Bellarmine On Business

Episode 20: In today’s episode, host Jim Ray is joined by Dr. Frank Raymond (Professor of Economics) and Mr. Carl Hafele (Investment Manager and Professor) to discuss the current state of the US economy.  Both guest have joined the podcast to discuss similar topics in Episode 3 and Episode 16.  It’s always a lively conversation. Thank you for listening to this episode of the Bellarmine on Business podcast.  Please remember to SUBSCRIBE to our podcast, so you don’t miss an upcoming episode.  Disclaimer: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining.  Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Amazon Music, Audible, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode.   Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 19: In today’s episode, host Jim Ray is joined by Dr. Frank Raymond (Professor of Economics) and Dr. Bradley Stevenson (Professor of Finance) to discuss inflation and its impact on the US economy.  Both of whom are teaching a Bellarmine’s Rubel School of Business, in Louisville, KY. Thank you for listening to this episode of the Bellarmine on Business podcast.  Please remember to SUBSCRIBE to our podcast, so you don’t miss an upcoming episode.  Disclaimer: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining.  Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Amazon Music, Audible, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode. Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 18: In today’s episode, host Jim Ray is joined by Associate Professor of Economics Dr. Abigail Hall Blanco and senior undergraduate student Molly Rovinski.  Today we’ll discuss how Bellarmine’s Rubel School of Business is helping to prepare undergraduates for the next phase in life. Thank you for listening to this episode of the Bellarmine on Business podcast.  Please remember to SUBSCRIBE to our podcast, so you don’t miss an upcoming episode. Disclaimer: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining.  Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Amazon Music, Audible, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode. Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 17: In today’s episode, host Jim Ray is joined by Alisha Harper, Professor of Accounting, and Timalyn Bowens of Bowens Tax Solutions (also a graduate of Bellarmine’s Rubel School of Business). Today’s we’re focusing our discussion around disregarded entities (“flow entities”), such as LLCs, LLCs filing as S-corporations, Partnerships, etc. Disclaimer: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining.  Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Amazon Music, Audible, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode. Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 16: In today’s episode, host Jim Ray interviews Dr. Frank Raymond (Professor of Economics) and Mr. Carl Hafele (Investment Manager and MBA Professor).  In this extended episode, we’re going to discuss the economy as we begin 2022.  We’ll touch on inflation, supply chain issues, the worker shortage, energy’s impact on the economy, politics and war and capital gains and more.  Both Frank and Carl joined me for Episode 3 in 2020.  We discussed the impact of the pandemic on the US economy and various economic policies.  Now that we’re heading into 2022, inflation is a significant, new concern. Disclaimer: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining.  Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Amazon Music, Audible, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode.   Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 15: In today’s episode, host Jim Ray interviews Dr. OJ Oleka, Chair of the Executive Board of our Rubel School of Business.  He’s also the President of the Association of Independent Kentucky Colleges and Universities.  They discuss is important topics for the Rubel School of Business. Disclaimer: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining. Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Amazon Music, Audible, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode. Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 14: In today’s episode, host Jim Ray interviews Jorge Pazmiño, Director of Graduate and Executive Education Programs for the Rubel School of Business.  In Episode 1 of our podcast, we introduced Dr. Natasha Munshi and discussed her vision for several initiatives involving executive education.  Jorge has the responsibility for the development and implementation of some of those initiatives.  Jorge moved from Quito, Ecuador, as a bi-lingual international student to study business.  He enlisted in the US Army.  After a deployment in Iraq, he completed his undergraduate degree.  He used the GI Bill to pursue and earn his MBA and a Master’s in information technology. Jorge then joined the financial services industry, but still had an interest in education and its impact on people’s lives.  This inspired him to pursue his interest in a Doctoral degree in education leadership at Bellarmine University.  He is currently working toward the completion of this degree, while working at Rubel. Scholarships Recruiting for the Spring MBA and Executive MBA (EMBA) programs at Bellarmine is currently underway.  Rubel offers an early application scholarship for those who apply by November 5th, 2021.  The scholarship is $1,000 for EMBA program and $500 for the MBA program. Jim and Jorge spend time discussing some of the advantages of the EMBA program.  Jim is a 2008 alumnus.  The contact with the professors, the rigor of the classes, the networking opportunities and other aspects of the Bellarmine culture result in a very challenging, but rewarding experience. Meet the Dean – November 2, 2021 (Virtual) This is an opportunity for interested individuals to interact with Dr. Natasha Munshi and others, in a virtual setting.  For more information, please email:  RBS@Bellarmine.edu. Dean’s Executive Speaker Series with Bill Samuels Jr. (Virtual) This is another virtual opportunity presented by the Rubel School of Business.  It takes place November 3rd from 5:30EST-6:30EST.  Bill Samuels Jr. is the Chairman Emeritus of the Maker’s Mark Distillery and Trustee Emeritus at Bellarmine University.   Click Here to Register. Rubel School of Business Initiatives MBAs are found throughout various industries and roles.  Rubel has an initiative to create additional awareness of the MBAs programs through an on-campus partnership with the Office of Identity and Inclusion.  As a student of color and those with other backgrounds may not be as familiar with the benefits of earning a Bellarmine MBA or EMBA. This initiative is there to help create awareness and access. Partnership with Military and Veteran’s Affairs Having served in the US Army, this Rubel initiative takes on a special focus for Jorge.  The military offers service members some terrific educational benefits.  Rubel is partnering with the educational center at Ft. Knox and various National Guard units and reserves.  The Bellarmine Office of Military & Veteran Services provides a terrific connection point for members all military branches who may be interested in pursuing the various opportunities at Bellarmine and the Rubel School of Business. International Collaborations with other Business Schools As an international student, Jorge has a unique understanding of the opportunity for an international student to study in the US.  Rubel is developing an initiative to interact with students in various countries and to potentially have them come to Bellarmine to pursue an MBA.  It’s about engagement.  Jorge is going to conduct a virtual workshop with a group of finance students at Universidad San Francisco de Quito (Ecuador).  Executive Education Program Development In Episode 12, we discussed an innovative partnership between the Rubel School of Business and Kroger.  Rubel has an ongoing focus on developing more of these certificate programs in specific and/or core competencies for other organization in the region.  It’s a terrific professional development benefit for corporations and an interesting way for the Rubel School of Business to connect with employers.  Other Bellarmine on Business Executive Education Topics Here is a brief list of previous episodes about executive education initiatives: Episode 9 – Certificate in Accounting Analytics and Certificate in Auditing Analytics Episode 4 – Women of Color Entrepreneurs-Leadership Certificate   To Contact Jorge Pazmiño: Phone:  (502) 272-7240 Email:  jpazmino@bellarmine.edu   Disclaimer: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining.   Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Amazon Music, Audible, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode. Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 13: In today’s episode, host Jim Ray interviews Dr. Mike H. Ryan, Professor of Management and Rubel’s Associate Dean, who also has an extensive background in space-related topics.  As private sector activity ramps up, there’s a tremendous future available to us.  Join us for an interesting conversation about the business of space. Elon Musk’s SpaceX recently took 4 civilians into space for the first time. Other high-profile companies such as Richard Branson’s Virgin Galactic and Jeff Bezos’ Blue Origin are also making inroads in to space exploration.  Growing up, Dr. Ryan assumed he might actually take a job in space.  As the space race heated up with Sputnik and our mission to the moon, it was hard for him to imagine we wouldn’t go back to the moon during the next 50 years.  He spent time in the US Air Force, before returning to school.  He completed his Master’s and PhD.  Currently, he’s one of the few professors in the US who does research on “space business.” Dr. Ryan is personally acquainted with Max Faget and also astronauts Buzz Aldrin and Neil Armstrong. He’s written numerous books and 75-100 publications and has given an extensive number of presentations, generally involving some aspect of space. Space – It’s Just a Place The idea of working in space can seem intimidating to many.  It all seems so complex, even though we are much less intimidated with the idea of working in the oceans.  Dr. Ryan explains that it shouldn’t be so difficult to conceptualize.  After all, it’s just a place. If you think about it, the distance it would take to fly from Louisville to Australia on business (9,963 miles) is actually farther than the distance from earth to the international space station (only 254 miles). Rockets Everything in space is about getting from point A to point B.  Rockets are a primary mode of transportation.  As our technology evolved, we transferred from rockets to the space shuttle.  Over time, the shuttles became less reliable, so we moved back to travel via rockets.  Unfortunately, we had not kept up the investment in this mode, so we relied on rockets from other countries (i.e. Russia). Dr. Ryan firmly believes there are many other ways in which we could utilize rocket technology, beyond simply putting satellites into space.  There are plenty of opportunities for people to work in space, as well.  One of the challenge is making the trip and return trip feasible.  Reusability is a key consideration.  SpaceX and Blue Origin are proving that reusability is absolutely possible. Over time, reusability reduces the cost of putting people and equipment into space.  This opens up the possibility of more frequent visits.  The opportunities stretch as far as you can imagine. Rocket propellant (“fuel”) is actually cheaper than people might imagine.  It’s primarily liquid hydrogen and/or liquid oxygen.  Both of those are components of water.  There may be other options which we could develop to replace liquid rocket fuel. Dr. Ryan discusses how a “space plane” could be extremely advantageous vs. the rockets we know today.  