Term
| coined landscape architecture |
|
Definition
|
|
Term
|
Definition
| formal italianate gardens |
|
|
Term
| gave rise to eckbo [one of largest firms] |
|
Definition
|
|
Term
|
Definition
| completed blue ridge parkway |
|
|
Term
|
Definition
|
|
Term
|
Definition
| not only does one protect the health, safety, and welfare of the public, but adheres to ethical codes that mandate and suggest holding to the highest virtues |
|
|
Term
|
Definition
| private, public, academic, corporate, specialty |
|
|
Term
| types of private practice |
|
Definition
|
|
Term
| types of specialty practice |
|
Definition
| fountain design, irrigation, specification writer, construction forensics |
|
|
Term
|
Definition
| the profession which applies artistic and scientific principles to the research, planning, design, and management of both natural and built environments |
|
|
Term
|
Definition
| provides opportunities for landscape architects to exceed minimum environmental rules and regulations to conserve and restore natural resources |
|
|
Term
|
Definition
| council of landscape architectural review board: dedicated to ensuring that all individuals who affect the natural and built environment through the practice of landscape architecture are sufficiently qualified to do so |
|
|
Term
|
Definition
| landscape architecture registration examination |
|
|
Term
|
Definition
| council of educators in landscape architecture |
|
|
Term
|
Definition
| continuing education credits - keeps landscape architects up to date |
|
|
Term
|
Definition
| american society of landscape architects; to lead, educate, and participate in the careful stewardship , wise planning, and artful design of our cultural and natural environments |
|
|
Term
|
Definition
| american planning association; to encourage planning that will meed the needs of people and society more effectively |
|
|
Term
|
Definition
| national parks and recreation association; to advance parks, recreation and environmental conservation efforts that enhance the quality of life for all people. |
|
|
Term
|
Definition
| american society of civil engineers; provide essential value to our members and partners, advance civil engineering and serve the public good. founded in 1852 |
|
|
Term
|
Definition
| american society of agricultural and biological engineers; educational and scientific organization dedicated to the advancement of engineering applicable to agricultural, food, and biological systems including biological engineering, education, soil and water, structure and environment, aquacultural engineering. |
|
|
Term
|
Definition
| association of environmental engineers and scientists; promote the development of sustainable ecosystems that integrate human society with its natural environment for the benefit of both by fostering education and outreach, extending professional development and associations, raising public awareness, and encouraging original research. |
|
|
Term
|
Definition
| dedicated to the public health, safety, and welfare and recognition and protection of the land and its resources |
|
|
Term
|
Definition
| should make every effort within our sphere of influence to enhance, respect, and restore the life-sustaining integrity of the landscape for all living things |
|
|
Term
|
Definition
| constitution, bylaws, code of ethics |
|
|
Term
|
Definition
| student $50. within 6 mo of graduation, free membership, billed at 50% second year |
|
|
Term
|
Definition
| demonstrate commitment to la, network with la leaders, access the latest la resources, lead sustainable change in the industry, raise awareness of the profession |
|
|
Term
|
Definition
| state and student chapters |
|
|
Term
|
Definition
| canadian society of landscape architects |
|
|
Term
|
Definition
| international federation of landscape architects |
|
|
Term
|
Definition
| 3 states. must be licensed to have title, but can practice anyways. |
|
|
Term
|
Definition
| 47 states. must be licensed to have title AND to practice |
|
|
Term
|
Definition
| process of automatically terminating programs after a specified period of time unless expressly reauthorized |
|
|
Term
|
Definition
| association of professional landscape designers |
|
|
Term
|
Definition
|
|
Term
|
Definition
| clemson certificate of accomplishment in landscape and garden design |
|
|
Term
| become a landscape designer |
|
Definition
| fast, concentrated training in the fundamental skills of landscape design. |
|
|
Term
|
Definition
| american institute of certified planners; must be certified, not a registration |
|
|
Term
|
Definition
| certified parks and recreational professional; must be certified, not a registration. uses nrpa code of ethics, |
|
|
Term
|
Definition
| national playground safety inspector; requires certification, inspect playgrounds for safety issues, insuring compliance with current national standards |
|
|
Term
|
Definition
| geographic information systems |
|
|
Term
|
Definition
1700-1800s post revolutionary
mount vernon, romantic style |
|
|
Term
|
Definition
1700-1800s post revolutionary
earliest known design/build guy
vanderbilt mansion - hyde park, ny |
|
|
Term
|
Definition
1700-1800s post revolutionary
monticello, uva, romantic english style |
|
|
Term
|
Definition
co-designed central park, ny
coined landscape architect |
|
|
Term
|
Definition
| conservation and regionalist |
|
|
Term
|
Definition
'design with nature'
defined concept 'land use suitability |
|
|
Term
|
Definition
responsibilities related to an agencies mission
positions created by appropriations bills
typically viewed as stable work environment
yay in midwest, bad in south |
|
|
Term
|
Definition
| research, teaching, administrative |
|
|
Term
| landscape architecture 'products' |
|
Definition
drawings, written specs, reports, verbal communication, onsite consulting
based on client needs |
|
|
Term
| professional success depends on: |
|
Definition
| successful interaction, effective communication, |
|
|
Term
|
Definition
