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Financial Statements

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NEWS
August 19, 1998 | By Lacy McCrary, INQUIRER STAFF WRITER
Canadian securities regulators said yesterday that they would not consider lifting a temporary ban on trading in the stock of a Bucks County-based magnet manufacturer until the company provided bona fide financial statements. The move leaves shareholders in YBM Magnex International Inc. uncertain whether their stock will be traded again. Trading in the firm's shares on the Toronto Stock Exchange was suspended May 13 after YBM's auditor said it was unable to vouch for the company's financial statements.
NEWS
August 9, 2016
ISSUE | COLLEGE FUNDING Clarifying grants In a story about a dispute between Mansfield University administrators and the Mansfield Foundation, a university vice president said the foundation made grants in the last fiscal year totaling only $230,000 ("A fund-raising feud," July 31). The university's financial statements show the grants totaled $634,622: "During the years ended June 30, 2015 and 2014, the Foundation paid either directly to the University or on behalf of the University, scholarships, salaries and other administrative expenses, and capital additions totaling $634,622 and $810,487, respectively.
NEWS
February 14, 2013
Q: Do annual reports indicate how overvalued or undervalued a company's stock is? - R.N., Jacksonville, Fla.   A: Not usually, but you'd do well to read your holdings' annual reports anyway. If you're a novice, at least read the chief executive's letter to shareholders, which offers a sense of management character and the company's strategic plan. The financial statements can be even more informative. The balance sheet will show the firm's financial health at one point in time, including its cash, money it owes, money owed to it, etc. The income statement (or the statement of operations)
NEWS
August 6, 1986 | BY THOMAS J. REILLY
The national debate over the reduction of federal deficits is clouded by a key issue - the numbers do not reflect the country's true financial obligations. While the government requires publicly held companies to prepare financial statements that take into account the cost of existing programs along with future obligations, in accordance with generally accepted accounting principles, known as GAAP, its financial reporting does not accurately reflect both of these items. To appreciate the impact of the above, consider this - in 1975, Arthur Andersen & Co. prepared a set of consolidated financial statements that showed that the country's accumulated deficit was $814 billion, nearly $500 billion more than was being reported as the national debt.
BUSINESS
October 29, 1986 | By Richard Burke, Inquirer Staff Writer
Tri-County Savings & Loan Association, the ailing Maple Shade thrift that is under the supervision of federal regulators, said yesterday that its losses for 1985 were worse than previously thought. Net losses for 1985 were $7.565 million or $1.09 a share, compared with a net income of $609,000 or 16 cents a share in 1984, the company reported. The big loss in 1985 was caused by a $10.133 million provision for possible loan losses, attributable almost entirely to loans for second mortgages that have gone bad, Tri-County said.
NEWS
September 5, 2002 | By Jake Wagman INQUIRER SUBURBAN STAFF
Executives at Tri-State Armored Services took tens of millions of dollars in cash that was intended to fill their bank clients' ATM machines, court documents show. Helping them was a South Philadelphia accountant who has admitted creating false financial statements so the company could get more business. His share? Only $1,000. Dennis C. Kelley, 52, who lives in Haddonfield, pleaded guilty in U.S. District Court in Trenton yesterday to conspiracy to defraud a bank, which under federal sentencing guidelines could cost him up to $40,000 in fines and 27 months in prison.
NEWS
October 30, 1986 | By Richard Burke, Inquirer Staff Writer
An Atlantic City company yesterday filed a $3.3 million suit against Price Waterhouse, accusing the Big Eight accounting firm of fraud, negligence and breaking federal securities laws. The suit, filed in U.S. District Court in Philadelphia by ITG Inc., accused Price Waterhouse of allowing "materially false and misleading financial statements and audit reports" to be released by AIA Industries, a Huntingdon Valley-based parent of American International Airways, which stopped operating in September 1984, two months after AIA Industries filed for bankruptcy.
BUSINESS
October 10, 1988 | By Valerie Reitman, Inquirer Staff Writer
A division of Beltron Computer Corp., which assembles low-price clones of IBM personal computers, filed for bankruptcy in Philadelphia last week. Beltron's executives and its attorney, Joseph Chicco, said that the petition applied only to D&A Systems Inc. and that other parts of Beltron would continue to operate normally. Alberto Chua, president of Beltron, described the subsidiary as the company's wholesale-distribution arm. D&A Systems, of King of Prussia, filed under Chapter 7 of the U.S. Bankruptcy Code, which calls for liquidation of the division's assets.
BUSINESS
February 5, 1988 | By Barbara Demick and Howard Goodman, Inquirer Staff Writer
Matthews & Wright Inc., the Wall Street firm besieged by a continuing municipal-bond scandal, said that Deloitte, Haskins & Sells had resigned as auditor of its financial statements. The resignation of the accounting firm apparently was sparked by Matthews & Wright's mounting legal problems in Guam, according to David Aufhauser, a lawyer representing Matthews & Wright. In December, a U.S. grand jury there indicted Arthur Abba Goldberg, a top Matthews & Wright official, and another man on 52 counts of bribery, conspiracy and fraud in connection with $2 billion in municipal bonds.
NEWS
August 8, 2006
RE "Making cents of 'Party' " by Jenice M. Armstrong (Aug. 2): I've often wondered why many black non-profits and other groups that have fund-raisers have a hard time disclosing financial statements from the event. People have every right to know how much was raised, especially if the event pulled at the heartstrings of the people who supported it. Charlie Mack owes the public an accounting of his very public event. Just as he marketed and promoted the event's virtues, he should also promote and publicize the funds distributed.
