Category :

Change is Here: The American Taxpayer Relief Act of 2012 and New Obamacare Taxes in Review – Part I

Posted on: January 22, 2013 by Arpit Shah

Narrowly missing their midnight deadline, the Congress averted the impending “fiscal cliff” through passage of the American Taxpayer Relief Act of 2012 with a vote of 89-8 in the Senate, and 257-167 in the House. The president then signed the bill into law on January 2, 2013. Now that the fiscal cliff crisis has been averted, it is essential to review the changes that are to come with the passage of the American Taxpayer Relief Act, as well as the new provisions of the Patient Protection and Affordable Care Act, henceforth referred to as Obamacare, that will take effect January 1st 2013.

American Taxpayer Relief Act of 2012
Marginal Rates
Effective January 1st 2013, the American Taxpayer Relief Act modifies the Bush era tax cuts by implementing sunsets for individuals with incomes above $400,000 for single individuals and $450,000 for families. Individuals earning above the $400,000 mark will see a tax increase of 4.6%, from the previous 35%. For all other individuals in lower tax brackets, marginal rates will stay the same as they were during the Bush era tax cuts.

Capital Gains and Dividends
For capital gains and dividends, the same threshold as described above will be used. The rate for individuals earning over $400,000 will increase to 20% – a 5% increase from the year prior. All other tax brackets will remain at 15%. Joint filers earning below $72,500 and single filers earning less than $36,250 will be taxed at 0%.

Estate Taxes
Both estate and gift taxes have raised to 40% with the exemption being set at $5 million adjusted for inflation. This is a 5% increase from prior years.

Alternative Minimum Tax
Changes to the Alternative Minimum Tax (AMT) include increases to exemption amounts, an allowance of nonrefundable personal credits to the full amount of the person’s regular tax and AMT, and a yearly adjustment for inflation.

Personal Exemption Phase-Outs and Pease
Personal Exemption Phase-Outs, which were suspended under the Bush tax cuts, have been revived albeit at higher levels than in the past. Pease has also been reinstated also with a higher applicable threshold. All dollar amount thresholds required for both PEP and Pease will now be adjusted for tax years following 2013.

Education
One of the Obama Administration’s centerpieces, the American Opportunity Tax Credit (AOTC) has been extended to 2017. The credit provides up to a $2,500 tuition reimbursement for qualifying students. The credit was also modified so that students would be eligible for the credit for a total of four years, as opposed to the prior instated two year maximum. Mutually exclusive with the AOTC, the act extends above-the-line deductions for qualified tuition and related educational expenses.

Mortgage Debt Relief
To give homeowners struggling to make payments relief, the Mortgage Debt Relief Act of 2007 was extended so that homeowners may exclude canceled debt from being taxed on their principal residence up to $2 million.

Business Extenders
A variety of business extenders were included in the Taxpayer Relief Act including extension of the Work Opportunity Tax Credit (WOTC). The WOTC provides a credit for businesses that employ individuals who may be considered targeted groups as per the Federal Government. Such businesses will be provided a credit of up to 40% of the individual’s yearly wages for a maximum of $6,000. To the surprise of many, the research tax credit was also extended with bi-partisan support. Criticized for its annual $1.43 billion cost, the act rewards businesses that choose to invest in qualified research opportunities.

Part two of this segment, which is to be released in the following days, will include a review of the new Obamcare taxes that are to be implemented starting January 1st 2013. You will be able to access the new post here.

Encore Multi-Family Begins Construction on $32 Million Apartment Community in the Southwestern Medical District

Posted on: January 3, 2013 by Arpit Shah

(Dallas, Texas) January 03, 2013 – Encore 6162, groundbreaking occurred in December 2012, and first units are scheduled for delivery in February 2014, with final project completion slated for June 2014. Encore Multi-Family is a subsidiary of Encore Enterprises, Inc., a full-service commercial real estate acquisition, development and management company focused on the hospitality, retail, office, and multi-family sectors.

Encore 6162 will be a departure from typical Dallas apartment product due to modern architectural elements found in higher-end condominium developments. These will include a porte-cochère and a unique blend of exterior materials which will include metal, wood, stone and brick components. In addition to high-end interior finishes; the development will feature a multi-level, resort-style swimming pool, an extraordinary fitness facility, and impressive community gathering areas. Encore 6162 will be competitively priced for the area with rents projected to range between $900 and $1,500 per month.

