Synthesis Paper Research Example | Topics and Well Written Essays - 2000 words

3 Steps to Acing Your Upcoming Group Interview You’ve been approached in for a board meet. Perhaps you’re threatened. Perhaps frightened. Possibly you’re not even sure you comprehend what that really involves. Whatever your degree of fear, here are three simple strides to traversing your board meet tranquilly and in one piece. Stage 1: BEFOREYou reserve the privilege to ask who will be on your board. Do this. At that point inquire about each board part as well as could be expected. You’ll have the option to make sense of a considerable amount and get ready better for what each may be generally quick to ask you. What does this specific gathering of individuals educate you regarding what the organization is attempting to assess?You can likewise ask to what extent (generally) the meeting should last. This will give you a nice sentiment for what amount to and fro conversation will be conceivable, how much space you’ll be given to pose inquiries, to what extent your answers can be, etc.Step 2: DURING Treat every individual on the board like an individual not simply one more anonymous face. This isn't an indifferent divider asking you inquiries. Every questioner on your board is another chance to make a human association and persuade that a lot more individuals in the organization what an extraordinary fit you would be.Be sure to observe everybody’s name as they are presented. Record every one if that causes you recall. When responding to questions, talk straightforwardly to the person who asked, yet then attempt to widen your answer out to cause the remainder of the board to feel remembered for the discussion.Step 3: AFTERYou’ve took in their names and put forth an attempt to interface with each board part presently thank every single one of them earnestly withâ solid eye to eye connection and a quality handshake. From that point forward, it’s the typical post-meet follow-up methodology. Be that as it may, recall that you have to keep in touch with one card to say thanks for each board part. It appears to be a torment, however it’s these little contacts that will help set you apart.The board talk with: 6 hints for previously, during, and after

Explain how Germany OR Denmark has sought to have both some security Essay

Clarify how Germany OR Denmark has tried to have both some security and adaptability in its work markets. Have these methodology - Essay Example These market variables may incorporate the remuneration bundles, day by day wage rates, extra advantages and the most significant one is the association of innovation engaged with the business. As much as there is innovation contribution the interest of work will be influenced by this. The vacillation of work advertise likewise demonstrates the joblessness or the business pace of any economy. This joblessness rate is high if more innovation is engaged with any industry else it will be low. There are sure quantities of economies who have kept up their business rates by using the whole accessible workforce. Germany is one of the economies who have dealt with their accessible and furthermore potential work and in this manner keeping up the work advertise too. Principle Body: Due to the inclusion of innovation in practically every single segment, presently the conditions or we can say the necessities of the work showcase are a lot of changed. Presently the organizations need an exception ally talented and competent work power which can be a wellspring of upper hand for them. The accessible work at the most reduced conceivable expense can be an establishment of upper hand. The amount of work and the capacities of work might be conversely identified with one another. ... This ability or the enthusiasm can take them even over the limits too. Germany is at fourth situation among the biggest economies on the planet and furthermore has a solid mechanical base. It is likewise remembered for the rundown of those economies that appreciate a significant piece of incomes from outside exchange. There are sure medium and even little organizations that spread right around two third of the workforce of the nation. Germany is as of now remembered for the rundown of those nations that are getting a charge out of the least joblessness rates as contrast with different economies of the world. Especially there is an assortment of occupation accessibility for the youthful experts too. For keeping up the work power, Germany is working superbly among European Union Countries moreover. Indeed, even in certain locales of the Germany, explicitly in Southern parts there is a full business circumstance likewise as a result of dealing with the work power accessibility at a legi timate and correct time. Organizations attempt to use the new and enthusiastic youthful experts by giving them apprenticeship during or soon after their examinations and hence giving them preparing likewise (Germany’s Vibrant Labor Market). On the off chance that the organizations locate the necessary abilities during the apprenticeship, at that point they may likewise enlist these youthful people as a changeless representative for their association. This oversaw work power or we can say the created work advertise isn't old in the Germany. In 2005 the joblessness pace of German economy was the most elevated one as contrast with different nations. Be that as it may, at that point the Government authorities handle it. What's more, presently they have exceeded expectations over it. There can be two explanations behind this practically full work circumstance. One can be the Government financial

Australian Aboriginal Dot Art Essay Example for Free

Australian Aboriginal Dot Art Essay Native workmanship has been dominated by the possibility that it is fundamentally introduced in spots. It must where individuals accept that specific Aboriginal individuals own the dab and specialists both Aboriginal and non-Aboriginal are reluctant to utilize successive dabs inside work of art. Clarify how the above has advanced and where spot craftsmanship has originated from Dot compositions today are perceived all around as one of a kind and indispensable to Australian Aboriginal workmanship. On a superficial level the dab is essentially a style of Aboriginal composition, similar to the utilization of cross-bring forth or stencil workmanship. Investigating further into the historical backdrop of the Aboriginal speck painting a universe of disguise, mystery and custom is found. The term ‘dot painting’ comes from what the Western eye sees when confronted with contemporary Aboriginal acrylic works of art. This composition style emerged from the Papunya craftsmanship development during the 1970s. Papunya Tula craftsmen utilized a procedure which initially reflected customary profound services. In such customs the dirt would be cleared and streamlined as a canvas (much like the dull, hearty sheets utilized by the Papunya Tala) for the engraving of holy plans, duplicating developments of tribal creatures upon earth. These Dreaming plans were laid out with moving circles and regularly encompassed with a mass of dabs. A while later the engraved earth would be streamlined, painted bodies scoured away, veiling the sacrosanct privileged insights which had occurred. This ceremonial was moved from ground to canvas by the Papunya Tula who in the end included a variety of normally created hues to the limited palette of red, yellow, high contrast delivered from ochre, charcoal and channel earth. Such pieces uncover a guide of circles, spirals, lines, runs and spots, the conventional visual language of the Western Desert Aboriginal People. Anyway these imprints were lasting and due to emerging interest made open, making inner political commotion. Thus portrayals of consecrated items were prohibited or hidden through the specking method. Since the gathering of bits of Aboriginal workmanship has become so well known around the world, a typical, mixed up conviction is that the Dot Painting Style of Central Australia is an ongoing turn of events. This conviction emerges on the grounds that it was during the 1960s that a Central Australian teacher empowered the elderly people men of the clan to record their craft on European sheets of board, utilizing acrylic paints. This utilization of acrylic paints on level load up dates from that time. In any case, the workmanship style itself, with geometric structures, is found in the petroglyphs (rock etchings) going back a huge number of years. Old petroglyphs indicating concentric circles (non-naturalistic workmanship style), inland South Australia The utilization of spots was once Australia-wide, especially observed on body design when individuals are painted for services, and artistic creations in the remote Kimberley area where dabs are obviously observed on the body improvement of probably the most punctual human figures, liable to be more seasoned than 20,000 years. See going with photograph. ) Dot beautification on the body of an old human figure, Kimberley Aboriginal Art: Traditional to Contemporary The resurgence of Australian Indigenous craftsmanship has gotten one of the ‘most splendid and energizing new times of current workmanship. ‘ It has developed with such astounding decent va riety and energy that craftsmanship pundit, Robert Hughes, has portrayed it as ‘the last incredible workmanship development. ‘ For indigenous Australians craftsmanship has been a piece of their way of life and convention for a huge number of years and is perceived as one of the most established living workmanship customs. However, in the course of recent years it has advanced from being limited principally to the vacationer business, to turn into a lavishly, developing worldwide craftsmanship development. Since the Renaissance of Aboriginal workmanship during the mid 1970’s, Aboriginal craftsmen have been urged to discover new, creative methods of joining social customs into their symbolism. This consolation initially started through a workmanship instructor, Geoffrey Bardon, who turned into the impetus for contemporary Aboriginal craftsmanship. Entranced by the customary sand structures made by Indigenous kids in Papunya, Bardon urged the Aboriginal people group to re-make their Dreamtime stories through works of art. He acquainted them with acrylic paint and from that point Aboriginal craftsmanship increased a progressively perpetual structure and the style, famously known as ‘dot art’, rose as the most unmistakable type of Aboriginal workmanship. It was another type of craftsmanship which likewise permitted Aborigines to, just because, express to the remainder of Australia and the world, the antiquated customs of their way of life. Numerous Aboriginal craftsmen have decided to keep rehearsing customary workmanship as a methods for rationing the ordinary strategy for making, acquired from their inborn progenitors. Their substance, which is expressly native, is typically gotten from their history and culture, as a continuation of the otherworldly connection they have with their nation. Research When The development of ‘dot’ compositions by Indigenous men from the western deserts of Central Australia in the mid 1970s has been known as the best workmanship development of the twentieth century. Preceding this, most social material by Indigenous Australians was gathered by anthropologists. Subsequently, assortments were found in college divisions or normal history exhibition halls around the world, not workmanship displays. Where That all changed at a spot called Papunya. Papunya was a ‘sit-down’ place built up in the mid 1960s, 240 kilometers northwest of Alice Springs in the Northern Territory (NT). The settlement united individuals from a few western desert language gatherings: the Pintupi, Warlpiri, Arrernte (Aranda), Luritja, and the Anmatyerr, who were not used to living in closeness to one another. Spot Painting or Aboriginal Dot Art started in the desert utilizing common substances on the ground in the sand. Those photos in the sand are much the same as the artistic creations we see today delivered utilizing acrylic paints. The acrylic works of art are typically done utilizing acrylic paint and it is applied to canvas or workmanship load up with different distance across sticks dunked into paint and afterward applied each speck in turn. The Australian Aborigine of the western desert developed their accounts utilizing ochre, sand, blood, coal from their flames and plant material put together on the ground bunch by cluster for different stately events. In the event that you take a gander at the desert scene from the stature of any little feign or slope what you see looking down are bunches of development dispersed about a red scene. The spinifix grass, desert hardwood bramble and infrequent shakes or rock outcrops make up the bunch of dabs that appear to cover the scene. Since everything in the desert has significance to the Australian Aborigine these apparently immaterial varieties of example in the desert have unique importance to the Dot painters of the western desert. On the off chance that you were to ever fly over the desert sufficiently low to perceive what was on the ground you would perceive what he speck painting has reproduced for you to see. These spots are a heap of bunches of normal wonder which may go unnoticed had you not seen a speck painting and hoped to perceive what it was about. The course of action of the plants, shakes and water are all piece of the soul of creation and it is a direct result of this arrangeme nt that Aboriginal individuals have crossed the deserts securely without printed maps for a huge number of years. The position and game plan of these regular things are in tunes and these tunes are frequently sung while the artistic creation is being made. Almost every composition has a melody and the tunes regularly reveal significant stately realities about a specific district or territory. These significant stylized spots are frequently in the artistic creations but since they are sacrosanct to Aboriginal individuals they are disguised here and there, obvious to the started individual however imperceptible to other people who don't have the foggiest idea what to search for. Numerous works of art contain these uncommon concealed implications and the new proprietors of these compositions will never recognize what the entire story of their bought painting is about. Just after some time may some knowledge be picked up from taking a gander at the canvas. This is a state of pride among the Australian Aboriginal specialists since they see the acquisition of their specialty or for them the offer of their craft, as an approval of their race and culture by others. This is on the grounds that a worth has been set on the craftsmanship. Since the Australian Aboriginal culture is delineated in every single conventional work of art they are going down their insight in the main way they are capable, to the individuals who presently can't seem to get it. The Aboriginal individuals don't have a composed language so these artistic creation of their accounts and services are all they need to spare this culture for people in the future. The shading and the arrangement of the dabs are imperative to delineating the noticeable message and covering the concealed message in Aboriginal speck workmanship. Indeed, even the over artistic creation of a zone of the work has extraordinary hugeness and may pass on various messages. A few people skilled with a since of material inclination can feel an extraordinary dynamic quality radiating from their artwork. Who Many of the noteworthy early specialists at Papunya were senior men who had striking recollections of their first contact with white individuals. Commonly, they came out of the desert as grown-ups during the 1950s dry spell and their association with custom law was solid. The main artists’ aggregate, Papunya Tula Artists, was set up in 1972 by men from this settlement. Papunya Tula Artists was the motivation and model for some different Indigenous artists’ assemblages. In 2009 there are 42 desert Indigenous craftsmanship networks spoke to by Desert. The work of art was viewed as an approach to keep the way of life alive, and convey Indigenous stories to the world. The development was viewed as being about memory and social recollections connected to Dreaming’s’ or story types. Why the

