Aethelflaed, Lady of the Mercians, Saxon Ruler

Aethelflaed (Ethelfleda) was the eldest child and daughter of Alfred the Great and sister of Edward the Elder, king of Wessex (ruled 899-924). Her mother was Ealhswith, who was from the ruling family of Mercia. Who She Was   She married Aethelred, lord  (ealdorman) of Mercia,  in 886. They had a daughter, Ælfwynn. Aethelflaeds father Alfred put London in the care of his son-in-law and daughter. She and her husband supported the Church, giving generous grants to local religious communities. Aethelred joined her husband Aethelred and her father in fighting against Danish invaders. How Aethelred Died In 911 Aethelred was killed in battle with the Danes, and Aethelflaed became the political and military ruler of the Mercians. She may have been the de facto ruler for a few years during her husbands illness. After her husbands death, the people of Mercia gave her the title Lady of the Mercians, a feminine version of the title that her husband had held. Her Legacy She built fortresses in western Mercia as a defense against invading and occupying Danes. Aethelflaed took an active role, and led her forces against the Danes at Derby and captured it, and then defeated them at Leicester. Aethelflaed even invaded Wales in retribution for the killing of an English Abbott and his party. She captured the wife of the king and 33 others and held them as a hostage. In 917, Aethelflaed captured Derby and was able to take power in Leicester. The Danes there submitted to her rule. Final Resting Place In 918, the Danes in York offered their allegiance to Aethelflaed as protection against Norwegians in Ireland. Aethelflaed died that year. She was buried at the monastery of St. Peter at Gloucester, one of the monasteries built with funds from her Aethelred and Aethelflaed. Aethelflaed was succeeded by her daughter Aelfwyn, whom Aethelflaed had made a joint ruler with her. Edward, who already controlled Wessex, seized the kingdom of Mercia from Aelfwyn, took her captive, and thus solidified his control over most of England. Aelfwyn is not known to have married and may have gone to a convent. Edwards son, Aethestan, who ruled 924-939, was educated at the court of Aethelred and Aethelflaed. Known for:  defeating the Danes at Leicester and Derby, invading Wales Occupation:  Mercian ruler (912-918) and military leader Dates:  872-879? - June 12, 918 Also known as:  Ethelfleda, Ethelflaed,  Aelfled, Æthelflà ¦d, Aeoelfled Family Father: Alfred the Great (Ælfred), ruled Wessex 871-899.  He was the son of  Ãƒâ€ thelwulf, King of Wessex and his first wife, Osburh (Osburga).  Mother: Ealhswith of the Gaini, daughter of  Ãƒâ€ thelred Mucil  of the Gaini tribe and Eadburh, a Mercian royal.  As was Saxon custom, she was not crowned or titled queen.Brother: Edward the Elder, king of Wessex (ruled 899-924)Sister: Aethelgiva, Abbess of ShaftesburyBrother: Aethelwaerd (three sons with no descendants)Sister:  Aelfthryth, married Baldwin, Count of Flanders (Aelfthryth was the 4th great-grandmother of  Matilda of Flanders, married to William the Conqueror, and thus an ancestor of later British royalty)Husband: Aethelred (Ethelred, Æthelrà ¦d), Earl of MerciaDaughter: Aelfwyn (Aelfwynn, Ælfwynn, Ælfwyn,  Elfwina)

Analyse the Dramatic Uses of the Chorus in Greek Tragedy;...