Brad Miller, President of Encore Multi-Family, praised the City of Dallas for their cooperation in the rezoning initiative and further stated, “It is a once-in-a-lifetime occurrence to develop apartments within two miles of $2.5 billion in current medical construction projects; the expansion of Parkland Hospital and UT Southwestern is expected to generate 15,000 new jobs over the next two years. That fact combined with the $500 million Love Field expansion has changed the dynamics of the former industrial neighborhood.”

Encore 6162 is the ninth construction start for Encore Multi-Family during the past three years.

Construction financing is being provided by Whitney Bank, New Orleans.

About Encore Multi-Family, LLC
Encore Multi-Family, LLC is a subsidiary of Encore Enterprises, Inc., and was founded in 2008 as a fully integrated multi-family developer, owner and operator. The company is involved in all aspects of multi-family development projects and acquisitions including ground-up developments, joint ventures and mixed-use turnkey developments. For more information about Encore Multi-Family, LLC, visit encore.bz or call (214) 259-7000.

Understanding Consumer Confidence: U.S. Economy & Commercial Real Estate Markets

Posted on: December 27, 2012 by Arpit Shah

This post is the second installment of the U.S. Economy and Commercial Real Estate Markets series presented by Mark Cypert at the Encore Wealth Breakfast on 12.12.12.

Last week I reviewed the fiscal cliff and discussed what the U.S. economy would look in the coming year like given a variety of possible scenarios. Today I will look at consumer confidence, the second part of the equation when determining economic outlook. My third and final installment, on understanding unemployment, will follow.

Loosely defined, consumer confidence represents how buyers feel about the current and future state of the economy. Because consumer confidence impacts consumer expenditures, which account for approximately 70% of total U.S. economic output as measured by GDP, a high amount of consumer confidence represents a positive relationship with economic growth. While growth may be occurring at a promising and steady rate, the large drop in consumer confidence that occurred during the recession makes the climb back up to “normal” levels a slow and steady one. Though consumer sentiment has trended upward since 2009, it remains below pre-recession levels due to a combination of high unemployment rate, a housing bust, the financial crisis, and continued fiscal uncertainty.

Unemployment Consumer Confidence: Percent Job Losses in Post WWII Recessions Graph According to the U.S. Bureau of Labor Statistics, October 2012 saw 5 million workers be unemployed for 26 weeks or more. Though this is generally trending downwards, the number of unemployed people remains very high. As an integral component to consumer confidence, unemployment rates must be reduced in a drastic manner to boost confidence. (This discussion on unemployment is by no means exhaustive, and will be analyzed in greater detail in the following blog post.)

Housing Market Consumer Confidence: Real House Prices Graph U.S. home prices, another substantial piece of the consumer confidence puzzle, tell a similar story. Currently, U.S. home prices are 30.9% below their peak 2007 values and, adjusting for inflation, home values have reverted back to the levels of 1999-2001. While this too may seem as a relatively bleak depiction of the housing market, it is important to remember that these indicators are trending in a positive direction in light of the damage done by the great recession.

Consumer Confidence: Consumer Debt Graph
Image from calculatedriskblog.com
Consumer Debt Consumer debt has continued to trend downward since mid-2008 but student loan debt has continued to increase. Despite the growing student debt, the overall consumer debt is trending downwards. This downward trend represents a positive indicator for overall consumer confidence.

Monetary Policy Consumer Confidence: Monetary Policy/FedFunds Rate Graph The U.S. Federal Reserve monetary policy has also had a significant impact upon total economic output. While the Federal Reserve does hold the tools to manipulate the U.S. economy the fastest and in the most direct manner, their ultimate goal remains to provide economic stimulus but not so much that high inflation becomes a problem. Due to the monetary policy, inflation is currently running near its 2% target growth. The Federal Reserve both has indicated that they intend to keep the target range for the federal funds rate, the interest rate at which banks lend their excess balances to other banks overnight, at 0 to 0.25% through at least mid-2015. It is important to note that this has been set to historically low rate to spur economic growth, and will likely never remain at such a level. While commercial banks do continue to deal with problem loans, the overall commercial lending to fuel business growth continues to trend upward.

Conclusion
Given the above mentioned economic indicators, it is abundantly clear that consumer expenditures, subdued inflation, historically low interest rates and a recovering lending environment have all contributed to the growth of consumer confidence as well as a 2% growth (adjusted for inflation) of the U.S. economy as a whole. If the Fed is keeping rates historically low to stimulate continued economic growth and the supply of capital to find business expansion continues to increase, businesses will continue to witness a drastic increase in corporate profits. Though corporate profits started to rebound midway through the previous recession due to expense cutting, revenue growth has allowed for a rapid increase in corporate profits to record high levels. Over time, profitable business owners tend to expand their workforce if they are confident that prospects for revenue growth can be sustained.

