Florida's Quick Response Training (QRT) To Be Increased to $12M

The Quick Response Training (QRT), a tool Florida uses to help businesses train their workforce may be getting a boost this year. 

During an economic downturn, many businesses wonder how they can afford to train their team.  However, with programs such as the workforce training grants, a business may have an opportunity to increase the skills of its employees at a reduced cost.  Grants like the QRT allows a business to subsidize 50 - 75% of its direct training costs for a year.  

To read the full article, click on the link: http://www.jaxdailyrecord.com/showstory.php?Story_id=538134

This significant increase in program funding would help many business owners.  The catch though is, how do small businesses take advantage of these opportunities?

State may try to recover Digital Domain incentive money

I read an article written by a Palm Beach Post Staff Writer indicating that the Florida Department of Economic Opportunity is considering clawbacks for incentives paid to Digitial Domain Media Group. According to the article, Digital Domain was paid a total of $20 million in four installments in 2009, 2010 and 2011 under the Quick Action Closing Fund incentive program.  Unfortunately, the company did not meet the overall requirements for the program and thus, was responsible for returning a portion, if not all of the funds to the State.  Here is a link to the full article http://bit.ly/S6NoU4.

This situation with Digital Domain shouldn't scare businesses from participating in economic incentive programs.  However, I strongly urge businesses to make realistic estimates of what they'll be able to accomplish.  Many businesses overestimate their goals to qualify for a larger award amount.  This is definitely not a sound strategy when pursuing incentives. 

I would say though, that this situation should encourage businesses to hire a firm who fully understands the incentives process and requirements BEFORE they start pursuing these incentives.  If you are considering economic incentives, give us a call.  We have the experience you'll need to make the BEST decisions as it relates to your incentives.

New Economic Incentive projects in Bay County

Two economic incentive projects are expected to be approved for the Bay County area. These projects will create a total of 291 jobs.  State incentives include a total of $873 in QTI dollars.  Click on the link below to see the full story.

http://www.newsherald.com/news/economic-105553-incentives-panama.html

FL Chamber Survey - Why Businesses relocate to Florida

I read this article today and thought it was interesting enough to share. I can't say that the survey results fully discussed why businesses move out of Florida, although it gave some insight as to why they relocated or stayed here. I think it would be good for the State to know why companies are leaving. This would give them an opportunity to tweak what is being done already to make it more attractive for businesses to say.  See full article here: https://www.flchamber.com/print/7609

Don't Forget! You Need to Incorporate Your Nonprofit and Develp the Rules of Engagement

In the process of forming an organization, you will be required to file Articles of Incorporation with the appropriate State agency.  For example, if you live in Florida you will be required to submit your forms to the Department of State, Division of Corporations.  Articles of Incorporation provide your state with information about your business, such as its name, the names of the persons organizing the business and the purpose of the business.  Forming a corporation also limits the liability of the owner(s) and staff of the organization, as well as its board members.  The rules for incorporating your organization may be different depending on which state your business will operate in.  Be sure you know the rules before you “set up shop”.

I learned this the hard way.  Some years ago, I was a member of the Board of Directors of an organization that did not research, and ultimately did not file the required documents necessary to protect all parties involved.  Granted, some paperwork was filed, but it wasn’t enough to protect the organization.  As a result, although the organization was operating as a nonprofit, it legally did not have the rights of a nonprofit.  This later resulted in the organization being caught up in an IRS nightmare.  Fortunately, today that organization has settled all of its debt with the IRS, but, at what cost?

Another requirement for setting up your nonprofit organization is to develop its bylaws.  The bylaws stipulate how the organization will operate.  It is essentially an agreement between the nonprofit and its owners detailing the “rules” of running the organization.  As this is a binding contract, bylaws should be approved by the Board of Directors.  Bylaws are not a requirement for filing your 501(c)3, but it is in your best interest to have one prepared – before you start your business. 

Again, you must plan the whole process of starting your nonprofit.  Some documents are mandated by law, while others are required to ensure your organization’s success.  I suggest preparing a checklist of all the required items and a realistic timeline.  Check each item off as you go through the process.  Not only will you be motivated when you see how much work you’re getting done.  But, this process also helps you see the separate pieces of the puzzle as a whole – the BIG picture.

 So, step #4 when starting a nonprofit organization is to create and file the Articles of Incorporation and the bylaws.