Technology and Disadvantages Essay Example for Free

Technology and Disadvantages Essay It is quite impossible to think of a life without technologies and gadgets. Technology can be defined as a process with the help of which human beings modify nature in order to meet their growing needs. Technology leads to innovations and inventions and one such invention is gadgets. There are so many varieties of gadgets that are designed to suit human needs. But the questions is, are there only advantages or there are disadvantages as well. This article discusses the advantages and disadvantages of using new gadgets and technologies. Advantages of technologies and gadgets: The advantages of new technologies and gadgets are discussed in the following lines. 1. Higher profit: New technologies can benefit your business in a number of ways. You can get higher profits as new technologies increase work efficiency, which in turn, increases productivity. Moreover, fewer work forces are needed as new technologies can automate the work thus reducing the costs more. 2. Fast access to information: You can get quick access to information with the help of computer and internet, two of the most popular technology and gadget in the present times. The ‘search engines’ on the internet help you find information on any topic that you’re looking for. see more:technology makes us lazy 3. Increases communication: Gone are those days when you had to write letters in order to communicate with people staying far away. Nowadays, you can send e-mails and you get the reply within minutes. Moreover, you can also take help of ‘chat rooms’ to meet new people as well as to stay in touch with your old friends. 4. Speed up work: There are so many gadgets that help to speed up work. Right from household chores to office work, there are gadgets with the help of which you can increase your work efficiency. It helps you to do quite a number of things in relatively less time. Disadvantages of technologies and gadgets: The disadvantages of new technologies and gadgets are discussed below – 1. Online fraud: When you use internet for online transactions, there is always a possibility of being a victim of online fraud. As for example, impostors may steal your credit card information and use them for their own monetary gain. 2. Dependency on gadgets: People are becoming mechanical as they are getting more and dependent on gadgets. Nowadays, human beings cannot do a simple work without taking help of a gadget. 3. Integrating new technology: It is often difficult to take a business related decision about whether to buy the latest technology or wait for some new invention. Moreover, implementing new technology in a business can be quite expensive; therefore, you need to decide whether or not you actually need it. Above all, integrating a new technology in a business is quite a difficult task in itself. 4. Technology related diseases: Human beings are becoming addicted to the new technologies and gadgets, especially, internet and computers. Moreover, young people are getting more and more addicted to mobile phones. Many scientists believe that radiation from mobile phones may cause blurring vision, headaches and earaches and may be the reason of cancer, too. Therefore, it can be concluded that there are both advantages and disadvantages of using new technologies and gadgets and it depends on mankind how they want to use them. About the Author - Rodney Gordon has been working as a contributing author on various topics like- technologies and gadgets, arts and culture, search engine marketing, business and finance, education, entertainment, Internet, sports and leisure for about two years. n the current time people cant imagine their life without technology. Surrounding us various technologies are helping people to live their life with more luxury. The technology sector has changed and developed many products. The technology is providing many advantages but also it has some disadvantages. Here we will discuss about both. Advantages There are several advantages of technology like Easier life With technological machine people are getting help in every sector. Cars and bikes are helping people to reach anywhere quickly. Airplane and superfast trains have been reduced distance between cities and countries. Computer and internet are providing information in simplest way also it has changed way of communication. Now people are doing video conferencing and chatting to communicate with their friends and family used communication technology. Lesser Mistakes Machines are helping people to make lesser mistakes. Robots or machines are working accurately and you just need to program them with proper information. Like in production of any automotive most of manufacturing companies are using automatic machines which follow instruction of computer or that person who is operating the machine. And all work gets done perfectly. Save Time Technologies are saving our time, for an example you can flew anywhere in the world in lesser time. With computer you can do any work in lesser time and also it help to enhance quality and provide suggestions. Machines are helping people in kitchen too like Oven and these are also saving time. Disadvantages Every one knows that technology is very helpful but it has some disadvantages too. Because many companies have adopted automatic machines so that they can improve their production with accuracy. As a result many people lost their job. Similarly house maids are loosing their job because robotic machines are doing their job. Owner need to pay one time only while maid get paid for every month. However machines and robots look inexpensive and good to use but, when any technical problem occurs in machine or robot, it took much time