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California Asset Protection News
Integrated Financial Management Systems
Financial management systems must be designed with effective and efficient interrelationships between software, hardware, personnel, procedures, controls, and data contained within the systems. To be integrated, financial management systems must have (i) standard data classifications (definition and formats) established and used for recording financial events; (ii) common processes used for processing similar kinds of transactions; (iii) internal controls over data entry, transaction processing, and reporting applied consistently; and (iv) a system design that eliminates unnecessary duplication of transaction entry.
The financial management systems policy stated in OMB Circular A-127 Financial Management Systems, requires that each agency establish and maintain a single, integrated financial management system. Without a single, integrated financial management system to ensure timely and accurate financial data, poor policy decisions are more likely due to inaccurate or untimely information; managers are less likely to be able to report accurately to the President, the Congress, and the public on government operations in a timely manner; scarce resources are more likely to be directed toward the collection of information rather than to delivery of the intended programs; and modifications to financial management systems necessary to keep pace with rapidly changing user requirements cannot be coordinated and managed properly. The basic requirements for a single, integrated financial management system are outlined in Section 7 of OMB Circular A-127.
Having a single, integrated financial management system does not necessarily mean having only one software application for each agency covering all financial management system needs. Rather, a single, integrated financial management system is a unified set of financial systems and the financial portions of mixed systems encompassing the software, hardware, personnel, processes (manual and automated), procedures, controls, and data necessary to carry out financial management functions, manage financial operations of the agency, and report on the agencys financial status to central agencies, Congress, and the public. Unified means that the systems are planned for and managed together, using common data elements, operated in an integrated fashion, and linked together electronically in an efficient and effective manner to provide agencywide financial system support necessary to carry out the agencys mission and support the agencys financial management needs.
Conservation Easement is a legal agreement
A Conservation Easement is a legal agreement reached voluntarily between a landowner and a land trust that protects water quality, wildlife habitat, scenic vistas, agricultural productivity and other conservation values permanently restricts the use of property by current and future landowners keeps property in private hands. Donating some or all of the development rights to a qualified, tax-exempt organization like the Washtenaw Land Trust, and meeting other specific conditions, allows a landowner to be eligible for certain tax benefits.
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Definition:
A marital trust is used to benefit the surviving spouse of the person who dies. There are many reasons for creating such a trust-- to provide asset protection for the surviving spouse, or to ensure that your children are the ultimate beneficiaries of your estate.
Asset Allocation
Definition:
When you divide your money among various types of investments, such as stocks, bonds, and short-term investments (also known as "instruments"), you are allocating your assets. The way in which your money is divided is called your asset allocation.
Bonds
Definition:
Essentially loans or debt. When someone lends you money, he or she gets an IOU that promises the loan will be repaid with interest. When you buy a bond, you're basically buying that IOU. A bond certificate is like an IOU: it shows the amount loaned (principal), the rate of interest to be paid on the loan and the date that the principal will be paid back (maturity date). Bonds can be issued by government agencies, such as the U.S. Treasury and by corporations to raise money.
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