Packback Topic for Module 7
The topic for this Module’s Packback Topic for your Questions is Taxes.

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The Simpson Inn
The Simpson Inn, built in 1914, is located in Wheeling, West Virginia on the banks of the Ohio River. It is one of two full-service hotels located downtown. ‘The Inn’, as locals often refer to the historic hotel, has served the community, business travelers, storied politicians, and celebrities (many of whom were/are country music singers traveling to the city to perform at the famed Capitol Music Hall now known as the Capitol Theatre). Over the years since constructed, The Inn expanded, and by 1960 it had a penthouse suite, ten junior suites, fifteen king rooms, and 58 regular rooms. The penthouse suite is on the top floor with a full balcony overlooking the river. The penthouse suite also comes with a full-time butler who was assigned to help with any needs those guests need. The junior suites have a shared butler and are located on the floor below the penthouse suite.
When originally built, The Inn was a focal point for those traveling through Wheeling on U.S. Highway 40
(The National Road which arrived in 1818). The city had a large manufacturing base focused on steel
and iron which slowly eroded beginning in the 1960s and into the 1970s. By 1980 the population of
Wheeling had dropped from nearly 60,000 people, in 1950, to just 35,000. Currently the population sits
at around 26,000. While the demise of the steel and iron industries cut into the amount of those staying
at the hotel on business, the significant loss of local residents over the years negatively affected the bar
and restaurant at The Inn. The Inn was once a destination for local residents looking for a first class
dining experience or an opportunity for fine wines, beers, or spirits at the bar. On Friday and Saturday
nights in the 40s, 50s, and early 60s, diners would wait up to 90 minutes for a table (reservations were
not taken) which fueled the bar business. At that time it was not unheard of to serve 250-300 people on
a weekend night. In recent years, however, the typical weekend night produces about 40-50 covers.
The last two decades have seen a bit of a revitalization to downtown Wheeling. The community has
gone to great length to secure government grants and community funding to restore public buildings.
The Capitol Theatre was fully restored and re-opened in 2009. WesBanco Arena (originally known as the
Wheeling Civic Center) is home to various trade shows, conventions, and the Wheeling Nailers minor
league hockey team that plays in the East Coast Hockey League. While the city’s population is not what
it was in 1950, Wheeling has been successful in bringing residents and visitors into the city for various
events. Unfortunately, The Inn has not seen the same sort of revitalization. During the week, the
average occupancy for Wheeling hotels sits at 80 to 85 percent. On the weekends, this can fluctuate
between 60 to 90 percent depending on what is going on in the city. The Inn has an average occupancy
rate of 50 percent during the week and 40 percent on the weekends. Much of The Inn’s business comes
from those with the oil and gas industry who are working on the local wells. Should the oil and gas
industry begin to erode in the area, occupancy will be impacted further at The Inn.
While completion from newer franchise hotel chains create competition for The Inn, there are a couple
of other challenges for the hotel. First, when the nation’s interstate system was being built beginning in
the 1950s, Interstate 70 was completed through Wheeling in 1956 and provided a quicker route to other
destinations east or west of Wheeling than U.S. 40 did. Therefore many people began passing on
Wheeling as a stop-over. Further complicating this issue was the completion of Interstate 470 in 1976
which allows motorists to by-pass Wheeling all together. Those who choose to stay in Wheeling, while
on the way to a specific destination, often stay in hotels just off those interstate routes and not in
downtown Wheeling hotels. Next, The Inn is a full-service hotel. The cost of staying at The Inn is
reflective in the rack rates along with the other amenities which have direct and indirect costs. Other
hotels offer lower rack rates in addition to incentives (guest loyalty programs) associated with large
chains.
Derek Simpson has been the owner (4th generation) of The Inn for approximately fifteen years. He loves
the historic building and the daily life in the hotel industry. He has also managed to continue to make
the hotel a profitable operation (albeit a very small one) over the last few years. Derek has a connection
to the community and is very close to those loyal employees who work at The Inn. Many employees
have been there for over twenty-five years. Unfortunately, he just recently completed a long-term
budget through 2028 which incurs heavy losses beginning in 2025. Part of the budget includes a 22
million dollar renovation (badly needed at this point) to the hotel which would be financed by a local
bank, at a very low interest rate, but would be debt nonetheless. The Inn currently has no debt.
Construction would begin in 2024.
Derek must make a decision soon on whether to begin the process of construction or to continue
without a renovation. There have been no major renovations since the expansion in the 1950s. Derek
believes one reason business has not kept up with the competition is the outdated facilities. He also
believes that the demand for full-service is not what it once was and the price of those services does not
allow The Inn to be competitive with other hotels. Derek also is aware that the real estate on which The
Inn sits is valuable (being on the river with a spectacular view) and would most certainly bring millions of
dollars should he wish to sell. In fact, one condominium developer offered him 27.9 million for the
property in 2016. However, he also understands that selling would hurt the community because of the
loss of approximately 75 jobs at the hotel. In addition, he knows what The Inn means to his family and
friends alike.