to fix it and also it can be expensive. - As we found that in technology sector, there are many advantages and disadvantages, even then people cant imagine their life without technology including me. What are the advantage and disadvantages of technology in our daily lives? Answer: Simple Question. Simple Answer. The Advantage is really convenience think about it, how convenient is it to whack on the TV in the morning, see whats happening around the world, then 20 minutes later go on your computer and have and have a twitter session, and read all your emails from friends around the world. - The Disadvantage is that technology is dominating everything. Soon posting mail would be a thing of the past. CNC machines (robots) would take over peoples jobs in making things, etc. Advantages and Disadvantages of Technology The development and spread of various technologies has become synonymous with the level of prosperity in a particular place. In economics, technology is one of the major factors that determine the growth and potential in the production process. It is also a basis for distinguishing between developed and developing countries and the advancement of technology is considered an essential factor to a country’s progress. The importance of technology in the world today cannot be stressed upon enough, which leads us to a discussion on the advantages and disadvantages of technology. The Merriam-Webster dictionary defines technology as the practical application of knowledge especially in a particular area such as engineering or medicine. A more comprehensive view of this concept can be grasped from the Wiki definition of technology – â€Å"the making, usage, and knowledge of tools, machines, techniques, crafts, systems or methods of organization in order to solve a problem or perform a specific function†. Ever since pre historic times, humans have been applying their knowledge in ways that would make life easier for mankind as a whole. We have come a long way since the discovery of fire and invention of the wheel, and there is no stopping the advance of the technological age. It has permeated every aspect of our lives from the alarm clock that wakes us up in the morning to toaster ovens and nuclear reactors. The advantages and disadvantages of technology are of great relevance due to the huge role that technology plays in our lives today. Technology and Economics Noted economists such as Adam Smith and Schumpeter have recognised the great significance of technology in the development of nations and creation of business cycles. The Schumpeterian school of thought which advocates the theory of â€Å"creative destruction† stresses on the importance of innovation and technological advances in bringing about the end of the old ways and creating a new phase or business cycle in the economy. Keynesian economics also involves concepts of production per worker and total production levels in an economy, both of which are mainly affected by the technological prowess of the nation. It contributes in increasing the GDP of a nation which is well reflected in the high GDPs of developed countries which have access to the best technologies globally. The manufacturing (secondary sector) and service sectors (tertiary sector) are dependent completely on the technological progress of a nation. Although primary sectors of the economy like agriculture and an imal husbandry did not require a highly developed technological base, they are now accepting newer and better technologies which help in improving output. The efficiency and ease provided by technological innovations as simple as calculators to complex super fast computers, has made business transactions and cross continent interaction much easier and faster. These developments have completely changed the dynamics of business and manufacturing units. Multinational companies are sprouting up by the dozen due to the new possibilities made available by technological advancements. The quality of the entire manufacturing sector, which forms the backbone of the infrastructural and production units of an economy, is determined by the amount of technological knowledge available to the producers. This has been recognised by leading companies the world over who are constantly dedicating a larger portion of their funds to RD. Thus it is clear that the advantages and disadvantages of technology in this respect are quite one sided. The economic benefits of technology far outweigh any drawbacks. Technology has and will continue to play a significant role in spurring growth in economies. Technology and Culture The advent of new innovative products in our daily lives has redefined our cultures to a large extent. Hunting, riding and fishing as means of entertainment have given way to play stations, television and movie theatres. Almost every outdoor experience such as riding on horseback, swimming or jogging can now be replicated in the environ of our homes by a variety of gadgets and technologies. All in all, people today have adopted a more sedentary lifestyle thanks to the convenience provided by technological innovations. With a new iPad or computer operating system being developed every two months, people have enough to keep them occupied both in terms of work and leisure. Other aspects of our cultural lives such as communication and transportation have progressed to an extent that the world seems a much smaller place. Transatlantic journeys that would’ve taken several months to complete a century ago can now be covered in a matter of a few hours by air travel. These advantages o f technology are quite evident to us and it would be difficult to imagine life without them today. Advantages of smart technology are also prevalent in educational institutions and among