With the health insurance marketplace opening next month, the market is expected to be flooded with consumers trying to find a plan that works best for them and their budgets.
“The fact is people who have not previously had access to health insurance may be in shopping mode come Oct. 1 when the health insurance marketplace opens,” says Marty Hauser, CEO of SummaCare, Inc. “Our job as health insurers is to ensure employers and other consumers have access to the most accurate information available to them when it comes to choosing a carrier and a plan both on and off the marketplace.”
Smart Business spoke with Hauser about ways employers can assist employees shopping and applying for 2014 health insurance coverage on and off the marketplace.
What should employers that currently offer health insurance to their employees do when the marketplace opens?
Regardless of the company size, employers should communicate to employees if they will be offering employer-sponsored coverage next year and what type will be offered. Having this information will likely impact their employees’ decision on whether or not to shop for an individual plan on or off the marketplace.
Are companies required to offer insurance to their employees in 2014?
While there are tax incentives for small group employers — those with two to 24 employees — to offer their employees health insurance benefits next year, it’s not required under the Affordable Care Act (ACA).
Large group employers — those with 51 or more employees — however, are required to offer health insurance next year, but the penalty for not offering coverage has been delayed until 2015.
What can employers do if they are not offering insurance to employees next year?
If an employer chooses not to offer employer-sponsored coverage next year, they may want to consider a defined contribution health plan approach in which the employer decides how much to contribute to an employee’s health care expenses and the employees purchase health insurance on their own. Coverage can be purchased through the health insurance marketplace, direct from a health insurance company or through an individual insurance agent. Individuals can begin shopping Oct. 1 for plans effective Jan. 1, 2014.
How can employers not offering insurance help their employees get assistance in purchasing a health insurance policy?
Employers’ options include gathering and sharing information from their current insurer to share with employees, putting their employees in contact with a health insurance broker or making them aware of help offered by certified application counselors (CAC) and navigators.
It’s also important to remember that employers are required to notify their employees of the availability of the health insurance marketplace by Oct. 1.
What are CACs and Navigators?
CACs and navigators can assist individuals interested in enrolling through the marketplace, as both are trained to help with the application and enrollment process. Navigators receive grants for helping individuals and small employers shop and enroll in a health insurance plan, and they will conduct public education about the availability of qualified health plans, among other responsibilities. Navigators are held to detailed conflict of interest standards and eligibility requirements.
CACs are unpaid volunteers who typically work through organizations such as community health centers, social service organizations and hospitals. CACs are not subject to the same standards as navigators, but can still assist individuals.
Where can employers go to learn more?
Health insurers and/or insurance brokers can help guide employers in learning more about their insurance options for 2014 and beyond. In addition, information about the health insurance marketplace and other provisions and mandates under the ACA may be available through your insurer’s website. For additional information, visit www.healthcare.gov.
Marty Hauser is CEO of SummaCare, Inc. Reach him at email@example.com.
Insights Health Care is brought to you by SummaCare, Inc.
Enforcement of the employer mandate has been delayed until 2015, along with the annual limit on out-of-pocket costs a patient pays above what insurance covers, but the rest of the Patient Protection and Affordable Care Act (PPACA) is still scheduled to proceed as planned — although it’s uncertain whether that schedule will be kept.
“Right now there’s been two official delays announced. In theory, all other elements of the PPACA are coming into play. But this is so fluid and volatile that we could see the Department of Health and Human Services (HHS) announce that the federal exchange is not ready,” says William F. Hutter, CEO of Sequent.
Open enrollment for the health insurance exchanges, aka marketplace, is set to start on Oct. 1 and continue through March.
“They’re trying to build awareness through a marketing campaign but aren’t sure what to do because they haven’t seen how it is going to work,” Hutter says.
Smart Business spoke to Hutter about the upcoming timetable for PPACA implementation and what to expect regarding scheduled deadlines.
What do these delays mean to the implementation of the PPACA?
Pieces of the PPACA are already in place. The Medicare tax is increasing, the decline in flexible spending dollars have come into play, and the underwriting criteria for carriers is going to change how they underwrite and create similarities in pricing models because plans have to be pretty consistent. The age compression standard — rates can only be three times as much because of age — has been set.
Additional taxes also have kicked in, including the Patient Centered Outcome Institute fee. Employer requirements to notify employees have increased, as well.
