Tax exempt bonds Coursework Example | Topics and Well Written Essays - 750 words

Tax exempt bonds - Coursework Example Access to capital is critical to keep facilities current, add major information technology systems and strengthen quality initiatives .Debt financing is a major source of capital for health care organizations. Cost of capital is a major determinant of the type of debt financing. Bond issuing is one option of debt finance that health care organization can use to finance their projects. For financial and capital planning to be effective, hospital leaders, including chief executive officers, chief financial officers and board members, must be aware of the changing conditions of the capital markets and the types of capital available. The types of debt financing include tax-exempt and taxable bond offerings and such nontraditional debt offering as off-balance sheet options and participating bond transactions. A sound financial plan should include maintaining a strong equity portfolio and managing debt to minimize cost and maximize access to capital. The following steps allow hospitals to effectively incorporate debt financing as a component of their strategic and financial planning process. 1.   Building a financing team:   Building a knowledgeable financing team is the primary responsibility of the CFO. The team should be responsive to variations in the financial market including changes in interest rates, regulatory requirements and ratings activity, among other things. The team should include members from outside the organization, such as legal counsel, underwriters, auditors, financial advisers, bond issuers and bond trustees. 2.   Active management of debt and equity portfolios:      Hospital financial leaders must actively manage debt and equity portfolios to account for changes in the financial markets and the organization’s financial performance. Senior leaders and the board should be kept abreast of the organization’s financial performance, including the organization’s capital outlook. 3.   Evaluate debt capacity:  Ã‚   De bt capacity is the amount of debt an organization is able to sustain within its credit rating profile. The ability to incur debt is a sign of an organization’s financial strength. Determining debt capacity will help organizations strategically allocate capital and also help calculate how much capital they need to obtain from other sources. 4.   Determine the appropriate mix of debt and equity financing:  Ã‚   Determining the appropriate mix of debt and equity financing is a complex process which is accomplished, in part, by assessing the organization’s debt capacity, the level of risk the organization is willing and able to accept and rating agency benchmarks. Financial leaders must determine the appropriate mix of equity and debt financing, including the appropriate mix of traditional and nontraditional debt, to secure the maximum amount of capital at the most favorable rates. 5.   Calculate the appropriate rate mix for debt:      Calculating the appropriate mix of fixed rates and variable rates is an important component of a hospital’s strategic financial plan. The appropriate mix is influenced by the organization’s bond ratings, availability of free cash and bond insurance, interest rates and willingness to accept risk. Fixed-rate debt is secure and becomes part of an organization’s capital structure until it matures. Variable rates are historically lower than fixed rates, resulting in savings to the organization, but carry no guarantee over time. Variable-rate debt is subject to changes in interest rates, regulatory activity and an organization’s credit rating. 6.   Diversify variable-rate debt:      Variable-rate debt can take different forms. They include variable-rate demand bonds and insured and uninsured auction rate securities,

The role of a dissertation committee Essay Example | Topics and Well Written Essays - 750 words

The role of a dissertation committee - Essay Example Indeed, the dissertation committee "has several critical functions" (Studies, 2006) which is why the committee members are selected with tremendous caution. While the committee initially may serve as an invaluable resource to the candidate during the formulation, research and writing phases of the dissertation, they also provide important feedback, guidance and maintain that the efforts of the candidate are properly guided. Furthermore the committee is responsible for conducting a formal defense of the dissertation proposal before the student proceeds further. (Studies, 2006) The chair is responsible for ultimately guiding the doctoral candidate into creating a piece that is original and a worthy contribution to their field. The dissertation committee additionally serves the graduate school and the faculty of the graduate school.. This is done by providing the perspective of one who is not a specialist on the quality of the dissertation. Thus it cannot be said that the committee mere ly assists and represents the student. Their role must not and should not be minimalized as the court in Johnson did.. Note that the judge does not take a position on whether Yale owes a fiduciary duty to Johnson, but allows him to attempt to demonstrate this duty in court. What aspects of the relationship between a graduate student and her faculty advisors might create a fiduciary relationship How does this relationship differ from that of the attorney/client or trustee/beneficiary relationship It is easy to see a fiduciary relationship based upon the supervisory relation between the student and the dissertation board. What is lacking, however and unlike the attorney/client and trustee/beneficiary relationship is the actual payment of fees for that professionals services. A university is paid for the education, but the dissertation committee is not paid directly. I think that there is a somewhat different relationship. Honestly, the answer lies in what the court of a particular jurisdiction defines as a "fiduciary duty. Internet surfing indicates that fiduciary duty is defined as the trust relationship between two people but notably refers to attorneys as an example.1 While there is a relationship between the student and the dissertation committee, I do not think it rises to the level of fiduciary duty. In the CPM, read the case Grutter v. Bollinger and answer Questions 3 and 4 in at least two pages. 3.The Grutter majority opinion (like the Gratz majority opinion) applies "strict scrutiny" review to the affirmative action plan at issue. Why does strict scrutiny review apply here What are the components of strict scrutiny review The dissenting Justices also agree that strict scrutiny review applies, but they disagree with the way in which the majority applies strict scrutiny. What is the crux of this disagreement The reason why the strict scrutiny test is applied is because any issue with regards to race must have more than a mere governmental interest for the government to intervene in any matter, there must be a strong basis and not simply opinion but actual evidence to go with it. These are the components of strict scrutiny review. The reason for the splintering of the Justices, I believe, was best said by Justice Powell, who was careful to emphasize that in his view race "is only one element in a range of factors a university properly may consider in attaining the goal of a heterogeneous student