| b/c of a job well done, not because you're happy with it. [client satisfaction] |
|
|
Term
|
Definition
| what is good and bad and moral duty and obligation |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| developers, private individuals, other professionals |
|
|
Term
|
Definition
| federal, state, local governments |
|
|
Term
| proactive selection of clients |
|
Definition
| set specialty, they come to you |
|
|
Term
| reactive selection of clients |
|
Definition
| take the jobs you can get |
|
|
Term
|
Definition
| proactive selection, reactive selection, location, state licensure, economy |
|
|
Term
|
Definition
| community and multifamily housing, parks and rec facilities, commercial and industrial development, planning and analysis projects, institutional prjects, single-family residential and garden design projects, land and water reclamation and conservation projects, interior landscape architecture, historic preservation and restoration projects, landscape art and earth sculpture |
|
|
Term
| community and multifamily housing development |
|
Definition
may provide the most valuable housing-sector client and project opportunities for the landscape architect
includes open space and recreation areas |
|
|
Term
| parks and outdoor recreation facilities |
|
Definition
| resorts, golf courses, theme parks, tennis centers, water parks, family fun centers, outdoor amphitheaters, ski areas |
|
|
Term
| commercial and industrial development |
|
Definition
| shopping centers, malls, office complexes, mixed use commercial, rooftop plazas, public transportation facilities, airport environs, industrial parks, corporate headquarters |
|
|
Term
|
Definition
many planning and analysis projects never get built, but establish criteria, provide vision, and set goals for future design and development.
1986-1994: 1/3 of all asla professional awards were given for planning an analysis |
|
|
Term
|
Definition
| churches, foundations, associations, private social agencies, youth organizations, museums, zoos, private universities |
|
|
Term
| single family residential |
|
Definition
|
|
Term
| land and water reclamation and conservation projects |
|
Definition
reclamation of disturbed landscapes and consservation of open space
marsh and riparian landscapes, beachfronts and dunes, mines and landfill operations & logging and agricultural landscapes
opportunities are usually found in the piblic or quasi-public sector. private sector opportunities may exist within mining, logging, and private landfill companies or with private conservation orgs |
|
|
Term
| interior landscape architecture |
|
Definition
atriums, lobbies, shopping malls, airports, conservatories, and indoor walkways
climate controlled spaces and artificial lighting |
|
|
Term
| historic preservation and restoration projects |
|
Definition
| requires attention to detail, authenticity, and thoroughness |
|
|
Term
| landscape art and earth sculpture |
|
Definition
one of the fastest growing segments of la practice. the notion that the designed outdoor environment can be art in and of itself
roberto burle marks - can be seen as father of this field |
|
|
Term
|
Definition
| well established and time tested partnerships |
|
|
Term
|
Definition
| corridor planning, highway beautification, landscaping, and highway impact mitigation |
|
|
Term
|
Definition
| structural, electrical, and mechanical engineer, planners and environmental consultants, corporations, architects, engineers, blha |
|
|
Term
|
Definition
| work is awarded on a qualification basis, selection process is public and highly competitive |
|
|
Term
|
Definition
| primary method of applying for federal work |
|
|
Term
| federal government business |
|
Definition
| commerce business daily - posts daily federal project opportunities |
|
|
Term
| state, county, metropolitan, and municipal governments |
|
Definition
majority source of public jobs
very specific requirement for design, preperation of construction documents, reporting, invoicing, etc
also public hiring process |
|
|
Term
| large multidisciplinary firms [hntb] |
|
Definition
| over 3400 employees, run by board of directors, 5 geographic divisions, conglomerate of transportation architecture, federal services, and international projects, 62 offices, LAs work with planning and engineering projects, recently been doing a lot of work with architecture and federal services |
|
|
Term
|
Definition
| wide variety of projects,advancement, strong professional development program, support in seeking advanced degrees, support in licensure, good benefits, employee ownership [stock], legal/financial advice, child care, and other assistance programs, more pto, credit union, flexible spending account |
|
|
Term
|
Definition
| hard to stand out, hard to climb. in multidisciplinary, la seems secondary |
|
|
Term
|
Definition
| 52,000 employees worldwide, does work in basically every firm - but more related to LA |
|
|
Term
| small la firm [acacia group] |
|
Definition
| partnership, average 7 employees, 2 offices, smaller range of skills |
|
|
Term
|
Definition
| LA responsibilities for entire project, closer relationship between principles and junior architects, normal benefits, easier to climb |
|
|
Term
|
Definition
| more micro-managed, job not as secure |
|
|
Term
|
Definition
| customer and employee importance very high, ability to diversify, benefits |
|
|
Term
|
Definition
| entry level is about 3 years, prefers licensed las, plant knowledge important, long lader to climb |
|
|
Term
|
Definition
| work on national monuments, flexibility for advancement, LA can be project manager, benefits, relocation and recruitment incentives |
|
|
Term
|
Definition
| bureaucracy, funding, strict design guidelines |
|
|
Term
|
Definition
| more of a sales man than designer |
|
|
Term
|
Definition
| equity, debt, trade equity |
|
|
Term
| three phases of financing a firm |
|
Definition
| start up, maintenance, continuation |
|
|
Term
|
Definition
legal, insurance, and business licence
equipment, furniture, office supplies