The Portrayal Of Women In Horror Movies Film Studies Essay

The Portrayal Of Women In Horror Movies Film Studies Essay DEFINITIONS: Lady: Whist the term young lady can be utilized for a youngster or female immature, the term Woman would allude to a grown-up female human. Blood and gore movie: Cinema that is made to disturb and make dread and misery its onlooker however topics of a frightful and paranormal nature. Presentation This exposition will consider the jobs of ladies in the blood and gore movie classification and will deconstruct the manner by which the shows of the thriller recommend such jobs. In spite of proceeded with analysis for introducing ladies in a negative way, a considerable lot of the movies investigated here seem to recommend solid female portrayal so it will conceivable to examine the situation of the female from various edges permitting a liquid conversation and counter contention. The inactive female jobs will be concentrated from the point of view of the male look and misery, while dynamic female jobs will be investigated from the job of the mother and the result of The Final Girl. As it is difficult to talk about the whole history of the loathsomeness classification and womans relationship to it inside the space accessible, so three picked movies will bolster the conversation. In all cases these movies are viewed as great thrillers and, significantly, milestone and turning points in the loathsomeness sort. Psycho (1960), The Exorcist (1973), and The Texas Chainsaw Massacre (1974) all speak to meta proclamations throughout the entire existence of the class and give basic instances of the contentions examined here. It ought to likewise be noticed that every one of the three movies contain additionally equivocal female characters for instance; Mrs Bates in Psycho, the cross dressing Leatherface in The Texas Chain Saw Massacre and the had Regan in The Exorcist who will all be discussed. Fundamentally the movies were delivered and discharged during times of progress for womens rights, including the beginnings of the womens freedom development in the mid sixties however to the distributing of The Female Eunuch by Germaine Greer, and Spare Rib magazine in the seventies. This assistance to fuel the discussion all the more essentially as the chose films length when ladies in reality (rather than the developed universe of the film) had made extraordinary strides toward uniformity through the women's activist development. Blood and gore movies are recounted as accounts of good versus detestable. The show of their stories will in general get from the conflict between a beast and an honest, So I need to comprehend why such a large number of unnecessary, unjustified demonstrations of viciousness towards lady could be defended on screen. I will think about the accompanying perspectives: male look, servility, family structure, and the result of the last young lady with regards to blood and gore movie class. These are four regular inclinations implanted inside the writing of ladies and blood and gore movie and the foundation to these conversations will be confined inside the setting of the picked films. This composing will deconstruct and look at the structure of those movies, the intentions behind their structure, and will think about their intended interest group. It will analyze the imagery that is utilized to communicate the plots and sub-plots and, above all, think about the jobs of the female characters in those movies. I will utilize psychoanalytic and women's activist hypothesis to investigate the female jobs and will decipher critique on Freudian and Lacanian hypothesis, including mutilation uneasiness and the job of the inner mind and apply them to thriller. Semiotic and populist viewpoint will likewise be considered to set out this discussion. Much has been composed regarding the matter and more than twenty books have been looked into to examine this thought of ladies and blood and gore movie in detail. Key writings include: Ways of Seeing (1972) by John Berger, Men, Women and Chain Saws: Gender in the Modern Horror Film (1992) via Carol J. Clover, The Monstrous-Feminine: Film, Feminism, Psychoanalysis (1993) by Barbara Creed and Powers of Horror (1982) by Julia Kristeva. The writings plot the scholarly setting into which this paper enters. Individuals accept that blood and gore movie solely speak to ladies in a reactionary manner, yet further examination has proposed that female characters are not as powerless and defenseless as they initially may show up. For instance The Final Girls last minutes have been profoundly composed and modified over the changes and continuations of give new importance. Expository and hypothetical investigation has been educated by the composition of Laura Mulvey and specifically her conversations of the male look. Mulvey contends in her questioning exposition Visual Pleasure and Narrative Cinema that film was principally made for the male onlooker abusing ladies as objects of want. Julia Kristevas article The Powers of Horror gives basic comprehension on the situation of misery with regards to frightfulness and mortality. The entirety of the above authors talk about hypothetical investigations and hypotheses of Dr Sigmund Freud and Jacques Lacan who are both in a roundabout way referenced all through this thesis. Barbara Creeds The Monstrous-Feminine and Carol Clovers book Men, Women, and Chainsaws will educate banter around the matriarchal figures in Psycho and the result of the last young lady in The Texas Chainsaw Massacre. Section 1 Gendered Spectatorship The male look is made express in the loathsomeness kind, and this is recorded in both the style of the movies and its presentation setting. One of the most significant papers about ladies in film is Laura Mulveys hypothesis on the male look. As Mulvey states: The film offers various potential delights. One is scopophilia (delight in looking). There are conditions in which looking itself is a wellspring of joy (1989, p16). (do I reference?) If scopophilia can be characterized as adoration for looking or getting delight from looking, at that point this can be a meaning of the film understanding. Film is, all things considered, a type of visual diversion. It includes the individual independently captivating with the screen and its projections as a type of idealism and even unwinding, and can be easily accomplished alone as it includes not many social abilities, since the watchers just pledge to the procedure is to look. In any case, when we question how the film is seen and who sees the film, the relationship turns out to be increasingly unpredictable. The reason for this article is to address how the female is seen from the point of view of the observer; to address how ladies are depicted with dismay movies, and how they are taken a gander at. It will investigate the contention that true to life looking originates from a male point of view and will address what sort of joy is acquired from seeing blood and gore movies from this viewpoint. As Mulvey clarifies: The film fulfills an early stage wish for pleasurable looking (1989, p17). It permits the observer the chance to see in a completely aloof job while the activity happens. The experience of film is an uneven course of action between the film itself and its watcher. Nonetheless, as Mulvey talks about with respect to Dr Sigmund Freud, it likewise goes further, creating scopophilia in its narcissistic angle (1989, p17). Scopophilia can likewise propose that sexual joy can be gotten from taking a gander at objects; that how they are added can make them sensual, and keeping in mind that they are not suggestive in their own directly through their relationship with the observer they can turn out to be explicitly externalized. The praised therapist Dr Sigmund Freud separated scopophilia as one of the part impulses of sexuality which exist as drives freely of the erotogenic zones. Now he related scopophilia with accepting others as articles, exposing them to a controlling and inquisitive look (Mulvey,1989, p16). The historical backdrop of craftsmanship underlines this part of scopophilia. All through workmanship history, painters have been authorized to paint female models as objects of want that have been and still are taking on the appearance of show-stoppers more firmly related with sex entertainment than with the incredible artful culminations. Pushing ahead, Clover discusses that the artistic look, we are told, is male, and similarly as that look realizes how to fetishize the female structure in sex entertainment it additionally, she proposes (proceeding to relate this to cinematography), realizes how to follow a female character as she travels through a disallowing house, and examine her face for indications of dread such that it doesn't do with male characters, since: a lot of shows we currently underestimate just observes guys and females in an unexpected way. (1992 p50-51). This proposes the proprietorship with regards to film is the reason for the impact that the watcher, by generalizing the figure on screen, gives it new importance, another social spot. By basically being seen, new guidelines apply. To put this into the setting of ladies inside loathsomeness, the male would now be able to see the lady and the conditions and occasions around her in a recently segregated way and openly let the moves against her make place on the screen. In psychoanalytic terms, the female figure represents a more profound issue. She additionally implies something that the look persistently hovers around however repudiates, claims Mulvey (1989, p21). This could be recommending that as the onlooker is thought to be male, the presence of a female (ie non-male) structure makes a tension around the potential for emasculation and an un-penised body à ¢Ã¢â€š ¬Ã¢ ¦hence unpleasure. Mulvey contends in Lacan: and Post woman's rights by Elizabeth Wright (2000, p45-46) that the look is connected to the revelation of sexual distinction, and that the absence of a penis must be filled by numerous pictures of glamourised ladies as a substitute for the fanciful phallus. Mulvey composes that film, and specifically frightfulness film, is slanted to concentrate consideration on the human structure (1989, p17). The human structure and the human condition are key perspectives in the repulsiveness class, particularly the female body. Awfulness shows instinctive and misrepresented forms of our fundamental wants and a solid and forceful variant of body desire. The blood and gore movie specifically depends on the physical human

Is Google Making Us Stupid?

Is Google Making Us Stupid?Are we getting so used to 'Google' ads, news articles, and other Internet content that we have stopped understanding what the words mean? Is it because we can't read the English language anymore? Or is it because of what the general audience associates with these words?I am sure we all know that Google and other companies do not put too much emphasis on high school grammar. They use their systems to find very specific search phrases. Then they deliver these topics to the searcher using the most appropriate language in their search terms. Why should we expect that the same process will work in this case?If you have ever gotten an essay sample or a question answered on an Internet forum and the content of the article was different from what was said in the blog post, you are probably at least partially aware of the fact that the same language in the articles can make us both smarter and dumb. We hear one part of the word, but it applies to a whole different t opic altogether.You see, with the new way of publishing we have to be prepared for something like this. The Internet is different and with every new trend comes a new way of doing things. If you are just being lazy or reading the news you will always hear something that sounds like 'Google', but if you are reading an essay sample, you will think that the words mean something else entirely.It has also been said that the same words in an essay will require the same grammar, but if you are thinking about English as you might in a newspaper article, you will never be able to figure out what the sentences mean. This is one of the reasons why people get confused when they read in a newspaper.I have seen people tell me they want to take more English Literature classes, but the best way to learn grammar is by reading everything that you can. If you have a computer that is connected to the Internet, then go ahead and get an English course that is free.In conclusion, we do not need to be so i gnorant of what 'Google' means, and the essays samples and questions on forums will never convey the correct meaning. This is just one of the many ways that you are now faced with an increased knowledge of the Internet, or as my friend called it 'Being Googleed'.

