Business & Finance 2015

The Daily Nonpareil

Sunday, January 18, 2015

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TAXING SITUATION

CPAs provide knowledge, experience during tax time

BY John Schreier

jschreier@nonpareilonline.com

A

s the calendar turns from 2014 to 2015, tax season awakens from its long slumber.

And this year’s edition features a pair of new regulations, at least one of which will have an impact on anyone – whether filing taxes as an individual or as a company.

The most notable change to the income tax form will be the requirement to designate if the taxpayer had health insurance throughout the year, as mandated by the Affordable Care Act. Those are new waters for both taxpayers and accountants, said Francis Clark, a CPA and shareholder at Dickinson & Clark, who noted many people could be liable to pay more than the $95 fine because of income.

“We might be surprised because health insurance has become so expensive some people can’t afford it,” Clark said.

“This is a whole new territory for us.”

Paul Hamilton, president of Hamilton Associates, echoed Clark’s sentiments.

“It’s going to be a crapshoot,” he said.

For those who own businesses or real estate, a new document – Form 3115, or an application for change in accounting method – will provide more concrete guidelines for what can be depreciated and what can be expensed, according to Eric Hamilton, a manager at Hamilton Associates.

The new file will also be helpful if a business owner were to get audited, he added.

And despite budget cuts at the Internal Revenue Service, the federal government has increased mail audits by as much as 300 percent, Clark said.

“The IRS has gotten very good, through a computerized process, at identifying things that may not be reported,” he said.

The word “audit” is terrifying to most taxpayers. But the Hamiltons said the IRS, particularly in light of continued cuts, rarely digs through – Eric Hamilton, entire taxes for a mistake Manager, or two.

Hamilton Associates “A lot of clients receive that letter and think they’re being audited,” Eric Hamilton said, “but it’s just their numbers and your numbers don’t match up.”

Most audits focus on higher-income earners who file more complex returns, they said.

Clark agreed, noting the system flags tax returns that feature an inordinate amount of deductions and exemptions.

“The IRS might question: Where are you getting the money for these deductions?” he said. “That might trigger an audit.”

‘It’s one thing to prepare taxes. We all have to do it.

But it’s another thing to be better prepared to help minimize what you pay.’

continued on page 2F

COMMUNITY RELATIONS

GOOD NEIGHBORS

BIT OF EVERYTHING

CHRISTIAN PERSPECTIVE

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Local State Farm agents help people prepare, recover

A century of service for American National Bank

Advisor Carlon adds values to investments

PAGE 3F

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PAGE 5F

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BUSINESS & FINANCE

2F Sunday, January 18, 2015

The Daily Nonpareil

Why US inflation stays ultra-low while job growth is surging WASHINGTON (AP) – This isn’t explained in Econ 101.

Month after month, U.S. hiring keeps rising, and unemployment keeps falling.

Eventually, pay and inflation are supposed to start surging in response.

They’re not happening.

Last month, employers added a healthy 252,000 jobs – ending the best year of hiring since 1999 – and the unemployment rate sank to 5.6 percent from 5.8 percent. Yet inflation isn’t managing to reach even the Federal Reserve’s 2 percent target rate. And paychecks are barely budging. In December, average hourly pay actually fell.

Economists are struggling to explain the phenomenon.

“I can’t find a plausible empirical or theoretical explanation for why hourly wages would drop when for nine months we’ve been adding jobs at a robust pace,” said Patrick O’Keefe, chief economist at consulting firm CohnReznick.

Normally, with unemployment this low, the Fed would raise its benchmark interest rate to prevent inflation from spiking and the economy from overheating. Not this time.

Though the Fed’s record-low rates have helped support the economy since the 2008 financial crisis, those low rates haven’t met their other goal of raising wages and inflation to normal levels.

As long as inflation stays consistently below its target, the Fed might feel pressure to delay a rate increase beyond midyear, when most economists have predicted a hike.

Thanks in part to plunging oil prices, many economists now envision even less inflation this year than in 2014.

When the U.S. economy last enjoyed a similar hiring binge, in 1999, average wages climbed 3.6 percent, compared with 1.6 percent last year, according to the government.

So what explains consistently solid job growth without inflation? Here are four crucial factors: RECESSION’S LINGERING DAMAGE Though the unemployment rate is back to a nearly healthy level, many other measures of the job market remain subpar.

There are still 6.8 million people working part time who can’t find full-time jobs, up from 4.1 million before the recession. Each of those workers potentially competes with the unemployed for full-time work, thereby holding down wages.

And there are 2.3 million people who have recently stopped looking for work, some of them because they grew discouraged about their prospects. Others chose to return to school or to care for relatives. That’s up from 1.3 million before the recession.

And a broader gauge of unemployment, which includes the officially unemployed as well as involuntary part-time workers and those who’ve stopped looking, is 11.1 percent. That figure has improved since the recession, but not as much as the official unemployment rate has.

Jennifer Durham, a vice president at the 800-fast-food restaurant chain Checkers, says it plans to add 50 to 60 restaurants this year. Each should employ 25 to 30 people.

But Checkers hasn’t faced much pressure to raise wages for hourly workers. “There’s no shortage of applicants,” Durham said.

The end of long-term unem-

Staff photos/John Schreier

AP

Francis Clark is a CPA and shareholder in Dickinson and Clark CPAs.