Major changes are occurring; no one knows how they are going to pull it off. There are so many variables at this time that no one can predict what’s going to happen.
There’s also the question of whether the exchanges will be ready to go on Oct. 1. As of now, only one is ready — California. There’s also Massachusetts, if you consider that an exchange. The HHS has been quiet following a flurry of releases months ago. Something was leaked that the federal exchange might not be ready and since then there’s been no information, which means they might push it close to the deadline.
Meanwhile, companies are left to fend the best they can in anticipation of open enrollment starting.
Are repeal or defunding possibilities?
The repeal votes are all pomp and circumstance. Defunding is possible, but unlikely. The real problem is that no one can figure out how to make the PPACA work. That includes insurance agents and carriers, enforcement entities and employers.
What difference does delaying the employer mandate a year make?
All it means is that employers don’t have to worry about fines or penalties for a year. We’re recommending that companies proceed based on what they think is the best course of action. Companies need to design solutions to fix some of the exposures of the PPACA; it doesn’t matter what type of business you have, what makes a difference is your financial wherewithal. It’s a matter of coming up with a basic solution to address PPACA requirements and deciding how much you want to spend — like getting a combo meal and choosing between small, medium and large. That decision will be based on factors such as company culture and environment.
One emerging tactic is to seek early renewal of plans because of the uncertainty surrounding the PPACA. If you can get your carrier to renew starting Dec. 1, 2013, then you don’t have to worry about the PPACA and its impact until December 2014.
Right now, there’s no breathing room for companies. What happens if you anticipate that the federal exchange will be ready and the HHS announces on Sept. 10 that it will be delayed? Then there are all of the challenges associated with technology, billing and verification of wages. There’s going to be a whole new system that will handle protected health information, is it going to be secure?
There are so many things to be considered; it makes sense to try to schedule your plan year to avoid the inevitability of the PPACA until there is more certainty.
William F. Hutter is CEO at Sequent. Reach him at (888) 456-3627 or firstname.lastname@example.org.
Insights HR Outsourcing is brought to you by Sequent
Business research incentives come in so many forms across various jurisdictions that they apply to more companies than you think. Although the bulk are used in manufacturing, consumer products, biotech or pharmaceuticals, they are available to anyone developing or creating something, whether a product, process, technique, software, new technology or a new application of an existing technology.
“A lot of people are aware that these incentives exist, but often they don’t make the leap that it applies to their company,” says Trisha Squires, director of tax at SS&G’s Chicago River North office.
A company could make nuts and bolts for 100 years using similar equipment, but if it has improved its cost margins by changing development, it could still qualify for certain research incentives, she says.
Smart Business spoke with Squires about how to ensure your company’s research and development (R&D) qualifies for available incentives.
What research incentives are available?
It’s typically a tax savings — either a credit or a deduction. Sometimes, it’s a refundable credit, so you don’t have to pay taxes in that jurisdiction. Certain global or state incentives are super deductions where, for example, you get 150 percent of the cost. You also might get tax abatements.
The federal research credit is essentially 6.5 cents on the dollar, depending on the method of calculation. You are rewarded for increasing the amount spent on R&D at a greater rate than you are for increasing your gross receipts. The credit expires and is reinstated so often that companies don’t pay attention.
The IRS spends a lot of time fighting these credits with an array of qualifications and substantiation arguments. Evidencing what you’re doing with R&D is extremely important. You must spell out the new functionality or improvements. This typically is not documented for any other reason. You have to look at the credit, and then align your facts and documentation to match the requirements.
How do state and global credits work?
State and local incentives vary. They can be as easy as in South Carolina, which is 5 percent of qualified research expenses, or as complex as California, which has its own formula. Ohio’s tax credit for research and experimentation expenses was extended through 2013. The majority of businesses figure out their federal credit, then state.
Globally, research incentives are less reactive. Canada has similar qualifications to the U.S., but it qualifies projects and dollars prior to the filing of returns. Europe is very friendly to R&D. In the Asia-Pacific region, companies often have tax abatements and incentives may not apply.
Has anything recently changed in this arena?
In 2005, the IRS came out with its Tier 1 Program as an attempt to bring consistency in application to normally contentious areas, such as the R&D credit and transfer pricing. However, the initiative required more documentation and accounting on a project-by-project basis. Creating a nexus between the activity and the dollar spent on that activity was very onerous.
