assignment development finance

Development Finance Assessment (DFA) Guidebook

The Development Finance Assessment, developed by UNDP to support countries and strengthen their INFFs, follows a unique country-level, government-led process of aggregation, analysis, dialogue and collaboration that helps countries determine ways forward to strengthen sustainable development financing.

Civil Society

Development finance institutions, international finance institutions, line ministries, ministries of finance and planning, private sector, securities exchange commission entities, stock exchange, products and country experiences, development finance and aid in lao pdr, 25 completed country level development finance assessments, development finance assessment and integrated national financing frameworks guide, development finance and aid in the philippines, development finance assessment (dfa) nepal, development finance assessment process in timor-leste, focal points.

Emily Davis

Thomas Beloe

Tim Strawson

UNDP Staff Only: Once you identify your SDG Financing expert, please place a request for his/her services through your CO corporate planning system (IWP platform) under the ‘Service Requested’ section. Please be sure to indicate the name of the financing expert on the service request page (‘Summary of Service Expected’ box) in order to facilitate assignment.

• Welcome Page
• Overview of Community Development
• Unit 1 – People: Building the Right Team and Relationships
• Unit 2 – Plan: Using Evaluation and Data to Develop Your Community Development Finance Plan
• Unit 3 – Process: Sourcing Financial Resources for Community Development Initiatives
• Unit 4 – Project: A Look at Two Successful Community Development Efforts

Community Development

Using Evaluation and Data to Develop Your Community Development Finance Plan

Launching a Successful Community Development Initiative: Unit 2 – Plan

You are probably intimately aware of your community’s strengths and weaknesses and how your particular community development project can be an asset to your neighborhood. But to secure funding, you will need to document your specific issue and the projected outcomes of your initiative. In addition, there are critical pieces of data your lenders and/or investors will want to evaluate to help them determine whether to finance your project. All of this information will be part of your community development finance PLAN.

This unit will focus on the fourth key principle of successful community development finance—evaluation. We will introduce the types of data you will use for the evaluation process and the data you will need to provide to your lenders and/or investors that will provide the basis for their investment decisions.

The data generally falls into three categories: environmental context, business plan and financial information.

1. Environmental Context

The environmental context documents the external factors outside your organization that might affect your project and should be identified and evaluated to understand the context in which you are working. For example, if property values are low in the area where you are planning a development, the appraised value of your project will be impacted. This may make it more difficult to finance the development. The environmental context will include both macro and micro environmental factors.

Macro Environmental Factors

Macro environmental factors are those conditions impacting your community over which you or your organization have little, if any, control. Nonetheless, you still must pay attention to them in deciding how to proceed. General categories of macro factors to evaluate include:

Economy — Effects of inflation, business cycles, employment trends, retail and commercial activity, construction activity and availability of capital. Questions to consider:

• What is the general economic condition in the labor and housing markets?
• Is there a skilled labor shortage?
• What activity is there in the retail construction sectors?
• Are there areas of the economy that are lagging behind?
• What is the availability of capital, credit and financial services?
• What types of financial institutions serve the area?

Demographics — Effects or trends in family size, age distribution, education, diversity, income and geographic distribution of the population. Questions to consider:

• What are the typical educational attainment levels of the area?
• How do age and social class affect the community?
• Does the number of low-income households suggest a need for specific community services?
• Does the number of non-English-speaking people suggest a need for specific community services?

Social and Cultural Factors — Changes in consumer values and lifestyles affecting purchasing behavior. Questions to consider:

• How does being a homeowner vs. a renter affect community attitudes?
• What value is placed on tourism, the arts and historic preservation?
• Are lifestyle patterns changing?

Politics — Effects of regulation and legislation. Questions to consider:

• Has there been a shift of programs from the federal to the state level that has altered the availability of money?
• What is the legal status of development organizations that have an impact on the project?
• What influences and pressures are at work in the community?

Technology — Changes in technology affecting products and services and their delivery. Questions to consider:

• How accessible are computers and mobile devices with internet access in the area?
• Are there resources that provide access to technology in your community?
• How is technology impacting lifestyle, work and commuting patterns?

Natural Environment — Ecological or other natural concerns (e.g., flooding, earthquakes, tornadoes, pollution, etc.) that may affect your organization’s markets or operations. Questions to consider:

• Are there ecological concerns with industry, farming or economic development?
• Is the area likely to be affected by natural disasters?
• What is the quality of air and water?

Micro Environmental Factors

These are smaller considerations in the immediate area that you may have some control over yet still affect your organization’s ability to make community development finance decisions. Sometimes, the micros may make a project possible that the macros would seem to rule out. For example, after looking at macro factors, a housing developer might think that, based on the population decline in the area, there is no market for additional housing. But after considering micro factors, the developer might decide that there is a demand for homes with more bathrooms and fewer bedrooms, or might realize that there is not much competition in building assisted living for senior citizens. General categories of micro factors to evaluate include:

Markets — Profile those user markets that you plan to target in your project. Pay close attention to the size, growth and geographic distribution of the market, the profitability of current markets and what segments of the market are available. In addition, be aware of other entities that are also developing projects for this same user group. Will your project meet a unique need? Will it have competition in the marketplace?

Questions to consider about your end users, including their needs, buying behavior and attitudes toward the project and your organization:

• Who are they?
• Is there a user demand to support the project?
• Will your users change or remain the same?
• Do you have profiles of buying behavior?

Questions to consider about other entities that share the marketplace for your project:

• What are their strengths and weaknesses, along with the sizes of and trends in their market share?
• Are scarce resources or funding already allocated to similar entities? Are there any competitors for resources or financing?
• Are there opportunities for collaboration?
• How can you differentiate yourself from those offering similar services?

Public Perceptions — You should be aware of both the environment for community development finance and your own reputation in the public arena. If the people you are trying to serve have doubts about your organization or proposed project, your objectives might be difficult to achieve. Questions to consider:

• How does the community plan and pursue its community development objectives?
• What public concerns have an impact on community development finance?
• How many nonprofit organizations work in community development in your area?
• What is your organization’s track record?
• Is the community pleased with the impact you have made?
• Are you looked upon favorably by your area’s philanthropic, financial and governmental sectors?