Mark Cypert serves as president of Encore Office. He is a senior lecturer for the CCIM Institute with his specialty being in commercial real estate market analysis. For his full biography.

Understanding the Fiscal Cliff: U.S. Economy & Commercial Real Estate Markets

Posted on: December 17, 2012 by Arpit Shah

The following is the first of a multi-part lecture series on the U.S. Economy and Commerical Real estate presented by Mark Cypert at the Encore Wealth Breakfast on 12.12.12.

The success of commercial real estate markets is contingent on the success of the larger, general economy. Subsequently, uncertainty with U.S. fiscal policy has negatively impacted business expansion and commercial real estate demand. In this segment, which was presented at the Encore Wealth series on December 12th 2012, I use current economic indicators to determine the future outlook for commercial real estate markets.

To understand why it is that uncertainty within fiscal policy so negatively affects commercial real estate markets, it is important to first understand the commercial real estate demand cycle.

Like links in a chain, when a portion of the commercial real estate demand cycle is negatively affected, the remainder of the cycle is hurt. As we can see, consumer and business confidence are the most impacted by wavering fiscal policy.

To understand what it is that prompts this low level of confidence it is important to first understand the issues currently associated with fiscal policy. With the current U.S. debt burden being so high, having increased to 104.8% from 63.8% as of 2007, the Budget Control Act of 2011 was instituted to minimize high federal debt and all its subsequent ramifications. The act, known as the “fiscal cliff” mandated a combination of automatic tax increases and budget cuts totaling more than $1.2 trillion beginning January, 1^st 2013.

While there is bipartisan agreement that a fiscal cliff must be avoided, a bipartisan consensus on the method with which to do so remains highly disputed. Front and center of this political stalemate is the issue of tax increases, which constitute the largest component of the fiscal cliff, totaling approximately $500 billion. If an agreement is not met by December 31^st 2012, the Bush tax cuts will expire and all individual marginal tax rates will increase. The lowest bracket is expected to rise from 10% to 15% and the highest from 35% to 39.6%.

In addition to tax increases, the national economy would also see a substantial amount of deficit reduction via sequestration, which refers to the automatic spending reductions totaling $110 billion per year for the next decade. The cuts would be split equally between defense and non-defense programs, though entitlements such as Medicare, Medicaid, and Social Security would generally be spared.

The final, and arguably most critical, component of the fiscal cliff is the debt ceiling limit. Without raising the current debt ceiling, the country faces a potential default that would lead to a significant downgrade of its credit rating and would reverberate across the global capital markets. While Republicans and Democrats have historically been divided on the tax cut versus spending cut debate, the general consensus on Capitol Hill is that if agreement is to be reached, the debt ceiling will be the driving force behind it.

Given the three variables that go into creating the issue of the fiscal cliff, the question of what a post December 31^st economy would look like, remains. Currently, the most likely scenario to occur is that Congress will reach an interim compromise agreement that will include an increase in the debt ceiling. The increase would provide time for the parties to negotiate a more comprehensive and long-term fix for 2013. Additionally, a one year extension of the Bush tax cuts limited to income below $200,000 for single filers and $250,000 for married filers is likely to be passed. While it is clear that the accord is a stopgap measure for a much larger and convoluted financial problem, it will nonetheless have some very large and immediate consequences. Those within the highest income brackets will feel an almost immediate tax increase. On the other hand, individuals benefitting from entitlement programs such as Social Security and Medicare will see reduced benefits including a rising of the benefit age, and a reduction in cost-of-living adjustments.

Going back to the question of what this means for commercial real estate markets, it is clear that changes in fiscal policy will subsequently result in changes in the CRE market. Of a few things, we are certain. For one, we are currently witnessing the lowest tax rates of the foreseeable future. Regardless of the outcome of current negotiations, higher taxes are on their way. Real estate investments will continue to be an effective income tax shelter via mortgage interest deductions, cost recovery (depreciation) etc. In sum, businesses and investors will have to endure at least another six months of fiscal uncertainty.

This concludes the first installment of the U.S. Economy & Commercial Real Estate Markets series. Having covered fiscal policy, the segment to follow will discuss the impact of fiscal uncertainty upon consumers.

