Resident-funded retirement village valuations : complications with the application of the DCF

Retirement village assets are different from traditional residential assets due to their operation in accordance with statutory legislation. Designed for independent living, retirement villages provide either detached or semi-detached residential dwellings with car parking and small private yards with community facilities providing a shared congregational area for village activities and socialising. In essence, the village operator provides the land and buildings to the residents who pay an amount on entry for the right of occupation. On departure from the units an agreed proportion of either the original purchase price or the sale price is paid to the outgoing resident. As ongoing levies are typically offset by ongoing operational expenses the market value of the operator's interest in the retirement village is therefore predominantly based upon the estimated future income from deferred management fees and capital gain upon roll-over receivable by the operator in accordance with the respective residency agreements. Given the lumpiness of these payments, there is general acceptance that the most appropriate approach to valuation is through discounted cash flow (DCF) analysis. There is however inconsistency between valuers across Australia in how they undertake their DCF analysis, leading to differences in reported values and subsequent confusion among users of valuation services. To give guidance to valuers and enhance confidence from users of valuation services this paper investigates the five major elements of DCF methodology, namely cash flows, escalation factors, holding period, terminal value and discount rate.

Malcolm Shepherd Knowles : A History of His Thought

This book traces the evolution of thinking of the American adult educator, Malcolm Knowles, and maps the development of his conceptual framework over the period 1950 to 1995. It constructs an overall narrative history of Knowles’ thought, and shows how andragogy provided him with both a label and a unifying theme for his practical-theoretical framework aimed at producing self-directed lifelong learners. Knowles died in 1997 and left a large legacy of books and journal articles. The book examines the writings that constitute Knowles' principal works. It identifies the major elements of his thought, shows the interrelationships between ideas and indicates the major phases through which his thinking passed. Importantly, the book establishes that Knowles’ theorising was traceable and that he possessed a clear and coherent conceptual framework.

The clay-size fraction of CI chondrites Alais and Orgueil : an AEM study

CI chondrites are used pervasively in the meteorite literature as a cosmochemical reference point for bulk compositions[1], isotope analyses[2] and, within certain models of meteorite evolution, as an important component of an alteration sequence within the carbonaceous chondrite subset[3]. More recently, the chemical variablity of CI chondrite matrices (which comprise >80% of the meteorite), has been cited in discussions about the "chondritic" nature of spectroscopic data from P/comet Halley missions[4] and of chemical data from related materials such as interplanetary dust particles[5]. Most CI chondrites have been studied as bulk samples(e.g. major and trace element abundances)and considerable effort has also been focussed on accessory phases such as magnetites, olivine, sulphates and carbonates [6-8]. A number of early studies showed that the primary constituents of CI matrices are layer silicates and the most definitive structural study on powdered samples identified two minerals: montmorillonite and serpentine[9]. In many cases, as with the study by Bass[9],the relative scarcity of most CI chondrites restricts such bulk analyses to the Orgueil meteorite. The electron microprobe/SEM has been used on petrographic sections to more precisely define the "bulk" composition of at least four CI matrices[3], and as recently summarised by McSween[3], these data define a compositional trend quite different to that obtained for CM chondrite matrices. These "defocussed-beam" microprobe analyses average major element compositions over matrix regions ~lOOµm in diameter and provide only an approximation to silicate mineral composition(s) because their grain sizes are much less than the diameter of the beam. In order to (a) more precisely define the major element compositions of individual mineral grains within CI matrices, and (b)complement previous TEM studies [11,12], we have undertaken an analytical electron microscopy (AEM) study of Alais and Orgueil matrices.