leasing an office
marketing and website
operating expenses
vehicles and maintenance
salaries |
|
|
Term
| proprietorship or partnership funding |
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| quicker and easier, doesn't dilute ownership |
|
|
Term
|
Definition
| interest, requires collateral, firm usually needs to be established, and/or personal guarantees |
|
|
Term
|
Definition
| spreads risk, can change legal structure as need arises |
|
|
Term
|
Definition
| risks personal capitol, dilutes profits |
|
|
Term
|
Definition
|
|
Term
|
Definition
| each partner owns % of equity |
|
|
Term
|
Definition
| various parties own shares |
|
|
Term
|
Definition
investors protected from liability - so can access wider audience for funding
stocks are more liquid than ownership stake |
|
|
Term
|
Definition
increased value in a property earned from labor toward upkeep or restoration
forgo salary; shows up as retained earnings which determine the value of sweat equity
can do this at any time in life of firm
need to consider implications of different ownership stakes |
|
|
Term
| personal savings [equity financing] |
|
Definition
any personal funds you have available: retirement and insurance policies [can either cash out or use as collateral]
home equity, though risks personal property, the interest on home mortgage loans is a personal tax deduction |
|
|
Term
| family and friends [equity financing] |
|
Definition
favorable loan terms, can also be gift
but can create problems with personal relationships, make sure to take serio |
|
|
Term
| partners [equite financing] |
|
Definition
spreads out cost of starting firm, but also the financial reward
partners can bring different expertise
can be formed between firms |
|
|
Term
|
Definition
| working partners - all participate in business |
|
|
Term
|
Definition
silent partner - only money partner, gets part of profit, good for getting friends and families involved
controlling - run the business |
|
|
Term
| venture capital investor [equity financing] |
|
Definition
| not good option, they look for 20-30% ROI and LA firms typically earn 10-15% |
|
|
Term
| the LAs current employer [equity financing] |
|
Definition
| be a good employee, work for a profitable firm, can be new venture or subsidiary [investment is in return for equity position] |
|
|
Term
| leveraging equity through dept |
|
Definition
| lenders like 3:1 debt:equity contribution or lower |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
can negotiate terms - shoot high to see what you get
shop around |
|
|
Term
| short-term loan [debt financing] |
|
Definition
| 12 months or less, bank can demand repayment at anytime, cash as collateral, used for operating capital |
|
|
Term
| installment loan [debt financing] |
|
Definition
long term
more common, but more expensive.
repaid over time, in set installments |
|
|
Term
| simple interest loan [debt financing] |
|
Definition
long term
better for borrower
I is R P T |
|
|
Term
| amortizing loan [debt financing] |
|
Definition
long term
front loads the interest payments - earlier payments are mainly interest, later payments are mainly principal
schedule can vary |
|
|
Term
| interest only loan [debt financing] |
|
Definition
long term
has a balloon payment at end of principal, but only pays down interest over certain period of time |
|
|
Term
| mortgages [debt financing] |
|
Definition
long term secured by real estate
increases total paper assets of firm
more money up front, so harder for startup |
|
|
Term
| personal loans [debt financing] |
|
Definition
uncollateralized based on credetials of the individual
often a line of credit - same terms as credit cards |
|
|
Term
| credit cards [debt financing] |
|
Definition
| shop around and be careful |
|
|
Term
| noncommercial loans [debt financing] |
|
Definition
from family and friends
generally better terms
lemders tend to be more concerned on principal, not interest |
|
|
Term
| line of credit [loc] [debt financing] |
|
Definition
| use for temporary and intermittent financial needs - bridge financing |
|
|
Term
| loc overdraft protection [debt financing] |
|
Definition
| protection against overdrawing your account |
|
|
Term
| loc operating line of credit [debt financing] |
|
Definition
for temporary cashflow issues
usually 1 year terms
typically needs to ahve 0 balance at somepoint in the ear
can serve as long term loan if credit remains good
rate is tied to prime rate
often a necessary tool |
|
|
Term
| loc revolving line of credit [debt financing] |
|
Definition
for expansion where exact costs arent known
slightly longer term
similar to operating line of credit, but doesnt require annual pay down
cant be renewed - must be paid down or converted to term loan |
|
|
Term
| loc swing loan [debt financing] |
|
Definition
bridge financing
where funds are in the works, just not there yet |
|
|
Term
|
Definition
for cars, equip. and furniture
useful when interest rates are hight
low initial costs
tax flexibility
quicker and easier than loans |
|
|
Term
| operating lease [debt financing] |
|
Definition
asset treated as an opperating expense, not as a liability
dont have to show on financial statement
doesnt increase debt load, so doesnt impact ability to get loan |
|
|
Term
| capital lease [debt financing] |
|
Definition
treats asset as if purchased and financed by debt
asset ownership transfered to leaser
lease to own, or allows discount purchase at end of term
lease amount is >orequal to 75% of economic life of leased asset |
|
|
Term
| purchase and lease back [debt financing] |
|
Definition
owners purchase and lease to firm
get depreciation write off and income - firm gets use of equipment
needs wealthy owner
can involve 3rd party - selling building they still want to occupy. |
|
|
Term
| gov backed loans [debt financing] |
|
Definition
primarily small business association
provides advisory services |
|
|
Term
| installment loan [debt financing] |
|
Definition
long term
more common, but more expensive.