What would you do if you were Derek?
Is there an opportunity to bring brand recognition to The Inn?
Budget Project – Resource Allocation for Financial Fitness
Spring 2024
CONS 2500 – Families as Consumers in Global Communities
Read these directions carefully!
Academic Honesty on this project
This project is to be completed individually and entirely by you.
You may not copy information from a previous student’s work and use it as your own. This is
plagiarism and is an offense that can be referred to the Office of Community Standards at Ohio
University. Every word and number on your assignments must be your own work or your grade
for the assignments will be a zero and a referral may be made.
Your assignments will be submitted on Blackboard using SafeAssign which will check it against
all versions of this document submitted by previous students to check for plagiarism.
You must use this version of the assignment and not the old versions. If an old version is
submitted, a 75% penalty will be applied to the assignment.
When you complete each section of the budget project, remove the directions but keep the
headings that I have written so SafeAssign does not mark them as plagiarized.
Assignment Directions:
You will be completing a projected budget that reflects ONLY your first year after graduating
from Ohio University working in your field of study.
It is not for when you have worked at a job for many years or after you have completed an
advanced degree such as to be a professor, doctor or lawyer.
It starts the day you graduate with the undergraduate degree you are currently working on at
Ohio University and ends one year later.
Requirements for this project:
? You must live and work in the United States.
? You cannot live at home with your parents/guardians or other place you
do not pay rent or room/board.
? You can have roommates.
? You must cut ALL ties to your parents/guardians. YOU must pay for
everything. EVERYTHING!
? If you are already totally independent, you can use your current situation
including possible spouse/partner and/or children.
? You must have a job or be paid as a graduate assistant or be entering the
military.
? You cannot be taking a gap year without employment.
? Be realistic about the experience you will have when you graduate. You
will not be able to choose a job that requires many years of experience.
? You MUST use the spreadsheets provided for Part 5 of the assignment
and complete them as they are in Excel. If you do not have Excel on your
computer, use a library computer to complete the spreadsheets.
? Answers to questions must be written in paragraph form not bulleted.
? If you are already established in your life and have returned to school,
you can use your current living and family situation.
You will be submitting this assignment online through Blackboard.
This project is worth a total of 159 points over the seven parts of the assignment.
Budget Project Part 1 – Future Job Choice and Goals (10 Points Total)
Before submission, remove the written directions and questions from your document but keep
the headings. Write your answers in complete sentences and if you are answering specific
questions from the assignment, remove the questions and write your answers in paragraph
form.
Section 1: Job information (4 points):
Research a job that you would qualify for and the possible income for this type of job using the
Internet or the Career Leadership and Development Center at Ohio University.
Insert a screenshot or photograph of the job description which shows the salary range for the
job. Also, include the URL for the job. Do not include just a URL as they disappear when the
job is filled; you will lose points if only the URL is provided. You must use a screenshot or
photograph from the website.
If your job advertisement does not provide the salary, you may research the average entry level
salary for the job you are researching. In this case you would include two screenshots – one for
the job information and one for the salary.
The job does not have to be in the actual city you are planning to live in, you just need to find
what an entry level salary would be for that type of job.
Remember that you will have little experience if you are leaving college in your early to midtwenties. You will not be able to get a job that requires experience.
If you are a more mature student and have been working before getting your college degree,
you would be able to look at jobs that require years of experience. If you will continue with
your current job, you may use that as well.
Include the following information in your submission. Any discussion must be in your own
words, not copied from the job advertisement. Write your information in complete sentences
and paragraph form.
? Screen shot or copy of the job ad with salary or 2 screenshots if you need a separate
website for salary information – not the URL alone
? Discussion of how many years of experience you need for this job.
o If you have never worked in this field before you must justify why you think
you would be able to take this job right out of college.
? Discuss the benefits included with this job.
? Discussion of the job duties.
? Describe what typical working hours will be for this job.
? Discuss any related expenses that you may incur because of the job such as special
clothing, tools or extended travel.
Section 2: SMART Goals (6 points – 2 points per goal):
Write three SMART goals, using the table below, relating to this job and the career that you
would like to pursue after graduation. Each goal pertains to your job and career only. Break
down your goal into the 5 component parts using the provided table.
Write one short-term SMART goal to achieve landing this job that you have
chosen.
Goal Statement:
S (Specific)
M
(Measurable)
A (Attainable) R (Relevant)
T (Timerelated)
Write one longer-term SMART goal about where you would like to be in your
career after working for 10 years.
Goal Statement:
S (Specific)
M
(Measurable)
A (Attainable) R (Relevant)
T (Timerelated)
Write one long-term SMART goal about where you would like to be in your
career when you retire.
Goal Statement:
S (Specific)
M
(Measurable)
A (Attainable) R (Relevant)
T (Timerelated)

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