The IRS got rid of the program at the end of 2012, but how it thinks about the credit and what’s required hasn’t changed.
What’s your advice for business owners?
Most companies and their people are very comfortable gathering the dollars that qualify. It’s gathering the qualitative documentation — the text that describes why they qualify for the credit — where companies fall short. These are details about who was working on the project, what their role was and what kinds of experimentation were involved. The tax department, engineering group or both have to put this documentation together, and many are not getting enough substantiation.
You may need outside help with this, especially if it’s new to you. If your tax year is still open, you can go back three years to claim prior credits. When an adviser gathers data for one year versus four, it’s not that significantly different, so you could be looking at some worthwhile savings.
The credits and other R&D incentives are vast and can provide substantial savings that affect your bottom line. It’s also likely that your competitors are taking them.
Trisha Squires is director of Tax at the Chicago office of SS&G. Reach her at (312) 863-2300 or TSquires@SSandg.com.
Insights Accounting & Consulting is brought to you by SS&G
During a merger and acquisition (M&A), both the buyer’s and seller’s retirement plans have ramifications on the deal and its aftermath.
“Make sure you get the right people involved in advance of any acquisition, whether you’re a buyer or seller,” says Don Dalessandro, QPA, QKA, Vice President of Finance at Tegrit Group. “It can be difficult because some people are not privy to this information, but if the CEO, CFO and others doing the deal don’t understand the plan, they should involve somebody that does before it comes back to haunt them.”
Smart Business spoke with Dalessandro about handling retirement plans in an M&A.
Why involve a plan administrator early in the M&A process?
A plan administrator can help with the financial and fiduciary due diligence, laying out the costs and liabilities associated with both retirement plans and how they match up. For example, if your company provides a 4 percent match, but the seller only gives a 1 percent match, you may need to calculate the extra cost of bringing newly acquired employees into the plan.
Retirement plans also have notification requirements. If a buyer or seller plans to merge or terminate a plan, it must follow Employee Retirement Income Security Act (ERISA) regulations. Examples are 30-day participant notifications prior to certain plan changes or a ‘blackout’ period where participant access to plan features may be curtailed. Also, if you terminate a plan, all participants must be 100 percent vested in all plan accounts, which could be an additional cost.
As a buyer, what else should be considered?
Think about whether it’s going to be a stock or asset purchase. If it’s a stock purchase and you absorb the selling company’s plan, you take on many of the risks and liabilities from previous years. In many cases, the buyer may request that the seller terminate its plan prior to the sale. This takes time and coordination, and may adversely impact participants’ retirement goals — as much of the plan participants’ money may be spent or used for other purposes.
With an asset purchase, even though you are not taking on liabilities, you still must consider the companies’ cultures and how to best integrate by comparing plan provisions, such as eligibility, matching contributions, vesting, etc. Whether you merge plans or not, you will likely change certain provisions of your plan as your company is growing and changing as a result of the acquisition.
You will want to understand who the decision-makers are, such as trustees, plan administrator, custodian, record keeper and others who may be making fiduciary decisions. Making a change to the decision-makers may require committee resolutions and amendments, which may be beneficial prior to the acquisition.
How should due diligence be conducted?
As a buyer, make sure the seller has administrated the plan according to ERISA regulations. Ask for prior Form 5500s. Companies with 100 or more plan participants are generally required to have audited financial information as part of the Form 5500 filing. Also, ensure that timely contributions have been made. There is appropriate fiduciary liability bonding, and an investment or retirement committee with meetings and written minutes. The company should be following proper procedures and policies, and all documents are in compliance and signed.
A possible deal breaker is an underfunded defined benefit plan, which promises to pay certain monthly benefits. If the liabilities are too high, it becomes difficult to terminate the plan. Additionally, it may require that you continue to fund and contribute to the plan, which can be expensive going forward.
After the sale, what’s critical to know?
In addition to following ERISA, if you maintain two separate plans by the last day of the plan year following the year in which the two companies merged, a coverage test runs on both.
If the plans have different matching structures, eligibility rules or provisions, they must meet the ‘benefits, rights and features’ test as a single entity. This ensures you don’t discriminate in favor of highly compensated employees. Many people forget, and then two years later realize they never did the testing. Like many of these decisions, it takes careful planning.
Don Dalessandro, QPA, QKA, is Vice President, Finance at Tegrit Group. Reach him at (330) 983-0527 or email@example.com.