Mark Cypert serves as president of Encore Office. He is a senior lecturer for the CCIM Institute with his specialty being in commercial real estate market analysis. For his full biography.

AMERICA’S NEWEST IHOP NOW OPENS IN D’IBERVILLE, MISSISSIPPI

Posted on: November 8, 2012 by Arpit Shah

In Addition to Bringing “Everything You Love About Breakfast”, New Restaurant Brings 85 New Jobs to the Community.

D’Iberville, MS –(November 8, 2012) – International House of Pancakes, ranked No. 1 in family dining for the past five years by Nation’s Restaurant News is now serving “everything you love about breakfast” at its newest location, in D’Iberville, Mississippi. The new restaurant will celebrate with a grand opening on November 9, 2012 and is located at 11475 Cinema Way Drive in the Lakeview Village shopping center.

The new IHOP is open 24 hours a day and features breakfast favorites such as the famous varieties of pancakes and omelets, as well as a wide selection of popular lunch and dinner items. In addition, IHOP continues to add to its “SIMPLE & FIT” menu items of 600 calories or less. IHOP was also the first to feature a “Just for Kids” menu items that are also “SIMPLE and FIT”

”IHOP is proud to be joining Lakeview Village and the D’Iberville community and to extending the unique brand of IHOP hospitality to a new group of customers,” explains John Smolenyak, Southwest region director of IHOP. “In addition to offering our delicious food, we know that Encore Enterprises will do everything they can to help this new IHOP be a positive and involved member of the community.

Dr. Bharat Sangani, chairman of Encore Enterprises and developer of Lakeview Village shopping center echoes those statements, “While we are proud to add another international brand to Lakeview, it’s very much a local business. The new IHOP restaurant will have approximately 85 staff members, with many living in the D’Iberville area. It’s nice that in addition to serving great food, we are making a positive impact on the local economy that so many of us call home.”

About IHOP – For 54 years, IHOP has been the leader and expert in all things breakfast and the #1 leader in family dining. The chain is without competition in its menu offering, serving 65 different signature, made-from-scratch breakfast options as well as a range of healthy, under-600 calorie meals. Beyond offering “everything you love about breakfast,” IHOP also has a wide selection of popular lunch and dinner item as well. IHOP offers its guests an affordable, everyday dining experience with warm and friendly service. As of Sept.30, 2012, there were 1,565 IHOPs in 50 states and the District of Columbia, as well as in Canada, Guatemala, Mexico, Puerto Rico, the United Arab Emirates, and the U.S. Virgin Islands. Under the licensed name IHOP at HOME® consumers can also enjoy a line of premium breakfast products available at leading retailers. IHOP restaurants are franchised and operated by Glendale, Calif.-based International House of Pancakes, LLC and its affiliates. International House of Pancakes, LLC is a wholly-owned subsidiary of DineEquity, Inc. (NYSE: DIN). For more information, please visit us at www.ihop.com.

About Encore Enterprises, Inc. – Encore Enterprises, Inc., is a diversified commercial real estate firm in Dallas, Texas, that is active in the hospitality, retail, multifamily and commercial office space sectors. Since the company’s formation in 1999, Encore Enterprises has completed over $1.23 billion in real estate transactions with a focus on the Southern, Eastern and Midwestern United States. For more information about Encore Enterprises, Inc., visit encorebz.wp.brainvire.dev.

Rick Chess Named President of Encore Equities, LLC

Posted on: September 14, 2012 by Arpit Shah

Dallas, TX (September 14, 2012) – Rick Chess has been named president of Encore Equities, a subsidiary of Dallas-based Encore Enterprises, Inc. With 28 years of securities and commercial real estate experience, Mr. Chess has closed $2 billion in real estate transactions during his career, and raised $270 million in equity for United Dominion Realty, ManEquity, Triple Net and ARCM. As president of Encore Equities, Mr. Chess will manage the placement of equity for all of Encore’s real estate investments and Funds.

Prior to Encore, Mr. Chess was president of American Realty Capital Markets where he oversaw all operations of the managing broker-dealer. Mr. Chess was previously director of 1031 transactions for Triple Net Properties where he raised over $100 million of equity for Reg. D offerings and non-traded REITs. He has also served as real estate manager for Winstar Wireless where Mr. Chess oversaw the negotiation and installation of wireless communications technology inside urban areas, and was an associate with CB/Richard Ellis. Mr. Chess has held positions with United Dominion Realty, ManEquity (Manufacturers Life Insurance), Anderson & Strudwick, the Richmond Chamber of Commerce, the Pennsylvania General Assembly and the Allegheny County Law Department.

