Any questions related to testing the security of your remote infrastructure, feel free to reach out to HORNE LLP's Director of Network Security, Brad Pierce, at 901.372.5816 or brad.pierce@hornecyber.com." target="_blank">Testing the Security of your Remote Infrastructure

There is a lot of uncertainty around where we are headed, both individually and corporately, as we watch, for most of us, one of the [...]

By |2020-04-02T21:54:22+00:00April 2nd, 2020|CICPAC, Member News, Resources|

ealvarez@hcoadvisors.com. [fusion_button link="https://www.hcoadvisors.com/" text_transform="" title="" target="_self" link_attributes="" alignment="" modal="" hide_on_mobile="small-visibility,medium-visibility,large-visibility" class="" id="" color="default" button_gradient_top_color="" button_gradient_bottom_color="" button_gradient_top_color_hover="" button_gradient_bottom_color_hover="" accent_color="" accent_hover_color="" type="" bevel_color="" border_width="" border_radius="" border_color="" border_hover_color="" size="" stretch="default" icon="" icon_position="left" icon_divider="no" animation_type="" animation_direction="left" animation_speed="0.3" animation_offset=""]Visit H&Co's Website[/fusion_button][/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]" target="_blank">E.F. Alvarez Merges with H&Co. Advisors

EFA, CPAs (Miami, FL), led by long-time CICPAC member and industry leader Emilio Alvarez, has announced it's late 2019 merger with H&Co. Global Advisors. [...]

By |2020-01-29T22:42:07+00:00February 2nd, 2020|Announcements, CICPAC, Member News|

We are excited to welcome, Jennifer Miloszewski, CPA, Director with Blue & Co. (Lexington, KY) to the CICPAC family.

Blue is a Top 60 CPA firm in the US, with 450+ employees and 10 offices in three states! Their construction practice serves more than 400 privately-held companies. They are actively involved in ABC, AGC, CFMA and other state organizations, as well as Surety associations in KY, IN and OH.

The company's clients include:

[/fusion_text][fusion_builder_row_inner][fusion_builder_column_inner type="1_2" spacing="" center_content="no" hover_type="none" link="" target="_self" min_height="" hide_on_mobile="small-visibility,medium-visibility,large-visibility" class="" id="" border_size="0" border_color="" border_style="solid" border_position="all" border_radius="" box_shadow="no" dimension_box_shadow="" box_shadow_blur="0" box_shadow_spread="0" box_shadow_color="" box_shadow_style="" padding="" dimension_margin="" background_type="single" background_color="" gradient_start_color="" gradient_end_color="" gradient_start_position="0" gradient_end_position="100" gradient_type="linear" radial_direction="center" linear_angle="180" background_image="" background_position="left top" background_repeat="no-repeat" background_blend_mode="none" animation_type="" animation_direction="left" animation_speed="0.3" animation_offset="" filter_type="regular" filter_hue="0" filter_saturation="100" filter_brightness="100" filter_contrast="100" filter_invert="0" filter_sepia="0" filter_opacity="100" filter_blur="0" filter_hue_hover="0" filter_saturation_hover="100" filter_brightness_hover="100" filter_contrast_hover="100" filter_invert_hover="0" filter_sepia_hover="0" filter_opacity_hover="100" filter_blur_hover="0" last="no"][fusion_checklist icon="" iconcolor="" circle="" circlecolor="" size="" divider="" divider_color="" hide_on_mobile="small-visibility,medium-visibility,large-visibility" class="" id=""][fusion_li_item icon=""]

Commercial, institutional, and industrial building construction

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Drywall and insulation contractors

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Electrical contractors

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General contractors and specialty subcontractors

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Heavy and civil engineering construction

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Highway, street, and bridge construction

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Residential housing construction and remodeling