Reusability combined with the ability to take off and land from a variety of locations would reduce the cost of going to low-earth orbit and potentially further. Mining in Space Rare elements, minerals and even water are abundant in space.  We think about the moon, but also consider asteroids and even Mars.  If we can figure out how to maintain supply levels, we could put many more people into space for an extended period of time.  Dr. Ryan discusses how something called a “mass driver” working on an electromagnetic rail system could eliminate the need for rocket fuel to get material into low-earth orbit.  The mass driver could launch a payload into orbit.  This would provide those supply levels, which could then be used for a variety of purposes and destinations.  Dr. Ryan explains that many minerals are extremely abundant in asteroids.  He explains that a nickel-iron asteroid the size of UofL’s Cardinal Stadium would provide enough iron ore for approximately 100 years.  Many asteroids are composed of water.  These could also be captured and brought to earth.  The opportunities are simply amazing, if we can figure out how to do it economically and efficiently. Solar power satellites could be deployed to beam down a constant source of solar energy to provide extremely inexpensive power to specific locations.  In expensive electric power could also facilitate the conversion of sea water to fresh water for food growth and sanitation. Satellites There are approximately 10,000 satellites currently in orbit.  There are a couple hundred thousand pieces of space debris.  People are already researching how best to deal with the debris. We are currently building constellations of satellites.  Elon Musk’s team is focusing on communication satellites for cell phones and data.  This could dramatically increase speed and availability.  Roadblocks to Commercializing Space Interestingly, one of the initial roadblocks has to do with treaties sign by and among countries because, at the time, we really didn’t understand the vast opportunities available in space.  We simple couldn’t imagine it would one day be possible. During the next 5, 10 or 50 years, our ability to begin harnessing space opportunities will increase exponentially.  We’ll need to find the best way to replace those treaties with some other type of infrastructure. Because of the sheer size of the earth, the gravity well exerts tremendous pull.  Escaping this pull and getting into space adds tremendous cost for our current technologies.  If we could figure out how to manufacture in space, theoretically, we could reach much further into space at a more economic level.  The Impact of Space on Kentucky’s Economy Kentucky’s number one export is space-related aerospace products.  Yes, it outpaces bourbon.  We export $12-$13 billion in goods, which helps to maintain 19,000 Kentucky jobs among over 600 companies.  Kentucky is #2 in the country for aerospace export.  There’s a company called Space Tango, located in Lexington, with its own testing facility on the international space station.  Where Are We Going from Here? Dr. Ryan concludes the episode with these comments.  In 5 years, we may have commercial space stations.  Eventually, we’ll have a much larger commercial space station.  Within 15 years, Dr. Ryan sees us having a permanent lunar base.  In 20-25 years, we could have a commercial, lunar base.  Transportation breakthroughs will determine the pace of these advancements.  Disclaimer: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining.   Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Amazon Music, Audible, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode. Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 12: In today’s episode, we discuss the partnership between Kroger and the Rubel School of Business, which launched the Kroger Emerging Leaders Program.  Ann Reed, Kroger Regional President, Jacqui Fritz, Kroger Assistant HR Leader and Dr. Natasha Munshi, Dean of the Rubel School of Business discuss how the program was conceptualized, developed and implemented to help up and coming Kroger leaders. In Episode 1, Dr. Munshi described her vision for executive education certificate programs.  The opportunity to work with Kroger to custom-develop an Emerging Leaders Program is a result of her passion and execution.  This is a significant component of Rubel’s strategic plan.  Professional Development Challenges during the COVID Pandemic Jacqui discusses a number of challenges Kroger encountered.  As Kroger has grown in scale, the training and develop requirements have evolved.  Larger volume stores bring their own challenges based on diverse personalities and larger numbers of employees.  The technology challenges (i.e. e-commerce) increase as this aspect of sales continues to grow.  There’s also the staffing challenges as people retire and move-on.  HR looks to identify and cultivate new leaders to help cope with the myriad of both challenges and opportunities. The Future of Work in the Grocery Retail Business Ann comments specifically on the pace of change Kroger is experiencing.  Food is a substantial part of Kroger’s portfolio.  Investing in innovative ways to provide those items, and others, in a competitive environment is tantamount to Kroger’s success.  How Kroger thinks about a traditional brick and mortar location is vital to continuing a presence as a local community center. What Are the Skill Sets and Competencies Kroger Expects as a Result of this Partnership? There was a lot of discussion about aspirant skill sets and gaps Kroger sees among the new leaders its cultivating.  One aspect is equipping them so they have the confidence needed to make solid business decisions on a day-to-day basis.  Adapting to the multiple employee groups, in addition to a diverse customer-base, is a specific competency Kroger values and is expecting to provide via its partnership with Rubel.  A confident leader will be ready to execute more effective and more efficiently.  In examining the existing gaps, they understood the advantage of additional training in financial concepts and measurements.  The program will help Kroger leaders to execute at the departmental levels within the stores.  From a leadership standpoint, specific training effective accountability discussions.  Developing to skills and perspectives to lead a large group of employees is a highly-desired aspect of professional develop.  Executing on excellence is at the forefront.  Kroger and Rubel have designed the Executive Leadership Program to address these and other core (and advanced) managerial competencies.  Ann Reed Discusses Her Inspiration for this Program Ann originally met Natasha via Susan Donovan, Bellarmine’s President.  Both Ann and Natasha recognized the value of the “Zero Hunger.  Zero Waste” initiative.  Kroger is on a mission to end hunger in the communities it serves.  This was the foundation for a working relationship and exploration of additional opportunities.  Ann was aware of some of the partnerships Dr. Munshi had developed in her previous roles, before coming to Bellarmine.  Ann wanted to develop a similar development program for Kroger leaders, outside of the internal training already provided by Kroger.  There’s value in the networking opportunities and exposure to other leaders in the community.  Initially, Ann and Jacqui were thinking about local-area instructors, but the Rubel School of Business program offered even more.  Technology has enabled the program to involve instructors from across the country to participate in the Emerging Leaders Program.  In describing her personal path, a career in the grocery business was not what Ann anticipated.  She started in Kroger’s Indianapolis division.  She was new to this industry.  What inspires her and interests her today are some of the same things she recognized 28 years ago. The pace of change is something Ann loves.  It’s a very kinetic environment with the opportunity in interact with many people and personalities.  So many of her special childhood memories were around the table, and Kroger is all about food.  In her opinion, there’s no better place to work. Ann still values those aspects which initially inspired her: People, Serving the Community and Great Food. Kroger operates in Southern Indiana, Southern Illinois and most of the counties in Kentucky.  There are 116 stores employing 19,000 associates and is proud of its 90+ years.  Kroger is one of the largest employers in Kentucky.  They are the largest market-share grocer in the region.  Kroger focuses on its customers.  They want to be friendly; the items to be fresh and in-stock every single day.  HRs Targeted Outcomes for the Kroger Emerging Leaders Program Once a high-potential leader has been identified, he/she may be offered the opportunity to participate in this innovative program.  Kroger wants to instill a sense of accomplishment for those who complete this program.  The skills and competencies they learn can be applied and demonstrated at the local store level.  This creates a natural mentoring opportunity. The program will drive improved financial results and the team’s ability to deliver an exceptional customer experience.  The overarching concept is that these leaders will be moving up and through the organization.  Success as a result of this program will foster employee retention as the leaders pass on those skills to younger leaders and associates.  The Decision to Partner with the Rubel School of Business Ann commented on how proud she is of what Bellarmine stands for in the community.  The innovative approach to a developing a customized experience, using actual Kroger financial information, created in conjunction with Kroger is something that stood out for her.  The Kroger leaders will learn using their own data and experiences.  Bellarmine moved extremely quickly to propose a workable concept that both parties refined and finalized together.  The speed of development and implementation impressed Ann. Kroger has really embraced this experience and is confident in how it will help its leaders to rise to the next level. Natasha comments that the current iteration of the program is done using technology, such as Zoom video.  This relates back to how Rubel is incorporating other thought leaders and experts to augment its own faculty in delivering a cutting-edge experience. Key Take-Aways for other Senior Executives As we conclude the discussion, we discuss how this type of partnership could help other organizations. Long-term success is always about your people.  The type of programs Rubel can develop can help to demonstrate a company’s commitment to its people and their individual success.  The Rubel team fosters strong communication as the program moves from conceptualization to implementation.  This engenders trust and enables a more efficient rollout.  It’s a partnership. The value of the company’s decision to equip its leaders can also help with retention, another key metric for any organization.  As a community, we need to focus on being learners for life.  This program provides an innovative opportunity.  While a company may have an internal training and development team, incorporating an external partnership can be exciting.  There are outside perspectives and deliverables that could augment the internal team’s efforts. Bellarmine’s strategic plan involves a focus on enabling transformative business education. In addition to this program, Rubel is also partnering with Kroger in the Rubel School of Business’ Women of Color Entrepreneurial Leadership Certificate.  This is another demonstration of Kroger’s commitment to the local community.  They sponsored 3 women entrepreneurs so each could participate in the program.  We recorded an episode detailing the aspects of the Women of Color Entrepreneurial Leadership Certificate.  