“The most important role of technology is to create time.
Information technology epitomizes this role.
And wealth creation is ultimately about time,
freeing human time from labor.”
— George Gilder
L’italiano Luca Pacioli, riconosciuto come “Il padre della contabilità e della contabilità” è stato il primo a pubblicare un’opera sulla partita doppia, e ha introdotto il campo in Italia.
“Hatred of the rich is the
beginning of all wisdom”
— H.L. Mencken
Today we break down the literature that informs the finances of the real assets of education settlements. We examine a few publicly available university annual budget documents and, lately, have been looking ahead at innovation in distributed ledger solutions, digital currencies and blue sky conceptions of a circular economy which has captured the imagination of trendsniffers in every nation.
Since our 2016 estimate of $300 billion — triangulated from several private and public databases; the number that measures construction spend coupled with operations and maintenance — a fair estimate of growth is likely closer to $500 billion now. Based upon the US Census Bureau monthly construction spend reports we have seen a slight uptick in construction spend. We still see construction activity running at an $85-$90 billion clip.
During 2023-2024 we will be breaking down this subject into manageable segments as interest in it clarifies. For now it is enlightening to approach finance standards with an examination of a few operating budgets:
Every dollar passing through the business or academic side of the education industry has rules for how it is received and tracked.* At the moment we track, but do not dwell, on the grant management standards asserted by state and federal funding agencies. When we do, we place them on the agenda of the appropriate colloquium.
Appropriate use of public funding underlies some — but not all — of the accounting burden of the education industry. We steer clear of the grant management requirements public funding agencies place upon the education industry; maintain focus on the titles developed and published by organizations that have a due process platform. For example:
Send bella@standardsmichigan.com an email for a detailed advance agenda. To join the colloquium today use the login credentials at the upper right of our home page.
Floods bring substantial debris along and this exacerbates the flooding. Daan Poppema and his students replicate this in our new outdoor campus flume, measuring the rise when debris blocks the bridge.
In our collaboration with the IEEE Education & Healthcare Facilities Committee we are sensitive to the point of view of our research and standards setting colleagues in other nations; among them CEN (European Committee for Standardization) and CENELEC (European Committee for Electrotechnical Standardization) are two standardization organizations in Europe, and they have some similarities and differences.
CEN develops standards for a wide range of products, services, and processes, including construction, consumer goods, food and agriculture, and many others.
CENELEC, on the other hand, focuses specifically on electrotechnical standards, including electrical equipment, electronic components, and telecommunications.
Another key difference between CEN and CENELEC is their membership. CEN has members from 34 European countries, including national standardization bodies, industry associations, and consumer organizations. CENELEC has members from 34 European countries as well, but they are limited to national electrotechnical committees, which are responsible for electrotechnical standardization in their respective countries.
Despite their differences, both CEN and CENELEC play important roles in the development and promotion of European standards, and their standards are widely recognized and used across Europe and beyond. Its leadership committees meet this week in Brussels. CLICK HERE to access videolinks.
We had the pleasure to welcome the new CENELEC President Elect Mr Riccardo Lama at our offices, for a moment to engage with the CEN and CENELEC senior management team and the CEN and CENELEC Presidents Mr Stefano Calzolari and Mr Wolfgang Niedziella.@CEInorme@IECStandardspic.twitter.com/ynk9ViWb60
We do not advocate in this standard but we track it along with about 20 of the 21,000 ISO standards. We mention it now because in tracking live public consultation notices we see opportunities that may interest other parts of the education industry — notably academic units and business schools; as well as the many technology transfer units in many research universities charged with generating licensing revenue. The landing page for the US TAG is linked below:
You are encouraged to communicate directly with Dr. Brett Trusko, President and CEO, International Association of Innovation Professionals, 4422 Castlewood Street, Suite 200, Sugar Land, TX 77479; phone: 925.858.0905; e-mail: brett@iaoip.org. We also refer this standard to the standing agenda of our Global and Human Resource teleconferences. See our CALENDAR for the next online meeting; open to everyone.