2. Business Plan

Now that you have surveyed and documented the environmental context in which you are operating, you can begin to build a business plan for your community development project. The plan will help your partners evaluate the merits of the project and provide lenders and investors with information they need to decide whether to provide funding. The plan will serve as a road map for the beginning years of the community development project. Business plans generally project three to five years ahead and outline the route to take to reach yearly milestones, including revenue projections. Keep in mind that it is a living document that you will need to constantly review and evaluate. Business plans are important because they:

• Build commitment
• Clarify why people are working together
• Uncover expectations, aspirations and potential pitfalls
• Assign responsibilities to each partner involved in the project
• Outline goals and benchmarks
• Serve as a road map for the early years of the community development project
• Inform decision-making on a regular basis

Finance planning includes making a business case for your project. Key elements of a business case for a community development finance plan are:

• Business context . What is happening, internally and externally, to the community or organization that merits attention and is driving the need for the community development project and finance plan? What evidence do you have to document the need?
• Problems or opportunities . What aspect of the current situation calls for action? What is the market demand for the project? What assets are either available within the community or to the community?
• Implications of ignoring . What are the consequences of not addressing the problem or opportunity?
• Desired outcomes . What are the desired outcomes of the community development project?
• Benefits . What are the specific advantages or gains that will result from achieving the desired outcomes?

As an example, consider a community that is operating in a business context where the number of adults aged 25-44 has been declining every year. The problem could be that the trend toward fewer young adults has led to weakening job growth. Creating an environment that will retain and attract educated and skilled young adults is an opportunity for the community. Ignoring the problem could result in current businesses moving to an area where they can find young adults in the labor force, as well as businesses that require educated and skilled employees not opening, expanding or moving to the community. Ignoring the problem could lead to a decline in the housing market, school enrollment and retail business. The desired outcome is a strong labor pool of young adults for current and new businesses. This will benefit the community by boosting the housing market, retail businesses, job creation, etc. Rising household income levels, tax base and bank deposits may be additional benefits.

The U.S. Small Business Administration’s business plan tool provides step-by-step guidance to develop your business plan. Although not specifically designed for community development projects, the tool provides the core elements of any business plan. The SBA’s Small Business Development Center provide technical assistance to small-business owners and entrepreneurs throughout the country, as well as provide sample business plans.

3. Financial Information

In addition to the business plan, a lender or investor will request more information about the project and your organization to determine whether to finance your community development project and to evaluate its sustainability.

Your ability to supply the requested information makes a statement about your organization’s capacity. A lender or investor typically may request:

Basics about applicant

• Structure of your organization (nonprofit or for-profit corporation, limited liability corporation, sole proprietorship, etc.)
• History/experience
• Financial statement
• Self-analysis—information about your current situation and performance (e.g., an annual report, the board of directors’ strategic assessment and plans, current operating statistics)
• Copy of proposed lease or purchase agreement for buildings, land, etc.
• Estimated operating expenses for the proposed project
• Plans and specifications—very specific plans on each phase of the project prepared up-front
• Substantiating amounts—actual estimates from contractors, suppliers, etc.
• Amount of investment/equity from the developer for the project
• Capacity and credibility of the management of your organization and the manager of the proposed project (e.g., adequate staff, experience/credentials of staff, history with similar projects)
• Experience of property manager overseeing the ongoing operations when the project is finished (e.g., for rental properties)

Financial capacity

• Ability to cover cost overruns
• Ability to pay loans if there are cash flow problems
• Ability to make interest payments if sales are not brisk
• Secondary sources of funds
• Cash flow projections and other financial indicators
• Ongoing operating expenses of the organization and funding sources designated to cover them
• Vacancy rate consistent with the current market or at least 10 percent
• Projected rental income consistent with the current market conditions
• Operating and replacement reserves
• An appraised value of land, buildings or equipment that supports the lender’s investment in the project

Quality of design

• Adequate security and parking, as well as logical and efficient floor plans (for building projects)
• Collaboration and community involvement . Public and private partnerships increase the probability that the project will reach its intended goal.
• Mitigation . Subsidies and enhancements may be available to diminish risk.
• Customization . Services and products are customized to take into account the community’s characteristics, such as predominant lifestyle, income range, amenities and housing.
• Flexibility . The community development finance plan must be elastic so that it can be changed to accommodate growth and/or changing conditions.
• Recognition and use of cycles . Timing is critical to community development, as every community development project is a small part of a larger cycle. Entering a market with a project at the wrong time can spell disaster.

Additional or less information may be requested depending on whether your community development initiative is a brick-and-mortar project.

Show Me the Data

While much of the groundwork for bringing a community development project together involves people—community engagement, leadership and collaboration (the core principles discussed in Unit 1)—the financial decisions will be very much driven, measured and evaluated by data. Where can you locate this data?

To help complete your environmental context, business plan and financial information, look to resources in your own neighborhood and local sources. Local libraries, chambers of commerce, local colleges and universities all have resources that can help you complete this task. In addition, you can seek information from property assessor offices, local planning and development agencies, state housing finance agencies, state and local community and economic development agencies and the SBA’s Small Business Development Center . Finally, there are a host of web-based resources that can aid in your quest for data. Some of those include:

• Community Commons  
• Corporation for Enterprise Development (CFED)  
• FedCommunities.org: Federal Reserve Community Development Resources
• Federal Reserve Bank of St. Louis Community Development Outlook Survey (CDOS)  
• Federal Reserve Bank of St. Louis Economic Data (FRED)
• National Neighborhood Indicators Partnership
• Opportunity Index  
• United States Census Bureau

Of course, this is not an exhaustive list. A focused internet search specific to your community and project will likely help you identify numerous sources of information and data for your business planning needs.

Summing it Up

You must have a plan.

With the people in place to work on your community development initiative and the elements of your finance plan coming together, we are ready to move on to Unit 3, which will explore the process and tools for coming up with the money for your project.

Browse Course Material

Course info.

• Prof. Karl Seidman

Departments

• Urban Studies and Planning

As Taught In

• Developmental Economics
• Public Administration
• Urban Studies

Learning Resource Types

Financing economic development, assignments.