A vibrational spectroscopic study of the silicate mineral lomonosovite Na5Ti2(Si2O7)(PO4)O2

The mineral lomonosovite has been studied using a combination of scanning electron microscopy with energy dispersive X-ray analysis and vibrational spectroscopy. Qualitative chemical analysis gave Si, P, Na and Ti as the as major elements with small amounts of Mn, Ca, Fe and Al. The mineral lomonosovite has a formula Na5Ti2(Si2O7)(PO4)O2. Raman bands observed at 909, 925 and 939 cm−1 are associated with phosphate units. Raman bands found at 975, 999, 1070, 1080 and 1084 cm−1 are attributed to siloxane stretching vibrations. The observation of multiple bands in both the phosphate stretching and bending regions supports the concept that the symmetry of the phosphate anion in the structure of lomonosovite is significantly reduced. Infrared spectroscopy identifies bands in the water stretching and bending regions, thus suggesting that water is involved with the structure of lomonosovite either through adsorption on the surface or by bonding to the phosphate units.

SEM, EDX, infrared and Raman spectroscopic characterization of the silicate mineral yuksporite

The mineral yuksporite (K,Ba)NaCa2(Si,Ti)4O11(F,OH)⋅H2O has been studied using the combination of SEM with EDX and vibrational spectroscopic techniques of Raman and infrared spectroscopy. Scanning electron microscopy shows a single pure phase with cleavage fragment up to 1.0 mm. Chemical analysis gave Si, Al, K, Na and Ti as the as major elements with small amounts of Mn, Ca, Fe and REE. Raman bands are observed at 808, 871, 930, 954, 980 and 1087 cm−1 and are typical bands for a natural zeolite. Intense Raman bands are observed at 514, 643 and 668 cm−1. A very sharp band is observed at 3668 cm−1 and is attributed to the OH stretching vibration of OH units associated with Si and Ti. Raman bands resolved at 3298, 3460, 3562 and 3628 cm−1 are assigned to water stretching vibrations.

Regolith mass balance inferred from combined mineralogical, geochemical and geophysical studies: Mule Hole gneissic watershed, South India

The aim of this study is to propose a method to assess the long-term chemical weathering mass balance for a regolith developed on a heterogeneous silicate substratum at the small experimental watershed scale by adopting a combined approach of geophysics, geochemistry and mineralogy. We initiated in 2003 a study of the steep climatic gradient and associated geomorphologic features of the edge of the rifted continental passive margin of the Karnataka Plateau, Peninsular India. In the transition sub-humid zone of this climatic gradient we have studied the pristine forested small watershed of Mule Hole (4.3 km(2)) mainly developed on gneissic substratum. Mineralogical, geochemical and geophysical investigations were carried out (i) in characteristic red soil profiles and (ii) in boreholes up to 60 m deep in order to take into account the effect of the weathering mantle roots. In addition, 12 Electrical Resistivity Tomography profiles (ERT), with an investigation depth of 30 m, were generated at the watershed scale to spatially characterize the information gathered in boreholes and soil profiles. The location of the ERT profiles is based on a previous electromagnetic survey, with an investigation depth of about 6 m. The soil cover thickness was inferred from the electromagnetic survey combined with a geological/pedological survey. Taking into account the parent rock heterogeneity, the degree of weathering of each of the regolith samples has been defined using both the mineralogical composition and the geochemical indices (Loss on Ignition, Weathering Index of Parker, Chemical Index of Alteration). Comparing these indices with electrical resistivity logs, it has been found that a value of 400 Ohm m delineates clearly the parent rocks and the weathered materials, Then the 12 inverted ERT profiles were constrained with this value after verifying the uncertainty due to the inversion procedure. Synthetic models based on the field data were used for this purpose. The estimated average regolith thickness at the watershed scale is 17.2 m, including 15.2 m of saprolite and 2 m of soil cover. Finally, using these estimations of the thicknesses, the long-term mass balance is calculated for the average gneiss-derived saprolite and red soil. In the saprolite, the open-system mass-transport function T indicates that all the major elements except Ca are depleted. The chlorite and biotite crystals, the chief sources for Mg (95%), Fe (84%), Mn (86%) and K (57%, biotite only), are the first to undergo weathering and the oligoclase crystals are relatively intact within the saprolite with a loss of only 18%. The Ca accumulation can be attributed to the precipitation of CaCO3 from the percolating solution due to the current and/or the paleoclimatic conditions. Overall, the most important losses occur for Si, Mg and Na with -286 x 10(6) mol/ha (62% of the total mass loss), -67 x 10(6) mol/ha (15% of the total mass loss) and -39 x 10(6) mol/ha (9% of the total mass loss), respectively. Al, Fe and K account for 7%, 4% and 3% of the total mass loss, respectively. In the red soil profiles, the open-system mass-transport functions point out that all major elements except Mn are depleted. Most of the oligoclase crystals have broken down with a loss of 90%. The most important losses occur for Si, Na and Mg with -55 x 10(6) mol/ha (47% of the total mass loss), -22 x 10(6) mol/ha (19% of the total mass loss) and -16 x 10(6) mol/ha (14% of the total mass loss), respectively. Ca, Al, K and Fe account for 8%, 6%, 4% and 2% of the total mass loss, respectively. Overall these findings confirm the immaturity of the saprolite at the watershed scale. The soil profiles are more evolved than saprolite but still contain primary minerals that can further undergo weathering and hence consume atmospheric CO2.