Bellarmine’s business school wants to partner with other organizations to enhance our community.  We are ready to pursue a similar opportunity with your organization.   THE MONTHLY FORECAST: Upcoming Events Fall 2021 – Mentoring Opportunities – This continues to be a strength of the Bellarmine experience.  Many fellow alumni mentor undergraduates and that opportunity continues to benefit the Bellarmine community.  Click here for more information. 9/11/21 – Women of Color Entrepreneurial Pitch Contest – As part of Dr. Munshi’s strategic plan for Rubel, this event provides an opportunity to see ideas and concepts being pitched for possible backing and sponsorship.  Click here for more information. 9/16/21 – Bellarmine Alumni Awards Celebration – Join Bellarmine in celebrating our distinguished alumni award recipients.  This exciting evening will be part of our inaugural Alumni Weekend.  Click here for more information. 9/30/21 – Dean’s Executive Speaker Series – We are finalizing our guest speaker for this event.  The website will be updated soon.  Click here for more information.                                                                                                                    Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Amazon Music, Audible, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode.   Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 11:  Host Jim Ray interviews Dr. Frank Raymond Professor of Economics and Chris Cloonan who is Cuba Policy Fellow for Just Foreign Policy, an NGO actively working with members of the US Congress on Cuba policy.  The protests in Cuba are receiving a lot of media coverage, so we thought it would be interesting to share some perspectives on root causes and possible objectives. Please understand, this topic can be both politically and emotionally charged.  It’s our goal to provide perspectives on this multi-faceted issue.    Editor's Note:  This episode was recorded remotely, so the audio quality is different from our normal podcast episodes. Dr. Raymond has a background in international economic development.  The Rubel School of Business has an international experience requirement, as part of the MBA program.  Several years ago, an excursion to Havana and some surrounding areas was developed as an option for this international experience. Chris Cloonan completed part of his Master’s program at the University of Havana.  His Master’s thesis focused on a proposed normalization between the US and Cuba. Chris spent 2013 and 2014 in Cuba.  Later in 2014, then President Obama began taking steps toward that normalization.  Chris published a normalization proposal with the help of Just Foreign Policy.  They published is proposal and hired him to assist with legislative efforts. From a purely economic perspective, the US has had a long-term economic embargo on Cuba.  There have been some brief thaws, leading to a somewhat inconsistent posture.  Dr. Raymond explains that over the centuries, long-term embargoes never work.  Locals end up digging in their heels and the country responsible for the embargo ends up being viewed as the bad guy. Obviously, short-term embargoes (e.g. during a state of war) can work to some effect.  The issue is the failure of long-term embargoes used to nation-build. Foreign Policy Influence by Domestic Policy Chris’ perspective is that the US foreign policy toward Cuba is actually a reflection of US domestic policy.  He goes on to explain that Florida’s swing state status strongly influences the stance of our foreign policy, by way of the Cuban-American voters.  This has left us fairly isolated on this topic, internationally. Dr. Raymond explains the wide-reaching impact of the US embargo.  It prohibits countries which decide to trade with Cuba from doing business with the United States. The attractiveness of the US domestic market provides leverage against engaging with Cuba.  There are some countries not currently doing business in the US and thus engaging in the Cuban economy.  Then there’s China.  Economically, we still engage with China on an economic level.  While China does conduct business with Cuba, we tend to look the other way, based on our own interests.  The risk is having China heavily investing in a country with such a close proximity. Chris goes on to explain how the goals of the Cuban-American voters, and those of the former Trump administration policies, actually bring about the exact opposite results.  He states the sanctions, continued with little change under the Biden administration, have invited Chinese and Russian investment into Cuba. During the period of opening under former President Obama, there was an easing of internet restrictions, cell phone ownership grew (including phones with internet capabilities), access to tourism facilities increased and licenses to open small businesses exploded.  The Cuban government showed a greater tolerance for independent media and freedom of the press.  Once the Cuban population began protesting for food, medicine and better economic conditions, the Cuban government shut down the internet access.  Chris states the impact is counter-intuitive, but the Cuban people fair better when sanctions are eased. Interestingly, direct change to a democratic republic, might actually be dangerous.  This would be a significant shock to the Cuban economy and infrastructure, which could derail its success.  Cubans have experienced 400 years of Spanish colonial rule.  The US later supported the Batista regime, which Castro overthrew.  While the US helped to build much of the existing infrastructure in Cuba, it’s aged.  The Cuban people are wary of perceived colonial powers seeking influence in Cuba. What Sparked the Cuban Protests? Chris explains that this isn’t really a move toward democracy.  It’s important to put into perspective the Cuban experience with democracy.  After the Spanish-American war, there was a lot of racial tensions surrounding the elections.  The government was later overthrown 3 times in 26 years.  During the last 60+ years, despite the problems of the Cuban government, it’s been stable.  The protests, in Chris’ view, are actually a reaction to the US sanctions.  They are forcing the people into the streets.  However, the food shortages, blackouts, lack of access to medicine and the lack of COVID vaccinations, among other issues are coming to a head.  The most common word used in these protests is Libertad (“freedom” not “democracy”).  It’s actually a vague term.  He feels it’s a quality of life issue, not so much an issue of politics. Dr. Raymond discusses the issues related to a command and control economy.  It’s an inefficient market resulting in shortages and surpluses.  It’s not a good system for the distribution of goods and services.  It’s restrictive in terms of the ability for an individual to pursue his/her type of job or profession.  There are many ongoing distortions.  This underscores the people focusing on their immediate needs over some sort of regime change.  Different Opinions, but not Misinformed The Cuban population is very well-educated and also well-informed about domestic and global issues.  Millions of Cubans live abroad and are able to maintain connections with people still living on the island.  There’s a constant exchange of information, that gets around the state-controlled media.  Living under the current system, people form their own opinions.  Dr. Raymond reminds us that even in the US, a person’s political affiliation generally follow that of their parents/friends and where they grew up.  We have common aspirations for the education of our children, good jobs and to provide for our families Americans tend to view issues as either black or white, but in life there is a tremendous amount of gray in between.  This may in fact explain part of what we’re seeing in Cuba, right now.    To Contact Dr. Raymond:       https://www.bellarmine.edu/rubel-school-of-business/faculty To Contact Chris Cloonan:       Chris@JustForeignPolicy.com   THE MONTHLY FORECAST: Upcoming Events 8/19/21 – Dean’s Executive Speaker Series – Natalia Bishop Founder and CEO of Level Up will discuss her background and provide advice.  Click here for more information.  9/16/21 – Dean’s Executive Speaker Series – Jeff Calderon, Director and Partner at DMLO.  For more information, click here.                                                                                                                    Bellarmine Career Development Service – This service is open to both Bellarmine students and alumni.  Is it time to make a change?  Click here to contact learn how Bellarmine can help.   Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Amazon Music, Audible, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode. Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 10:  Host Jim Ray interviews Dr. Abigail Hall Blanco, Associate Professor of Economics at Bellarmine’s Rubel School of Business.  Abby has been featured in Forbes and other national media.  We’ll discuss how she brings a current events perspective into the classroom to challenge her students to apply economics to their understanding of these events. Dr. Hall Blanco grew up in Louisville and attended Bellarmine University.  She earned her Bachelor’s degree in economics.  She later earned her Master’s degree and PhD from George Mason University.  She spent 5 years teaching at the University of Tampa before joining the Rubel School of Business faculty in 2020. Some of the course Abby teaches include Principles of Micro Economics, Principles of Macro Economics, Intermediate Theory and a special topics class called Public Choice – the economics of politics.  She’ll teach the senior research course in the spring.  She’s previously taught Defense and Peace Economics, among others. Students are often surprised about where they can apply economic frameworks.  Abby enjoys watching them apply those frameworks to actual, current events.  The application of economics to real world situations often helps the class to better understand the material.  One of Dr. Hall Blanco’s graduate professors made a statement that stuck with her.  “We can think about economics like a set of eyeglasses or a set of contact lenses.  When we put them on, we focus on issues that we might talk about in other disciplines…but we can talk about them and focus on different things.”  Coming from a liberal arts background, we put on many different pairs of glasses and the result is a really comprehensive view of an issue. Abby was recently featured as a guest host on a podcast by the Pegasus Institute in Louisville.  She’s always been interested in economic development.  The topic covered some of the failures of the efforts to improve economic conditions in Appalachia over the decades.  She wrote a paper in graduate school on the topic, based on a research topic she came up with as a Bellarmine undergraduate. The paper attempted to explain the persistent failure of the programs and funding meant to change the Appalachian region.  There are parallels between domestic development efforts and those in international development. Given the various areas of research Dr. Hall Blanco has explored, she tends to be invited to participate in various panels, national media and news discussions.  One of her articles was published in Forbes Magazine, which lead to interviews on Minnesota Public Radio and PBS.  The article focused on the sale of human organs; not exactly the most mundane of topics.  It’s an example she often uses in class for various reasons.  The surprising choice of topic causes her students to grapple with the application of objective economic theory.  They explore the various arguments, both pro and con.  It draws in students who have many different points of views and interests.  It causes her students to exercise their critical thinking skills.  