Several of the assignments listed below are found in the required textbook; page numbers can be found listed after each assignment.

Seidman, Karl F. Economic Development Finance . Sage, 2005. ISBN: 9780761927099.

Financial Analysis Worksheets

These worksheets are intended to extend and reinforce key financial analysis concepts and skills introduced in class. They summarize the purpose, interpretation, and formulas for key calculation and require several calculations and brief comments on their interpretation and related issues. Completion of the worksheets is required, but they will not be graded.

• Class 5: Business Financial Statement Analysis Worksheet (PDF)
• Class 8: City Plaza Real Estate Financial Analysis Worksheet (PDF)
• Class 11: Orlando TIF Financial Analysis Worksheet (PDF)

Case Study Analyses

Five case study write-ups are listed on the syllabus. The background, financial data and assignment for each case is found in the corresponding chapter of the textbook, or separate case study material. Four of the case study write-ups include financial analysis and a brief (3 page) write-up that addresses the specific questions posed in the assignment. The written discussion should incorporate the results of the financial analysis required in the assignment, with the financial analysis or projections attached as an appendix. One case study involves analyzing a city’s development finance system and formulating recommendations to make it more effective. Four of the case studies can be found in the required textbook:

• Class 6: Working Capital Loan Request Analysis (Crystal Clear Window Company) - Pages 103-110
• Class 9: Employee Buyout Loan Request Analysis (Phoenix Forge) - Pages 123-132
• Class 13: Federal Programs and Real Estate Finance (Inner City Supermarket) - Pages 334-340
• Class 19: Development Finance System and CDFIs (Cleveland) (PDF)
• Class 24: Raising Capital for a Development Finance Entity (Manufacturer’s Fund Recapitalization) - Pages 433-439

Term Project

The term project is only required for graduate students, and entails a team of graduate students working on a finance project for a client. This fall, four of the term projects are focused on financing issues related to economic development in Detroit. Only one team may work on a project. A brief (1-2 page) project work plan is due by Class 8. The final written project and other deliverables are due on Class 26.

Below are examples of student projects that were produced during the Fall 2016 iteration of the course.

“ Leveraging Development Incentives in Detroit (PDF) ” prepared for the Detroit Economic Growth Corporation

“ Food Access Financing in Detroit (PDF - 3.7MB) ” prepared for the Michigan Good Food Fund

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IDM009 – Development Finance – Coursework assignment

In Vietnam, examine the “financing gap” faced by the Small and Medium Enterprises (SME) sector and the major constraints faced by SMEs in accessing finance. Develop a set of policy recommendations aimed at improving the flow of finance to SMEs in this country

Related Papers

muhammad M Khan

Small and medium enterprises (SMEs) are engines of growth for developed and developing countries. Developing countries like Pakistan must pay special attention towards its development and growth which is very essential for country’s economic growth, economic development, employment generation, income equality, poverty alleviation, entrepreneurial culture etc. But unfortunately this sector is under performing due to many barriers including improper infra-structure, regulatory requirements difficulties, shortage of skilled HR, non competitive products, lack of entrepreneurial expertise, small scope of business and risk of default but above all access to finance is the major barrier that is facing by SMEs. This research paper examines the sources of finance (formal and informal) that are available for SMEs and also highlights the issues that create hindrance in effective flow of financial facilities to SMEs especially SEs (Small Enterprises). The research paper concludes that sufficient and easy availability of finance is the key to success for SMEs in Pakistan.

Tavaszi Szél – Spring Wind

Binh Dang Thai

Small and medium enterprises (SMEs) have an important role in the economy of each country. However, most of the SMEs are facing difficulties in accessing finance. Understanding the importance of SMEs in the economy, the governments established credit guarantee system to support SMEs through the provision of credit guarantee services for SMEs. Credit guarantee system for SMEs are widely used in the world, but also there exist many problems in the management and operations in some countries. This paper analyzes the actual operation of credit guarantee for SMEs in Vietnam. Also, giving the successful experiences were applied in Japan and from the propose measures to improve the performance of the credit guarantee system in Vietnam

Asian Studies Review

Robyn Klingler Vidra

Vietnam’s venture capital (VC) industry took shape in the late 1990s during a period of the country’s exceptional economic growth and the development of its high-technology sector. High growth rates and technological advances have typically coincided with both strong VC market activity and state support of equity-financing. This, however, has not been the case in Vietnam. In this article a policy diffusion framework is used to investigate the international and domestic origins of Vietnam’s nascent VC policies, and how they became part of the Communist Party of Vietnam (CPV)’s agenda as credit-based, rather than equity-based, solutions. The article argues that Vietnam’s heterodox approach to VC policy results from both external forces from donors and from domestic factors. In particular, Vietnamese policymakers have preferences for credit-based SME financing solutions and Vietnam’s official development assistance providers have similarly diffused expertise on loans, not equity investments, to the Socialist Republic. The only donors recommending VC and equity-based financing in Vietnam have gone “around the state” rather than through it by working directly with the private sector. As a result, Vietnam’s SME financing initiatives have significantly diverged from international VC policy patterns.

Rachel Olanoff

Phouphet Kyophilavong

dr.Adnan Qubbaja

Michael Troilo

Kellee Tsai

Small and medium enterprises (SMEs) represent the backbone of China’s economy, yet they lack access to bank credit. SMEs thus rely on a wide range of alternative sources, including informal finance, online peer-to-peer (P2P) platforms, registered non-banking financial institutions (NBFIs), and underground financiers. This paper distinguishes among different types of ‘shadow banking’ to clarify popular misconceptions about the nature of risks associated with informal financial intermediation in China. The evolution of SME finance in other contexts suggests that regulated and well-managed NBFCs provide an enduring foundation for commercialised financial intermediation even in advanced industrialised economies.

Mtambi Malauri

burcu altinel

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Postgraduate Diploma in Development Finance

Gain the skills you need to lead in this fast-growing sector., a solid foundation in development finance.

Development finance has the power to address critical issues in emerging market economies.

The UCT GSB Postgraduate Diploma in Development Finance provides a comprehensive overview of:

• trade finance
• banking   and finance in emerging markets
• public-private partnerships
• environmental finance and sustainability
• risk management in development finance institutions.