repaid over time, in set installments |
|
|
Term
| simple interest loan [debt financing] |
|
Definition
long term
better for borrower
I is R P T |
|
|
Term
| amortizing loan [debt financing] |
|
Definition
long term
front loads the interest payments - earlier payments are mainly interest, later payments are mainly principal
schedule can vary |
|
|
Term
| interest only loan [debt financing] |
|
Definition
long term
has a balloon payment at end of principal, but only pays down interest over certain period of time |
|
|
Term
| mortgages [debt financing] |
|
Definition
long term secured by real estate
increases total paper assets of firm
more money up front, so harder for startup |
|
|
Term
| personal loans [debt financing] |
|
Definition
uncollateralized based on credetials of the individual
often a line of credit - same terms as credit cards |
|
|
Term
| credit cards [debt financing] |
|
Definition
| shop around and be careful |
|
|
Term
| noncommercial loans [debt financing] |
|
Definition
from family and friends
generally better terms
lemders tend to be more concerned on principal, not interest |
|
|
Term
| line of credit [loc] [debt financing] |
|
Definition
| use for temporary and intermittent financial needs - bridge financing |
|
|
Term
| loc overdraft protection [debt financing] |
|
Definition
| protection against overdrawing your account |
|
|
Term
| loc operating line of credit [debt financing] |
|
Definition
for temporary cashflow issues
usually 1 year terms
typically needs to ahve 0 balance at somepoint in the ear
can serve as long term loan if credit remains good
rate is tied to prime rate
often a necessary tool |
|
|
Term
| loc revolving line of credit [debt financing] |
|
Definition
for expansion where exact costs arent known
slightly longer term
similar to operating line of credit, but doesnt require annual pay down
cant be renewed - must be paid down or converted to term loan |
|
|
Term
| loc swing loan [debt financing] |
|
Definition
bridge financing
where funds are in the works, just not there yet |
|
|
Term
|
Definition
for cars, equip. and furniture
useful when interest rates are hight
low initial costs
tax flexibility
quicker and easier than loans |
|
|
Term
| operating lease [debt financing] |
|
Definition
asset treated as an opperating expense, not as a liability
dont have to show on financial statement
doesnt increase debt load, so doesnt impact ability to get loan |
|
|
Term
| capital lease [debt financing] |
|
Definition
treats asset as if purchased and financed by debt
asset ownership transfered to leaser
lease to own, or allows discount purchase at end of term
lease amount is >orequal to 75% of economic life of leased asset |
|
|
Term
| government based loan [debt financing] |
|
Definition
primarily small business associations
provides advisory services
best approach is to talk to local sba
loan guarantees are most popular |
|
|
Term
| loan guarantees [debt financing] |
|
Definition
typically more than $10bil annually
has options targeted at many groups
can also get sba mortgages |
|
|
Term
| sba mortgages [debt financing] |
|
Definition
better terms at 90/10, vs typical 80/20 or 75/25
can finance closing costs |
|
|
Term
| how lenders evaluate a loan request |
|
Definition
character - credit score, etc. keep clean record, address adverse info upfront
capacity - can the firm pay off debt
collateral - cash, accounts receivable, real estate, other assets (LA good on accounts receivable)
capital - how much is the firm risking (firms where own risks a lot, is better)
conditions - external factors. economy, state of industry, firm specific factors |
|
|
Term
|
Definition
| bad if debt is 3x owners equity or if debt to work is more than 3:1 |
|
|
Term
|
Definition
lenders want regardless of corporate structure - shows lenders that you are willing to risk your own assets
guarantors all assume debt - plural |
|
|
Term
|
Definition
call lender - but then they can make demands
loan proposal |
|
|
Term
|
Definition
unsecured credit from vendors, suppliers and professional firms
business to business |
|
|
Term
|
Definition
| technical competence, a design style they like, and responsiveness to their needs, desires, goals, and objectives |
|
|
Term
|
Definition
| some amount of creative freedom, the potential of the project to be implemented, adequate info and responsiveness to my questions, and payment |
|
|
Term
|
Definition
| uniform national building code |
|
|
Term
|
Definition
| american disabilities act |
|
|
Term
|
Definition
| unbc, ada, zoning, floodplain, storm drainage, street standards, outdoor lighting codes, subdivision standards |
|
|
Term
|
Definition
| determined by law, LA liable if able to prove something negligent happened |
|
|
Term
|
Definition
| clear and precise contracts, carefully select clients, educate clients about their responsibility for risks within their control |