students. For example use of laptop, desktop computers, iPad also prove beneficial to the students in their studies in many ways. Computer and net technology is a source of great wealth of knowledge. However, there are some seriously dangerous trends that have emerged due to the advancement of technology. Children spend increasingly more time watching television, playing video games or surfing the internet. Social networking sites, the newest phenomenon to hit online users, have claimed a significant number of victims, both young and old, who spend a large chunk of their time and energy on these sites. People find it easier to take shortcuts, for instance, university students can easily purchase services of writers who finish reports, assignments and even theses for a small fee. Thus in some ways procrastination and sedentary lifestyles are fast becoming popular among new generations. Technology and Society Technology has even changed the face of our societal norms and lifestyles today. Quality of life, especially in health and science, has been impacted quite strongly by the advent of the technological era. The increasing electrification, urbanisation, connectivity and closeness observed in different regions of the world have given a new dimension to standard of living. Healthcare has advanced fast due to the development of life saving drugs, eradication of numerous diseases, availability of cheap medicines etc which increases life expectancy and provides overall high standards of living. Advancements in science and technology as discussed earlier have altered various aspects of our lives making them indispensable. On the other hand problems like pollution, rising population, increased waste generation and destruction of wildlife which have emerged as direct consequences of technological advancements, put great pressure on the earth’s resources. These need to be dealt with carefully in order to have sustainable development. Resources need to be conserved for the benefit of future generations and currently one of the biggest disadvantages of technological progress is that it causes heightened resource usage. What does this all means ? Thus the advantages and disadvantages of technology are numerous and varied, but need to be observed carefully in order to utilise this knowledge advantageously. Technology has been a great boon to mankind but at the same time we must not be ignorant of the drawbacks generated by some of these developments. Many amazing strides in technology have been made since the beginning of civilization, and more are certain to be on the horizon. - Disadvantage Of Technology In Our Lives Question:advantage and disadvantage of modern technology in our lives Answers:Hello ! These are some disadvantages of technology : We always must be ready to receive company, we can hardly be really alone, we are always connected, As we can have every informations easily from home, we dont go to library, or we dont search what we want in shops, so we dont meet new people, It makes relationship very unpersonal, We have no choice but to buy cellular phones nowadays, even if its expensive, If want to be in the movement, you must have a mp3, etc Bye Answers:Advantage technology makes our lives easier Disadvantage Uses up natural resources at an unsustainable rate, degrades the natural environment Answers:The advantages: 1. Make our life simpler. 2. It helps us to organize our daily activities. 3. Our job can be done faster. 4. Easier to communicate with other people. 5. Helps us to know and understand other culture and society better. (and lots more) The disadvantages: 1. Can be e asily manipulated by irresponsible persons. 2. Well be too dependant on it. When technology fails, we r helpless (in one way or another). 3. Sometimes, it affects our health and lifestyles(well be complacent and lazy. The chemicals r hazardous). 4. It destroys our simple and healthy life(I miss the traditional style of living). 5. Invasion of our privacy. (and lots more) Question:What is tchnology ; its advantage and disadvantages in our modern living? Answers:Technology is the application of scientific advances to benefit humanity. There are many advantages and disadvantages if you think about it. For example, it is advantageous while allowing us to simplify and automate production, such as robotic car manufacturing. On the other hand, it can be disadvantageous once we start depending on the advancements. Also, think of all the jobs people have lost after being replaced by a machine Advantages and Disadvantages of Living in a Convent :Hi, Im Sister Norma Raupple from the Ursuline Sisters of Youngstown Todays Question is: What are the advantages and disadvantages of living in a Convent? A convent is a house where a group of Sisters share their lives and their space with each other. There is a chapel in the central part of the house because our relationship with God is the center of our lives. The convent where I live is in Cnfield, Ohio where there are 30 of us Ursuline Sisters living together. I see many more advantages for living in a convent than disadvantages: I have a spacious private room which looks out on the woods. I often enjoy the sunrise from my window. At the same time, I enjoy the presence and interactionof other women of faith women of all ages. Their support and encouragement helps me to maintain a healthy, happy life. Our life style is simple and fulfilling as we gather for prayer and Eucharist and spend time together when we are not engaged in ministry. At times, I experience the schedule as a disadvantage. For example, the individual sister does not choose the schedule for prayer and meals. The schedule is determined by everyone talking together and deciding what is best for the group life.

