An 8 Hour, $100 CPA CPE with George Hartzman in Greensboro, on August19, 2010

You are cordially invited to an Eight Hour,
Intermediate / Advanced CPA CPE Workshop entitled:
 

What Could Happen
After What May Happen Next 

Critical analysis and debate for CPAs
in public accounting and industry.
 

Topics: An overview of current geopolitical and economic events, North Carolina and local municipal budget and finance highlights, America and the States, Bailout, Greece, Europe, Social Security, The 2009 Financial Report of the U.S. Government, Federal Reserve, FASB, Healthcare Ethics, Tax Ethics, Business and Regulatory Ethics, Hedge and High Frequency Trading
 

Think Professional Education is registered with the North Carolina State Board of CPA Examiners as a sponsor of continuing professional education. Please note that these sessions do not satisfy the annual ethics requirements for North Carolina CPAs.
 

George Hartzman, President of Think Professional Education specializes in economics and financial ethics and has taught North Carolina CPA CPE for ten years. George is the author of Think, What to Do Now, Think, Investor Guide, Think Retirement Plan Edition, Fiduciary Guide, Questions for Investors and Questions for America, which are used to teach CPE and adult education.
 

Each Attendee with recieve a dated, numbered, and signed copy of What Could Happen After What May Happen Next

Mr. Hartzman has worked in the financial services industry as a financial advisor and portfolio manager and holds degrees in Communications, Philosophy and Public Relations from Frostburg State University.

Lunch and refreshments catered by Lox, Stock and Bagel

Seating limited to 30 attendees 

Lecture Format. No advanced preparation or prerequisites necessary. Complaints or comments regarding registered sponsors may be addressed to the North Carolina State Board of CPA Examiners, PO Box 12827, Raleigh, NC 27605. Each CPA must exercise judgment in selecting courses and claiming credit for only those courses that contribute to the CPA’s professional competence and meet the standards  found in 21 NCAC 8G .0400 Based on 50 minute hours

Please click button to register in the left column.

Comments at Greensboro's City Council Meeting on NC State's 401(k) plan and ICMA's 457 plan

George Hartzman, 2506 Baytree Drive;

I teach financial ethics and foresaw the 2008 financial crises, after which I became a whistleblower against Wells Fargo, and I have found that the financial industry engages in profit skimming via limited transparency that provides little to no value to investors who pay the fees.

In 2010, Galliard Capital Management, a subsidiary of Wells Fargo, started managing portions of North Carolina's 401(k) and 457 retirement plan's Stable Value Funds, and then hired Wells Fargo to do the same, which appears to mask underlying costs taken from state employees accounts and funneled to Galliard's parent company.

The State Employees Association found that North Carolina's pension doesn't disclose underlying hedge “funds of funds” fees.

In 2013, North Carolina State 401(k) and 457 target date funds, which are also like stable value or fund of funds, replaced two index funds with higher cost alternatives. The fees for the international allocation more than doubled and small cap fund costs about quadrupled.

In the fall of 2013, I analyzed Greensboro's 457 retirement plan to see if the City's employees were being overcharged for administration and investment management.

Greensboro’s 457 plan provider is the Washington DC based “non-profit” International City/County Management Association, or ICMA whose CEO made more $2 million in 2012.

I found that;

North Carolina's 231,000 plan participants pay about $217 each for record-keeping per year in 2012.

Greensboro's 2,781 ICMA 457 participants pay about $266 each for record-keeping per year as of the first quarter of 2014.

But Winston Salem, who rolled over their plan's 457 participant balances to ICMA in 2012, pay about $91 each per year.

I have quotes for Greensboro in the $70 per participant range, meaning local government employees are being dramatically overcharged by an association saying it represents city and county management.

I wrote about Greensboro's plan on April 23, 2014 for Yes Weekly and met again with city staff a couple of months back.

Greensboro's employees are getting fleeced by the state and ICMA and I have mostly received apathy from many whose job it is to act in the best interests of co-workers.

Lowering the costs your employees are paying within these plans can create higher levels of economic impact after retirement, as more money would be available to be spent locally.

A three quarters of a percent fee difference could mean another $100,000 over a worker's lifetime.

I can explain how to lower these costs for Greensboro's employees in about 15 minutes.

Please invite me to a City Council work session to look into increasing the values of our community's retirement accounts.
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Presentation begins at the 44 second mark;
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On North Carolina State's 401(k) and 457 "GoalMaker" Target Date Funds


http://hartzman.blogspot.com/2014/10/on-north-carolina-states-401k-and-457.html

North Carolina State 401(k) replaced index funds with higher cost actively managed accounts in 2013

http://hartzman.blogspot.com/2014/10/north-carolina-state-401k-replaced.html

"Investors pay exorbitant [401k] investment fees"

http://hartzman.blogspot.com/2014/09/investors-pay-exorbitant-401k.html

North Carolina State 401(k) plan; Galliard is owned by Wells Fargo

http://hartzman.blogspot.com/2014/10/north-carolina-state-401k-plan-galliard.html

"NC Pension Accused of Pay-to-Play Violations"

http://hartzman.blogspot.com/2014/10/nc-pension-accused-of-pay-to-play.html

A Few Observations on Share Classes and Wells Fargo Stable Return Fund

http://hartzman.blogspot.com/2014/06/a-couple-of-observations-on-share.html

Assistant City Attorney Thomas Carruthers on Koury's $200,000 "settlement" from the IFYI and a link to the Yes! Weekly article

http://www.greensboro-nc.gov/modules/showdocument.aspx?documentid=23416

"PAY TO GET PAID AND THE CITY OF GREENSBORO

A September 2012 Greensboro City Council agenda packet “Report of Disbursements” detailed a $200,000 payment to Koury Corporation, dated  July of that year. The payment was for expenses related to a booster pump system at The Village at North Elm. Greensboro’s City Council did not vote to approve the payment.