In this March 14, 2014, file photo, automated robots build a 2015 Chrysler 200 at the Sterling Heights Assembly Plant in Sterling Heights, Mich. What’s happened in the auto industry reveals a lot about how the economy has been transformed – and why a nearly normal 5.6 percent unemployment isn’t pushing up wages. ployment benefits, which provided up to 99 weeks of aid until they expired a year ago, may also be contributing to lower wages, said Daniel Alpert, managing director at Westwood Capital, said.

That’s because some of the unemployed have likely had to take lower-paying jobs. Retail or restaurant jobs that pay at or near minimum wage don’t provide much more spending power than unemployment benefits did, Alpert added.

That means the new jobs won’t raise inflation much if workers can’t afford to spend much more than they did when they were unemployed.

BLAME THE ROBOTS What’s happened in the auto industry reveals much about how the economy has been transformed – and why a nearly normal 5.6 percent unemployment isn’t igniting wages.

Sales of new cars last year reached 16.5 million, the best performance since 2006. But the gains have yet to restore every auto job lost to the recession – let alone expand the industry’s employment over the past eight years.

The number of autoworkers remains about 160,000 shy of pre-recession levels of more than 1 million.

The reason: Companies fear returning to the days when they had too much factory capacity. So they’re squeezing more production out of less capacity. Emerging from the recession, automakers reconfigured factory floors and added robots to produce more vehicles from fewer plants and fewer workers.

What’s more, the United Auto Workers union agreed to wage cuts in an effort to help General Motors, Ford and Chrysler. New hires started at around $16 an hour, about half of what longtime workers earn.

Roughly a quarter of Detroit’s factory workers now make the entry-level wage.

Even longtime UAW workers haven’t had an hourly pay raise since 2007, though they’ve received annual profitsharing checks equaling about $4 an hour.

Similar trends have emerged at other factories and in other industries. O’Keefe notes, for example, that retailers are selling more goods than before the recession yet still employ fewer workers.

Though hiring has picked up in higher-paying industries, in many cases, wages are still lagging. Average pay at heavy goods manufacturers rose only 0.7 percent last year, less than half the economywide average. Pay for transportation and warehousing

workers rose just 0.9 percent.

CHECK THE DEMOGRAPHICS Seen more Uber-riding, Snapchatting millennials?

Since the start of graduation season in May, employers have hired an additional 1.67 million college graduates – nearly 60 percent of all jobs added last year. In the past year, the number of 25-to34 year-olds with jobs has climbed a solid 2.5 percent.

Because so much hiring has disproportionately occurred in recent months, Wells Fargo chief economist John Silvia figures that wages might be held down because many lower-paid entry-level workers are finding jobs. Their influx cuts into average wages while simultaneously reflecting the strength of job growth.

“Given that we’ve hired so many people in the last two or three months, you’re bringing in a lot of new workers who will not be paid as well as experienced workers,” Silvia said.

Dig a bit deeper and you find other age-based pressures: The number of workers older than 55 climbed an impressive 3.4 percent last year. But those employees likely maxed out their salary potential years ago and are unlikely to enjoy sharp pay hikes. The number of employed 35-to-54-year-olds – the age group most likely to be in their peak earnings period – rose less than 1 percentage point in the past year.

GLOBAL REALITY BITES No matter how much the U.S. economy improves, American workers still face competition from billions of workers in China, India, Eastern Europe and elsewhere who weren’t part of the global economy a decade or two ago.

That most of those economies, as well as Japan and the rest of Europe, are stumbling only intensifies the competition for jobs. Weak growth overseas has lowered interest rates and inflation – and therefore tempered pay growth – in many of the United States’ competitors. That means U.S. workers face continued lowwage competition.

At the same time, the dollar’s value is rising against other currencies, thereby making U.S. goods costlier overseas. This limits the ability of U.S. workers to secure higher pay. Many U.S. companies can move operations overseas.

O’Keefe notes that this trend increasingly hurts skilled U.S. service workers. Software engineers, legal researchers and IT help desk workers all compete with lower-paid workers overseas.

Paul Hamilton, left, is president of Hamilton and Associates, while Eric Hamilton is a manager at the firm.

CPAs provide knowledge, experience during tax time continued from page 1F However, Paul Hamilton urged taxpayers not to rush out and immediately pay the full amount requested by the IRS. Instead, he said, check with the CPA or whoever prepared the taxes to look for the discrepancy – because there’s a chance the actual amount owed is somewhere in the middle.

ling in from calendar year 2014, how should taxpayers begin navigating the continuously more complicated tax system?

Both Clark and the Hamiltons suggest checking with a CPA. “When you talk about regulations the last few years, it’s pretty significant,” Clark said. “ ... Tax laws continue to get more complicated.”

He cited the 40 hours of continuing educa-

‘The IRS has gotten very good, through a computerized process, at identifying things that may not be reported.’

– Francis Clark, CPA and shareholder, Dickinson & Clark Also, as Eric Hamilton noted, phone scams from schemers claiming to be with an IRS collections agency, often pop up around tax season. They often threaten to arrest the person if a certain amount of supposedly outstanding taxes aren’t paid.

Though the IRS doesn’t initiate audits or questions over the phone, he said worried taxpayers can check with a CPA to confirm the legitimacy of any communication supposedly from the IRS. And as the W-2 and 1099 forms start trick-

Look to one of these professionals to help you with all of your tax needs.

tion CPAs are required to get each year, much of which is spent in tax schools. Many CPAs also have tax resource libraries at their offices.

And that’s before you consider the years and thousands of returns worth of experience offered by CPAs, in addition to specialized software and programs that go above and beyond online-based tax filings.