The programme is accredited by the  Chartered Institute of Development Finance  ( CIDEF ) and will provide valuable credits for students who want to attain full professional membership of CIDEF.

*  Application & Course fees are provisional for 2025, and are subject to annual UCT council approval. If you would like more information on fees for this programme, click here.

uct gsb PGDIP IN DEVLOPMENT FINANCE overview

Learn more about the annual term dates for the UCT GSB PGDip in Development Finance programme.

The UCT GSB PGDip in Development Finance comprises five compulsory courses over a 5 month period. Learn more about the UCT GSB PGDip in Development Finance.

Learn more about which attributes and qualifications are required for the UCT GSB PGDip in Development Finance.

A step-by-step guide on how to apply for the UCT GSB PGDip in Development Finance programme.

The UCT GSB PGDip in Development Finance curriculum is made up of five compulsory courses. Read more on the Postgraduate Diploma in Development Finance courses.

The UCT GSB is committed to broadening access to postgraduate education through funding and scholarship opportunities. Explore funding options available to PGDip candidates.

INNOVATIVE TEACHING

Our teaching, learning and research is directed towards building a more economically prosperous, equitable and integrated continent

Teaching on the Postgraduate Diploma in Development Finance draws heavily on case study analysis with minimal exploration of theoretical concepts.

 It provides those who work in, or are intending to work in, development finance institutions or support organisations, government or the financial sector a thorough understanding of the field. 

FREQUENTLY ASKED QUESTIONS

Who will benefit from the programme.

You will benefit from the PGDip in Development Finance if you:

• Are a graduate of a commerce-related degree and are looking to enter the development finance field
• Work in various areas of government such as finance, policy or commerce
• Work in an NGO
• Are interested in the UCT GSB MCom in Development Finance but do not have the requisite four-year honours degree

What is the workload on the programme?

The first block of the programme is intensive and immersive. Four of the five compulsory courses will be completed. Students will then be required to submit separate assignments for each course before the second block starts. In addition, they will be required to sit for exams before the start of the second block.  

Will the programme help expand my network?

Once you graduate from the UCT GSB you will join our alumni network which is a dynamic forum that comprises more than 23 000 past UCT GSB students in 68 countries worldwide. Many of the UCT GSB’s alumni hold key positions in top companies or have started their own successful businesses. Alumni play a vital role in supporting and encouraging more recent graduates to follow in their footsteps and UCT GSB students who find employment after graduation - particularly internationally - frequently do so through alumni contacts.

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DR RENE ALBERTUS

Dr Rene Albertus an inter-disciplinary lecturer focusing on Information Systems Management and Business Process Modelling, Research Methods: Qualitative and Quantitative, Accounting and Finance and Corporate Governance.

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Join us for an information session webinar about the UCT GSB Postgraduate Diploma in Development Finance (PGDip Dev Fin) at the UCT Graduate School of Business. Development finance has the power to address critical issues in emerging market economies.

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This is a 1-year Masters programme that runs for two (2) semesters on full-time basis. The programme aims to equip students with the necessary skills to make a meaningful contribution to policy formulation and implementation in this field. The programme is designed to provide:

• Broad knowledge on the concepts and skills related to finance in developing and emerging markets. • Knowledge and skills in financing the design and implementation of development projects.
• Good appreciation of current issues on development finance, both at the macro and micro levels in developing and emerging economies.
• Appreciation of the challenges with respect to development finance in developing and emerging economies.
• Provide the platform for postgraduate research in the area of development finance in developing and emerging economies.

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Assignment: Definition in Finance, How It Works, and Examples

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate.

What Is an Assignment?

Assignment most often refers to one of two definitions in the financial world:

• The transfer of an individual's rights or property to another person or business. This concept exists in a variety of business transactions and is often spelled out contractually.
• In trading, assignment occurs when an option contract is exercised. The owner of the contract exercises the contract and assigns the option writer to an obligation to complete the requirements of the contract.

Key Takeaways

• Assignment is a transfer of rights or property from one party to another.
• Options assignments occur when option buyers exercise their rights to a position in a security.
• Other examples of assignments can be found in wages, mortgages, and leases.

Uses For Assignments

Assignment refers to the transfer of some or all property rights and obligations associated with an asset, property, contract, or other asset of value. to another entity through a written agreement.

Assignment rights happen every day in many different situations. A payee, like a utility or a merchant, assigns the right to collect payment from a written check to a bank. A merchant can assign the funds from a line of credit to a manufacturing third party that makes a product that the merchant will eventually sell. A trademark owner can transfer, sell, or give another person interest in the trademark or logo. A homeowner who sells their house assigns the deed to the new buyer.

To be effective, an assignment must involve parties with legal capacity, consideration, consent, and legality of the object.

A wage assignment is a forced payment of an obligation by automatic withholding from an employee’s pay. Courts issue wage assignments for people late with child or spousal support, taxes, loans, or other obligations. Money is automatically subtracted from a worker's paycheck without consent if they have a history of nonpayment. For example, a person delinquent on $100 monthly loan payments has a wage assignment deducting the money from their paycheck and sent to the lender. Wage assignments are helpful in paying back long-term debts.

Another instance can be found in a mortgage assignment. This is where a mortgage deed gives a lender interest in a mortgaged property in return for payments received. Lenders often sell mortgages to third parties, such as other lenders. A mortgage assignment document clarifies the assignment of contract and instructs the borrower in making future mortgage payments, and potentially modifies the mortgage terms.

A final example involves a lease assignment. This benefits a relocating tenant wanting to end a lease early or a landlord looking for rent payments to pay creditors. Once the new tenant signs the lease, taking over responsibility for rent payments and other obligations, the previous tenant is released from those responsibilities. In a separate lease assignment, a landlord agrees to pay a creditor through an assignment of rent due under rental property leases. The agreement is used to pay a mortgage lender if the landlord defaults on the loan or files for bankruptcy . Any rental income would then be paid directly to the lender.

Options Assignment

Options can be assigned when a buyer decides to exercise their right to buy (or sell) stock at a particular strike price . The corresponding seller of the option is not determined when a buyer opens an option trade, but only at the time that an option holder decides to exercise their right to buy stock. So an option seller with open positions is matched with the exercising buyer via automated lottery. The randomly selected seller is then assigned to fulfill the buyer's rights. This is known as an option assignment.

