Assets, Liabilities, and Cash Flow

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Thank you for 38 years of service!! We wish you all best in your retirement! Stay safe!

Thank you for 38 years of service!! We wish you all best in your retirement! Stay safe!Well done Sister. Dispatcher Bonnie Wright retired after 38 years of service to both the Town of Andover, MA and Georgetown. ... See MoreSee Less

3 days ago
Happy Alive Day, Officer Flamion! 💙💙💙💙Image attachmentImage attachment

Happy Alive Day, Officer Flamion! 💙💙💙💙 ... See MoreSee Less

3 days ago
Looking good! Stay safe!

Looking good! Stay safe!Welcome to the Bane Zone 🚂🐾

#k9 #k9bane #bane #BaneTrain #Zone #k9unit #k9handler #goodboy #OPL #OnPatrolLive #police #patrol #humanizethebadge #policek9 #germanshepherd #dayshift #cruzing #weseeyou #gsd #dog #doggo #dogsofinstagram #watchme #followers #NorthCarolina #trending #fyp #policek9unit #k9team #officer
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3 days ago
Congratulations and thank you! Stay safe!Image attachmentImage attachment

Congratulations and thank you! Stay safe! ... See MoreSee Less

3 days ago
Thank you for 24 years of service!! We wish you all of the best and every success in your next endeavors!

Thank you for 24 years of service!! We wish you all of the best and every success in your next endeavors!Congratulations to Sgt. Scott Thorsen on his well-deserved retirement! Sgt. Thorsen has served our department and our community for nearly 24 years and will be greatly missed! Please help us thank him for his service and wish him a happy and healthy retirement! ... See MoreSee Less

3 days ago
Thank you for 21 years of service! Enjoy retirement and stay safe!Image attachmentImage attachment+2Image attachment

Thank you for 21 years of service! Enjoy retirement and stay safe! ... See MoreSee Less

3 days ago
Welcome and thank you! Stay safe! 💙Image attachmentImage attachment+2Image attachment

Welcome and thank you! Stay safe! 💙 ... See MoreSee Less

3 days ago
Jim Bedinger and Jorge Mendoza are honored to be attending the Texas Association of School Resource Officers Annual Conference, which is being held in in San Marcos from July 7 - 10, 2024.

Jim Bedinger and Jorge Mendoza are honored to be attending the Texas Association of School Resource Officers Annual Conference, which is being held in in San Marcos from July 7 - 10, 2024. ... See MoreSee Less

4 days ago
Jim Bedinger and Jorge Mendoza are honored to be attending the Texas Association of School Resource Officers Annual Conference, which is being held in in San Marcos from July 7 - 10, 2024.

Jim Bedinger and Jorge Mendoza are honored to be attending the Texas Association of School Resource Officers Annual Conference, which is being held in in San Marcos from July 7 - 10, 2024. ... See MoreSee Less

4 days ago
Congratulations! Stay safe!

Congratulations! Stay safe!Today Officer Taylor Warmbier celebrates five years at the Appleton Police Department. Join us in congratulating Taylor on his milestone anniversary! 🎉 ... See MoreSee Less

4 days ago
Congratulations! Stay safe!

Congratulations! Stay safe!Congratulations to OFFICER Daniela Alarcon-Medina who promoted from CSO this past Wednesday, after successfully graduating from the Academy.

Officer Alarcon-Medina grew up in Minneapolis, Minnesota, but moved to Sacramento, California when she was twelve years old. In high school, she joined the Citrus Heights Police Department Explorer program and it is there that her interest in law enforcement was born.

Officer Alarcon-Medina went on to attend Sacramento State University where she received her bachelor's degree in criminal justice. In 2022, she joined our department as a CSO before pursuing her dream of becoming a police officer.

In her free time, she enjoys the great outdoors and spending time with her family and friends.