“It’s one thing to prepare taxes. We all have to do it,” Eric Hamilton said. “But it’s another thing to be better prepared to help minimize what you pay.”

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BUSINESS & FINANCE

The Daily Nonpareil

Sunday, January 18, 2015

It is easier than ever to join a credit union Metro Creative Connection

While banks have long been the place people go to securely deposit their money, a growing number of people are exploring the benefits of credit unions.

Laws require credit unions to have a defined field of membership. Although credit unions have certain requirements for membership, some consumers are finding it’s easier than ever to join a credit union.

Many people gain access to a credit union through their employers, who may have a previously established relationship with the credit union.

But there are other ways to join a credit union. Memberships at churches, fraternal organizations, specific communities, schools, and various other organizations may make certain people eligible to open an account at a credit union.

Credit unions are similar to banks, but unlike banks, credit unions are nonprofit entities. This means that any profits earned by a credit union will not be given to shareholders.

Instead, credit unions pass on profits to members in the form of lower fees and better service. In some instances, credit unions may offer dividends to members. It is very likely a person can make more interest at a credit union on certain services than they might at a bank.

In addition, credit union account holders often pay lower fees on those accounts than they would if their money was in a bank.

Credit unions are often community-based. Large banks may have branches around the globe, but many credit unions have just one or two locations.

This can be advantageous to those looking to do business directly with members of their community. However, it also makes it harder to access your money without paying certain fees, such as those you might pay when withdrawing money from an ATM not affiliated with your credit union.

Because credit unions are cornerstones of some communities, their employees may have more personalized interaction with members and be willing to go above and beyond for those members. Credit unions may have more lenient overdraft charges or be able to work with customers more readily than some banks. A credit union customer may have an easier time securing a loan if they are already a member. Credit unions also are known for lower interest rates than banks, particularly on auto loans.

Those interested in joining a credit union can visit the Credit Union National Association Web site at cuna.org to find a credit union nearby. Individuals also can talk to their employers and any other groups to which they belong to find a credit union that fits their membership criteria. As with a bank, a person will need forms of identification and a certain sum of money to deposit to secure a credit union account.

Roger Carlon, Investment Representative

29 S. Main, Suite 2 Council Bluffs, IA 51503

(402) 449-0942 www.rogercarlon.com

Member FINRA/SIPC

Staff photos/Joe Shearer

Nicole Peatrowsky, branch manager at the U.P. Connection Federal Credit Union location in Council Bluffs, poses for a portrait inside the branch at 204 S. 35th St.

COMMUNITY RELATIONS U.P. Connection Federal Credit Union keeps the money safe TIM ROHWER

TROHWER@NONPAREILONLINE.COM

It began in 1940 by offering financial services to shop employees of the Omaha-based Union Pacific Railroad.

“That’s where we got started,” said Jan Kounkel, president of the U.P. Connection Federal Credit Union.

In 1988, the railroad decided to move these employees to other cities, but the credit union decided to move in a new direction here by changing its charter and seeking new customers.

“We began signing up other companies, who offered credit union memberships,” Kounkel said. “Now, we’re open to anybody.”

Today, this credit union has 4,300 members with two area locations to serve them. One is in Omaha at 67th and Grover streets, the other is in Council Bluffs at 204 S. 35th St. “You do not have to be affiliated with the railroad in any way,” Kounkel said. “You simply have to live, work, worship or attend school in Pottawattamie County in Iowa or Douglas or Sarpy counties in Nebraska.”

Membership is also open to the families and relatives of those who qualify for membership as stated above. Eligible family members are: Immediate family members consisting of spouses, children, siblings, parents, grandparents, grandchildren, step-parents, step-children, step-siblings and adopted children. Prior to becoming a community charter credit union, UP Connection served the employees of more than 200 select employee groups and continues to have a working relationship with them. A select employee group is a business partner that secures credit union membership eligibility for its employees at no cost and without the administrative responsibility of starting up a credit union on its own. This past November, UP Connection welcomed the members of the Omaha Burlington Employees Credit Union.

Size wise, this credit union is smaller than many, but there are advantages to that, Kounkel said.

“We feel we’re small enough to offer more personal service to our customers. We’re local, and our loan decisions, for example, are made locally and generally made within the same day.”

Bank teller Haley Sidzyik, right, completes a transaction for a customer at U.P. Connection Federal Credit Union.

In many cases, loan decisions at bigger credit unions could take days because of approval by loan boards out of state, she said.

A question many people have concerns the differences between credit unions and banks.

In response, Kounkel said, “The difference is mostly in the structure. Credit unions are owned by the members we serve, the owners are our customers.”

A credit union, like a bank, is overseen by a board of directors, but the board members are all unpaid volunteers elected by the entire credit union membership. On the other hand, a bank’s Board of Directors is composed of paid individuals.

“Bank customers have no say on who is on their board of directors,” Kounkel said. “Because our board members are volunteers and credit union members, they’re geared toward what is best for the membership. The main interest of the bank’s paid board is to make more money.

We have to make money, also, but we tend to have fewer fees and the fees we have are lower than banks.”

Members of the U.P. Connection Board serve three years with elections every year for the ones whose terms are expiring.

Credit union services are just like banks, Kounkel said.

“We offer what banks offer: checking, savings, loans, CDs, IRAs, online banking and mobile banking.”

Besides serving its members, the credit union also serves the community at large by participating is charitable functions such as the Children’s Miracle Network fundraiser.