Most people are not trained to look at issues through an economic lens.  It takes time to develop this comfort level.  Abby’s goal is not to teach them what to think about economics and specific topics, rather to learn how to apply economic principles to a particular situation. Dr. Hall Blanco was published in the Washington Times on the topic violent crimes.  She focused on the spike in homicides in major cities.  There’s an effort to sometimes justify or side-step the causes in a particular location by focusing on the increases everywhere else.  This often allows for a shifting of responsibility by local officials.  Her premise is that we should hold our local leaders accountable, rather than waiting on a one size fits all solution from Washington, DC.  Another topic dealing with the national eviction moratorium was published by the Washington Examiner and followed up by MSN Money.  She explains how the concept comes from a benevolent place, but the negative and unintended consequences are going to be very problematic for both the evicted people and the landlords (many of who are mom and pop entrepreneurs, not large property management companies). Abby quotes one of her graduate school professors on the topic of the difference between intentions and outcomes, “If you push someone off of a building, even if you do so with the best of intentions, gravity determines how he falls and it’s the same thing with economic laws.”  It’s an important concept for students to understand. Dr. Hall Blanco wrote an article for CounterPunch on the topic of militarized police.  She’s written on this topic for several years.  She focuses on how police have gradually adopted tactics and equipment traditionally reserved for the military.  She explores how foreign intervention has impacted domestic affairs.  Abby is the co-author of Tyranny Comes Home:  The Domestic Fate of US Militarism (2018, Stanford University Press).  The authors argue that domestic policy and foreign policy often bleed into each other.  It explores the domestic implications for foreign intervention. Manufacturing Militarism: US Government Propaganda in the War on Terror is another book Dr. Hall Blanco co-authored.  It will be published soon.  She and her co-author develop a framework to understand democratic propaganda.  This is different from the autocratic propaganda we generally think of in this context.  Both publications offer students the opportunity to apply those economic principles and frameworks to current events going on around them. Abby recently spoke about the topic of engaging students who have “political priors.”  People often feel there are some hot-button topics that are too sensitive to use when engaging undergraduates.  The assumption is they are unwilling to engage or think critically.  She pushes back on this perspective.  She believes students are capable and willing to grapple with a surprising range of topics.  When appropriate, she’ll introduce one of those hot-button topics to teach students about having a healthy discourse.  It’s okay to disagree with someone without losing a friendship.  There are topics you might disagree on, but it’s still possible to maintain relationships and mutual respect.  It’s good to challenge your own beliefs, even if you don’t end up changing those beliefs. You can learn more about Dr. Abigail Hall Blanco, at: https://www.bellarmine.edu/rubel-school-of-business/faculty/.   Disclaimers: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining. THE MONTHLY FORECAST: Upcoming Events 7/22/21 – Bellarmine Alumni Knight at the Bats.  Come join your fellow alumni at Slugger Field for “Knight” of baseball and fun.  For more information and to register for tickets, click here. 8/19/21 – Dean’s Executive Speaker Series – Natalia Bishop Founder and CEO of Level Up will discuss her background and provide advice.  Click here for more information.  9/16/21 – Dean’s Executive Speaker Series – Jeff Calderon, Director and Partner at DMLO.  For more information, click here.                                                                                                              Bellarmine Career Development Service – This service is open to both Bellarmine students and alumni.  Is it time to make a change?  Click here to contact learn how Bellarmine can help.   Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Amazon Music, Audible, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode. Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 9:  Host Jim Ray interviews Dr. David Collins Professor of Accounting at Bellarmine’s Rubel School of Business.  They discuss the creation of 2 new certificate programs (a Certificate in Accounting Analytics and a Certificate in Auditing Analytics).  They also spend time exploring the topic of analytics and the shifting role of accounting professionals in business. Dr. Collins has been at Bellarmine since 1994.  He’s served in many capacities for the University.  He’s thoroughly enjoyed his time here.  He mostly teaches accounting at the undergraduate and MBA levels.  For the MBAs, he also focuses on various quantitative subjects, including analytics. The Dean of the Rubel School of Business is Dr. Natasha Munshi.  She has been a champion of the Executive Education Series and various new programs.  You do not have to be a Bellarmine alumnus to participate in these programs. Certificate in Accounting Analytics This is a non-degree program focusing on the “tool box” for professionals who use quantitative skills to perform analytics at a higher level.  This includes advanced Excel, Power BI, Tableau, Python R and others.  The focus of this program is to apply these tools to the accounting function across business.  This certificate program provides a terrific opportunity for accountants and CPAs who have been practicing for some time and may have not had exposure to these analytical programs, in the past.  Certificate in Auditing Analytics This is a different focus.  Auditing has evolved and is now more systems- and risk assurance-oriented.  Auditing looks at the process by which the data was collected and utilized.  It’s less about data testing and more about process testing.  This program explores embedded auditing modules within company programs, continuous auditing programs among others.  The evolution of auditing represents a significant shift.  Dr. Collins comments on how samples of a data set used to be audited, based on time and or bandwidth limits.  Today, 100% of the data set can be audited using new approaches and tools.  It’s about system-integrity. For more information about these and other Certificate Programs: Alexandra Moro, Associate Director of Graduate and Executive Education Programs Phone:  (502) 272.7913 Website:  https://www.bellarmine.edu/rubel-school-of-business/executive-education/ Dr. Collins’ Presentation for the KYCPA Conference The Kentucky Society of CPAs has an annual accounting and auditing conference for its members.  In May 2021, David presented the topic, “The Importance of Accounting Analytics.”  Analytics is the application of quantitative techniques for problem solving and decision making.  Accounting has been doing this for over 10,000 years.  The change today, is in Big Data.  It’s how we’re collecting information and using it for a particular purpose.  It’s a massive change in how accountants use data.  The 4 Vs of Big Data This is how one can explain the effect of big data on firms today.  There’s an immense amount of data available.  The 4 Vs help to put that data into perspective.  Let’s explain them. Veracity – The representational effect of data; it’s truthfulness.  It’s the confidence that the data means what it says it means.  Variety – We’re getting data from everywhere.  Someone is collecting it.  Accountants are very comfortable with financial data, but now, they need to be thinking about other types of data and how it’s used in analytics. Velocity – This refers to the speed at which data is collected.  The amount of data being collected is expected to double by 2025.  The value of analytics is that it can help organization to understand what this vast amount of data is actually indicating and how to make it meaningful in decision-making. Volume – This is the size of the available data.  It keeps building.  Dr. Collins provides an example of bourbon barrels to illustrate the volume of data that is being collected and its growth rate. Analytical Skills Organizations Should Develop Refer back to the “tool box” Dr. Collins initially referenced (Advanced Excel, Power BI, Tableau, Python R, SQL-coding skills, etc.).  Accounting professionals are the data people.  Being able to understand the new auditing tools and understanding the complex issues businesses are facing is vital.  Processing the data is one aspect, but really understanding which numbers need to be processed it a different matter.  Understanding those intricate relationships will lead to valuable insights. 4 Different Types of Data Analytics Descriptive – “What happened?” This is the traditional domain of accounting. Diagnostic – “Why did it happen?” Accountants can review expenses to determine why a certain line item increased or decreased.  Accounting professionals are now going to move beyond the diagnostic-level thinking.Predictive – “What will happen if we do X?” Accountant are familiar with this as it relates to capital budgeting.  Big data if packed with many more predictive elements to be understood and utilized. Prescriptive – “How do we make it happen?” This may present the biggest paradigm shift for the accounting industry.  Accounting professionals should join the decision-making process, along with marketing and other functions. Dr. Collins Discusses Blockchain Blockchain is typically thought of in terms of Bitcoin, but the term actually refers to a distributed database structure linked to the previous piece of data.  Theoretically, it should be unchangeable.  From a business’ point of view, blockchain creates a very detailed log of every transaction in various processes.  Now, everyone can see what happened all along the way.  From an auditing standpoint, blockchain enables triple-entry accounting. Blockchain itself is a continuous audited function.  This can “true-up” the data, thus making it more reliable.  It’s easily accessible and can be viewed in customized reporting formats.    To contact Dr. David Collins, his office phone number is (502) 272-8248 and you can learn more about him at:  https://www.bellarmine.edu/rubel-school-of-business/undergraduate/bachelor-of-arts-in-accounting/dcollins/ Disclaimers: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining.   THE MONTHLY FORECAST: Upcoming Events June – The launch of the Coffee with the Pros Podcast.  This is another Bellarmine podcast getting ready to launch.  Jorge Pazmino, Lauren Coffee and Jaqueline McNatt are involved in this exciting new resource.  This will be a Q&A format with former Bellarmine athletes who will provide career advice to current BU student athletes.  8/19/21 – Dean’s Executive Speaker Series – Natalia Bishop Founder and CEO of Level Up will discuss her background and provide advice.  Click here for more information.  Bellarmine Career Development Service – This service is open to both Bellarmine students and alumni.  Is it time to make a change?  Click here to contact learn how Bellarmine can help.   Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Amazon Music, Audible, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode. Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 8:  Host Jim Ray interviews Dr. Bradley Stevenson, Associate Professor of Finance at the Rubel School of Business and Meagan Makuta, a graduating senior finance major.  