Professional Accounting Blog

    Accounting For Your Prosperity

    Patrick Kelleher, CPA, CFF

    Patrick Kelleher, CPA, CFF, has nearly two decades of experience working in the area of forensic and investigative accounting field. He has extensive experience in the commercial insurance claims area, evaluating claims of financial damages, including business income, property and fidelity matters ranging from $50,000 to $150 million in damages.

    Recent Posts

    Builder’s Risk – Tax Credit Financing

    Posted by Patrick Kelleher, CPA, CFF on Apr 24, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    Federal tax credits are a crucial component for the development and preservation of affordable rental housing. Federal tax credit financing available to the construction industry was devised by Congress and state agencies as a way to encourage private investment in projects and businesses that provide a public benefit to underserved communities.  

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    How to Navigate the Complicated Intersection of Business Income, Extra Expense, & Coinsurance

    Posted by Patrick Kelleher, CPA, CFF on Sep 5, 2018 8:55:13 AM

    Topics: Investigative and Forensic Accounting

    Immediately following a loss, an insured business is exposed to potential lost revenue, related profits, and business. The insured is typically contractually obligated to mitigate its business income loss through its use of extra expense coverage and other available methods.

    The insurance policy usually contains provisions that dictate, sometimes limit, and shape how much of the business income loss will be covered. One of the provisions that come into play but doesn’t typically apply to the extra expense coverage is coinsurance. This separation of provisions related to interconnected coverages (business income and extra expense) adds a layer of complexity to the measurement of the loss calculation.

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    Manufacturing Business Interruption Loss Mitigated by Stock

    Posted by Patrick Kelleher, CPA, CFF on Jul 11, 2018 3:45:58 PM

    Most first-party property policies place the duty to reduce the economic impact of a loss-of-revenue event on the insureds. In the manufacturing industry, insureds that have just experienced a loss event often sell from inventory while production is interrupted, all in an effort to minimize or eliminate revenue loss. It's a simple concept.

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