Officer Alarcon-Medina is the first in her family to pursue a career in law enforcement, and thrilled to continue serving the City of Fairfield.
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4 days ago
Thank you for 40 (!!!!!!) years of service! Enjoy retirement and stay safe!

Thank you for 40 (!!!!!!) years of service! Enjoy retirement and stay safe!Police Chief Paul Sandy Announces Retirement

Police Chief Paul Sandy announced his retirement Monday. He will be closing out a four-decade career of distinguished service on July 31, 2024. He has worked in many capacities within the Cityof Cortland Police Department beginning as a patrolofficer in 1985 and culminating in appointment as Police Chief in 2021.
"We are grateful for Chief Sandy's dedicated service to the city and its police department," said Mayor Scott Steve "Chief Sandy has had a profound impact on the community. He is the first to offer help wherever he is needed and his reliable presence will be missed."
Reflecting on his decision to retire, Chief Sandy expressed gratitude for the opportunity to serve the city and thanked the men and women of thepolice department for their hard work and dedication. He also extended his appreciation to city officials, community leaders, and residents for their support throughout his career.
"I loved my job and did my very best to protect the citizens of this community and Cortland County, as well as my fellow officers," Chief Sandy said. "Looking back on my career it has been an amazing adventure and I met truly spectacular officers over the years, who it has been an honor to work alongside. The citizens of Cortland have truly wonderful officers working for them, who are dedicated to the profession. While I will always be available to assist the future command, it's time to step back and spend more quality time with my family."

Chief Sandy noted with pride that serving the community in law enforcement runs in the family. His son, Sgt. Kyle Sandy is a Cornell University Police Officer, his son Sgt. Cody Sandy is a Police Officer in the Cortland County Sheriff's Office, and his daughter-in-law Neena Testa is a Sheriff's Office K9 Officer.

His tenure as Chief, which began March 20, 2021, has been marked by numerous initiatives that will have a lasting impact. Under his leadership, the department launched several community outreach programs aimed at fostering stronger ties between law enforcement and residents. He also spearheaded efforts to modernize departmental technology and improve officer training, ensuring that the Police Department remains at the forefront of law enforcement practices.

Mayor Steve said he valued the working partnership he has had with Chief Sandy, and the resulting improvements and accomplishments including:
-Instituting permanent shifts for the Patrol Division; increasing the number of Patrol Officer's; placing two more Patrol Officers on each shift; and bring on three new K9 partners to continue the program.

-Addressing the narcotic sale, use and overdose crisis through the revitalization of the Cortland County

-Drug Task Force and reassignment of personnel; providing crisis intervention training to help officers engage and assist those in crises due to mental illness, substance abuse and trauma.
-Enhancing the department's capabilities through expanded instruction and training programs, and securing grant funding for improving law enforcement technology and equipment assets including body worn cameras.

The city will undertake a national search for Chief Sandy's successor while also considering whether to promote from within the department. Mayor Steve said that all applications must be submitted through the Cortland County Personnel/Civil Service Department which will forward qualified applicants to the city. As outlined in the City Charter, the Police Commission will review and evaluate the applicants and submit to the Mayor a list of recommended candidates.

More information about Chief Sandy:
Education: Chief Sandy has an extensive educational background, beginning with a Regents Diploma in Math, Science, and Business from McGraw Central High School in 1980. He went on to earn a Bachelor of Arts in Public Justice with a Minor in Forensic Science from the State University of New York at Oswego in 1984. He furthered his education with a Master of Arts in Labor Policy Studies from the State University of New York at Empire State in 2002. His dedication to continuous learning culminated with his graduation from the prestigious FBI National Academy in Quantico, Virginia, in 2005, wherehe earned graduate credits from the University of Virginia.