We’ll discuss how Bellarmine University’s Investment Group, how BU prepares students for the CFA and CFP exams, a new Bloomberg Terminal at Bellarmine. Bellarmine Prepares Students for the CFP and CFA Exams The Certified Financial Planner (CFP) exam is focused on retirement planning, savings and a general personal financial plan.  Dr. Stevenson recommends seeking out a professional with the CFP designation, who is also a financial advisor.  This shows his/her background and commitment to the profession.  The Chartered Financial Analyst (CFA) designation is made up of 3 separate exams.  Meagan is currently studying for the CFA Level 1 exam.  The CFA is more geared toward financial management and investing.  It’s an internationally-recognized designation.  In the Rubel School of Business, at Bellarmine, the curriculum provides a solid foundation, in addition to the self-study, to equip students to perform well on these exams.  Bellarmine is actually a CFA-Affiliated Program.  For finance majors, at they complete their courses, they will touch on roughly 70% of the material found on the Level 1 exam.  Our finance degree is a combination of finance, accounting and economics classes, among others.  Bellarmine’s Getting a Bloomberg Terminal Meagan discusses her involvement in helping to secure this terrific new tool for the Rubel School of Business.  This computer terminal and the data available is the gold standard for financial information on virtually any type of security. Tools and resources such as the Bloomberg Terminal will continue to provide cutting-edge technology for students at the Rubel School of Business. Dr. Stevenson explains that this terminal is significantly different than the other online tools you might be able to find.  The information is much more in-depth.  It’ll provide important experience for students as they apply for jobs upon graduating.  The Investment Group actually back-tests it’s investment models via this terminal to understand performance modeling of investment securities and strategies.    Bellarmine Investment Group Dr. Stevenson is the current faculty advisor for this student group.  Meagan was one of the co-presidents of the group.  It’s her favorite activity at Bellarmine.  This group is given the responsibility of actually managing a small portion of the university’s endowment fund.  They’re working with “real money.”  This is an interesting way for students interested in pursuing the CFA to gain practical insights.  Bellarmine’s Finance Degree Dr. Stevenson discusses several aspects of the finance program at Bellarmine.  The University has a long tradition of a very solid accounting program.  One of the differences at Bellarmine is that finance majors do the entire intermediate accounting sequence, as part of their program.  The economics classes of investment theory plus money and banking are also included. Finance is the intersection of accounting and economics. Employers seem to value the fact that Bellarmine finance majors have a strong accounting background, as well.  Bellarmine is a liberal arts institution.  This focus provides finance majors with the ability to think critically, remain adaptable and the ability to think and write well.  The university provides a very well-rounded curriculum. Disclaimer: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining. THE MONTHLY FORECAST: Upcoming Events 5/07/21 – Bellarmine Commencement begins. Bellarmine Career Development Service – This service is open to both Bellarmine students and alumni.  Is it time to make a change?  Click here to contact learn how Bellarmine can help. Bellarmine Alumni Mentoring Program -  This is a terrific way to give back to current Bellarmine students.  Bellarmine’s program is one of the largest in the US.  Click here for more information. On the next Bellarmine on Business Podcast Episode Episode 9 will launch on in June 1st, 2021. Professor of Accounting, Dr. David Collins will join the discussion.  Be sure to join us for the next episode of the Bellarmine on Business Podcast. Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode. Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 7:  Host Jim Ray interviews Alisha Harper BU Associate Professor of Accounting and Eric D. Scott (BU ’06), Managing Director of Global Compliance & Reporting for EY (Ernst & Young LLP).  Today’s episode has an accounting theme based on Now, Next & Beyond, which we borrowed from EY. Segment 1:  The Now (PPP and the Consolidated Appropriations Act “CAA”) The CARES Act brought us the PPP loans and the Employee Retention Tax Credit.  The Consolidated Appropriations Act provided additional PPP loans addressed deductibility issues related to those loans, in addition to an expansion of the Employee Retention Tax Credit.  Later, the American Rescue Plan Act of 2021 (“ARPA”) was launched.  Both small and large businesses took advantage of the PPP loans.  There were actually 3 major pieces of legislation passed in a relatively short period of time.  The rules were being written in real time and the rules for forgiveness were also forthcoming.  The question of expense deductibility regarding expenses covered with PPP loans was on the minds of many business owners. Congress was initially caught off guard by the deductibility question.  Luckily, the legislative process worked and the law was changed to allow for expense deductibility for the PPP-utilized funds, in addition to allowing the loan proceeds to remain forgivable. The Employee Retention Tax Credit was implemented to help employers keep people on payroll.  This is a payroll tax credit for 2020, which was extended via the CAA through mid-2021 and again via the ARPA for the remainder of 2021.  This is a refundable credit, which is fairly advantageous for businesses.  The rules for this credit were somewhat fluid, which made planning and implementation difficult. Segment 2:  The Next (Legislative Process and Biden Administration Proposals) The legislative process is messy.  Even if a bill passes and gets signed into law by the president, it’s not over.  For instance, in 2017 the Tax Cuts and Jobs Act (TCJA) was enacted, but regulatory packages related to the Act are still being released.  The fluidity and messiness of the tax changes have been particularly confusing for accounting students.  Alisha was literally teaching students from the TCJA analysis, after its enactment, because the text books weren’t current on this topic. How long will the current rules remain in place?  How will the legislative process alter what we “know” now?  Students are struggling to cope with the regulatory environment.  Eric commented that at times, the words in the statute and the regulatory packages are in conflict.  This only compounds the problem.  He offered an example about how he deals with it with EY staff, in the real world.  The best way to approach it is to read the wording of the statute, then go onto the regulations.  It’s about building a foundation and deciding how it should be applied for a particular client.  It’s not always black and white. The Biden Administration’s Build Back Better plan is still being implemented.  There were many changes put forth during the campaign.  However, both Alisha and Eric agree that whatever tax policy changes end up being implemented, they won’t happen quickly. One idea initially floated is to increase the corporate tax rate from 21% to 28%.  Additionally, there was talk of repealing the deductibility of advertising expenses for pharmaceutical companies.  The Global Intangible Low-Tax Income (“GULTI”) for foreign income is part of the TCJA and could also be impacted by the Biden administration changes.  In Episode 3 of the Bellarmine on Business podcast, Jim, Dr. Frank Raymond and Carl Hafele also spent a lot of time discussing what we thought might happen, based on the Biden campaign’s talking points.  Segment 3:  The Importance of Modeling Modeling is basically the exercise of generating various scenarios and determining how the current environment impacts your business financials.  Modeling can help a company make better-informed decisions.  Change is constant.  Having a game plan to deal with that change is a good strategy.  There is some optionality to the tax code.  You may have elections, but the option you choose will have consequences.  If you later decide you want to change one or more of those elections, if it’s even possible, it can be complicated (and expensive).  The Employee Retention Tax Credit (ERTC) is a benefit, but businesses must be careful how that credit is calculated when a PPP loan is involved.  It was important to run the numbers (e.g. model) the scenarios of how you might elect to use one or both of these relief measures.  It’s possible that the business may have left money on the table if careful consideration was undertaken. The Business Interest Expense Limitation was an updated in the TCJA.  Initially, it imposed a limited on your interest expense by not allowing it to exceed a certain amount of your adjusted, taxable income.  It can limit the interest a business is allowed to deduct in a given year.  Because the 2020 pandemic negatively impacted many businesses, the provision was updated to allow businesses to elect to use the 2019 adjusted, taxable income (which might have been higher), thus allowing for the deductibility of more interest expense.  It’s important to model the scenarios to understand what’s best for your company’s situation. Alisha discussed how an important way for her student to understand modeling is by analyzing a choice of entity decision.  They get the opportunity to see how tax rates and changes will apply to the various business entities.  Segment 4:  The Beyond The day to day role of accounting professionals is changing.  The modeling and advising capability makes them vital to the success of a company (small, medium or large.)  Businesses need to be nimble.  Being able to make informed decisions can be a competitive advantage.  The environment is going to remain very dynamic.  Scott recommends accounting students should work hard to get a foundation set and learn how to read the tax code.  This skill set will enable you to be able to build on that foundation.  You’ll be equipped to be dynamic and equipped to deal with the changes that will inevitably come.  You’ll be able to help your clients to plan for the beyond. Scott closed with a few comments on student loan forgiveness, based on the ARPA.  It provides that if student loan debt were to be forgiven (2021-2025), the forgiven student loan debt would be excludable from income.  This does not forgive student loan debt, but it does seem to lay the groundwork for potential forgiveness of the debt.  Normally, if loan debt is forgiven, it’s counted as gross income. If you’d like to contact Eric Scott, his office phone number is (502) 585-6554.  The company website is EY.com.  His office address is: Ernst & Young LLP Suite 1200 400 West Market St. Louisville, KY 40202 To contact Alisha Harper, her office phone number is (502) 272-8471 and you can learn more about her at:  https://www.bellarmine.edu/rubel-school-of-business/faculty/   Disclaimers: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining. This discussion is not intended, and should not be relied upon, as tax, accounting, or legal advice. Ernst & Young LLP expressly disclaims any liability in connection with the use of this discussion or its contents by any third party.  The views expressed by the speakers are not necessarily those of Ernst & Young LLP or other members of the global EY organization.   THE MONTHLY FORECAST: Upcoming Events 4/12/21 – The Knights Golf Day at Woodhaven Country Club.  This will be a golf scramble.  Click here for more information and to register for the event. 4/15/21 – Dean’s Executive Speaker Series – KY State Treasurer Allison Ball.  Join us for a presentation from our second-term Treasurer.  She’ll discuss her experience as a child entrepreneur and the valuable lessons that experience taught her for her future career.  