Conrad: Blatant Racist Or Political Satirist? Essay -- Conrad Racism E

Conrad: Blatant Racist Or Political Satirist? There have been many critics, predominantly Chinua Achebe, that have cast a cloak of racism upon the back of Joseph Conrad. Those authors base these allegations upon the novel Heart of Darkness, calling it a vile and most ungodly novel that only seeks to set the black race as a footstool of the white race. However, one must realize that there is a much deeper meaning to the novel than that of blatant racism. It is, in fact, a connection with the past that shows both the mindset, as well as the ignorance, of those who colonized Africa in the late nineteenth century. The entire novel is a boxed narrative, thus we can see into what the storyteller truly feels about his own experience rather than an third person analysis of what the protagonist does. In this case, Charlie Marlow retells his story of how he encountered a force that could only be described as â€Å"The horror, the horror.† It is, indeed, a catharsis of sorts, but not only from Marlow, but for Conrad as well. After all, Conrad did partake in such an adventure as this before he became an author, therefore the reader must comprehend that these words are not only of the protagonist, if Marlow can be truly called that, but also of Conrad. The first example of Marlow’s opinion towards colonial Africa occurs when his ship passes a French man of war. The man of war is shelling the coast because the men claim there were â€Å"enemies† in the bushes. The ideals of the Company were geared more towards the pacification of the tribes as well as good commerce with them, yet in the midst of this goodwill, a war ship has come to â€Å"pacify† the natives. Conrad indicates a type of doublespeak within the doctrine of the Company for which Marlow works. The actions of imperialism that existed in the nineteenth century are more in tune what Marlow sees, rather than the doctrine of civilizing the tribes that he has heard. In this act, Conrad does display his satirical capabilities by showing the hypocritical mindset of Europe that existed through the span of more than 400 years. Perhaps the most recognized point of imperialism in the book is when Marlow reaches the Outer Station. He is surrounded by the natives who have been enlisted as slave labor. Around him are great holes, filled with broken machinery. This appears as â€Å"some inferno† to him, yet he soon comes face to f... ...ould have secretly longed to be a part of this world, this jungle, yet the bonds of imperialism and the promise of fortune have a yoke about his neck. Conrad was a master of prose as many critics admitted, even those who proclaimed him a racist. The writing of Heart of Darkness was not only to show the potential of what man could become, but what he already was. Marlow is the everyday man, longing to become something that he cannot even fathom. Kurtz was the ideal man that Marlow, or any man for that matter, longed to become. Kurtz was tormented in his last days because he saw the evil that was in European trade and imperialism. In this, he finds a reassuring simplicity in the ways of the natives. Conrad conveys this theme to those who search for a quality that resides in all men, rather than seeking the errors of one group or person, which is what Achebe accused Conrad of doing as he portrayed the natives as â€Å"niggers† and â€Å"common savages.† The evils of society set in motion for what Conrad sought to banish from human thought. All men have the capacity to be evil or good, yet the one ideal that determines th is state of being is the realization of what good and evil truly are.

