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September 12, 2014     Hidalgo County Herald
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HIDALGO COUNTY HERALD FRIDAY, SEPTEMBER 12, 2014 3 SBDC Financial plan elements-F"ofit and loss statements made easy By SBDC Staff Financial experts will have different opinions about what should be included in a financial plan, depending on the type of business you have and what you're trying to accomplish with your business plan. But whether you're thinking of starting a busi- ness, expanding your current business, or just want to under- stand your current business bet- ter, there are a few key financial items that you should definitely include: • Profit and loss statement • Cash flow statement • Balance sheet • Sales forecast • Personnel plan • and maybe some business ratios and/or a break-even analysis Even if you're in the very beginning stages of your busi- ness, these financial statements can still work for you. Develop- ing your financial plan from ba- sic numbers is both possible and very helpful. This week's Busi- ness Report will discuss the profit and loss statement. A profit and loss statement is essentially an explanation of how your business made a profit (or incurred a loss) over a certain period of time. It's a table that lists all of your revenue streams and all of your expenses--typically for a three-month period--and lists at the very bottom the total amount of net profit or loss. This is a financial statement that goes by a few different names--profit and loss state- ment, income statement, pro forma income statement, P&L (short for "profit and loss")--but no matter what you call it, it's an essential report and very impor- tant to understand. QUICK TIP: The term "pro forma" in front of any financial statement primarily serves to la- bel that version of the statement as not adhering to the strict "gen- erally accepted accounting prin- ciples" (GAAP) standards that all publicly-traded companies must use to produce their financial statements. Major corporations use pro forma statements to illus- trate projected numbers, like in the case of a merger or acquisi- tion, or to emphasize certain cur- Ed Kerr I, Ed Kerr, hereby announce my candidacy for the office of Hidalgo County Commissioner, Position 1. Your continued support will be greatly appreciated. --Ed Kerr Warren Walter I, Warren Walter, hereby announce my candidacy for the office of Hidalgo County Sheriff. Your vote of support will be very much ap- preciated. --Warren Walter Carmen Acosta I, Carmen Acosta, hereby announce my candidacy for the office of Probate Judge. I have 35 years of service in county government. I have also earned a Certificate of Completion on Probate from NMSU. It would be an honor and privilege to serve as your Probate Judge. I respectfully request your consideration in the 2014 General Election. --Carmen Acosta Saturnino "Nino" Madero I, Saturnino "Nino Madero, Democratic candidate for the office of Hidalgo County Sheriff, respectfully ask for your support in the upcoming General Election in June 2014. Thank you. --Saturnino "Nino" Madero Mark Thomas I, Mark Thomas, would like to announce my candidacy for the position of Magistrate Judge. Your support will be greatly appreci- ated. -- Mark Thomas Darr Reynolds Shannon I, Darr Reynolds Shannon would like to announce my candidacy for Hidalgo County Commissioner. Thank you to all for the past support, and please know that I work for you...Hidalgo County. -- Darr Reynolds Shannon Marianne (Mimi) Stewart I, Marianne (Mimi) Stewart, hereby announce my Democratic candidacy for the office of Hidalgo County Commissioner, Position 1. Thank you for your support. -- Marianne (Mimi) Stewart Joseph "J.J." Salinas I, Joseph "J•J." Salinas, would like to announce my Democratic candidacy for Hidalgo County Commissioner, Position 2. Your sup- port will be greatly appreciated. -- Joseph "J.J." Salinas Nick Varela Ruiz I, Nick Varela Ruiz, would like to announce my Independent Party candidacy for Hidalgo County Commissioner, Position 1. Your votes of support in the November General Election will be greatly appreciated. -- Nick Varela Ruiz Tom Bill Black I, Tom Bill Black, announce my candidacy for NM House of Representative District 32. I will go to Santa Fe and work very hard for the people of Hidalgo County, Your support will be greatly appre- ciated. Thank you -- Tom Bill Black www.smithfordlordsburg, com Sara Saenz I, Sara Saenz, announce my candidacy for the office of Hidalgo County Probate Judge, Independant candidate. Your votes of support will be greatly appreciated. Paid by candidates -- Sara Saen'. Assistance Needed To the alumni of Lordsburg High School, friends and family: A very dear childhood friend is in need of a kidney transplant. was born and raised in Lordsburg and is the daughter of Chilo and Lencha Garcia. In 2012 Irma was diagnosed with acute kidney failure. At the time, less than 15% of her kidneys were functioning. Currently, Irma is undergoing dialysis three times a week. A dream come true for Irma and her family would be a kidney