Once assigned, the writer (seller) of the option will have the obligation to sell (if a call option ) or buy (if a put option ) the designated number of shares of stock at the agreed-upon price (the strike price). For instance, if the writer sold calls they would be obligated to sell the stock, and the process is often referred to as having the stock called away . For puts, the buyer of the option sells stock (puts stock shares) to the writer in the form of a short-sold position.

Suppose a trader owns 100 call options on company ABC's stock with a strike price of $10 per share. The stock is now trading at $30 and ABC is due to pay a dividend shortly. As a result, the trader exercises the options early and receives 10,000 shares of ABC paid at $10. At the same time, the other side of the long call (the short call) is assigned the contract and must deliver the shares to the long.

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• Effective schools: Teacher hiring, assignment, development, and retention

Susanna Loeb

Tara Beteille

Demetra Kalogrides

The literature on effective schools emphasizes the importance of a quality teaching force in improving educational outcomes for students. In this paper, we use value-added methods to examine the relationship between a school’s effectiveness and the recruitment, assignment, development and retention of its teachers. Are effective schools effective because they happen to have recruited good teachers or do effective schools systematically recruit, develop and retain more effective teachers each year? Our results reveal four key findings. First, we find that more effective schools are able to attract and hire more effective teachers from other schools when vacancies arise. Second, we find that more effective schools assign novice teachers to students in a more equitable fashion. Across all schools we find that novice teachers are assigned lower achieving students than their more experienced colleagues at their school; however, the magnitude of this relationship is weaker in more effective schools. Third, teachers who work in schools that were more effective at raising achievement in a prior period improve more rapidly in a subsequent period than do those in less effective schools. Finally, we find that more effective schools are better able to retain higher-quality teachers. The results point to the importance of personnel, and perhaps, school personnel practices, for improving school outcomes.

Primary Research Area:

• Teaching and Leadership Effectiveness

Topic Areas:

• Educator Preparation and Development , Teacher Labor Markets , Teacher Quality

Education Level:

• School Leadership Research

APA Citation

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Brightline gets $2.2 billion in bonds, will increase trains from four to seven coaches

Brightline will refinance some of its $4.94 billion debt with $2.2 billion in tax-exempt bonds the  Florida Development Finance Corp. issued May 9, which will be due in 2053, according to a 2023 financial report.

Three raters gave Brightline low credit ratings, saying it was a “suitable investment” with a “stable outlook,” but “subject to adverse business and economic conditions.” The preliminary ratings were based on “conservative assumptions” and could change as the credit raters obtain new information, they said.

The high-speed rail company is banking on the success of the Miami-Orlando service it launched in September, for which it's prioritizing seats over service among the five South Florida stations.

The company expects to increase ridership on both routes when it receives the 30 new Siemens coaches it has ordered. Some will arrive this summer, company officials have said, and all will arrive by 2025, according to a refinancing report published May 9.

Each four-coach train will get three more coaches, increasing seating capacity from 240 to 450, the report says. Stations can accommodate 10-coach trains, so Brightline could add three more coaches per train later.

Brightline’s daily ridership will increase with new coaches

Brightline's 32 daily Miami-Orlando roundtrips, not including South Florida, will be able to seat 14,400 passengers daily and 5 million a year, if fully booked.

Brightline projects about 8 million passengers by 2026, with 4.3 million on the Miami-Orlando route and 3.7 million in South Florida, according to projections in the report.

Brightline hit its peak daily average ridership of 8,332 in March, with an average of 4,600 daily Miami-Orlando passengers, according to its latest ridership report.

Brightline's South Florida ridership could get a boost

Brightline has been cutting the share of South Florida seats to accommodate Miami-Orlando passengers, according to its ridership reports. Since last December, Miami-Orlando's ridership share has been about half its monthly ridership.

South Florida seats may reduce further after Brightline's new commuter passes — which will limit trips by four times and make the cost of each trip 150% to 350% more expensive — go into effect starting June 1. Brightline says that rush hour traffic is proving challenging to accommodate.

Ananya Tiwari is a business reporter for TCPalm. You can reach her via email at [email protected] or follow her work on Facebook , Twitter or X , and MuckRack .

40 Facts About Elektrostal

Written by Lanette Mayes

Modified & Updated: 10 May 2024

Reviewed by Jessica Corbett

Elektrostal is a vibrant city located in the Moscow Oblast region of Russia. With a rich history, stunning architecture, and a thriving community, Elektrostal is a city that has much to offer. Whether you are a history buff, nature enthusiast, or simply curious about different cultures, Elektrostal is sure to captivate you.

This article will provide you with 40 fascinating facts about Elektrostal, giving you a better understanding of why this city is worth exploring. From its origins as an industrial hub to its modern-day charm, we will delve into the various aspects that make Elektrostal a unique and must-visit destination.

So, join us as we uncover the hidden treasures of Elektrostal and discover what makes this city a true gem in the heart of Russia.

Key Takeaways:

• Elektrostal, known as the “Motor City of Russia,” is a vibrant and growing city with a rich industrial history, offering diverse cultural experiences and a strong commitment to environmental sustainability.
• With its convenient location near Moscow, Elektrostal provides a picturesque landscape, vibrant nightlife, and a range of recreational activities, making it an ideal destination for residents and visitors alike.

Known as the “Motor City of Russia.”

Elektrostal, a city located in the Moscow Oblast region of Russia, earned the nickname “Motor City” due to its significant involvement in the automotive industry.

Home to the Elektrostal Metallurgical Plant.

Elektrostal is renowned for its metallurgical plant, which has been producing high-quality steel and alloys since its establishment in 1916.

Boasts a rich industrial heritage.

Elektrostal has a long history of industrial development, contributing to the growth and progress of the region.

Founded in 1916.

The city of Elektrostal was founded in 1916 as a result of the construction of the Elektrostal Metallurgical Plant.

Located approximately 50 kilometers east of Moscow.

Elektrostal is situated in close proximity to the Russian capital, making it easily accessible for both residents and visitors.

Known for its vibrant cultural scene.

