7A
STRICTLY BUSINESS/The Charlotte Post
February 22, 1996
Theatre chain to open in summer
PHOTO/WADE NASH
Magic Johnson and Mayor Bill Campbell talk about plans to
bring the former NBA All-Star’s theaters to Greenbriar commu
nity. Campbeli took Johnson up a casuai reference to new ven
ture.
Continued from page 6A
traditionally have eschewed
first-run feature sites in loca
tions like Baldwin Hills — not
to mention much tougher
hoods in the Bronx or
Washington - largely because
of the fear of violence, but also
they figured it wasn't worth
the investment.
The idea for the theaters
weren’t cooked up in the Sony
boardroom, Johnson came to
Sony with the plan after a
similar venture with AMC
Theaters fell apart. Johnson is
a firm believer in empower
ment and employment of
minorities.
"We've been going to movies
that weren't in our neighbor
hoods for years," the former
NBA All-Star said. "We still
go and never complain that
there was not one in our
neighborhood, or if there was
it was one screen, rundown
and outdated. We just want
the same thing everyone else
has."
Johnson is a long time advo
cate of giving back to the com
munity, and an entrepreneur
with multi-faceted interests.
His businesses include
Magic Johnson T's, an official
T-shirt licensee of the NBA,
NFL, NHL, and the NCAA;
Magic Johnson All-Star
Camps, and Magic 32, a retail
store formally located in the
Baldwin Hills Crenshaw
Plaza.
Johnson's development com
pany is currently developing a
retail shopping center in Los
Vegas, Nev.
In 1991, Johnson founded the
Magic Johnson Foundation, a
non-profit organization which
directs its efforts towards
HIV/AIDS education, preven
tion and care. Johnson is
active in numerous charitable
and community organizations
such as the United Negro
College Fund, Muscular
Dystrophy Association,
American Heart Association
and Urban League.
Johnson is looking to build
ing 10 more theaters in major
cities with Houston being next
in the chain.
"Investment and ownership
translate into financial
empowerment,” Johnson said.
"As a firm believer in the
empowerment and employ
ment of minority people, I
have created and am develop
ing a chain of state-of- the-art,
multiplex movie theaters.
“The theaters will be based
in minority communities
across the country and will
feature first-run films.
Recognizing the desire for a
quality entertainment, MJT
will provide comfortable,
attractive and secure multi
plex theaters for the enjoy
ment of the entire family."
SUBSCRIBE TODAY!
(704)376-0496
nerildge house
SPECIALIZING IN UNIQUE GIFTS, ART, BOOKS AND
HOME ACCESSORIES WITH AN ETHNIC FLAIR
Meet
the author
of
“Poems and
Inspirational
Writings”
BY
Maggie F.
Thrasher
^lONAE^jJ
\5^tings §
Saturday, February 24, 1996
1:00 P.M. To 3:00 P.M.
Kings Court At 901 South Kings Drive • Charlotte • 344-9695
(By The Melting Pot & Mama Ricotta's Restaurants)
NEW 1996 Hours Mon. - Sat. 10-6 i
Business deductions need records
Continued frompage 6A
discuss business during the
course of the meal or enter
tainment. You also can
deduct entertainment
expenses that precede or fol
low a substantial business
discussion. Generally, the
entertainment must take
place on the same day as the
business discussion.
However, if you're entertain
ing business guests from out
of town, it can take place on
the previous or following
day.
How much can I spend?
You need not shop around
for the cheapest form of enter
tainment. But, the Internal
Revenue Service expects your
costs to be reasonable. As long
as the entertainment isn't lav
ish or extravagant, and you
meet all the other tests,
chances are the deduction
won't be denied. The IRS has
allowed deductions for costs
associated with attending the
ater and sporting events as
well as hunting and fishing
trips. In addition, the IRS has
permitted deductions for busi
ness entertaining in a home.
Again, keep in mind that your
ability to claim similar deduc
tions depends on your particu
lar circumstances.
What kind of records
should I keep?
Generally, a key to passing
IRS tests is recordkeeping.
Since entertainment expenses
are viewed as being particu
larly susceptible to abuse, you
must be able to substantiate
all claims. For each business
meal or entertainment event,
you must indicate: the amount
of the expense; date, time and
location; business purpose;
and relationship to the person
being entertained. CPAs rec
ommend that anyone who typ
ically incurs such expenses
maintain an expense diary or
log and update it regularly.
Keep in mind that the IRS has
denied otherwise allowable
deductions because of poor
recordkeeping. Also, shoddy
recordkeeping may suggest
shoddy business practices
and, consequently, invite more
questions from the IRS.
MONEY MANAGEMENT is
a weekly column on personal
finance prepared and distrib
uted by the North Carolina
Association of Certified Public
Accountants.
GRAND OPENING
The Wooten-Roberts
Insurance Agency
People on the move
William Murphy has been
appointed administrator at
Kaiser Permanente’s Gaston
Medical
Center.