Mr. Chess attended the University of Richmond Law School where he received a Juris Doctorate of Law, and he attended the University of Pittsburgh where he earned his Bachelor of Science in Psychology and Economics. Mr. Chess holds the following FINRA securities licenses: 7; 63; and 39.

About Encore Equities, LLC: Encore Equities is a subsidiary of Encore Enterprises, Inc., created with the mission to preserve investor capital while providing attractive risk-adjusted returns. Encore has brought together an inter-disciplinary team that has expertise with multiple capital channels, such as: high net worth individuals, institutional investors, broker-dealers and niche capital channels (e.g., EB-5). For more information about Encore Equities, LLC, visit encorebz.wp.brainvire.dev, or call (214) 259-7000.

The Hilton College Station Hotel and Conference Center Completes $5 Million in Improvements

Posted on: April 6, 2012 by Arpit Shah

College Station, TX (April 5, 2012) – The Hilton College Station Hotel & Conference Center, located on 801 University Drive East, held a grand re-opening gala for the public on March 28, 2012 to celebrate the completion of $5 million in renovations. At the 1940s themed gala, a jazz band played to nearly 500 guests, some in costume. The hotel also held a raffle and donated all proceeds to the Brazos Valley Food Bank.

Upgrades made to the Hilton College Station include a complete re-work of the hotel’s 303 guest rooms including new flat screen TVs, carpet, drapes and furniture made from dark cherry wood. The corridors, lobby and 27,000 square feet of meeting space has been upgraded with new carpet and millwork for a more contemporary, Texas flair with black, red and orange accents. The landscaping, pool and exterior of the building have been improved and new lighting has been installed in the hotel parking lot.

The lobby was also completely redone including a new front desk, a water feature and upgrades to the hotel’s in-house bar, “The Gallery”. New artwork now lines the lobby and corridors, created by local artist Benjamin Knox, who has a gallery of his own in College Station. The Hilton College Station hotel is decorated with approximately 100 pieces of art from the artist.

“From a guest perspective, it’s practically a brand new hotel,” said Glenn Pedersen, President of Encore Hospitality which owns the Hilton College Station. According to Pedersen, guests have responded positively to the completed renovations so far.

“Being that we’re the only full-service hotel in College Station and a three hour drive from over 80 percent of the state of Texas, we’re excited to have these upgrades available to our guests,” said Barron Hobbs, general manager of the Hilton College Station.

To learn more about the Hilton College Station hotel and available room rates, please visit the Hilton College Station website.

About the Hilton College Station and Conference Center: The Hilton College Station is located less than two miles from Texas A&M University on University Drive. Managed by Sage Hospitality and owned by Encore Hospitality, the hotel has 303 guest rooms and more than 27,000 square feet of meeting space as well as an outdoor pool, fitness center and a 24-hour business center. The Bell Ranch Restaurant within the hotel offers breakfast, lunch and a “Texas” dinner with a side of southern hospitality. To learn more about the Hilton College Station and Conference Center, visit www.collegestation.hilton.com.

About Encore Hospitality
Encore Hospitality, LLC is a subsidiary of Encore Enterprises, Inc., and was founded in 1999 as a fully integrated, hospitality acquisition, development and asset management company focusing on the upper mid-priced, nationally branded select-service and full-service hotel sector. Encore Hospitality acquired Pineapple Management Services, Inc., a nationwide property management company and Sterling Resorts, LLC, a premiere Florida beach vacation rental company further expanding the company’s resources along the way. For more information about Encore Hospitality, LLC, visit encorebz.wp.brainvire.dev, or call (214) 259-7000.

Encore Multi-Family Announces Expansion to Colorado With Construction Start of Encore Highpointe Park in the Denver Suburb of Thornton, Colorado

Posted on: January 10, 2012 by Arpit Shah

(Denver, Colorado) January 10, 2012 – Encore Multi-Family, LLC announced today the closing of financing for the company’s next ground-up development project, Encore Highpointe Park, a garden-style, apartment home community located in the Denver suburb of Thornton, Colorado. Encore Multi-Family’s latest community in Denver marks the beginning of Western expansion for the company.

Encore Highpointe Park will be comprised of 220 luxury apartment homes with superior interior and exterior amenities. As the only residential community in the fully-developed Highpointe Park PUD, it will enjoy the benefits of 1.2 million square feet of existing retail development including numerous national brand stores. The site is highly visible from I-25, Denver’s primary North/South transportation artery.

