August 5, 2016 |
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.
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.
August 19, 1998 |
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.
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)
August 6, 1986 |
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.
October 29, 1986 |
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.
September 5, 2002 |
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.
October 30, 1986 |
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.
October 10, 1988 |
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.
February 5, 1988 |
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.