The full influence of Greek tragedy upon our modern theatre is incomprehensible, with the mainstays of theatrical convention largely demonstrating roots within Greek tragedy. The choric function is just one of these conventions. This essay hopes to explore various uses of the Chorus within Greek tragedies by Aeschylus and Sophocles, and then to analyse how traits of a Greek Chorus, and the choric function can be found within 20th Century Theatre. The Chorus in Greek tragedy was a large group (it is suggested between 12 and 30) of people who sang or chanted songs and poems that helped set the scene of the play, bring the audience up to date with the events preceding the play and inform the audience of any political or social consequences†¦show more content†¦They explain, ‘Fears a good gateman to stand guard of the passions (page 100). For Sophocles the Chorus has yet again a more reduced role, as more actors are introduced into his plays. The focus yet again turns towards dialogue between characters, and away from interaction purely between actor and Chorus. The Sophoclean Chorus is not emotionally separate from the action, it is involved emotively with the story being portrayed, and can show sympathy (and in contrast, hatred) towards the events on the stage. In Sophocles Oedipus the King the Chorus function as witnesses to the downfall of Oedipus from proud monarch to blind, helpless man. The Chorus first speech to Oedipus describes the plague that has infected the city. As Oedipus insists he wants to find the murderer of Laius, the Chorus suggest that he ask Teiresias (page 194). The Chorus here prompts the actor to step further towards his impending fate. The Chorus also prove to be a calming influence, trying to mediate between Teiresias, Oedipus, Creon and Jocasta at various points within the play. They also are still optimistic when the truth is nearly out, telling Oedipus to, ‘hope, until you hear from the man who saw what happened (page 216). The Chorus within

The Market Value versus Book Value Free Solution

Questions: 1. Analyze Visas income and expenditure.2. How is marketing accounted for at Visa Inc.? 3. Explain Visa Inc.s balance sheet.4. What is the relationship between book value and market value? 5. How should we value brands? What are the challenges? 6. What is the impact of accounting decisions on the ratios? Answers: 1. Analyze Visas income and expenditure. What is the primary source of Visas revenues? Who is it specifically (banks? Customers? Stores?) Service Revenue segment is the primary source of Visas Revenue. It is provided that Visa earns its revenue by providing resources as well as information amongst the banks, customer, merchant and collecting the fee on the basis of number or dollar value of transaction which it process. Banks are specifically more revenue generator in comparison to others (Visa (V). (2016) Which source of revenue has the highest growth rate (2009 to 2013) On the basis of available data it has been clearly indicated that Data processing revenue has higher growth rate (2009- 2013) approx 91% While Visas business model is described as a technology payments company, Visa Inc. does not fall under the typical definition of a technology company. What is the largest category of expense on its PL? Even though Visas business Model is described as a technology payment company, Personnel expenses is considered as a largest category of expense as mention in the PL Account. Other observations re Visas income and expenditures In regard to other expenses, there is decrease in the marketing expense since 2009 which states that good sign for the company. Administrative expenses are same as 2012 means there are some management in the expenses. At the end increase on other expense is implied due to inflation from year to year 2. How is marketing accounted for at Visa Inc.? Does the income statement fairly value the impact of the marketing expense? If not, where does the value from the marketing expense show up? In my opinion, marketing expenses as mentioned in the P L Account is the fair value because Visa being brand has achieved its maximum market however it is required to market the same /services etc. Hence market expense will be there all the time (Visa (V). (2016) Other thoughts? No other thought. 3. Explain Visa Inc.s balance sheet. What has visa been doing with its earnings particularly in 2013 On the basis of annual reports, it is clear that Visa uses its earning for payment of dividend repurchase of Class A common stock. However, in 2013 it has been observed that large amount has been paid by Visa to repurchase of Class A common stock. What type of asset carries most of Visas book value? How does this differ from a manufacturing company? Good will seems to be an asset carries most of Visas Book value. Other observations? In regard to other elements, there is decrease in current liabilities which show good performance of the VISA 4. That is the relationship between book value and market value? Is the market to book ratio growing? Yes, as pr the scenario given it clearly indicates that market to book ratio is growing Why is the market value greater than the book value? Book value means value of the business in accordance with the financial statement it is calculated from the balance sheet however, market value means the price in accordance with the prevailing market or stock market for (shares Gad, S. (2013). 5. How should we value brands? What are the challenges? Does it appear that the valuation of the brand is an exact science? What was the range of valuations from the agencies that estimate the value of the brand? Yes, it is appearing that the valuation is an exact science. Further, renege of valuation can be as follows: Comparing of the DCF Value for the firm along with intangible with the firm without 1. Assuming that all the excess returns are due to the intangibles 2. Comparing the multiples where the firm trades to the sector averages. 6. What is the impact of accounting decisions on the ratios? Marketing expenses are expensed on the income statement as they are incurred but the benefit is more like a capital expense something that has a long term impact in strengthening the brand. If you treated it at a long term investment likes plant and equipment not as a short term expense What would be the impact in the income statement? Impact on income statement if marketing expense is treated as assets Profit will increase by the amount of marketing expense such as in 2013 profit would increase by$876 Depreciation will increase according to the rate of depreciation Balance sheet? Impact on Balance Sheet if marketing expense is treated as assets Amount of Non Current Assets would increase after deduction of depreciation on the relevant price Which ratios would be impacted? Ans. Following ration would be impacted due to the mentioned changes ROIC ROE Total Asset Turnover ROA References Gad, S. (2013).The Market Value Versus Book Value | Investopedia.Investopedia. Retrieved 23 March 2016, from https://www.investopedia.com/articles/investing/110613/market-value-versus-book-value.asp Stock:Visa (V). (2016).Wikinvest.com. Retrieved 23 March 2016, from https://www.wikinvest.com/stock/Visa_(V)