This year also marks the credit union’s 75th anniversary. This year’s annual meeting to celebrate that milestone will be held on April 23.

The public is becoming more familiar with the benefits of credit unions, though it’s still a challenge to get the word out, Kounkel said.

“In general, a lot still don’t understand what a credit union is, but most credit unions are open to the public. Many will ask, ‘Is my money safe?’ and the answer is yes. Your money is insured up to $250,000. We feel our difference is in our people and our personal services.”

3F

BUSINESS & FINANCE

4F Sunday, January 18, 2015

‘It’s about being available, listening to (customers’) needs and helping them however you can.’

‘It was my first job when I got out of college, so I wanted to work one on one with customers and have the opportunity to own my own business.’

– Fred Hill

The Daily Nonpareil

I’m there to be an advocate for State Farm. It’s all about relationship building; and that to me is priceless.’

– Tracy Hough

– Judd Knispel

Area State Farm agents are MIKE BELL

MBELL@NONPAREILONLINE.COM

They are not Jake but they are with State Farm, and they’re here to help.

Council Bluffs is home to seven State Farm offices to help with insurance and financial planning. The Daily Nonpareil spoke with six of the seven agents in Council Bluffs. State Farm Agent Nathan Hull declined to participate.

Judd Knispel, who’s office is located at 1860 Madison Ave., has worked with State Farm for 18 years, 11 years as an agent.

When he moved to Council Bluffs from Lincoln, Neb. 11 years ago, Knispel didn’t know a single soul. That quickly changed, however, as he described Council Bluffs as a ‘large-small town’.

“It was my first job when I got out of college, so I wanted to work one on one with customers and have the opportunity to own my own business,” Knispel said.

Being a State Farm agent means being flexible for his customers, he said. Working around their schedules and being available for them is part of the job.

Unfortunately, part of the career entails dealing with catastrophic scenarios, he said.

Fires, accidents and more impact people, and that’s where he comes in.

“I try to help my clients recover. That in itself can be a very rewarding experience,” Knispel said.

Fred Hill, who’s office is located at 2015 West Broadway, has been with State Farm for 37 years. A Council Bluffs native, Hill graduated with a bachelor’s degree in business administration and economics.

“I always liked to work with people, to try and find a way to help them,” Hill said.

Hill’s father-in-law was a State Farm agent for 40 years, Hill said, and that’s what got him interested in the business.

When helping others at work, Hill said he always puts the needs of the person he is working for first. He said one of the best pieces of advice he ever received was if you take care of people you work with, they will

GOOD NEIGHBORS

take care of you.

“It’s about being available, listening to their needs and helping them however you can,” Hill said.

The satisfaction Hill gets from his job is why he enjoys what he does so much, he said. Working closely with others to determine what they need when dealing with adversity is what he does.

“Hopefully, when you can try to help people and enjoy doing it in the process, it makes this career very fulfilling,” Hill said.

Tracy Hough, who’s office is located at 103 North Ave., has been a State Farm agent since April 1, 2001. A Lewis Central High School graduate, she was born and raised in Council Bluffs. She received her education at the University of Nebraska at Omaha with a double major in accounting and finance.

Originally, she had been assigned to work as an agent by three different companies, but State Farm was the one that won her over, she said.

“I saw the opportunity, how it met my goals and values and decided it was right,” she said. “Meeting people’s needs is what I do.”

Hough’s office offers financial services offering among other products offered like life, health insurance and mutual funds.

Hough said she likes helping people sit down and develop a road map of their needs holistically.

“State Farm’s ethics and the way they do things matched me personally,” she said.

Hough provides clients with insurance.

She also provides financial reviews at no cost, and tries to make sense of their situations and how to help them meet goals. Running a small business in Council Bluffs, she employs those that help take care of overall product needs, she said.

“My belief is if you do the right thing consistently, you will reap the rewards of that,” she said. Clients to her aren’t customers so much as like extended family.

“I’m there to be an advocate for State Farm. It’s all about relationship building;

and that to me is priceless,” she said.

Greg Duncan, who’s office is located at 1705 McPherson Ave., has been with State Farm for three years.

He grew up in Lincoln, Neb., and majored in finance while attending the University of Nebraska at Lincoln.

Duncan said a couple good friends in Sioux City and Sioux Falls, S.D. were State Farm agents. Duncan was already interested in changing careers at the time and looking to get back in to the finance and insurance world, so his friends recommended State Farm.

He feels he made the right decision.

“One of the things that makes us different is our team is made up of experienced, knowledgeable professionals dedicated to provide outstanding service,” he said.

Meeting with clients to create customized insurance plans that meet today’s needs and future goals is what they do, Duncan said.

“We review policies, both ours and others, and ask our clients what their priorities are,” he said.

Everyone’s situation is different, so everyone deserves their own plan, he said. Being passionate about helping people is part of what makes the job feel natural, especially when seeing the fruits of poor planning.

“We’re here to help them recover from the unexpected. Fix a car. Provide life insurance. Rebuild a home,” he said. “Customer care is our number one priority; and we want our clients to know we’re here for them.”

Linda Primmer, who’s office is located at 504 S. Sixth St., has been with State Farm for 36 years. Also a Council Bluffs native, she graduated from Thomas Jefferson High School before attending Iowa Western Community College.

At that time, Primmer worked at a bank where she handled State Farm car finance plans. At the time, there were no female State Farm agents, and the company was actively recruiting females, she said.