Sox Research Paper

Running head: Nonprofits and SOX Heather Tanenbaum Student ID: 3750548620 Accounting Capstone: Senior Seminar in Accounting ACC499 004016 Summer 2009 Nonprofits and the Sarbanes Oxley Act Submitted: Submitted to: Tee M. Thein Table of Contents Abstract Introduction SOX regulations for nonprofits Reasons for nonprofits to adopt SOX Conclusion Research file memorandum Communication memorandum References Abstract Introduction The Sarbanes-Oxley Act (SOX) of 2002 (U.S. House of Representatives 2002) was passed by congress as a result of a wave of accounting scandals and related financial irregularities in corporations such as Enron, WorldCom and Tyco. SOX is called the most significant securities legislation since 1933 and 1934 securities ACT. The Act attempted to make ethics more black and white rather than a gray area. The increased guidelines have changed businesses and business relationships.These new requirements have placed greater demands on directors, audit committees, auditors a nd management. Most, of these provisions where only made towards publicly held companies, similar regulations targeted nonprofit organizations (Panel on the Nonprofit Sector 2005). Two hundred and fifteen nonprofit organizations have voluntarily adopted provisions of the Sarbanes-Oxley Act of 2002 (SOX). Many, nonprofits are currently in the process of adopting SOX.The Panel on the Nonprofit Sector (2005), in its final report to Congress in June 2005, recommends more than 120 actions to be taken by charitable organizations, Congress and the IRS (Internal Revenue Service) to strength nonprofits against, transparency, governance and accountability. The most significant provision of the Act is the requirements in Section 404 the reporting on the effectiveness of internal controls over the financial reporting. PCAOB auditing standard 2 requires that the audit of internal control be integrated with the audit of the financial statements.The PCAOB requirements also only apply to public and private for profit companies, these would be new requirements for nonprofits wishing to adopt to SOX. The requirements of SOX section 404 requirements on internal controls have proven to be quite expensive for public companies (D’Aquila 2004; Pomeroy 2006), further research in to the current state of governance in the nonprofit sector would be beneficial before similar measures are mandated. Nonprofits have several reasons they might be compelled to adopt SOX provisions. First, several states are likely to emulate provisions similar to those of SOX.Some of these new laws incorporate elements of SOX including: expanding whistleblower protection, requiring officers of the organization to sign the corporation’s annual report, appointing an audit committee and increasing penalties against those who commit fraud or impede an investigation of fraud. California passed the Nonprofit Integrity Act in 2004. This Act addresses financial reporting, corporate governance, compensat ion, independence and fund raising (Silk and Fei 2005). New Hampshire requires audited financial statements for nonprofits with revenues greater than one million.Massachusetts, Connecticut and Kansas have similar requirements (Anderson and Kelley 2006). Second, unethical behavior seems as common in the nonprofit organizations as it does in the private sector. Recent scandals in nonprofit organizations such as: The NYSE, Upsala College, United Way and Education & Research Foundation, have had a negative effect on the public trust in their charitable organizations (Gibelman 1997). For nonprofits trust from the public is vital because the majority of their funds come from donors.SOX could result in more positive responses from donors, investors and future board members (Orlikoff and Totten 2004). Finally, some provisions of SOX already apply to nonprofits. Nonprofits must establish whistleblower protection and document destruction policies. Other provisions are inevitable, because of t he large amount of grants nonprofits receive which come with the own regulations and restrictions (BoardSource 2003). The purpose of this paper is to provide a reasonable understanding of how nonprofits have been affected by SOX. SOX regulations for nonprofitsSOX requires that companies have an audit committee that includes independent members and members of the board. SOX also requires the company to disclosure whether one of the internal auditor is a financial expert and whether they are directly responsible for overseeing the external auditors. This is to ensure that the financial statements are understand, that there is proper communication with the external auditors and that there is an understanding