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W. Scott McCullum, President of CG Commercial Finance, commented, "Our client has a robust and growing manufacturing business. While CGCF has typically focused on larger enterprise transactions, we have been expanding our business by adding significant large-ticket transaction expertise to the middle market.
(Irvine, CA) – CG Commercial Finance (CGCF) announced today that it has completed a lease in the amount of $4,190,000 for CNC machine tools and production equipment. The lessee is a 65 year old family...
CG COMMERCIAL COMPLETES $4.2MM TAX LEASE FOR TURBINE MANUFACTURER
(Irvine, CA) – CG Commercial Finance (CGCF) announced today that it has completed a lease in the amount of $4,190,000 for CNC machine tools and production equipment. The lessee is a 65 year old family run business that utilizes the equipment to manufacture complex fabricated parts for aerospace and land-based gas turbine components. The equipment will be located in the company’s new expanded facility to meet increased global demand.
Management chose CGCF based on the payment, structure, and the longer term that CGCF offered. "CG successfully worked with us in understanding our reviewed financials. In our experience, many lenders and banks shy away from a transaction unless they are financing a company with audited financials," stated the company’s controller.
W. Scott McCullum, President of CG Commercial Finance, commented, "Our client has a robust and growing manufacturing business. While CGCF has typically focused on larger enterprise transactions, we have been expanding our business by adding significant large-ticket transaction expertise to the middle market. This is currently an underserved marketplace and a recent strategic market expansion for CGCF."
By some counts, adults born after 1980 -- aka, Millennials or Generation Y -- control $2 trillion in liquid assets. Within the next six years, that number will surge to $7 trillion. Some may think we're lazy and entitled, but we're ripe for the picking -- assuming we actually figure out how to grow our wealth. And in a panel at the Forbes Under 30 Summit in Philadelphia on Monday, three of the people trying to figure out how to make financial service sites that Gen Y will actually use gave tips on how to do just that.
(Irvine, CA) – CG Commercial Finance (CGCF) released its update on the GAAP/IFRS convergence project. CGCF is providing this summary to assist its clients in better understanding the status of the project and how it may affect their business now and in the future. The content is the result of continuing collaboration between CGCF, an expert in accounting treatment of equipment leases, and Bill Bosco, a tax and leasing consultant and a member of the Equipment Leasing and Financing Association’s Accounting Committee.
Bank said NO? Get creative with leases
Banks tend to turn down a lot of startups applying for capital loans due to the latter's lack of collateral. This is a major setback for businesses offering services because hard assets cannot contribute to their productivity. Guidelines on bank loans are also tight, which could force the business owner to spend more and narrow the margins.
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Awareness of financial options available in the market is the key to expand small or medium scale businesses. An economic shakeup that favored small businesses have recently provided room for the emergence of creative and successful lease programs. It is best to consider sale-leaseback and net lease before applying for other financing options.
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Sale-leaseback is a type of lease where one sells an asset, for example an unused office space or industrial equipment, to a second party and leases it back for the long-term. In effect, the business owner can still use the asset but no longer owns it. This is generally done with real estate properties and equipment leases to turn these assets into sources of cash or capital.
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Net lease is considered “cousin” of the sale-leaseback, particularly in the commercial real estate industry, wherein the lessee or tenant pays the property expenses of the property owner or lessor. A specific type of net lease that can be beneficial to the lessee is ground lease, under the terms of which the lessor or property owner leases land which gives opportunity to the lessee to develop the land or construct a building for profit. The tenant will still continue to pay the monthly lease rental as well as the property expenses. Ownership of the building will go back to the property owner upon conclusion of the lease.
Such lease arrangements require review and thorough study for anyone who is new in the business. It is never considered a "last resort" to venture into non-traditional leasing programs available in the market.
CG Commercial Funding provides flexible options to infuse your business venture with capital. Visit the company’s website for further details on taking care of business equipment and asset needs.
Media Contact: Jonathan Albin CG Commercial Finance (949) 720-9511 ext. 340 [email protected] (Irvine, CA) – CG Commercial Finance (CGCF) released its update on the GAAP/IFRS convergence p...
REPOST: Top 10 tips for buying used test equipment
Buying second-hand test equipment can offer great savings but it can also be overwhelming because of countless bargain deals. ElectronicsWeekly.com provides the following tips to help buyers decide which offers are great and which are best avoided:
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Buying used instruments should definitely be on the radar of every user and purchaser of test equipment. It can offer very attractive savings on the new price, sometimes at discounts of 50-75% of the new price.
