Japan continued to soar on its easy […]
Financial News for the Week Ending April 13th
U.S. stock markets posted another week of strong performance and their best since the first week of the year. The S&P 500 gained 2.3% and the Dow rose 2.1% reaching fresh records during the week. Internationally, Europe rose 1.8% and Japan continued to soar on its easy money policies, up 5.1%. The 10-year treasury yield finished the week slightly higher at 1.721% as weak economic news kept demand high.
Gold has fallen precipitously in recent weeks dropping 4.7% for the week to finish at $1,501 an ounce. It’s at its lowest level since July 2011 as investors have become less concerned with inflation and willing to move into equities.
Retail sales fell 0.4% in March as consumers appear to be spending more cautiously. Consumer sentiment dropped to its lowest point in 9 months as well. Article
Alcoa kicked off earnings season with a 59% rise in profits, which beat expectations.
JC Penney ended the disastrous run of CEO Ron Johnson by firing him. The much heralded former Apple executive tried to overhaul the retailer, but his changes resulted in plunging sales.
Worldwide shipments of laptops and desktops dropped 14% in the first quarter from the year earlier. This is the largest drop since the data has been tracked.
Both Wells Fargo and JP Morgan reported declining revenue in the first quarter as the home refinancing boom has subsided.
Reposted from the Raffa Wealth Management Blog.
All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
-
4/8/2013 U.S. Markets Finished the Week Down
Market Commentary for the Week Ending March 6th U.S. markets finished the week on a down note on a jobs reports that came in well below expectations. For the week, the S&P 500 fell 1.0% while the Dow was flat finishing down 0.1%. In Europe, on Friday, stocks were hit hard falling 2.0%, dropping stocks […]
Market Commentary for the Week Ending March 6th
U.S. markets finished the week on a down note on a jobs reports that came in well below expectations. For the week, the S&P 500 fell 1.0% while the Dow was flat finishing down 0.1%. In Europe, on Friday, stocks were hit hard falling 2.0%, dropping stocks down 2.3% for the week. Japan saw stocks rally over the week rising 3.5% on large stimulus measures implemented by Japan’s central bank. Demand for treasuries surged as the 10 year Treasury yield fell to 1.698%, its lowest point since mid December.
Commodities have not been included in the first quarter equity rally as they posted their worst first quarter since 2010. Gold specifically has not done well recently as gold prices hit their lowest level in nine months during the week.
The March jobs report came in well below expectations with only 88,000 jobs added when expectations were for roughly 190,000 new positions. It was the lowest hiring rate in almost a year. The unemployment rate did drop to 7.6% but that was driven by workers leaving the job market.
Manufacturing in the U.S. continued to grow, but the pace of growth cooled from February and fell below expectations.
Euro-zone unemployment hit an all-time high in February rising to 12% up from 10.9% a year ago. Manufacturing activity also declined pointing to a likely sixth straight quarter of contraction in the country bloc.
U.S. auto sales rose just shy of 13% in March, their best March sales in 5 years, prompting economists to lift their full-year forecasts. Article
The ECB concluded its policy meeting with no changes, but chief Draghi insinuated that the bank would be open to an interest rate cut if the euro zone fails to show any improvement.
The Bank of Japan announced it would initiate unprecedented monetary easing policies. It plans to double its holdings of government bonds and the amount of yen in the economy in order to spur growth and fight deflation that has hampered the country. Yields on 10 year government bonds fell to -0.118% on the news.
Reposted from the Raffa Wealth Management Blog.
All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
-
4/3/2013 Nonprofit Audits in a Nutshell
Last week, the National Council of Nonprofits hosted a “Nonprofit Audits in a Nutshell” webinar with experts from BoardSource, eCratchit, First Nonprofit Consulting Company and Raffa. The webinar is recorded and available online. Some of the topics covered include: Why you might need an audit Picking an auditor Preparing for an audit (avoiding mistakes) What […]
Last week, the National Council of Nonprofits hosted a “Nonprofit Audits in a Nutshell” webinar with experts from BoardSource, eCratchit, First Nonprofit Consulting Company and Raffa.