|
|
Term
|
Definition
| provide professional services consistent with the ordinary level of skill and care practiced by other reasonably competent landscape architects under similar circumstances |
|
|
Term
|
Definition
| competence, obeying hierarchy, confidentiality, timeliness |
|
|
Term
|
Definition
| payment, adequate communication/information |
|
|
Term
|
Definition
| contractors make bids to win jobs based on construction documents |
|
|
Term
| construction manager at risk |
|
Definition
| LA and contractor work together - gives owner guaranteed max price |
|
|
Term
|
Definition
| public jobs often. contractor selected for suite of jobs |
|
|
Term
| design and negotiated construction contract |
|
Definition
| designer negotiates directly with preferred contractor |
|
|
Term
| financial accounting information |
|
Definition
| provides records about the firm's previous monetery events for financial management analysis and tax purposes |
|
|
Term
| financial management information |
|
Definition
| analyzes financial accounting information to determine the financial health of the firm and project future financial moves |
|
|
Term
|
Definition
indicated profitability of the firm for a given period
itemizes: revenues (billed and interest income) and operating expenses |
|
|
Term
|
Definition
statement of firms financial condition at a specific time
consists of: assets, liabilities, |
|
|
Term
|
Definition
|
|
Term
|
Definition
financial resources of the firm
cash, checkbook balance, prepaid rent, refundable deposits, payroll advances, accounts receivable, furniture, equipment, capital leases, accumulated depreciation, investments, organizational costs, goodwill |
|
|
Term
|
Definition
| cash, checkbook balance, prepaid rent, refundable deposits, payroll advances |
|
|
Term
|
Definition
|
|
Term
|
Definition
| furniture, equipment, capital leases, accumulated depreciation |
|
|
Term
|
Definition
| organizational costs, goodwill |
|
|
Term
|
Definition
| current debts, loans, salaries payable, long-term notes and capitol leases, owners' equity |
|
|
Term
|
Definition
| owners' equity. financial value of the firm to its owner |
|
|
Term
|
Definition
| book value divided by number of shares issued |
|
|
Term
|
Definition
| using debt, increasing equity through selling stock, or retaining greater amounts of its profits |
|
|
Term
|
Definition
reducing year-end profits to escape corporate tax and possibility of double taxation
distribute profits through bonuses |
|
|
Term
| aged accounts payable report |
|
Definition
| amount owed to creditor/vendor, usually classified at 30,60, and 90. 30 nbd. |
|
|
Term
|
Definition
revenue that has been billed, also 30, 60, 90. in design field, accounts receivable are about 75 days
efficiency determined on turnover |
|
|
Term
| receivables turnover ratio |
|
Definition
| total billed revenue/average receivable balance |
|
|
Term
| average receivables balance |
|
Definition
| AR beginning + AR ending/2 |
|
|
Term
| average age of receivables |
|
Definition
|
|
Term
|
Definition
| cash available to cover the cost of operations, funds in savings, funds available to borrow on operating line of credit |
|
|
Term
|
Definition
| amount of contracted fees - amount of work already completed on the contracts and invoiced |
|
|
Term
|
Definition
| high job development opportunities are added the the work in progress |
|
|
Term
|
Definition
| the remaining available fee and how much of that fee is expected to be invoiced over future months |
|
|
Term
|
Definition
| number of hours still remaining in each project and how those hours will fall over the coming months |
|
|
Term
|
Definition
result of comparing a current number to a base year index number
evaluates how the firm is doing compared to other firms,
virtually every accounting number can be compared to an index number |
|
|
Term
|
Definition
indicate firms ability to pay its short term debt with its available working capital.
shows interested parties the firm's solvency
most basic indicator of firm's financial health |
|
|
Term
|
Definition
| current assets/current liabilities |
|
|
Term
| equity [longterm] solvency ratios |
|
Definition
| relationship between firm's debt and firm's equity financing |
|
|
Term
|
Definition
| stockholder's equity/total assets |
|
|
Term
|
Definition
| stockholder's equity/total debt |
|
|
Term
| times interest earned ratio |
|
Definition
| income before interest and taxes/interest expense |
|
|
Term
|
Definition
| direct labor rate + overhead + profit |
|
|
Term
|
Definition
| operating expense less labor/labor expenses |
|
|
Term
|
Definition
| principle, designer, comp technician, administration |
|
|
Term
| cash-basis accounting system |
|
Definition
deals with transactions involving money and recods are made when money is received or paid out.