Compare and Contrast Melody and Structure in the Brahms free essay sample

Romantic era began. This is where composers began to experiment more with their structure, making it as complex as possible, but still making sure that the listener can here lots of deferent motifs. This idea is basically having a few themes and using these to create different sections through augmentation and fragmentation etc. Also melodies became more flamboyant with composers adding in more chromatic lines to their melodies.Brahms is a composer n which melody is not the key focus, but still does in fact use it to his advantage. As a romantic composer Brahms definitely uses the features of the romantic era in his music, for example, the augmentation of motifs. This happens regularly throughout the piece but specifically he does an augmentation of the x motif In bar 105-108. Another melodic feature that Is present In this Plano Quintet Is the use of ornamentation. This helps to create decoration to the melody line and Is seen In the y motif at bar 109. The last melodic feature that Brahms predominantly uses is rests and staccatos.This creates a Jerky melody throughout for the strings and piano to play. Debussy in contrast, uses smooth melodies, by using slurs, which is shown from the first bar to create his description of the poem. Another contrast to Brahms, is that Debussy uses solos and unaccompanied melodies In his composition and Brahms never lets a part play on Its own. Debussy mall and famous solo that he uses for the melody is in the flute at bar 1. Furthermore, he also uses whole tone scales to be able to create a different melody that has not been used before, and this is shown at bar 31 and 32 in the clarinet.Similarly to Brahms, Debussy decorates his melody, however not with ornamentation but with different rhythms so that he can add in extra note flurrys. For example, the rhythm In bar 3 In the flute, at bar 21-22 has been decorated with deem-semi triplets. Opulence scholarly uses ornamentation In the way that Brahms does in his piece, for example In bar 10 he has used a type of higher mordents. In addition, a melodic feature which is unique to this composition is the arpeggio figures, which is shown in the trumpet in the first three notes. This appearing figures helps us to establish what key we are in.Furthermore, Just like the Brahms Opulence makes use of our ability to make extreme dynamics for the melody,without having to add Instruments. It starts off quietly until the fourth bar where it Jumps to forte for three homoeopathy notes. Lastly, Opulence uses some chromatically, Just Like Debussy. The chromatic melodic figure that appears in this piece is in the trombone in the Coda. Brahms is very particular about the structure of his composition also. The overall structure of the piece is Ternary Form, which is A-B-A or this case Scherzo-Trio-scherzo. The Scherzo is a movement which is mean to be like a Joke.This structure and Scherzo was Influenced by the Classical period as we were still developing the romantic era at this time-Brahms, decides to experiment with the and C, and these are formed together with a fugal section to form ABACA Fugal SCAB. Furthermore, the Trio also uses its own Ternary form within itself with different themes. Lastly, the structure of the Fugal section is also experimented with to make t complicated and decorative to the listener, so Brahms uses a fugal subject and counterblasts at the same time and changes the points and instruments in which the different counterblasts come in.He ends the Fugal section with a Streets, creating a extra part of structure, which uses fragmented ideas from previous melodies. Similarly to Brahms, Debussy uses a Ternary Form structure of ABA. Furthermore, within the A section there is two subsections and a transitions. You can tell each different subsection because there is something new going on in each section. For example, in AY the main theme of the flute is present, to the transition Inhere the instrumentation changes and the melody starts to get Scalia, and then for the final subsection it has a significant difference of a new tempo.This is a comparison with Brahms because Debussy has also experimented within the structure but has not gone to the extent that Brahms has. Lastly, the whole structure is based on description. Debussy is trying to give a musical/visual image to a tone poem, and this helps him to create his structure throughout, because it needed to adapt to what was going on. The Sonata structure is not in fact in Sonata form, it uses a variation of Ternary form. Again like Brahms and Debussy, he does not Just use ABA, but create a transition and a coda to go with this to create the structure of his whole piece. This is less ambiguous than the other two composers but this is because Opulence was heavily influenced by the neo-classical style. Moreover, to create a contrast within the piece Opulence used extended phrase structures and distinct classical style phrasing to help him clarify his structure e. G. Bars 1-4. In comparison to Brahms, Opulence uses themes within his structure to give each section its own miniature structure, for example, in Section A, bars 1-21, there are three themes A (bal-8) (9-17) and C (18-21). In conclusion, there reasons there are similarities between the pieces are because they are all in similar music periods.All it ranges from is the romantic period, where experimentation started to occur, to the 20th Century when experimentation was at its peak. Also, the reasons there are differences between the pieces is because of their own individuals styles and influences. Brahms is still influenced by the Classical period in some aspects due to being so close to the Classical Period, Debussy is in the middle of two periods so is influenced and his piece pushed the periods forward, and lastly, Opulence was influenced by Neo classicism, and this shows all the composers influences are contrasting.