Should You Open an Ugma/utma 529

What is an UGMA/UTMA 529? It refers to account in a 529 plan funded with money already owned by your minor child. Because minors generally cannot directly own an investment or bank account, an adult custodian must manage and use the funds for the benefit of the minor child as prescribed under the state's Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA). Another name frequently used for a 529 account opened with UGMA/UTMA money is "custodial 529 account." Nearly all 529 savings plans have special procedures to accommodate UGMA/UTMA 529s. For example, the plan administrator will not permit changes in the beneficiary designation prior to the current beneficiary's 18th or 21st birthday (depending on the state). And when the current beneficiary reaches the age of legal ownership, he or she will have the right to contact the 529 plan administrator and take direct ownership and control of the 529 account. I'd like to put my son's UTMA money into a 529 plan without telling the plan where the money is coming from. That way my son will still be the beneficiary, but I'll be the owner and can control the account without worrying about what happens when my son turns 18. Is there anything wrong with this approach? Establishing the 529 account in your own name as owner does not change the custodian's legal obligation under the UTMA to use the funds for the benefit of that particular child. If you were to change the beneficiary and use the 529 money for a different child, or deny your son's right to take direct ownership at the age of 18 (if that is the legal age in your state), you are probably in violation of the UTMA. An attorney can help explain this to you. If you are worried about your son making poor decisions because of this money, you might better look for ways to "spend down" the account while he is still a minor. If you were to use the UGMA/UTMA account to pay for expenses incurred for his benefit, instead of paying for those expenses yourself, you will have more money to fund a 529 account under your own ownership. I've heard that UGMA/UTMA 529s have been granted favored status under the financial aid laws? Is this true? Yes, it is true. Beginning with the 2006-07 school yearï ¿ ½but ending with the 2008-09 school yearï ¿ ½your child's UGMA/UTMA 529 does not have to be reported on the federal financial aid application (FAFSA). The same exception applies if the UGMA/UTMA has terminated and your child (the student) owns the 529 account directly. But note: this special rule applies only if your child files the FAFSA as your dependent, which is the case for the vast majority of undergraduates. The treatment of an UGMA/UTMA 529 changes beginning with the 2009-10 school year, but is still beneficial. The account is reportable on the FAFSA, but not as a student asset assessed at the usual 20% student rate. Instead, it is reported as a parental asset at the lower 5.64% maximum parental rate. The fact that an asset owned by one party (in this case the student) is treated as if it is owned by another (the parents) is highly unusual in the financial aid laws. Do we improve our child's financial-aid prospects by moving his existing UGMA/UTMA investments into an UGMA/UTMA 529? Quite possibly yes. Let's assume your child's UGMA/UTMA account has $50,000 worth of mutual funds on the day he or she files the FAFSA. Your Expected Family Contribution (EFC) will include 20% of that value, or $10,000. If the mutual funds were liquidated and the cash contributed to an UGMA/UTMA 529 prior to submitting the FAFSA, your EFC will include at most 5.64% of that value, or $2,820. Your child's "financial need" increases by at least $7,180 for the current school year. But there are some important caveats. You have to consider the consequences of liquidating the mutual funds and triggering capital gains. Any gains will not only be reportable on your child's income tax returns, but they will also be included in base-year income on the following year's FAFSA, which can cause a decrease in aid eligibility. Also remember that we are talking here only about federal financial aid. For school-based aid (grants, scholarships, or tuition discounts from the school's own funds), you are not likely to find the same advantage by moving UGMA/UTMA money into a 529 plan. How about making contributions of my own money to my child's UGMA/UTMA 529? Will that help? No. Beginning with the 2009-10 school year, a 529 account is treated as your parental asset whether owned by you, by your child through an UGMA/UTMA, or by your child directly. Most parents would prefer to retain control by contributing to their own 529 accounts. But what about the 529 plans I have for my younger children? Will I have to report them on my older child's FAFSA? Great question. The federal government is telling us that you must include as parental assets the 529 accounts you own for anyone else, because you have full ownership and control of those accounts. It's unfortunate when the funds set aside for a younger child's college education negatively impact the financial-aid eligibility of the older child trying to pay for college. In this case, you may want to seriously consider setting up the 529 accounts for your younger children as UGMA/UTMA 529s, recognizing the additional restrictions and ultimate loss of control. If you have already established the accounts as parent-owned 529s, you may find that your 529 plan administrator will not accept your request for a change in ownership. Avoid taking any action that will be treated as a liquidation of your existing 529 account, leading to tax and penalty on the growth. Okay, let's forget about financial aid for a moment. Is there an income tax savings from moving my child's UGMA/UTMA money into an UGMA/UTMA 529? There could be substantial tax savings, assuming your child would otherwise be paying income tax on taxable interest, dividends, or capital gains. The 529 account will grow tax-deferred, and come out tax-free to pay for college. But wait, it's not quite that simple. Your dependent child can report as much as $950 in investment income in 2009 without being subject to federal income tax. If your college savings never threw off more than $950 in annual income, you might be better off keeping the UGMA/UTMA invested in mutual funds and other taxable investments. (A 529 plan has the disadvantage of a small layer of additional fees, as well as the risk of future tax and penalty if the 529 account is used for something other than college.) You also have to consider the tax consequences of moving the money from the taxable investment into the 529 plan. Triggering any gains this year may cost more in taxes when compared to spreading out the gains over a number of years. If the existing UGMA/UTMA taxable investments are throwing off more than $950 in annual income, the analysis turns in favor of the 529 option. Although the income between $950 and $1,900 remains taxable at the child's low tax bracket, if it rises above that level it may become taxable at the parents' marginal tax bracket. This rate bump is known as the "Kiddie Tax" and beginning in 2008 it applies to the following three groups of taxpayers: (1) children through the age of 17; (2) 18-year olds who do not earn more than one-half of their own support; and (3) 19- to 23-year-old full-time college students who do not earn more than one-half of their own support. Because of the control issues, the Kiddie Tax, and the financial-aid consequences, most families looking to invest substantial dollars for college should be looking toward 529 plans and away from UGMA/UTMA accounts. Joe Hurley is the founder of Savingforcollege.com LLC, and a certified public accountant. What is an UGMA/UTMA 529? It refers to account in a 529 plan funded with money already owned by your minor child. Because minors generally cannot directly own an investment or bank account, an adult custodian must manage and use the funds for the benefit of the minor child as prescribed under the state's Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA). Another name frequently used for a 529 account opened with UGMA/UTMA money is "custodial 529 account." Nearly all 529 savings plans have special procedures to accommodate UGMA/UTMA 529s. For example, the plan administrator will not permit changes in the beneficiary designation prior to the current beneficiary's 18th or 21st birthday (depending on the state). And when the current beneficiary reaches the age of legal ownership, he or she will have the right to contact the 529 plan administrator and take direct ownership and control of the 529 account. I'd like to put my son's UTMA money into a 529 plan without telling the plan where the money is coming from. That way my son will still be the beneficiary, but I'll be the owner and can control the account without worrying about what happens when my son turns 18. Is there anything wrong with this approach? Establishing the 529 account in your own name as owner does not change the custodian's legal obligation under the UTMA to use the funds for the benefit of that particular child. If you were to change the beneficiary and use the 529 money for a different child, or deny your son's right to take direct ownership at the age of 18 (if that is the legal age in your state), you are probably in violation of the UTMA. An attorney can help explain this to you. If you are worried about your son making poor decisions because of this money, you might better look for ways to "spend down" the account while he is still a minor. If you were to use the UGMA/UTMA account to pay for expenses incurred for his benefit, instead of paying for those expenses yourself, you will have more money to fund a 529 account under your own ownership. I've heard that UGMA/UTMA 529s have been granted favored status under the financial aid laws? Is this true? Yes, it is true. Beginning with the 2006-07 school yearï ¿ ½but ending with the 2008-09 school yearï ¿ ½your child's UGMA/UTMA 529 does not have to be reported on the federal financial aid application (FAFSA). The same exception applies if the UGMA/UTMA has terminated and your child (the student) owns the 529 account directly. But note: this special rule applies only if your child files the FAFSA as your dependent, which is the case for the vast majority of undergraduates. The treatment of an UGMA/UTMA 529 changes beginning with the 2009-10 school year, but is still beneficial. The account is reportable on the FAFSA, but not as a student asset assessed at the usual 20% student rate. Instead, it is reported as a parental asset at the lower 5.64% maximum parental rate. The fact that an asset owned by one party (in this case the student) is treated as if it is owned by another (the parents) is highly unusual in the financial aid laws. Do we improve our child's financial-aid prospects by moving his existing UGMA/UTMA investments into an UGMA/UTMA 529? Quite possibly yes. Let's assume your child's UGMA/UTMA account has $50,000 worth of mutual funds on the day he or she files the FAFSA. Your Expected Family Contribution (EFC) will include 20% of that value, or $10,000. If the mutual funds were liquidated and the cash contributed to an UGMA/UTMA 529 prior to submitting the FAFSA, your EFC will include at most 5.64% of that value, or $2,820. Your child's "financial need" increases by at least $7,180 for the current school year. But there are some important caveats. You have to consider the consequences of liquidating the mutual funds and triggering capital gains. Any gains will not only be reportable on your child's income tax returns, but they will also be included in base-year income on the following year's FAFSA, which can cause a decrease in aid eligibility. Also remember that we are talking here only about federal financial aid. For school-based aid (grants, scholarships, or tuition discounts from the school's own funds), you are not likely to find the same advantage by moving UGMA/UTMA money into a 529 plan. How about making contributions of my own money to my child's UGMA/UTMA 529? Will that help? No. Beginning with the 2009-10 school year, a 529 account is treated as your parental asset whether owned by you, by your child through an UGMA/UTMA, or by your child directly. Most parents would prefer to retain control by contributing to their own 529 accounts. But what about the 529 plans I have for my younger children? Will I have to report them on my older child's FAFSA? Great question. The federal government is telling us that you must include as parental assets the 529 accounts you own for anyone else, because you have full ownership and control of those accounts. It's unfortunate when the funds set aside for a younger child's college education negatively impact the financial-aid eligibility of the older child trying to pay for college. In this case, you may want to seriously consider setting up the 529 accounts for your younger children as UGMA/UTMA 529s, recognizing the additional restrictions and ultimate loss of control. If you have already established the accounts as parent-owned 529s, you may find that your 529 plan administrator will not accept your request for a change in ownership. Avoid taking any action that will be treated as a liquidation of your existing 529 account, leading to tax and penalty on the growth. Okay, let's forget about financial aid for a moment. Is there an income tax savings from moving my child's UGMA/UTMA money into an UGMA/UTMA 529? There could be substantial tax savings, assuming your child would otherwise be paying income tax on taxable interest, dividends, or capital gains. The 529 account will grow tax-deferred, and come out tax-free to pay for college. But wait, it's not quite that simple. Your dependent child can report as much as $950 in investment income in 2009 without being subject to federal income tax. If your college savings never threw off more than $950 in annual income, you might be better off keeping the UGMA/UTMA invested in mutual funds and other taxable investments. (A 529 plan has the disadvantage of a small layer of additional fees, as well as the risk of future tax and penalty if the 529 account is used for something other than college.) You also have to consider the tax consequences of moving the money from the taxable investment into the 529 plan. Triggering any gains this year may cost more in taxes when compared to spreading out the gains over a number of years. If the existing UGMA/UTMA taxable investments are throwing off more than $950 in annual income, the analysis turns in favor of the 529 option. Although the income between $950 and $1,900 remains taxable at the child's low tax bracket, if it rises above that level it may become taxable at the parents' marginal tax bracket. This rate bump is known as the "Kiddie Tax" and beginning in 2008 it applies to the following three groups of taxpayers: (1) children through the age of 17; (2) 18-year olds who do not earn more than one-half of their own support; and (3) 19- to 23-year-old full-time college students who do not earn more than one-half of their own support. Because of the control issues, the Kiddie Tax, and the financial-aid consequences, most families looking to invest substantial dollars for college should be looking toward 529 plans and away from UGMA/UTMA accounts. Joe Hurley is the founder of Savingforcollege.com LLC, and a certified public accountant. Should