advantages: easy to understand, firm doesnt pay taxes on the income it earns until the cash is collected
disadvantages: firm does not deduct its business expenses until they are paid out, accounting records to not match its revenue earned during the accounting period
forms, procedures and reports used in the cash system can become difficult to manage if the firm size and number of employees increases |
|
|
Term
| accrual-basis accounting system |
|
Definition
income earned and expenses incurred regardless to when cash is actually received or paid out
advantages: revenue earned and the expenses required to earn revenue are matched up, allows timely awareness of firms profitability or loss
disadvantages: more complex, requires better financial management because taxes may be paid on income for whih cash has not been received, must convert to cash basis at year to determine income tax obligation |
|
|
Term
|
Definition
| balancing the credits and debits of a firm |
|
|
Term
|
Definition
|
|
Term
|
Definition
| disbursement of funds to firm's owners |
|
|
Term
|
Definition
| contributed capital + retained earnings |
|
|
Term
|
Definition
complete collection of all accounts of a firm
balance sheet is assets, liabilities, stockers' equity
income statement accounts is revenues, expenses |
|
|
Term
|
Definition
| complete listing of all the accounts of a firm by number and title |
|
|
Term
|
Definition
| time records, payroll, receivables, payables, cash receipts and disbursements, project cost accounting |
|
|
Term
|
Definition
direct bearing on payroll, project cost accounting components
needed to pay employees, produce invoices, analyze time spent to complete work |
|
|
Term
|
Definition
| labor costs and administrative functions are largest % of a firm's business, employees are assigned hourly rate or salary and are paid at a regular interval |
|
|
Term
|
Definition
| create the revenue component of an integrated accounting process. revenue is achieved by submitting invoices, progress billings |
|
|
Term
|
Definition
| what you owe venders , subconsultants, or other firms, illustrated in aged payables report |
|
|
Term
| cash receipts and disbursements |
|
Definition
| income and money paid out is recorded in the checkbook and is the basis for managing cash flow, directly tied to receivables and payables |
|
|
Term
|
Definition
| track and analyze all costs associated with services |
|
|
Term
|
Definition
key to office administration
first 2 numbers - year initialized
second 3 numbers - chronological #
2 #s after hyphen - category of work
last letter - type of task |
|
|
Term
|
Definition
job development
landscaping
historic preservation
industrial parks
multifamily residential |
|
|
Term
|
Definition
job development
research
design development |
|
|
Term
|
Definition
| in computer and hard copy required of firms to be organized |
|
|
Term
|
Definition
| master list of all project codes |
|
|
Term
|
Definition
| staff uses project codes to fill out time sheets for effective time keeping in order to bill correctly, etc |
|
|
Term
|
Definition
sick leave
holiday
general leave |
|
|
Term
|
Definition
efficient, expandable, easy
uniform with method
protects vital records
includes digital and hard copy files of current and archive files
includes development and management of forms
digital and hard copy are similar and compatible |
|
|
Term
|
Definition
| tax stuff, vital records, corporate charters, business stuff |
|
|
Term
|
Definition
3 years - payroll, monthy financial, other finance things
5 years - employee withholding records, accounts receivable
7 years - a copy of project related data, payrollrecords |
|
|
Term
|
Definition
used to organize data
project admin - contract and scope of work, emails, phone, meetings, |
|
|
Term
|
Definition
same system
CDs
DD
75%
85% etc |
|
|
Term
|
Definition
| all project related materials should be filed - even if seems insignificant |
|
|
Term
|
Definition
| only keep necessary files when need to be archived |
|
|
Term
|
Definition
| design data, standard specs, CDs |
|
|
Term
|
Definition
| pavers, concrete blocks, light fixtures, etc |
|
|
Term
|
Definition
| contact info, tax infornatuion, resume, portfolio, performance reviews, reprimands, record of termination, exit interview |
|
|
Term
| governmental requirements |
|
Definition
| varies based on authority |
|
|
Term
|
Definition
| company brochures, project cut sheets, power poiints, videos, animations, |
|
|
Term
|
Definition
all or real property owned by organization such as cars, equipment, real estate, and valuable papers
consider: water damage, fire, wind, property of others, theft, employee dishonesty, transit |
|
|
Term
| property and vehicle liability insurance |
|
Definition
cover a person when injured on property, using equipment, etc.