Maximazing Profit Essay Example

Maximazing Profit Paper Assignment: Maximizing Profits in Market Structures Paper XECO/212 University of Phoenix The structure of a market is defined by the number of firms in the market, the existence or otherwise of barriers to entry of new firms, and the interdependence among firms in determining pricing and output to maximize profits. This paper covers the following: the advantages and limitation of supply and demand, the characteristics of each market structure, the barriers to entry and how organizations in each market structure maximize profits. Markets are the heart and soul of a capitalist economy, and varying degrees of competition lead to different market structures, with differing implications for the outcomes of the market place. The goal of a firm is to maximize profits, to get as much for the firm as possible. In the perfect competition, each firm maximizes profits where marginal revenue (MR) equals marginal cost (MC). That is, the additional revenue from producing additional quantity equals the additional cost incurred in producing that quantity. At an output where MR is greater than MC, increasing production increases profits. If MR is less than MC, decreasing production increases profits. Therefore, MR=MC is the profit-maximization condition. In perfect completion, the price is a given for each firm, P=MR. This is because the fixed price per unit is the additional revenue the firm can expect to earn by selling additional quantity. The firm’s profit- maximization condition becomes P=MR=MC. In the long run, however, all costs are variable. We will write a custom essay sample on Maximazing Profit specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Maximazing Profit specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Maximazing Profit specifically for you FOR ONLY $16.38 $13.9/page Hire Writer All firms in a perfectly competitive market make zero economic profit in the long run, because if profit was being made, more firms would enter the market and market prices would decline until all firms made zero profit. These elements are perfect competition, monopolistic competition, oligopoly,  and monopoly. Based on the differing outcomes of different market structures, economists consider some market structures more desirable, from the point of view of the society, than others. Each of these market structures describe a particular organization of a market in which ertain key characteristics differ. The characteristics are: (a) number of firms in the market, (b) control over the price of the relevant product, (c) type of the product sold in the market, (d) barriers to new firms entering the market, and (e) existence of non-price competition in the market. The number of firms in the market supplying the particular product under consideration forms an important basis for classify ing market structures. The number of firms in an industry, according to economists, determines the extent of competition in the industry. Both in perfect competition and monopolistic competition, there are large numbers of firms or suppliers. Each of these firms supplies only a small portion of the total output for the industry. In oligopoly, there are only a few (presumably more than two) suppliers of the product. When there are only two sellers of the product, the market structure is often called duopoly. Monopoly is the extreme case where there is only one seller of the product in the market. The extent to which an individual firm exercises control over the price of the product it sells is another important characteristic of a market structure. Under perfect competition, an individual firm has no control over the price of the product it sells. A firm under monopolistic competition or oligopoly has some control over the price of the product it sells. Finally, a monopoly firm is deemed to have considerable control over the price of its product. The type of products sold in the market is also a key characteristic. The extent to which products of different firms in the industry can be differentiated is also a characteristic that is used in classifying market structures. Under perfect competition, all firms in the industry sell identical products. In other words, no firm can differentiate its product from those of other firms in the industry. There is some product differentiation under monopolistic competition—the firms in the industry are assumed to produce somewhat different products. Under an oligopolistic market structure, firms may produce differentiated or identical products. Finally, in the case of a monopoly, product differentiation is not truly an issue, as there is only one firm—there are no other firms from whom it should differentiate its product. The barriers to entry need to be accounted for while classifying the characteristics of a market structure. The difficulty or ease with which new firms can enter the market for a product is also a characteristic of market structures. New firms can enter market structures classified as perfect competition or monopolistic competition relatively easily. In these cases, barriers to entry are considered low, as only a small investment may be required to enter the market. In oligopoly, barriers to entry is considered very high—huge amounts of investment, determined by the very nature of the product and the production process, are needed to enter these markets. Once again, monopoly constitutes the extreme case where the entry of new firms is blocked, usually by law. If for whatever reasons, new firms are allowed to enter a monopolistic market structure, it can no longer be termed a monopoly. Market