Somerset Construction & A/E Team News
And
the Survey Says!
Our 2009 Indiana
Construction Industry Financial Performance and Salary & Benefits Survey,
based on 2008 financial results, is complete. Responses indicate Indiana
contractors maintained strong financial performance in areas including gross
and net profit, working capital, debt-to-equity, equity and cash flow. The
economic recession and the trailing force on the construction community had
not yet had much impact on local contractors in 2008. One indicator for most
survey categories that a challenging environment was evident can be found in
months in backlog. Not surprising the three biggest concerns identified were
health care costs, sources of future work and federal tax legislation. Since
December 2008, the economy has changed dramatically. Less work, more
competition, reduced margins and slower pay has created the most challenging
construction environment in years. Many contractors have diversified into
new markets, cut expenditures, laid off personnel and/or reduced salaries
and benefits. For a brief snapshot of our results,
click here.
For more information on this
survey or to meet with us to review the full results, please
contact us.
Congratulations. Jay Feller was recently named Treasurer of the Electric League of Indianapolis. Steve George was listed as Indianapolis 2009 Five Star Wealth Manager in Accounting that was recently published in Indianapolis Monthly. Pat Early, Valerie Brennan, Susan Naus and Roy Rice of Somerset were also on the list this year.
Conferences and Speaking Engagements. On October 21, Somerset is sponsoring the ACEC Indiana Energy Forum, which is being held at the Sheraton Indianapolis and is featuring Lt. Gov. Becky Skillman as the luncheon speaker. Visit ACEC Indiana's web site for more details and to register. Somerset will be exhibiting at the Axium User Conference in Portland from October 22 to 24. Ken Hedlund, Chris Mayfield and Jason Leveson will be presenting sessions at the conference, including "Financial Power Tools to Survive the Downturn," "Overhead and FAR Rules" and "Calculating and Understanding Financial Ratios." For more information and registration, visit Axium's web site. On November 17, Ken Hedlund will present "Surviving the Downturn for Contractors and & Performance Based Incentive Compensation Plans" at the ASHRAE meeting in Ft. Wayne. On November 19, Steve George will be presenting at the Indiana Construction Association's annual conference.
Tell
Us How We Are Doing and You May Win Pacers Tickets. If you are a Somerset client,
please take our Client Satisfaction Survey by
October 15, and you will be entered into our drawing for a pair of tickets
to the Pacers vs. Miami on Friday, October 30. Or take the survey by
November 15 to be entered into our drawing for tickets to the Pacers vs.
Dallas on Friday, November 27.
Take
our
survey now.
Somerset
Practical MBA Program--Attend in Person or Via Webinar. Our
popular MBA program is scheduled through 2010. The next session is on October
28, 2009, when Michael Fritton will present "Four Ways to Grow Your
Business." Ken Hedlund will present
"Customer/Product/Service Profitability and Cost-Volume-Profit Analysis" on
November 18, 2009. Click the image to the left see the full
schedule and details. Please join us
in person or via webinar.
Work-In-Process is provided by
Somerset for our clients and other interested persons upon request.
Since technical information is presented in generalized fashion, no
final conclusion on these topics should be made without further review.
For additional information on the issues discussed,
please contact
Ken
Hedlund,
Jay Feller,
Steve George,
Chris
Mayfield or
Rebecca Ogle
of our
Construction & A/E Team.
This document is not intended or written to be used, and cannot be used,
for the purpose of avoiding tax penalties that may be imposed on the
taxpayer.
Somerset CPAs,
P.C.
3925 River Crossing Parkway, Third Floor
Indianapolis, Indiana 46240
317.472.2200 • 800.469.7206 • FAX 317.208.1200
www.IndianaConstructionCPAs.com
info@somersetcpas.com