The “reimbursement” to Koury Corporation was denied by prior city manager Rashad Young. The 2012 payment was advocated for, without transparent public disclosure, by former City Manager Denise Turner Roth, and approved by former city attorney Mujeeb Shah- Khan as a “Settlement of Claims.” This avoided the payment being a publicly disclosed reimbursement requiring a City Council vote."

http://www.yesweekly.com/triad/article-17258-pay-to-get-paid-and-the-city-of-greensboro.html
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So what now?

Does our community ignore it?

Does the story go no farther than an alternative weekly newspaper?

Our white collar law enforcement authorities have done nothing as yet.

If recent past is prologue, they may very well do nothing in this case.

Ignore it and move on?

How very early twenty first century American that would be.

No one went to jail for massive fraud and insider trading from the financial crisis.

No one was held responsible.

Why should these connected folks be held to account now?

It's the new American way.

Cognitive Dissonance

Cognitive dissonance is a discomfort caused by holding conflicting cognitions

(e.g., ideas, beliefs, values, emotional reactions) simultaneously.

...people have a motivational drive to reduce dissonance

by altering existing cognitions or adding new ones

to create a consistent belief system.

Wiki

Can what you think may be turn out more like what you thought
even if it doesn't?

Can many believe what they want
even if what they want to believe isn’t true?

A myth is a fixed way of looking at the world which cannot be destroyed

because, looked at through the myth

all evidence supports that myth

Edward de Bono

What if what you think isn't?
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"Fraud is a deception deliberately practiced in order to secure unfair or unlawful gain

...As a legal construct, fraud is both a civil wrong (i.e., a fraud victim may sue the fraud perpetrator to avoid the fraud and/or recover monetary compensation) and a criminal wrong (i.e., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities).

Defrauding people or organizations of money or valuables is the usual purpose of fraud, but it sometimes instead involves obtaining benefits without actually depriving anyone of money or valuables, such as obtaining a drivers license by way of false statements made in an application for the same."

http://en.wikipedia.org/wiki/Fraud

A comparison of Yes Weekly and The Rhino's ads, the last week before the election

Yes Weekly; 56 total pages

23.75 pages of ads = 42.41%

2.75 political

Pages of entertainment, club, and restaurant ads; 9
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The Rhino; 40 total pages

11.375 pages of ads = 28.43%

4.125 political = 36% of the Rhino's ads

Pages of entertainment, club, and restaurant ads; 1, which is the Taxpayer funded Greensboro Coliseum, which means Greensboro's taxpayers are subsidizing Roy Carroll and John Hammer for about $1,000 per week.
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It seems as though the entertainment and restaurant industry has boycotted The Rhino.

I wonder if Roy Carroll knew that would happen, after he backed the noise ordinance etc...

If The Rhino doesn't have political ads this week with the same number of pages, they will be at 18%, which appears to be unsustainable.
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Election Eve Dinner & Debate

Monday, November 4, 2013.

6:30pm until 8:30pm

Topic: Tuesday's Election

Likely issues; Greensboro Performing Arts Center, Civil Rights Museum, Coliseum and Police Issues, Local and National Political Ethics, the Affordable Care Act (Obamacare) and Entitlements, 2012’s Guilford County Real Estate Revaluation, Legal Ethics, Economics, Fun and Whatever Comes Up

From beginning to end, attendees will have the opportunity for 60 seconds to present any point of view on any subject.

Others can have 30 seconds to respond, before another topic begins, if not by a member of the audience, then by the moderator.

Audience participation is not mandatory

The format is designed after a class I have moderated at the Shepard's Center of Greensboro.

Moderated by George Hartzman, Chief Economist and Lecturer
Think Professional Education

No cost with the purchase of a Golden Corral meal.

Meeting room doors open at 6pm, with the event beginning at 6:30

Golden Corral
2419 Lawndale Dr, Greensboro, NC

News & Record's Inside Scoop: "Politics, and as much food as you can eat"

"Former mayoral candidate George Hartzman will host an election eve "dinner and debate" Monday night.

In case you aren't tired of local politics, here's a chance to debate any topic you like.

Hartzman will give participants 60 seconds to discuss the topic of their choice (he suggests the planned performing arts center or the funding for the civil rights museum would be likely topics.) Then anyone in the audience has a chance to rebut the statement for 30 seconds.

Participation, Hartzman notes in the invitation, is not mandatory.

The debate is free, although you've got to buy dinner at the host site, the Golden Corral, 2419 Lawndale Dr., Greensboro.

Debate begins at 6:30."

Amanda Lehmert
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Dinner & Debate

Monday, November 4, 2013.

6:30pm until 8:30pm

Topic: Tuesday's Election

Likely issues; Greensboro Performing Arts Center, Civil Rights Museum, Coliseum and Police Issues, Local and National Political Ethics, the Affordable Care Act (Obamacare) and Entitlements, 2012’s Guilford County Real Estate Revaluation, Legal Ethics, Economics, Fun and Whatever Comes Up

From beginning to end, attendees will have the opportunity for 60 seconds to present any point of view on any subject.