Brad Miller, president of Encore Multi-Family, commented on the successful financing, closing and construction start for Encore Highpointe Park Apartment Homes:

“We are quite pleased with our expansion throughout Texas, Oklahoma and now Colorado over the past three years,” said Miller. “Encore Multi-Family doubled the size of its portfolio in 2011 through development of new communities and will double the portfolio again in 2012 with projects currently under construction across three states.”

Since June of 2010, Encore Multi-Family has started construction on six new developments, of which two have been completed with record lease-up results.

About Encore Multi-Family, LLC Encore Multi-Family, LLC is a subsidiary of Encore Enterprises, Inc., and was founded in 2008 as a fully integrated multifamily developer, owner and operator. The company is involved in all aspects of multifamily development and operations. For more information about Encore Multi-Family, LLC, visit encorebz.wp.brainvire.dev, or call (214) 259-7000.

Encore End of Year Economic Outlook

Posted on: December 22, 2011 by Arpit Shah

(Dallas, Texas) December 22, 2011 – While the economy is not firing on all cylinders, many economic indicators generally support expectations that the U.S. will avoid a recession and progress at a measured pace. However, domestic challenges, such as renewed foreclosure activity and high unemployment, global economic risks are dampening U.S. economic performance. The U.S. economy faces numerous challenges over the next several years including:

Debt-ceiling contention and credit downgrades impact global confidence with risks of increased taxes and further spending cuts that could derail the willingness of consumers and businesses to spend.
Potential for fallout from the Eurozone crisis manifesting in severe stock market volatility, uneven commodity prices and diminished investor confidence.
Consumer confidence is currently 64% below pre-recession peak as caution and uncertainties remain about job outlooks and prospects for real wage growth.
The residential sector remains vulnerable as foreclosures and short sales comprise 30% of home sales transactions and median sale price declined 3.9% over the past year.

In spite of these challenges, business investment is expected to help propel the economy in 2012. Encouraging signs continue to emerge as corporate profits increased by an annualized rate of 8.5% and worker productivity is 8.0% higher than pre-recession levels. The private sector added 1.82 million jobs in the last 12 months as of October 2011 and the breadth of hiring over the last 3 months indicates that the recovery, though slow, has been widespread. Hiring was led by business and professional services, healthcare, manufacturing and the construction sectors. In perspective, 24% of the 8.7 million jobs lost during the recession have been restored.

The economy is forecast to add 1.7 million jobs by year end 2011, with the unemployment rate remaining stable near 9 percent. GDP is forecast to average 1.8% in 2011 before trending upward in 2012 but sub-par employment growth is likely as long as the GDP struggles to surpass its historical average annual growth rate of 2.5%. Growing consumer demand and business investment, enhanced credit availability, rising exports, and healthy corporate profits are expected to pave the way for stronger economic recovery over the next year.

About Encore Enterprises, Inc. Encore Enterprises, Inc., is a diversified commercial real estate firm in Dallas, Texas, that is active in the hospitality, retail, multifamily and commercial office space sectors. Since the company’s formation in 1999, Encore Enterprises has completed over $1 billion of acquisitions, developments and complex financial transactions with a focus on the Southern, Eastern and Midwestern United States. For more information about Encore Enterprises, Inc., visit encorebz.wp.brainvire.dev or call (214) 259-7000.

CFO & COO Mahesh Shetty Named CFO of the Year by the Dallas Business Journal

Posted on: October 26, 2011 by Arpit Shah

(Dallas, Texas) October 26, 2011 – Recently at a luncheon held on October 20, 2011 the finalists for the Dallas Business Journal’s CFO of the Year Award were honored as part of the Business Journal’s annual recognition program. A panel of past honorees and industry representatives select the finalists based on their contributions to their respective companies, contributions to the finance profession and to the DFW community.

Mahesh Shetty, CFO and COO of Encore Enterprises, Inc. was named as the recipient of the 2011 CFO of the Year Award for the private company $50M to $99M category for his work at Encore Enterprises and for his contributions to the finance community during the 2011 year.

During 2010-2011, Mr. Shetty has undertaken the challenge of outsourcing of the Encore’s accounting organization, as well as implementing cloud-based accounting technologies for greater efficiency and cost savings to the company

To read more of Mr. Shetty’s interview with the Dallas Business Journal, or to learn more about the CFO of the Year Awards, please visit the Dallas Business Journal’s website.