Click here to register for this event.  Bellarmine Career Development Service – This service is open to both Bellarmine students and alumni.  Is it time to make a change?  Click here to contact learn how Bellarmine can help.   Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Amazon Music, Audible, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode. Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 6:  Host Jim Ray interview’s Mike DiCenso of Amplify Louisville and his focus on highlighting Louisville’s entrepreneurial opportunities.  They also discuss a job board he’s created for both college students and companies which may have internships or co-op positions available. Mike is the Program Director for Amplify Louisville, an entrepreneurial support organization.  He moved to Louisville in 2014 while working for Pepsi.  He later joined GE Appliances.  Later, he decided to focus his energy and passion in the start-up world. The objective is to promote job growth.  Amplify Louisville is state-funded by the Economic Development Department, via the RISE grant.  Mike and Amplify’s Executive Director, Larry Horn, focus primarily on Louisville area.  They are promoting the tech-enabled, scalable businesses. However, both Mike and Larry have broad experience in the start-up world, so even if your business doesn’t seem to be a “tech-enabled, scalable business,” they are still willing to try to help. Other cities such as Cincinnati, Nashville and Indianapolis have flourished, while Louisville is still waiting on a catalyst.  Amplify Louisville hopes to be part of that catalyst and part of the Kentucky Innovation Group.  They are trying to bring in new investors, new ideas and other enablers to propel economic growth. The 4 Pillars of Amplify Louisville Access to capital (from in-state and out-of-state sources)Access to customersAccess to talentAccess to programming The Job Board This resource is a new clearing house to help all of us to better understand the available start-up opportunities in Kentucky.  Companies can get listed on this board to find resources related to Amplify’s 4 pillars.  It’s also a way to understand the start-up ecosystem.  What companies are hiring?  What do those companies do?  Where can I find out more about those companies? The resource is for companies, investors and potential employees. To learn more about the Job Board, visit:  https://startupkyjobs.getro.com. A Training Resource Part of Amplify Louisville’s mission is to fill the gaps for those who may need some additional skill development.  As the program director, Mike works to create weekly programming on specific subjects.  September 2020 was Sales Week featuring professionals sharing information and knowledge via Zoom meetings.  These sessions were uploaded to a program library, and can be accessed, for free, by anyone who is interested in learning more about specific topics of interest.  It’s a great resource to support local entrepreneurs. Opportunities for Undergrads and Graduate Students The job board is a terrific resource for undergraduates and graduates who are looking for to start a career.  This can be used to find internships, co-ops and capstone project opportunities.  Start-ups can really use the help from students.  It’s usually a win-win.  Students may find that they are getting involved will many different areas of the business because smaller companies are less divided into operational silos.  It can be a great, immersive, learning experience. If you’re a Bellarmine student and are interested in learning more or pursuing an existing opportunity, the Amplify Job Board is already integrated with the Bellarmine system, via Handshake.  If you’re involved with a local start-up and you’d like to get involved with Bellarmine’s students, you can contact Amplify Louisville, or go directly to Bellarmine’s Career Center office.  Upcoming Events via Amplify Louisville Bellarmine’s Digital Divide HackathonPre-Seed FinancingFundraising 101And many more Moving Forward Among other things, Amplify is working on a resources map to help better understand the elements and resources available to start-ups in our community.  Mike intends to continually build bridges and assets to help connect the ecosystem.  Disclaimer: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining.   THE MONTHLY FORECAST: Upcoming Events 3/16/21 – Dean’s Executive Speaker Series (virtual).  Scott Colosi, former President of Texas Roadhouse, will discuss his journey and moving up through the organization.  He’ll also provide 10 tips for recent graduates to help them succeed.  Click here to register for the event. 3/20/21 – Social Innovation Hackathon – Bridging Louisville’s Digital Divide.  Bellarmine, Louisville Metro Government and others are sponsoring this event to discuss and find solutions to some of our community’s most pressing issues.  Click here for more information. Bellarmine Career Development Service – This service is open to both Bellarmine students and alumni.  Is it time to make a change?  Click here to contact learn how Bellarmine can help.   On the next Bellarmine on Business Podcast Episode Episode 7 will launch on in April 1st, 2021.  Associate Professor Alisha Harper be joined by Eric Scott, Managing Director of Tax Services for Ernst & Young.  They’ll discuss some of the aspects of the Biden Administration’s tax proposals.  Be sure to join us for the next episode of the Bellarmine on Business Podcast. Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode. Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 5:  Host Jim Ray interviews Dr. Carla Childers, Associate Professor of Marketing.  They discuss how companies are adapting their marketing strategies and tactics, in a post-COVID business environment.  The consumer buying habits have changed and may not return to “normal.”  What are some of the issues marketers should consider?  Let’s find out, in this episode. Dr. Childers teaches the undergraduate Principles of Marketing and various classes for the MBA and Executive MBA programs.  Recently, she’s developed two courses in digital marketing for Bellarmine’s Rubel School of Business. Dr. Childers gave a presentation on Adaptive Marketing to the American Marketing Association (AMA) in October, 2020.  She’s been an advisor to the AMA for many years.  After 10 years as an advisor, she was invited to join the Counsel of the AMA.  She’s co-hosted the national conferences for several years.  The organization brings together faculty, professionals and students to promote marketing, various related topics and trends. COVID Has Impacted Everything Consumer expectations and habits have changed, requiring marketers to adapt as well. The user experience (“UX”) may be significantly different for your clients and prospective clients.  Lockdowns, consumer fears about safe interactions, buying habits and many other issues are now different than they were in early 2020. A recent survey divided the results of the focus on consumer behavior, how it’s shifted and what we can expect into 3 categories: Consumers miss socializing and interactions. This has lead people to be a bit more risk-tolerant to meet the need for socialization.Vaccines may help to increase the risk-tolerance as people become more comfortable.Economic recovery will begin once more engagement begins to take place. Some industries and business have been able to thrive during the pandemic.  Obviously, others have struggled to stay viable.  According to Dr. Childers, until we’ve progressed through all three of these category phases, it’s going to continue to be difficult.  Will We Ever Return to Normal? People what to return to “the norm.”  Nonetheless, some changes and habits are now going to be long-lasting (i.e. social distancing concerns).  Even as vaccines are being distributed and administered, it’s going to take time.  During that time, consumers are going to have their fears, concerns and habits re-enforced, making it more difficult to completely shift away from our new paradigms. The 4 Ps of Marketing As we continue our discussion, let’s approach it using the 4 Ps of Marketing (Product, Place, Price and Promotion).  As consumer behavior shifts, themes of reassurance and insurance will be key to effective messaging.  This is about the safety of your products and your company’s store-front.  This expectation of safety applies to B2C and the B2B models. Promotions, new product designs and pricing will all be developed to provide that assurance and insurance of safety.  Businesses will need to assess their existing supply chains to ensure a consistent level of support can be maintained.  Many of those systems were disrupted by the COVID pandemic. Promotion - Changes to Messaging and Tone Media and marketing communications will focus on the steps the company has taken to ensure safety.  The travel industry is already heavily focused on sanitation and cleanliness.  The objective is to convey, “It’s okay to use our products and services.”  Social media is incredibly influential in changing consumer behavior.  How information is communicated, or miscommunicated, will continue to impact the market.  Both the government and businesses need to be mindful of the information they are putting on social media and how that information might be interpreted. Product – The Rise of the Maker Culture Due to the supply chain interruptions, the accelerated growth of the “Maker Culture” has surged during the pandemic.  Dr. Childer’s favorite example is a result of a shortage of yeast.  Because stores were running low, more households began making bread at home.  This caused a secondary shortage of yeast.  Consumers even shifted buying habits to other substitute products such as a gluten-free brand of bread.  Furniture retailers have experienced inventory and supply chain disruptions.  Some people began making furniture at home. Masks were in very short supply as soon as the panic set in.  This lead to a cottage industry of mask-makers.  They quickly discovered they could sell these products on Etsy, Facebook and other platforms. The further rise of the DIY produce makers has spawned competitors to other businesses which may never have worried about that segment in the past. Kentucky Distillers quickly realized they could generate an additional revenue stream by producing various sanitizers.  If you’re a buy-local advocate, you may be more interested in this alternative substitute rather than Purell or another national brand.  This case is a perfect example of adaptive marketing. Price – Innovation Can Drive Margin As producers launch innovative products to cope with the pandemic-related concerns, there may be an opportunity to increase margins.  Dr. Childers mentions a hoodie with a built-in face mask.  While the innovation addresses the need for safety, because it’s a unique product, the adaptation may be able to support a higher price point in the market. Restaurants are absolutely looking at ways to maintain revenue streams and profit.  Many have realized the need to alter menu selections, but there’s another trend that’s resurfaced due to the COVID fears.  People are interested in family meal deals.  Savvy restaurants are adapting to this trend and adjusting prices accordingly.  Now, instead of getting one or two meals, they are increasing their offerings so they provide a meal, safely packaged and delivered curbside, for the entire household.  Many of the sides and desserts can provide a higher margin, when included as part of the meal. Place – Where Will You Conduct Business? One of the adaptations companies are implementing is the need to develop ways to deliver via online purchasing and curbside delivery.  This change may enable you to eventually reduce the overall footprint of your location (assuming you can alter potential contractual obligations).  