Others can have 30 seconds to respond, before another topic begins, if not by a member of the audience, then by the moderator.

Audience participation is not mandatory

The format is designed after a class I have moderated at the Shepherd's Center of Greensboro.
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Moderated by George Hartzman, Chief Economist and Lecturer
Think Professional Education

No cost with the purchase of a Golden Corral meal.

Meeting room doors open at 6pm, with the event beginning at 6:30

Golden Corral
2419 Lawndale Dr, Greensboro, NC

Why Robbie Perkins' may be recieving so much real estate/business related unusually large contributions; $273,932,356?

Page 101 of 319;

http://www.greensboro-nc.gov/modules/showdocument.aspx?documentid=18104

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Previously;

Why would one page of the City of Greensboro's 2012 Financial Report say $101.4 million, and another $273,932,356?

http://hartzman.blogspot.com/2013/05/why-would-one-page-of-city-of.html
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Election Eve Dinner & Debate

Monday, November 4, 2013.

6:30pm until 8:30pm

Topic: Tuesday's Election

Likely issues; Greensboro Performing Arts Center, Civil Rights Museum, Coliseum and Police Issues, Local and National Political Ethics, the Affordable Care Act (Obamacare) and Entitlements, 2012’s Guilford County Real Estate Revaluation, Legal Ethics, Economics, Fun and Whatever Comes Up

From beginning to end, attendees will have the opportunity for 60 seconds to present any point of view on any subject.

Others can have 30 seconds to respond, before another topic begins, if not by a member of the audience, then by the moderator.

Audience participation is not mandatory

The format is designed after a class I have moderated at the Shepard's Center of Greensboro.

Moderated by George Hartzman, Chief Economist and Lecturer
Think Professional Education

No cost with the purchase of a Golden Corral meal.

Meeting room doors open at 6pm, with the event beginning at 6:30

Golden Corral
2419 Lawndale Dr, Greensboro, NC

From a thread at Greater Greensboro Politics on Nancy Hoffman's Crony Capitalism and Self Dealing

GH: Nancy Hoffmann voted for DGI funding and signed for DGI paid for benefits that will increase the value of her property via a tenant who must have known she legislated the tax funds their way.

She was involved in the process by assenting to a deal which improves her property with everyone else's $.

She voted herself money through her tenant.

She signed for it.

She was involved in the process by consenting to a deal in which she profited.

Thank you for confirming the conversation david, and that she made a denial

I'm saying it's a violation of Greensboro' s charter ordinance.

Was it right or wrong for Nancy Hoffmann to vote herself money via her new tenant?

David [Craft], are you suggesting that if the business fails, Nancy will rip out all the electrical work, frame and sheet rock, plumbing and a retail sales counter?

By your logic, if she doesn't rip out all the plumbing etc... if the business fails, and it's all not torn out, Nancy voted herself money.

You might want to rethink the veracity of your statements.

Is this not the second time in as many days that Andrew Brod [Nancy Hoffmann contributor] has declined to answer an important question? Yesterday it was about whether or not council members should recuse themselves from enriching a campaign contributor with everyone else's money.

I asked Nancy if she or her tenant had applied. [which she denied]

It's a conflict of interest if 5 city council votes says so. One has to make a motion to discuss it, and another has to second the motion. Then a debate unfolds and a vote. The vote determines whether or not there is a conflict of interest. That's my understanding of how it works for the City of Greensboro. All the expert opinions are tertiary to a council vote.

My guess would be the motion fails, as we have one of the most corrupt councils in the state. I would like to see the debate take place, because it's in the best interests of city taxpayers to shed some sunlight on these back room deals involving public monies.

If we have the debate, this stuff is unlikely to take place as often going forward.

I would consider a council debate an achievement Andrew, as this debate has been. Sometimes losing is winning.

"Any officer, department head or employee who has financial interest, direct or indirect, in any proposed contract with the city or in a proposed sale of any land, material, supplies, or services to the city or to a contractor supplying the city, shall make known that interest and shall refrain from voting upon or otherwise participating in the making of such contract or sale.

Any officer, department head, or employee who willfully conceals such a financial interest or willfully violates the requirements of this Section shall be guilty of malfeasance in office or position and shall forfeit his office or position.

Violation of this Section with the knowledge expressed or implied of the person or corporation contracting with or making a sale to the city shall render the contract void."

Sec. 4.131. - Conflict of interest: Greensboro Code of Ordinances, City Charter
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Nancy Hoffman recieved Campaign cash from Betty Cone, who profits from being on DGI's board.

Dawn Chaney, who will double her money on the property she owns across from where GPAC is going, and is DGI's Chair, who probably signed off on the grant, being on the executive committee.

The Samets, who she voted $600,000 for thier "shovel ready" project.

Saperstien, who Nancy voted for thier son to be Greensboro's lobbyist.

Isaacson's, who do most of the government zoning cases, and who represent Roy Carroll.

•Reid Phillips, GPAC Taskforce

Kathy Manning, GPAC Taskforce

I believe Nancy Hoffman is a crony of Greensboro's oligarchs, who profit from her votes.

http://www.co.guilford.nc.us/elections_cms/docs/2013/midyr/HOFFMANN_NANCY_midyr13-amended.pdf
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George Hartzman Nancy Hoffman recieved Campaign cash from Andrew Brod.