gov agencies require lots of it |
|
|
Term
|
Definition
| cost is related to danger of job |
|
|
Term
|
Definition
worker is disabled and cannot perform the job they were hired to do
is a % of base monthly earnings |
|
|
Term
| professional liability insurance |
|
Definition
| provides protection against damages arising from the conduct of professional practice including 3rd party claims |
|
|
Term
| fee for service health insurance |
|
Definition
employer and employees share the cost of health insurance premiums,
select medical provider of choice |
|
|
Term
|
Definition
| insurance company chooses providers for you - quality assurance |
|
|
Term
|
Definition
| basic healthcare for people over 65 - national healthcare |
|
|
Term
|
Definition
| employers with 20+ employees required to still offer employee health coverage even after they have reduction in hours, termination, etc. but employee assumes entire cost of policy |
|
|
Term
| qualified retirement plan |
|
Definition
favorable tax benefits, but subject to strict government regulations
most with pension or retirement benefits use this |
|
|
Term
| nonqualified retirement plans |
|
Definition
| benefits for select group of employees, not the same tax benefits as qualified, |
|
|
Term
| defined contribution plan [qualified pension plan] |
|
Definition
| amount of benefit is based on employer, employee, and earnings on account over the time the employee participated. no end amount promised, just a certain amount to be deposited promised |
|
|
Term
| defined benefit plan [qualified pension plan] |
|
Definition
provide x amount of income to participant at normal age of retirement
difficult because makes all employees 'equal' regardless of time/age spent at firm
better for smaller firms, young firms |
|
|
Term
| employee stock ownership plans [contribution plan] |
|
Definition
employees receive ownership in firm through stocks, retirement based on number of shares owned. godo way to transfer ownership to employees when owners ready to retire and want to retain value of firm
large firms to fund annual bonus via esop stock |
|
|
Term
|
Definition
employer contributes specific amount of money to account - usually percentage of salary
rewards longevity with the firm - good for young firms |
|
|
Term
| profit sharing [contribution plans] |
|
Definition
contribution based on annual profit
good employee incentive |
|
|
Term
| savings plan [contribution plan] |
|
Definition
employee makes after tax contributions, employer matches
less popular since 401k |
|
|
Term
|
Definition
pretax contributions
possibility to withdraw for hardship
employee chooses funding |
|
|
Term
| simplified employee pension |
|
Definition
allows self-employed individuals to and employers to make contributions under a qualified plan
employer contributions directly to IRA
employee has individual control over the investment vehicle for the account |
|
|
Term
| total quality management [tqm] |
|
Definition
| everyone in the company is responsible for the quality of the product or service |
|
|
Term
|
Definition
mission statement with 3 factors:
interests, education, and cultural background
internal environment and resources
external environment like region, economic trends |
|
|
Term
|
Definition
| firms size, education, interests, equipment, capabilities, attitudes, etc |
|
|
Term
| immediate operating environment |
|
Definition
| competition, client base, geographic region |
|
|
Term
| remote or national environment |
|
Definition
| social, political, economic, and technological environments |
|
|
Term
|
Definition
| size of market, competition, internal and external environment |
|
|
Term
| analysis of issues [marketing] |
|
Definition
| opportunities, threats, issues |
|
|
Term
|
Definition
| financial goals of the plan |
|
|
Term
|
Definition
| outlines strategies and action programs the firm will need to implement in order to secure the market sector - how, when, cost? |
|
|
Term
|
Definition
| how will process be monitored, schedule, contingency plan for bailing? |
|
|
Term
|
Definition
| used for procuring government projects |
|
|
Term
|
Definition
| federal procurement of services under the heading of a/e services |
|
|
Term
|
Definition
reminder system with calendar that keeps up with points of contact in order to indicate future points of contact - continuous note keeping of contact
contact people every 3-6 months |
|
|
Term
|
Definition
statement of interest
prereq of RFP |
|
|
Term
|
Definition
statement of qualifications
response to RFQ
lengthier than SOI
like CV for entire firm |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| request for qualification |
|
|
Term
| establishing in new market |
|
Definition
merger/acquisition
hire new principle in existing market
relocate a principal from the firm to a new market
shuttling a principle to new market
associating with a local firm to secure a large project |
|
|
Term
|
Definition
|
|
Term
|
Definition
| previously determined court cases |
|
|
Term
|
Definition
adopted by most all states
article 2 of the uniform commercial code - intendid to promote uniformity |
|
|
Term
|
Definition
exchange of goods
$ for tangible item |
|
|
Term
|
Definition
exchange for an act
$ for intangible item |
|
|
Term
|
Definition
lawful - legal object and purpose
parties must be legally competent - of age, not on drugs, mentally stable
valid exchange of value
mutual agreement - offer and acceptance, how long is offer valid |
|
|
Term
| accord and satisfaction [exchange] |
|
Definition
settlement of a disputed claim
an uncertain claim against another |
|
|
Term
|
Definition
| promise to do something more than which you were previously obligated |
|
|
Term
|
Definition
courts will not typically inforce
only have "illusion of a contract" |
|
|
Term
|
Definition
implied-in-law contract
benefit is received without any implied contract |
|
|
Term
|
Definition
| one party can not withdraw if second party is depending on them |
|
|
Term
|
Definition
| easy to misunderstand, but generally enforceable |
|
|
Term
|
Definition
certain agreements must be written:
mortgages, easements, contracts longer than a year, agreements to assume debt, |
|
|
Term
|
Definition
| negotiations before a final contract are not binding |
|
|
Term
|
Definition
others who have interest in a contract
assignees - transferring rights fo a contract or through novation |
|
|
Term
| novation [third party agreements] |