Elektrostal is home to several cultural institutions, including museums, theaters, and art galleries that showcase the city’s rich artistic heritage.

A popular destination for nature lovers.

Surrounded by picturesque landscapes and forests, Elektrostal offers ample opportunities for outdoor activities such as hiking, camping, and birdwatching.

Hosts the annual Elektrostal City Day celebrations.

Every year, Elektrostal organizes festive events and activities to celebrate its founding, bringing together residents and visitors in a spirit of unity and joy.

Has a population of approximately 160,000 people.

Elektrostal is home to a diverse and vibrant community of around 160,000 residents, contributing to its dynamic atmosphere.

Boasts excellent education facilities.

The city is known for its well-established educational institutions, providing quality education to students of all ages.

A center for scientific research and innovation.

Elektrostal serves as an important hub for scientific research, particularly in the fields of metallurgy, materials science, and engineering.

Surrounded by picturesque lakes.

The city is blessed with numerous beautiful lakes, offering scenic views and recreational opportunities for locals and visitors alike.

Well-connected transportation system.

Elektrostal benefits from an efficient transportation network, including highways, railways, and public transportation options, ensuring convenient travel within and beyond the city.

Famous for its traditional Russian cuisine.

Food enthusiasts can indulge in authentic Russian dishes at numerous restaurants and cafes scattered throughout Elektrostal.

Home to notable architectural landmarks.

Elektrostal boasts impressive architecture, including the Church of the Transfiguration of the Lord and the Elektrostal Palace of Culture.

Offers a wide range of recreational facilities.

Residents and visitors can enjoy various recreational activities, such as sports complexes, swimming pools, and fitness centers, enhancing the overall quality of life.

Provides a high standard of healthcare.

Elektrostal is equipped with modern medical facilities, ensuring residents have access to quality healthcare services.

Home to the Elektrostal History Museum.

The Elektrostal History Museum showcases the city’s fascinating past through exhibitions and displays.

A hub for sports enthusiasts.

Elektrostal is passionate about sports, with numerous stadiums, arenas, and sports clubs offering opportunities for athletes and spectators.

Celebrates diverse cultural festivals.

Throughout the year, Elektrostal hosts a variety of cultural festivals, celebrating different ethnicities, traditions, and art forms.

Electric power played a significant role in its early development.

Elektrostal owes its name and initial growth to the establishment of electric power stations and the utilization of electricity in the industrial sector.

Boasts a thriving economy.

The city’s strong industrial base, coupled with its strategic location near Moscow, has contributed to Elektrostal’s prosperous economic status.

Houses the Elektrostal Drama Theater.

The Elektrostal Drama Theater is a cultural centerpiece, attracting theater enthusiasts from far and wide.

Popular destination for winter sports.

Elektrostal’s proximity to ski resorts and winter sport facilities makes it a favorite destination for skiing, snowboarding, and other winter activities.

Promotes environmental sustainability.

Elektrostal prioritizes environmental protection and sustainability, implementing initiatives to reduce pollution and preserve natural resources.

Home to renowned educational institutions.

Elektrostal is known for its prestigious schools and universities, offering a wide range of academic programs to students.

Committed to cultural preservation.

The city values its cultural heritage and takes active steps to preserve and promote traditional customs, crafts, and arts.

Hosts an annual International Film Festival.

The Elektrostal International Film Festival attracts filmmakers and cinema enthusiasts from around the world, showcasing a diverse range of films.

Encourages entrepreneurship and innovation.

Elektrostal supports aspiring entrepreneurs and fosters a culture of innovation, providing opportunities for startups and business development.

Offers a range of housing options.

Elektrostal provides diverse housing options, including apartments, houses, and residential complexes, catering to different lifestyles and budgets.

Home to notable sports teams.

Elektrostal is proud of its sports legacy, with several successful sports teams competing at regional and national levels.

Boasts a vibrant nightlife scene.

Residents and visitors can enjoy a lively nightlife in Elektrostal, with numerous bars, clubs, and entertainment venues.

Promotes cultural exchange and international relations.

Elektrostal actively engages in international partnerships, cultural exchanges, and diplomatic collaborations to foster global connections.

Surrounded by beautiful nature reserves.

Nearby nature reserves, such as the Barybino Forest and Luchinskoye Lake, offer opportunities for nature enthusiasts to explore and appreciate the region’s biodiversity.

Commemorates historical events.

The city pays tribute to significant historical events through memorials, monuments, and exhibitions, ensuring the preservation of collective memory.

Promotes sports and youth development.

Elektrostal invests in sports infrastructure and programs to encourage youth participation, health, and physical fitness.

Hosts annual cultural and artistic festivals.

Throughout the year, Elektrostal celebrates its cultural diversity through festivals dedicated to music, dance, art, and theater.

Provides a picturesque landscape for photography enthusiasts.

The city’s scenic beauty, architectural landmarks, and natural surroundings make it a paradise for photographers.

Connects to Moscow via a direct train line.

The convenient train connection between Elektrostal and Moscow makes commuting between the two cities effortless.

A city with a bright future.

Elektrostal continues to grow and develop, aiming to become a model city in terms of infrastructure, sustainability, and quality of life for its residents.

In conclusion, Elektrostal is a fascinating city with a rich history and a vibrant present. From its origins as a center of steel production to its modern-day status as a hub for education and industry, Elektrostal has plenty to offer both residents and visitors. With its beautiful parks, cultural attractions, and proximity to Moscow, there is no shortage of things to see and do in this dynamic city. Whether you’re interested in exploring its historical landmarks, enjoying outdoor activities, or immersing yourself in the local culture, Elektrostal has something for everyone. So, next time you find yourself in the Moscow region, don’t miss the opportunity to discover the hidden gems of Elektrostal.

Q: What is the population of Elektrostal?

A: As of the latest data, the population of Elektrostal is approximately XXXX.

Q: How far is Elektrostal from Moscow?

A: Elektrostal is located approximately XX kilometers away from Moscow.

Q: Are there any famous landmarks in Elektrostal?

A: Yes, Elektrostal is home to several notable landmarks, including XXXX and XXXX.

Q: What industries are prominent in Elektrostal?