You might have wanted to mention that during the debate Andrew.

John Kitchen of the Bryan Foundation, whose park DGI takes care of for $350,000 per year, of which Betty Cone profits from as she sits on DGI's board.

Susan Schwartz, Cemala Foundation which handles Cone money, who votes to give Betty Cone taxpayer money as a DGI board member and Action Greensboro Chair for Center City Park.

DGI's board has a cesspool of cronies who profit and/or allocate taxpayer money to thier friends.

http://www.co.guilford.nc.us/.../HOFFMANN_NANCY_35day13.pdf
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Per DGI's Jason Cannon; City Councilwoman Nancy Hoffmann signs authorization for tenant to recieve taxpayer money she voted for

http://hartzman.blogspot.com/2013/10/per-dgis-jason-cannon-city-councilwoman.html
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On Nancy Hoffmann's vote to fund DGI, after her "final subission" to be DGI's landlord

http://hartzman.blogspot.com/2013/06/will-nancy-hoffman-vote-to-fund-dgi.html
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Eric Robert on Nancy Hoffmann

http://hartzman.blogspot.com/2013/10/eric-robert-on-nancy-hoffmann.html
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Crony capitalism is a term describing an economy in which success in business depends on close relationships between business people and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, or other forms of dirigisme.[1] Crony capitalism is believed to arise when political cronyism spills over into the business world; self-serving friendships and family ties between businessmen and the government influence the economy and society to the extent that it corrupts public-serving economic and political ideals.

http://en.wikipedia.org/wiki/Crony_capitalism

Per DGI's Jason Cannon; City Councilwoman Nancy Hoffmann signs authorization for tenant to recieve taxpayer money she voted for

"Scuppernong Books will open at 302 and 304 S. Elm St., near the corner of Washington Street. The owners will be renting from Greensboro City Councilwoman Nancy Hoffmann, who bought the building for $275,000 in July 2012."

http://www.news-record.com/news/article_1d60b79a-0ad7-11e3-aef0-0019bb30f31a.html
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Nancy Hoffmann consented to allowing a tenant to apply for a retail grant for her Elm Street building for electrical work, frame and sheet rock, plumbing, a front window display and a retail sales counter.

Councilwoman Hoffman denied the application existed at Natty Greene's last Thursday evening in front of David Brantly Craft on the second floor.

Mrs. Hoffmann voted for DGI's budget allocation at Council's last meeting, as well as the year before, and now she appears to be self dealing via her new tenant while publicly denying the existence of the pending transaction involving taxpayer monies which voted for to benefit herself.

In my view, if the grant is allocated, Hoffmann will have voted to transfer taxpayer wealth that directly benefits her personal property.

Clearly a conflict of interest.

Clearly wrong.

Clearly in violation of her fiduciary responsibilities to City of Greensboro taxpayers.
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Considering how much I have recently criticized former Greensboro Partnership lobbyists involved with the allocation of taxpayer monies to local cronies, Jason Cannon returned my call, was honest, and I got the impression he is working to do what's in the best interests of Downtown Greensboro and the City.
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On Nancy Hoffmann's vote to fund DGI, after her "final subission" to be DGI's landlord

http://hartzman.blogspot.com/2013/06/will-nancy-hoffman-vote-to-fund-dgi.html

Nancy Hoffman's campaign contribution connections to Tuesday's Give Away to Greensboro's 1%

http://hartzman.blogspot.com/2013/10/nancy-hoffmans-campaign-contribution.html

Unusually high website page views in the last few days, especially for a weekend; Links to most hit posts

All the finest people; 2013 Pig Poultry & Politics; I wasn't invited

http://hartzman.blogspot.com/2013/10/all-finest-people-2013-pig-poultry.html

GREENSBORO CITY COUNCIL MEETING, TUESDAY OCTOBER 15, 2013, 5:30 P.M. COUNCIL CHAMBER

http://hartzman.blogspot.com/2013/10/greensboro-city-council-meeting-tuesday.html

On Robbie Perkins' dishonest campaign flier

http://hartzman.blogspot.com/2013/10/on-robbie-perkins-dishonest-campaign.html

Tuesday's Council Agenda with Attachments and a few interesting tidbits

http://hartzman.blogspot.com/2013/10/tuesdays-council-agenda-with.html

Nancy Hoffman's campaign contribution connections to Tuesday's Give Away to Greensboro's 1%

http://hartzman.blogspot.com/2013/10/nancy-hoffmans-campaign-contribution.html

WTF Zack Matheny?

http://hartzman.blogspot.com/2013/10/wtf-zack-matheny.html

News & Record Letter to the Editor; David Hagan’s commissions don’t serve taxpayers

"On Sept. 3, and again on Sept. 17, Robbie Perkins and Nancy Vaughan knowingly voted to give fellow Greensboro Country Club member David Hagan, who serves on the Community Foundation’s board, about $586,000 in commissions for purchasing performing arts center properties.

The city of Greensboro has four real-estate brokers who could have purchased the properties for no more than their salaries.

I believe Perkins, Vaughan and the Community Foundation’s Walker Sanders, who was involved in the negotiations, did not act in the best interests of Greensboro’s taxpayers concerning these real-estate transactions.

I call for David Hagan, who is U.S. Sen. Kay Hagan’s brother-in-law, to forfeit his commissions."

