Saltmarsh is Pleased to Announce That Denice G. Miller, CPA and Glenn S. Cox, CPA Have Joined the Firm's Orlando Office

We are pleased to announce that Denice G. Miller, CPA and Glenn S. Cox, CPA have joined Saltmarsh, Cleaveland & Gund's Orlando Office. Denice and Glenn join us through our acquisition of the Financial Institution Practice of Averett, Warmus, Durkee, Osburn, Henning.

The addition of Denice and Glenn further strengthens our commitment, expertise, and reputation for excellence in providing audit, tax, and consulting services to financial institutions.

We are excited about the opportunities that this acquisition provides and welcome them and the clients they serve to Saltmarsh, Cleaveland & Gund.

Some New Faces Around the Office...

Saltmarsh has an unwavering commitment to providing the highest quality service to our clients.  This begins with building a team of highly qualified individuals who have a passion for what they do.   We are proud to welcome Michael Wells, David Brabham, Jessica Schneckenburger, Kelly Tilley and Barb Buffa to the Saltmarsh family.  Get to know them a little better:

Michael Wells, CPA (Tampa) - Mike has joined the firm as a Senior Auditor in the Financial Institutions Department of our Tampa office.  He has been practicing in the field since 2008, with particular experience in providing audit services to financial institutions.  Prior to joining Saltmarsh, Mike was a Senior Auditor with Deloitte & Touche, LLP where he was responsible for assisting with the completion of audit procedures on various engagements.

David Brabham, JD, LLM (Ft. Walton Beach) - David has joined the firm as a Manager for tax and accounting services.  David comes to Saltmarsh with 9 years of public accounting experience in tax compliance, technical review research and planning for corporations, limited liability companies and partnerships.  Additionally, David has experience in both domestic and international taxation.  He is a licensed attorney with an L.L.M. in taxation and 12 years of legal practice in estate and business planning.

Jessica Schneckenburger (Pensacola) - Jessica has joined the firm as a Senior Bank Auditor.  Jessica has a Bachelor's Degree in Accounting from Saint Joseph's University in Philadelphia, PA.  Prior to joining Saltmarsh, Jessica worked for KPMG in Philadelphia as an Audit Senior Associate where she served a variety of clients, including financial institutions. 

Kelly Tilley (Pensacola) - Kelly has joined the firm as receptionist for our Pensacola office.  Kelly is from the area and most recently worked at Advanced Systems Tech, where she provided a wide variety of client and internal leadership support.  She is very excited about the opportunity to work at Saltmarsh.

Barb Buffa (Tampa) - Barb joins the firm as a Financial Institutions Consultant for our Tampa office.  She will be primarily involved in performing internal audit, compliance and consulting services for the firm's financial institution clients.  Barb has over 30 years of experience in commercial and community banking with an emphasis in branch and deposit operations, security and compliance.  Prior to joining Saltmarsh, Barb served as COO and Security Officer and has previously held positions as Compliance Officer, Internal Control Coordinator and Internal Auditor.

A Saltmarsh Love Story

We are proud to announce that two of our own "tied the knot" on September 8th, 2012.  Friends and family of Brad Mostert and Jennifer Elkins gathered for a beautiful ceremony at Pine Forest United Methodist Church followed by a reception at Paul's on the Bay.  

A shower was thrown for the couple at our Pensacola office, on September 4th, where Saltmarsh employees were able to celebrate with the couple before the big day!  See pictures below from the shower.

Now that the happy couple is back from the honeymoon, we decided to catch up with them for a little question and answer.

His:

1. When and where did you meet? 

• At a Beta Alpha Psi social event at the Gulf Breeze Zoo.

2. When you first saw her, what were your thoughts? 

• I thought she was beautiful and that I needed to work next to her while cleaning up the zoo.

3. Where was your first date? 

• Probably technically when we watched some award show and ate pizza at her apartment.

4. What is your favorite thing to do with her? 

• I enjoy doing anything with her! She's the best.

5. What is your favorite thing about her? 

• The way she treats people.  She is the most kind and giving person I know!

