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TUESDAY, JAN. 30, 2018 | IN THIS ISSUE
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Plans for NewBo Evolve, a three-day festival inspired by gatherings like South by Southwest and Burning Man, were announced Monday for Aug. 3-5 in Cedar Rapids.
Organizer GO Cedar Rapids introduced the event, calling it a "celebration of the Bohemian spirit."
"Come August, the city will transform to cover 25 city blocks with design gardens, art installations and gathering spaces, including an exclusive lounge for passholders," GO Cedar Rapids said in a statement announcing the event.
Activities will include outdoor music performances by Grammy winners Maroon 5 and Kelly Clarkson, and a zipline attraction, the Cedar Screamer, which will traverse a distance of more than 1,000 feet across the Cedar River. The outdoor concert venue will be located north of the Bridge of Lions at the intersection of Second Street SE and 14th/16th Ave SE.
Keynote speakers will include Reddit Co-founder Alexis Ohanian and TV personality Carson Kressley.
For event details, including event pass ordering information, click here.
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A Wall Street Journal analysis of marketing partnerships between banks and the nation's colleges and universities put Kirkwood Community College at the top of the list in terms of average fees charged to students, but officials at U.S. Bank, which partners with the school on its EagleCard Program, say those findings are misleading and skewed by a small number of students who racked up hefty fees.
Over the weekend,
the Journal looked at recently released data from 112 U.S. colleges that collectively received about $18.7 million from banks in 2017 through consumer finance deals. Those agreements allow banks to market themselves on campus and advertise themselves as the school's preferred banking option in exchange for royalties, ATM space and on-campus bank branches, a percentage of debit card transactions and other financial perks to the schools. The data indicated the average annual fees charged by U.S. Bank to Kirkwood students was $93, the highest of any college with a bank partnership.
Michael Walsh, vice president of corporate communications for U.S. Bank, said the findings paint a misleading picture, however, as only 80 Kirkwood students chose to add U.S. Bank debit accounts to the school's Eagle Card over the 2016-2017 academic year. Kirkwood, which had 14,732 students enrolled in college credit classes as of fall 2016, issues Eagle ID cards to students to buy books in campus bookstores, register for classes, check out books from the library and other on-campus activities. Students can opt to put money on the cards from any source, or bank with U.S. Bank and use the card as a debit or ATM card, as well.
"We're talking about a pretty small population of students [opting into U.S. Bank banking services],"Mr. Walsh said. "And just a small handful of them kind of skewed the results."
According to required
disclosures outlining Kirkwood's relationship with U.S. Bank, the school began its relationship with the financial institution in 2008 and originally had a royalty agreement in which Kirkwood received $15 for every new student account opened. That royalty deal ended in 2012 when U.S. Bank opened an on-campus branch and the parties amended their agreement. In exchange for its marketing relationship with Kirkwood, U.S Bank has committed to spending $12,000 annually in so-called "non-monetary consideration," including $5,000 for marketing, $5,000 for staffing and consultant resources and $1,000 each for publicity and "website link development."
The Journal's story, based on new U.S. Department of Education disclosure requirements, found some schools raking in large amounts from their banking partnerships. The University of California at Berkeley, for instance, received nearly $1.7 million last year under its contract with Bank of the West.
A statement from U.S. Bank said the bank entered its partnership with Kirkwood to build long-term relationships with students that would grow over time.
"Non-traditional students such as those at Kirkwood often have different banking needs than traditional students and are more likely to opt in to services like overdraft coverage and incur other optional fees such as wire transfer fees and check order fees," bank officials said in a statement. "With a relatively small population of students with U.S. Bank accounts, a handful of Kirkwood students have substantially skewed the average fees experienced. Removing those handful of accounts from the equation brings the average fees paid by Kirkwood students with U.S. Bank accounts down by more than half."
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Dr. J. Brooks Jackson
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The registration deadline is approaching for the CBJ's annual Health Care Summit, which will feature Dr. J. Brooks Jackson, vice president of medical affairs and dean of the University of Iowa Carver College of Medicine, as the event's keynote.
The event will be held from 7:30 a.m.-1:30 p.m. Feb. 9 at the Cedar Rapids Marriott.
Dr. Jackson leads UI Health Care, which is comprised of the Carver College of Medicine, UI Hospitals and Clinics and UI Physicians. Prior to this role, he served as vice president for health sciences and dean of the medical school at the University of Minnesota. Dr. Jackson will share his vision for the "Future of UI Health Care."