A: Elektrostal is known for its steel production industry and is also a center for engineering and manufacturing.

Q: Are there any universities or educational institutions in Elektrostal?

A: Yes, Elektrostal is home to XXXX University and several other educational institutions.

Q: What are some popular outdoor activities in Elektrostal?

A: Elektrostal offers several outdoor activities, such as hiking, cycling, and picnicking in its beautiful parks.

Q: Is Elektrostal well-connected in terms of transportation?

A: Yes, Elektrostal has good transportation links, including trains and buses, making it easily accessible from nearby cities.

Q: Are there any annual events or festivals in Elektrostal?

A: Yes, Elektrostal hosts various events and festivals throughout the year, including XXXX and XXXX.

Elektrostal's fascinating history, vibrant culture, and promising future make it a city worth exploring. For more captivating facts about cities around the world, discover the unique characteristics that define each city . Uncover the hidden gems of Moscow Oblast through our in-depth look at Kolomna. Lastly, dive into the rich industrial heritage of Teesside, a thriving industrial center with its own story to tell.

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Rare development in Detroit of new single-family houses now underway

Now hitting the market in Detroit is a type of development that is easy to find in the suburbs, but relatively rare in the city itself: newly built detached single-family houses.

A developer that ordinarily constructs or rehabs Detroit apartment buildings has taken a chance on there also being demand for such housing. The housing development is on Fischer Street off Kercheval in the East Village neighborhood, and one block over from Indian Village.

Years ago, the area was completely filled with houses, but today there are many vacant lots. In fact, the block directly across from the first completed houses is a giant empty field.

The developer, Greatwater Homes , an affiliate of Detroit-based Greatwater Opportunity Capital, is nearly finished with its initial batch of five houses. The asking prices for the completed houses range from $339,000 for a two-bedroom ranch with a finished basement to $459,000 for a two-story, three-bedroom house. All the houses include detached garages and 15-year Neighborhood Enterprise Zone property tax abatements.

Greatwater hopes to build out an initial phase of 23 houses on both sides of Fischer Street over the next year to a year and a half. The houses would be built on spec in three general styles or can be customized. If demand holds up, the development firm could ultimately build as many as 200 houses in the area.

“The goal is to see if the market is there for it," Matt Temkin, co-founder and partner of Greatwater, said. “There are a couple hundred lots out here and the grand potential is to connect it all — fill it all in. That’s the hope.”

Even though Greatwater is just getting started, their East Village development is already moving the needle in Detroit for new single-family houses.

Last year, the city issued just 18 building permits for single-family houses, up from eight permits in 2022, a city spokesman said.

The presence of Detroit Mayor Mike Duggan at a ribbon-cutting event Thursday for the first three finished Greatwater homes underscored just how unique the project is.

“This is the first place where a developer has given you the kinds of options you’d see in the suburbs," Duggan said.  "I think you’re going to see this is the beginning of a trend over the next couple of years. I think you will see more and more people building market-rate houses in the neighborhoods.”

Detroit has seen a flurry of new apartment buildings in the past decade, but nearly all of those units have been for rent and not for purchase.

Most of the new for-sale housing has come from rehabs of formerly vacant houses or construction of new attached townhouse developments , such as City Modern in Brush Park and The Townes at Pullman Park by Robertson Brothers Homes.

There has also been some new high-end condo projects, such as the 97 luxury units being built in the Hudson's site skyscraper that is under construction in downtown.

The new Greatwater houses fit on 30-foot by 100-foot lots and are therefore a bit smaller than typical new suburban houses. They feature open-concept kitchens, higher-end cabinetry and tiled bathrooms. Of the three finished houses, two have pending sales. Construction of the two houses is expected to wrap up in about two months.

Brandon and Nicole Liggins have a pending sale on the finished $459,000 three-bedroom house that is about 1,850 square feet. The Ligginses are in their mid-30s and currently rent in Detroit's Rivertown area, after selling their old house in Redford Township about two years ago.

They learned about the new Greatwater development by chance several weeks ago.

"The home fit all of our needs and what we were looking for," Brandon Liggins said. “ It had the garage, it had the space to grow the family, it had the community. We’re right by Indian Village and West Village, and now East Village is growing.”

Temkin said all of their future new houses on and around Fischer Street will be built on vacant lots that they will buy from Hantz Woodlands/Hantz Farms, which operates urban tree farms.

"Sure, you can get some giant mansion somewhere. But these are like the best new urban houses — contemporary with Royal Oak, Ferndale," Temkin said in an interview earlier in the week. “We didn’t compromise on anything.”

Temkin also defended the asking prices for the houses, which are on the higher end for Detroit.

"There’s not a big margin on these," he said. “You can’t do it cheaper. This is why nothing gets built, because it’s expensive. And it would cost you a lot more if you wanted to buy an old house and get it to that stage. This is turn-key."

The houses will be built in three general styles — cottage, colonial and craftsman — and construction is handled by Greatwater's in-house construction manager, Peter Wyatt, who previously worked for Toll Brothers.

The developers said the response so far from existing residents in the neighborhood has been overwhelmingly positive.

"I‘ve worked in so many suburban environments where it’s completely the opposite," Wyatt said. "There’s never an instance where someone is like pumped to have you building a house in their backyard — except for right here.”

Longtime resident Delores Orr, 76, vice president of the East Village Association, praised the Greatwater team at Thursday's event for reaching out to her and other neighbors early on in the project and seeking their opinions and suggestions.

“He didn’t come in as a developer and say ‘this is what we’re going to do,’ " Orr said. “We sat down many times and I’m so thankful for that.”

More: Michigan governor's rally call to 'build baby build' homes is easier said than done

Contact JC Reindl: 313-378-5460 or  [email protected] . Follow him on X  @ jcreindl .

Should you give job applicants an assignment during the interview process? Be thoughtful about the ask

Hiring is a time-consuming and expensive endeavor. Companies need candidates who offer the right skills and experience for a given role, and who align with their organization’s vision and mission.

To find the best fit, many companies still lean on a strategy that continues to generate debate : the assignment. Some candidates believe their experience and interviews should give prospective employers enough information to determine whether they will fit the role. Employers have to ask themselves whether they are willing to turn off a strong candidate by asking them to do additional work.

