• Financial Management

    Report finds poor financial management at Kentucky State

    FRANKFORT, Ky. (AP) — A report by Kentucky’s Council on Postsecondary Education has found that poor financial management by Kentucky State University leadership in recent years has resulted in significant financial losses, Gov. Andy Beshear said Friday. The report also recommended that the institution receive $23 million in special appropriations from the state budget to cover current budget shortfalls. The Democratic governor ordered the review of Kentucky’s only public historically Black university after the university’s president resigned in August. The university is currently under state oversight. “When I heard about KSU’s financial situation, I asked for a full, independent and  

    Comments Off on Report finds poor financial management at Kentucky State
  • Vehicle Insurance

    Auto Insurance Claim Satisfaction Rises on Combination of Soaring Vehicle Values and Growth of Straight-Through-Processing Claims Management, J.D. Power Finds

    Increased Vehicle Complexity Introduces New Challenges: Claims for Vehicles with Advanced Driver-Assistance Systems (ADAS) 13.5% Higher on Average TROY, Mich., October 28, 2021–(BUSINESS WIRE)–The nationwide surge in used vehicle prices has given an unexpected boost to auto insurance customers who experience a total loss—their vehicles might be worth more than they thought. This phenomenon of higher replacement values, combined with advancements in straight-through-processing (STP), has driven customer satisfaction with auto insurance claims to a record high in the J.D. Power 2021 U.S. Auto Claims Satisfaction Study,℠ released today. Despite these gains, however, the industry is facing new  

    Comments Off on Auto Insurance Claim Satisfaction Rises on Combination of Soaring Vehicle Values and Growth of Straight-Through-Processing Claims Management, J.D. Power Finds
  • Finance

    Most ethnic minority finance workers suffer discrimination, finds UK report | Financial sector

    Two in three UK finance workers from black and minority ethnic backgrounds have suffered discrimination in the workplace, according to an industry survey revealing shortfalls in the City of London’s diversity agenda. The findings from reboot. – a network of senior professionals drawn from some of the City’s biggest firms, including fund managers Legal & General and State Street – said the industry was failing to back up diversity pledges with concrete action. According to the group’s Race to Equality report, which surveyed 800 employees from 440 companies with more than £1.4tn in annual revenue between them, 66% of BAME  

    Comments Off on Most ethnic minority finance workers suffer discrimination, finds UK report | Financial sector
  • Insurance

    Car insurance ‘age tax’ could impact two generations, study finds

    Baby Boomers and Gen Zers pay a higher – and possibly unjustified – average monthly car insurance premium, in part because of supposed “age tax,” according to a new study. (iStock) Baby Boomers and Gen Zers pay a higher – and possibly unjustified – average monthly car insurance premium, in part because of supposed “age tax,” according to a study conducted by car insurance shopping app Jerry.  The study found that Gen Z drivers in 17 states across the U.S. pay higher auto insurance rates than millennials, despite having equal or fewer driving violations. “The car insurance  

    Comments Off on Car insurance ‘age tax’ could impact two generations, study finds
  • Financial Management

    OIG finds weaknesses in VA’s financial management systems

    Best listening experience is on Chrome, Firefox or Safari. Subscribe to Federal Drive’s daily audio interviews on Apple Podcasts or PodcastOne. Congress provided the Department of Veterans Affairs with nearly $20 billion to take on COVID-19. The money came with the requirement to account for it. Now VA’s Office of Inspector General has found that the department worked hard to document its handling of the money. But weaknesses in VA’s financial management systems raise questions. For more, VA’s deputy assistant inspector general Nick Dahl spoke to Federal Drive with Tom Temin. Tom Temin: Congress provided the Veterans  

    Comments Off on OIG finds weaknesses in VA’s financial management systems
  • Financial Analysis

    Analysis finds $8.1 billion gap in New Mexico bonding requirements, clean up costs for oil and gas

    Oil and gas infrastructure could leave the state with a hefty price tag for cleanup  if companies go bankrupt, according to a new analysis completed by the Center for Applied Research. The analysis found an $8.18 billion difference between the bonds for the infrastructure in the state and the cost of cleaning up the sites. Companies issue bonds to provide financial assurance that the sites will be cleaned up in case of bankruptcy. The Center for Applied Research is an economic consulting firm that focuses on “resource valuation and market analysis pertaining to tribal lands and state trust lands,” Chad  

    Comments Off on Analysis finds $8.1 billion gap in New Mexico bonding requirements, clean up costs for oil and gas
  • Business Accounting

    Managing employee turnover and workload at auditing firms key to maintaining quality, FSU researcher finds

    Nate Newton, assistant professor of accounting in the College of Business Heavy workloads and high employee turnover are simply part of business for most auditing firms — but successfully managing these dynamics is key to maintaining quality audits, a Florida State University researcher has found.  Nate Newton, assistant professor of accounting in the College of Business, studied one of the top global accounting firms, investigating two key elements of audit teams: workloads and staffing continuity. Using internal data provided by the firm, Newton and his coauthors, Brant Christensen of the University of Oklahoma and Mike Wilkins of the  

    Comments Off on Managing employee turnover and workload at auditing firms key to maintaining quality, FSU researcher finds
  • Home Insurance

    Study finds that Floridians are underpaying for flood insurance

    MIAMI — If you live in Florida, you should probably be paying more for flood insurance. And you likely will be soon. That first finding is the conclusion of a new analysis by First Street Foundation, a nonprofit research group focused on climate impacts on property value, which found that the majority of Floridians face a higher flood risk than their insurance costs would indicate. The second prediction comes because the National Flood Insurance Program is rolling out a new way of pricing flood insurance later this year. Experts expect it will lead to higher rates for homeowners in flood-prone  

    Comments Off on Study finds that Floridians are underpaying for flood insurance