October 31, 2019
LEGISLATIVE NEWS
Let’s Get Local: Vote on Tuesday, Nov. 5
Next week Iowans have the opportunity to vote for city and school board representatives. On Tuesday, Nov. 5, the school board and city elections will be held together for the first time. The polls will be open from 7 a.m.–8 p.m. To be eligible to vote, you must be registered.  Check your voter registration . Also, make sure to check your polling place as it may have changed from the general election. Finally, you must provide identification at the polls. ABI, in partnership with BIPAC, has put together a Let’s Get Local election toolkit  with sample messaging and graphics to share with your colleagues. Make sure to vote on or before Nov. 5!

Tax Credit Review Committee Meets
ABI public policy staff attended the initial interim tax credit review committee at the Capitol on Wednesday. House and Senate members and legislators of both parties convened for this joint committee to examine the state’s tax credits. The meeting included presentations by the Department of Revenue and Legislative Services Agency that elaborated on the history of tax credits in Iowa, tax credit mechanics, accounting for tax credits within the state budget, how tax credits are evaluated and the impact that sunsetting tax credits would have on the state budget. Chairs of the committee are requesting feedback from members who also served on the committee to shape the focus of the tax credit discussion during the 2020 legislative session. Some members on the panel said they would like to have another meeting before the legislative session, but it’s unclear if that will occur or not.

Read more:

Opportunity to Provide Feedback on Model Business Corporation Act Update
The Iowa State Bar Association (ISBA) reached out to ABI about its draft of proposed revisions to the Model Business Corporation Act (MBCA). ISBA is seeking feedback from stakeholders that would be affected by it and wanted to share it with us since ABI represents thousands of Iowa businesses. As way of background, Iowa, along with 33 others states and the District of Columbia, have generally followed the MBCA when it comes to enacting law governing business corporations. The MBCA is published by the American Bar Association’s Corporate Laws Committee. The ISBA Business Law Section reviewed the latest edition of the MBCA and compared it to the MBCA currently in Iowa Code Chapter 490–the Iowa Business Corporation Act–thus recommendations were put forward. If you have any comments or feedback on the  proposal , please contact  Nicole Crain  or  Brad Hartkopf  by Friday, Nov. 15.

Final IIPAC Recognition Opportunity
The deadline to be recognized in ABI's annual Business Resource Guide for your IIPAC investment is on Wednesday, Nov. 6. Please  contribute  today! In addition to the IIPAC recognition in the Business Resource Guide and at the annual ABI Legislative Reception, you will also be invited to an IIPAC investors-only meeting with the House Majority Leader. More than $55,000 has been raised in 2019, but we are still short of the goal.  Contribute  NOW!
ABI UPDATE
Register Now: Connecting Statewide Leaders
Join ABI members, Leadership Iowa (LI) alumni, the current LI class, and community leaders for an engaging conversation about education. The next Connecting Statewide Leaders event is Dec. 5, 10:30 a.m., in Fort Dodge. Iowa Department of Education Director, Dr. Ryan Wise, will share an update on K-12 trends and statewide initiatives for student success. A networking lunch will follow the program. Register now .
FROM THE DESK OF...
New Lease Standard: What You Need to Know
Mike Campana, CPA
Partner
Honkamp Krueger & Co., P.C.

Many of our private company clients that prepare financial statements using Generally Accepted Accounting Principles are spending the summer preparing to implement the Financial Accounting Standards Board’s Revenue Recognition standard. It needs to be fully implemented before they report their Dec. 31 financial results to their banks and shareholders.

However, revenue recognition should not be the only new standard these companies have their eye on. The FASB issued a new lease accounting standard in 2016, scheduled to take effect for private companies approximately one year after revenue recognition. The lease standard already is in effect for public companies, and as of July 17, the FASB has tentatively decided on an additional one-year delay for private entities (e.g., two years after revenue recognition). Read more .
MEMBER NEWS
Kent Nutrition Group Donates Animal Feed to Camp Courageous
Pictured: Uriel Moore, Camp Courageous nature director, with the animals at the year-round recreation and respite-care facility. The animals are fed with donated Kent feed.

Camp Courageous’ exceptional mission is assisted by Kent Nutrition Group (KNG), a subsidiary company of Kent Corporation, through donations of animal feed. This commitment by KNG, through its social impact program KNG GIVES, will help the year-round recreation and respite-care facility continue to care for animals that provide an amazing activity geared toward empowering campers to explore the world around them through hands-on learning experiences. Read the full news release .

Pratum Acquires Twin Cities-based Digital Forensics Firm
Pratum, an Iowa-based cybersecurity firm, announced last week the acquisition of Seneca Security, a Twin Cities-based digital forensics firm. Seneca provides forensics expertise to guide clients in internal corporate investigations, criminal and civil litigation, and data breach response.The acquisition enhances Pratum’s ability to deliver comprehensive security services by increasing forensics capacity and incident response expertise. Read the full news release .

The Goosmann Law Firm has been named on the 2019 Law Firm 500 Award Honorees list as one of the top fastest growing law firms in the United States. This is the third year the firm was listed as an honoree. Goosmann was ranked No. 82 on the 2019 Law Firm 500 Award Honorees list showcasing the top firms that have achieved significant growth in revenues over the past three years. Read the full news release .

Winnebago Industries Announces Proposed Offering of $270 Million Aggregate Principal Amount of Convertible Senior Notes
Winnebago Industries, Inc., a leading outdoor lifestyle product manufacturer, announced Monday that it intends to offer, subject to market conditions and other factors, $270 million in aggregate principal amount of convertible senior notes due 2025 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Read the full news release .
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