ARTS GRANTS: State funding benefits two local arts programs

first_img By The Penny Hoarder Book Nook to reopen Sponsored Content Email the author Skip Plans underway for historic Pike County celebration Troy falls to No. 13 Clemson Latest Stories ARTS GRANTS: State funding benefits two local arts programs Published 3:00 am Thursday, September 15, 2016 You Might Like A day on the farm Pike County is an agricultural community but many children don’t have the opportunity to experience life on the farm. On… read more Troy University’s Summer Spotlight Camp attracts youngsters of all ages who want to dance and be creative. The 2016 Summer Spotlight Camp concluded with a performance of “The Lion King” with about 100 campers participating. Teachers throughout Pike County and beyond participate in the Troy-Pike Cultural Art Center’s ArtBridges Summer Workshop. The 2016 workshop focused on movement in art. Day Barnes found that movement and art go hand-in-hand. Both camps received Alabama State Council on the Arts grant awards for the summer of 2017.Two arts entities in Pike County were awarded grant funding from the Alabama State Council on the Arts at its September meeting in Fairhope.The Troy University Department of Theater and Dance received a $3,500 Arts in Education award in support of its Summer Spotlight guest teaching artists.The Troy-Pike Cultural Arts Center received two grants, $3,500 for its ArtBridges in School program and $2,000 for exhibition coordinator support. Tori Lee Averett, Troy University Department of Theater and Dance chair, said she is excited and thrilled with the ASCA grant award.“The funds will be used to bring guest teaching artist to our Summer Spotlight camps,” she said. “Every summer, the Department of Theater and Dance offers four different programs – Spotlight on Dance and Creative Drama, Performance Intensive and Tech and Management Intensive. Professional guest artists lead classes and workshops and direct performances. Funds from this grant will be used to bring these artists to campus. We are very appreciative to ASCA for this grant award.”Vicki Pritchett, Johnson Center for the Arts executive director, said the Troy-Pike Cultural Arts Center is always thankful to ASCA for its continuing support. Pike County Sheriff’s Office offering community child ID kits Remember America’s heroes on Memorial Day “Funds awarded through the council’s granting process provide a better education for students, enhancement for Alabama’s creative economy and quality of life for all Alabamians,” James said.ASCA awarded 128 grants totaling $1,689,700 at its meeting in Fairhope on Sept. 9. This round of grants will support arts in education, folk arts, community arts, literature, performing and visual arts programs Oct. 1, 2016 through Sept. 30, 2017.ASCA make grants to non-profit organizations, schools, universities, cities and a wide range of community groups.ASCA funds are matched by contributions from businesses, individuals, local governments and earned income by the grantee. Arts programs, assisted by ASCA grants, have a track record of contributing to community development, education, cultural tourism and overall life in virtually all regions of the state.ASCA is the official state arts agency of Alabama. The staff of the council, directed by Al Head, administers the grants programs and provides technical assistance in arts planning and programming.The council receives its support through an annual appropriate from the Alabama Legislature and funding from the National Endowment for the Arts, a federal agency. “If it were not for ASCA, there is no way that we could carry our arts programs to the schools,” Pritchett said. “In fact, the artists for our 2016 ArtBridges Summer Workshop will be going into the classrooms Thursday and Friday to demonstrate how what was learned in the workshop is being integrated into the everyday classroom.”As for the funding for the exhibition coordinator support, Pritchett said personnel is always an issue when trying to maintain a cultural arts center.“It is vital to our center to keep an exhibition coordinator to show and curate our art,” she said. “ASCA grants make a difference in what we do in support of the arts in the schools and in the community.”Dora James, ASCA chair, said the council is pleased to support educational groups, community organizations and various arts institutions with the recently approved grants. 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​IASB interpretations committee mulls restrictions on DB plan surpluses

first_imgThe International Financial Reporting Standards Interpretations Committee could be on the verge of restricting the ability of defined benefit plan sponsors to recognise a plan surplus on their balance sheets.Summing up the committee’s 15 July discussion of the issue, chairman Wayne Upton said: “Having looked at this issue again, my sense of a majority of those who spoke was that it is not an asset.”He added: “It doesn’t meet the criteria for recognition, which makes measurement irrelevant.”Ten IFRS IC members supported this analysis. The IFRS approach to pensions accounting is set out in International Accounting Standard 19, Employee Benefits (IAS 19).In 2007, the IFRS IC’s predecessor issued IFRIC 14, which interprets the requirements of IAS 19.Paragraph 58 of IAS 19 limits the measurement of a defined benefit asset to the “present value of economic benefits available in the form” of refunds from the plan or reductions in future contributions to the plan.IFRIC 14 deals with the interaction between a minimum funding requirement and the restriction paragraph 58 on the measurement of the defined benefit asset or liability.The 15 July discussion leaves the committee’s staff to consider ahead of a future meeting whether its asset-ceiling guidance, IFRIC 14, as written, is sufficient basis for that conclusion, or whether some further action is required from the committee.That action could take the form of an amendment to IFRIC 14.Alternatively, because IFRIC 14 is an interpretation of IAS 19, the IFRS IC might ask the IASB to amend the standard.The IFRS IC discussed the issue at its May meeting.Committee members tentatively decided to develop either an amendment or an interpretation on this issue and requested further analysis from staff.When a DB plan sponsor applies IAS 19, it must first measure the DBO using the PUC method, on the one hand, and fair value any plan assets on the other.This calculation will produce either a DB asset or liability at the balance sheet date.Where a plan is in surplus, the sponsor will recognise the lower of any surplus and the IAS 19 asset ceiling – that is, the economic benefits available to the entity from the surplus.The IFRS IC developed IFRIC 14 in order to provide guidance on calculating the asset ceiling.More recently, a constituent has asked the committee to consider whether preparers should take account of events that might disrupt the plan unfolding in line with the IAS 19 assumptions when they apply IFRIC 14.And example would be the trustees of a DB scheme whose future actions could reduce the ability of a sponsor to recognise an asset.For example, the trustees of a plan might opt to augment members’ benefits or wind up the plan and purchase annuities.Eric Steedman, IAS 19 expert at Towers Watson in the UK, told IPE: “This will be dependent on the scheme rules.“It is quite hard to generalise here. It is not necessarily just down to legislation.“If the committee follows the trajectory it seems to be on, sponsors will need to re-examine the conclusions they previously made under IFRIC 14 and see if they still stand up. In many cases they will, but in some they might not.”He added: “A lot of people will also be relying on the ability to take contribution reductions, but, as plans close, that becomes less available.“So I can foresee a situation where, as more plans close and funding levels improve, people need to look more closely at these things.”He said the course the IFRS IC was on could mean change for some people but not for everyone.“I would think over time there will be more people caught by these considerations, but, again, it will depend on the plan specifics,” he said. “I don’t have the sense that this is going to be a flood, but it might be significant for those who are affected.”IFRS IC member Tony Debell warned during the meeting that committee members needed to think through the implications of any actions very carefully.He said: “I understand why people feel uncomfortable with the notion that if someone can just take it away, I don’t get it, but the company controls its right to have whatever is there, and that’s the model that IAS 19 is built on.“I’m just concerned we’re going with an answer we feel comfortable with rather than an answer supported by what the literature says.”In particular, Debell warned that IFRIC 14 was concerned not only with recognition of an IAS 19 balance sheet asset but also with the interaction with any minimum funding requirement.He said “one of the consequences of doing this would be not only to take an asset off the books” but also to add “a liability on as well”.“I want to make sure everybody understands that is what you would be doing when there is a minimum funding requirement,” he said. The IFRS IC is scheduled to meet next in September.last_img read more