Insights Retirement Planning Services is brought to you by Tegrit Group
New lease accounting rules will require all leases to be on corporate balance sheets, even though the Financial Accounting Standards Board (FASB) has yet to circulate the final FASB Exposure Draft, which details the changes.
“Until the dust settles, it’s very difficult to make any kind of strategic decision,” says R. Timothy Evans, president of Equipment Finance at FirstMerit Bank. “Yes, it will have a negative impact on some segments of the leasing business for both lessees and lessors, but it’s not going to signal the end of the equipment leasing industry by any stretch.”
Smart Business spoke with Evans about who will be impacted and how operating leases will function when the new rules take effect.
Where does everything stand right now?
Companies currently report operating leases in the footnotes, while incorporating capital leases on the corporate balance sheet. To create more transparency, the FASB wants all leases on the balance sheet.
In the current draft, only operating leases of less than 12 months are allowed off-balance sheet. However, many organizations are lobbying to have more exceptions included, creating further delays.
The current expectation is an implementation date of late 2016 or early 2017, but that could get pushed back.
What distinguishes an operating lease?
An operating lease has to meet four main criteria, as defined by FASB:
- Rentals and all guaranteed rents discounted back at the customer’s borrowing rate cannot exceed 90 percent of the equipment cost.
- Term cannot exceed 75 percent of the economic life of the lease property.
- Cannot transfer ownership of the property at the end of the lease term.
- Cannot contain an option to purchase the property at a bargain price.
If your lease violates any of the criteria, you must characterize it as a capital lease.
Why do companies favor operating leases?
An operating lease offers an extremely low ‘cost of use’ for a company that is capital intensive. As an example, if a company has net operating losses, it cannot utilize depreciation. With a true lease structured as an ‘operating lease,’ the lessor takes the depreciation and prices a residual into the deal, giving the lessee a lower rate.
Operating leases require no down payment and give the flexibility to return the equipment at the end of the term. Companies can upgrade to state-of-the-art equipment without large down payments.
A point to clarify is that for accounting purposes, a lease is either operating or capital. For tax purposes, it’s either true or capital. There are components of an operating lease that are also components of a true lease — the two aren’t synonymous. Operating leases are off-balance sheet, but not all true leases are operating leases.
How are companies preparing?
Right now, there’s not enough clarity to develop a strategy. A company with many leases must search through every contract, identify the operating leases and then reconstruct the rent stream in order to report it on-balance sheet. Many may decide to outsource this to accounting firms.
What’s the anticipated impact?
Companies that just lease to have off-balance sheet treatment will see a major impact. But this change does nothing to modify a lessor’s ability to take depreciation, price residuals and offer creative structuring for the standard equipment financing.
Eight out of 10 companies have some kind of equipment lease, but that doesn’t mean all are operating leases. For most lessors, the operating lease piece of their business generally is less than 20 percent. Some lessors specialize in operating leases.
Almost every bank monitors and restricts the amount of leverage on a balance sheet through covenants. With the accounting change, some businesses’ balance sheets will have too much debt, so covenants and lending agreements will need to be restructured. However, many lenders already look at the operating leases in the footnotes, so there could be other ‘work arounds’ to deal with the new requirements. It’s expected there will be at least 12 months to complete the transition to the new requirements.
R. Timothy Evans is president of Equipment Finance at FirstMerit Bank. Reach him at (330) 384-7429 or firstname.lastname@example.org.
All opinions expressed herein are those of the authors/sources and do not necessarily reflect the views of FirstMerit Corporation. FirstMerit is not offering tax or accounting advice. We recommend you consult with your tax or accounting adviser.
Insights Banking & Finance is brought to you by FirstMerit Bank
Traditionally, businesses protect their intellectual property (IP) with patents and trademarks. These patents are generally utility patents, which protect the function or use of a product. Trademarks protect the name or logo under which a product or service is sold.
A more meaningful protection for businesses could include design patents and trade dress, says Barry A. Winkler, an attorney in the Intellectual Property Group at Brouse McDowell.
“These protections are issued much more quickly and with far less expense than utility patent applications. Design patents protect the decorative appearance of a product. Trade dress can protect the product packaging or product configuration,” Winkler says.
“For example, Volkswagen protected the shape of the Beetle and Apple protected the shape of the iPod by using both a design patent and trade dress. While using either a design patent or trade dress alone will provide some protection for the appearance of a product, using both provides even broader protection.”