“I was the first female State Farm agent in Iowa,” she said. “Obviously times are very

different today, and it’s wonderful.”

When she became an agent, Primmer knew banking and insurance have some common elements, like analyzing risks. The difference, she said, is helping people.

“You’re not there to make them rich, you’re there to help keep them from becoming poor,” she said. “Risking not having proper coverage can be devastating.”

The time after a loss is when people need the most help, she said.

“We want to be there for our clients and help them by understanding what their needs are. Caring about what you do is important,” she said.

In all her years with State Farm, Primmer said she’s never had the occasion not to be proud of where she works.

“I’ve always been grateful to represent State Farm,” she said.

John Scott, who’s office is located at 600 E. Pierce St., began working as a State Farm agent 33 years ago. Born and raised in Council Bluffs, he graduated from St. Albert High School before enlisting in the United States Army.

A relative sparked his interest in insurance after Scott worked for the Illinois Central Railroad.

“The economy began to take a turn for the worse at the time, so I checked it out and here I am all this time later,” Scott said.

Scott borrowed a line from Hy-Vee when he described his attitude towards work.

“It’s kind of like a smile in every aisle, but we don’t have anything tangible to give to people,” he said. “But we do give our best service, and people know that, realize that and tell their neighbors.”

Working for State Farm means enjoying helping people get back to where they were after a loss. That drive to aid others in times of need is something that comes with the territory when working for State Farm, he said.

“When I went to my second grader’s career day and the class asked what I did, I said I fix things,” he said. “I give people the chance to help put their lives back after a catastrophe.”

‘We’re here to help them recover from the unexpected. Fix a car. Provide life insurance.

Rebuild a home. Customer care is our number one priority; and we want our clients to know we’re here for them.’

‘We want to be there for our clients and help them by understanding what their needs are. Caring about what you do is important.’

‘When I went to my second grader’s career day and the class asked what I did, I said I fix things. I give people the chance to help put their lives back after a catastrophe.’

– Greg Duncan

– Linda Primmer

– John Scott

BUSINESS & FINANCE

The Daily Nonpareil

Sunday, January 18, 2015

5F

Find the best bank for you Metro Creative Connection

Some people may not give much thought to where they do their banking, but much like no two account holders are the same, no two banks are the same, either. That reality only highlights the importance men and women must place on finding a bank that best suits their particular needs.

In banking, what’s good for the goose is not necessarily good for the gander. Individuals hoping to find the best bank for their needs can consider a host of factors before deciding just where it is they will be depositing their money in the years to come.

• Accessibility: Accessibility is many individuals’ biggest priority when it comes to finding a bank.

Large banks tend to have more local branches and ATMs, and such banks tend to be in more regions of the country as well.

Men and women who travel for business or even young people who go to school away from home may want to find a bank with a more national presence, as that can make it easier to deposit and withdraw money. If you don’t travel much and only seem to withdraw money within your community, then a smaller, local bank, which should be able to offer the same direct deposit services as its larger competitors, may be what you’re looking for.

• Capability: Some people prefer to have all of their financial needs catered to by the same bank. This means a bank that can manage your investments, provide a line of credit and secure home, vehicle or education loans. Larger banks tend to offer the widest array of services, and such banks also may have more advanced technology that makes it easier to manage all of your accounts. Smaller banks may be just as versatile with regard to their capabilities, so don’t judge a book by its cover.

• Balances: Banks typically require account holders maintain a minimum balance on both their checking and savings accounts. If you think it may be difficult for you to maintain a higher balance, find a bank that offers accounts with a low minimum balance so you don’t end up paying penalties just to spend your own money.

• Fees: Even accounts that are advertised as “free” tend to come with fees that are listed in the fine print. For example, a “free” checking account may only be free if account holders maintain a minimum balance of $1,000 or more. Should that balance dip below the predetermined minimum, account holders are then subject to costly fees.

Overdraft fees, in which account holders are charged a substantial fee if they do not have enough money in their accounts to cover their purchases, are another potentially costly problem for men and women who are not accustomed to monitoring their balances closely. Before opening an account, learn if there are any fees associated with it, and what’s the best way to avoid paying those fees, such as using only ATMs affiliated with your bank or purchasing overdraft protection that covers you in the case of an overdraft.

Choosing a bank is an important decision, and identifying your needs is a great way to make the best decision possible

Staff photos/Joe Shearer

Deric Poldberg waits on drive-through customers at American National Bank in Council Bluffs.

‘A LITTLE BIT OF EVERYTHING’ A century of service for American National Bank Mike Brownlee

mbrownlee@nonpareilonline.com

For more than 100 years American National Bank has served communities in Nebraska and Iowa.

The full-service bank serves customers at five Council Bluffs locations, along with branches in Crescent, Carter Lake and Missouri Valley.

The institution provides industry expertise in commercial real estate, cash management, specialty equipment financing, healthcare, agribusiness and indirect automobile lending.

A full-service banking network supports the needs of businesses and individuals in the area.

“We are a full service bank. Deposit products, loan products and various ways customers can access them,” said Gilbert Thomas, senior vice president and Iowa market manager for American National Bank. “We do home mortgages – refinance, renovate, construction and more – and small business as well. We’re a (Small Business Administration) preferred lender. Also have wealth management services as well.

“We do little bit of everything here.”

American National Bank is currently the second-largest privately held local bank in the Council Bluffs-Omaha metro and is the largest bank in Council Bluffs.

