Surety Bond Quarterly - Fall 2014 - 8

From the CEO
Successful construction
relationships require the
right relationships!
Many might agree that it is a notable human tendency to grapple with complex systems
through simplification. Simplification allows us to comprehend and to explain more
readily to others. The fear quotient rises when we confront matters that appear overly
complex; they become daunting unless we can segment issues into manageable elements.
Each issue then can be addressed by a party or parties with the proper expertise,
whether the issue involves the interplay of management practices, technology use, risk
allocation, financial and accounting systems, business succession or a host of other
important and related matters.
Construction businesses are complex endeavors requiring special expertise and the
right association of specialty consultants; long-term success simply is not likely unless
these businesses have developed professional relationships that will nurture their
progress and growth and provide them with appropriate guidance and services. Bond
producers often are the first relationship to which an emerging business will turn to
receive referrals for legal, accounting, and banking relationships. In this regard, bond
producers function as "gateway" relationships for those businesses pursuing bonded
projects and needing the services of other professionals to achieve surety credit. Among
those vital professional relationships is the relationship with a knowledgeable certified
public accountant.
The importance of certified public accountants to the surety bonding process spurred
the initiation of the Associates category of membership in NASBP, and Associates have
become regular sponsors of and contributors to NASBP meetings and educational offerings.
A listing of NASBP Associates is included with listings of NASBP Members and of
Affiliates in the resources Directory located at the back of this issue.
But not all certified public accountants have the knowledge necessary to guide and to
advise construction businesses, and wise construction firms should and must be discerning
with whom they entrust themselves. Just as not every licensed producer focuses
on intricacies of surety markets and relationships, not all certified public accountants
focus their primary services on the accounting needs of construction firms. The wrong
relationship can be problematic, if not harmful, failing to provide an accurate assessment
of financial wherewithal, impeding the ability of that firm to successfully pursue surety
credit, or obscuring financial trends or unexpected tax burdens.
This issue of Surety Bond Quarterly examines the importance of finding a knowledgeable,
construction-oriented certified public accountant and the consequences that may
result from failing to do so. The issue also examines other key subjects, such as the
critical nature of the changes to revenue recognition in construction business accounting,
of providing proper bond and lien notices, of safeguarding and protecting sensitive
information in email communications, and online surety education for small, emerging
firms. My thanks to all the content contributors. I know you will find this issue full of
useful information.
●
Warm wishes,
Mark McCallum
NASBP CEo
8 surety BoNd Quarterly | FAll 2014

Surety Bond Quarterly - Fall 2014

Table of Contents for the Digital Edition of Surety Bond Quarterly - Fall 2014

2014-2015 NASBP Executive Committee
NASBP Upcoming Meetings and Workshops
From the CEO: Successful construction relationships require the right relationship
Practical Insights: What you need to know - bond and lien notice pitfalls
SuretyLearn.org: An invaluable resource
Advocacy update
Nov. 12-3 Conference addresses the twists and turns of best value selection - and other timely topics
Surety Bond Guarantee Program changes for the better
Front Line Underwriting: Choosing a quality construction CPA
Getting in the weeds: Requirements of marijuana surety bonds
Encrypting email
It’s Finally Here: The new revenue recognition standard
CPAs standing in the GAAP
Resource Directory
Index to Advertisers
Surety Bond Quarterly - Fall 2014 - cover1
Surety Bond Quarterly - Fall 2014 - cover2
Surety Bond Quarterly - Fall 2014 - 3
Surety Bond Quarterly - Fall 2014 - 4
Surety Bond Quarterly - Fall 2014 - 5
Surety Bond Quarterly - Fall 2014 - 6
Surety Bond Quarterly - Fall 2014 - NASBP Upcoming Meetings and Workshops
Surety Bond Quarterly - Fall 2014 - From the CEO: Successful construction relationships require the right relationship
Surety Bond Quarterly - Fall 2014 - 9
Surety Bond Quarterly - Fall 2014 - Practical Insights: What you need to know - bond and lien notice pitfalls
Surety Bond Quarterly - Fall 2014 - 11
Surety Bond Quarterly - Fall 2014 - SuretyLearn.org: An invaluable resource
Surety Bond Quarterly - Fall 2014 - 13
Surety Bond Quarterly - Fall 2014 - Advocacy update
Surety Bond Quarterly - Fall 2014 - 15
Surety Bond Quarterly - Fall 2014 - Nov. 12-3 Conference addresses the twists and turns of best value selection - and other timely topics
Surety Bond Quarterly - Fall 2014 - 17
Surety Bond Quarterly - Fall 2014 - Surety Bond Guarantee Program changes for the better
Surety Bond Quarterly - Fall 2014 - 19
Surety Bond Quarterly - Fall 2014 - 20
Surety Bond Quarterly - Fall 2014 - 21
Surety Bond Quarterly - Fall 2014 - Front Line Underwriting: Choosing a quality construction CPA
Surety Bond Quarterly - Fall 2014 - 23
Surety Bond Quarterly - Fall 2014 - 24
Surety Bond Quarterly - Fall 2014 - 25
Surety Bond Quarterly - Fall 2014 - Getting in the weeds: Requirements of marijuana surety bonds
Surety Bond Quarterly - Fall 2014 - 27
Surety Bond Quarterly - Fall 2014 - Encrypting email
Surety Bond Quarterly - Fall 2014 - 29
Surety Bond Quarterly - Fall 2014 - 30
Surety Bond Quarterly - Fall 2014 - 31
Surety Bond Quarterly - Fall 2014 - It’s Finally Here: The new revenue recognition standard
Surety Bond Quarterly - Fall 2014 - 33
Surety Bond Quarterly - Fall 2014 - CPAs standing in the GAAP
Surety Bond Quarterly - Fall 2014 - 35
Surety Bond Quarterly - Fall 2014 - 36
Surety Bond Quarterly - Fall 2014 - 37
Surety Bond Quarterly - Fall 2014 - 38
Surety Bond Quarterly - Fall 2014 - Resource Directory
Surety Bond Quarterly - Fall 2014 - 40
Surety Bond Quarterly - Fall 2014 - 41
Surety Bond Quarterly - Fall 2014 - 42
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Surety Bond Quarterly - Fall 2014 - 57
Surety Bond Quarterly - Fall 2014 - Index to Advertisers
Surety Bond Quarterly - Fall 2014 - cover3
Surety Bond Quarterly - Fall 2014 - cover4
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