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Masonry contractors

[/fusion_li_item][/fusion_checklist][/fusion_builder_column_inner][fusion_builder_column_inner type="1_2" spacing="" center_content="no" hover_type="none" link="" target="_self" min_height="" hide_on_mobile="small-visibility,medium-visibility,large-visibility" class="" id="" border_size="0" border_color="" border_style="solid" border_position="all" border_radius="" box_shadow="no" dimension_box_shadow="" box_shadow_blur="0" box_shadow_spread="0" box_shadow_color="" box_shadow_style="" padding="" dimension_margin="" background_type="single" background_color="" gradient_start_color="" gradient_end_color="" gradient_start_position="0" gradient_end_position="100" gradient_type="linear" radial_direction="center" linear_angle="180" background_image="" background_position="left top" background_repeat="no-repeat" background_blend_mode="none" animation_type="" animation_direction="left" animation_speed="0.3" animation_offset="" filter_type="regular" filter_hue="0" filter_saturation="100" filter_brightness="100" filter_contrast="100" filter_invert="0" filter_sepia="0" filter_opacity="100" filter_blur="0" filter_hue_hover="0" filter_saturation_hover="100" filter_brightness_hover="100" filter_contrast_hover="100" filter_invert_hover="0" filter_sepia_hover="0" filter_opacity_hover="100" filter_blur_hover="0" last="no"][fusion_checklist icon="" iconcolor="" circle="" circlecolor="" size="" divider="" divider_color="" hide_on_mobile="small-visibility,medium-visibility,large-visibility" class="" id=""][fusion_li_item icon=""]

Plumbing, heating, and air conditioning contractors

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Poured concrete foundation and structure contractors

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Real estate companies and developers

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Roofing contractors

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Site preparation contractors

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Structural steel and precast concrete contractors

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Water and sewer line construction

[/fusion_li_item][/fusion_checklist][/fusion_builder_column_inner][/fusion_builder_row_inner][fusion_button link="https://www.blueandco.com/industries/construction/" text_transform="" title="" target="_self" link_attributes="" alignment="" modal="" hide_on_mobile="small-visibility,medium-visibility,large-visibility" class="" id="" color="default" button_gradient_top_color="" button_gradient_bottom_color="" button_gradient_top_color_hover="" button_gradient_bottom_color_hover="" accent_color="" accent_hover_color="" type="" bevel_color="" border_width="" border_radius="" border_color="" border_hover_color="" size="" stretch="default" icon="" icon_position="left" icon_divider="no" animation_type="" animation_direction="left" animation_speed="0.3" animation_offset=""]Learn More about Blue[/fusion_button][fusion_separator style_type="none" hide_on_mobile="small-visibility,medium-visibility,large-visibility" class="" id="" sep_color="" top_margin="15pt" bottom_margin="15pt" border_size="" icon="" icon_circle="" icon_circle_color="" width="" alignment="center" /][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]" target="_blank">Blue and Co. (Lexington, KY) Joins CICPAC

We are excited to welcome, Jennifer Miloszewski, CPA, Director with Blue & Co. (Lexington, KY) to the CICPAC family.Blue is a Top 60 CPA [...]

By |2020-01-29T21:20:50+00:00January 29th, 2020|Announcements, CICPAC, Member News|

Reproduced with permission from our Associate Member, Beneco Retirement plan fees are complicated. Between administration, investment management, recordkeeping, consulting, revenue sharing, sub-TA and 12b-1, it isn’t always clear to plan participants or plan sponsors exactly what they’re paying, how much they’re paying or even who’s paying the fees. ERISA Section 408(b)(2) states that plan fiduciaries have to determine whether the agreements and compensation of service providers are “reasonable.” The rule requires service providers to supply plans with disclosures to help them determine if fees are “reasonable.” Beneco helps fiduciaries with this complicated determination by identifying:
  • All of the total plan cost components
  • The various primary drivers of retirement plan pricing
  • The role of revenue sharing

Cost Components

The three main components are administrative fees, investment fees and plan consulting fees. Administrative and plan consulting fees may be paid by the plan sponsor or the participant. Investment fees are always paid by participants and deducted from plan assets.