Locations in Council Bluffs include 333 W. Broadway, 201 Bennett Ave., 1600 W. Broadway, 1230 E. Pierce St., 2650 W. Broadway, while the southwest Iowa locations are at 306 W. Erie St. in Missouri Valley, 515 Old Lincoln Highway in Crescent and 1204 Locust St. in Carter Lake.

American National has a total of 33 full service offices in Iowa and Nebraska.

Currently, the bank’s assets range in the area of $2 billion. The bank employs 126 people in Iowa.

In November of 2011 the company purchased the two Council Bluffs Liberty Bank locations, along with the Liberty loan production office.

Loan Assistant Becki Burns talks with a customer on the phone at American National Bank.

“We were privileged to expand our presence in the community,” said Steve Ritzman, president and CEO of American National Bank.

“We (provided) a positive, seamless transition for our new customers.”

The size of the bank combined with a focus on being a premier local bank, makes American National Bank a natural choice for individuals and business owners who want the flexibility of tremendous financial resources combined with friendly, attentive local service for residents throughout the metro area.

“I enjoy (our) customers,” said teller Judy Kramer, a two-year employee with American National who came over in the purchase of Liberty Bank. “(We) love to help people, it’s a lot of fun if you make it fun. Helping people reach their financial dreams is really cool.”

The bank’s history dates back to 1909, while banks that have become part of American

National Bank were founded as early as 1856.

This summer the bank teamed with Conagra Foods, the city and the Iowa West Foundation to sponsor Loessfest at Tom Hanafan River’s Edge Park.

Asked if he’d call American National a community bank, Thomas said, “absolutely.”

“Everybody has a different definition, but to me a community bank means locally owned and operated, with employees that live and work and invest in the community,” he said.

“Our bank is supportive of the communities we serve, and our employees are fully engaged.”

In 2014, Daily Nonpareil readers voted American National the No. 1 bank in the area.

What sets the institution apart?

“In my mind, there’s no doubt it’s our people.

Their commitment to serve our customers, to build relationships with our customers, is what makes us great,” Thomas said.

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BUSINESS & FINANCE

6F Sunday, January 18, 2015

The Daily Nonpareil

AIM of Omaha buys Silicon Prairie News Steve Jordon

BH Media News Service

OMAHA – AIM of Omaha has acquired Silicon Prairie News, a digital media company that supports entrepreneurs through its Big Omaha conference and other events and online activity.

Brad McPeak, senior vice president at AIM, said AIM intends to add Silicon Prairie’s two employees in Omaha, two in Kansas City and one in Des Moines to its 58-person staff.

“We’re in discussions with all of those people now, trying to work that out,” McPeak said.

Big Omaha and the Silicon Prairie blog will continue “for sure,” he said. “In the short term, things will function as they have been.” Terms of the sale were not disclosed.

Silicon Prairie co-founder Jeff Slobotski said he and cofounder Dusty Davidson will

work with AIM to continue and improve Big Omaha and other operations.

The fate of the Silicon Prairie office in the Mastercraft building is uncertain. AIM’s offices are in the Exchange Building at 19th and Harney Streets.

AIM, founded in 1992, is a not-for-profit organization with more than 140 corporate members. It promotes technology and a skilled IT workforce.

Slobotski and Davidson said Silicon Prairie’s activities are “in good hands, and over the next few weeks, we will be working through our transition and making those decisions that any acquired startup must work through.”

Silicon Prairie was started in 2008. Forbes magazine has called the 5-year-old Big Omaha one of the nation’s must-attend events for entrepreneurs.

Staff photo/Joe Shearer

Roger Carlon of Investment Centers of America, Inc.

CHRISTIAN PERSPECTIVE

Carlon adds values to investments BHMNS

Dusty Davidson, left, and Jeff Slobotski, co-founders of Silicon Prairie News, kick off Big Omaha 2012. Forbes magazine has named Big Omaha, which began five years ago, as one of the nation’s must-attend meetings for entrepreneurs.

Hoy-Kilnoski Funeral Home & Crematory selected for Independent Funeral Homes membership Hoy-Kilnoski Funeral Home & Crematory of Council Bluffs recently earned membership in Selected Independent Funeral Homes, an international association of premier, independently owned and operated funeral homes.

“We are pleased to welcome Hoy Kilnoski to our association,” said Selected Independent Funeral Homes Executive Director, Robert J. Paterkiewicz. “Affiliation with Selected Independent Funeral Homes is considered an honor because of the high standards of funeral service that are required to receive an invitation to become a member.”

Founded in 1917 as National Selected Morticians, Selected Independent Funeral Homes is an international association of approximately 1,500 independent funeral service establishments, which are operated by persons with integrity, good moral character, professional ability of a high level and who are dedicated to the principle that their calling involves special responsibilities to society.

As an active and leading association, Selected Independent Funeral Homes focuses on four essential purposes: • To study, develop and establish the highest standards of service for the benefit of the public; • To provide a continuing forum for the exchange, development and dissemination of knowledge and information beneficial to members and the public; • To furnish information to members and the public regarding all aspects of funeral service; and • To cooperate with organizations, public and private, to achieve these purposes.

Membership in Selected Independent Funeral Homes is by invitation and is extended only after a thorough review of character, service, performance and facilities. One primary condition of membership is adherence to the association’s “Code of Good Funeral Practice.” The 11 provisions of

the code clearly outline the key principles of honesty, respect and trust that are expected of members. Failure to observe the code’s provisions could result in termination of membership.