6. What is your favorite moment with her? 

• When she said, "I do."

7. If you could sum her up in one word, what would it be? 

• Perfect.

8. When did you know she was “the one”? 

• The first time I ever saw her.

9. What is her most annoying habit? 

• Picking the polish off of her nails after paying to get them done!

10. Your stupidest fight was over... 

• Oh geez. Probably over what shower curtain we were going to buy.

11. Name one item that she is attached to that you would love to burn...

• Surprisingly, I don't think she really has anything she is attached to that I don't like.

12. What about married life are you looking forward to the most? 

• Just spending the rest of my life with her!

13. Anything exciting planned for the honeymoon? 

• Going on a 7-day, 6-night cruise to Cozumel, Belize, Honduras, and Grand Cayman. 

Hers:

1. When and where did you meet? 

• At a zoo clean-up event held by Beta Alpha Psi (through UWF) in November 2008.

2. When you first saw him what were your thoughts? 

• I wondered who he was because I had never seen him at a meeting before.

3. Where was your first date? 

• At my apartment, I think we ordered a pizza and watched an award show and a movie and we dubbed that our first official date since it was the first time we hung out together without our mutual friends.

4. What is your favorite thing to do with him? 

• So far my favorite thing to do has been to plan our lives together via “window shopping”, sometimes we look at houses online together even though we aren’t going to buy for another year or so, or we look at furniture or decorative things when we are shopping that we could fill our home with once we buy our house and it’s always a lot of fun.

5. What is your favorite thing about him? 

• Definitely his sense of humor and how witty he is. 

6. What is your favorite moment with him? 

• When he asked me to marry him.

7. If you could sum him up in one word, what would it be? 

• Fun.  

8. When did you know he was “the one”? 

• We went through a rough patch and separated for a while a little over a year after we started dating and during that time we remained friends and he gave me time to realize that he was worth every bit of work it took to make our relationship last. When we got back together I knew that I never wanted to be without him again and he was “the one” for me.

9. What is his most annoying habit? 

• Being stubborn. 

10. Your stupidest fight was over... 

• Who had to turn the light off before bed.

11. Name one item that he is attached to that you would love to burn...

• His basketball shorts that are covered in paint stains.

12. What about married life are you looking forward to the most? 

• Buying a house together and making it a home.

13. Anything exciting planned for the honeymoon? 

• We went a Caribbean cruise and with the credits from our group gift from our awesome coworkers we were able to see the Mayan Ruins in Cozumel, go snorkeling in Belize, and zip-lining in Honduras! Thanks SCG peeps!!!!! 

Here's to many, many years of happiness for this couple!  Congratulations to the both of you and best wishes from your Saltmarsh family!

Will You Benefit From A Medical Loss Rebate?

The Patient Protection and Affordable Care Act established medical loss ratio standards for health insurance providers, requiring them to provide rebates to group health plans and insured individuals if the insurer fails to spend a minimum percentage of premiums received on medical care claims and activities to improve health care quality. Insurers were required to pay rebates for 2011 in early August 2012.

Of course receipt of the rebate is a positive event, yet with it comes fiduciary responsibilities for employers sponsoring health plans and tax considerations for individual recipients. Sponsors of health insurance plans are now faced with decisions regarding:
• implications of the rebate constituting a plan asset when otherwise there is no trust, 
• properly using and allocating the rebate, and 
• properly responding to inquiries from plan participants regarding the individual tax implications of the rebate 

Guidance regarding these rebates is included in the Department of Labor’s Technical Release No. 2011-04. We recommend close consideration of what constitutes a plan asset in light of the rebates. Many health plans sponsored by employers do not utilize a trust for plan assets, thus, avoiding any action causing the rebate to become a plan asset is important. The Technical Release highlights that under the Employee Retirement Income Security Act of 1974 (ERISA), rebates attributable to employee contributions are considered plan assets and must be used for a plan purpose and for the exclusive benefit of the plan participants. Determining the amounts treated as plan assets depends on a number of factors, including the terms of the plan documents (if any) and the underlying insurance policy. In the absence of such provisions in the plan or policy, the Department of Labor considers if premiums are paid by the employer or the participants. 

