2024-06-24 9:55 PM

Business News & Notes: March 16th – 22nd

Potential Increase to Assessments

The Foundation for Community Association Research released a new survey Monday reflecting increased expenses.  “Rising Costs in Community Associations” reveals that 91 percent of community association managers, professionals, and homeowners’ surveys report seeing unexpected increases in expenses due to rising costs and inflation.  In turn, residents living in condominiums, homeowners’ associations, and housing cooperatives could face increased assessments. The feedback comes from international community association board members, managers, and business partners, including accountants and service providers.  When asked how they plan to address the unexpected costs, 73 percent of respondents report they plan to raise assessments, and 41 percent say they plan to reduce expenses, and 15 percent will lower their reserve funding contributions.

Sierra7 Hires Kemp

Susan Kemp has joined Falls Church-based Sierra7 as director of consulting and analytics.  She will be responsible for expanding client relationships and providing continuous support for the Veterans Health Administration and assisting health care leaders improve business management.  She looks forward to continued modernization and making organizational improvements.  Kemp comes from Booz Allen Hamilton and was formerly a senior manager at Prometheus Federal Services.

Body Dynamics Open House

Body Dynamics Inc. is hosting an open house on Wednesday, March 22, 6:30 – 8:30 pm. Light refreshments will be provided and new clients who attend the Open House and sign-up for services will receive 50 percent off their first fitness, massage, or nutrition session or 10 percent off their first PT session!  Guests may sample everything from physical therapy to nutritional counseling and ask questions of the staff.

Jake’s Ice Cream is Expanding

Robin Rinearson, founder of Jake’s Ice Cream, is expanding the business by opening Jake’s Gourmet Popcorn in Seven Corners next to Michaels.  Of the 25 employees at Jake’s Ice Cream, 21 have disabilities.  The idea behind the popcorn business is to employ people with disabilities who may not be able to perform the ice cream parlor duties. She was inspired by the commercial popcorn makers in Chicago where she attended graduate school.  She’s hiring employees and hopes to open in April.

Introduction to Schedule C and Business Recordkeeping

The Virginia SBDC is hosting a free session on tax planning and the importance of good recordkeeping next Thursday, March 23, 11:00 am – 12:00 pm.  During the presentation, there will be an overview of Schedule C and recordkeeping timeframes.  Participants will learn how to calculate gross profit and gross income, how to calculate net profit or loss, how to identify and deduct expenses, how to document income and expenses, and discuss recordkeeping for your Schedule C.  Anika Pompey, the local Senior Stakeholder with the Internal Revenue Service (IRS) is the presenter.  Once registered at https://clients.virginiasbdc.org/workshop.aspx?ekey=900430015 the Zoom link will be emailed.

Malloy Joins BAE Leadership Team

BAE Systems, Inc. has named Lisa Malloy as Senior Vice President of Communications, reporting to President and CEO Tom Arseneault.  She will lead the company’s external and internal communications and the community investment activities.  She comes to BAE from Intel Corporation where she was the head of Global Government and Manufacturing Communications.

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