Goldleaf Surety – A Partner for Successful Contractors

Construction is a cyclic industry and, to survive, company leadership needs to be prepared to manage their company through those ups and downs.  One way to be prepared is to have a strong relationship with your surety provider.  According to Ed Titus, SVP, Surety for Philadelphia Insurance, “A company may be doing everything right, but getting connected to the right surety carrier really depends on having an experienced surety agent who understands what carriers are looking for and understands … [Read more...]

Surety Programs and Financial Statements – Part 2

In the previous blog post, we discussed one area in which accrual basis financial statements are different than a tax basis statement.  If your accountant is providing you with only an income tax basis financial statement for your bond applications, that income tax basis statement almost always understates your company’s financial strength and performance. The treatment of tax depreciation schedules is another area that illustrates how these two different types of financial statements can … [Read more...]

Surety Programs and Financial Statements

As 2018 has drawn to a close, many contractors are working on their year-end financials.  Your company may want to consider having your accountant prepare an accrual basis financial statement in addition to the standard income tax basis financial statement.  This accrual basis financial statement can then be used with your bond application.  If your accountant is providing you with only an income tax basis financial statement for your bond application remember this, income tax basis financial … [Read more...]

Goldleaf Surety and The National Day of Listening

While celebrating the Thanksgiving holiday with family, I came across an article about the National Day of Listening.  National Day of Listening is an unofficial holiday celebrated on the Friday after Thanksgiving Day.  It was launched in 2008 by StoryCorps, a non-profit organization, whose mission is to encourage Americans of all beliefs and backgrounds to record, preserve, and share the stories of their lives.  … [Read more...]

Year End Considerations and Solid Surety Programs

While a company’s year-end considerations are not a new blog topic for Goldleaf Surety (Surety Bonds & End of the Year Considerations-Part 1; Surety Bonds & End of the Year Considerations-Part 2; Surety-Oriented Considerations at Year-End; and Surety Program and Year End Considerations), it is a topic worth visiting this time of year.  How a company deals with its year-end planning can have a significant impact on its bonding program moving forward. For this reason, we feel it is … [Read more...]

Surety-Oriented Considerations at Year-End

With tax season upon us, many companies are dealing with their year-end planning issues.  And how a company deals with these issues can have an impact on their surety support for the upcoming year. In my December 2013 blog posts Surety Bonds & End of Year Considerations - Part 1 and Surety Bonds & End of Year Considerations - Part 2, we discussed in detail several year-end considerations that are vital to a company's future surety support.  Good advice from an attorney, banker or tax … [Read more...]

Upcoming Contractor’s Seminar

Goldleaf Surety Services will be hosting a Construction Seminar on Tuesday, March 10th. This seminar will be held at Embassy Suites & Courtyard, 12520 Westport Parkway, La Vista, Nebraska. The presenter will be Craig Martin. Craig is a partner in the law firm of Lamson Dugan and Murray, LLP in Omaha. He has a background in all aspects of construction law. He has experience in handling a wide variety of litigation in the commercial and business tort arena. His practice emphasizes … [Read more...]

What You Need to Know About Fund Control & Surety Bonds – Part 2

In my previous post we discussed what fund control is. This week we will look at some of the benefits of using fund control. How can fund control help a contractor? Fund control can help new or growing contractors get those jobs that may have previously been out of reach. In addition, it can also serve as a training mechanism for contractors who may not have the appropriate level of 'back room support' to handle all the paperwork on a project. It allows the contractor to concentrate more … [Read more...]

What You Need to Know About Fund Control and Surety Bonds – Part 1

We have all seen this scenario...a new or growing contractor with good character and strong technical abilities can't get a performance and payment bond because of their current financial picture, the bond size, or both. It's the old story - you can't get a loan unless you don't need the money! What is fund control? One tool used to help new or growing contractors get those jobs that were previously out of reach is the use of fund control in conjunction with a project. "Fund Control" means … [Read more...]

In Surety Relationships Matter

"Surety underwriting is the "art" of applying subjective thinking and analysis to the "science" of the facts and truths." (National Association of Surety Bond Producers, Commercial Surety Fundamentals). Goldleaf bond specialists, staff and management spent an enjoyable day of fishing and fun with representatives from one of our surety partners.  Opportunities such as these provide Goldleaf Surety the chance to get a better understanding of how the surety company's underwriters evaluate the … [Read more...]