Many suppliers offer remanufactured or refurbished instruments which are hard to differentiate from their new counterparts.
At the other end of the scale, there are countless dealers and amazing ‘bargains’ to be found on eBay. Most purchasing managers will have received emails with a link to an ‘unmissable bargain’ found online, and a request to snap it up before someone else does.
How do you decide which of these are genuine opportunities to acquire a valuable instrument at an attractive saving and which are best avoided?
Just like buying a second hand car, there are ten key factors to separate a bargain from a white elephant.
It sounds obvious, but will the equipment offered fully meet the requirement?
It is imperative that the specification of the used instrument fully addresses the need. Slight differences in options or software might make a radical difference to functionality.
The most reliable resellers will offer applications engineering support. If it fully meets the specification that’s a good starting point, but if it’s under-specified and can/has to be upgraded then you may need to spend far more than the initial purchase cost or even end up with something unusable.
What’s included in the purchase?
Do you know what cables and accessories you require and will the bargain system ship with all of these? Carrying cases, manuals and sometimes even power leads may be deemed “extras”. If the equipment uses consumables or parts which require regular replacement (e.g. batteries), are any supplies included? Does the price include transportation costs, taxes and import duties. Who pays for any transit insurance?
Quality checks and calibration
A reputable supplier will have a rigorous checking process to ensure the equipment you buy is in excellent condition. In most cases you will also require the instrument to be calibrated. This is the best way of ensuring it operates to the manufacturer’s specifications. The quality will be reflected in the price, but that old adage “you get what you pay for” is probably true in this case.
What guarantee and support does the supplier offer?
Many suppliers offer warranties that guarantee their certified pre-owned instruments are fit for purpose. If anything goes wrong or you are dissatisfied you’ll have rights of return. Before you sign the purchase order for the online bargain check the details of any guarantee and, if possible, if it is genuinely what it appears to be. Some suppliers offer ongoing technical support and this is particularly valuable if you are not familiar with the equipment.
Can you be confident in the supplier?
Is the supplier going to complete the sale and then disappear off the face of the earth? The used market is volatile and suppliers come and go. If the supplier asks for payment in advance you need to be 100% confident they will keep their side of the bargain and deliver your equipment. If you have a problem after delivery, for example the items arrive damaged or incomplete or are the wrong equipment, how confident are you that they will resolve it? If they offer a year’s warranty this might give apparent comfort, but it’s worthless if they go bust or disappear a month after the sale.
Does the equipment exist?
This might seem a wacky question, but has the supplier sold you something they actually own? The recession has hit dealers in used equipment very hard and it is increasingly unusual for them to hold stock in the hope they are going to secure an order, as they just don’t have the capital necessary to hold a large inventory. More often than not they are selling you something they believe they can source at a lower price than they are offering to you. Ask if the item is in stock and check their provenance. An ex-demo or ex-rental asset is likely to be of a high specification and to have been well-maintained. If the equipment is “vapourware” it is wise to look for alternatives.
Is it upgradeable?
If your requirement is likely to change over time, check to see if the equipment can be upgraded. If not it might be worth spending a little more on something which is more future-proof.
Does the supplier offer trade-ins?
There probably isn’t a single company that doesn’t own a piece of test equipment that it no longer uses. Most resellers of test equipment also buy it. Can you use assets sitting in a store cupboard somewhere to trade in and reduce your purchase cost? You could even end up in credit. If the supplier offers trade-ins, you may also be able to trade up the equipment you are buying now in the future if necessary. This may be an important consideration.
Buying used because you’re strapped for cash?
Some companies offer financial solutions, such as payment over time or leasing of used equipment, so check what other options are available to you if finance is the driving consideration.
Look at alternatives to ownership.
Before buying, check the alternatives. Test equipment is getting more sophisticated. This means that it is generally getting more expensive and at the same time becoming obsolete more quickly. Couple this with the fact that companies are increasingly looking to get as many assets as possible off their balance sheets and the alternatives to owning start to look quite attractive. Depending on the timeframe over which the equipment is to be used, rental or operating leases should be investigated before deciding the best option.