You Open an Ugma/utma 529 What is an UGMA/UTMA 529? It refers to account in a 529 plan funded with money already owned by your minor child. Because minors generally cannot directly own an investment or bank account, an adult custodian must manage and use the funds for the benefit of the minor child as prescribed under the state's Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA). Another name frequently used for a 529 account opened with UGMA/UTMA money is "custodial 529 account." Nearly all 529 savings plans have special procedures to accommodate UGMA/UTMA 529s. For example, the plan administrator will not permit changes in the beneficiary designation prior to the current beneficiary's 18th or 21st birthday (depending on the state). And when the current beneficiary reaches the age of legal ownership, he or she will have the right to contact the 529 plan administrator and take direct ownership and control of the 529 account. I'd like to put my son's UTMA money into a 529 plan without telling the plan where the money is coming from. That way my son will still be the beneficiary, but I'll be the owner and can control the account without worrying about what happens when my son turns 18. Is there anything wrong with this approach? Establishing the 529 account in your own name as owner does not change the custodian's legal obligation under the UTMA to use the funds for the benefit of that particular child. If you were to change the beneficiary and use the 529 money for a different child, or deny your son's right to take direct ownership at the age of 18 (if that is the legal age in your state), you are probably in violation of the UTMA. An attorney can help explain this to you. If you are worried about your son making poor decisions because of this money, you might better look for ways to "spend down" the account while he is still a minor. If you were to use the UGMA/UTMA account to pay for expenses incurred for his benefit, instead of paying for those expenses yourself, you will have more money to fund a 529 account under your own ownership. I've heard that UGMA/UTMA 529s have been granted favored status under the financial aid laws? Is this true? Yes, it is true. Beginning with the 2006-07 school yearï ¿ ½but ending with the 2008-09 school yearï ¿ ½your child's UGMA/UTMA 529 does not have to be reported on the federal financial aid application (FAFSA). The same exception applies if the UGMA/UTMA has terminated and your child (the student) owns the 529 account directly. But note: this special rule applies only if your child files the FAFSA as your dependent, which is the case for the vast majority of undergraduates. The treatment of an UGMA/UTMA 529 changes beginning with the 2009-10 school year, but is still beneficial. The account is reportable on the FAFSA, but not as a student asset assessed at the usual 20% student rate. Instead, it is reported as a parental asset at the lower 5.64% maximum parental rate. The fact that an asset owned by one party (in this case the student) is treated as if it is owned by another (the parents) is highly unusual in the financial aid laws. Do we improve our child's financial-aid prospects by moving his existing UGMA/UTMA investments into an UGMA/UTMA 529? Quite possibly yes. Let's assume your child's UGMA/UTMA account has $50,000 worth of mutual funds on the day he or she files the FAFSA. Your Expected Family Contribution (EFC) will include 20% of that value, or $10,000. If the mutual funds were liquidated and the cash contributed to an UGMA/UTMA 529 prior to submitting the FAFSA, your EFC will include at most 5.64% of that value, or $2,820. Your child's "financial need" increases by at least $7,180 for the current school year. But there are some important caveats. You have to consider the consequences of liquidating the mutual funds and triggering capital gains. Any gains will not only be reportable on your child's income tax returns, but they will also be included in base-year income on the following year's FAFSA, which can cause a decrease in aid eligibility. Also remember that we are talking here only about federal financial aid. For school-based aid (grants, scholarships, or tuition discounts from the school's own funds), you are not likely to find the same advantage by moving UGMA/UTMA money into a 529 plan. How about making contributions of my own money to my child's UGMA/UTMA 529? Will that help? No. Beginning with the 2009-10 school year, a 529 account is treated as your parental asset whether owned by you, by your child through an UGMA/UTMA, or by your child directly. Most parents would prefer to retain control by contributing to their own 529 accounts. But what about the 529 plans I have for my younger children? Will I have to report them on my older child's FAFSA? Great question. The federal government is telling us that you must include as parental assets the 529 accounts you own for anyone else, because you have full ownership and control of those accounts. It's unfortunate when the funds set aside for a younger child's college education negatively impact the financial-aid eligibility of the older child trying to pay for college. In this case, you may want to seriously consider setting up the 529 accounts for your younger children as UGMA/UTMA 529s, recognizing the additional restrictions and ultimate loss of control. If you have already established the accounts as parent-owned 529s, you may find that your 529 plan administrator will not accept your request for a change in ownership. Avoid taking any action that will be treated as a liquidation of your existing 529 account, leading to tax and penalty on the growth. Okay, let's forget about financial aid for a moment. Is there an income tax savings from moving my child's UGMA/UTMA money into an UGMA/UTMA 529? There could be substantial tax savings, assuming your child would otherwise be paying income tax on taxable interest, dividends, or capital gains. The 529 account will grow tax-deferred, and come out tax-free to pay for college. But wait, it's not quite that simple. Your dependent child can report as much as $950 in investment income in 2009 without being subject to federal income tax. If your college savings never threw off more than $950 in annual income, you might be better off keeping the UGMA/UTMA invested in mutual funds and other taxable investments. (A 529 plan has the disadvantage of a small layer of additional fees, as well as the risk of future tax and penalty if the 529 account is used for something other than college.) You also have to consider the tax consequences of moving the money from the taxable investment into the 529 plan. Triggering any gains this year may cost more in taxes when compared to spreading out the gains over a number of years. If the existing UGMA/UTMA taxable investments are throwing off more than $950 in annual income, the analysis turns in favor of the 529 option. Although the income between $950 and $1,900 remains taxable at the child's low tax bracket, if it rises above that level it may become taxable at the parents' marginal tax bracket. This rate bump is known as the "Kiddie Tax" and beginning in 2008 it applies to the following three groups of taxpayers: (1) children through the age of 17; (2) 18-year olds who do not earn more than one-half of their own support; and (3) 19- to 23-year-old full-time college students who do not earn more than one-half of their own support. Because of the control issues, the Kiddie Tax, and the financial-aid consequences, most families looking to invest substantial dollars for college should be looking toward 529 plans and away from UGMA/UTMA accounts. Joe Hurley is the founder of Savingforcollege.com LLC, and a certified public accountant. What is an UGMA/UTMA 529? It refers to account in a 529 plan funded with money already owned by your minor child. Because minors generally cannot directly own an investment or bank account, an adult custodian must manage and use the funds for the benefit of the minor child as prescribed under the state's Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA). Another name frequently used for a 529 account opened with UGMA/UTMA money is "custodial 529 account." Nearly all 529 savings plans have special procedures to accommodate UGMA/UTMA 529s. For example, the plan administrator will not permit changes in the beneficiary designation prior to the current beneficiary's 18th or 21st birthday (depending on the state). And when the current beneficiary reaches the age of legal ownership, he or she will have the right to contact the 529 plan administrator and take direct ownership and control of the 529 account. I'd like to put my son's UTMA money into a 529 plan without telling the plan where the money is coming from. That way my son will still be the beneficiary, but I'll be the owner and can control the account without worrying about what happens when my son turns 18. Is there anything wrong with this approach? Establishing the 529 account in your own name as owner does not change the custodian's legal obligation under the UTMA to use the funds for the benefit of that particular child. If you were to change the beneficiary and use the 529 money for a different child, or deny your son's right to take direct ownership at the age of 18 (if that is the legal age in your state), you are probably in violation of the UTMA. An attorney can help explain this to you. If you are worried about your son making poor decisions because of this money, you might better look for ways to "spend down" the account while he is still a minor. If you were to use the UGMA/UTMA account to pay for expenses incurred for his benefit, instead of paying for those expenses yourself, you will have more money to fund a 529 account under your own ownership. I've heard that UGMA/UTMA 529s have been granted favored status under the financial aid laws? Is this true? Yes, it is true. Beginning with the 2006-07 school yearï ¿ ½but ending with the 2008-09 school yearï ¿ ½your child's UGMA/UTMA 529 does not have to be reported on the federal financial aid application (FAFSA). The same exception applies if the UGMA/UTMA has terminated and your child (the student) owns the 529 account directly. But note: this special rule applies only if your child files the FAFSA as your dependent, which is the case for the vast majority of undergraduates. The treatment of an UGMA/UTMA 529 changes beginning with the 2009-10 school year, but is still beneficial. The account is reportable on the FAFSA, but not as a student asset assessed at the usual 20% student rate. Instead, it is reported as a parental asset at the lower 5.64% maximum parental rate. The fact that an asset owned by one party (in this case the student) is treated as if it is owned by another (the parents) is highly unusual in the financial aid laws. Do we improve our child's financial-aid prospects by moving his existing UGMA/UTMA investments into an UGMA/UTMA 529? Quite possibly yes. Let's assume your child's UGMA/UTMA account has $50,000 worth of mutual funds on the day he or she files the FAFSA. Your Expected Family Contribution (EFC) will include 20% of that value, or $10,000. If the mutual funds were liquidated and the cash contributed to an UGMA/UTMA 529 prior to submitting the FAFSA, your EFC will include at most 5.64% of that value, or $2,820. Your child's "financial need" increases by at least $7,180 for the current school year. But there are some important caveats. You have to consider the consequences of liquidating the mutual funds and triggering capital gains. Any gains will not only be reportable on your child's income tax returns, but they will also be included in base-year income on the following year's FAFSA, which can cause a decrease in aid eligibility. Also remember that we are talking here only about federal financial aid. For school-based aid (grants, scholarships, or tuition discounts from the school's own funds), you are not likely to find the same advantage by moving UGMA/UTMA money into a 529 plan. How about making contributions of my own money to my child's UGMA/UTMA 529? Will that help? No. Beginning with the 2009-10 school year, a 529 account is treated as your parental asset whether owned by you, by your child through an UGMA/UTMA, or by your child directly. Most parents would prefer to retain control by contributing to their own 529 accounts. But what about the 529 plans I have for my younger children? Will I have to report them on my older child's FAFSA? Great question. The federal government is telling us that you must include as parental assets the 529 accounts you own for anyone else, because you have full ownership and control of those accounts. It's unfortunate when the funds set aside for a younger child's college education negatively impact the financial-aid eligibility of the older child trying to pay for college. In this case, you may want to seriously consider setting up the 529 accounts for your younger children as UGMA/UTMA 529s, recognizing the additional restrictions and ultimate loss of control. If you have already established the accounts as parent-owned 529s, you may find that your 529 plan administrator will not accept your request for a change in ownership. Avoid taking any action that will be treated as a liquidation of your existing 529 account, leading to tax and penalty on the growth. Okay, let's forget about financial aid for a moment. Is there an income tax savings from moving my child's UGMA/UTMA money into an UGMA/UTMA 529? There could be substantial tax savings, assuming your child would otherwise be paying income tax on taxable interest, dividends, or capital gains. The 529 account will grow tax-deferred, and come out tax-free to pay for college. But wait, it's not quite that simple. Your dependent child can report as much as $950 in investment income in 2009 without being subject to federal income tax. If your college savings never threw off more than $950 in annual income, you might be better off keeping the UGMA/UTMA invested in mutual funds and other taxable investments. (A 529 plan has the disadvantage of a small layer of additional fees, as well as the risk of future tax and penalty if the 529 account is used for something other than college.) You also have to consider the tax consequences of moving the money from the taxable investment into the 529 plan. Triggering any gains this year may cost more in taxes when compared to spreading out the gains over a number of years. If the existing UGMA/UTMA taxable investments are throwing off more than $950 in annual income, the analysis turns in favor of the 529 option. Although the income between $950 and $1,900 remains taxable at the child's low tax bracket, if it rises above that level it may become taxable at the parents' marginal tax bracket. This rate bump is known as the "Kiddie Tax" and beginning in 2008 it applies to the following three groups of taxpayers: (1) children through the age of 17; (2) 18-year olds who do not earn more than one-half of their own support; and (3) 19- to 23-year-old full-time college students who do not earn more than one-half of their own support. Because of the control issues, the Kiddie Tax, and the financial-aid consequences, most families looking to invest substantial dollars for college should be looking toward 529 plans and away from UGMA/UTMA accounts. Joe Hurley is the founder of Savingforcollege.com LLC, and a certified public accountant. Should