Smart Business spoke with Winkler and Jennifer L. Hanzlicek, an attorney in the Intellectual Property Group at Brouse McDowell, about how design patents and trade dress can address areas of IP that are often overlooked.
What are the key differences between design patents and trade dress?
Although there is some overlap between design patents and trade dress, there are differences in the scope, timing and duration of the protection provided. A design patent protects a product’s appearance no matter what the product does, whereas trade dress protects the appearance only for the specific goods and services represented by the product.
As for timing, a design patent can be filed and issued before the product is used or even manufactured. Trade dress cannot be registered until the product is in use. Currently, a design patent is in force for 14 years after it is granted, but trade dress can last indefinitely as long as it continues to be used with its specific goods and services.
Design patents and trade dress can also protect virtual designs that exist in cyberspace, including the color scheme. Design patents protect Google’s teardrop-shaped marker icon on its maps, Samsung’s app icons and Nike’s animated user interface. Apple’s graphical user interface for the iPhone is protected by both a design patent and trade dress registration.
Should you seek both design patents and trade dress protection?
The benefits of using both design patents and trade dress can be demonstrated in the life cycle of a product.
When the design of a new product is complete, you can apply for a design patent to protect the ornamental design before you launch your product. The design patent protects your design for several years as you begin to manufacture and sell your product. Simultaneously, you can apply for trade dress protection for a product’s unique product configuration or product packaging. The trade dress protection then extends beyond the life of the design patent and continues until you cease selling the product.
The number of design patent applications continues to rise as businesses realize the benefit of protecting their product designs. In recent years, design patents have been more aggressively asserted by manufacturers in place of or alongside trade dress claims, including the recent Apple v. Samsung disputes.
Business owners could be foregoing meaningful protection by failing to pursue design patents and trade dress registrations. Taking these measures can offer increased IP protection, keeping competitors from copying the design and appearance of your products and product packaging. When used together, this powerful combination can provide armor for your product, from the finished design through manufacturing and launch, and continuing with sales until the product is no longer in demand.
Barry A. Winkler is an attorney at Brouse McDowell. Reach him at (330) 535-5711, ext. 358 or email@example.com.
Jennifer L. Hanzlicek is an attorney at Brouse McDowell. Reach her at (330) 535-5711, ext. 364 or firstname.lastname@example.org.
Insights Legal Affairs is brought to you by Brouse McDowell
By Robert J. (Bob) Pacanovsky
Etiquette — the sound of the word alone makes people roll their eyes and think of old-school rules. But the reality is simple: how we present ourselves in today’s business world is vitally important, whether it’s in a restaurant, gala or boardroom.
In professional culture, people won’t tell you when you display poor behavior or etiquette. Instead, they’ll show you by not renewing their contract or not offering you that job promotion. They’ll tell you they found a stronger, quicker or cheaper alternative, and never reveal that you were really the problem.
Modern etiquette has expanded
Today, etiquette is so much more than knowing what fork to use with each course or which glass to pick up (although this knowledge is still important). With social media and other technology, we are observed almost constantly. Our behavior not only brands ourselves, it also brands the company for which we work.
Speaking of technology, it’s a wonderful tool, but sometimes the smartphone is the crutch that can make or break you. By keeping it on the table during dinner (or during a meeting) and answering it, you create a perception that whatever is happening on your phone is more important than your in-person conversation. It may be, but do not let your guests perceive that!
Then there’s social media. Do you want your employees’ or your own poor behavior and lack of etiquette skills highlighted on a client or colleague’s social media page? We didn’t think so. Make sure your online persona represents you and your business.
So what can you do to avoid generating these poor perceptions?
The good news is that with some coaching, there are simple ways to help you or your employees build confidence and maintain a professional presence.
Pretend to meet the president
Most of today’s proper etiquette practices are common sense, but they are not common practice. At Robert J., we tell our trainees to treat every event where prospective clients are present like a state dinner at the White House. You’d certainly be on your best behavior, right? You’d research and practice the necessary “soft skills” for the event to avoid embarrassing yourself or your company.
It could be as simple as knowing the difference between eating and dining. All of us know how to eat, but do you know how to dine? Ordering food that is messy or difficult to eat, having poor table manners and conversation, treating the staff and guests rudely — all these add up to a poor dining experience for both you and those around you.