The webinar is recorded and available online. Some of the topics covered include:
- Why you might need an audit
- Picking an auditor
- Preparing for an audit (avoiding mistakes)
- What happens after an audit
- The role of your board and/or audit committee
- Maintaining engagement with audit firm (ensuring independence and preparing for future work)
Raffa Partner Kimberly Pannell addressed the audit requirements of government funding, since many nonprofits receive government grants and support (her section of the webinar begins roughly 30 minutes in). Nearly 40 percent of the more than 350 audits Raffa performs each year are for clients receiving some sort of government funds.
She discussed the requirements of a “single audit,” OMB Circular A-133 and some specifics that nonprofits need to know when preparing for an audit that includes government funds. Kimberly addressed the types of audit reports issued:
- Basic financial statements
- Schedule of expenditures of federal awards
- Compliance with laws and regulations and internal controls
- Government auditing standards
- Office of Management and Budget (OMB) Circular A-133
- Schedule of findings and questioned costs
She also discussed what the auditors are looking for when conducting the audit, including:
- Whether or not you are considered a low-risk auditee
- Risk assessment
- Review of compliance and controls
Kimberly detailed what is covered under some of the OMB Circulars, including the A-122, A-110 and A-133. And, she covered compliance requirements and some of the proposed changes that may lie ahead for organizations receiving government funds.
Finally, Kimberly provided some helpful links for nonprofits:
The webinar runs just over an hour and is packed with tips and resources. You can find the recording here: http://www.councilofnonprofits.org/files/downloads/nonprofitauditwebinar/lib/playback.html
The National Council of Nonprofits just released their Nonprofit Audit Guide. You can download that from their website.
Finally, to learn more about Raffa’s Audit services, visit the Services section of our website.
-
4/1/2013 S&P 500 Hit a New All-time High
Financial News for the Week Ending March 30th The S&P 500 hit a new all-time high to close out the month of March. The Dow hit a new all-time high as well as investors are growing increasingly confident in the U.S. economic recovery. For the first quarter, the Dow has gained 11.3% and the S&P […]
Financial News for the Week Ending March 30th
The S&P 500 hit a new all-time high to close out the month of March. The Dow hit a new all-time high as well as investors are growing increasingly confident in the U.S. economic recovery. For the first quarter, the Dow has gained 11.3% and the S&P rose 10%. It’s the best start to the year since 1998 for blue chips.Positive economic news continues to come in. Home prices increased 8.1% in January from a year earlier, the largest gain in 6 and a half years. The final revision of GDP was moved up to 0.4% for the 4th quarter of 2012 from 0.1%, and the economy’s growth prospects for the first quarter improved as consumer spending rose 0.7% in February.
Cyprus reached an agreement with its creditors and will receive a bailout which will keep the country in the euro zone. The deal provides a $13 billion loan for the country, closes the country’s second largest bank and imposes losses on deposits greater than 100,000 euros.
Reposted from the Raffa Wealth Management Blog.
All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
-
3/29/2013 “ALL ROADS LEAD TO EASTERN”
As a member of the first Companies for Causes business cohort whose focus is currently “to support Eastern Senior High School’s Legacy Class of 2015 graduate high school,” we realize that long-term, ultimate “success at Eastern” requires a much more comprehensive approach. This is why Raffa is hosting an “ALL ROADS LEAD TO EASTERN” conversation […]
As a member of the first Companies for Causes business cohort whose focus is currently “to support Eastern Senior High School’s Legacy Class of 2015 graduate high school,” we realize that long-term, ultimate “success at Eastern” requires a much more comprehensive approach.
This is why Raffa is hosting an “ALL ROADS LEAD TO EASTERN” conversation at our D.C. office on Wednesday, April 10th from 3:00pm-5:00pm.
 For Eastern Sr. High School to succeed in graduating all of its students, there must be a network of cross-sector stakeholders committed to advancing a very well-informed and collaborative “whole system,” “results-oriented” approach to address student needs across all Eastern feeder schools and in the Ward 6 community. The mission of ensuring high school graduation begins way before a child enters school as important developmental milestones are achieved and critical skills are developed.
By the time a student enters Eastern as a freshman, they should be well-prepared to meet the demands of high school and focused on achieving their dreams.