If the employer paid the entire cost of the medical coverage for which the rebate applies, none of the rebate is considered a plan asset and the entire rebate can be retained by the employer. However, if the participant and employer shared the cost of coverage, the portion of the cost paid by participants would be considered a plan asset, not available for use by the employer sponsoring the medical plan. The portion of rebates considered plan assets may be distributed to plan participants in cash, applied to reduce future participant premiums or used in accordance with the terms of the plan. 

When an employer receives the medical loss rebate and a portion of the original premiums paid for the coverage were paid by the participant, proper disposition of the participants’ portion of the rebate could be achieved if the rebate is used within three months of receipt to pay premiums or refunded. Technical Release No. 2011-04 refers to ERISA Technical Release 92-01, which addresses avoiding inadvertent creation of a trust solely for a failure to hold participant contributions in trust. 

As indicated herein, prompt attention to use of the rebate is necessary especially since New York and New Jersey are among the states where a large portion of the rebates will be delivered.
For more information, please contact Judy Fryer at (800) 435-8300. 

© 2012 EisnerAmper LLP

Saltmarsh Professionals Earn Designation Of Construction Industry Technician

Ten members of the Saltmarsh Construction Industry team have recently earned the designation of Construction Industry Technician (CIT), a certification awarded by NAWIC Education Foundation in association with Clemson University’s Department of Construction and Management. Individuals who earn the CIT certification have demonstrated mastery of the materials related to the construction industry and its processes. Earning this certification acknowledges the accomplishment of attaining a higher professional level in the construction industry, and demonstrates Saltmarsh’s commitment to providing the highest standard of service to our construction industry clients.

The following individuals from three of the firm’s office locations have earned the CIT certification:

Pensacola, Florida
Molly Murphy, CPA, CIT
Frank Riehle, CPA, CIT
Carol Rosenblatt, CPA, CIT
David Ricksecker, CPA, CIT 
Mike Miller, CIT
Justin Smith, CPA, CIT

Fort Walton Beach, Florida
Chuck Landers, CPA, CIT
Allyson Oury, CPA, CIT
Lisa Goodwin, CPA, CIT

Tampa, Florida
Suzanne Cox, CPA, CIT

Take Me Out to the Ball Game!

The Saltmarsh crew headed back to the Pensacola Blue Wahoos Park on Wednesday, August 22nd to enjoy another night of fun on the Margaritaville Party Deck with friends and family!  We had a great time cheering on the Blue Wahoos as they took on the Montgomery Biscuits, and although our Wahoos didn't come out with a win, it was a great game and lots of laughs with our Saltmarsh family!

Check out some of the photos taken at the game!

What a view!

Go Wahoos!

We all know how much Stephen loves being in other people's pictures, so we made sure to snap an individual shot of him!  ---You're welcome Stephen!

Oh no!  Where is Barry!?  We can't see him with all that camo on!

Justin Smith with our youngest Wahoos fan, his son, Luke.

Kendra Fendt and her husband Ed, showing their Wahoos spirit!

Saltmarsh President, Ron Jackson, and his wife Margaret 

(with a few crashers spotted in the background!) 

John Watton, AAAPM Obtains Professional Designation

The Association for Accounting Administration recognizes John Watton as an Accredited Administrator in Accounting Practice Management (AAAPM)

______________________________________

Dayton, OH, August 15, 2012: John Watton, AAAPM, Firm Administrator with Saltmarsh, Cleaveland & Gund,PA based in Pensacola, FL has been awarded the Association-certified Accredited Administrator in Accounting Practice Management (AAAPM) by the Association for Accounting Administration (AAA). This prominent designation recognizes John Watton, AAAPM’s knowledge and professional experience in accounting practice management.

The AAA’s voluntary Accredited Administrator in Accounting Practice Management (AAAPM) certification program joins a growing trend within accounting and other professions to recognize and create value for those individuals who have achieved a high level of competency within the Firm Administrator community. Accreditation is the recognition and designation that the professional managing the firm has achieved a level of expertise within the profession of Firm Administration that exemplifies both their professional capabilities and experience. The credential demonstrates mastery of skill sets necessary to qualify an AAAPM as an individual who has attained an unparalleled level of

competence in Firm Administration.