Is the assignment valuable enough to the evaluation process that they cannot move someone forward without it? Sometimes it is—sometimes they help an employer decide between two strong candidates. And if they are necessary, how can employers make assignments fair and equitable for the candidate or candidates?

When done right, assignments help assess practical skills and problem-solving abilities, giving a clearer picture of a candidate beyond what their resume or interview reveals. But employers should be thoughtful about the ask. While it may make sense for roles that require specific technical expertise or creative thinking, it isn’t appropriate for all roles—so assignments should always be given with a clear reason for why they are needed.

Plus, they don’t just benefit the employer. For job seekers, an assignment during the interview process might also help them stand out from the competition. It can also offer a window into what their day-to-day in the new role might entail. Remember that the candidate should be interviewing the company, too. Having a test run of the work they’d be asked to do is a great way to see whether they believe the role is a fit.

However, there is a rift in how people perceive the assignment as part of the interview process. Workers today span many generations, each with unique values and expectations. Whereas older workers often prioritize stability and loyalty, younger millennials and Gen Zers are more focused on flexibility and work well-being, Indeed data shows .

This mindset impacts the amount of time and energy a candidate is willing to devote to each application. After multiple rounds of interviews and prep, taking on an in-depth assignment may feel like a bridge too far—especially if the expectations for the assignment are not clearly communicated ahead of time.

Some candidates are wary of providing free labor to a company that may use their work and not hire them. Hiring managers should be clear about how the work will be used. They may also consider offering compensation if the assignment requires more than a couple hours of someone’s time, or if they plan to use the work without hiring the candidate.

The key for early career candidates in particular is to ensure their time and efforts are respected. This is a win-win for employers: By providing clarity and transparency, they not only elicit the additional information they want from candidates, but they demonstrate that the organization is transparent and fair.

Equity is also imperative: Which candidates are being asked to complete assignments? Is the hiring team consistent in giving out assignments across ages, experience levels, and roles? There should always be a process and clear evaluation criteria in place to ensure fairness.

As we adapt to the rapidly evolving world of work, we must continue to think critically about each step in the hiring process. Candidate assignments can be a valuable tool, but only with appropriate respect for job seekers’ time and contributions.

With the right strategy, we can bridge the gap between generations in the workplace and build a hiring culture that values efficiency, talent, and integrity.

Eoin Driver is the global vice president of talent at Indeed.

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Congress could soon spell the end of employment arbitration—but it’s not all good news for American workers

• Outdated laws prevent gig economy workers from getting benefits. This pilot program shows the path forward
• No, combustion engines won’t be supplanted by electric vehicles—and they’re  critical for sustainable transport

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of  Fortune .

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Out of the Centre

Savvino-storozhevsky monastery and museum.

Zvenigorod's most famous sight is the Savvino-Storozhevsky Monastery, which was founded in 1398 by the monk Savva from the Troitse-Sergieva Lavra, at the invitation and with the support of Prince Yury Dmitrievich of Zvenigorod. Savva was later canonised as St Sabbas (Savva) of Storozhev. The monastery late flourished under the reign of Tsar Alexis, who chose the monastery as his family church and often went on pilgrimage there and made lots of donations to it. Most of the monastery’s buildings date from this time. The monastery is heavily fortified with thick walls and six towers, the most impressive of which is the Krasny Tower which also serves as the eastern entrance. The monastery was closed in 1918 and only reopened in 1995. In 1998 Patriarch Alexius II took part in a service to return the relics of St Sabbas to the monastery. Today the monastery has the status of a stauropegic monastery, which is second in status to a lavra. In addition to being a working monastery, it also holds the Zvenigorod Historical, Architectural and Art Museum.

Belfry and Neighbouring Churches

Located near the main entrance is the monastery's belfry which is perhaps the calling card of the monastery due to its uniqueness. It was built in the 1650s and the St Sergius of Radonezh’s Church was opened on the middle tier in the mid-17th century, although it was originally dedicated to the Trinity. The belfry's 35-tonne Great Bladgovestny Bell fell in 1941 and was only restored and returned in 2003. Attached to the belfry is a large refectory and the Transfiguration Church, both of which were built on the orders of Tsar Alexis in the 1650s.  

To the left of the belfry is another, smaller, refectory which is attached to the Trinity Gate-Church, which was also constructed in the 1650s on the orders of Tsar Alexis who made it his own family church. The church is elaborately decorated with colourful trims and underneath the archway is a beautiful 19th century fresco.

Nativity of Virgin Mary Cathedral

The Nativity of Virgin Mary Cathedral is the oldest building in the monastery and among the oldest buildings in the Moscow Region. It was built between 1404 and 1405 during the lifetime of St Sabbas and using the funds of Prince Yury of Zvenigorod. The white-stone cathedral is a standard four-pillar design with a single golden dome. After the death of St Sabbas he was interred in the cathedral and a new altar dedicated to him was added.

Under the reign of Tsar Alexis the cathedral was decorated with frescoes by Stepan Ryazanets, some of which remain today. Tsar Alexis also presented the cathedral with a five-tier iconostasis, the top row of icons have been preserved.

Tsaritsa's Chambers

The Nativity of Virgin Mary Cathedral is located between the Tsaritsa's Chambers of the left and the Palace of Tsar Alexis on the right. The Tsaritsa's Chambers were built in the mid-17th century for the wife of Tsar Alexey - Tsaritsa Maria Ilinichna Miloskavskaya. The design of the building is influenced by the ancient Russian architectural style. Is prettier than the Tsar's chambers opposite, being red in colour with elaborately decorated window frames and entrance.

At present the Tsaritsa's Chambers houses the Zvenigorod Historical, Architectural and Art Museum. Among its displays is an accurate recreation of the interior of a noble lady's chambers including furniture, decorations and a decorated tiled oven, and an exhibition on the history of Zvenigorod and the monastery.

Palace of Tsar Alexis

The Palace of Tsar Alexis was built in the 1650s and is now one of the best surviving examples of non-religious architecture of that era. It was built especially for Tsar Alexis who often visited the monastery on religious pilgrimages. Its most striking feature is its pretty row of nine chimney spouts which resemble towers.

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