How can YOU help advance this important goal? What place along the continuum can you help inform or provide support around? Preschool, Kindergarten Readiness, K-3 Education, Grades 3-5 Education, Middle School, High School, Family Supports, Environmental Conditions, Health Issues, Literacy, Special Education, etc. How can we work together to help ensure success for every student?
This event is by invitation only. If you would like to attend, please email Jimena Ryan (jryan@raffa.com).
Our goal is to identify a community of stakeholders who are able and willing to help ensure that ALL ROADS WHICH LEAD TO EASTERN also lead to graduation. This is a preliminary meeting and conversation which will hopefully lead to much larger forum and community discussions.
-
3/26/2013 Nonprofit Fraud Seminar Series
The Raffa Learning Community is hosting a special three-part series of free seminars on how to detect and prevent common fraud schemes perpetrated against nonprofit organizations. Update: As of March 27th, registration for Part I of the series is full. If you would like to be added to the wait list, please email Michelle Hailey. Also […]
The Raffa Learning Community is hosting a special three-part series of free seminars on how to detect and prevent common fraud schemes perpetrated against nonprofit organizations.
Update: As of March 27th, registration for Part I of the series is full. If you would like to be added to the wait list, please email Michelle Hailey. Also note, the entire series will be presented again this Fall.
Nonprofit Fraud: What You Need to Know – 3-Part Series
Part I: The Fraud
April 4, 2013
During the first Nonprofit Fraud Seminar you will learn about:
- Why you need to be educated about fraud in your organization.
- A few statistics and facts about fraud and nonprofits.
- Who commits fraud and why.
- Common types of fraud in nonprofits.
Three case studies involving common nonprofits fraud schemes and Important takeaways!
Part II: The Detection
May 7, 2013
During the second Nonprofit Fraud Seminar, you will learn about:
- How to detect fraud perpetrators. (Is it possible?)
- The red flags of fraud.
- Fraud detection techniques and how to employ them in your organization.
- What to do when you uncover a fraud.
- Some important takeaways to help your organization deter fraud.
Part III: The Prevention
June 5, 2013
In the third Nonprofit Fraud Seminar, you will learn:
- The primary factors that contribute to fraud in nonprofits.
- Detective controls versus preventive controls.
- Actions and tools used to reduce the risk of fraud.
- How to create an organizational environment that mitigates environmental opportunities for fraud.
The classes will be led by Lawrence J. Hoffman, senior partner at Raffa, During his 30-year career, Larry has developed a nationally recognized practice in forensic accounting and investigations. He merged his practice in 2008 with Raffa. He has conducted and led teams of forensic accountants on fraud audits and investigations, including fraudulent financial statements, misappropriations of assets and embezzlements; money laundering, kickbacks, bribery and conflicts of interest; insurance claims; bankruptcy; financial institutions and loan fraud.
Register for each free class via the links above or by visiting the Learning Community website.
Learn more about Raffa’s Forensic & Litigation Support, including Fraud Investigations & Prevention.
-
3/25/2013 Markets Ended the Week on an Uptick
Financial News for the Week Ending March 23rd The U.S. market ended the week on an uptick as investors grew more confident that a deal would be reached with Cyprus. However, for the week, the S&P 500 fell 0.2% and the Dow dropped 0.1%. The markets were down on the latest European debt issue, this […]
Financial News for the Week Ending March 23rd
The U.S. market ended the week on an uptick as investors grew more confident that a deal would be reached with Cyprus. However, for the week, the S&P 500 fell 0.2% and the Dow dropped 0.1%. The markets were down on the latest European debt issue, this time revolving around Cyprus and whether a bailout deal could be reached to keep the country afloat and in the euro zone. The issue weighed more heavily in Europe as the region fell 1.1%. Japan also sank 1.8% for the week as the yen rose against the dollar. With worries prevalent over the week the 10 year Treasury rose in demand and its yield dropped to 1.915%.
The deal with Cyprus’ creditors originally called for a tax on all depositors in Cyprus banks, which resulted in much unrest in the country and globally as this would be a new step in the financial crisis. However, Cypriot officials strongly opposed the deal and were working on another solution.
Home sales rose and housing permits were up as the stream of good news continues in the real estate sector.
At the conclusion of the Fed’s most recent policy meeting no changes were made to its policies. The Fed believes growth has improved since late last year, but is still too feeble to make any changes.