Career: Chief Sandy's career with our police department began in 1985 as a Uniform Patrol Officer. His commitment to justice and community safety quickly propelled him through the ranks. He served as a Uniform Sergeant from 1993 to 1995, then as a Detective Sergeant until 2003. His leadership skills and expertise in investigations led to his promotion to Detective Lieutenant, a position he held until 2009 when he became the Deputy Chief. In 2021, he was appointed Chief of Police, a role in which he has served with distinction until his retirement. Chief Sandy has been an integral part of the Cortland County Drug Task Force since 1995 and played
a key role in the Tactical Response Unit from 1988 to 1996, including serving as its commander. His strategic vision and operational acumen have been instrumental in addressing critical issues and enhancing public safety.

Professional Affiliations: Throughout his career, Chief Sandy has been actively involved in numerous professional organizations. He has been a member of the FBI National Academy Associates (FBINAA) since 2005, serving in various leadership roles, including President of the New York State &Eastern Canada Chapter in 2013 and Treasurer from 2019 to 2023. His affiliations also include the FBI Law Enforcement Executive Development Association (FBI LEEDA), the New York State Chiefs of Police Association, the Central NY Chief of Police Association, and the International Association of Chiefs of Police.
Community Service: Chief Sandy's commitment to community service is equally noteworthy. He has served on the boards of Catholic Charities and 7VCASA, been involved with the March of Dimes since 1999, coached youth soccer, and supported the New York State Special Olympics for nearly two decades. His contributions have strengthened the fabric of our community and inspired many.

Honors and Awards: Chief Sandy has received numerous accolades for his outstanding service, including the Edward F. Moore Leadership Award from the FBINAA in 2016, the NYS Special Olympics Award in 2002, and the Lawman of the Year award from the Cortland Elks Club in 2001. His exceptional service has also been recognized through letters of commendation from various distinguished officials and organizations.
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4 days ago
Thank you for 21 years of service!! Enjoy your retirement and stay safe!Image attachmentImage attachment+2Image attachment

Thank you for 21 years of service!! Enjoy your retirement and stay safe! ... See MoreSee Less

4 days ago
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4 days ago
Thank you! Stay safe!

Thank you! Stay safe!Today marks the beginning of the 4th Greene County Sheriff’s Office Law Enforcement Academy! 🚔

These dedicated Detention Officers have started the journey of becoming Deputies. Join us in wishing them luck as they begin their studies and training. 💪

“I’m proud of this group, and am excited to see them continue to develop their careers here at the Sheriff’s Office” – Sheriff Arnott

#GCSO #lawenforcementacademy #firstdayofschool
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4 days ago
Congratulations! Stay safe!Image attachmentImage attachment+7Image attachment

Congratulations! Stay safe! ... See MoreSee Less

4 days ago
What is the difference between a fixed-rate and an adjustable-rate mortgage?

On a fixed rate mortgage, your interest rate will stay the same for the life of the loan. Your monthly principal and interest payment will not change. On an adjustable-rate mortgage, your interest rate will be fixed for a certain time period (usually 5 or 7 years) and then will fluctuate every 6 months after this period based on market conditions.

For more information and to learn about our ARM Promotion, please visit: https://nationalpolicecu.com/arm-promotion/.

What is the difference between a fixed-rate and an adjustable-rate mortgage?

On a fixed rate mortgage, your interest rate will stay the same for the life of the loan. Your monthly principal and interest payment will not change. On an adjustable-rate mortgage, your interest rate will be fixed for a certain time period (usually 5 or 7 years) and then will fluctuate every 6 months after this period based on market conditions.

For more information and to learn about our ARM Promotion, please visit: nationalpolicecu.com/arm-promotion/.
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4 days ago
Thank you!! Great job!! We see you. We appreciate you. We support you.

Stay safe.Image attachmentImage attachment+1Image attachment

Thank you!! Great job!! We see you. We appreciate you. We support you.

Stay safe.
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6 days ago
We will Never Forget.Image attachmentImage attachment+4Image attachment

We will Never Forget. ... See MoreSee Less

6 days ago
Thank you for 25 years of service!! All the best and every success in your retirement! Stay safe!