Following Dr. Jackson's address, health care experts and wellness leaders from across the state will share their perspective on the health care industry, financing and reform, as well as other trends they see impacting their organizations. Topics will include:
- Trends in Premium Rates & Plan Design Panel, with Josh Budke of TrueNorth, Sean McTaggart of Wellmark, Jen Musick of Health Solutions and Jeff Russell of Delta Dental of Iowa
- Benefits of Compliance in the Trump Era, with Scott Fisher of McCrossen Consulting
- Healthy Thinking & Resilience, with Karen Lloyd of HealthPartners UnityPoint Health
- Employee Financial Literacy & Productivity, with Tory Meiborg of World Trend Financial
- Crisis Intervention Team Training, with Jessica Peckover of the Johnson County Sheriff's Office
The program will conclude with a luncheon keynote by Iowa Insurance Commissioner Doug Ommen, who will share insights on Iowa's insurance challenges.
Tickets are $50 per individual and $450 per table of 10. This event is registered with the UI Center for Conferences; .53 Continuing Education Units (CEUs) are available. For more information or to register, visit
www.corridorbusiness.com/events/. Registration ends Feb. 2.
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Principal Financial Group on Monday reported stronger full-year earnings for fiscal 2017 but a dip in its fourth-quarter earnings, which fell short of analysts' expectations.
The Des Moines-based financial services company reported earnings of $841.8 million for the quarter, and net income of $2.87 per share. Adjusted for pre-tax gains, the company reported earnings of $1.19 per share compared to $1.27 in the final quarter of 2016.
"Throughout the year, we continued to deliver strong investment performance, to expand our solution set and enhance relationships with customers and distributors," Chairman, President and CEO Dan Houston stated in an earnings release. "We again balanced investments in growth with disciplined expense management. We committed
$180 million
to strategic acquisitions in 2017; and we distributed more than
$730 million
to shareholders through common stock dividends and share buybacks, reflecting our balanced approach to capital deployment and our ongoing commitment to creating long-term value for our shareholders."
For all of fiscal 2017, Principal reported record non-GAAP operating earnings of
$1.48 billion
, or
$5.04
per diluted share. That was up 11 percent compared to
$1.33 billion
, or
$4.55
per diluted share for all of fiscal 2016.
A profit of $2.31 billion, or $7.88 per share was reported for the year. Revenue rose to $13.57 billion. The company declared a stock dividend of 51 cents per share for the first quarter of 2018, up two cents from the common stock dividend in the fourth quarter of 2017, and 13 percent from the year-earlier quarter.
Shares of Principal were down more than 7 percent this morning.
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Kaveh Mostafavi, founder of EcoCare Supply
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EcoCare Supply owner and founder Kaveh Mostafavi vividly recalls the shock that sent his career spinning in an entrepreneurial direction nine years ago.
One of two sons of a couple who immigrated to the United States after fleeing the Iranian Revolution, Mr. Mostafavi arrived as a young child in Keota, and later moved to Iowa City. The brothers heeded their father's ceaseless admonitions that they would have to work and study hard to take advantage of the opportunities available in their new home
"We are immigrants," said Mr. Mostafavi. "Nobody's going to hand us anything, nor do we want them to hand us anything."
He graduated from the Drake University School of Law in 2008 and joined his older brother in Arizona, believing he would find more opportunities in a larger setting. After passing the state bar exam, Mr. Mostafavi found work with a bankruptcy law firm, representing the tidal wave of Phoenix homeowners left over their head in debt when the housing bubble collapsed.
As he headed for the office early one morning, a message appeared on Mr. Mostafavi's phone, warning him to stay away. He drove on past the office, finding it closed and surrounded by police tape. Authorities had arrested the firm's owner for the stabbing death of an Arizona State University student after an altercation, and he was later convicted.
"After that, I had an entrepreneurial spirit," Mr. Mostafavi said. He went on to form his own law firm, and joined his brother, Dr. Homan Mostafavi, in opening the first Arizona franchise of Iowa City-based Pancheros Mexican Grill in 2009.
Despite success, Mr. Mostafavi began to feel that the franchised restaurant business was not for him. He wanted to try something else, and found inspiration literally in the restaurant's waste can during one of his frequent drop-ins.
"I noticed a customer grab a whole stack of napkins, about four inches high," he recalled. "He used two, and threw the rest away, which he was fully within his rights to do."
It led to what Mr. Mostafavi could only describe as an epiphany. There were plenty of restaurant suppliers with good products, but they only seemed to care about how much product they could sell, and not the environmental impact or reducing waste. He equipped the Pancheros location with dispensers that released only one paper towel or napkin at a time, and the savings - both financial and environmental - soon became apparent.
