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BUSINESS NEWS ZOM LIVING BREAKS GROUND ON LUXURY APARTMENTS IN DALLAS ARTS DISTRICT ZOM Living recently broke ground on a new luxury high-rise in the flourishing Dallas Arts District. Designed by Stantec , Atelier is a mixed- use community comprised of 364 luxury residential tower units with unmatched panoramic views of both Uptown and Downtown. It will be the tallest rental tower in the Dallas area at 41 stories. Residents will enjoy more than 26,000 square feet of amenity space and 15,000 square feet of onsite retail. Atelier will also be home to Flora Lofts, 52 affordable artist lofts developed by local architect Graham Greene to provide needed housing for the local arts community. In addition, there will be 157 hourly-fee public parking spaces in the underground structure and 553 resident spaces in a 10-story parking garage. Situated in the Arts District directly between Uptown and Downtown, and only steps from Klyde Warren Park, Atelier is perfectly located at the intersection of arts, culture, employment, shopping, dining, and transit.

This architecturally stunning building will take advantage of the best urban lifestyle Dallas has to offer. “We are proud to be part of the transformation of this evolving neighborhood,” said Greg West, ZOM CEO. “The Arts District, Downtown and Uptown are merging into a vibrant, highly desirable, 24-hour urban area and Atelier sits at the heart of this very important intersection.” “Daiwa House is excited to be part of this unique opportunity which will provide luxury and affordable housing to the Arts District,” stated Takeshi Wakita, president of Daiwa House Texas Inc. Graham Greene added, “We celebrate the beginning of Atelier Luxury Residential development in the Dallas Arts District and have great confidence in its success. The wonderful, adjacent companion element in the development – Flora Lofts, mixed income housing for working artists – is continuing in anticipation of closing on financing and advancing the project over the coming months. Flora Lofts vision remains strong and

its supporters remain committed to realizing a project that helps fulfill our commitment to a vibrant inclusive arts community in Dallas. We encourage our supporters to stay strong with their desire to see the fulfillment of this Arts District affordable artists housing dream. We remain committed to its fulfillment.” One-, two-, and three-bedroom units will range from 702 to 2,266 square feet and the 11th floor amenity deck will feature a lushly landscaped deck surrounding a resort-style pool, multiple spacious open lounge areas with Wi-Fi, membership-quality fitness center, yoga/spin room, e-lounge, conference room, co-working spaces, fire pits, dog salon, private wine lockers, BBQ grills, and an entertainment kitchen with indoor and outdoor dining areas. The amenity level is intended to foster interaction among residents and provide an urban oasis, a variety of social settings and activities without having to leave the community.

JOHN MCCARDELL, from page 9

As controller at JBCI, my responsibilities include managing and analyzing the income statement along with the many KPIs to get a pulse of the company. Essentially, all activity that occurs on a daily basis can be seen on the income statement, since the income statement is the revenue and expenses during the period the financial transactions occurred. The financial data, along with current market assumptions, is used to create financial projections well into the future and enable the firm to establish goals such as new markets, new office locations, promoting key members, as well as onboarding additional resources. “Having a solid understanding of financial statements, particularly the income statement, will enable you to make decisions in the present that set the firm up for growth in the future.” Having a solid understanding of financial statements, particularly the income statement, will enable you to make decisions in the present that set the firm up for growth in the future. The income statement is a direct result of the efforts of the highly skilled work which your firm delivers on a regular basis. Having this understanding can increase company profits, enabling your firm to take on new initiatives and invest in skills development or cutting edge technology. Next time you are presented with an income statement, I hope you feel more equipped with a better understanding of the information. JOHN MCCARDELL is the controller at Joseph B. Callaghan, Inc. He can be reached at jmccardell@jbciengineers.com.

2)Expenses. These are the inputs that are required to generate the revenue. These inputs come in many forms such as labor, insurance, communications, business development, employee benefits, and the list continues. All expenses fall into two cat- egories: ❚ ❚ Direct expenses. These are intuitive and tied directly to a project or a cost incurred to generate the revenue of a specified project. An example of a direct expense is direct salaries (billable hours assigned to a project through the timesheet process). Direct expenses can also come in many forms such as mileage reimbursement, printing expenses related to drawings, outsourced skilled services, delivery/ courier services, and many others. These types of costs are assigned directly to a specific project number. ❚ ❚ Indirect expenses. Also referred to as overhead, these are the inputs required for the business to operate as a whole but cannot be traced directly to a specified project. Some typical indirect expenses are: insurance, rent/lease, busi- ness development, marketing, your favorite financial man- ager, and various indirect time for business/professional development, sales/proposal preparation, paid time off/ holiday, and administrative responsibilities. 3)Net income. The result of the fiscal period being reviewed is commonly known as “the bottom line.” This is a direct result of the revenues recognized, or fees generated, minus the ex- penses incurred to generate that fee. During our management meeting, the team reviews the income statement and begins questioning different items. Being analytically inclined, they crave more information and explanation. Engineers did not become engineers for the joy of reviewing financial statements; however, they do realize it is necessary to understand in order to manage and operate a successful AEC firm. This is where the controller or CFO can help.

THE ZWEIG LETTER August 27, 2018, ISSUE 1262

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