COVID testing is already being done in a drive-through environment.  What other types of services might be able to adapt to a similar means of delivery?  Grocery stores are already doing it fairly well. As employees and managers begin to adapt to work at home environments, we may no longer need large office spaces. This opens up the opportunity for smaller start-ups, which couldn’t afford an elaborate store front or office. With more time (absent 30-90 minutes commuting), entrepreneurial minded people may have more time to devote to a side-interest or venture.  The growth of the gig economy will continue, as a result.  Consumer Behavior Has Always Been About Value As marketers incorporate “value-based messaging they are going to appeal to the shifting consumer behaviors.  It involves message and tone.  It’s proven in the product offering and how those products are priced in the market.  Value is also established by the way businesses promise to save time for the consumer via e-commerce and curbside delivery.  All of this returns to the need to reinforce consumer’s desire for reassurance and insurance. Customer satisfaction is no longer enough.  Consumers are interested in a company’s culture and their user experience when interacting with the company.  It’s about the value the customer leaves with, once the transaction is complete. While most of this discussion has focused on the consumer, marketers also need to be mindful of the various external factors also exerting influence on the marketplace.  These will all be important as we move forward into 2021 and beyond.  Unfortunately, these are uncontrollable: CompetitionTechnologyPolitical and LegalSocial, Cultural and DemographicEconomic Many of these factors can quickly change the business environment.  It’s imperative that we constantly listen and identify cues from our various efforts to understand the risks and opportunities ahead. Disclaimer: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining.   THE MONTHLY FORECAST: Upcoming Events 2/06/21 – Bellarmine’s 3rd Tedx event.  The topic is “What on Earth?” and will be streamed live on YouTube.  Click here for more information about the event. 2/23/21 – Dean’s Executive Speaker Series (virtual).  Representatives from Louisville’s El Toro, an adtech company, will discuss the Success of the Modern Work Environment.  Click here to register for the event. 3/16/21 – Dean’s Executive Speaker Series (virtual).  Scott Colosi, former President of Texas Roadhouse, will discuss his journey and moving up through the organization.  He’ll also provide 10 tips for recent graduates to help them succeed.  Click here to register for the event. Bellarmine Career Development Service – This service is open to both Bellarmine students and alumni.  Is it time to make a change?  Click here to contact learn how Bellarmine can help.  On the next Bellarmine on Business Podcast Episode Episode 6 will launch on in March 1st, 2021.  We are quickly working through scheduling issues to finalize our guest.  Be sure to join us for the next episode of the Bellarmine on Business Podcast. Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode. Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 4:  Host Jim Ray interviews Dr. Patricia Carver and Alexandra Moro about the Women of Color Executive Leadership Certificate.  This is one of the initiatives Dr. Munshi launched, as part of her vision for the Rubel School of Business at Bellarmine University. Dr. Carver is a Bellarmine alumna and associate professor who teaches the freshman Intro to Business class and the senior Internship class.  Alexandra is Associate Director of Graduate and Executive Education Programs at Bellarmine. The Women of Color Executive Leadership Certificate This program is designed to help all women of color who are starting businesses.  They do not have to be graduates of Bellarmine.  It’s a community resource.  The program consists of six modules lead by entrepreneurs and Bellarmine faculty.  The 6 modules are as follows: LeadershipFinancial AcuityMarketing & Social MediaCommunicationsNegotiationsCapstone Session This is the first program of Rubel’s Executive Education initiative.  The target audience for this particular program is not necessarily a college graduate.  Dr. Carver explains that is meant for women of color who want to be entrepreneurs.  She states “women of color make up at least 50% of the women who own businesses.  They are the fastest growing population of entrepreneurs.” According to Dr. Carver, the average revenue of entrepreneurs is approximately $143,000 per year.  The revenue for black female-owned businesses is only $24,000 per year.  This disproportionate performance underscores the importance of this type of leadership program for our community, at large. Factors Driving the Revenue Gap: Lack of access to business loans and other forms of capital.Lack of a network to help them apply for a business loan.Lack of experience marketing and communicating their product or service.Lack of self-confidence, driven by “the imposter syndrome.” We Can Use Your Help We are actively looking for people who would like to act as mentors for the women who participate in this leadership program.  You can email Dr. Carver, if you are interested in helping.  Click here to find her contact information. Helping to Build Brand Awareness Dr. Carla Childers will teach the marketing module.  Social media and other digital tools are important for building brand awareness and in creating a successful brand.  Understanding what the options are, how to use them and how to implement an online strategy to leverage these resources will provide a foundation for growth.  The Confidence to Negotiate Effectively The ability to effectively sell yourself and your business to a prospective lender is key to your ability to secure a business loan.  Can you inspire confidence?  Sometimes it’s about more than simply the numbers.  The Leadership Certificate program understands the importance of being able to present well.  It also provides confidence enabling participates to review and negotiate terms and/or elements of contracts.  The negotiation shouldn’t be one-sided. Interested in Participating in the Women of Color Executive Leadership Certificate Program? The initial launch of this program will offer limited participation.  If you, or someone you know, would be interested in participating, email Dr. Patricia Carver.  Click this link to find her contact information.  Disclaimer: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining.   THE MONTHLY FORECAST: Upcoming Events October 2021 – Alumni Service Trip to Appalachia.  Click here for more information and to register. Alumni Mentoring Program – Bellarmine undergraduates can use your help.  This is one of the largest, in-person mentoring programs in the country.  Click here to learn more and to get involved. Bellarmine Career Development Service – This service is open to both Bellarmine students and alumni.  Is it time to make a change?  Click here to contact learn how Bellarmine can help.    On the next Bellarmine on Business Podcast Episode Episode 5 will launch on in February 1st, 2020.  Dr. Carla Childers will be the guest.  We’ll discuss “How Companies Need to Adapt Marketing Efforts in the COVID and Post-COVID Environment."  Be sure to join us for the next episode of the Bellarmine on Business Podcast. Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode. Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 3:  Host, Jim Ray interviews Dr. Raymond and Carl Hafele on the state of the US economy and issues to consider as we move forward. Join us for a lively discussion about inflation, economic growth, tax policy, the Federal Reserve and more. Dr. Frank Raymond is a professor of economics at BU. Over the past 20 years, he’s been the interim Dean and the associate Dean for the Rubel school of Business.  He focuses on international development, econometrics and macro-economics. Carl Hafele began teaching at BU 15 years ago.  He’s an investment money manager.  He had an institutional firm responsible for managing over $20 Billion in assets.  He’s now focused on personal investing and instructing as part of the Bellarmine MBA program. In 2009, the economy experienced the real estate bust and many banks were failing.  The Fed injected liquidity via mortgage-backed securities.  The banks sat on a large portion of the liquidity.  In Episode 2, Stock Yards Bank & Trust CEO Ja Hillebrand commented on the fact that today many of the companies have fairly healthy balance sheets, in spite of the pandemic. The economy of 2020 is, in Carl’s words, a different animal compared to the 2009 crisis.  This is the “rainy day.”  The solution should involve a mix of fiscal and monetary policy.  Who Has the Responsibility? We began with a brief review of the Laffer Curve and taxes.  The question at large is “Are we at the inflection point where investors/entrepreneurs stop investing because of the tax on the margin dollar of the returns of that investment?”  Tax rates can actually serve as a disincentive.  So, where is the peak of the curve?  It’s a balance of achieving maximum productivity, while generating maximum tax revenue for the government.  The private sector has a role.  Thinking of these policies at the household or company level can help to simplify the theory.  Do you want to work that extra overtime?  Is it worth the effort to start a side job?  Is this the proper time for a company to expand operations or sales teams?  The public sector also has a role.  There are parts of the economy in which the market doesn’t function as efficiently.  The determination of which parts are best served by the public sector is an area of open debate. There are 4 Areas Where the Private Sector Doesn’t Do as Well Lack of competition among firms.When there are information problems (i.e. asymmetric information).When an external party is receiving a benefit or harm, but isn’t directly involved.Dealing with Public Goods (non-rival and non-excludable) Should We be Worried about Inflation? Carl discusses the velocity of money.  Simply put, “money times velocity equals GDP.”  A rising velocity is generally associated with a better economy.  For the majority of Carl’s life, the velocity has been roughly 1.7 times.  It reached as high as 2.25, prior to 1995.  Prior to the pandemic, we were in the 1.3-1.4 range.  Once the pandemic set in, we settled at 1.0.  Based on this, Carl predicts that regardless of the amount of money the Fed prints, inflation shouldn’t be a factor at these low-velocity levels. What Should the Government Do, Now? Frank suggests we should consider raising interest rates, once we recover from the COVID pandemic.  This is also absolutely not the time to consider raising taxes.  Either of those moves in the current scenario could slow or eliminate positive economic activity. The risk is that the economy could be in the midst of suffering a “death by 1,000 cuts.”  As the national debt grows, it could potentially prevent us from being able to generate tax revenue as a result of economic activity.  Growth rates could be negatively impacted due to the national debt service.  Interest rates have been extremely low.  How much lower could it go in an effort to spur economic activity?  The fact is monetary policy may not have as immediate of an impact in this effort. There are 3 Kinds of Inflation CPI – the cost for a basket of goods.Monetary inflation – based on the Fed’s balance sheet.Inflation in Asset Prices – this can be a limiting factor for the economy and ROI. Simplify Tax Policy Over the years, our tax policy has become extremely complex. It’s become both uncertain and inequitable.  It may be time to aggressively simplify.  This would include the elimination of loopholes.  Businesses want certainty.  