Fish stocking programs - assessing the benefits against long term impacts

This project addresses the R&D priority for an Environmentally Sustainable Queensland through the strategy of developing and implementing ecologically sustainable fishing practices. The principal findings of this research project will be discussed at a national workshop with the twin goals of promoting an understanding of the major elements of sustainable fish stocking practices and discussing and planning the way forward for the implementation of change. The workshop participants will include fisheries managers, representatives from interested community groups and other stakeholders.

In vitro micropropagation of elite rosewood (Dalbergia latifolia Roxb

Induction of single and multiple shoots was obtained from nodal expiants of 60–80 year-old elite trees of rosewood on Murashige and Skoog's basal medium supplemented with 6-benzylaminopurine (1.0 mg 1-1) and delta -Naphthalene acetic acid (0.05 mg 1-1) or indole acetic acid (0.5 mg 1-1). Multiplication of shoots was obtained on MS (reduced major elements) or Woody Plant Medium supplemented with 6-benzylaminopurine (1.0 mg 1-1) and kinetin (0.5–1.0 mg 1-1). Excised shoots were rooted on half-strength MS with IBA (2.0 mg 1-1) to obtain complete plantlets. The regenerated plantlets have been acclimatized and successfully transferred to the soil.

Inquiry learning: A pedagogical and curriculum framework for information literacy

This chapter presents an inquiry learning framework that can be used as a pathway for the development of information literacy in both K-12 and higher education. Inquiry learning is advocated as an authentic and active approach that draws upon students’ natural curiosity. The pedagogical and curriculum framework incorporates three major elements: questioning frameworks, information literacy and an iterative research cycle. Models and strategies for the elements of the framework are presented and discussed. The chapter ends with an acknowledgement of the challenges associated with implementing inquiry learning.

Regeneration of plantlets from leaf disc cultures of rosewood: control of leaf abscission and shoot tip necrosis

A method for mass production of rosewood (Dalbergia latifolia Roxb.) trees through leaf disc organogenesis was developed and standardized. Compact callus was initiated from mature leaf discs on Murashige and Skoog (MS) basal medium supplemented with 1.0 mg 1?1 2,4-dichlorophenoxy acetic acid (2,4-D), 5.0 mg 1?1 ?-naphthaleneacetic acid (NAA), 1.0 mg 1?1 6-benzylaminopurine (BAP) and 10% coconut water (CW). High frequency (15�20 shoots/g callus) regeneration of shoot bud differentiation was obtained on MS (3/4 reduced major elements) or Woody Plant Medium (WPM) or modified Woody Plant Medium (mWPM) supplemented with BAP (5.0 mg 1?1) and NAA (0.5 mg 1?1). Leaf abscission and shoot tip necrosis was controlled using mWPM. About 90% of the excised shoots were rooted in the mWPM supplemented with 2.0 mg 1?1 ?-indolebutyric acid (IBA) and 1.0 mg 1?1 caffeic acid. The in vitro-raised rooted plantlets were hardened for successful transplantation to soil. The transplanted plants were exposed to various humidity conditions and 80% transplant success was achieved. The in vitro-raised leaf-regenerated plants grew normally and vigorously in soil.