His respon
sibilities
include over
seeing the
daily opera
tion and staff
of the center,
which serves
nearly 10,000
Kaiser mem
bers in
Gaston County. Before joining
Kaiser Permanente, Murphy
was director of patient
accounts at Gaston Memorial
Hospital from 1991-96, where
he supervised patient regis
tration, billing, collections and
cashiers. From 1987-91, he
was assistant director of
patient accounts at Lutheran
Hospital in Fort Wayne, Ind.
A native of Indiana, Murphy
Murphy
holds a bachelor’s and mas
ter’s degree from Indiana
University and an associate
degree from Purdue
University.
•Liz Mills, Ltd., a local
compliance consulting firm,
has been approved by the
National Associaton of
Purchasing Managers’s certifi
cation division, to conduct
training seminars for certified
purchasing managers.
The firm will soon laimch a
series of seven-hour seminars
for purchasers, buyers, pur
chasing managers and materi
als management personnel to
obtain unit credit toward their
Certified Purchasing Manager
certification.
The seminar “Purchasing
With Inclusion” was developed
to promote greater diversity in
the selection of qualified bid
ders for corporate and munici
pal contracting, and to sup
port the efforts of corporations Liz Mills is owned by
Joe Wooten
Terry Roberts
We are announcing the opening of our insurance office
to the Charlotte area February 19th. We specialize in per
sonal, business, commercial and financial insurance, and
offer a variety of different companies to fit your price and
coverage needs. Also take advantage of our one-on-one
counseling to make sure you get the personal service and
advice you need.
and local governments seek
ing to open purchasing oppor
tunities to the multi-ethnic
groups of suppliers, manufac
turers and service firms avail
able in the market place.
Elizabeth Mills and her hus
band, John. Elizabeth Mills is
former M/WBE officer with
the city of Charlotte.
CALL US TODAY! ^
Suite- Jt>.> \.. lull. iuirloiltc.
, . 567-256^ /A6-^--'577
(iiisiik- rtu’ ('>]n|>uti‘ro(>iu Biiikfitiv;)
Umbrella plans work
Continued from page 6A
salaries each year. But this
may not be enough. If you
save 5 percent a year for 40
years that will only be enough
to yield an amount that will
earn 35 percent of your
income for retirement.
Most people need to save
closer to 10 percent or more in
order to replace 90 percent of
your salary. In the 1970s
Americans saved closer tolO
percent a year. Currently, the
U.S. savings rate stood at
arovmd 4 percent. The
Japanese save over 12 percent
and the Germans 8 percent.
Pasdng off credit cards
For many people the best
investment they can make if
they have extra money is to /
pay off debt, especially credit /
card balances.
Most card companies charge
double-digit interest rates,
and the average annual rate is
abovelG percent. With these
kinds of rates, it makes it dif
ficult to pay down debt. As a
matter of fact, it can easily
take you years to pay off your
credit card bills if you make
only the minimum payment
each month. For example, if
you have a $2,000 balance on
a credit card withan 18 per
cent interest rate and you only
pay the minimum of $50 a
month, it will take you 12 1/2
years to pay off the balance.
CHARLES ROSS is host of
the nationally syndicated
radio program, "Your Personal
Finance," and author of Your
ComnionSense Guide to
Persoi^al Financial Planning.
I
Back Of
the bus.
Bottom of
the list.
What’s the
difference?
There is no difference. The 60's are
long gone, but discrimination isn't.
Not being considered for housing
because of your race is like being
told to sit in the back of the bus.
Stand up for your rights.
If you suspect unfair housing practices,
contact HUD or your local Fair Housing
Center. Everyone desen/es a fair chance.
EQUAL HOUSING
OPPORTUNITY
FAIR HOUSING IS THE LAW!
U.S. Department of Housing and Urban Development
t-800'669-9777*TDD 1-800-927-9275
tet’s 00
0ustmm
####
Call one of our professional representatives to help
market your business, profession or event in the publi
cation that produces results and keeps you in touch.
• StrictlyBusiness, Designed to Profile Minorities in Business and
Minorities Successful Within Majority Corporations.
• Healthy Body/Healthy Mind, Designed to Keep You Abreast of
Current Health Issues, Concerns and Preventions.
• The Post, Designed and Dedicated to the concerns of
the Black Community.
FRANFARRER
Advertising & Marketing Director & General Salesj
Call: (704) 376-0496 nr Fax: (704) 342-2160 j
JERI
Assistant Sales Manager
& Automotive Specialist
Prime Spots Still
Available
In The
1996
BLACK GUIDE
CALL TODAY!
PAT
Healthy Body/Healthy Mind
Specialist
CARLOS
StrictlyBusiness Specialist
& Rock Hill Account Executive
General Manager
& Account Executive
Don't Miss
The Charlotte Post
Special
WEDDING
EDITION
March 28, 1996
"Put Your Business
On Display, Call Today!