Are we still in some sort of credit crisis?The past two years have been very eventful and somewhat terrifying. Most departments did not know if they could get a loan and what terms were available or what rate might be charged. However, the credit markets have stabilized during 2010 and are acting somewhat normal.So, what is going on?Fire Departments can get loans and financing for their fire
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Fire Truck Loans: The current state of the financing a fire apparatus
Is it possible that most communities can no longer afford fire protection?I’ve been traveling a lot lately and I keep hearing the same thing – the costs of providing fire fighting are rising much faster than budgets. Another way to look at this is this way: The costs of providing service are rising faster than what the community values it should and can pay for fire fighting. In other words,
I received a number of comments from my column last week about the dangers of refinancing. They all asked the same thing…What’s the right way to refinance the debt?Falling interest rates provide opportunities to capture hidden budget dollars. The key to refinancing correctly is too capture the benefit of lower rates without incurring costs that will wipe out the benefit in the long-term.Here
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Fire Apparatus Leasing: How to properly refinance your debt
It’s the most common waste of money I regularly see fire departments make. What is it?I see Departments who refinance their debt regularly but do it incorrectly or for the wrong purposes. By doing it wrong, departments waste thousands of dollars.How departments refinance their debt incorrectlyDepartments regularly refinance their debt to buy new equipment or trucks. But they extend the terms on
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Fire Truck Financing: Are you a serial refinancier?
Is your department in danger of losing its tax-exempt status?If so, donations to your department will no longer qualify as deductible donations for your donor and, more importantly, your department may owe huge tax liabilities to the IRS.Recent changes to the IRS reporting requirementsBeginning in 2008, small tax-exempt organizations have a new filing requirement. It’s short, easy and electronic
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Volunteer Fire Departments & the IRS: Did you lose your tax exempt status?
Here’s a sober assessment about most fire department’s financial futures.Departments will be faced with, at best, stable revenues and many will face declining revenues.At the same time, the costs of providing service will increase.Departments will have to become more financially savvy to navigate this future.This will end, of course, at some time in the future when the cost of diminished service
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Fire Department Funding: What the future holds
I received a number of calls about how to be prepared to lower your borrowing costs and save a bunch of hassle when financing your new fire truck. This 4 part article provides more details about the 4 things you must know about your financial condition.Part 4 – Be committedOne of the simplest ways to make your financing experience easier and cheaper is to make a down payment on your new
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Fire Truck Financing: The 4 things you must do to get approved – Part 4
I received a number of calls about how to be prepared to lower your borrowing costs and save a bunch of hassle when financing your new fire truck. This 4 part article provides more details about the 4 things you must know about your financial condition.Part 3 – Prepare for a rainy dayMost departments really don’t know how much money to keep in reserve for a rainy day. Exhaustive analysis
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Fire Truck Financing: The 4 things you must do to get approved – Part 3
I received a number of calls about how to be prepared to lower your borrowing costs and save a bunch of hassle when financing your new fire truck. This 4 part article provides more details about the 4 things you must know about your financial condition.Part 2 – Be able to afford the paymentThe bank will use your financial information to determine your cash flow. Cash flow is simply the
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Fire Truck Financing: The 4 things you must do to get approved – Part 2
I received a number of calls about how to be prepared to lower your borrowing costs and save a bunch of hassle when financing your new fire truck. This 4 part article provides more details about the 4 things you must know about your financial condition.Part 1 – Useful informationAny bank will request financial statements from you (usually 3 or so years) to make a decision to lend your
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Fire Truck Financing: The 4 things you must do to get approved – Part 1
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