of internal controls. In order to enhance standards for nonprofit accountability and financial reporting all nonprofits should have an independent audit committee (BoardSource 2003).Sox requires that nonprofits disclose whether a code of ethics has been adopted for senior financial officers. If they do not have a code of ethics reasons for not having one have to be disclosed. This is to encourage the development of a code of ethics in order to enhance trustworthiness to contributors and other constituents. The whistleblower protection policy applies to nonprofits as well as for profit organizations. This regulation protects whistleblowers from special damages and attorney’s fees. It also, prohibits the employer from punishing the whistleblower in any manner.SOX provides additional protection for whistleblowers by, instating criminal penalties for actions taken against whistleblowers. Nonprofits should develop confidential and anonymous procedures for handling employee complaints. Although the CEO and CFO do not need to sign financial statements they do need to understand them and ensure that they are fairly presented in all materially respects. The responsibility for approving the financial statements ultimately belongs to the board of directors. Secti on 404 of SOX requires companies to include an internal controls report along with their annual report.Their internal control report should state the responsibility of management to establish and maintain an internal control structure and procedures for financial reporting. It should also contain, an assessment at the end of the most recent fiscal year as to the effectiveness of internal controls and the procedures for financial reporting (O’Hare 2002; BoardSource 2003; Walters 2003; Tran 2005). SOX requires auditors of public companies to prepare and maintain audit workpapers and other information related to any report in sufficient detail to support the auditors conclusions, for a period not less than seven years.Failing to do so is a criminal offence subject to fines and up to ten years in prison. Existing standards for audits of nonprofits do not include a mandated audit documentation retention period. Instead, those standards require nonprofits and auditors to retain rec ords long enough to sastify any pertinent legal requirements of record retention. Reasons for nonprofits to adopt SOX Larger organizations with more resources will be more likely to adopt SOX. The public and media are more likely to be harsher on larger nonprofits, which makes them more likely to have stronger governance mechanisms.The board of directors have the ultimate responsibility of overseeing proper financial statement presentation (BoardSource 2003; Walters 2003). Research on the relationship between board size and firm value has had mixed results. Yermack (1996) provides evidence that smaller boards are associated with a higher firm value. In 2008, Coles find that are diversified among industries or have high leverage, are more likely to benefit from a larger board of directors. Corporate governance characteristics, have been shown to be related to the size of the board.Bradbury (1990) finds board size and intercompany ownership to be determinants of voluntary audit commit tees in public companies. In another study shows that larger boards are more likely to create audit committee boards (Beasley, Salterio, 2001). In a NASDAQ over the counter study done by Pincus (1989), he found that managerial ownership, leverage, size of the company, proportion of outside directors to total directors, use of Big 8 auditors and participation in the National Market System are related to voluntary formation of audit committees.As a result as the size of the board of directors of a nonprofit increases, so does the likely hood that they will voluntarily adopt SOX. Nonprofits with independent boards of directors are also more likely to adopt SOX. The main reasons nonprofits would voluntarily adopt SOX would be to increase the trust in the public in order to receive more funds. However some nonprofits, feel that the provisions in SOX burden the nonprofits so much that it is beneficial not to adopt SOX.These nonprofits strongly believe that SOX should not be required for n onprofits for the following reasons: †¢ One, nonprofits are grassroots organizations with small staffs and have boards filled with community- minded people with little or no business and management background. If SOX was required out of these nonprofits, the staff would be overwhelmed, along with the board and it would take away from the nonprofits primary mission. †¢ Two, nonprofits are already held to higher standards by the public then private or government agencies because, if the public doesn’t trust the organization they won’t donate their money.Also, nonprofits receive a large portion of their funds from government grants which are held to strict oversight and laws and regulations. †¢ Three, certain regulations of SOX will increase overhead costs and make the nonprofits look less efficient to contributors. On the other hand, by voluntarily adopting SOX, nonprofits are showing to the public that they are concerned about protecting funds, increasing operating efficiency and effectiveness, also enhancing accountability. Conclusion Research file memorandum Communication memorandum References Anderson, S. , and C. L. Kelley. 