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Hiring a residential architecture firm is a good idea if you want to create the house of your dreams. Architects will translate your ideas and visions into a contemporary design that reflects the latest trends. A professional architect will help you create a unique design that will be recognized around the world and can increase the value of your house.
ARE reimbursement
If you’re the owner of a home, you might be wondering if you can get ARE reimbursement for residential architecture firm services. It’s possible. However, you need to have a clear understanding of what your architect’s fees include. In general, this stipulated sum covers the architect’s direct personnel and project expenses, as well as indirect expenses, such as profit. What’s more, ARE reimbursement does not cover reimbursable expenses, which are expenses that the owner must pay out-of-pocket for the design process, such as long-distance travel, reproduction of contract documents, authorized overtime premiums, and so forth.
For your business to qualify for ARE reimbursement, you should have a comprehensive bill of materials. This document documents your business’s financial status. A lender would want to see this if they were financing your project. For example, a bank would ask for an architect’s bank statement in order to approve a construction loan.
Bonus upon licensure
Architects who become licensed can be more valuable to their firms. Licensed architects have a better chance of landing a lucrative job and commanding higher salaries. Some firms pay their employees’ fees associated with professional licensing exams, such as the Architect Registration Exam. Some firms even pay their employees’ expenses for AIA membership or training courses.
Health insurance
If you are a small architectural firm, you should consider health insurance for your employees. This will help you save money on premiums, and will protect your firm from lawsuits. In addition, it can cover injuries that occur on the job. There are various plans available, and you should discuss the type of coverage with your insurance agent.
A general liability policy for your architectural firm will protect you from third-party claims for injuries and property damage. It can also cover damages or injury claims related to your advertising. You should get a cost analysis from a reputable insurance provider to make sure you get the right amount of coverage for your firm.
Workers’ compensation insurance covers injured employees and pays them for their medical care. If an employee is injured on the job, the insurance will cover their treatment and replace their lost income. A typical workers compensation allowance is about 2/3 of an average weekly salary. This coverage is essential for architectural firms. If you want to protect yourself from lawsuits, you should consider purchasing workers compensation insurance.
Group health insurance for architecture firms is a great way to increase employee health care coverage and retain talented employees. As health care costs continue to increase in the U.S., a building design firm must offer group health insurance for employees. There are different plans available for architects and building designers with different costs and benefits. Health insurance is important for any business and most employees expect a comprehensive benefit package from their employer.
While you can save money by not purchasing health insurance for your residential architecture firm, you should consider your budget. Your budget will affect the type of projects you take on and the type of insurance you purchase. You should seek legal and financial advice when choosing a policy. Being prepared will make shopping for the best policy much easier. By doing your research, you can find affordable rates for architects’ insurance.
401(k) plan
One of the best ways to attract and retain staff is to offer a 401(k) plan. Not only are employer contributions tax deductible, but the investment gains are tax-free as well. While this is a great benefit, employers should seek the advice of a tax advisor before offering the plan to their employees.
The loan feature of a 401(k) plan must include specific reporting requirements for compliance purposes. The loan must include a promissory note that explains repayment terms, the date on which the employee must repay the loan, the length of the loan, and the frequency. The plan should also have a loan monitoring report and delinquency reporting requirements.
In order to encourage employees to save more for retirement, Congress passed legislation requiring that firms offer 401(k) plans. These plans make it the default for employees to contribute to the plan, and only those who want to opt out must fill out a form. The federal government has a variety of reasons to encourage increased personal savings rates, including the aging Baby Boomer population. Moreover, the government is working to prepare the US wage earners for the eventual loss of government benefits, including social security.
