Priceless Vol 7 Number 4
Personal and Professional Empowerment www.hamptonroadsmessenger.com
Attucks Cultural Center Goes to the White House
As Virginia's Public-Private Transportation Projects Grow, So Do Transparency Concerns
7 Cities in 7 Months Business Workshop: Virginia Beach
Free December 2012 Serving Norfolk, Portsmouth, Chesapeake, Hampton, Newport News, Suffolk, and Virginia Beach since 2006
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Local Business Owner Invests in Himself, and the Community
BY A. R. WILLIS Jeffrey L. Parrish is
Transurban Group, an Australia based company, owns and operates Pocahontas 895, shown here from above at the interchange with I-95. The nine mile toll road in Richmond, Virginia links Interstates 95 and 295 to create a southern bypass of the capital city.
BY KATIE WATSON ALEXANDRIA — As
state transportation dollars dwindle and give way to more public-private transportation partnerships, concern is growing among policy advocates that transparency is on the chopping block.
Protected by privacy
clauses privy to private companies, these partnerships — subsidized by taxpayer dollars in the millions — aren’t required to divulge nearly as much information as a purely public venture, leaving taxpayers, according to some transparency experts, largely in the dark.
With the state and private undertaking
ventures like the recently opened Interstate 495 Express Lanes , the under-construction I-395 Express Lanes and new Route 460, the questions only mount.
“The concern has always
been with these projects … what measure of accountability does the government sacrifice when it outsources its functions to private entities?” asked Megan Rhyne, executive director of the Virginia Coalition for Open Government. “The partnerships aren’t, per say, good (and) aren’t, per say, bad. They just have to be created in a way that doesn’t sacrifice the public’s ability to monitor them.”
continue to grow along with the size and scope of public-private transportation projects, known as P3s. The projects are more massive than Sen. John Watkins, R-Powhatan, said they were intended to be in 1995. Back then, he was a delegate as the General Assembly passed the Public Private Transportation Act under then-Gov. George Allen.
“I understand the need to
be able to contract with some degree of proprietary dealings with the individual companies, but at the same time, they have
TRANSPORTATION PAGE 6 THIS EDITION’S HIGHLIGHTS
Sports Editorial Career Opportunities Hampton Roads Upcoming Events Scholarships Watch
How to Raise an Angel RG3 Named NFL Offensive Rookie of the Month
Cox is Hiring! Free Online Language Learning Program in Suffolk Winter Concert Series: Elliott Family Quartet 2013 Scholarships for Military Children
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no stranger to the many challenges and great rewards involved with being an entrepreneur. As president and CEO of Parrish-Point, LLC, a civil engineering, surveying and landscape architecture firm based in Virginia Beach, Parrish is a very successful example of what can be achieved when one swaps corporate America’s sometimes stale job market for the fresh air of small business ownership. Parrish-Point, LLC is not only one of the leading firms of its kind in Virginia, but is involved in projects around the country and overseas as well. Established in 2009, the company has grown rapidly, and now includes an office in Richmond and an office that will soon open in Alexandria, Virginia. With plans in the works to provide their in-demand services on an even more global basis, Parrish-Point has come a long way from its humble beginnings.
Jeffrey L. Parrish, president and CEO of Parrish-Point, LLC Parrish, launched his company using
funds from his 401K, accumulated from a twenty-year corporate career, as start-up capital. “I remember losing quite a bit of money back in 1999 and 2000 due to the markets,” Parrish recalls. “So, I figured, if I'm running the risk of letting other people lose
INVEST PAGE 5
Adding Others to Your Accounts: Understanding the Risks
Consumers often wonder about whether
or how to add someone else, usually a relative, to a bank account. These decisions are not to be taken lightly. The Hampton Roads Messenger can't advise you on how to share your money or your accounts, but we can give you guidance about the implications of adding names onto deposit accounts, safe deposit boxes and loans.
Adding co-owners to a deposit account vs.
alternative arrangements. Under FDIC rules, a joint account is a deposit account owned by two or more people who have equal rights to withdraw 100 percent of the deposits and to close the account. "For a couple wishing to share common funds, the upside is that each person may write checks and pay bills from the account, which is certainly a convenience in managing a household or as someone needs assistance," said Joni Creamean, Chief of the FDIC’s Consumer Response Center.
In addition, each co-owner is insured for
up to $250,000 for his or her share in all joint accounts at an insured bank. "For someone who wants to add co-owners primarily for convenience purposes or accessing funds in an emergency, carefully consider how limits on withdrawal rights could affect your insurance
coverage," warned Martin W. Becker, an FDIC Senior Deposit Insurance Specialist.
For example, if a single mother adds two
children as co-owners but specifies that they must act together to withdraw any funds, the three individuals do not have equal withdrawal rights and the account would not necessarily be FDIC-insured up to $750,000 ($250,000 for each person named). "In this situation,"
ADDING OTHERS PAGE 5
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