I hope our Fall Newsletter finds you all well.  Thankfully, we here in Chicago have had a rather pleasant Indian summer to enjoy despite the unusual circumstances we have found ourselves in the past few months. Unfortunately, as the Covid-19 pandemic continues unabated, I regretfully announce that the SABC will not be hosting its annual Christmas event at The Peninsula Hotel this December. While this may not come as a surprise to anyone, it is nonetheless saddening that we will not be celebrating the beginning of the Christmas season together as we have done in the past for many years. The board of directors is currently considering a possible online event in December in lieu of the event but no decision has been made at this time.

While 2020 has certainly provided everyone challenges, I am proud of the board of directors and our Executive Vice President, Sutha Heck, for all their hard work to have continuing engagement with our members via virtual events. You can be rest assured that we remain focused on providing value to our members to the best of our ability! As always, we would love to hear any feedback from you, our members, as to possible event suggestions or topics you would like the SABC to address in the future.
I wish you all wonderful Fall and continued good health!
Very truly yours, Thomas Soseman

 

We welcome CARGOHANSA, and its Co-Founder, Arnes Cehaic, and its Co-Founder, Aldin Cavcic as a new corporate member. Throughout their careers working in the international logistics industry, Cargohansa Founders Aldin Cavcic & Arnes Cehaic, noticed small and mid-sized companies were not being properly supported. With larger international shipping organizations focusing on the bigger and more established companies, smaller firms struggled to navigate the nuances and rapid changes involved in shipping their products globally and expanding into new markets. The two formed Cargohansa to serve these growing companies, not only to ensure they had access to world-class logistics services, but more importantly, to advise them on how to efficiently and effectively use them to optimize success and growth. Our team leverages our knowledge and networks to move your cargo worldwide, taking pride in our ability to advise you on the best shipping options for you, whether that’s speed or cost savings. 
More information

First held during IMTS 2014, the M4M program has raised more than $95,000 for schools and programs that benefit students interested in manufacturing, including STEM schools, FIRST Robotics Teams and community-based organizations that champion under-served, under-represented students. Like many things in 2020, this year’s 5K looked different. Instead of the traditional event in Chicago, M4M took place October 12-16 in neighborhoods across the country. Participants were encouraged to walk, run, hike or cycle the 3.1 miles or more together with friends, family or colleagues and share the experience on social media. 

FINANCIAL REPORTING DURING COVID-19 
The spread of the pandemic is having serious economic implications. Numerous sectors of the economy are suffering damage and the long-term economic and business consequences remain unknown. Among the many consequences of COVID-19, entities may face financial reporting implications and challenges. Impacts such as business and production disruptions, supply-chain interruptions, negative impacts on customers, volatility in the equity and debt markets, reduced revenue and cash flows, and other economic consequences may occur. This article provides succinct reminders to companies about some accounting considerations under accounting standards generally accepted in the United States of America (“US GAAP”) that have increased importance and risk in the current environment. It addresses topics like  asset impairments, including impairment tests, inventory existence and valuation considerations, dept modifications or going concern considerations. The article will also outline the financial reporting options for treatment of a PPP loan as well as the respective forgiveness.  Access the article here:https://www.roedl.de/themen/covid-19/usa-corona-jahresabschluss-erstellen-us-gaap-tochterunternehmen
 
COVID-19 UPDATES:  Be always up to date on tax impacts of COVID-19 and related new legislation and relief for tax payers! Please visit https://www.roedl.us/trending/tax_matters/covid-19-tax-recources or follow us on LinkedIn to find useful articles and information, updated daily.
 
As an integrated professional services firm, Rödl & Partner is active at 109 wholly owned locations in 49 countries. Rödl & Partner USA has specifically tailored our accounting, auditing, tax and business consulting services to the unique needs of your foreign owned business in the United States of America. For more than 40 years our core practice has been serving the accounting and tax needs of primarily German speaking and other foreign owned “Mittelstand” companies operating in the U.S.

PERIPHERAL VISION
Peripherals, by definition, are on the outskirts. But at LNS, that outer boundary is where we put all of our focus. Because there’s a secret: when CNC machine tool peripherals are so good that you don’t have to worry about them, you can turn your attention to the morale-boosting, business-growing stuff that you do best – making chips and making money.

That’s why we do what we do, and no one does it better. With five product categories and industry-best expertise, the passion and vision we have for CNC machine tool peripherals is unbeatable. So the next time you choose machine tool peripherals, you only have to remember a few letters: LNS.

Bar Feed Systems
Chip Management Systems
Coolant Management Systems
Air Filtration Systems
Work Holding Systems
www.LNS-northamerica.com

Design, selection and procurement of furnishings for a secluded Michigan retreat. Spaces were organized for a casual lifestyle of indoor and outdoor entertaining. When relocating corporate offices to Chicago or considering appropriate accommodations for executives, Furnishings + Accessories, together with our specialty consultants can provide architectural and interior design services for discerning commercial and residential clients. 

EROWA Technology, based in Arlington Heights, IL., is a full service supplier of palletization and automation systems for the North American manufacturing market. Our goal is to provide complete turnkey solutions for precision parts handling through most any group of manufacturing processes (from one type of machine to the next). We are capable of providing a simple manual palletization system or a fully integrated, custom designed workholding and automation system to meet the current needs and expectations of our customers.

In the market segments of precision mechanics, tool- and mold-making, as well as chip-cutting production, we offer concepts and products that provide customers with considerable optimization possibilities throughout the whole range of machining processes. Primarily, we achieve this through comprehensive knowledge of the application of our products, through individual and customized consultation, and through the use of our Flexible Manufacturing Concept (FMC), which cover the following four areas:

- Standardization (tooling system, tooling technology)
- Organization (setting-up, presetting and measuring technologies)
- Automation (loading/unloading technologies)
- Integration (process sequence, process control and planning technologies)

EROWA Technology, Inc.
2535 S. Clearbrook Dr.
Arlington Heights, IL 60005
www.erowa.com
info.usa@erowa.com