Masonry Magazine January 1984 Page. 42
MC & MCA Completes "Project in Park"
The Minnesota Concrete & Masonry Contractors Association recently completed its annual "Project in the Park," an attractive, all-masonry flagpole base at Island of Peace Mississippi River Front Park in Fridley, Minn. The park, located on the banks of the Mississippi, was once a rubbish pile and is now a beautifully landscaped, 140-acre site accessible to the handicapped and the elderly, thanks to the efforts of Ed Wilmes, who founded the park 15 years ago.
Pictured at the dedication ceremony of the flagpole base are (from left) Wilmes; Kurt Trump, MC & MCA promotion committee chairman; Bill Hopkins, PR director of the Courage Center; Foster Dunwiddie, president of Island of Peace Foundation, and Howard Larson, president of MC & MCA.
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Dealer Inquiries Invited
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Engineering and Construction Accounting Policies Surveyed
Although most of the largest engineering and contracting firms in the nation's construction industry generally follow the American Institute of Certified Public Accountants (AICPA) Statement of Position (SOP) 81-1, many face changes in their accounting practices should the Federal Accounting Standards Board (FASB) adopt the statement as mandatory, according to a recent construction industry study.
Arthur Andersen & Co., an international accounting and consulting organization, compiled these findings from a survey of 400 of the nation's largest engineering and construction firms. The survey gauges the effect that FASB's adoption of the Statement of Position regarding Accounting for Performance of Construction-Type and Certain Production-Type Contracts would have on the accounting policies of the industry.
According to James H. Allen, audit partner for the construction industry in Arthur Andersen & Co.'s Houston office and coordinator of the study, the 263 survey respondents generally reported three common practices that would not be in accordance with SOP 81-1. First, approximately one-half of the companies responding to the survey include the value of uninstalled materials not specifically fabricated for the project in costs incurred when computing progress toward completion. Second, 78% of the respondents often included reimbursable items in contract costs and revenues even when the contractor is serving only as an agent for the owner and is not at risk in the purchase of the items.
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