Why Charity Leaders Should Pay More Attention To Economics

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Acting deputy editor Lucinda Rouse and senior reporter Emily Harle are joined by Danny Sriskandarajah, chief executive of the New Economics Foundation, to discuss his views on the need for charities to understand the economic context of the issues they work to address.

Danny explains why a failure to engage with economic issues has contributed to charities often being treated as an afterthought in government-led discussions about economic growth.

The former Oxfam chief also shares his thoughts about the role of more formalised charities in safeguarding the health of wider civil society, and articulates his distaste for the terms ⁘third sector⁘, ⁘non-profit⁘ and ⁘non-governmental⁘ to describe civil society.

Also in the episode, Emily shares some of the findings of her recent feature on the use of artificial intelligence in funding applications.

Do you have stories of people whose lives have been transformed for the better thanks to your charity? If so, we⁘d like to hear them! All it takes is a short voice message to be featured on this podcast. Email lucinda.rouse@haymarket.com for further information.

Tell us what you think of the Third Sector Podcast! Please take five minutes to let us know how we can bring you the most relevant, useful content. To fill in the survey, click here .

Oklahoma Legislative Session: Tax, Library Bills Up For Consideration

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Like clockwork, state lawmakers filed more than 3,000 pieces of legislation for the upcoming 2025 legislative session.

After that, once the measure clears the Legislature, it can either be vetoed or signed by the governor. The Oklahoma legislative process is designed to be cumbersome.

In response to years of feral hogs causing extensive damage to property and agriculture in rural Oklahoma, Sen. Dusty Deevers, R-Elgin , introduced Senate Bill 478, the Free to Hunt Feral Hogs bill. The bill removes all required permits for hunting feral hogs and free Oklahomans to protect their land, crops, and livestock from their destructive impact.

"Feral hogs are much more than just a nuisance — they are a threat to Oklahoma's farms, ranches and livelihoods," Deevers said. "It is preposterous that Oklahomans need to obtain multiple permits from multiple agencies to protect their own property from substantial damage. No one should have to navigate permit processes and bureaucratic red tape in multiple agencies just to protect what is rightfully theirs."

"One in four struggles to afford these products, and when students don't have access to them, they may miss class. It's stressful and embarrassing. It leads to higher student absenteeism, lower academic performance, and it can even cause some students to drop out," Nice said.

New legislation filed Sen. Warren Hamilton, R-McCurtain , would require Oklahoma public school districts and charter schools to submit a list of all available library materials to the Oklahoma State Department of Education by Oct. 1 each year. Under Senate Bill 19 , schools would be prohibited from having any inappropriate materials available to students.

How Automation Is Shaping The Future In 2025

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Artificial Intelligence (AI) has revolutionized accounting, progressing from basic automation to advanced systems that handle complex financial decisions.

Key advancements include machine learning for predictive analytics, AI integration with cloud technologies for better access, and robotic process automation (RPA) for repetitive tasks.

These innovations have improved efficiency and accuracy, shifting accountants' roles from routine data entry to strategic advisory positions. As AI continues to develop, its influence on financial processes and decision-making grows increasingly significant.

To fully leverage these advantages, it is crucial to rely on a professional accountant who can interpret AI-generated data, ensure compliance with financial regulations, and provide expert guidance on complex financial matters.

Professional accountants like Howlader ⁘ Co. bring essential expertise that bridges the gap between advanced AI tools and practical business applications, ensuring that technological innovations translate into tangible business benefits.

In this article, we will explore the transformative benefits of AI adoption in accounting, focusing on how it enhances efficiency, accuracy, and scalability. We will also discuss its impact on operational capabilities, client service, and strategic insights, providing a comprehensive understanding of AI's role in modern accounting practices.

The adoption of AI in accounting practices offers transformative benefits across various dimensions such as efficiency, accuracy, and scalability. These benefits not only enhance the operational capabilities of accounting firms but also empower them to deliver superior client service and strategic insights.

Accuracy in financial reporting is paramount, and AI enhances this through sophisticated algorithms that minimize errors. AI's capability to learn from data and improve over time means that it can identify and correct inconsistencies that might not be evident to human auditors. For instance, AI systems are employed in transaction categorization, where they analyze spending patterns to categorize financial entries accurately, ensuring that financial statements are precise and reliable.