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NEWS
August 9, 2016
ISSUE | COLLEGE FUNDING Clarifying grants In a story about a dispute between Mansfield University administrators and the Mansfield Foundation, a university vice president said the foundation made grants in the last fiscal year totaling only $230,000 ("A fund-raising feud," July 31). The university's financial statements show the grants totaled $634,622: "During the years ended June 30, 2015 and 2014, the Foundation paid either directly to the University or on behalf of the University, scholarships, salaries and other administrative expenses, and capital additions totaling $634,622 and $810,487, respectively.
NEWS
August 5, 2016 | By Aubrey Whelan, Staff Writer
By 2021, the Philadelphia School District will have a $600 million budget deficit, City Controller Alan Butkovitz said Wednesday - and he's asking Mayor Kenney to give his office more auditing authority over the district to "avoid fiscal calamity. " Under current rules, Butkovitz said, his office can review only the district's financial statements. He wants to be able to conduct performance reviews, and look more closely at how the district spends money and grants contracts. "We just need the authorization to cut through the red tape and inspect all of the pages in their books," the controller said in the statement.
NEWS
October 15, 2015
EVERY SO OFTEN, my husband and I review our finances and revise our goals. We dig deep into the numbers, often resulting in a reduction in our spending, an increase in our savings or both. Sometimes things are going so well that no changes are needed. With our current work schedules, the start of a new school year and volunteer ministry work, we haven't been able to complete our budget re-examination process, which takes several hours. As we live in this incomplete state of analysis, I've been uneasy because I always like to have a current bird's-eye view of our finances.
NEWS
July 9, 2015 | BY REGINA MEDINA, Daily News Staff Writer medinar@phillynews.com, 215-854-5985
The school district owes millions in termination pay to former employees who left between 2001 and 2013, the City Controller's annual audit report found. As of June 30, 2014, the district owed more than $5 million to about 1,900 employees who had been separated from the district for more than a year, according to the report released this morning. An estimated 1,200 of the employees left in 2010 or before with some leaving as long ago as 2001, the audit report says. This group of former workers is owed $2.2 million.
NEWS
February 14, 2013
Q: Do annual reports indicate how overvalued or undervalued a company's stock is? - R.N., Jacksonville, Fla.   A: Not usually, but you'd do well to read your holdings' annual reports anyway. If you're a novice, at least read the chief executive's letter to shareholders, which offers a sense of management character and the company's strategic plan. The financial statements can be even more informative. The balance sheet will show the firm's financial health at one point in time, including its cash, money it owes, money owed to it, etc. The income statement (or the statement of operations)
BUSINESS
October 1, 2012 | By Harold Brubaker, Inquirer Staff Writer
The fortunes of the Archdiocese of Philadelphia and its more than 250 parishes are deeply and torturously entwined. The archdiocese, the central organizing force for 1.46 million Catholics in Southeastern Pennsylvania, depends on money from member parishes to pay for churchwide activities and to shift money to weaker parishes. But that formula is broken: Too many parishes have seen attendance fall and offerings shrivel, rendering them unable to support themselves. Ten have been shuttered in the last year, including Ascension of Our Lord in Kensington, which is closing Sunday.
NEWS
March 21, 2012 | By Mark Fazlollah and Jennifer Lin, INQUIRER STAFF WRITERS
Ratcheting up pressure on former Philadelphia Housing Authority Executive Director Carl R. Greene, the state Ethics Commission filed suit Monday to force him to report his income and expenses from 2004 to 2009. The commission's suit called for Commonwealth Court to enforce the agency's order last month that Greene properly file financial statements for the six years and pay the $1,500 fine that the commission imposed. Last week, Greene, who has a mailing address in Decatur, Ga., missed the deadline for an appeal before the commission.
NEWS
January 17, 2008 | By Jane M. Von Bergen, INQUIRER STAFF WRITER
Harry Yanowitz, the chief financial officer of The Pep Boys - Manny, Moe and Jack, will step down, the automotive parts store and service chain company said today. Pep Boys said Yanowitz will help find his own replacement, while finishing up work on the company's 2007 financial statements. Yanowitz plans to pursue other opportunities, the company said. Yanowitz, who is in his early 40s, has been chief financial officer since August, 2004, according to Pep Boys 2006 annual report, its most recent.
NEWS
August 8, 2006
RE "Making cents of 'Party' " by Jenice M. Armstrong (Aug. 2): I've often wondered why many black non-profits and other groups that have fund-raisers have a hard time disclosing financial statements from the event. People have every right to know how much was raised, especially if the event pulled at the heartstrings of the people who supported it. Charlie Mack owes the public an accounting of his very public event. Just as he marketed and promoted the event's virtues, he should also promote and publicize the funds distributed.
NEWS
May 17, 2006 | By Kaitlin Gurney INQUIRER TRENTON BUREAU
Gov. Corzine plans to write off the $5,000 bail he posted for a Trenton lobbyist who was arrested in February on charges she was stalking the state's Democratic chairman. The multimillionaire governor has characterized the late-night loan to former campaign staffer Karen Golding, 36, in the first weeks of his administration as "a mistake. " But Corzine "no longer expects to be repaid" after his private attorney's efforts to collect the money failed, chief counsel Stuart Rabner said yesterday.
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