2006.Advising nonprofit organizations. The CPA Journal 76 (8): 20-26. Beasley, M. S. , and S. E. Salterio. 2001. The relationship between board characteristics and voluntary improvements in audit committee composition and experience. Contemporary Accounting Research 18 (Winter): 539-570. BoardSource. 2003. The Sarbanes-Oxley Act and implications for nonprofit organizations. Available at: http://www. boardsource. org/clintfiles/Sarbarnes-Oxley. pdf. Bradbury, M. E. 1990. The incentives for voluntary audit committee formation. Journal of Accounting and Public Policy 9 (1): 19-36. Broude, P.D. 2006. The impact of Sarbanes-Oxley on private & nonprofit companies. Foley and Lardner, LLP. Available at: http://www. foley. com/publications/pub_detail. aspx? puibid=3511. Coles, J. L. , D. D. Naveen, and L. Naveen. 2008 . Boards: Does one size fit all? Journal of Financial Economics 87 (2): 329-356 D’Aquila, J. M. 2004. Tallying the cost of the Sarbanes-Oxley Act. The CPA Journal 74 (11): 6-9. Gibelman, M. , S. Gelman, and D. Pollack. 1997. The credibility of nonprofit boards: A view from the 1990s and beyond. Administration in Social Work 21 (2): 21-39. Grant Thornton LLP. 2006.Grant Thornton National Board governance survey for not-for-profit organizations. Available at: http://www. granthornton. com/staticfiles/GTCom/files/Industries/NotForProfit/nfp_board1. pdf. GuideStar. 2005. Nonprofits, Sarbanes-Oxley, and the states. Available at: http://www. guidestar. org/DisplayArticle. do? articleId=779. Hempel, J. , and A. Borrus. 2004. Now the nonprofits need cleaning up; Cozy boardrooms at colleges and charities face increasing government scrutiny. BusinessWeek (June 21): 107. Hymowitz, C. 2005. The Sarbanes-Oxley era, running a nonprofit is only getting harder.Wall Street Journal (June 21): B1. O’Hare, P. 2002. Sarbanes-Oxley raises red flag for not-for-profits. Healthcare Financial Management 56 (10): 42-44. O’Regan, K. , and S. M. Oster. 2005. Does the structure and composition of the board matter? The case of nonprofit organizations. Journal of Law Economics and Organization 21 (1): 205-227. Orlikoff, J. , and M. Totten. 2004. Applying for-profit governance reforms. Healthcare Executive 19 (3): 52. Panel in the Nonprofit Sector. 2005. Strengthening transparency, governance and accountability of charitable organizations. Available at:

Is Owner Financing Or Renting - 1595 Words

I have a somewhat unique perspective when it comes to foreclosures. I have owned and operated businesses as a Real estate appraiser, real estate broker, mortgage lender, and insurance adjuster. For more than 15 years I specialized in the appraisal of foreclosed properties. Around 2008 virtually everyone in the appraisal industry became foreclosure appraisers. It was interesting to see people that had very little experience and knowledge in this area start to proclaim their expertise. It’s funny how little documentation or proof is needed to advertise as an expert. The first thing in the buying process that I would point out is that not everyone that claims to be an expert has the education and experience to lead you in a direction that is†¦show more content†¦I want to be very clear about something of great importance. I could go into all of the reasons why owner financing is better and there are many but I will simply say that as a former lending company owner that B anks exist to make money. They would like to see you finance your home and everything you buy for life. I am not saying that they have no good use. What I am saying is that you are typically going to pay more when you finance with the bank and the liability will likely be much greater. If you are going to owner finance you should make every effort to secure your position as leinholder. It is always best to have a deed issued although this might be something that the owner will promise to issue after a certain amount of time or number of payments. What I mean is that you should have legal representation and a valid contract