George Hartzman
Greensboro

The writer is a candidate for mayor.
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Previously;

Robbie Perkins, Nancy Vaughan, Zack Matheny, Jim Kee, Yvonne Johnson and Nancy Hoffmann just cost taxpayers $586,000

http://hartzman.blogspot.com/2013/09/robbie-perkins-nancy-vaughan-zack.html

On US Senator Kay Hagan's Brother in Law David Hagan, Making a Nice Slice off Greensboro's Taxpayers while Sitting on CFGG's Board

http://hartzman.blogspot.com/2013/09/on-us-senator-kay-hagans-brother-in-law.html

Stephen Poole; "GPAC, CFGG full of deliberate deception, lining of pockets"

http://hartzman.blogspot.com/2013/09/stephen-poole-gpac-cfgg-full-of.html

Congrats David Hagan, much more to come right out of Greensboro taxpayer's pockets into yours

http://hartzman.blogspot.com/2013/09/congradulations-david-hagan-much-more.html

Looks like Hagan Properties stands to profit from the GPAC while David Hagan sits on CFGG's board of directors with Walker Sanders

http://hartzman.blogspot.com/2013/09/looks-like-hagan-properties-stands-to.html

If David Hagen stands to benefit from the GPAC deal, and Louise Brady's Brady Trane employs Guilford County's Hank Henning...?

http://hartzman.blogspot.com/2013/09/if-david-hagen-stands-to-benefit-from.html

Updated; Unanswered GPAC questions that should be answered before Guilford County Commissioners Thursday's Vote

How many free on street parking spaces r within 1/4 mile of the site?

Please provide the "binding" private donor agreements for GPAC. Third Slide

If the Greensboro Community Foundation is guaranteeing GPAC donations, what will the collateral be invested in beforehand?

How much was in the hotel motel account at the end of June, 2013?

Now that interest rates have risen for muni bonds, what are the new expected interest costs for borrowing money for the gpac?

What are the anticipated interest rate costs for locking in GPAC debt after the variable notes mature, now that interest rates have risen?

What are the total anticipated principal and interest costs on the debt costs for GPAC?

Please provide the parking study that shows how much governmental tax revenue will come in from public parking at the new GPAC spot that will pay for the debt service.

Where is the chamber of commerce/Greensboro Partnership going to move to?

What are the anticipated heavily used avenues for cars coming into and out of downtown for a show?

What is the anticipated traffic congestion for GPAC shows and Ball games on the same night, that will most likely end at the same relative time?

What will be the ability of those trying to get into downtown to go to a club if a ball game and GPAC show occur on the same night?

What is the anticipated effect on the Carolina Theater, considering the venue that went under when DPAC opened up?

What are the anticipated noise levels from crowds leaving the GPAC?

Are the details of the private donations going to be made public before August 20?

Please provide the math behind the criteria numbers used for the December 4, 2012 GPAC criteria slide in the Master Plan presentation.

Please provide the math that show $10 mill paid by premium parking for GPAC.

Please provide the traffic study for the gpac including anticipate​d drive times from nearby areas, and ergess timelines for traffic.
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Greensboro City Council Members and Guilford County Commissioners are Fiduciaries.

If Guilford County's Commissioners vote to provide taxpayer revenue to borrow for this project without knowing what they should, they will have violated their fiduciary duties to their constituents.
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"The fiduciary duty is a legal relationship of confidence or trust between two or more parties. One party…acts in a fiduciary capacity to another, such as one whose funds are entrusted to it. In a fiduciary relation, one person justifiably reposes confidence, good faith, reliance and trust in another whose aid, advice or protection is sought in some matter.

In such a relation, good conscience requires one to act at all times for the sole benefit and interests of another, with loyalty to those interests.

A fiduciary…must not put his personal interests before the duty, and must not profit from his position as a fiduciary, unless the principal consents.

A fiduciary cannot have a conflict of interest.

…A fiduciary must not profit from the fiduciary position.

This includes any benefits or profits which although unrelated to the fiduciary position, came about because of an opportunity that the fiduciary position afforded.

Secret commissions, or bribes also come under the no profit rule.

Conduct by a fiduciary may be deemed constructive fraud, when it is based on acts, omissions or concealments…that gives one an advantage."

Fiduciary
Wikipedia
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Will the community foundation guarantee the GPAC debt with other peoples money?

Why not let the private donars buy the GPAC property?

What would be the directions to the GPAC from Winston and Graham, compared to DPAC?

If the Community Foundation raised more than $10 million, why don't they buy the land for the GPAC?

The North Carolina State AFL-CIO Letter and Questionaire for Mayoral and City Council Candidates

I just spoke with Adam Orlovich, who called to set up a time to be "screened".

It seems the answers to the questionnaire can be kept confidential, and only shared with the "screeners", including Chip Roth of the Teamsters, Greensboro City Manager Denise Turner Roth's husband.

I asked if I could audio or video record the interview.

They are going to get back to me on it.

I will be posting all questionnaires from all groups.

If TREBIC doesn't send me one, I will have access to another to post.

Same for the Simpkins PAC.

Any groups which send this kind of stuff to everyone but me will be publicly noted.

Allen Johnson: "Alston, a member of the powerful Simkins PAC, is not-so-subtly suggesting political payback if they don’t go along with his group’s proposal. "

"...Melvin “Skip” Alston’s involvement as a broker for investors seeking to renovate a near-derelict shopping center on Phillips Avenue made citizens in that northeast Greensboro community visibly wary.

