Enjoy this short video from the Pennsylvania Center for Employee Ownership on what is an ESOP! Normally the ESOP Trustee (the only shareholder in a 100% S-Corp ESOP) may require one or more external directors to be appointed to the board.
FROM the KSM Blog, reposted with Permission – Rick ESOP employee-owned companies have a unique issue to consider during these challenging times: how does the COVID-19 pandemic impact ESOP valuation? Each company’s situation will be uniquely impacted by factors including the ESOP plan document, the valuation date, and the size of the ESOP stock distributions…
The Interactive ESOP Map page has been updated based on the most current data available from DOL, including ESOPs initiated in 2018. Congratulations to the 9 ESOPs that have a plan effective date in 2018 these are: THE SKILLMAN CORPORATION BARRY COMPANY, INC. BAUMGARTNER & COMPANY INC. ILLINI HI-REACH, INC. JB CUNNINGHAM, INC. KORELLIS ENTERPRISES,…
The Indiana Center for Employee Ownership just earned a 2020 Gold Seal of Transparency from GuideStar. GuideStar Seals of Transparency indicate that a nonprofit has provided key information to its Nonprofit Profile. This recognition shows commitment to transparency. By providing up-to-date information, nonprofits allow potential donors and funders to make educated decisions on which nonprofits…
The following is an excerpt from Senator Todd Young’s email of 5-11, concerning the Payroll Protection Program and Indiana Businesses: To date, Indiana has received over 70,000 Paycheck Protection Program loans amounting to nearly $10 billion, specific Indiana recipients of Paycheck Protection Program loans include: Troyer Products, a manufacturing company, located in Elkhart, was able…
A video extract of Mr. Gillming’s testimony to the House Committee on Small Business hearing on the Challenges and Benefits of Employee-Owned Small Businesses, on Feb 12, 2020.
Introduced Jan 2019, Pennsylvania HB 285 seeks to apply provisions of the federal tax code at the state level allowing business owners who sell their stock to an ESOP to defer and potentially eliminate the capital gains resulting from the sale. As of Dec 18, 2019 this bill is in the Pennsylvania Senate Finance Committee.
Congratulations to NewAge Industries the 2019 Winner of NCEO’s annual Employee Ownership Film Contest! NewAge Industries is an employee-owned company that is a great place to work and also gives back to the community; this video shows you how.
Thank you for the opportunity to serve the citizens of Indiana. As you may know, INCEO’s mission is to promote better understanding of the values of employee ownership among business leaders, public officials, employees, members of the media, students, academics/academic institutions, consumers, and other persons and organizations in Indiana. This year we participated with the…
In a recent article by Anita Campbell, Nov 15 2019 she posted a simple 10 question quiz to ask Is an Employee Stock Ownership Plan Right for My Business? Click here to take the quiz. Note a new webpage will open and the quiz is not on the INCEO site. Rick