Oracle and FedEx both issued earnings reports that disappointed.
Reposted from the Raffa Wealth Management Blog.
All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
-
3/19/2013 Dow Had 1st Down Day in 10 Sessions
Financial News for the Week Ending March 16th The Dow had its first down day in ten sessions on Friday, but the index rose 0.8% for the week. The S&P 500 also gained 0.6% and is just 0.28% short of its all-time high. Europe rose 0.6% for the week and Japan gained 2.3%. The 10-year […]
Financial News for the Week Ending March 16th
The Dow had its first down day in ten sessions on Friday, but the index rose 0.8% for the week. The S&P 500 also gained 0.6% and is just 0.28% short of its all-time high. Europe rose 0.6% for the week and Japan gained 2.3%. The 10-year Treasury note fell back below 2.0% to finish the week at 1.998%.
Retail sales rose 1.1% in February vastly outpacing expectations of slowing spending due to the end of the payroll tax holiday. The reading was a very positive sign for the economy.
The CPI jumped 0.7% in February, the largest move up since June 2009, however when volatile food and energy prices are removed the measure rose 0.2%; a number unlikely to alarm the Fed.
Hedge Fund SAC Capital Advisors will pay $616 million to settle two inside trading cases with the SEC.
Reposted from the Raffa Wealth Management Blog.
All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
-
3/13/2013 Dow Completes Its Comeback
Financial News for the Week Ending March 9th The Dow has completed its comeback from the financial crisis and set a new all-time high on Tuesday and each day after. It ended the week at the all time high of 14,397, rising 2.2% on strong economic news.
Financial News for the Week Ending March 9th
The Dow has completed its comeback from the financial crisis and set a new all-time high on Tuesday and each day after. It ended the week at the all time high of 14,397, rising 2.2% on strong economic news. The Dow has more than doubled since its March 2009 low and is up 9.4% for the year to date. The S&P 500, a broader market index, also gained 2.2% and is less than 1% from its all-time high, but has been held back recently by the substantial weight of Apple. Internationally, Japan continues to see gains in its stock market, driven by the easy money policies of its central banks and signs that the country is emerging from recession. It rose 5.8% for the week. Europe also improved with stocks up 2.3% for the week, near a 5-year high. As a result of the strong equity performance, investors have poured out of fixed income investments. The 10-year Treasury yield rose to 2.056%.
Revised data from Japan showed that 4th quarter GDP improved from a 0.4% contraction to 0.2% growth, ending the string of two quarterly declines.
The unemployment rate fell to a post-crisis low of 7.7% and the economy added 236K jobs, well above what was estimated.
The Fed announced that 17 of the largest 18 U.S. banks passed stress tests.
Reposted from the Raffa Wealth Management Blog.
All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
-
3/4/2013 Markets Shrugged Off the Sequester
Financial News for the Week Ending March 2nd After starting the week with their worst day of the year on the news of Italian election results that could bring about instability, U.S. stocks rebounded to finish up 0.2%. Markets largely shrugged off the spending cuts known as the sequester and cheered comments by Fed Chairmen […]
Financial News for the Week Ending March 2nd
After starting the week with their worst day of the year on the news of Italian election results that could bring about instability, U.S. stocks rebounded to finish up 0.2%. Markets largely shrugged off the spending cuts known as the sequester and cheered comments by Fed Chairmen Ben Bernanke that he continued to support easy money policies. February also finished positive with the Dow up 1.4% and the S&P 500 gaining 1.1%.
The economy grew at a 2.2% rate last year driven mainly by consumers, as government spending and investment contracted 0.3% over 2012. The fourth quarter’s GDP was revised from a 0.1% contraction to growing 0.1%, which was well below economist estimates.
U.S. factory activity continued to expand driven by business spending and global trade, and is doing much better than other countries around the world.
Consumer sentiment also rose to its highest level since November.
JP Morgan announced it plans to cut costs by $1 billion a year and cut 17,000 jobs in the next year.
Freddie Mac announced an $11 billion profit for 2012 on the rebounding U.S. housing market. It’s the first profitable year since 2006.
After announcing disappointing earnings, Groupon ousted its CEO and co-founder.
Reposted from the Raffa Wealth Management Blog.
All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
|
|