Some say they simply don’t trust Alston, the former longtime county commissioner who was known for his hardball politics.

...The city tentatively has chosen clients represented by Alston to resuscitate the center and eventually own it.

Complicating matters are allegations from some City Council members that Alston, a member of the powerful Simkins PAC, is not-so-subtly suggesting political payback if they don’t go along with his group’s proposal.

The PAC endorses local and state candidates, and Alston is one of its leaders. [Treasurer]

“I believe there was the implication that if we didn’t support them there’d be negative consequences in November,” said Councilwoman Nancy Vaughan, who plans to run for mayor. “Those words were not directly used, but they were implied.”

Another council member, Marikay Abuzuaiter, gave a similar account.

“He said I seriously needed to think about voting for the project with his developers because I needed to think about the election in the fall, and the Simkins PAC would be very upset if I didn’t vote for his developer. It was pretty devastating.”

...in 2010 Alston was accused by Vaughan, then-Mayor Bill Knight and then-Councilman Danny Thompson of using similar tactics as a broker for investors who wanted to build a new downtown hotel...

...Alston flatly denies any threats, implied or otherwise.

"You name me one person that’ll come to me and say that” he said last week.

How about two? Vaughan and Abuzuaiter held fast, even following phone calls from Alston challenging what each had said. “I’m still not going to lie about it,” Abuzuaiter said. “It happened, and I was shaken up by it. Why would I cook something up? I was so upset I called the city attorney.”

Added Vaughan: “I stand by what I said.”

The city tentatively has agreed to sell the center for $490,000, plus to provide a [forgivable] $2 million loan (a sweet deal) to Alston’s clients, Renaissance Center of Greensboro, which would in turn renovate the center, lease part of it to the co-op and donate additional space to the community.

Either way, here’s hoping the impasse, and Alston’s overly aggressive tactics, don’t jeopardize prospects for the co-op’s success.

[Alston] should stop threatening people.

Alston reminded a caller last week that he’s not an elected official anymore.

But, make no mistake, he’s still a politician.

Allen Johnson

On the Independance Day Greensboro Curfew

Updated; Teen Curfew; A Map of all 11 Addresses of Those Arrested Last Saturday Night, and Some Misinformation from the City of Greensboro, City Council and our Local Media

"Police spokeswoman Susan Danielsen initially said she did not know why the teens were downtown and that none of the downtown clubs had scheduled events for those younger than 18.

However, at least some of young people who had gathered downtown Saturday night were attending a city-sponsored movie that was patrolled by police.

“The Amazing Spider-Man” was shown at Festival Park for ages 13 to 18, hosted by the Greensboro Parks and Recreation Department. The movie was scheduled to end at 11 p.m.

About the same time, teens were gathering at Center City Park and along Elm Street, the area where the fights broke out. The parks are across from each other on Davie Street.

Danielsen said Wednesday that the movie had “absolutely no correlation” to the fights that broke out Saturday and the subsequent arrests."

http://www.news-record.com/news/local_news/article_039198b2-e3e4-11e2-b714-0019bb30f31a.html

https://maps.google.com/maps?hl=en&tab=wl

 

''Large groups, primarily of teenagers, began gathering about 9 p.m. Saturday. Many were at Center City Park at 200 N. Elm St. When the park closed at 11 p.m., the teens remained in downtown, but in smaller groups, primarily on Elm Street.

About 300 to 400 people were downtown between 11:15 p.m. Saturday and 1 a.m. Sunday. Police responded to five fights.

"City and community leaders said they want to tackle the underlying problems that led to recent teen violence in the center city"

"We’ve got teens firing guns downtown.” - Zack Matheny

"Many said some of the teen conflict is territorial — teens from different parts of town gathering together in places like downtown and bringing grudges with them that they work out violently."

"Later Wednesday, about two dozen people came to a community meeting arranged by the city.

Citizens who came to the meeting, mostly black leaders from local churches and community outreach groups, said they believe teen violence like the incident over the weekend is complicated."

http://www.news-record.com/news/local_news/article_9da3bd8e-e3e6-11e2-bbc0-0019bb30f31a.html

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On Greensboro's Saturday night self inflicted "riot"; The communities' teens were invited downtown

http://hartzman.blogspot.com/2013/07/on-greensboros-saturday-night-self.html
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"A massive fight in downtown Greensboro Saturday night has some city leaders taking a hard look at bringing back the teen curfew.

Nearly 400 people were involved in the several fights that happened along Elm Street."

http://www.sott.net/article/263516-Curfew-considered-after-400-teens-street-brawl-in-Greensboro

 

Roch101; Local media cranks up the Fourth of July hysteria machine

Billy Jones; Summer Night Lights: What Robbie Perkins And DGI Would Prefer You Don't Know About Saturday Night's Downtown Riot

"The night of July 4th, 1,000 teenagers jammed into Greensboro's Center City Park...

Wasn't it 400?

...a curfew solution is not supported by everyone including the mayor [who voted for the curfew], citing that the night of July 4th wouldn't have been prevented with an 11pm curfew anyway.

Greensboro Mayor, Robbie Perkins [who voted for the curfew] told News 2, "All this happened about 10..."