structures also differ to the extent that firms in industry compete with each other on the basis of non-price factors, such as, differences in product characteristics and advertising. There is no non-price competition under perfect competition. Firms under monopolistic competition make considerable use of instruments of non-price competition. Oligopolistic firms also make heavy use of non-price competition. Finally, while a monopolist also utilizes instruments of non-price competition, such as advertising, these are not designed to compete with other firms, as there are no other firms in the monopolists industry. Perfect competition is an idealized version of market structure that provides a foundation for understanding how markets work in a capitalist economy. The other market structures can also be understood better when perfect competition is used as a standard of reference. Even so, perfect competition is not ordinarily well understood by the general public. For example, when business people speak of intense competition in the market for a product, they are, in all likelihood, referring to rival suppliers, about whom they have quite a bit of information. However, when economists refer to perfect competition, they are particularly referring to the impersonal nature of this market structure. The impersonality of the market organization is due to the existence of a large number of suppliers of the product—there are so many suppliers in the industry that no firm views another supplier as a competitor. Thus, the competition under perfect competition is impersonal. Perfect competition is considered desirable for society for at least two reasons. First, the price charged to individuals equals the marginal cost of production to each firm. In other words, one can say sellers charge buyers a reasonable or fair price. Second, in general, output produced under a perfectly competitive market structure is larger than other market organizations. Thus, perfect competition becomes desirable also for the amount of the product supplied to consumers as a whole. Monopoly can be considered the opposite of perfect competition. In the monopoly, there are no price takers a monopolist sets the price for the product or service to maximize profits. The profit-maximizing price and output is at the point where MC=MR. The output is less than what it is in the perfect competition. In the long run, it is possible for a monopolist to earn some economic profits, if to entry of new firms exist. The concept of monopoly arises when one firm is the sole producer and marketer of a product or service. Monopolies come in being when a single firm is the sole producer of a product that has no close substitutes. Monopolies are characterized by a single seller, no close substitutes, price maker, blocked entry and non price competition. In the oligopoly, there are few firms, pricing and output decisions are strategic; that is each firm considers the reaction of the other firms while taking any decision. An important characteristic of an oligopolistic market structure is the interdependence of firms in the industry. The interdependence, actual or perceived, arises from the small number of firms in the industry. If an oligopolistic firm changes its price or output, it has perceptible effects on the sales and profits of its competitors in the industry. Thus, an oligopolist firm always considers the reactions of its rivals in formulating its pricing or output decisions. The prices set by all firms are nearly identical, because any effort to change the price by one firm will induce other firms to follow suit. For this reason, prices, once fixed, tend to change very little in oligopoly. Firms in oligopoly can expect to make some profit in the long run. An oligopolistic industry is also typically characterized by economies of scale. Economies of scale in production imply that as the level of production rises, the cost per unit of product falls for the use of any plant. Thus, economies of scale lead to an obvious advantage for a large producer. In the monopolistic competition, there are many buyers and sellers, and there are few barriers to the entry of new firms. Each firm, however, sells differentiated products, and invests considerably in differentiating it products from the competition. The profits of each are maximized at the point where MR=MC. In the long run, however, the free entry and exit of firms means that all firms earn zero economic profit. As in the case of perfect competition, a firm under monopolistic competition decides about the quantity of the product produced on the basis of the profit maximization principle—it produces the quantity that maximizes the firms profit. Also, conditions of profit maximization remain the same—the firm stops production where marginal revenue equals marginal cost of production. But unlike perfect competition, a firm under monopolistic competition has some control over the price it charges, as the firm differentiates its products from those of others. However, this price making power of a monopolistically competitive firm is rather small, since there are a large number of other firms in the industry with somewhat similar products. REFERENCE Colander, D. C. , (2004). Economics, 5th edition. Irwin/McGraw-Hill, Burr Ridge, Il. Chapter 13. Retrieved November 23, 2009. Forgang, William G. , Einolf, Karl W. (2006). Management Economics: An Accelerated Approach. M. E. Sharpe Competition (2007). Encyclopedia of Business, 2nd Edition. Retrieved on November 23, 2009 from Encyclopedia of Business, Clo-con website: http://www. referenceforbusiness. com/encyclopedia/Clo-Con/Competition. html