Primary Pricing Drivers

Several key factors can impact plan pricing. The larger the plan in terms of assets, the lower the plan sponsor out-of-pocket (per participant) costs. Other factors to consider include:
  • Number of plan participants
  • Average account balance
  • Service requirements
  • Plan design features

Revenue Sharing

Revenue sharing includes payments made by investment managers to service providers or plan consultants for a portion of the revenue generated from the management of a particular fund or funds. Historically, such allowance may or may not be known to a plan sponsor. Regardless, it’s imperative that plan sponsors with fiduciary oversight of their organization’s retirement plan understand the distribution systems that most investment management organizations use and how they share revenue. The most common forms of revenue sharing can include 12b-1 fees, shareholder servicing fees and sub-transfer agent (sub-TA) fees. In some instances, a portion of the investment management fee for proprietary funds may include some revenue sharing. The diagram below illustrates potential fund expenses.

Fiduciary Best Practices

Best practices dictate that plan fiduciaries must go through a prudent, comprehensive and measurable process of monitoring and documentation to ensure that only reasonable fees are being paid. This process includes:
  • Working with an experienced consultant who understands retirement plan fee components
  • Disclosing and documenting all fees from retirement plan service providers
  • Benchmarking fees annually for due diligence purposes
  • In-depth, live-bid benchmarking of fees, services and investments against alternative providers every three years to ensure competitive reasonableness
[/fusion_text][fusion_button link="https://www.beneco.com" text_transform="" title="" target="_self" link_attributes="" alignment="" modal="" hide_on_mobile="small-visibility,medium-visibility,large-visibility" class="" id="" color="default" button_gradient_top_color="" button_gradient_bottom_color="" button_gradient_top_color_hover="" button_gradient_bottom_color_hover="" accent_color="" accent_hover_color="" type="" bevel_color="" border_width="" size="" stretch="default" shape="" icon="" icon_position="left" icon_divider="no" animation_type="" animation_direction="left" animation_speed="0.3" animation_offset=""]Learn More about Beneco[/fusion_button][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]" target="_blank">Understanding Retirement Plan Fees

Reproduced with permission from our Associate Member, Beneco Retirement plan fees are complicated. Between administration, investment management, recordkeeping, consulting, revenue sharing, sub-TA and 12b-1, [...]

By |2020-01-21T18:16:52+00:00April 12th, 2019|AM Whitepaper, CICPAC, Construction, Member News, Resources|

Marcum Releases 2018 JOLTS Analysis Report

CICPAC member firm, Marcum (locations serving Deerfield Illinois, Nashville Tennessee, New Haven Connecticut and Irvine California) releases 2018 JOLTS Analysis report. Marcum is pleased to [...]

By |2019-05-23T16:20:58+00:00March 13th, 2019|Announcements, CICPAC, Construction, Member News, Resources|

Read the full article here or for additional information, email Mike or (832) 742-2411." target="_blank">Mike Karlins Published in Construction Accounting and Taxation Magazine

Mike Karlins, Partner with Calvetti Ferguson (The Woodlands, TX), was published in the Construction Accounting and Taxation magazine's January/February 2019 edition. His article focusing on [...]

By |2019-07-26T16:24:35+00:00March 7th, 2019|CICPAC, Construction, Member News, Rev Rec|

Carl Oliveri, Grassi & Co. (Long Island, NY) – President
  • Kent Thomas, KatzAbosch (Timonium, MD) – Vice President
  • Mike Karlins, CalvettiFerguson (The Woodlands, TX) – Secretary / Treasurer
  • Jacquelyn Daenen, Daenen Henderson & Co. (Alexandria, LA) – Immediate Past President
  •   Additionally, the board elected the following At Large Directors:      

    About CICPAC

    With vast knowledge, respectable histories and high quality financial and consulting service teams, exclusive CICPAC members are the CPAs Who Know Construction. CICPAC brings together 75+ accounting firms who serve over 11,000 construction companies. Membership is territorially exclusive and members must demonstrate proficiency in the construction industry to be eligible. Additionally, the accounting firm must maintain a solid reputation for providing the highest quality work products and integrity in the industry." target="_blank">New CICPAC Board of Directors and Officers for 2018-2019

    FOR IMMEDIATE RELEASE: August 7, 2018 Chicago, IL (effective July 18, 2018)  – The CICPAC Board of Directors (Construction Industry CPAs and Consultants Association), a [...]

    By |2019-02-08T23:20:36+00:00August 7th, 2018|CICPAC, Member News|
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