Mayor Perkins said he supports the police decision, especially considering the ratio of 1,000 teens to less than 20 officers."

http://www.digtriad.com/rss/article/235418/57/Mixed-Support-For-Teenage-Curfew-In-Downtown-Greensboro?utm_source=twitterfeed&utm_medium=twitter

https://www.facebook.com/GsoSummerNightLights

http://www.greensboro-nc.gov/modules/showdocument.aspx?documentid=3837

Unanswered City of Greensboro Information Request on Action Greensboro's multiple $150,000 taxpayer allocations

The initial information request; "Please provide an accounting of Action Greensboro's use of $150,000 per year for water features at center city park, and how much has been returned that was not used, per the contract with the City of Greensboro." and "What has Action Greensboro been spending $150,000 per year on for how long?"

The taxpayer funded maintenance agreement with the Bryan Foundation’s Center City Park in front of Roy Carroll’s Center Point states "An additional $150,000 allocation shall be made" which "shall be used, as necessary, for the extraordinary expenses… such as those associated with the operation and maintenance of the fountain and water features" and "Any balance of said …Tax Distribution funds may be used for normal Park expenses.”

Action Greensboro had $2,329,248 in Cash and CD's as of December 31, 2011.

Action Greensboro/Center City has also so far declined to identify what funds over multiple years have been repaid to the City.

This is what was sent by Mary Vigue, Greensboro's Assistant Manager for Internal Audit, on May 16, 2013, after being written on March 28, 2013, after months of asking without response;

Observations and questions;

I asked for all the years handling of the money, which goes back farther than what was looked at by Len Lucas, Internal Audit Director.

I spoke with Chris Wilson, Parks and Recreation Director, and he didn't know anything about it, as the letter above says "No Response Required".

Of the $200,000 mentioned above, DGI receives a "management and Overhead Expense" of $27,150.

How many other Greensboro parks pay kickbacks to DGI?

What have been the "extraordinary expenses"

How long has Action Greensboro been receiving the money?

What were the expenditures tested for?

If FY 2012/13 expenditures have so far only covered about half of the $150,000 allocated through March, and the fiscal year ends at the end of June, how much is expected to be returned to the city, and how much was/should have been returned in earlier years?

I have asked for a meeting with Chris Wilson, Len Lucas, Mary Vigue and Action Greensboro's April Harris to flesh this information out.

I have not received a response.

The City of Greensboro's 457 Retirement Plan, Its Stable Value Fund, and How to give City Employees a Raise

As of December 31, 2012, there was $79,494,486.39 invested by the City of Greensboro's employees in their 457 retirement plan;

457 plans are similar to 401(k) and 403(b) retirement savings plans.

A 457 plan is a non-qualified tax advantaged deferred-compensation retirement plan for the City of Greensboro's employees. 

Greensboro's government provides the plan and employees defer compensation into it on a pre-tax basis.

At first glance, Greensboro's 457 looks like it's paying an annual fee of $143,291.72;

But 49% of the plan is invested in the VantageTrust Plus Fund, otherwise known as a Stable Value Fund;

The VantageTrust Plus Fund's Objective;

The expense ratio for the VantageTrust Plus Fund is in addition to the $89,168.05 above.

I met with City of Greensboro staff Friday to go through this information. It is not their fault that they did not know this.  It is my industry's fault for not telling the people in charge of doing right by their employees fault for not telling them about what they should have known but didn't.

As can be seen below, and semi-confirmed by city staff, the VantageTrust Plus Fund charges .81% on top of $89,168.05 charged above.

38,800,959.85 x .0081 =  $314,287.77

All the other funds in the plan also have underlying expenses, like the VantageTrust Plus Fund, some of which get kicked back to the retirement plan provider.

The returns about "assumes a 0.55% management fee, which "an Employer may negotiate"

The City of Greensboro's Plan sounds like they're paying 0.81%, plus $89,168.05.

$89,168.05 + $314,287.77 = $403,455.82 for 49% of the plan, meaning ICMA actually looks like it's making about 1.04% on just their Stable Value Fund, not counting any of the other funds in the plan.

The following is from the agreement between ICMA and the city;



This is what legal kickbacks sounds like that are not included on fund fee disclosure disclaimers;

In a nutshell, the above wording means ICMA makes money on the back end through City of Greensboro employee funds that were very poorly disclosed to the city's employees by ICMA.

What big print can give, fine print can take away.

If the fees are negotiable, and city staff negotiates the VantageTrust Plus Stable Value Fund down to 0.25% instead of 0.81%;

0.56% x  38,800,959.85 = a $217,285.38 raise per year for City of Greensboro employees invested in the city's ICMA 457 Retirement Plan's VantageTrust Plus Fund.

Again, the likelihood for Greensboro city staff to have known about this issue is relatively small, because my industry has been misleading retirement plan sponsors for decades on how fees are accumulated by brokers and providers.

At an average return of 3% per year, $217,285.38 turns into about $10,647,565.55 after 30 years, meaning lowering the actual fees charged for about half of the City of Greensboro's 457 plan and compounding could put about $10,647,565.55 more into the pockets of taxpayer funded employees, which is essentially giving them a raise.