|
Definition
| transferring rights and completely relieving the rights of the other party |
|
|
Term
|
Definition
one whom gift is made or bequest given with a stake in the contract
receiver |
|
|
Term
|
Definition
person with whom a debt is owing by another person - has stake in contract
giver |
|
|
Term
| substantial performance [contracts] |
|
Definition
| task not completed satisfactorily |
|
|
Term
|
Definition
| one member of contract does not ont to complete the contract |
|
|
Term
|
Definition
| used for services between LA/Client/subconsultant. should define individual liabilities |
|
|
Term
|
Definition
public sector use unique forms
private sectors use AIA, ASCE, AGC |
|
|
Term
|
Definition
parties identified
project description
responsibilities
scope
fees
liability/insurance
effective date
changes
termination
judicial jurisdiction
arbitration
clarifying use of documents
signature |
|
|
Term
|
Definition
| basic services, additional services, deliverables - type and quality, schedule - milestones and calendar days |
|
|
Term
|
Definition
basis and method of payments
percentage - fee based on percentage cost of construction [splost]
fixed-fee- agreed upon fixed price, estimate based on projected hours/expenses
multiplier - actual costs times agreed upon multiplier, typ 2.5-3 |
|
|
Term
|
Definition
| alternative ways to settle disputes |
|
|
Term
|
Definition
sig block should have
name
title
organization represented
notarized
date |
|
|
Term
|
Definition
| AIA standard document - good for projects with specific scope of services |
|
|
Term
| service contract [phases] |
|
Definition
schematic design
design development
contract documents
bidding and contract negotiations
construction administration |
|
|
Term
|
Definition
communicate breadth of project and probable cost
establishes responsibilities
basis of bids
used to obtain financing
used to obtain gov approvals |
|
|
Term
|
Definition
beginning of bidding/negotiations
standard form [AIA A201]
signing of contract means getting built
soem jurisdictions require all subs to be named |
|
|
Term
| construction administration |
|
Definition
LAs role is primarily administrative
not an inspection
is observation and documentation
communicate decisions
project administration
field administration
review of contractor applications
project closeout |
|
|
Term
|
Definition
preconstruction conference
review of submittals
scheduling of coordination
documenting conditions |
|
|
Term
| preconstruction conference [proj admin] |
|
Definition
initiated by 'nnotice to proceed'
discuss procedural detils
clarification of responsibilities
operating procedures |
|
|
Term
| review of submitalls [proj admin] |
|
Definition
| do they meet contract, do they meet intent, do they meet technical specs, if rejected, why? |
|
|
Term
| scheduling and coordination [proj admin] |
|
Definition
contract documents outline overall timeline
contractor to provide specific construction schedule |
|
|
Term
| documenting existing conditions [proj admin] |
|
Definition
document preexisting conditions
capture work in progress
photographs are valuable |
|
|
Term
|
Definition
observation
critical elements
progress of work
testing |
|
|
Term
| field observations [field admin] |
|
Definition
site visits
field reports
lump sum, or cost-plus basis |
|
|
Term
| critical elements [field admin] |
|
Definition
| contractor is responsible to contact responsible parties |
|
|
Term
| progress of work [field admin] |
|
Definition
accept work
reject work
or stop work |
|
|
Term
|
Definition
| monetary damages for not meeting construction deadlines |
|
|
Term
|
Definition
test results
contractor responsible for scheduling payment to 3rd party |
|
|
Term
| review of contractor applications |
|
Definition
|
|
Term
| changes [contractor applications] |
|
Definition
| change order - revisions to initial contract, affect contract sum, change timeline of project |
|
|
Term
| payment requests [contractor applications] |
|
Definition
partial payment - based on % work completed
retainage - holding back $ until final completion - satisfaction leverage |
|
|
Term
|
Definition
substantial completion
final completion
as built drawings
final payment
maintenance and warrenty period
post completions |
|
|
Term
| substantial completion [project closeout] |
|
Definition
| contractor believes all construction is as delineated on plans/specs |
|
|
Term
| final completions [project closeout] |
|
Definition
punchlist has been corrected - all construction is right
contractor can apply for final payment |
|
|
Term
| as-built drawings [project closeout] |
|
Definition
| set of drawings that detail what was actually constructed |
|
|
Term
| final payment [project closeout] |
|
Definition
after completion
based upon contract price and subsequent change orders
are subs paid
if approved - contract ends |
|
|
Term
| maintenance and warrenty [project closeout] |
|
Definition
| items not meeting requirement are replaced at no cost to owner |
|
|
Term
| post completion [project closeout] |
|
Definition
negotiated additional services
assessment of systems |
|
|
Term
|
Definition
current assets-inventory/current liabilities
1 higher - liquidity of firm |
|
|
Term
| inventory to net working capital |
|
Definition
inventory/current assets-current liabilities
less than 1 - or too much inventory |
|
|
Term
|
Definition
net income after taxes/sales
bigger is better |
|
|
Term
|
Definition
net income after taxes/equity
bigger is better |
|
|
Term
|
Definition
net income after taxes/average total assets
bigger is better |
|
|
Term
|
Definition
sales-cost of sales/sales
bigger is better |
|
|
Term
|
Definition
net income after taxes/sales
bigger is better |
|
|
Term
|
Definition
net income after taxes/number of common shares outstanding
bigger is better - means investment worthwhile |
|
|
Term
|
Definition
total debt/total assets
lower is better |
|
|
Term
|
Definition
total debt/total equity
lower is better |
|
|
Term
|
Definition
cost of sales/ending inventory
bigger is better - better performing |
|
|
Term
|
Definition
cost of goods sold/average inventory at cost
bigger is better |
|
|
Term
| inventory turnover in units |
|
Definition
total number of units sold/average number of units in inventory
bigger is better |
|
|
Term
|
Definition
sales/average total assets
bigger is better |
|
|
Term
| average collection period |
|
Definition
| accounts receivable annual sales/365 |
|
|