Issue: [17-303]
Category: Academics, International
Contact: Mike Anthony (mike@standardsmichigan.com), Christine Fischer (chrisfis@umich.edu)
Recent communication from International Association of Innovation Professionals (IAOIP) indicates that it continues to welcome participation from the US education industry. There are many academic programs and faculty devoted to international studies and innovation that could offer students a front-row seat for the development of international technology policy.
We are happy to explain the opportunity to faculty and staff any day during our daily 11 AM online meetings. You may also communicate directly with Dr. Brett Trusko, President and CEO, International Association of Innovation Professionals, 4422 Castlewood Street, Suite 200, Sugar Land, TX 77479; phone: 925.858.0905; e-mail: brett@iaoip.org
The education industry — notably the academic segment of the higher education industry — is notably absent in US leadership positions in international standards. We have been in this space as a user interest for a long time (See ABOUT) and the shortage of education industry engagement (especially the user-interest) has not gone is unnoticed or written about.* While the majority of the 1800-odd colleges and universities have academic programs that claim leadership in international and/or innovation studies, only Georgia Tech and the University of Texas Medical Branch are US TAG administrators for the American National Standards Institute; the US member body to the Geneva Secretariats.
Université de Genève
Comments are due May 14th. To obtain a copy of the TAG application or to offer comments, please contact: Dr. Brett Trusko, President and CEO, International Association of Innovation Professionals, 4422 Castlewood Street, Suite 200, Sugar Land, TX 77479; phone: 925.858.0905; e-mail: brett@iaoip.org by May 14, 2018 (please copy jthompso@ansi.org).
Issue: [17-303]
Category: Academics, International
Contact: Mike Anthony (mike@standardsmichigan.com), Christine Fischer (chrisfis@umich.edu)
The American National Standards Institute (ANSI) has been informed that the American Society for Quality (ASQ), the current ANSI-accredited U.S. Technical Advisory Group Administrator (U.S. TAG) for the work of Technical Committee 279 of the International Organization for Standardization wishes to relinquish their role as U.S. TAG Administrator. The global Secretariat for TC 279 is the AFNOR Group — the national standardization body for France. The participating nations are shown in the map below:
(Click on Image for more information)
ISO/TC 279 operates under the following scope: Standardization of terminology tools and methods and interactions between relevant parties to enable innovation. From its Executive Summary:
“Yes we can innovate through standardisation. Standardization does not mean cloning. Standards on innovation management will allow organisations to share their best practices in innovation management. This will facilitate collaboration and also develop the capability to innovate and to bring innovations successfully to market. Today we face new challenges never met before by mankind: guaranteeing the sustainability of our activities in keeping our Earth habitable. Sustainable development (economic, ecologic, social sustainability) cannot be considered as ‘nice to have’, it is essential. It has to be viewed as a source of innovations, economic development and competiveness. It impacts innovation management and has to be taken into account at an early stage. Innovation is a key to global competitiveness and human or technological progress over the coming decades. Management Standards on innovation will break down the existing cultural, structural or organisational obstacles among/between organisations. These standards will provide best practices to support implementation of innovation policies as well in Small to Medium Enterprises (SMEs) as in worldwide groups including public institutions, universities, research centres or non-profit organisations. (Note in ISO, SME can mean Subject Matter Expert)
To achieve this goal the work will focus on a management system for innovation. To define this management system, experts will address: terminology, tools and methods such as but not limited to open innovation, design innovation, strategic intelligence, creativity management and also self-assessment of innovation management. Expectations for these standards are so high that there is no time to reinvent the wheel. TC 279 has to benefit from the previous work, including existing innovation literature, existing innovation standards, case studies, academic works, reports…) Summoning up the innovation community is a key factor. To make more and more stakeholders aware of this initiative communications action (communication kits, presence on social networks, press releases, events…) needs a special care.”