You Open an Ugma/utma 529 What is an UGMA/UTMA 529? It refers to account in a 529 plan funded with money already owned by your minor child. Because minors generally cannot directly own an investment or bank account, an adult custodian must manage and use the funds for the benefit of the minor child as prescribed under the state's Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA). Another name frequently used for a 529 account opened with UGMA/UTMA money is "custodial 529 account." Nearly all 529 savings plans have special procedures to accommodate UGMA/UTMA 529s. For example, the plan administrator will not permit changes in the beneficiary designation prior to the current beneficiary's 18th or 21st birthday (depending on the state). And when the current beneficiary reaches the age of legal ownership, he or she will have the right to contact the 529 plan administrator and take direct ownership and control of the 529 account. I'd like to put my son's UTMA money into a 529 plan without telling the plan where the money is coming from. That way my son will still be the beneficiary, but I'll be the owner and can control the account without worrying about what happens when my son turns 18. Is there anything wrong with this approach? Establishing the 529 account in your own name as owner does not change the custodian's legal obligation under the UTMA to use the funds for the benefit of that particular child. If you were to change the beneficiary and use the 529 money for a different child, or deny your son's right to take direct ownership at the age of 18 (if that is the legal age in your state), you are probably in violation of the UTMA. An attorney can help explain this to you. If you are worried about your son making poor decisions because of this money, you might better look for ways to "spend down" the account while he is still a minor. If you were to use the UGMA/UTMA account to pay for expenses incurred for his benefit, instead of paying for those expenses yourself, you will have more money to fund a 529 account under your own ownership. I've heard that UGMA/UTMA 529s have been granted favored status under the financial aid laws? Is this true? Yes, it is true. Beginning with the 2006-07 school yearï ¿ ½but ending with the 2008-09 school yearï ¿ ½your child's UGMA/UTMA 529 does not have to be reported on the federal financial aid application (FAFSA). The same exception applies if the UGMA/UTMA has terminated and your child (the student) owns the 529 account directly. But note: this special rule applies only if your child files the FAFSA as your dependent, which is the case for the vast majority of undergraduates. The treatment of an UGMA/UTMA 529 changes beginning with the 2009-10 school year, but is still beneficial. The account is reportable on the FAFSA, but not as a student asset assessed at the usual 20% student rate. Instead, it is reported as a parental asset at the lower 5.64% maximum parental rate. The fact that an asset owned by one party (in this case the student) is treated as if it is owned by another (the parents) is highly unusual in the financial aid laws. Do we improve our child's financial-aid prospects by moving his existing UGMA/UTMA investments into an UGMA/UTMA 529? Quite possibly yes. Let's assume your child's UGMA/UTMA account has $50,000 worth of mutual funds on the day he or she files the FAFSA. Your Expected Family Contribution (EFC) will include 20% of that value, or $10,000. If the mutual funds were liquidated and the cash contributed to an UGMA/UTMA 529 prior to submitting the FAFSA, your EFC will include at most 5.64% of that value, or $2,820. Your child's "financial need" increases by at least $7,180 for the current school year. But there are some important caveats. You have to consider the consequences of liquidating the mutual funds and triggering capital gains. Any gains will not only be reportable on your child's income tax returns, but they will also be included in base-year income on the following year's FAFSA, which can cause a decrease in aid eligibility. Also remember that we are talking here only about federal financial aid. For school-based aid (grants, scholarships, or tuition discounts from the school's own funds), you are not likely to find the same advantage by moving UGMA/UTMA money into a 529 plan. How about making contributions of my own money to my child's UGMA/UTMA 529? Will that help? No. Beginning with the 2009-10 school year, a 529 account is treated as your parental asset whether owned by you, by your child through an UGMA/UTMA, or by your child directly. Most parents would prefer to retain control by contributing to their own 529 accounts. But what about the 529 plans I have for my younger children? Will I have to report them on my older child's FAFSA? Great question. The federal government is telling us that you must include as parental assets the 529 accounts you own for anyone else, because you have full ownership and control of those accounts. It's unfortunate when the funds set aside for a younger child's college education negatively impact the financial-aid eligibility of the older child trying to pay for college. In this case, you may want to seriously consider setting up the 529 accounts for your younger children as UGMA/UTMA 529s, recognizing the additional restrictions and ultimate loss of control. If you have already established the accounts as parent-owned 529s, you may find that your 529 plan administrator will not accept your request for a change in ownership. Avoid taking any action that will be treated as a liquidation of your existing 529 account, leading to tax and penalty on the growth. Okay, let's forget about financial aid for a moment. Is there an income tax savings from moving my child's UGMA/UTMA money into an UGMA/UTMA 529? There could be substantial tax savings, assuming your child would otherwise be paying income tax on taxable interest, dividends, or capital gains. The 529 account will grow tax-deferred, and come out tax-free to pay for college. But wait, it's not quite that simple. Your dependent child can report as much as $950 in investment income in 2009 without being subject to federal income tax. If your college savings never threw off more than $950 in annual income, you might be better off keeping the UGMA/UTMA invested in mutual funds and other taxable investments. (A 529 plan has the disadvantage of a small layer of additional fees, as well as the risk of future tax and penalty if the 529 account is used for something other than college.) You also have to consider the tax consequences of moving the money from the taxable investment into the 529 plan. Triggering any gains this year may cost more in taxes when compared to spreading out the gains over a number of years. If the existing UGMA/UTMA taxable investments are throwing off more than $950 in annual income, the analysis turns in favor of the 529 option. Although the income between $950 and $1,900 remains taxable at the child's low tax bracket, if it rises above that level it may become taxable at the parents' marginal tax bracket. This rate bump is known as the "Kiddie Tax" and beginning in 2008 it applies to the following three groups of taxpayers: (1) children through the age of 17; (2) 18-year olds who do not earn more than one-half of their own support; and (3) 19- to 23-year-old full-time college students who do not earn more than one-half of their own support. Because of the control issues, the Kiddie Tax, and the financial-aid consequences, most families looking to invest substantial dollars for college should be looking toward 529 plans and away from UGMA/UTMA accounts. Joe Hurley is the founder of Savingforcollege.com LLC, and a certified public accountant. What is an UGMA/UTMA 529? It refers to account in a 529 plan funded with money already owned by your minor child. Because minors generally cannot directly own an investment or bank account, an adult custodian must manage and use the funds for the benefit of the minor child as prescribed under the state's Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA). Another name frequently used for a 529 account opened with UGMA/UTMA money is "custodial 529 account." Nearly all 529 savings plans have special procedures to accommodate UGMA/UTMA 529s. For example, the plan administrator will not permit changes in the beneficiary designation prior to the current beneficiary's 18th or 21st birthday (depending on the state). And when the current beneficiary reaches the age of legal ownership, he or she will have the right to contact the 529 plan administrator and take direct ownership and control of the 529 account. I'd like to put my son's UTMA money into a 529 plan without telling the plan where the money is coming from. That way my son will still be the beneficiary, but I'll be the owner and can control the account without worrying about what happens when my son turns 18. Is there anything wrong with this approach? Establishing the 529 account in your own name as owner does not change the custodian's legal obligation under the UTMA to use the funds for the benefit of that particular child. If you were to change the beneficiary and use the 529 money for a different child, or deny your son's right to take direct ownership at the age of 18 (if that is the legal age in your state), you are probably in violation of the UTMA. An attorney can help explain this to you. If you are worried about your son making poor decisions because of this money, you might better look for ways to "spend down" the account while he is still a minor. If you were to use the UGMA/UTMA account to pay for expenses incurred for his benefit, instead of paying for those expenses yourself, you will have more money to fund a 529 account under your own ownership. I've heard that UGMA/UTMA 529s have been granted favored status under the financial aid laws? Is this true? Yes, it is true. Beginning with the 2006-07 school yearï ¿ ½but ending with the 2008-09 school yearï ¿ ½your child's UGMA/UTMA 529 does not have to be reported on the federal financial aid application (FAFSA). The same exception applies if the UGMA/UTMA has terminated and your child (the student) owns the 529 account directly. But note: this special rule applies only if your child files the FAFSA as your dependent, which is the case for the vast majority of undergraduates. The treatment of an UGMA/UTMA 529 changes beginning with the 2009-10 school year, but is still beneficial. The account is reportable on the FAFSA, but not as a student asset assessed at the usual 20% student rate. Instead, it is reported as a parental asset at the lower 5.64% maximum parental rate. The fact that an asset owned by one party (in this case the student) is treated as if it is owned by another (the parents) is highly unusual in the financial aid laws. Do we improve our child's financial-aid prospects by moving his existing UGMA/UTMA investments into an UGMA/UTMA 529? Quite possibly yes. Let's assume your child's UGMA/UTMA account has $50,000 worth of mutual funds on the day he or she files the FAFSA. Your Expected Family Contribution (EFC) will include 20% of that value, or $10,000. If the mutual funds were liquidated and the cash contributed to an UGMA/UTMA 529 prior to submitting the FAFSA, your EFC will include at most 5.64% of that value, or $2,820. Your child's "financial need" increases by at least $7,180 for the current school year. But there are some important caveats. You have to consider the consequences of liquidating the mutual funds and triggering capital gains. Any gains will not only be reportable on your child's income tax returns, but they will also be included in base-year income on the following year's FAFSA, which can cause a decrease in aid eligibility. Also remember that we are talking here only about federal financial aid. For school-based aid (grants, scholarships, or tuition discounts from the school's own funds), you are not likely to find the same advantage by moving UGMA/UTMA money into a 529 plan. How about making contributions of my own money to my child's UGMA/UTMA 529? Will that help? No. Beginning with the 2009-10 school year, a 529 account is treated as your parental asset whether owned by you, by your child through an UGMA/UTMA, or by your child directly. Most parents would prefer to retain control by contributing to their own 529 accounts. But what about the 529 plans I have for my younger children? Will I have to report them on my older child's FAFSA? Great question. The federal government is telling us that you must include as parental assets the 529 accounts you own for anyone else, because you have full ownership and control of those accounts. It's unfortunate when the funds set aside for a younger child's college education negatively impact the financial-aid eligibility of the older child trying to pay for college. In this case, you may want to seriously consider setting up the 529 accounts for your younger children as UGMA/UTMA 529s, recognizing the additional restrictions and ultimate loss of control. If you have already established the accounts as parent-owned 529s, you may find that your 529 plan administrator will not accept your request for a change in ownership. Avoid taking any action that will be treated as a liquidation of your existing 529 account, leading to tax and penalty on the growth. Okay, let's forget about financial aid for a moment. Is there an income tax savings from moving my child's UGMA/UTMA money into an UGMA/UTMA 529? There could be substantial tax savings, assuming your child would otherwise be paying income tax on taxable interest, dividends, or capital gains. The 529 account will grow tax-deferred, and come out tax-free to pay for college. But wait, it's not quite that simple. Your dependent child can report as much as $950 in investment income in 2009 without being subject to federal income tax. If your college savings never threw off more than $950 in annual income, you might be better off keeping the UGMA/UTMA invested in mutual funds and other taxable investments. (A 529 plan has the disadvantage of a small layer of additional fees, as well as the risk of future tax and penalty if the 529 account is used for something other than college.) You also have to consider the tax consequences of moving the money from the taxable investment into the 529 plan. Triggering any gains this year may cost more in taxes when compared to spreading out the gains over a number of years. If the existing UGMA/UTMA taxable investments are throwing off more than $950 in annual income, the analysis turns in favor of the 529 option. Although the income between $950 and $1,900 remains taxable at the child's low tax bracket, if it rises above that level it may become taxable at the parents' marginal tax bracket. This rate bump is known as the "Kiddie Tax" and beginning in 2008 it applies to the following three groups of taxpayers: (1) children through the age of 17; (2) 18-year olds who do not earn more than one-half of their own support; and (3) 19- to 23-year-old full-time college students who do not earn more than one-half of their own support. Because of the control issues, the Kiddie Tax, and the financial-aid consequences, most families looking to invest substantial dollars for college should be looking toward 529 plans and away from UGMA/UTMA accounts. Joe Hurley is the founder of Savingforcollege.com LLC, and a certified public accountant. Should