transplant. Her son has estab- lished an account for donations on the website "gofundme". Any amount that you can contribute would be greatly appreciated. If you have questions feel free to call Lollie Briseno Chavez at 915-526-5471. Thank You & God Bless! rent figures. GAAP standards don't apply to small businesses, so you don't really need to worry about distinguishing your finan- cial statements as "pro forma" or not--everyone you show them to expects that they're not GAAP- compliant. But if you want to be technically correct in your termi- nology, go ahead and call your financial statements "pro forma." There are different formats for profit and loss statements, de- pending on the type of business you're in and the structure of your business (non profit, LLC, C- Corp, etc.). A typical profit and loss statement should include: • your revenue (also called sales), followed by • your "cost of sale" or "cost of goods sold" (COGS)--keep in mind, some types of companies, such as a services firm, may not have COGS • your gross margin, which is your revenue less your COGS These three components (revenue, COGS, and gross mar- gin) are the backbone of your business model--i.e., how you make money• You'll also list your operat- ing expenses, which are the ex- penses associated with running your business that aren't incurred directly by making a sale. They're the fixed expenses that don't fluctuate depending on the strength or weakness of your rev- enue in a given month--think rent, utilities, and insurance. Your gross margin less your operating expenses will give you your operating income: Gross Margin - Operating Expenses = Operating Income Depending on how you classify some of your expenses, your op- erating income will typically be equivalent to your "earnings be- fore interest, taxes, depreciation, and amortization" (EBITDA)-- basically, how much money you made in profit before you take your accounting and tax obliga- tions into consideration. This is also called your "profit before interest and taxes," gross profit, and "contribution to over- head"--many names, but they all refer to the same number. Your so-called "bottom line"--officially, your net in- come, which is found at the very end (or, bottom line) of your profit and loss statement--is your EBITDA less the "ITDA." Just subtract your expenses for inter- est, taxes, depreciation, and am- ortization from your EBITDA, and you have your net income: Operating Income - Interest, Taxes, Depreciation, and Amor- tization expenses = Net Income An archive of SBDC Busi- ness Reports can be found at http://www.grantcounty beat.com/index.php/archived- items Western New Mexico University's Small Business De- velopment Center offers assis- tance to entrepreneurs who are starting a business or wanting to expand an existing business. These services are available at no cost. Call 538-6320 for an ap- pointment with a business advi- sor, or email sbdc@wnmu.edu. The SBDC office is located in Watts Hall at 500 18th Street, at the intersection of Swan and Sil- ver Heights Blvd. An appoint- ment at your office is available by request• More information may be found at www.nmsbdc.com/silvercity/ index.html. Contact the SBDC office for more information about these events. October 7 - "How to Build Your Credit" October 8 - Advertising Your Business on Facebook" married to Eugene Parque Noce Charles R. Tharp Sr. Alice Joyce Noce Alice Joyce Noce, 93, passed away peacefully September 6, 2014 at Sunset Vista Assisted Living Home in Silver City. Cre- mation has taken place un- der the direc- tion of Lords- burg/Bright Fu- neral Home. A graveside ser- vice will be Sep- tember 19, 2014 at II:00AM at the Shakespeare Cemetery in Lordsburg, NM. Pastor Joe Pelegrine will officiate. She was born on July 24, 1921 in Red Wing, Minnesota, daughter of Henning and Leona Anderson. She enjoyed and loved being with her grand and great- grand children. She loved work- ing and being in her Beta Sigma Phi Sorority where she was a life member. She loved playing the lottery and doing her scratchers. She and Gene enjoyed playing canasta with their dear friends Edward (BiUo) and Judy Fisher. On May 29, 1949 she was Candidates invited to Sew Whatforum Alice Joyce Noce Sept. 26 Courtesy submission All candidates who will be on the November ballot have been invited by the Sew What Club of Portal/Rodeo to present their views to voters at a public forum on Friday, September 26 beginning at 6:00 Arizona time in the Portal Rescue classroom. Each candidate will have five minutes to tell why they should be elected. They will an- swer questions asked by the au- dience. Many former participants say they had much better turn- outs at this event than at larger communities. Refreshments will be served. For more information, call Bar- bara Miller at (520) 558-2414) or Deborah Arbinder at (520)558- 0980. Senior Citizens Lunch Menu Monday, September 15 Baked Chicken Sliced Tomatoes Broccoli & Cheese WW Roll/Margarine Strawberries & Bananas Tuesday, September 16 Beef Tips/Gravy Egg Noodles Salad/Dressing Peas & Carrots Pears/Oatmeal Cookie Wednesday, September 