Organizations interested in serving as the U.S. TAG Administrator or participating on a U.S. TAG should contact ANSI’s ISO Team (isot@ansi.org)
Issue: [17-303]
Category: Academics, International
Contact: Mike Anthony (mike@standardsmichigan.com), Christine Fischer (chrisfis@umich.edu)
Business innovation involves creating new or improved business processes, models, or strategies to achieve organizational goals and gain a competitive advantage. It focuses on enhancing efficiency, customer experience, and overall business performance. Business innovation may encompass changes in marketing, operations, management, or other aspects of the business ecosystem.
On the other hand, technology innovation revolves around the development and application of new technologies or the improvement of existing ones. It aims to introduce novel solutions, products, or services by leveraging advancements in technology. Technology innovation can be driven by scientific research, engineering breakthroughs, or the integration of emerging technologies to address specific needs.
While business innovation is broad and encompasses various facets of organizational improvement, technology innovation specifically centers on advancements in technology and their strategic implementation. Successful companies often integrate both types of innovation to stay competitive, using business innovation to optimize processes and technology innovation to enable novel solutions and capabilities.
Noteworthy innovations relevant to the development and maintenance of the real assets of education settlements:
Proptech Platforms: Various proptech (property technology) platforms have emerged to streamline property management tasks, including tenant communication, rent collection, and maintenance requests. Examples include Buildium, AppFolio, and Propertyware.
Blockchain in Real Estate: Blockchain technology is being explored for its potential to enhance transparency, security, and efficiency in real estate transactions. Smart contracts on blockchain can automate and secure property transactions.
Virtual and Augmented Reality (VR/AR): VR and AR technologies are being used for virtual property tours, allowing potential buyers or tenants to explore properties remotely. This helps in saving time and making more informed decisions.
Predictive Analytics: Data analytics and machine learning are being employed to analyze market trends, predict property values, and assess investment opportunities. This enables more data-driven decision-making in real estate.
IoT (Internet of Things): IoT devices are being integrated into buildings for smart property management. This includes smart thermostats, security systems, and energy-efficient solutions, enhancing overall property performance.
Automated Valuation Models (AVMs): AVMs leverage algorithms and data analysis to estimate property values. These tools provide quick and automated property valuations, aiding in pricing decisions.
Digital Transaction Platforms: Platforms that facilitate end-to-end digital real estate transactions are gaining popularity. These platforms aim to simplify the buying and selling process, reducing paperwork and increasing efficiency.
Energy-efficient Technologies: Sustainable and energy-efficient solutions are becoming integral to real estate development. Innovations include smart building systems for energy management, green construction materials, and renewable energy integration.
Crowdfunding for Real Estate: Crowdfunding platforms allow individuals to invest in real estate projects with smaller amounts of capital. This democratizing approach to real estate investment provides opportunities for a broader range of investors.
Facial Recognition and Biometrics: Some property management systems are incorporating facial recognition and biometric technologies for enhanced security in access control and building management.
The U.S. Commerce Department’s National Institute of Standards and Technology (NIST) issued a draft report — and a commenting opportunity the repport — that details a high-level technical overview of blockchain technology, its architecture, and how it works as the foundation of modern cryptocurrencies. NIST requested feedback from the public and private sectors, national and international, for the final publication. The document, Draft NIST Interagency Report (NISTIR) 8202: Blockchain Technology Overview, provided an in-depth look at the technologies that compromise blockchain systems and breaks down how blockchains can best be utilized, and how blockchain technology can be an asset to a business and its products.
“We want to help people understand how blockchains work so that they can appropriately and usefully apply them to technology problems,” said Dylan Yaga, a NIST computer scientist and co-author of the report. “It’s an introduction to the things you should understand and think about if you want to use blockchain.”
The report appears to have integrated public comment and now a landing page for NIST work in this area — as well as contact information for project leaders — is linked below
Blockchain technology is a standing item on our Blockchain and Finance colloquia; open to everyone. Keep in mind that blockchain is a nascent (or “pre-adoption”) technology.
As the adage goes: “The cure for high prices, is high prices”.