should be in place and deed issued if possible. I have been drafting reviewing purchase contracts as an investor, real estate broker, real estate appraiser and mortgage banker for many years and very often there are errors or items within the contracts which make them not properly executed, expired, null and void, contradictory, or expose the parties to a great deal of liability. All of this may be avoided by having proper legal representation. Terms are often negotiable so don’t be afraid to ask for a better deal. If you aren’t embarrassed by the offer youShow MoreRelatedThe Economic Crisis That Hit The Country924 Words   |  4 Pagesseven years before that previous owner could be eligible for traditional loans. There are some programs to help such as the Federal Housing Administration that gives people a second chance with a foreclosure or short sale of a home. Low interest rates and low down payments, it gives people another chance to become a homeowner again. 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The private sector declined in size over much of the 20th century from being the majority tenure prior to the First World War to the minority one about 8 decades later (David Rhodes 2006). The decline can be attributed to a number of factorsRead MoreRenting A House On The World Of Home Ownership843 Words   |  4 Pageschallenges that â€Å"boomerang buyers† are facing today, including (but not limited to) the option of renting-to-own. These strategies enable people who were once â€Å"foreclosure victims† to reenter the world of home ownership comfortably, taking gradual steps toward their ultimate goal of buying a new house. This is an essential component of the American dream, and one that everyone should be entitled to pursue. Renting a house on a month-by-month basis is a well-known strategy for people who are not yet willingRead MoreThe On The Foreclosure Crisis850 Words   |  4 Pagesmortgage. Unfortunately there were some very irresponsible decisions that contributed to the foreclosure of homes, for example, financing huge second and third mortgages to pay for frivolous activities and items. With the last half decade of hard lessons learned for previous home owners many are looking to venture into the market again with some more creative financing options. Many sellers are turning to options such as rent-to-own or seller carrying the contract with a down payment as well as buyersRead MoreBuying a House Is Better Than Renting an Apartment.1059 Words   |  5 Pagesâ€Å"Buying a house is a better option than renting an apartment.† In this essay I will discuss about the major benefits of buying a house rather than renting an apartments. While it can be costly it is a safer place to live that h as long term-investment and tax advantage. Buying a house may be difficult and it can be a confusing process, even for veteran buyers. Here are some tasks that housing experts say before getting into the buying a house. Get financials in order. Buyers should check their creditRead MoreThe Housing Crisis Of Boomerang Buyers954 Words   |  4 Pagesownership. Among these options, I like to explore some available avenues for those boomerang borrowers to include the rent to own option, Veterans Affairs backed loans, and owners financing option. First of all, the rent to own option is a superb option that allows the renters to apply the monthly rent to the purchase of the house. Renting to own, otherwise known as a lease-option, allow those people that are not in the immediate position to purchase a home due to financial constraints to save up the necessaryRead MoreThe American Dream981 Words   |  4 Pagesto get into this dream earlier than their predecessors did. I, myself, bought my first home when I was nineteen years of age. Maybe most aren’t quite that young, but typically I have a slew of clients that are looking to own a home, as opposed to renting, that are of the Millennial age group. You’d be surprised to find that the biggest reason for this is the fact that the cost of living has increased substantially and rentals are expensive. So, the logical form of thinking is to pay the same in rentRead MoreFirst Home Essay1529 Words   |  7 Pagesyoung couple was unable purchase their first home on the lake. The inability to come up with such a large initial down payment, the taxing stress that was encountered when figuring financing, and the cheaper rental opportunity that presented itself down the street ultimately derailed their initial thought of being home owners and the decision to not move into owning their first home was made. What was once the ever prevailing dream of owning a home in the United States has seen a change in the winds