Contribution of forest fire ash and plant litter decay on stream dissolved composition in a sub-humid tropical watershed (Mule Hole, Southern India)

The current understanding of wildfire effects on water chemistry is limited by the quantification of the elemental dissolution rates from ash and element release rate from the plant litter, as well as quantification of the specific ash contribution to stream water chemistry. The main objective of the study was to provide such knowledge through combination of experimental modelling, field data and end-member mixing analysis (EMMA) of wildfire impact on a watershed scale. The study concerns watershed effects of fire in the Indian subcontinent, a region that is typically not well represented in the fire science literature. In plant litter ash, major elements are either hosted in readily-soluble phases (K, Mg) such as salts, carbonates and oxides or in less-soluble carrier-phases (Si, Ca) such as amorphous silica, quartz and calcite. Accordingly, elemental release rates, inferred from ash leaching experiments in batch reactor, indicated that the element release into solution followed the order K > Mg > Na > Si > Ca. Experiments on plant litter leaching in mixed-flow reactor indicated two dissolution regimes: rapid, over the week and slower over the month. The mean dissolution rates at steady-state (R-ss) indicated that the release of major elements from plant litter followed the order Ca > Si > Cl > Mg > K > Na. R-ss for Si and Ca for tree leaves and herbaceous species are similar to those reported for boreal and European tree species and are higher than that from the dissolution of soil clay minerals. This identifies tropical plant litters as important source of Si and Ca for tropical surface waters. In the wildfire-impacted year 2004, the EMMA indicated that the streamflow composition (Ca, K, Mg, Na, Si, Cl) was controlled by four main sources: rainwater, throughfall, ash leaching and soil solution. The influence of the ash end-member was maximal early in the rainy season (the two first storm events) and decreased later in the rainy season, when the stream was dominated by the throughfall end-member. The contribution of plant litter decay to the streamwater composition for a year not impacted by wildfire is significant with estimated solute fluxes originating from this decay greatly exceed, for most major elements, the annual elemental dissolved fluxes at the Mule Hole watershed outlet. This highlighted the importance of solute retention and vegetation back uptake processes within the soil profile. Overall, the fire increased the mobility and export of major elements from the soils to the stream. It also shifted the vegetation-related contribution to the elemental fluxes at the watershed outlet from long-term (seasonal) to short-term (daily to monthly). (C) 2014 Elsevier B.V. All rights reserved.

Sampling and analytical methods of the National Status and Trends Program Mussel Watch Project: 1993-1996 Update

Polycyclic aromatic hydrocarbons, butyltins, polychlorinated biphenyls, DDT and metabolites, other chlorinated pesticides, trace and major elements, and a number of measures of contaminant effects are quantified in bivalves and sediments collected as part of the NOAA National Status and Trends (NS&T) Program. This document contains descriptions of some of the sampling and analytical protocols used by NS&T contract laboratories from 1993 through 1996. (PDF contains 257 pages)