NYPD Lieutenant Indicted For Billing

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Following the hearing, an NYPD spokesman told the Daily News that Fabrizi had been suspended without pay.

The 19-year NYPD vet, who was lieutenant detective commander of the NYPD⁘s major case squad, is accused of fraudulently filing for overtime pay from July 2023 through February 2024, sometimes amounting to $10,000 a month in falsely claimed wages.

The Manhattan district attorney⁘s office alleges that the longtime lieutenant sometimes billed the Police Department for his commute from the 17th Precinct in Midtown to his home in Rockland County in an unmarked SUV assigned to the major case squad that was only supposed to be used for work matters. Other times, court papers allege that he billed for his time at home.

Fabrizi also filed overtime slips for work at McCann Protective Services doing corporate security, VIP escorts and security for upscale events, a side gig that court papers allege the Police Department never permitted him to do.

According to prosecutors, the overtime lies continued until an internal investigation was launched last March, when he was stripped of his gun and shield and reassigned from the major case squad, as The News first reported.

According to public records, Fabrizi made $310,000 last year, around $60,000 more than NYPD Commissioner Jessica Tisch⁘s current salary.

Last month, ex-Chief of Department Jeffrey Maddrey abruptly resigned following allegations he pressured former Lt. Quathisha Epps for sex in exchange for overtime pay in a matter being investigated by the feds in Manhattan, leading to a major staffing shakeup in the NYPD⁘s upper ranks. Maddrey denies the allegations.

Federal Regulations Paused, Halting FDA's Proposed Ban On Formaldehyde In Hair Products

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The agency had initially set a target date for the proposed ban of April 2024, according to a document published in the  Unified Agenda , a government website that provides information on regulations under development by federal agencies. The date was moved to July 2024, and then to September 2024.

U.S. law does not require the FDA to approve cosmetic products and ingredients, other than food additives, before they go on the market, according to its website .

The Environmental Working Group, a research and advocacy group focused on toxic chemicals, has been petitioning the FDA to ban formaldehyde in hair products since 2008, said Melanie Benesh, its vice president of government affairs. 

The Behavioral Finance Hack To Turn Your Pay Raise Into Retirement Gold

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Congratulations! You are likely to score a raise this year. According to HR.com's 2025-2026 Salary Budget Survey , 97% of employers plan to increase their employees' compensation in 2025, with 78% of respondents planning to give average raises of 3 to 4 percent. Receiving a raise presents a terrific opportunity to turbocharge your retirement savings. While taking the extra cash and splurging on a new gadget or a fancy vacation may be tempting, I would advocate for a more strategic approach, at least for a portion of the increase: immediately increase your retirement contributions. Timing an increase in your retirement contributions with a salary increase is a shrewd move that leverages behavioral economics principles to outsmart your brain and improve your long-term financial security .

Mental accounting, a concept introduced by Nobel Prize-winning economist Richard Thaler, refers to the cognitive bias where individuals categorize and treat money differently based on its source or intended use. Mental accounting often leads people to spend unexpected windfalls, such as lottery winnings or bonuses, on non-essential goods and experiences while treating regular income more conservatively. Understanding this bias is crucial for making more rational financial decisions, including what to do with a pay raise.

Recession Fears Grow As Rachel Reeves⁘s Disaster Budget Fuels Backlash | Personal Finance...

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Economists, finance and business leaders warn Britain risks sliding into recession amid rising business taxes and prices.

News that the UK economy saw growth of just 0.1 percent in Gross Domestic Product (GDP) in November suggests the UK is flatlining.

Critics complain that if the UK economy was measured in terms of output per head of population, it would have shown a reversal.

Concerns about rising National Insurance taxes on employers from Rachel Reeves' poorly received Budget, along with higher energy and food prices, are hitting business and consumer confidence.

Economics Fellow at the Institute of Economic Affairs Julian Jessop said the best scenario Britain can hope for is "stagflation light" with little or no growth and inflation running at above the Bank of England target of 2 percent.

"GDP rose a measly 0.1 percent in November or, more precisely, just 0.07 percent, which reversed less than half of the falls in the previous two months.

"The best we can hope for now is that GDP was flat in the fourth quarter as a whole. Even this would require a stronger December, which looks unlikely given the weakness in the business surveys."

He added: "The UK is not yet in recession in terms of overall GDP, but output per head did fall in the third quarter of last year and almost certainly did so again in the fourth.