“As independently owned and operated firms, our members are truly vested in their communities,” Paterkiewicz said. “Hoy Kilnoski, like all our members, takes seriously their responsibility and dedication to providing the best possible funeral service to their friends and neighbors.”

Hoy-Kilnoski Funeral Home & Crematory was founded in August of 2011. “... with it we brought many ‘first of its kind’ qualities to funeral service in our area,” said Mike Hoy. “We were the first to provide families with an area for lunches and receptions. We offered the only onsite crematory. Additionally, the design of our chapels allows us to accommodate every family equally, fairly and have the flexibility to hold very large services.

“We also have the capability to stream the services out live over the internet. We were thrilled to be able to offer this service and allow family members abroad to view the service in real time.”

Hoy further explained, “We have put our hearts and minds into creating a feeling of warmth and comfort for everyone that passes through our doors. The beautiful facilities are one thing, but we are always aware that what we do on the inside is paramount. We strive to offer the very best in everything we do, especially when it comes to service.”

The Executive Headquarters’ office of Selected Independent Funeral Homes is located in Deerfield, Ill. In addition to members in the United States, elected member funeral homes are located in Canada, England, Scotland, Ireland Wales, Mexico, New Zealand, Australia, Sri Lanka, Guam and the Philippines.

Tim Johnson

tjohnson@nonpareilonline.com

God has given it to us. How should we use it?”

That is the starting point of Roger Carlon’s “Biblically based investment philosophy.”

Carlon, a Council Bluffs resident, is an investment advisor representative for Investment Centers of America at 29 S. Main St., Suite 2.

He describes his work as “Financial planning with a Christian perspective” and uses that as the heading on his website and a printed values statement he gives to every new customer. Among other elements, the statement includes five general guidelines: • Develop long-term goals • Spend less than you earn • Maintain emergency savings • Minimize the use of debt • Encourage generous giving Carlon, who has 29 years of experience, put his thoughts in writing after attending a branding class.

“I think it was about 12-13 years ago I went to a seminar called, ‘The Brand Called You,’” he said. “Basically, (the leader) was saying you create your own brand.”

Carlon tried to think of things that distinguished him from other financial advisors.

“I kept coming back to the fact that I saw this as a way to live out my Christian faith,” he said.

Now, he is a member of Kingdom Advisors, an association of Christian investment advisors, accountants, attorneys and other professionals.

“I try my best not to force my faith down people’s throats,” Carlon said. “It’s not like you have to believe what I believe. I just tell them, ‘This is how I do my business, and is that OK with you?’ I’ve had Jewish clients, even Muslim clients.”

One way Carlon shows his faith is by taking an interest in clients’ personal well being. For example, if a client shares that they or a loved one have a health problem, he offers to pray with them.

“Of all the times I’ve asked if I can pray with someone, somebody’s only said no one time,” he said.

Carlon works primarily with individual investors, and about two-thirds of them are retirement age or older, he said.

He stops short of practicing what is sometimes called “biblically responsible investing,” which means investing only in companies that do not engage in certain activities that are of concern to many Christians.

“A lot of companies, you could find skeletons in their closets, if you went back far enough,” he said.

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“I have a client who’s concerned about environmental issues, so I have assembled a portfolio for her of companies that are more environmentally responsible – greener,” he said. “If I had somebody who wanted to engage in biblically responsible investing, I would try to arrange that – but I’ve decided that’s not my focus.”

Kingdom Advisors offers information on BRI at kingdomadvisors.org/bri.asp, and Biblically Responsible Investing Institute offers extensive information at briinstitute.com.

As far as navigating confusing economic times, Carlon recommends developing a long-term plan and sticking to it. Also, carry a diversified portfolio and rebalance it periodically.

“If stocks keep going up, pretty soon they’re going to be out of proportion with the rest of your portfolio,” he said. “If you are going to go into stocks, look at consumer staples. You’re still going to need toothpaste, you’re still going to need coffee, breakfast cereal.”

Investors should keep a six- to 12-month cushion in liquid assets, such as money market funds, and “dial back risks” as they approach retirement. That could mean moving some money from stocks to more stable investments such as fixed annuities, government securities or bank loan funds/floating rate funds, which he said are similar to a time certificate or certificate of deposit.

“When interest rates do inevitably rise, bond rates are going to fall – especially long-term bonds,” Carlon said.

At such times, short-term bonds are better, he said.

Utility stocks are another investment to be cautious about when rates are uncertain, Carlon said.

“One issue with utilities is they tend to be interest rate-sensitive,” he said. “They don’t tend to do as well with rising interest rates, but they may pay pretty good dividends – if you’re willing to ride out the economy.”

Carlon earned a bachelor’s degree in ag business at Iowa State University with a minor in finance and has spent his entire career in Council Bluffs. He has volunteered as a mentor to Children’s Square U.S.A. clients, member of the Christian Home Association Foundation Board, chairman of the American Red Cross Loess Hills Chapter Board and member of his church’s council. He is currently president-elect of the Downtown Kiwanis Club. He and his wife, Diane, have two daughters – one attending Augustana College in Sioux Falls, S.D., and one attending Iowa State University.

For more information on Carlon’s investing business, see rogercarlon.com.