John is the Firm Administrator at Saltmarsh, Cleaveland & Gund. He has been practicing in this field since 1982, his experience is in professional services firm administration, including both accounting and law firms. John’s overall expertise is in the areas of financial analysis and annual budgeting, management reporting, personnel and human resources, and firm administrative services.  John serves as an active member of several professional and community organizations including the Association for Accounting Administration, Association of Legal Administrators and Rotary International (Gulf Breeze Club).

Professionals can locate Association-certified professionals in North America by visiting the AAAPM Directory at www.cpaadmin.org or contacting the AAA Headquarters at (937) 222-0030.

The Association for Accounting Administration is a non-profit professional association dedicated to shaping the profession, determining the direction for administrator career pathing, and being on the cutting edge of developments in the profession.

Bill Massey Quoted in Recent Tampa Bay Business Journal Article

Data recently released by Saltmarsh's Financial Institutions Consulting group, The Bank Advisors, was featured in an article in the latest edition of the Tampa Bay Business Journal.

The report, released quarterly, shows that Tampa area banks lending and profits are growing. Profits from the 39 Tampa area community banks mentioned in the article totaled $114.8 million for the first half of 2012, which is a 107 percent increase over 2011.  Lending is also showing growth.

In the article, Saltmarsh's Bill Massey was quoted as saying “We’re moving in the right direction, but it will still take a while to get nonperforming assets and foreclosures off the books.”

Click here to read the article by the Business Journal's Margie Manning, and view a snapshot of the data from Saltmarsh's quarterly banking report.

To view the reports in their entirety, visit www.thebankadvisors.com.

Lands Receives United Way Service Award

At today's Annual Meeting, Saltmarsh's Human Resources Manager, Shannon Lands, was awarded the United Way Service Award for her dedication and service to the United Way of Escambia County.

Shannon currently serves on the Board and is the Co-Chair of the Funds Distribution Committee for the organization. She spends many hours volunteering her time for the United Way and the agencies that the organization serves. Shannon also coordinates annual giving to the United Way for Saltmarsh. 

Congratulations, Shannon! We are proud to have such a dedicated community leader as a member of our Saltmarsh family.

Internal Revenue Service: Summertime Tax Tip

Internal Revenue Service: Summertime tax tip: Vacation homes: Rentals
Renting Your Vacation Home


IRS Summertime Tax Tip 2012-08

Income that you receive for the rental of your vacation home must generally be reported on your federal
income tax return.

However, if you rent the property for only a short time each year, you may not be required to report the rental income.


The IRS offers these tips on reporting rental income from a vacation home such as a house, apartment,
condominium, mobile home or boat:

• Rental Income and Expenses Rental income, as well as certain rental expenses that can be

deducted, are normally reported on Schedule E, Supplemental Income and Loss.

• Limitation on Vacation Home Rentals When you use a vacation home as your residence and

also rent it to others, you must divide the expenses between rental use and personal use, and you

may not deduct the rental portion of the expenses in excess of the rental income.

You are considered to use the property as a residence if your personal use is more than 14 days,

or more than 10% of the total days it is rented to others if that figure is greater. For example, if

you live in your vacation home for 17 days and rent it 160 days during the year, the property is

considered used as a residence and your deductible rental expenses would be limited to the

amount of rental income.

• Special Rule for Limited Rental Use If you use a vacation home as a residence and rent it for

fewer than 15 days per year, you do not have to report any of the rental income. Schedule A,

Itemized Deductions, may be used to report regularly deductible personal expenses, such as

qualified mortgage interest, property taxes, and casualty losses.

IRS Publication 527, Residential Rental Property (Including Rental of Vacation Homes), is available at
IRS.gov or by calling 800-TAX-FORM (800-829-3676). The booklet offers more information about rental
property, including special rules about personal use and how to report rental income and expenses.

©2012 Wolters Kluwer. All rights reserved.