You Open an Ugma/utma 529 What is an UGMA/UTMA 529? It refers to account in a 529 plan funded with money already owned by your minor child. Because minors generally cannot directly own an investment or bank account, an adult custodian must manage and use the funds for the benefit of the minor child as prescribed under the state's Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA). Another name frequently used for a 529 account opened with UGMA/UTMA money is "custodial 529 account." Nearly all 529 savings plans have special procedures to accommodate UGMA/UTMA 529s. For example, the plan administrator will not permit changes in the beneficiary designation prior to the current beneficiary's 18th or 21st birthday (depending on the state). And when the current beneficiary reaches the age of legal ownership, he or she will have the right to contact the 529 plan administrator and take direct ownership and control of the 529 account. I'd like to put my son's UTMA money into a 529 plan without telling the plan where the money is coming from. That way my son will still be the beneficiary, but I'll be the owner and can control the account without worrying about what happens when my son turns 18. Is there anything wrong with this approach? Establishing the 529 account in your own name as owner does not change the custodian's legal obligation under the UTMA to use the funds for the benefit of that particular child. If you were to change the beneficiary and use the 529 money for a different child, or deny your son's right to take direct ownership at the age of 18 (if that is the legal age in your state), you are probably in violation of the UTMA. An attorney can help explain this to you. If you are worried about your son making poor decisions because of this money, you might better look for ways to "spend down" the account while he is still a minor. If you were to use the UGMA/UTMA account to pay for expenses incurred for his benefit, instead of paying for those expenses yourself, you will have more money to fund a 529 account under your own ownership. I've heard that UGMA/UTMA 529s have been granted favored status under the financial aid laws? Is this true? Yes, it is true. Beginning with the 2006-07 school yearï ¿ ½but ending with the 2008-09 school yearï ¿ ½your child's UGMA/UTMA 529 does not have to be reported on the federal financial aid application (FAFSA). The same exception applies if the UGMA/UTMA has terminated and your child (the student) owns the 529 account directly. But note: this special rule applies only if your child files the FAFSA as your dependent, which is the case for the vast majority of undergraduates. The treatment of an UGMA/UTMA 529 changes beginning with the 2009-10 school year, but is still beneficial. The account is reportable on the FAFSA, but not as a student asset assessed at the usual 20% student rate. Instead, it is reported as a parental asset at the lower 5.64% maximum parental rate. The fact that an asset owned by one party (in this case the student) is treated as if it is owned by another (the parents) is highly unusual in the financial aid laws. Do we improve our child's financial-aid prospects by moving his existing UGMA/UTMA investments into an UGMA/UTMA 529? Quite possibly yes. Let's assume your child's UGMA/UTMA account has $50,000 worth of mutual funds on the day he or she files the FAFSA. Your Expected Family Contribution (EFC) will include 20% of that value, or $10,000. If the mutual funds were liquidated and the cash contributed to an UGMA/UTMA 529 prior to submitting the FAFSA, your EFC will include at most 5.64% of that value, or $2,820. Your child's "financial need" increases by at least $7,180 for the current school year. But there are some important caveats. You have to consider the consequences of liquidating the mutual funds and triggering capital gains. Any gains will not only be reportable on your child's income tax returns, but they will also be included in base-year income on the following year's FAFSA, which can cause a decrease in aid eligibility. Also remember that we are talking here only about federal financial aid. For school-based aid (grants, scholarships, or tuition discounts from the school's own funds), you are not likely to find the same advantage by moving UGMA/UTMA money into a 529 plan. How about making contributions of my own money to my child's UGMA/UTMA 529? Will that help? No. Beginning with the 2009-10 school year, a 529 account is treated as your parental asset whether owned by you, by your child through an UGMA/UTMA, or by your child directly. Most parents would prefer to retain control by contributing to their own 529 accounts. But what about the 529 plans I have for my younger children? Will I have to report them on my older child's FAFSA? Great question. The federal government is telling us that you must include as parental assets the 529 accounts you own for anyone else, because you have full ownership and control of those accounts. It's unfortunate when the funds set aside for a younger child's college education negatively impact the financial-aid eligibility of the older child trying to pay for college. In this case, you may want to seriously consider setting up the 529 accounts for your younger children as UGMA/UTMA 529s, recognizing the additional restrictions and ultimate loss of control. If you have already established the accounts as parent-owned 529s, you may find that your 529 plan administrator will not accept your request for a change in ownership. Avoid taking any action that will be treated as a liquidation of your existing 529 account, leading to tax and penalty on the growth. Okay, let's forget about financial aid for a moment. Is there an income tax savings from moving my child's UGMA/UTMA money into an UGMA/UTMA 529? There could be substantial tax savings, assuming your child would otherwise be paying income tax on taxable interest, dividends, or capital gains. The 529 account will grow tax-deferred, and come out tax-free to pay for college. But wait, it's not quite that simple. Your dependent child can report as much as $950 in investment income in 2009 without being subject to federal income tax. If your college savings never threw off more than $950 in annual income, you might be better off keeping the UGMA/UTMA invested in mutual funds and other taxable investments. (A 529 plan has the disadvantage of a small layer of additional fees, as well as the risk of future tax and penalty if the 529 account is used for something other than college.) You also have to consider the tax consequences of moving the money from the taxable investment into the 529 plan. Triggering any gains this year may cost more in taxes when compared to spreading out the gains over a number of years. If the existing UGMA/UTMA taxable investments are throwing off more than $950 in annual income, the analysis turns in favor of the 529 option. Although the income between $950 and $1,900 remains taxable at the child's low tax bracket, if it rises above that level it may become taxable at the parents' marginal tax bracket. This rate bump is known as the "Kiddie Tax" and beginning in 2008 it applies to the following three groups of taxpayers: (1) children through the age of 17; (2) 18-year olds who do not earn more than one-half of their own support; and (3) 19- to 23-year-old full-time college students who do not earn more than one-half of their own support. Because of the control issues, the Kiddie Tax, and the financial-aid consequences, most families looking to invest substantial dollars for college should be looking toward 529 plans and away from UGMA/UTMA accounts. Joe Hurley is the founder of Savingforcollege.com LLC, and a certified public accountant. What is an UGMA/UTMA 529? It refers to account in a 529 plan funded with money already owned by your minor child. Because minors generally cannot directly own an investment or bank account, an adult custodian must manage and use the funds for the benefit of the minor child as prescribed under the state's Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA). Another name frequently used for a 529 account opened with UGMA/UTMA money is "custodial 529 account." Nearly all 529 savings plans have special procedures to accommodate UGMA/UTMA 529s. For example, the plan administrator will not permit changes in the beneficiary designation prior to the current beneficiary's 18th or 21st birthday (depending on the state). And when the current beneficiary reaches the age of legal ownership, he or she will have the right to contact the 529 plan administrator and take direct ownership and control of the 529 account. I'd like to put my son's UTMA money into a 529 plan without telling the plan where the money is coming from. That way my son will still be the beneficiary, but I'll be the owner and can control the account without worrying about what happens when my son turns 18. Is there anything wrong with this approach? Establishing the 529 account in your own name as owner does not change the custodian's legal obligation under the UTMA to use the funds for the benefit of that particular child. If you were to change the beneficiary and use the 529 money for a different child, or deny your son's right to take direct ownership at the age of 18 (if that is the legal age in your state), you are probably in violation of the UTMA. An attorney can help explain this to you. If you are worried about your son making poor decisions because of this money, you might better look for ways to "spend down" the account while he is still a minor. If you were to use the UGMA/UTMA account to pay for expenses incurred for his benefit, instead of paying for those expenses yourself, you will have more money to fund a 529 account under your own ownership. I've heard that UGMA/UTMA 529s have been granted favored status under the financial aid laws? Is this true? Yes, it is true. Beginning with the 2006-07 school yearï ¿ ½but ending with the 2008-09 school yearï ¿ ½your child's UGMA/UTMA 529 does not have to be reported on the federal financial aid application (FAFSA). The same exception applies if the UGMA/UTMA has terminated and your child (the student) owns the 529 account directly. But note: this special rule applies only if your child files the FAFSA as your dependent, which is the case for the vast majority of undergraduates. The treatment of an UGMA/UTMA 529 changes beginning with the 2009-10 school year, but is still beneficial. The account is reportable on the FAFSA, but not as a student asset assessed at the usual 20% student rate. Instead, it is reported as a parental asset at the lower 5.64% maximum parental rate. The fact that an asset owned by one party (in this case the student) is treated as if it is owned by another (the parents) is highly unusual in the financial aid laws. Do we improve our child's financial-aid prospects by moving his existing UGMA/UTMA investments into an UGMA/UTMA 529? Quite possibly yes. Let's assume your child's UGMA/UTMA account has $50,000 worth of mutual funds on the day he or she files the FAFSA. Your Expected Family Contribution (EFC) will include 20% of that value, or $10,000. If the mutual funds were liquidated and the cash contributed to an UGMA/UTMA 529 prior to submitting the FAFSA, your EFC will include at most 5.64% of that value, or $2,820. Your child's "financial need" increases by at least $7,180 for the current school year. But there are some important caveats. You have to consider the consequences of liquidating the mutual funds and triggering capital gains. Any gains will not only be reportable on your child's income tax returns, but they will also be included in base-year income on the following year's FAFSA, which can cause a decrease in aid eligibility. Also remember that we are talking here only about federal financial aid. For school-based aid (grants, scholarships, or tuition discounts from the school's own funds), you are not likely to find the same advantage by moving UGMA/UTMA money into a 529 plan. How about making contributions of my own money to my child's UGMA/UTMA 529? Will that help? No. Beginning with the 2009-10 school year, a 529 account is treated as your parental asset whether owned by you, by your child through an UGMA/UTMA, or by your child directly. Most parents would prefer to retain control by contributing to their own 529 accounts. But what about the 529 plans I have for my younger children? Will I have to report them on my older child's FAFSA? Great question. The federal government is telling us that you must include as parental assets the 529 accounts you own for anyone else, because you have full ownership and control of those accounts. It's unfortunate when the funds set aside for a younger child's college education negatively impact the financial-aid eligibility of the older child trying to pay for college. In this case, you may want to seriously consider setting up the 529 accounts for your younger children as UGMA/UTMA 529s, recognizing the additional restrictions and ultimate loss of control. If you have already established the accounts as parent-owned 529s, you may find that your 529 plan administrator will not accept your request for a change in ownership. Avoid taking any action that will be treated as a liquidation of your existing 529 account, leading to tax and penalty on the growth. Okay, let's forget about financial aid for a moment. Is there an income tax savings from moving my child's UGMA/UTMA money into an UGMA/UTMA 529? There could be substantial tax savings, assuming your child would otherwise be paying income tax on taxable interest, dividends, or capital gains. The 529 account will grow tax-deferred, and come out tax-free to pay for college. But wait, it's not quite that simple. Your dependent child can report as much as $950 in investment income in 2009 without being subject to federal income tax. If your college savings never threw off more than $950 in annual income, you might be better off keeping the UGMA/UTMA invested in mutual funds and other taxable investments. (A 529 plan has the disadvantage of a small layer of additional fees, as well as the risk of future tax and penalty if the 529 account is used for something other than college.) You also have to consider the tax consequences of moving the money from the taxable investment into the 529 plan. Triggering any gains this year may cost more in taxes when compared to spreading out the gains over a number of years. If the existing UGMA/UTMA taxable investments are throwing off more than $950 in annual income, the analysis turns in favor of the 529 option. Although the income between $950 and $1,900 remains taxable at the child's low tax bracket, if it rises above that level it may become taxable at the parents' marginal tax bracket. This rate bump is known as the "Kiddie Tax" and beginning in 2008 it applies to the following three groups of taxpayers: (1) children through the age of 17; (2) 18-year olds who do not earn more than one-half of their own support; and (3) 19- to 23-year-old full-time college students who do not earn more than one-half of their own support. Because of the control issues, the Kiddie Tax, and the financial-aid consequences, most families looking to invest substantial dollars for college should be looking toward 529 plans and away from UGMA/UTMA accounts. Joe Hurley is the founder of Savingforcollege.com LLC, and a certified public accountant.