O design de Victor Burton

Victor Burton é um designer que dedicou a maior parte do seu trabalho ao livro. A fascinação por este objeto começou ainda na infância devido ao contato com as obras raras da biblioteca da família, o que aguçou o desejo de se tornar designer exclusivamente para projetar livros. Sua atuação no mercado editorial brasileiro começou no final dos anos 1970, na editora Confraria dos Amigos do Livro. Como o maior interesse de Victor no livro é a relação entre texto e imagem, os livros iconográficos se tornaram seu principal objetivo e são nos livros desta natureza onde melhor conseguimos visualizar seu estilo. Victor desenvolveu uma linguagem gráfica própria que redefiniu o padrão do mercado editorial brasileiro. Numa época em que o projeto gráfico, principalmente a capa do livro, entre tantas cores e atrativos disputam a atenção do consumidor nas prateleiras das livrarias, já não é tão fácil identificar nem a editora nem a autoria do projeto gráfico e da capa. Entretanto, os livros de Victor Burton possuem um estilo que nos permite reconhecer sua assinatura. Desta forma, a questão que norteou este trabalho foi por que conseguimos identificar os livros do designer Victor Burton? Sendo assim, o objetivo deste trabalho foi enumerar e identificar os aspectos gráficos que caracterizam o estilo deste designer nos livros iconográficos. Para isso, nos baseamos no método descritivo desenvolvido por Guilherme Cunha Lima, em O Gráfico Amador. A partir das características levantadas, pudemos identificar os principais elementos que nos permite reconhecer a autoria dos trabalhos desenvolvidos por Victor Burton. O uso desses aspectos gráficos reflete o trabalho meticuloso do designer Victor Burton que consegue criar uma narrativa visual auxiliando a leitura do texto através de uma nova leitura gráfica, sobretudo nos livros iconográficos

Geologia da formação ferrífera do Serrote do Breu e de Alto das Pedras, Alagoas

A formação ferrífera do Serrote do Breu e de Alto das Pedras localiza-se no município de Campo Grande, Estado de Alagoas e está sendo pesquisada quanto ao seu potencial como minério de ferro. Ela está inserida em um domo de embasamento arqueano no interior da Faixa Sergipana, o Domo de Jirau de Ponciano. A área de estudo é caracterizada por dois altos topográficos denominados Serrote do Breu e Alto das Pedras, sustentados pela formação ferrífera, e que representam flancos opostos de um sinformal inclinado, com direção N60W e forte mergulho para sul, e extensão total de aproximadamente 2 km. A formação ferrífera ocorre em diversas camadas intercaladas em gnaisses quartzo-feldspáticos e em rochas metamáficas. Os primeiros foram agrupados na unidade de gnaisses quartzo-feldspáticos e as últimas na suíte intrusiva máfica-ultramáfica. Na porção interior do sinformal estão quartzitos e paragnaisses agrupados na unidade metassedimentar e cortando essas unidades há uma unidade de pegmatitos. A formação ferrífera é constituída por quartzo, hematita, anfibólio e magnetita. O anfibólio é em geral cummingtonita, mas riebeckita também ocorre subordinadamente. Os teores médios de SiO2, e Fe2O3t são 43,1% e 50,7%, respectivamente, e, assim como os demais elementos maiores, são compatíveis com outras formações ferríferas do mundo. Com base na petrografia e geoquímica de elementos terras raras os gnaisses quartzo-feldspáticos foram divididos em gnaisses bandados e gnaisses com titanita. Ambos apresentam composição riolítica e trend calcio-alcalino. Já as rochas metamáficas e metaultramáficas apresentam composição basáltica a andesítica e trend toleítico completamente dissociado daquele dos gnaisses. Acredita-se que os gnaisses quartzo-feldspáticos e as rochas metamáficas e metaultramáficas tenham se formado em ambientes tectônicos totalmente distintos, com as últimas tendo se formado provavelmente intrusivas nos primeiros.

Nutritive value of fishes of Lake Tanganyika: II. Mineral composition

The composition of the minerals in three economically important fish species of Lake Tanganyika was determined. From the analyses there does not appear to be significant difference in the composition for the three species. Beside the major elements: Ca, P, K, Na, Mg, Cl, Fe, Al and Zn, eighteen trace elements were determined. The presence of the bones in the fish is especially nutritionally important for the following elements: Ca, P, Br, Sr, Mn and Mg.