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Leadership Achievement Series Leadership Achievement Series offers a valuable resource to those in a leadership position or those aspiring to become a leader. It is also ideal for those individuals or contributors in your organization who lead every day without the title of Leader. The training will provide the opportunity to develop leadership skills, knowledge, and attitudes. $588 for the entire series or $59 per session open enrollment—start any time Complete 10 of 12 courses and receive an IWCC “Certificate in Leadership” 3rd Wednesday of the month 9-11am To Register: Visit us: Iowa Western Community College Continuing Education, Looft Hall 2700 College Road Council Bluffs, IA 51503 Email: ce@iwcc.edu Call: 712.325.3255 Online: go to www.iwcc.edu/continuing_education

January 21, 2015

Delegation

February 18, 2015

Leader Personalities

March 18, 2015

Self–Leadership

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May 20, 2015

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Creating & Communicating

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Leading Change

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Leading Without the Title

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Leading Teams

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Integrity & Ethics

November 18, 2015

Emotional Intelligence

December 16, 2015

Leading Meetings

Amber Carcel, Business Coordinator 712.325.3210 acarcel@iwcc.edu

5

BUSINESS & FINANCE

The Daily Nonpareil

Sunday, January 18, 2015

ways to make a big impact with your small business

Photo courtesy of Getty Images

FAMILY FEATURES

W

hen it comes to offering specialized, one-on-one support and niche product offerings, nothing beats shopping with a locally-owned small business.

In a recent survey fielded by The UPS Store to get the pulse of business in America, 94 percent of consumers believe that supporting small companies within their community is important. The survey also found that consumers are increasingly willing to spend more money and travel further out of their way to shop with a small business.

“We know that small businesses are a vital part of our neighborhoods and our entire economy,” said Tim Davis, president of The UPS Store. “Small business owners, from startups to wellestablished neighborhood businesses, have the ability to make a big impact within their community and beyond.”

As an entrepreneur, you may wonder how you can cash in on this rising popularity and expand your own enterprise to reach these quality-seeking customers. Here are a few ways to make a big impact with your small business:

1. Go above and beyond for customers

While it seems companies keep getting bigger, instances of excellent customer service seem to be dwindling. Due to this widespread lack of quality, many individuals are choosing to support small business when it comes to obtaining what they need. Small companies have the unique opportunity to provide one-on-one attention to their customers. Those who excel at enticing and serving customers set themselves apart from the competition.

2. Get involved in your community

Some of the best marketing you can provide your small company is with involvement in philanthropic efforts in your local community. Though restricted budgets cause some small businesses to keep charity to a minimum, there are a variety of other meaningful ways to show your organization’s generosity. Give your time to charitable causes related to your field. For example, if you sell pet products, offer to volunteer at a local animal shelter. Or, if your field is architecture, get your company involved in organizations that build homes for families in need. If you have employees, encourage them to also help out. Sponsor a company-wide volunteer event at a local food pantry or offer paid time off for such charitable endeavors.

3. Make products and services stand out

As a small business owner, you have the advantage over big box stores who lack specialized knowledge. Offer your customer base a niche product or service that can’t be found elsewhere.

Give them quality, both in the product and customer support, and your business will reap the rewards of happy, repeat customers and word-of-mouth promotion. If you offer several products, but find that most customers want only one or two offerings, focus on increasing the quality on that area of business.

4. Share your knowledge through education and mentorship

As a small business owner, you offer those within your community a unique background and expertise. One of the easiest ways to give back is by educating eager minds interested in your field. Whether lecturing at the local college or getting involved in a mentorship program, presenting yourself as a respected colleague not only sheds a positive light on your company, it also helps you build relationships. These relationships can be informal or you can team up with an organization like SCORE to volunteer as a mentor. For more information, visit www.score.org.

5. Expand your reach through technology

Social media allows small businesses to reach a global population like never before. Start small with just one social media outlet and then build on your presence from there. If you have a marketing team, ask that they maintain the account, or hire an outside consultant. Your website is also a powerful tool, so make sure it reflects your business in the way you want to be portrayed. Regularly update your site to keep it current with the changing times. Also, make sure your website is optimized so more people looking for your unique products and services can easily find you.

For other tips for growing your business, visit http://smallbiz.theupsstore.com.

Small Business, Big Impact For The UPS Store small business customer and author Fred Koehler, making an impact on people’s lives is what gives him genuine satisfaction.

“My small business is not as small as you might think. Through the stories I tell, I get to impact the lives of parents and kids all around the world.”

This celebrated children’s book author of “How to Cheer Up Dad” believes that being an active community member has shaped his success, expanding his business to new heights. Like Koehler’s story? Read more at: http://smallbiz.theupsstore.com/blog.

7F

At Council Bluffs Savings Bank our goal is to help you, your families, and your businesses grow and prosper for generations. We don’t want to be the biggest bank, we just want to be the best bank in Council Bluffs.

We focus on providing the best possible customer service and becoming a Bank that all residents of Council Bluffs can be proud of. We are able to provide you with the personal service and attention you deserve. Yet we are also able to provide sophisticated loan and deposit products and other services that you would expect from a much larger financial institution.

We have assembled an extremely talented staff of banking professionals with countless years of banking experience. Our staff is also committed to helping our community. Our employees are actively involved in numerous organizations and activities to help make Council Bluffs a better place to work and live.

As a third generation banker in Council Bluffs, I know the community and what you expect from your bank. We look forward to helping Council Bluffs continue to grow and prosper for several decades to come. Please stop by and visit us. You will be glad you did.

President Council Bluffs Savings Bank

Hometown Banking ... The Way It Used To Be!

A Division of Carroll County State Bank 1751 Madison Ave. - 322-3300 | 117 Pearl St. - 322-1700

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