Thank you for 25 years of service!! All the best and every success in your retirement! Stay safe!Well done Brother. Police Sergeant Mark Gorbe has retired after 25 years of service in the Dearborn Police Department. ... See MoreSee Less

6 days ago

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Assets, Liabilities, and Cash Flow

Assets, liabilities, and cash flow…what are these things and why are they important to you?  Simply put, these are the aspects of your personal finances that you must understand if you are going to be able to develop a realistic budget and set achievable financial goals.

Identifying these elements of your personal finances will help you to determine your individual net worth as well as the amount of money you have coming in and going out, which in turn will help you to establish an effective budget for yourself and your family.

Let’s start by identifying and assigning a value to your assets.  Assets are defined simply as anything that you own that has an exchange value.  Common personal assets include your home, your car, savings account balances, savings bonds, deferred compensation (457b, 401k) plan balances, IRA’s, insurance, annuities, other investments, and personal items such as jewelry and household belongings.

Your most recent statements will clearly indicate the balance that you have accumulated in your savings, deferred compensation, and investment accounts and you should use these figures to assign a monetary value to these assets.

If you recently purchased a home, the purchase price is the value that you should use.  In most cases, you can figure the appreciation in the value of your home by estimating that it has increased in value by an average of 3% to 8% per year over the purchase price for the number of years that you have lived in the home.  If you want to figure the value of your home more precisely or you have reason to believe that your home has experienced above average appreciation, contact a local realtor and ask him or her to run a comparative market analysis for you.  This analysis will indicate what similar homes in your area have sold for in recent months.  This information is easy for realtors to obtain and they will typically provide the report to you at no cost.  If you happen to own additional property (2nd home, rental property, vacant lot), the same evaluation process applies.

Use the blue book or an equivalent guide in order to determine the value of your car.  Each guide will reference a few evaluations and ranges for each car.  For the purpose of this exercise, use the average trade-in value and be sure to properly account for the mileage and any options on the vehicle.

Assigning a value to certain insurance policies and annuities can be tricky because they are typically designed to be of value at some point in the future when a particular event occurs or a specified age is reached.  Some have what is referred to as a Cash Surrender Value, which is the amount of money the policy is worth today should you decide to cash it in prior to the designated maturity date.  If you have a policy with a Cash Surrender Value, use that number to determine the value of the policy in present day terms.  If a Cash Surrender value does not apply to the policy you carry, then you should not include the policy in your current asset valuation.

With regard to your personal belongings, it is generally acceptable to use a number between 25% and 50% of the original purchase price or value of the items.  These items are subject to depreciation in value not only because you and your family are using them, but also because they will only have an exchange value during a private sale or auction.  Potential buyers are only attracted to these types of sales when sale items are being offered at a significant discount.

If, however, you happen to own something that is subject to an appreciating value, such as certain artwork, unique jewelry, or a vintage car, the most recent appraised value is applicable.

Once you have gathered all of the information relating to your assets and completed the list of values, add them up and the result is the total current value of your assets.

Liabilities refer to your debts or obligations.  Common liabilities include mortgages, home equity loans (sometimes referred to as 2nd mortgages), car loans, credit card balances, other personal loans, and tuition or student related loans.

Most loan statements will clearly indicate the current balance owed, but the loan type dictates the actual amount of your current liability.

Many term loan statements, such as the ones that you receive for your mortgage, car loans, student loans, etc. include a payoff figure, which is the amount you would need to pay if you decided you wanted to pay the loan off in full during the current pay period.  The payoff figure is what you should use to assign a value to these liabilities because it is the current amount owed that determines the amount of your current liability.  In many cases, the payoff figure will be significantly less than the amount you would owe if you simply paid the loan off in accordance with the original term of the loan.

The total amount due and owing on your credit card statement, however, equals the exact amount of your current liability.