The US Federal Government's Thrift Savings Program Fund Comparison Matrix; Average Fund Expense Ratio = 0.03%

http://hartzman.blogspot.com/2014/06/the-us-federal-governments-thrift.html

Some ICMA-RC 457 Plan Fee Disclosure from some different local Municipalities

http://hartzman.blogspot.com/2014/07/some-icma-rc-457-plan-fee-disclosure.html

The City of Greensboro's 457 Retirement Plan, Its Stable Value Fund, and How to give City Employees a Raise

http://hartzman.blogspot.com/2013/05/the-city-of-greensboros-457-retirement.html

National Association of Counties Nationwide Insurance provided 457 Plan Fee Disclosure for a North Carolina Municipality

http://hartzman.blogspot.com/2014/07/national-association-of-counties.html

On fees for ICMA-RC's VantageTrust PLUS Fund charged to the City of Greensboro

http://hartzman.blogspot.com/2014/07/on-fees-for-icma-rcs-vantagetrust-plus.html

A Few Observations on Share Classes and Wells Fargo Stable Return Fund

http://hartzman.blogspot.com/2014/06/a-couple-of-observations-on-share.html

On the State of North Carolina's 401k plan Stable Value Fund; Could be a $4,844,452.19 annual increase for North Carolina's employees

http://hartzman.blogspot.com/2014/06/on-state-of-north-carolinas-401k-plan.html

City of Greensboro 457 Plan Proposal;

http://hartzman.blogspot.com/2013/06/city-of-greensboro-457-plan-proposal.html

Stable Value Fund Expenses; ICMA-RC VT PLUS Fund - 1.38%


http://hartzman.blogspot.com/2014/07/stable-value-fund-expenses-icma-rc-vt.html

TREBIC 2009 City Council Candidate Questions: How is this not illegal lobbying/political activity?

How to "lift" a news story from a local blogger, by the News and Record's Amanda Lehmert and Jeff Gauger

From 4/8/13; So I'm at a budget meeting this past Saturday with Diane Bellamy Small and Denise Turner Roth...

On the 2012 Greensboro & Guilford County Real Estate Tax Revaluation Assessment

Guilford's unemployment rate went from about 5.5% in 2004 to about 10% in 2012, and home prices dropped during 2011.

On Tuesday, March 5, 2013, The Greensboro News & Record reported “A record number of Guilford County property owners are appealing their 2012 tax revaluations at the state level… after being rejected by the Guilford County Board of Equalization and Review”, and “this year’s number is nearly five times that of the 2004 revaluation”

The City of Greensboro’s property taxes are based on Guilford County’s valuation.

This information can be verified by Tax Director Ben Chavis at 641-3379, or bchavis@co.guilford.nc.us.  The Rhino's Scott Yost, the News & Record's Amanda Lehmert, Joe Killian and Jeff Gauger failed to interview the expert who analyzed this information, and didn't investigate or report the following information to the public.

In May, 2012, Mecklenburg County moved to independently audit their 2011 real estate revaluation after numerous complaints of over-valuation. Among 52 neighborhoods with the fastest-rising values, 20 had major problems and 18 others had minor ones.

The audit found “neighborhood modifiers were often used…instead of using “influence code” adjustments such as shape, size, and topography with clearly expressed percentages for each adjustment… The use of neighborhood modifiers in this manner, results in a lack of transparency in land appraisal”, and “The mixing of influence code adjustments with neighborhood modifiers hinders an efficient review of neighborhood” and “this was a primary tool the Tax Office staff utilized to produce the values for the 2011 revaluation”, and “it is difficult to determine what individual factors were considered… Property owners cannot readily determine if nearby commercial properties also received the same base square foot rate or were adjusted for similar influences such as location or limited access."

Mecklenburg County's Tax Assessor resigned after the report revealed the department had not made on-site visits to actually see properties that were being valued.

Guilford County’s Tax Department declined to provide what data points and variable broad based assumptions (modifiers) and foreclosures were and were not included, as well as the software instructions for the 2012 revaluation.

The Greensboro News & Record’s Joe Killian 373-7000, or joe.killian@news-record.com, and the Rhino Times’ Scott Yost 273-0885, or scott@rhinotimes.net, also declined to investigate or report on the following, which correlates with the information above;

The North Carolina Department of Revenue’s “Sales Ratio” is an indicator used to access which NC counties are relatively over or under assessed for tax valuation purposes. Of the North Carolina counties that revalued in 2012, 5 had a Sales Ratio showing overvalued tax assessments as of January 1, 2011.

Those I spoke with who sell real estate valuation software, revealed some tax director’s interpretations of revaluation laws vary widely, and that all counties don’t incorporate the same information for assessments, meaning results may vary and can be massaged.

Guilford was the only North Carolina County in 2012 whose real estate values were supposed to fall by the state’s metric that didn’t, as 72% of the other counties fell more than the Sales Ratio indicated. Of the three counties that went higher, the other two were at the extreme opposites of the valuation metric.

Guilford County’s 2012-13 pre-real estate revaluation proposed budget including a 9.5 cent tax increase, but instead of falling about 3.72% or more as the 1/1/11 Sales Ratio and housing data from 2011 suggested, Guilford County’s values rose and tax rates decreased to the benefit of political incumbents.

In August 2012, Guilford County's Commissioners voted to give Guilford County employees a $250 bonus and 40 hours of extra paid time off.

In March 2012 before announcing her retirement, Guilford County Manager Brenda Jones Fox created a temporary bonus for county employees, only for those retiring with more than 30 years of service within a certain time period. When Fox announced her retirement, she stood to receive another $44,500, until the Rhino Times’ Scott Yost reported the story.

Mrs. Fox was not fired.

Please support Greensboro and Guilford County investigating the 2012 revaluation process and redo the next tax revaluation in 2016 instead of 2020, and encourage our local news industry to report these results.