17 Green Chile Chicken Tamale Pinto Beans Garden Salad/Dressing Tortilla Pineapple Tidbits Thursday, September 18 Roast Beef Mashed Potatoes/Gravy Vegetable Salad California Vegetables WW Roll Cantaloupe Friday, September 19 Pork Posole Calabacitas Salad w/Dressing Flour Tortilla Chocolate Chip Cookie New Mexico Press till Association Member Hidalgo County Herald (USPS 020697) is published weekly by Hidalgo County Herald in the City of Lordsburg, County of Hidalgo, 212 E. Motel Drive, Suite B, Lordsburg, New Mexico 88045-1948, 52 issues a year. Subscription rates vary. Subscription rate is $40 per year by USPS mail, $25 per year by email. Requests for correc- tions and complaints concerning news and editorial content of the Hidalgo County Herald should be directed to the editor. For further information on the Hidalgo County Herald's approved grievance policies, readers may contact the publisher• Any unsolicited manu- scripts become the property of the Hidalgo County Herald and will not be returned• All information contained herein is copyrighted 2014 by the Hidalgo County Herald• All photos/stories, unless stated, are written by our staff• POSTMASTER: Send address changes to Hidalgo County Herald, 212 E. Motel Drive, Suite B, Lordsburg, NM 88045- 1948• Periodicals Postage Paid at Lordsburg, New Mexico. PUBLIsHER/EDITOR: Brenda Hood ADVERTISING MANAGER: Glenda Greene PHONE: 575-542-8705 FAX: 575-542-8838 E-MAIL hcherald @aznex.net and celebrated 59 years of mar- riage before his death in 2008. She prided herself in being a do- mestic engineer. She also worked in the retail business of selling women's clothes and jewelry. She is survived .... by her three sisters- in-law Carol and Joan Anderson and Melsina Noce. She is also survived by her four children, three daughters, Gloria Farris (Jay), and son Shannon (Charlotte) and children Levi and Clayton of Sil- ver City, Linda Nava (Demetrio) and son Christopher (Samantha) children Kali and Kyle Ivy, and daughter Denise and Betty Gregory (Gilbert) and sons Joseph (Kristin) children Hannah and Helenah (Esmeralda and Eli), Robert (Misty) and children Marcus and Alexis, and daughter Suzy(Shawn) Lamborn and children Cody and Shelby (Parker)Davis; her son David (Tina) and daughters Monica Gonzales and children Alicia and Luis and Stephanie (Ralph) Aguilar and children Angelina,Ylianna, Victor, and Anisah. Many nieces and neph- ews survive her as well. She was preceded in death by her parents Henning and Leona Anderson, husband Eu- gene Noce and grandson Marcus Gregory, two Sisters Elaine (Paul) Kayser and MaryBelle (Curly) Anderson and four brothers Dennis, Neal (Dode), Robert (Joyce), and Cliff. Also preceding her were her sisters- in-laws Martha (John) Chapman, Ida (Siby) San Marco, Rachel Halverson, Julia (Clifford) Martin children Clifford Jr. and Jacquelyn, Louise (Jack) Morgan and brother-in-laws Fausto (Frieda) and Joseph, and Edward (Billo) and Judy Fisher their very close friends. Serving as pallbearers are Robert Gregory, Christopher Nava, and Shannon Farris. Hon- orary pallbearers are Marcus Gregory, Shawn Lamborn, Parker Davis, Joseph, Eli Gre- gory, Cody Davis, Kyle Ivy, Levi, and Clayton Farris. Arrangements are with Lordsburg/Bright Funeral Home 408 Main Street, Lordsburg, NM, 88045. Contri- butions can be made in her name to Sunset Vista Assisted Living Home, 3650 Fowler Ave, Silver City, NM 88061. To send condolences login to www.brightfuneral.net Charles R. Tharp Sr., 75, resi- dent of Deming passed away Sat- urday September 6, 2014 at Mimbres Me- morial Hospital. Visitation was Wednesday from 4 to 8 at Baca's Funeral Chapel. Fu- neral services were Thursday afternoon at 2 at Baca's Funeral Charles R.Tharp St. Chapel with Larry Anderson of Bethel Baptist Church offi- ciating. Cremation will follow and inurnment will take place at Mt. View Cemetery in Deming at a later date. Charles was born Decem- ber 18, 1938 in Tony, New Mexico to John and Geneva Tharp. He came to Deming in 1993 from Midland, Texas and locally he had worked for the New Mexico Department of Transportation until his retire- ment. Charles was a diesel me- chanic and he enjoyed fishing and spending time with his fam- ily and friends. He is survived by his wife 31 years, Janie of Deming; sons, Charles Tharp Jr. of Midland, Texas, James Lincoln Snedeger .of Benton, Arkansas; stepsons, Glenn Lunceford and Delton Lunceford of Deming; daugh- ters, Anita Marie Tarvin of Tyler, Texas, Michelle Davis of Grants, New Mexico, and Markie Crouch of Benton, Ar- kansas; sister, Dorothy Howard of Deming; 23 grandchildren, 30 great grandchildren, and 1 great great grandson. He was preceded in death by his parents, 2 brothers, Jerry and Harold Tharp, 1 son, Shawn Tharp and 1 daughter, Peggy Barton. Entrusted to the care of Baca's Funeral Chapels and Mimbres Crematory. Exclusive provider for "Veterans & Fam- ily Memorial Care". To sign the online guest book or"iO"se'n.a card, please visit our Wet0gite-"at www.bacasfuneralchapels.com. 811 S. Gold Ave., Deming, NM 88030. 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