Revealing Clothes and Show of Skin

Revealing Clothes and Show of Skin Hashtag: #MexicansProblemsAtSchool Revealing Clothes and Show of Skin There are numerous #MexicansProblemsAtSchool but the most interesting in this circumstances are not the usual funny but noisy classmates, the  inadequacy of school facilities, and others but teacher’s inappropriate physical appearance. In particular, the negative impact of a â€Å"mucho caliente† or â€Å"very hot† English teacher and obese physical education teacher on students’ learning and individual belief on the health benefits of physical education. Many will agree that teaching is an ethically challenging profession as it involves satisfying social and cultural expectations. Normally, since young people are considered the most vulnerable to the effect of power imbalances, their teacher as both professional and social model is bound to follow well-defined moral behaviors, dress code and assume a certain personality. Moreover, since people in most cultures judge a person’s morality in the way he or she behave, dress, and physical looks, teachers dress conservatively and avoiding flirty or provoking sexy looks and dresses. Many schools have dress codes for teachers in order to maintain a professional demeanor and achieve a level of classroom decorum helpful to student achievement. In reality, it can be very difficult to young male students to focus on schoolwork if their teacher is dressed seductively. In order to maintain a favorable learning atmosphere, dress codes commonly restrict wearing revealing clothes and limit the amount of skin a female teacher can show. Want to know more? Go here: Learning from Budget Books The Scientific Basis for Defining Seasons Are Plagiarism and Censorship Having Something in Common? Yasar Kemal is a Master of Word Who and What Deserve Respect Practicing What You Preach Most physical education teachers are athletic but not in Mexico. Obese physical education teachers are in fact #MexicansProblemsAtSchool that need to be addressed. Obesity, in essence, is a lack of professional development and since students’ acceptance of their teacher as a source of health information or one with admirable wellness status they can emulate; an obese physical education teacher is undoubtedly useless. Similar to dress code, teachers are expected to epitomize good health so that by examples, students will be encouraged to mimic their behavior and attitudes. How can an obese teacher promote health and well-being in school when he is unconcerned about the danger of obesity and living an unhealthy lifestyle? Similarly, since it will be difficult for students to accept that there are health benefits in physical education. A physically fit PE teacher according to study is a model that promote a positive attitude toward physical education and physical activity. This is because overweight/obese students with non-obese PE teacher are more enthusiastic about physical education, more concern about their health, and confident about the positive effect of physical activity on weight loss. It is thus important for teachers to practice what they preach and become a good model for students to emulate. There is nothing wrong with being fashionable but teaching is an ethical profession that demands self-restriction and observance of socially and culturally acceptable norms. Since teachers are expected to maintain a professional demeanor and create a learning atmosphere, distractions such as seductive clothing or looks must be avoided at all cost. Similarly, as the credibility of the source of health information is critical to the development of students’ positive attitude towards physical education and activity, a physical education teacher must be mindful of his own health and credible enough to demonstrate the health benefits of physical activity.