"The most likely scenario is still a shallow downturn, with inflation only rising a little further and unemployment remaining relatively low. This could best be described as 'stagflation-lite'.

More Than 800 State Employees Earned More In Overtime Than In Base Pay In 2024

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More than 800 state employees in Massachusetts were paid more in overtime in 2024 than in base pay, a 54 percent increase from the year before, according to a Globe review of state payroll data .

As the state payroll climbed by nearly 10 percent to $10.26 billion, several agencies, including the Department of Mental Health, the Department of Developmental Services, and the MBTA, saw a sharp rise in the number of workers whose overtime wages surpassed their regular earnings.

Overtime spending last year reached $617.98 million, up from $553.26 million in 2023, according to the data. The data include some employees who worked briefly for the state, including some who made less than $10,000.

Workforce shortages predate the pandemic but have worsened in the past few years, the spokesperson said, and demand for some services has increased.

State facilities also have mandated staffing levels to ensure patient safety, and it is sometimes necessary to have staff members work overtime to satisfy those requirements, officials said.

Medina Considers Regulations For Potential Pedal Bike - Cleveland.Com

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MEDINA, Ohio – While city officials welcome the concept of a pedal bike coming to Medina, they want to make sure rules are in place to avoid traffic issues, especially around the square.

Last month Troy Gerspacher and Brian Hall went before council's finance committee to discuss their plans to bring a pedal bike to Medina. Hall owns pedal bike businesses in Wadsworth and Barberton and Gerspacher is considering making an investment along with Hall to purchase a 14-seat pedal bike that would be available to rent in Medina.

"I think it is a great idea, but it would be a bad idea to slow down traffic, especially during rush hour," Councilor Paul Rose said during a special legislation meeting Jan. 13.

"Safety is a priority with anything we do here," she said. "We all know there is increased traffic in our community because of all the things we offer here."

Council President John Coyne said the city encourages opportunities such as the pedal bike in the community.

"I spent many years in manufacturing management and I learned that it is best to prevent a problem before it happens," Rose said.

US High School Economics Class: US Stocks Soar More Than 20

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This article picked by a teacher with suggested questions is part of the Financial Times free schools access programme. Details/registration  here .

The S⁘P 500, a key measure of the US stock market, has seen incredible growth in the last two years, thanks to excitement over artificial intelligence and the success of big tech companies like Nvidia and Tesla.

By looking at how the market has performed over time and what factors influence it — like lower interest rates or new rules for businesses — you'll get a clearer picture of how these trends affect everyday people's money decisions.

This lesson will help you connect these big market ideas to personal finance topics like saving, investing, and making smart decisions for your future.

Essential Question: How do historical market trends and economic factors, like technological innovation and government policies, influence personal financial decisions and investment strategies?

Reading Questions: Read the FT article: US stocks soar more than 20% for second year in a row and then answer the questions below. 

How do US stock market gains compare to those in European and Asia-Pacific markets (analyse the second chart in the reading)? Why might these differences be important to investors?

What are some of the risks mentioned in the article, such as economic momentum and interest rate expectations, that could affect the stock market in 2025, and how might these influence an investor's decisions?

Five Trends That Will Redefine Finance And Accounting In 2025

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Headlines:

This insight resonates deeply in today's business environment, where organizations must navigate macroeconomic uncertainties, technological disruptions and transformational opportunities. Amid these buffeting currents, finance and accounting have evolved from a number-crunching function to a strategic and consultative one, playing three critical roles — safeguarding assets, streamlining operations and influencing future growth. As we move into 2025, five key trends will define the F⁘A landscape and its ability to drive strategic value.

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Nightmare Budget Blamed For UK Clothes Price Hike | UK | News | Express.Co.Uk

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The highstreet staple Next has warned sales and profit will slow down in 2025 due to the tax-hungry Budget. The High Street retailer also warned it will raise prices on some clothing to offset "an usually high" £73m increase in staff wages and taxes.

On Tuesday, the shop loved by Brits explained the harrowing impact that the October Budget will have on not just them, but to many retailers across the country. It comes after Chancellor Rachel Reeves announced the increase of the amount employers contribute in national insurance, alongside lowering the earning threshold at which they start paying it.

Next said the price rise was "unwelcome" but would offset around £13million in wage and tax costs.

The business has 458 stores across the UK which could be heavily affected. The FTSE 100 said "employer tax increases, and their potential impact on prices and employment" would start to filter through into the sales growth of the company.