Observe your employees at the next meeting or business dinner. You may find out that they don’t know the company policies on entertaining clients or even how to act appropriately at a meeting or dinner. Or they may think they can ignore policies or common sense etiquette because, “No matter what, this client will still do business with me.”
Can you afford to take those chances on your important client relationships?
No slacking allowed
You work hard to impress a new client — being on your best behavior, returning phone calls and emails promptly, and delivering a solid proposal. Now, you have also made sure your dining and business etiquette skills are perfect.
But what happens after that client commitment is still vitally important to the relationship. If we lose focus on our soft skills, we lose focus on customer service. Whether you’re in sales, marketing, real estate, finance, law or another industry, no one can afford to lose focus on customer service.
The bottom line is that etiquette enhances reputation — and that’s something no one can ignore.
Robert J. (Bob) Pacanovsky is the owner/founder of Robert J. — Events & Catering and now Robert J. — Training & Design. His organization offers insightful public speaking at conferences and events designed to help students, executives and organizations enhance their “soft skills” and avoid reputation-ruining situations. For seminar topics and scheduling, visit RobertJTraining.com or call (330) 724-2211.
The 2013 Innovation in Business honorees demonstrate vision, perseverance and the power of follow-through
There are those who would argue that innovation arises out of necessity — a result of such things as sagging sales, increased competition or challenging economic times. But the honorees of this year’s Smart Business Innovation in Business Conference demonstrate that the impetus for innovation does not need to be a reactive one.
This year’s class is dominated by manufacturers — eight of the 10 2013 honorees. Rounding out the group are a higher education institution and a venture capital/commercialization firm.
Of the honorees, several have developed dedicated innovation teams that are devoted to rooting out ideas wherever they originate. Most have designed detailed processes to test new ideas and bring them to market. Others have devoted themselves to research and discovering breakthrough technologies in the health care industry. One of this year’s honorees manufactures interactive science and nature products for kids. And yet another developed the next generation of LED lighting fixtures for the U.S. Navy.
We’ll be recognizing this impressive group of organizations and individuals on Sept. 24 at the 2013 Innovation in Business Conference, where they’ll be honored for their commitment to continuous improvement and refusal to rely on past success.
As part of the celebration, the theme for this year’s panel discussion is “Turnarounds & Transformations,” and we’ll present an insightful conversation with three executives who have been catalysts of change.
■ Steven Demetriou, chairman and CEO, Aleris International Inc.
■ Robert Lee, principal, BLee Capital LLC and former CEO, Swiger Coil
■ Bob Cohen, founder and president, Centrus Group Inc.
We’ll discuss how to rediscover your true north, and why change is imminent no matter what industry you’re in or how much market share your company owns.
You’ll walk away from this event energized — not just by hearing the stories of our winners and speakers, but by also recognizing how and why innovation can be a powerful tool for any organization, no matter the industry or size. ●
Here are this years honorees:
Dr. George Newkome
Vice president for research
Dean of the University of Akron Graduate School
President of the University of Akron Research Foundation
Thanks to the efforts of Dr. George Newkome, vice president for research and dean of the University of Akron Graduate School, the university now offers a library of thousands of resources to hundreds of Northeast Ohio polymer companies.
But that’s not the only thing that makes him a visionary. It’s that he has been able to repeat visionary projects over and over throughout his career. He is consistently asking what he could do to make the path easier for others.
One of Newkome’s first activities at the University of Akron was to work together with Barry Rosenbaum, then technology director at Omnova Solutions, who helped to identify opportunities for shared services between industry and the university.
Omnova Solutions Inc., the Goodyear Tire and Rubber Co. and Exxon Mobil Corp. all had libraries of polymer books and journals, but had duplicative facilities and staff. Newkome proposed that each company donate its library to the University of Akron so publications could be managed at a central location. This ensured superior service and opening the library to polymer companies.
While at the University of South Florida as vice president for research, Newkome founded dozens of innovative and collaborative programs to benefit the University of South Florida and Tampa. Research funding grew from $22 million in 1986 to $184 million in 2001.
In just a little more than a decade at the University of Akron, Newkome, who is also president of the University of Akron Research Foundation, has led growth in research expenditures from $24 million in 2001 to $58 million in 2012 and fostered the formation of 116 active sponsored research projects.
How to reach: University of Akron Research Foundation, (330) 972-7840 or www.uakron.edu/research/uarf.dot