The financial management policies of Sainsburys - Free Essay Example

Sample details Pages: 13 Words: 3924 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Level High school Did you like this example? Report to critically evaluate the Financial Management policies and practices of J Sainsbury plc over the last five years. including gearing dividend decisions, investment performance appraisal and cost of capital subjects. J. Sainsbury plc was established in 1869 by John James and Mary Ann Sainsbury. Don’t waste time! Our writers will create an original "The financial management policies of Sainsburys" essay for you Create order It is established as Britainà ¢Ã¢â€š ¬Ã¢â€ž ¢s oldest food retailer. It comprises two divisions à ¢Ã¢â€š ¬Ã¢â‚¬Å" Retailing, by way of its supermarkets and smaller convenience stores, together with its financial services, Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank. It aims to provide high quality products, at good value with an excellent standard of service. It is the third largest grocery chain in the UK behind Tesco and Asda/Wal-Mart. [1] The J. Sainsburys food retail area serves over 16 million customers a week by way of a total 788 stores and an internet-based home delivery service. The financial services area of Sainsburys Bank, offers a variety of packages including life insurance, saver accounts, credit cards and travel insurance to name a few. In October 2004 the supermarket giant was suffering the consequences of the increasing success of its competitors and it responded by announcing a dramatic recovery plan which would serve to lead it out of the spiraling losses the company was experiencing. Still reeling from the impact of late 1990à ¢Ã¢â€š ¬Ã¢â€ž ¢s BSE financial implications where the stores lost out over two million on fresh beef alone.[2] The Making Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s Great Again strategy served to increase their overall profits by over 200 million before tax in just over one year.[3] Before floundering again two years later under speculation of an impending takeover. A fiscal breakdown of the procedures between 2003 and 2008 demonstrates the financial narrative of a company experiencing highs and lows in a competitive environment, maintaining its significant profile and diversifying its options. 2003-2005 Following on from 2002 and a year in which sales growth increased profits and encouraged the operational gearing, Sainsbury Shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ funds increased by  £155 million to  £5,003 million, with net debt increasing by  £248million. Public confidence had been gained but severe losses were still being documented. The company also found themselves having to increase their borrowing and extended their loans by an additional three and a half years. The overall Group gearing, or Net debt divided by total equity, rose to 28% with group capital rising from 11.1 % to 11.5%. This will no doubt be a reflection of the number of investments that the Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s group made during this year.[4] The company Directors recommended the payment of a final dividend of 11.36 pence per share, at an increase of 0.54 pence from 2002 and a total dividend for the year ending 2003 of 15.58 pence per share, complimenting the increase in the number of shareholders that year. This total also reflected the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s aim to encourage profit growth in 2004. In terms of the groups investments during these two years the one million pound investment it had made in the Homebase stores was sold. The final disposal of this investment made the company a total profit of around  £61 million, after taking into account any liabilities following the sale of the partner business in 2001which boosted the profits for the group noticeably in 2003.[5] The figures below illustrate the differences in terms of the increased investments and total debt that the company experienced over one year.[6] 2003 2002 Cash and current asset investments 659 386 Debt (2,063) (1,542) Fixed asset investments Group Company 2003 2002 2003 2002 Shares in group undertakings (note 16) à ¢Ã¢â€š ¬Ã¢â‚¬Å" à ¢Ã¢â€š ¬Ã¢â‚¬Å" 7,661 6,227 Joint ventures (note 17) 9 44 6 33 Own shares at cost1 86 88 à ¢Ã¢â€š ¬Ã¢â‚¬Å" à ¢Ã¢â€š ¬Ã¢â‚¬Å" Other unlisted investments at cost 17 42 à ¢Ã¢â€š ¬Ã¢â‚¬Å" 25 By the end of 2003 Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s were in trouble and fighting to maintain their positioning amongst the other major chains. In July 2003 Asda gained 17% of the market share. Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s slipped from a position of 17.1% of the market share to just 16.2%. Following the merger with Wal-Mart, Asda proceeded to overtake Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s as the second largest supermarket in the UK. [7] In 2004 it was determined that an increase in profits was needed urgently through sales and it was agreed that in order to meet these targets group managers would be provided with financial incentives. Consequently a share incentive scheme was initiated for all senior managers within Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s plc. Performance of these managers would be assessed over a period of four years and only when all targets had been met would the scheme be awarded.[8] Although the scheme encouraged increased and improved working practice it did look to the media like the Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s group were floundering, with a public announcement that acknowledged the weaknesses that existed within the company. What followed was a continued drive to invest and increase performance. Their 2 005 annual report stresses the importance attached to investment with the creation of a specialist web site designed to provide information on current investors in addition to attracting new ones.[9] This 2005 report also outlines the Performance indicators for 2004 and 2005 for Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s initiatives nationwide. In terms of offering new provision to its customers as part of the ongoing attempts to raise their profile the group launched its Wheel of Health campaign to encourage shoppers to think about the healthier options where eating is concerned and an astonishing 250,000 children took part in their Taste of Success initiative. This programme had the aim of assisting young people in a bid to encourage learning about food and nutrition. Running in partnership with the British Nutrition Foundation and the Design Technology Association, curriculum courses around food technology were built into the scheme which hosted food awards and awareness training for teach ers across the UK. Efforts were made to engage more with the community and align the company to the needs of assisting with regeneration across the country. It was an excellent attempt at active inclusivity and would have served to improve their image at the time significantly. Local Heroes awards were given to colleagues who demonstrated acts of courage, assistance or excellence within their communities, participating once again in the Investors in People scheme and reaching out to their own staff for their knowledge input and consultation around the way in which the business operates overall. Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s also became heavily involved with Comic Relief activities, raising seven million pounds throughout its stores for the charity and developing a vouchers for school campaign to support schools buying sports equipment. It seems that Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s had a stake in everything in 2005 and was actively playing its part for the environment by reducin g packaging significantly, reducing its CO2 emissions and introducing biodegradable methods for its waste produce. During this year the company headed up the Dow Jones Sustainability Indices and proved themselves to be the only retailer in the UK to appear in the Global 100 list of sustainable corporations. In 2005 they also took the award for Organic Supermarket of the Year.[10] Looking at the overall Capital between 2003 and 2005 the company argued that capital was in decline in 2003 due to the fact that the Easter holidays were much earlier than usual and a significant amount of new lines were being introduced. [11] Group capital expenditure for the year amounted to 1,197 million, compared to 1,159 million the previous year. This increase can also be attributed to the variety of new business transformation concepts. Essentially higher levels of spending had been necessary to adopt innovative activities for all stores to participate in across the UK. During this year Sain sburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s bought up a number of additional retail units acquired from the newly liquidated Ames Department stores. These needed financial support over the next couple of years in terms of refurbishment and conversion into new Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s supermarket stores. By 2004 capital expenditure was reducing and the company was seeing the signs of improved cash flow, additionally supported by lower dividend payments.[12]. In 2004/05 Capital expenditure dropped to around  £500 million. Throughout 2004/05 Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s integrated an energy savings programme across all of its stores and offices with a spend of over  £14million working in partnership with npower[13] 2006 to 2008 By 2006 Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s recovery plan was beginning to demonstrate a real difference. In 2005 it had set itself a target of  £2.5 billion in sales over a three year period. There were vast improvements in the retail operating profit m argins, demonstrable by a 14.3% operating profit growth recorded for 2005/06. By 2006 they were over half way to achieving their  £2.5 billion sales target. Their operational gearing had improved and risen considerably. During November 2006 Citigroup were predicting an increase of 64% in their overall profits before tax to reach  £193 million. Shares in Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s also rose to all time high in eight years, to a staggering 420p.[14] This overwhelming continued improvement in operational gearing can be attributed to greater sales and a reduction in costs. For example the group managed to make significant savings in labour and IT during this period.[15] This resulted in their ability to demonstrate higher investment in the overall quality of price and product. Between 2005 and 2006 a final dividend of 5.85p per share was announced. By 2007 a final dividend of 7.35 pence per share was proposed. [16]Once again illustrating the continued economic stre ngth of the company over a comparative short space of time. The table below illustrates the comparative performance indicators for Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s between 2005 and 2006[17] Continuing operations 2006 2005 Sales (inc VAT)  £17,317m  £16,364m Sales (ex VAT)  £16,061m  £15,202m Underlying operating profit  £342m  £325m Underlying profit before tax  £267m  £238m Profit/(loss) before tax  £104m  £(238)m Profit/(loss) after tax  £58m  £(187)m Underlying earnings per share 10.50p 8.30p Basic earnings/(losses) per share 3.80p (17.40p) Proposed dividend per share 8.00p 7.80p What is immediately obvious here are the increased levels of profit and the tremendous rise in value against Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s shares. As mentioned previously the new stores made a tremendous contribution to the noticeable growth in sales, including the introduction of 14 new supermarkets and 20 new metro convenience stores. In 2006 The Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s Group made other investments by way of completing nine extensions, 28 refurbishments, with a total 94 refurbishments and conversions of its convenience stores overall[18]. By 2005/06 the effects of their Making Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s Great strategy were becoming very apparent. Around this time the retail industry were however experiencing the negative effects of financial increases across the UK placed upon rent, rates and wages. In addition many energy supply companies were gradually introducing their higher costs and Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s estimated their energy expenses to total around Ã⠀šÃ‚ £55 million by the end of 2007.[19] In 2005 Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s owned 455 supermarkets. In 2006 they had targeted and additional 131 stores to invest in and refurbished 37 of these by March. They extended ten stores and acquired nine disbanded Safeway stores from Morrisonà ¢Ã¢â€š ¬Ã¢â€ž ¢s in this same year. These ex-Morrisonà ¢Ã¢â€š ¬Ã¢â€ž ¢s stores provided Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s with around a 20% increase in overall sales. This demonstrates their ability to penetrate new locations successfully. During 2006 the group also embarked on an enhancement programme for their online home delivery service. As a consequence they received a sales increase of over 25% from this market.[20] 2005 witnessed another significant move by Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s to assist with their recovery programme, when they decided to terminate their IT outsourced contract with company Accenture. In 2000 Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s had signed a contract worth over  £1 .7 billion, scheduled to continue for seven years. In 2003 this was reviewed and extended to 2010. In the meantime Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s decided to invest in its own IT systems and made the move towards developing their own in-house systems. This decision also followed in the wake of the Accenture infrastructures failing to adequately support the needs of the company and costing Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s at one point  £500 million in supply chain and IT assets. At the time Chief Executive Justin King responded publically that à ¢Ã¢â€š ¬Ã‹Å"The IT cost is a greater proportion of sales than they were three years agoà ¢Ã¢â€š ¬Ã¢â€ž ¢. [21] Dropping the contract and focusing on an in-house infrastructure in 2005 enabled Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s to recoup some of ità ¢Ã¢â€š ¬Ã¢â€ž ¢s losses and the drain in spend that Accenture were taking from the company each year Capital expenditure reduced in 2006 to  £525 million, a sharp decrease from the pre vious financial year where capital expenditure had reached a staggering  £901 million. This can however largely be accounted for as the increase had included Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s new investments in the ex-Morrisonà ¢Ã¢â€š ¬Ã¢â€ž ¢s stores and the balance of this was significantly outweighed by the resulting increase in sales.