Instruments sourced from a manufacturer’s recognised programme or a reputable source, such as Microlease’s recently introduced Certified Pre-Owned channel, can provide an alternative to buying a new instrument at a significant saving and purchasing managers can and should investigate this as part of their requisition process. However there are risks associated with buying unless both the equipment and its source have been thoroughly verified.
CG Commercial Finance offers highly customized leasing and financing solutions for medium-sized and large companies. Know more about business equipment financing on this website.
equipment buying
TOP 10 QUESTIONS ON GAAP/IFRS CONVERGENCE ANSWERED BY CG COMMERCIAL FINANCE AND BILL BOSCO
Media Contact:
Jonathan Albin
CG Commercial Finance
(949) 720-9511 ext. 340
(Irvine, CA) – CG Commercial Finance (CGCF) and Bill Bosco released their update on the GAAP/IFRS convergence project. CGCF is providing this summary to its clients to assist them to better understand the status of the project and how it may affect their business. The content is the result of continuing collaboration between CGCF, an expert in accounting treatment of equipment leases, and Bill Bosco, a tax and leasing consultant and a member of the Equipment Leasing and Financing Association’s Accounting Committee. SEE PREVIOUS FILE FOR CHANGES
1. What is the update on the convergence project timeline?
Ans.: As of 9/25/2014 the IASB and FASB Boards have begun final re-deliberation of the issues. Four meetings have taken place with several more to be held over the next few months. They are now making decisions quickly with many designed to reduce complexity and cost of compliance. The Boards plan on issuing the new standard in mid-2015. The implementation date is to be decided in these upcoming deliberations but is unlikely to be sooner than 2018.
2. I hear the FASB and IASB have disagreed on several key issues – what are they?
Ans.: Correct, currently they disagree on the following:
Lessee lease classification and lessee cost accounting for operating leases.
When a lessee should re-book a lease for changes in variable payments based on a rate or index
The need for relief on small ticket leases
The lack of agreement between the two Boards on the above items are significant enough to conclude that the project’s stated goal and purpose of the accounting convergence project on lease accounting between GAAP and IFRS will not be accomplished. Although they will continue to work together, it is very likely they will issue separate but “partially converged” lease accounting standards.
3. Is the disagreement on lessee accounting significant?
Ans.: Yes, the disagreement between the IASB and FASB on lessee accounting is huge:
IASB wants lessees to account for all leases as though they are capital leases.
FASB believes all leases should be on lessee’s balance sheet but operating leases should be reported differently from capital leases on the Balance Sheet and Income Statement –
Operating leases will be reported on the P&L as a straight line expense.
Capital leases will have an amortized expense approach (depreciation of the asset and interest on the liability) wherein expense will be frontloaded.
FASB will change the operating lease classification tests to be similar to the current IAS 17 tests. That means no more bright lines in the useful life and PV tests. For example, auditors may push back on “borderline” 89.99% present value of minimum rents operating leases, i.e., require that residuals be larger (read lower PV) and match the reality of the equipment type.
4. Does the FASB approach mean the lease liability will not impact my debt limit covenants?
5. What have the Boards done to reduce complexity and reduce compliance costs?
6. Have the Boards redefined short term leases for purposes of exemption from capitalization for lessees?
7. Are there other open advocacy issues? How can I influence the remaining advocacy issue points?
8. Will this project ever end?
9. How will the final form of the project affect the average company?
10. What if anything should I do to prepare prior to implementation?
To view the full article, please jump to http://cgcommercialfinance.com/convergence-lease-project/
About CG Commercial Finance
CG Commercial Finance is a global specialty finance company whose primary expertise includes financing for capital equipment, and structured project and debt financing for mid-sized and large companies. CGCF utilizes an advisory approach and discovery process to deliver highly customized leasing and financing solutions to meet complex operational, accounting, and treasury requirements. Projects typically range from $50MM to $100MM in cost and include diverse assets such as transportation assets (titled vehicles, air, rail, and marine), industrial plants (manufacturing, food processing, assembly, etc.), distribution centers, material handling, mining, energy, and technology assets.
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Midsized and large businesses can rely on CG Commercial Finance for refinancing and other capital equipment leasing solutions.
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Experts advise you to pay off your debts and start educating yourself on investing.
CG Commercial Finance specializes in all kinds of capital leases tailored to the needs of medium and big enterprises.