Another key factor to consider is that your liability begins at the point of purchase.  Many consumers take advantage of promotions that involve deferred and/or interest free payments on their larger purchases.  If you have made a purchase under these terms, you must include the amount you will owe on the payment due date in your current liabilities.  For the purpose of determining cash flow, however, you can exclude the amount owed from your cash outflow until the due date.

Some loans have either an early pay discount or penalty attached to them.  While it is necessary for you to be aware of these terms if they exist, they do not impact your current liability evaluation.

Once you have gathered all of the information on what you owe and completed the list of the related amounts, add them up and the result is the total current value of your liabilities.

You are now in a position to determine your financial net worth.  Subtract your liability total from your asset total and the result is your net worth.  The criteria we have used to determine your asset and liability values ensure that your resulting net worth calculation is tangible and realistic.

Whether your net worth is negative or simply smaller than you would like it to be, you have reached a point where you have identified specific contributors to your net worth and areas in need of focus and improvement. You are now in a position to set some achievable and applicable goals for yourself in order to increase your net worth.  A realistic, personalized budget will provide you with a map for achieving your financial goals.

There are two aspects of a budget, income (cash in) and cost (cash out).  Many people make the mistake of concentrating solely on the cost side of a budget.  In so doing, they emphasize costs for the general purpose of fitting their costs into their income.   The reality of cash flow is that it must flow in before it flows out.  It is, therefore, essential to first concentrate your efforts on understanding and maximizing your income.

While the art of maximizing your income is a detailed topic of its own, you can cover the basics just by being informed and making good, common sense decisions about what to do with your money.  Understanding your income involves developing an awareness of your income sources.  For most of the working world, there is only one source for any meaningful income that you earn and that is your job(s).  You can maximize the cash flow created by your employment income by developing a better understanding of the tax system, overtime laws, and issues that are unique to your line of work such as peak busy times or the seasonality of the product or service that your provide.  When you understand all of these factors, you will maximize your paycheck.

Once you have taken the steps necessary to ensure that you have as much cash inflow as possible, it is time to identify all of the cash outflows, and there are several.  Cash outflows or costs consist of mortgage payments, car payments, credit card payments, other loan payments, insurance costs, property taxes, utility bills, groceries and household supplies, clothing costs, and any miscellaneous spending money you need.  Look at a specific period of time, preferably a typical month, and itemize the cost associated with each of the above.

Compare your monthly net income, the amount that you actually take home during the course of the month, to your monthly expenses.  These numbers set the parameters and key components of what will become your household budget.

Ideally, the total of your monthly loan payments should not exceed 28% of your net income and your savings target should be around 10% of each paycheck.  These amounts vary from household to household depending on factors ranging from the number of dependents in the household to any alternative savings plans you have such as the amount you contribute to a 401k or 457b plan on a pretax basis.

If you think that you can realistically hit these targets, it may seem like the remaining 62% of your net income is yours to do what you want with, but don’t forget about the other expenses not already included in your loan payment calculation.  Insurance costs, utility bills, and groceries add up and are probably more costly than you think especially if you have never itemized them before.

There is one last question to answer.  What about the dreaded unforeseen circumstances life throws your way?  Take at least some of the stress created by these situations and have a contingency plan.  Put some money on the side for the blown furnace, the new transmission, and the flooded basement and bet that all of these things are lurking around the next corner.  Once you have done that, stop worrying because you’ve accounted for everything and, for once, your finances are under control!  The only thing left for you to do is remain disciplined and stick to your budget.

And, don’t forget, members of the Credit Union enjoy free and confidential Credit Counseling and Financial Planning through our Financial Planning and Education Center. We are here to assist you every step of the way.

Scott Arney
Chief Executive Officer
Chicago Patrolmen’s Federal Credit Union

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When I hear these statements, I can’t help but question the validity of them. It is far too easy to say and then believe that when hard times hit there was no way you could have been prepared and it is, undoubtedly, a great way to absolve yourself of any blame.
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