Today we explore fiscal runaway in the US education “industry” with particular interest in the financing instruments for building the real assets that are the beating heart of culture in neighborhoods, cities, counties and states. How these projects get sold to the public — and how the loans are paid off — provides insight into the costs and benefits of this $100 billion industry; the largest non-residential building construction market in the United States.
We cannot do much to stop the hyperbolically rising cost of administrative functionaries but we can force the incumbents we describe in our ABOUT to work a little harder to reduce un-used (or un-useable) space and reduce maintenance cost. Sometimes simple questions result in obvious answers that result in significant savings.
More recently hybrid teaching and learning space, owing the the circumstances of the pandemic, opens new possibilities for placing downward pressure on cost.
After Architect-Engineers and Building Construction Contractors (many of whom finance election advocacy enterprises) the following organizations are involved in placing a bond on the open market:
School Districts: Individual school districts issue bonds to fund construction or renovation of school facilities, purchase equipment, or cover other educational expenses. Each school district is responsible for managing its own bond issuances.
Colleges and Universities: Higher education institutions, such as universities and colleges, issue bonds to finance campus expansions, construction of new academic buildings, dormitories, research facilities, and other capital projects.
State-Level Agencies: Many states have agencies responsible for overseeing and coordinating bond issuances for schools and universities. These agencies may facilitate bond sales, help ensure compliance with state regulations, and provide financial assistance to educational institutions.
Municipal Finance Authorities: Municipal finance authorities at the state or local level often play a role in facilitating bond transactions for educational entities. They may act as intermediaries in the bond issuance process.
Investment Banks and Underwriters: Investment banks and underwriters assist educational institutions in structuring and selling their bonds to investors. They help determine bond terms, market the bonds, and manage the offering.
Bond Counsel: Bond counsel, typically law firms, provide legal advice to educational institutions on bond issuances. They help ensure that the bond issuance complies with all legal requirements and regulations.
Rating Agencies: Rating agencies, such as Moody’s, Standard & Poor’s, and Fitch Ratings, assess the creditworthiness of the bonds and assign credit ratings. These ratings influence the interest rates at which the bonds can be issued.
Investors: Various institutional and individual investors, including mutual funds, pension funds, and individual bond buyers, purchase school and university bonds as part of their investment portfolios.
Financial Advisors: Financial advisory firms provide guidance to educational institutions on bond issuances, helping them make informed financial decisions related to borrowing and debt management.
Regulatory Authorities: Federal and state regulatory authorities, such as the U.S. Securities and Exchange Commission (SEC) and state-specific agencies, oversee and regulate the issuance of bonds to ensure compliance with securities laws and financial regulations.
These organizations collectively contribute to the process of issuing, selling, and managing school and university bonds in the United States, allowing educational institutions to raise the necessary funds for their capital projects and operations. The specific entities involved may vary depending on the size and location of the educational institution and the nature of the bond issuance.
Metrology is the scientific discipline that deals with measurement, including both the theoretical and practical aspects of measurement. It is a broad field that encompasses many different areas, including length, mass, time, temperature, and electrical and optical measurements. The goal of metrology is to establish a system of measurement that is accurate, reliable, and consistent. This involves the development of standards and calibration methods that enable precise and traceable measurements to be made.
The International System of Units is the most widely used system of units today and is based on a set of seven base units, which are defined in terms of physical constants or other fundamental quantities. Another important aspect of metrology is the development and use of measurement instruments and techniques. These instruments and techniques must be designed to minimize errors and uncertainties in measurements, and they must be calibrated against recognized standards to ensure accuracy and traceability.
Metrology also involves the development of statistical methods for analyzing and interpreting measurement data. These methods are used to quantify the uncertainty associated with measurement results and to determine the reliability of those results.
New update alert! The 2022 update to the Trademark Assignment Dataset is now available online. Find 1.29 million trademark assignments, involving 2.28 million unique trademark properties issued by the USPTO between March 1952 and January 2023: https://t.co/njrDAbSpwBpic.twitter.com/GkAXrHoQ9T