Next's forecast for the current financial year sees both sales and profit growth plummet drastically compared to the previous year. It expects UK full-price sales growth of 1.4% in the next financial year, this is down from 2.5% in the year to December 28.

Profit growth will see an even larger stark difference between figures as the retailer predicts just 3.6% for the year to January 2026. This is down from an estimated 10% in the year to January 2025.

Former Top NYPD Official Jeffrey Maddrey's Home Searched Amid Allegations He Demanded Sex For...

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Gunfire erupted outside the Amazura nightclub in Jamaica, Queens Wednesday, injuring at least 10 people. 

Law enforcement officers on Thursday searched the home of a former top New York City police official who resigned late last month after being accused of demanding sex from a subordinate in exchange for opportunities to earn extra pay.

Authorities executed search warrants at several locations, including the home of Jeffrey Maddrey, the highest-ranking uniformed officer in the NYPD, Police Commissioner Jessica Tisch said.

"At my direction, the Internal Affairs Bureau of the New York City Police Department is working with law enforcement authorities to investigate allegations against former Chief of Department Jeffrey Maddrey," the statement said.

Former NYPD Chief of Department Jeffrey Maddrey attends a press conference on Dec. 27, 2024, in New York. (AP Photo/Yuki Iwamura, File)

Maddrey's accuser was the NYPD's top earner in fiscal year 2024, according to payroll data, pulling in more than $400,000. More than half was overtime pay. In her federal Equal Employment Opportunity Commission complaint, she claimed Maddrey engaged in " quid pro quo sexual harassment " by coercing her to "perform unwanted sexual favors in exchange for overtime opportunities."

Maddrey, through his lawyer, described it as a "consensual, adult relationship" and denied allegations of sexual misconduct.

Regulations For Covered Short Selling And SLB Activities Launched

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Muscat: Muscat Stock Exchange (MSX) and Muscat Clearing and Depository (MCD) announced the issuance of new regulations governing Bilateral Securities Lending and Borrowing (SLB) activities, as well as Covered Short Selling (CSS).

These regulations are designed to enhance market efficiency and improve liquidity, providing market makers, liquidity providers, and liquidity funds with new tools that will bolster trading stability and open up new investment opportunities.

The issuance of these regulations is part of ongoing efforts to enhance and update capital market systems and legislation, keeping in pace with global developments while addressing the local market needs.
Under the new regulatory framework, CSS will be subject to the MSX regulations outlined in Decision No. 143 of 2024. Additionally, Bilateral SLB activities will be governed by Decision No. 2 of 2024, along with the procedural rules and guidelines issued by MCD.

Licensed entities, such as SLB agents, will facilitate the transactions between borrowers and lenders. This process ensures transparency, governance, and compliance with applicable regulations. Furthermore, a contract must be signed between the lender and borrower, outlining the rights and obligations of both parties.

New Study Finds Troubling Effects Of Routine Weather Event: 'Not Considered … Extreme'

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The overheating of our planet, fueled by dirty energy usage, has led to changes in our climate, resulting in increasingly frequent and severe extreme weather events. However, it has also led to more weather that is not considered extreme, such as thunderstorms — and these, too, are impacting people's lives, according to a new study, Phys.org relayed .

The study , published in the Journal of Environmental Economics and Management, sought to understand the effects of increased non-extreme weather events on income inequality.

Ultimately, its authors determined that exposure to more thunderstorms had an outsized effect on wage earners, who make up the poorest segments of the population, leading to an increase in inequality.

⁘These are events that, although not considered true extreme phenomena, still cause significant damage, and their frequency leads to an accumulation of damage over time,⁘ said Matteo Coronese, one of the authors of the study and a researcher at the Institute of Economics and the L'EMbeDS Department of Excellence of the Scuola Superiore Sant'Anna.

Time and time again, the effects of pollution and the resulting changes to our climate have been shown to most negatively impact the most economically disadvantaged segments of the population (despite those segments being the least responsible for the pollution in the first place). This is yet another example.

This is true on a country-by-country basis — as small, island nations that produce almost no pollution are being hit the hardest — but also within countries. The study focused on weather events only in the United States between 1991 and 2019 and showed that poorer areas were more negatively affected.