[22] 2007 witnessed another sharp increase in capital by  £212 million on the previous year and can mostly be attributed to the cost of refurbishment and extensions to existing stores.[23] Throughout 2006 and 2007 Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s had begun talks with the Qatari based investment fund, Delta Two, with regard to a possible takeover and a proposed bid amounting to  £10.6 billion. The bid was quashed finally at the end of 2007; as a result of the effects of the global credit crunch, but not without its consequences. The public and investors had panicked and lost confidence in the Sainsbury group and share prices plumme ted by 20%, impacting on the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s overall market value which reduced by  £1.8 billion.[24] Delta Two remain in possession of 25% ownership of the group (the Sainsbury family hold 18%) and would be at liberty to present a new offer in light of the fact that six months have elapsed since their last bid failed. It is unlikely to consider a new takeover bid, in terms of the Sainsbury group refusing to back down against their offer and the Qatarià ¢Ã¢â€š ¬Ã¢â€ž ¢s inability to negotiate, but the likelihood of some future takeover is not completely improbable, considering this particular deal became so near to closure and received such immense media attention. Brian Revell of Unite, which is Britains largest union consisting of 20,000 members at Sainsburys declared the failed takeover bid to be a positive move for the supermarket and looks forward to a period of stability and business as usual. In contrast Revell has stated that there remain issues across the group which are still not resolved. We are aware that significant Sainsburys shareholders have designs on splitting the companys retail and property interests. Such a split would not be good news in our judgment and we would urge the board to resist the temptation. And other investors such as Robert Tchenguiz whose property empire owns a 10% stake in Sainsburys is continually lobbying the board to release the  £8 billion value of Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s, in order to re-invest in a significant property enterprise. [25]The companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s most recent announcements to begin moving more resources into non-food initiatives, may see a more gradual shift into different, more varied opportunistic markets such as this. Similarly only six months ago Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s announced their new investments of  £273 million into the joint venture property enterprise British Land. 2008 has marked the end of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s Making Sainsbu ryà ¢Ã¢â€š ¬Ã¢â€ž ¢s Great Again strategy, launched in 2004 at the height of their financial difficulties and struggle to maintain their profile. This recovery plan had revolved around improving customer incentives and operational efficiency in order to increase sales and profit enhancement. The original sales target set by the group in 2004 had been an agreed  £2.5 billion. With sales of  £2.7 billion announced in March of this year the supermarket giant has managed to exceed their target, with profits also significantly increasing by 28.4% before tax. A final dividend of 9.00 pence per share agreed in 2008 raises the year end dividend to 12.00 pence. This demonstrates an increase of 23.1 per cent compared to 2007.[26] However the Financial Times income statement for Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s confirms that Year on year since 2004 little progress has been made in their total net income which has risen from 325.00m to just 329.00m. What is apparent is the grow th in revenue by 4.00% during this period which can be attributed to the increase in the cost of goods sold as a percentage of their sales. Cash flow margins from these figures also illustrate considerable losses in cash reserves for 2008. This is probably accountable by way of the 791million the company spent on investments.[27] It was announced at a Food and Grocery conference earlier this year that Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s will now take forward a new strategy, following on from the success of Making Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s Great Again. The new From Recovery to Growth plan heralds s the start of another three year initiative that will anticipate a sales growth of  £3.5 billion. Around  £15 million will be invested in the project.This latest strategy will see Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s focusing on new business opportunities, improving their online home delivery service and diversifying its products to expand further into the non-foods market.[28] Conc lusion Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s has responded to a variety of financial challenges over the past five years, dealing with the threat of stronger competition, a fluctuating economy which has influenced UK shopping trends and beaten back the threat of takeover and possible insolvency. In 2005 the sales figures, profit losses and ever decreasing share prices were presenting a bleak picture for the company. A massive recovery plan, expansion of its stores and nationwide initiatives and new partnerships enabled the company to recuperate its losses and generate a huge increase in sales. Early measures taken to dramatically cut the costs of ità ¢Ã¢â€š ¬Ã¢â€ž ¢s IT outsourcing in 2005 also contributed to the decrease in unnecessary investments. Together with their shrewd publicity campaigns led by the popular celebrity chef Jamie Oliver, Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s used a number of combined profile raising and financial initiatives in order to deliver a complete economic turnaround . In 2008 Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s total retail sales including VAT currently stand at 19,287 million, an increase on their previous year from 18,227 million. And a considerable improvement on their sales figures recorded for 2005 at 16,354 million. Since 2005 a steady year on year rise has amounted to a total increase in sales of just under  £300 million. Similarly their profits have soared. Profit before tax in 2008 confirms a 28.4% rise at  £488 million. Precisely  £108 million compared to 2007. Profits in 2006 were recorded at  £108 million. This illustrates an overwhelming profit increase of  £380 million for Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s over just two years. Like-for-like sales, excluding fuel, has risen 3.9 per cent. The group has recorded 13 consecutive quarters of like-for-like growth. Sales, cost cutting and profit targets under this programme have all been exceeded in accordance with the Making Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s Great Again strategy. In the face of continued speculation regarding the global economy and less disposable income, Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s Chief Executive, Justin King has acknowledged the ongoing worries regarding consumer spend across all economies, declaring Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s to be à ¢Ã¢â€š ¬Ã‹Å"clearly under pressureà ¢Ã¢â€š ¬Ã¢â€ž ¢, expecting the market to continue to be à ¢Ã¢â€š ¬Ã‹Å"intensely competitiveà ¢Ã¢â€š ¬Ã¢â€ž ¢. He has also positively indicated that à ¢Ã¢â€š ¬Ã‹Å"people eat at home more rather than spending money on visiting restaurants.à ¢Ã¢â€š ¬Ã¢â€ž ¢ [29] Which will obviously falls in favour of the retail food market. Sainsburys has lost some of its share in the market recently and customers have been turning to cheaper supermarkets. In response the company launched their à ¢Ã¢â€š ¬Ã‹Å"Feed your family for a fiver campaign earlier in the year, championed once again by Jamie Oliver. The scheme seeks to provide customers with a range of h ealthy, fresh and tasty meal options for four people at a budget of  £5 or under. Another interesting point to note is that Justin King as declared food price inflation to exist at 2% with regard to Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s supermarkets, whereas the Office for National Statistics quotes the figure to be 6.6%. Time will only tell how Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s fair the recent storm involving the impact of the credit crunch. Sainsbury shares have also dramatically recovered after decreasing to 320p in March this year. But overall the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s high volume of sales and their cost efficiencies will help to ease any impact of investment in price and new salary increases. Primarily Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s has fought to focus on providing for the specific needs of the customer over the past few years and has succeeded in benefiting from those objectives. Bibliography Boyer, K.K, Frohlich, M.T, Hult,T.M (2004) à ¢Ã¢â€š ¬Ã‹Å"Extending the Suppl y Chain: How Cutting-edge Companies Bridge the Critical Last Mile Into Customers Homesà ¢Ã¢â€š ¬Ã¢â€ž ¢, AMACOM Div Mgmt Assn Financial Times (2008) https://markets.ft.com/tearsheets/performance.asp?s=uk%3ASBRY, Date accessed 12/09/08 Food and Grocery conference (2008) https://www.igd.com/cir.asp?menuid=22cirid=2563, Date accessed 12/09/08 Investment Advisory site article à ¢Ã¢â€š ¬Ã‹Å"Donà ¢Ã¢â€š ¬Ã¢â€ž ¢t Sell Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢sà ¢Ã¢â€š ¬Ã¢â€ž ¢, Rodney Hobson (2008) https://www.fool.co.uk/news/investing/company-comment/2008/05/14/dont-sell-sainsbury.aspx, Date accessed 12/09/08 Jivkov, M (2006) à ¢Ã¢â€š ¬Ã‹Å"The Week Ahead: Huge profits leap in store for J Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢ Independent Newspaper Knights, M (2005) à ¢Ã¢â€š ¬Ã‹Å"Sainsburys calls time on IT outsourcing contractà ¢Ã¢â€š ¬Ã¢â€ž ¢, Computing magazine MacArthur Foundation (1999) J Sainsbury Plc and the Home Depot: J. Sainsbury PLC and the Home Depot U. K. /U. S.: Island Press Walsh, F (2007), à ¢Ã¢â€š ¬Ã‹Å"Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s: a history in Picturesà ¢Ã¢â€š ¬Ã¢â€ž ¢, The Guardian newspaper Ibaraki, T, Nonobe, K, Yagiura, M (2005) Metaheuristics: Progress as Real Problem Solvers: Springer Wildman, M (1998) The BSE Inquiry / Statement No 166, J Sainsbury plc (2008), Flex News J Sainsbury plc: Three-Year Targets Exceeded https://www.flex-news-food.com/pages/16427/Sainsbury/j-sainsbury-plc-three-year-targets-exceeded.html J.Sainsbury plc (2003), Annual Report and Financial Statements https://www.jsainsburys.co.uk/files/reports/ar2003/pdf/annual_report.pdf, Date accessed, 11/09/08 J.Sainsbury plc: Investors Report: Company News (2004) https://www.jsainsburys.co.uk/index.asp?PageID=418news_filter=allYear=2004NewsID=489, Date accessed 11, 09, 08 J.Sainsbury plc, Company news (2005), https://www.jsainsbury.com/index.asp?PageID=322subsection=news_releasesYear=2005NewsID=531, Date accessed 10/09/08 J.Sainsbury plc, Corpo rate Responsibility Report (2005) https://www.j-sainsbury.com/files/reports/cr2005/index.asp?pageid=22, Date accessed 10/09/08 J.Sainsbury plc: Annual Report (2005) https://www.jsainsburys.co.uk/files/reports/cr2005/files/pdf/report.pdf Date accessed 08/09/08 J.Sainsbury plc: Annual Report (2006) https://www.j-sainsbury.com/ar06/overview/groupperformance.shtml, Date accessed 09/09/08 J.Sainsbury plc: Chief Executiveà ¢Ã¢â€š ¬Ã¢â€ž ¢s Operating Review, Annual Report (2006) https://www.j-sainsbury.com/ar06/ceor/ceor10.shtml, Date accessed 09/09/08 J.Sainsbury plc: Full Financials, Annual Report (2006) https://www.j-sainsbury.com/ar06/fullfinancials/summary9.shtml, Date accessed 10/09/08 J.Sainsbury plc-Financial Review Annual Report (2007) https://www.j-sainsbury.com/ar07/businessreview/financialreview4.shtml Date accessed 08/09/08 J.Sainsbury plc Governance Directorà ¢Ã¢â€š ¬Ã¢â€ž ¢s Report, Annual Report (2007) https://www.j-sainsbury.com/ar07/governance/ Date ac cessed 09/09/08 J.Sainsbury plc: Chairmanà ¢Ã¢â€š ¬Ã¢â€ž ¢s statement (2008) https://www.j-sainsbury.com/ar08/chairman/index.shtml, Date accessed 10/09/08 1 Footnotes [1] Boyer et al (2004) à ¢Ã¢â€š ¬Ã‹Å"Extending the Supply Chain: How Cutting-edge Companies Bridge the Critical Last Mile Into Customers Homesà ¢Ã¢â€š ¬Ã¢â€ž ¢, AMACOM Div Mgmt Assn [2] Wildman,M (1998) The BSE Inquiry / Statement No 166, J Sainsbury plc [3] (2008), Flex News J Sainsbury plc: Three-Year Targets Exceeded [4] https://www.jsainsburys.co.uk/files/reports/ar2003/pdf/annual_report.pdf [5] https://www.jsainsburys.co.uk/files/reports/ar2003/pdf/annual_report.pdf [6] https://www.jsainsburys.co.uk/files/reports/ar2003/pdf/annual_report.pdf [7] Ibaraki,T, Nonobe,K, Yagiura,M (2005) Metaheuristics: Progress as Real Problem Solvers: Springer [8] https://www.j-sainsbury.com/index.asp?PageID=322subsection=news_releasesYear=2005NewsID=531 [9] https://www.j-sainsbury.com/files/reports/cr2005/index.asp?pageid=22 [10] https://www.j-sainsbury.co.uk/files/reports/cr2005/index.asp?pageid=90 [11] https://www.jsainsburys.co.uk/files/reports/ar2003/pdf/an nual_report.pdf [12] https://www.jsainsburys.co.uk/index.asp?PageID=418news_filter=allYear=2004NewsID=489 [13] https://www.jsainsburys.co.uk/files/reports/cr2005/files/pdf/report.pdf [14] Jivkov,M (2006) à ¢Ã¢â€š ¬Ã‹Å"The Week Ahead: Huge profits leap in store for J Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢ Independent Newspaper [15] https://www.j-sainsbury.com/ar07/businessreview/financialreview4.shtml [16] https://www.j-sainsbury.com/ar07/governance/ [17] https://www.j-sainsbury.com/ar06/overview/groupperformance.shtml [18] https://www.j-sainsbury.com/ar06/fullfinancials/retailing.shtm [19] https://www.j-sainsbury.com/ar06/fullfinancials/retailing.shtm [20] https://www.j-sainsbury.com/ar06/ceor/ceor10.shtml [21] Miya Knights (2005) à ¢Ã¢â€š ¬Ã‹Å"Sainsburys calls time on IT outsourcing contractà ¢Ã¢â€š ¬Ã¢â€ž ¢, Computing magazine [22] https://www.j-sainsbury.com/ar06/fullfinancials/summary9.shtml [23] https://www.j-sainsbury.com/ar07/businessreview/financi alreview7.shtml [24] Fiona Walsh (2007), à ¢Ã¢â€š ¬Ã‹Å"Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s: a history in Picturesà ¢Ã¢â€š ¬Ã¢â€ž ¢ , The Guardian newspaper [25] Fiona Walsh (2007), à ¢Ã¢â€š ¬Ã‹Å"Sainsburyà ¢Ã¢â€š ¬Ã¢â€ž ¢s: a history in Picturesà ¢Ã¢â€š ¬Ã¢â€ž ¢ , The Guardian newspaper [26] Chairmanà ¢Ã¢â€š ¬Ã¢â€ž ¢s statement (2008) https://www.j-sainsbury.com/ar08/chairman/index.shtml, Date accessed 10/09/08 [27] https://markets.ft.com/tearsheets/performance.asp?s=uk:SBRY [28] Food and Grocery conference (2008) https://www.igd.com/cir.asp?menuid=22cirid=2563 [29] https://www.fool.co.uk/news/investing/company-comment/2008/05/14/dont-sell-sainsbury.aspx