Returning to Iowa, Mr. Mostafavi incorporated EcoCare Supply in November 2014 and filled the company's first order in January 2015. He believes his supply company, located at 2000 James St. in Coralville, is the only Iowa-based company specializing in green products for the restaurant industry and facility maintenance.
In three years, the company has expanded to 15 full and part-time employees and three locations in Coralville, Cedar Rapids and Des Moines.
Read the full, members-first story in the week's print or digital editions of the CBJ.
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 Short-Term Event Planner
Jan. 30
Federal Tax Reform Panel, by Cedar Rapids Metro Economic Alliance, 8-9:15 a.m., Economic Alliance, 501 First St. SE, Cedar Rapids. Travis Fell and Chris Hendricks from RSM, and Jon Landon, a tax attorney with Shuttleworth & Ingersoll, will answer questions about tax reform. Attendees can submit questions during the registration process. Free. To register, visit
bit.ly/2DcFvZn.
Jan. 31
1 Million Cups, by 1 Million Cups, 9-10 a.m., MERGE, 136 S. Dubuque St., Iowa City. Join for community connections, startup pitches and free coffee. Free. For more information, visit
facebook.com/1MCICR.
Power Ladies Lunch, by NewBoCo, IWLC and F&M Bank, noon-1 p.m., Eastbank Venue & Lounge, 97 Third Ave. SE, Cedar Rapids. Join other entrepreneurial, professional women from across the Corridor to share resources, connections and referrals. Cost: $12. For more information or to register, visit
newbo.co.
Feb. 1
Open Coffee, by Washington Chamber of Commerce, 8-9 a.m., Dodici's Shop, 120 S. Iowa Ave., Washington. This event is open to the public and anyone interested in an open discussion about fostering creativity, innovation, and entrepreneurship in the Corridor is encouraged to attend. Free. Call (319) 653-4712 for more information.
Wake Up Marion, by Marion Chamber of Commerce, 8-9 a.m., MODE, 1394 Twixt Town Road, Ste. E, Marion. Start your day with coffee and connections with fellow Marion Chamber members. Free. To register, visit
bit.ly/2qyupMv.
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Headlines from CBS2/FOX 28
These news items are provided by CBS2/FOX 28
Two people are dead after a wrong way crash on Interstate 380 near the Eastern Iowa Airport Monday night that temporarily closed the northbound lanes. The Cedar Rapids Police Department tells CBS2/FOX 28 they received multiple calls detailing a car heading south in the northbound lanes of I-380 around 9:10 p.m.
CRPD said 69-year-old Robert Norton Jr. of Iowa City was driving his Toyota Prius south in the northbound lanes when he collided with a Volvo S40 driven by 28-year-old Jennifer Rae Koenighain. Both were pronounced dead at the scene. A third vehicle with two people inside was also involved in the collision; they were transported to the University of Iowa Hospitals and Clinics with non-life threatening injuries. The crash is still under investigation.
While prosecutors seek to build a case of animal neglect or even abuse, the woman accused is urging a judge to return hundreds of animals seized at her Vinton home in mid-January. Barbara Galkowski testified for several hours at a hearing Monday to determine the fate of nearly 700 animals recovered by two Iowa shelters. Ms. Galkowski insisted she had a strict schedule of tending to animals - ranging from guinea pigs to chinchillas - but was ill the morning police executed a search of her home on a warrant looking for a constrictor snake. Investigators found the snake, and much more, including steps covered in hay and animal droppings, the strong smell of urine and ammonia, and even dead animals resting on countertops. The findings prompted Cedar Valley Humane Society and Wild Thunder Animal Rescue of Independence to seize a combined 698 animals. Preston Moore, the director of communications at CVHS, said many of the animals were malnourished and neglected. Ms. Galkowski told the court her illness was the only reason she hadn't tended to her daily duties of cleaning and feeding the animals.
T
hese news items are provided by CBS2/FOX 28
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CBS2 Chief Meteorologist Terry Swails' Weather First Forecast
Temperatures will briefly warm up once again before winter makes a comeback with cold temperatures and light snow. There will be a mix of sun and clouds today and it will be breezy. Strong southerly winds will bring in warmer air and allow for temperatures to climb into the low 30s today. Clouds will build overnight and temperatures will stay steady or rise. It will be even warmer tomorrow with high temperatures in the low 40s.
A cold front will move through Wednesday night and colder air will move in for the end of the week. Temperatures will be down in the 20s Thursday and Friday.
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