The authors provided clear and simple advice for how the negative effects of these weather events could be mitigated, writing , ⁘We find evidence for a sizable shock-absorbing role of federal assistance.⁘

Millions should prepare for disrupted travel and winter conditions as a fierce storm is set to bring ice, snow and freezing rain to much of the U.S.

These 9 States Are Cutting Income Taxes On Jan. 1. Here's Where Taxpayers Will Get A Break.

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Some Americans could get a break on their state income taxes this year, with nine states kicking off 2025 with a reduction in their individual income tax rates, according to an analysis from the Tax Foundation, a think tank that focuses on taxes.

The changes are part of a recent push to cut taxes at the state level that started during the pandemic when many states found themselves flush with tax revenue. But the left-leaning Institute on Taxation and Economic Policy (ITEP) has termed the trend an "anti-tax playbook" that could eventually crimp public services.

"The evidence of the past four years indicates that many states understand and value the importance of creating and maintaining a stable, pro-growth and competitive tax code," Tax Foundation analysts noted in a blog post on the 2025 changes.

Here are the states where income taxes will be cut starting on Jan. 1, 2025, based on the Tax Foundation's analysis.

That's a fairly small savings for middle-class residents, according to local news outlet IPB News, which estimates the reduction will result in a tax cut of $33 for a worker earning $65,000 a year.

The new flat tax rate was signed into law by Gov. Kim Reynolds in May, who, along with state lawmakers, have argued that the state was collecting too much money from its residents, the publication noted.

Audit Reform – Where Are We Now?

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Headlines:

• Global Efforts to Enhance Transparency:

In June 2022, the European Union (EU) adopted new rules requiring multinational companies to disclose more tax payments, marking a significant step towards increasing transparency in corporate reporting. (Source: EU Press Release) • US Corporate Governance Debate:

A recent survey by the American Institute of Certified Public Accountants (AICPA) found that 81% of Fortune 500 companies have implemented policies to audit climate-related disclosures, "highlighting the growing importance of sustainable practices." (Source: AICPA Press Release) • Hong Kong Protests Spark Call for Audit Reform:

Hong Kong's anti-government protests have led to renewed calls for an independent audit unit to review the city's finances... as concerns over government transparency reach a boiling point. (Source: BBC News) • Switzerland's Auditing Industry Moves Towards Digitalization:

The Swiss Federal Statistical Office has announced plans to digitalize its audit processes... aiming to increase efficiency and reduce costs while maintaining the same level of quality. (Source: Swiss Public Service Media) • IPO Market Reform:

The State Council of China has proposed a new plan to reduce the complexity and costs associated with initial public offerings (IPOs), in an effort to increase transparency and facilitate more companies to go public. (Source: Xinhua News Agency) • Coalition of States Widens in UK Audit Reform Efforts:

UK Home Secretary Suella Braverman and Welsh counterpart Alun Davies have agreed on a new plan for a widened coalition to improve digital collection of tax returns and reduce audit demands for small businesses. (Source: BBC News) • Piece of 2022's Corporate Regulatory Reforms:

The United States has added influential shares of major international companies under increased scrutiny due to bridges to leadership around key publicly available audit and diligence processes.

#news

Stuart Brown of Duncan ⁘ Toplis looks through the recent history of audit reform and whether or not we're starting to see the changes take place.

The UK government has been exploring ways to  reform the audit industry for many years, in order to improve governance and restore trust in the industry.

Auditors are expected to have unwavering honesty, transparency and truthfulness throughout the audit process, and maintaining the trust of clients is vital in upholding integrity.

Over the years, there have been many suggested changes to audit rules and regulations to ensure this is the case, and we're now starting to see significant steps being taken. Here, we take a look at some of these changes and where we are now.

Back in 2018, the outcomes of the Kingman Review of the Financial Reporting Council (FRC) were welcomed by mid-tier accounting firms across the UK, as well as the recommendations of the Competition and Markets Authority (CMA) market study in 2019.

After the collapse of major entities such as Carillion and BHS, it was clear that the regulatory framework and level of competition in the industry had obvious room for improvement.

The Kingman Review outlined that the FRC was not fit for purpose, partly due to it being too close to the big four accounting firms. Not only had it recruited alumni from these firms, but it was also partly funded by organisations it was supposed to be holding to account.

Because of this, Kingman recommended that the FRC be replaced by the Audit Reporting and Governance Authority (ARGA), however, this is yet to come to fruition and there is growing frustration at how long it is taking.