The cumbersome tax policy, combined with politics, leads to a level of uncertainty and unpredictability. Today, our individual states independently set state and local taxes.  In recent years, there’s been an accelerated move by businesses and individuals flocking to lower tax states.  As some states look at increasing taxes as a way to replenish lost economic activity-base revenues, they are risking a flight of Adjusted Gross Income (AGI) from their tax base. Parting Words It looks like 2-3 new vaccines may be hitting the market.  Even if it takes months to disperse them, this is a positive for the overall economy.  There’s a risk that a new stimulus package could limit short-term growth if the incentives for the unemployed act as a disincentive to return to work.  We seem to be moving in the right directions to avoid a depression.  Now, we need to avoid actions by the government that don’t actually have a lasting, positive impact.  Frank described the 4 ways to generate grow (primarily via the private sector):  land, labor, physical- and human-capital.  Government may decide to invest in certain areas, but it ultimately needs to be driven by the private sector. For additional insights, consider Carl’s reading book The Great American Reset, Riding the Economic Rollercoaster of Capitalism (published 2014). Disclaimer: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining.   THE MONTHLY FORECAST: Upcoming Events 12/15/20 – Accounting Department’s Annual CPE Seminar (8.0 hours).  Click here for more information and to register. Bellarmine Bookstore – There’s still time to stock up on Bellarmine swag for Christmas.  Click this link for more information, available items and to order online.  Tell them you heard about this on the Bellarmine on Business Podcast! Bellarmine Basket Ball Moving to Freedom Hall – As part of the transition to Division 1, the Bellarmine Knights are now playing in the iconic Freedom Hall.  Click here for more information about this exciting transition. On the next Bellarmine on Business Podcast Episode Episode 4 will launch on in early January.  Dr. Natasha Munshi returns to the podcast with a guest or two to update us on some of the Rubel School of Business initiatives she mentioned in Episode 1 of the Bellarmine on Business Podcast. Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode. Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 2:  James Ja Hillebrand is a Bellarmine Alumnus, CEO of Stock Yards Bank & Trust, and recently elected chairman of the board for Stock Yards. Newsweek Magazine recently named Stock Yards Bank & Trust one of America’s best banks for 2021 and named them the Best Small Bank in Kentucky.  Listen to Jim and Ja discuss issues related to COVID’s Impact on our economy and where we go from here. Founded in 1904, Stock Yards Bank & Trust is based in Louisville and expanded to Indianapolis, and Cincinnati. Stock Yards is a publicly traded company (SYBT on the Nasdaq). Stock Yards has approximately $4.3 billion in assets.  One thing that makes them different from other community banks is their wealth management and trust department which oversees approximately $3.5 billion.  Ja explains how and why the bank decided to expand to its current regional presence. What Does the Term Community Bank Mean? Ja discusses the many things that makes a community bank different, and he states that the key difference can be seen in the service style. This means keeping decisions local, listening to customer needs, and taking care of them first.  It’s about building true relationships with their customers.  The regulatory oversight is the same as that of other banks.  Localized decision-making enables Stock Yards to make decisions more quickly regarding customer needs. Stock Yards is primarily commercial bank.  The bank can handle commercial real estate loans, equipment leases, lines of credit, merchant services and other financial opportunities.   Relations typically expand into personal banking services and retirement plans for the company owners, managers, employees and their families. How Did SYP Handle the CARES Act/PPP Loan Activity? The environment was extremely fluid.  SYB processed roughly 3,400 PPP loans ($650 million).  They kept the loan processing local to enable SYB to react to the situation.  It was all-hands-on-deck for the team.  For 29 days in a row, the team was inputting loans 24-hours a day. Stock Yards Bank gave priority to its current customers for most of the round-1 money.  Later, they were able to expand to handling loans for business that didn’t have a previous relationship with SYB. What Might a New Round of Stimulus Involve? There are still funds available from round-2 of the PPP funding.  The next round of stimulus is currently being negotiated.  Ja explains why the program needs to focus on the small businesses (i.e. restaurants and hospitality) are seriously struggling.  The challenge right now comes down to politics.  If more relief funding isn’t made available, we could see many more small businesses failing in the 2rd quarter of 2021.  Going forward, businesses may be required to show how they’ve been harmed during the COVID crisis in qualifying for the funds. Industry-wide, company balance sheets are fairly healthy.  Currently, there doesn’t appear to be a significant issue with past-due accounts or credit problems, but the fear is that it may happen in the near future. What are some of the Challenges and/or Changes Going Forward? Ja discusses the challenge businesses have with getting clarity regarding the economy.  He encourages business to continue to watch expenses and watch for strategic opportunities to surface.  Rates are low, so reevaluate your loans.  Is there an opportunity to restructure? Margins for the banking industry are pretty low.  This is a very competitive time for banks to try and obtain good solid businesses and as a result there is little to no room for mistakes.    For consumers, mortgage rates are at a low.  Review your household finances, consolidate debt and plan to pay it off earlier.  This is the time to take advance of the low rates. Ja’s gut feel is that 2021 will be tough.  However, 2022 has better potential for a recovery.  How Can Stock Yards Bank Help? There are a lot of ways to use technology to use banking services.  It’s that personal relationship with a banker, just like your accountant, attorney and insurance agent that can make a difference for a business owner. It’s time you start building a relationship with a banker, and if you do not have a banker, call Stock Yards.  Ja Hillebrand’s Advice for Someone Considering a Career in Banking Don’t neglect the value of putting in the work.  Stock Yards has a management training program.  Ja went through one.  It was a way to learn the various operations inside a bank.  It’ a great training ground for a college graduate.  If you’re an undergrad, consider a summer job at Stock Yards Bank, as a bank teller.  There are part-time for opportunities available during the school year.  This is also a good springboard for the management training program. Careers at Stock Yards Bank:  https://www.syb.com/getdoc/c9cbac64-08d2-4765-8e17-c94c621ca29a/about-us-careers/ At the end of the day, it still comes down to being willing to do the hard work.  Don’t forget the soft-skills that need to be honed.  These include picking up the phone to actually speak with people and sending thank-you notes.  You’ll stand out from many of your peers.   Disclaimer: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining.   THE MONTHLY FORECAST: Upcoming Events 11/02/20 – Registration for the Spring 2021 Semester Begins – Make sure you are ready for the upcoming semester at Bellarmine.  Bellarmine’s Public University Price Match Program – This was recently announced, but it’s such a game-changer that we thought you’d like more information about it.  Be sure to share this with your family and others who may be considering attending BU, but didn’t know how to make it work, financially.  This program may be the key. On the next Bellarmine on Business Podcast Episode Episode 3 will launch on December 1st.  This episode will feature a lively discussion about the economy with Dr. Frank Raymond and Carl Hafele.  Put your seat belts on for this one! Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Libsyn, Podchaser and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode. Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.

Episode 1:  The Rubel School of Business is proud to launch the first episode of Bellarmine on Business.  Jim Ray (EMBA ’08) interviews the new dean, Dr. Natasha Munshi.  They discuss her vision for the future of Bellarmine’s Rubel School of Business.  Dr. Munshi’s hiring was highlighted in an April 8th announcement. She most recently held the position of associate dean of Graduate Business in the School of Economics and Business Administration at Saint Mary’s College of California.  She holds a Ph.D. in Management from the University of Pittsburgh, an MBA in International Business and Management from Millsaps College in Jackson, Miss., a master’s in biochemistry from the University of Mississippi Medical Center in Jackson, and a bachelor’s degree in zoology and biochemistry from St. Xavier’s College at the University of Bombay. Community Outreach and Engagement This is a cornerstone of Dr. Munshi’s vision.  She discusses how she would like to see the Rubel School of Business become a “community hub.”  One of the initiatives is the Women of Color Entrepreneurial Leadership Certificate.  This initiative is being overseen by Dr. Pat Carver. Executive Education & Program Development Providing this type of community resource can include non-degree certificates, C-suite leadership programs and mid-level professional development.  Promoting Bellarmine’s Rubel School of Business to the business community as a resource is vital to creating lasting engagement and the promotion of our brand.  Dr. Munshi describes how businesses and corporations will be able to engage with Rubel to provide innovative training and skill-enhancement opportunities for employees of those companies.  Center for Social Innovation This is an exciting part of Dr. Munshi’s vision for our business school.  The initiative would enable the Rubel School of Business to assist in identifying solutions for large social issues such as financial insecurity and issues related to the educational sector (e.g. access to affordable education and educational justice).  The concept will challenge business leaders and community leaders to come together to create innovative approaches that can be implemented and measured.  She later explains the motivation behind the upcoming Social Innovation Hackathon. Disclaimer: The views and opinions expressed during The Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large.  The episodes are designed to be insightful, thought-provoking and entertaining. THE FORECAST: On the next Bellarmine on Business Podcast Episode James “Ja” Hillebrand (’91) joins Jim to discuss various topics related how Stock Yards Bank has coped with the current economic conditions and his outlook for the future.  Upcoming Events 10/06/20 - The Dean’s Executive Speaker Series – Ben Reno-Weber will discuss how artificial intelligence and data science can be used to find innovative business solutions.  This will be a virtual event.  Click here to register for this free event, which is open to the Bellarmine alumni, students and the community. Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify and many other podcast directories.  We encourage you to subscribe to our podcast so you don’t miss an episode. Interested in Developing a Podcast for Your Business or Organization? This podcast was produced by Jim Ray Consulting Services.  Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast.  For more information, visit:  https://jimrayconsultingservices.com/podcastproduction.