Tax exempt bonds Coursework Example | Topics and Well Written Essays - 750 words

Tax exempt bonds - Coursework Example Access to capital is critical to keep facilities current, add major information technology systems and strengthen quality initiatives .Debt financing is a major source of capital for health care organizations. Cost of capital is a major determinant of the type of debt financing. Bond issuing is one option of debt finance that health care organization can use to finance their projects. For financial and capital planning to be effective, hospital leaders, including chief executive officers, chief financial officers and board members, must be aware of the changing conditions of the capital markets and the types of capital available. The types of debt financing include tax-exempt and taxable bond offerings and such nontraditional debt offering as off-balance sheet options and participating bond transactions. A sound financial plan should include maintaining a strong equity portfolio and managing debt to minimize cost and maximize access to capital. The following steps allow hospitals to effectively incorporate debt financing as a component of their strategic and financial planning process. 1.   Building a financing team:   Building a knowledgeable financing team is the primary responsibility of the CFO. The team should be responsive to variations in the financial market including changes in interest rates, regulatory requirements and ratings activity, among other things. The team should include members from outside the organization, such as legal counsel, underwriters, auditors, financial advisers, bond issuers and bond trustees. 2.   Active management of debt and equity portfolios:      Hospital financial leaders must actively manage debt and equity portfolios to account for changes in the financial markets and the organization’s financial performance. Senior leaders and the board should be kept abreast of the organization’s financial performance, including the organization’s capital outlook. 3.   Evaluate debt capacity:  Ã‚   De bt capacity is the amount of debt an organization is able to sustain within its credit rating profile. The ability to incur debt is a sign of an organization’s financial strength. Determining debt capacity will help organizations strategically allocate capital and also help calculate how much capital they need to obtain from other sources. 4.   Determine the appropriate mix of debt and equity financing:  Ã‚   Determining the appropriate mix of debt and equity financing is a complex process which is accomplished, in part, by assessing the organization’s debt capacity, the level of risk the organization is willing and able to accept and rating agency benchmarks. Financial leaders must determine the appropriate mix of equity and debt financing, including the appropriate mix of traditional and nontraditional debt, to secure the maximum amount of capital at the most favorable rates. 5.   Calculate the appropriate rate mix for debt:      Calculating the appropriate mix of fixed rates and variable rates is an important component of a hospital’s strategic financial plan. The appropriate mix is influenced by the organization’s bond ratings, availability of free cash and bond insurance, interest rates and willingness to accept risk. Fixed-rate debt is secure and becomes part of an organization’s capital structure until it matures. Variable rates are historically lower than fixed rates, resulting in savings to the organization, but carry no guarantee over time. Variable-rate debt is subject to changes in interest rates, regulatory activity and an organization’s credit rating. 6.   Diversify variable-rate debt:      Variable-rate debt can take different forms. They include variable-rate demand bonds and insured and uninsured auction rate securities,