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Show The Paper That Dares To Take A Stand March 8, 1973 The UTAH INDEPENDENT Page II iprE & Jody Elders Journal Vol. to applicable governmental units are prescribed and shall be implemented throughout all phases in the ' and procedures of the financial States reporting position and results of operations accounting in each fiscal period. The following shall be specific procedures REPORT shall in apply budgetary funds. basis of (2) The accrual accounting shall apply in the enterprise funds. (3) At the discretion of the Department of Finance the cash basis, or modifications between the cash JODY ELDERS JOURNAL VOLUME II NUMBER I, 1973 RECORDS REPORTS ARE UTAH 5 March ' AND FRAUDULENT The author has from time to time stated in his lectures and in his writings that, wState records and reports do not reflect true financial position or the true results of operations according to accepted principles of accounting and standards of reporting adopted by the AMERICAN Institute of Certified Public Accountants or as provided by Utah law. Here, again in language which everyone ought to understand, it is emphatically pointed out that there a is FRAUDULENT CONCEALMENT in the record keeping and the reporting of Utah's fiscal affairs. Blackstone defines it this way: The hiding or suppression of a material fact or circumstance which the party is legally or morally bound to disclose. Laws of Utah, 1965, effective May 11, 1965, known as the of Funds Act, Consolidation provide in Section 6 that, and OF 5 receipts and disbursements as kept by my office, and reflects the financial condition of the State of Utah for the period indicated. The following information, taken from the Balance Sheets and Statements of Fund Changes, as published and certified to, is hereby presented for the purpose of j ! FISCAL proving that they do not OPERATIONS for those years, REFLECT THE TRUE and in paragraph two of each FINANCIAL CONDITION of the ertification he said: State of Utah or the TRUE To my knowledge this report RESULTS OF OPERATIONS agrees with the controls of the for the periods indicated: implemented: (1) The modified accrual basis of accounting No. Further evidence that the UN and its agencies would not hesitate to attempt pressing their policies on our own Utah Legislature is this quote from Everyman's United Nations, 1959, p. 460; discussing the tactics of the International Labor Organization: certified that he had examined the Generally accepted accounting principles II COMPARATIVE BALANCE SHEETS EXHIBIT "A" ASSETS accrual basis of accounting, shall apply in the intragovernmental revolving funds and the trust and agency funds, provided that said method shall appropriately present the financial position and the results of operations of each fund. Both the accrual and modified accrual systems of accounting a double entry presupposes General Ledger control system of accounting over assests, liability net worth, income and expense accounts. THAT DOES NOT MEAN A CHECK-BOO- K This Utah Section 67-3(3) of. the . Code Annotated, pertaimng to the duties of the State Auditor states that he is: To examine, certify to and file with the Secretary of State and the public annually in respect to each fiscal year; a general 3 -1 the showing condition of the states finances; a of revenues statement and expenditures showing the revenues received or approved; the cost of operation the state of First of all, a Statement of Fund Changes, is not an opeating statement. Cash received and warrants issued do not necessarily government;... On October 21, 1971 and October 5, 1972, former State Sherman J. Preece, Auditor, tnmmmitxit TTTTTT11 VW PATRIOT t t BANGUI Hotel Utah Lafayette Ballroom Friday April 6th, 1973 at 6:00 p.m. Salt Lake City Tickets $10.00 per person . Karma Grismore West 3100 South Bountiful, Utah Aljean Peay 132 West 3100 South Bountiful, Utah Phone 295-651- 591 292-19- 19 2 j represent revenue or 'operations. Only a accrual or accrual cost of modified systemof accounting can produce the true net results of operating, and a true disclosure of the financial condition of the State government within the meaning of the law. Secondly, the Balance Sheets and Statement of Changes in Cash Balances do not include the financial conditions or operations of the nine institutions of Higher Education with all of their cash, land, buildings, furniture, fixtures, fixed and mobile equipment, inventories and investments in stockes, bonds, mortgages and indebtedness. Thirdly, the above statements do not include similar State owned assets and obligations of all the other departments and agencies, which unknown values have been estimated to be well over ONE In the BILLION DOLLARS Continued on Page 12 PORTABLE GENERATORS Gasoline operated 15 Volts 750 Watts Up to 2500 Watts Dont ever be without electricity. We ship anywhere in U.S. Order by mail or phone. I I 90-da- y Guarantee so-call- SI. 6 billion of David R. Yeaman 4434 Parkview Drive Salt Lake City, Utah 84117 (801) 278-478- 9 obligatory ed expense benefits no American. . These same experts point to foreign trade agreements with Red China and Russia as contributory causes to the dollar drain. The only profit to be made will go into the pockets of the Russian wheat dealers, the Chinese cotton buyers, and the international money While we export manipulators. our goods for less, we must pay higher prices for the foreign raw materials that go into virtually all Made in America consumer What products. the Administration seeks is to give foreign buyers a 10 percent discount on American made products and, at the same time, slap the taxpayer with a $2 billion plus bill for that privilege. If a 10 percent devaluation is good for our economy, jobs and the consumer, a 50 percent devaluation should be 5 times more effective. This is reverse logic. John R. Rarick, U.S. Representative, 6th Congressional District, La. by see where some prayers were offered up at the I : Presidential inauguration last month and Mr. Nixon even asked God to help him run the country. Which probably the. whole unconstitutional, courts PORTA-GE- N 1 announced 10 percent devaluation of the dollar on the average citizen is to make his dollar now worth 10c less in buying power. Imported goods would cost more and our exports will be priced lower. The Japanese camera, German car or other foreign made article youd planned to buy will go up in price. Foreign oil imports will also cost more. But even if you havent planned to buy some imported product, it will still cost us all. . After the dollar devaluation last year. Congress was forced to banking institutions. Now the financial experts in Washington tell us that the present 10 percent devaluation may cost as much as $2 to $2.5 billion to keep faith with our international commitments. transactions. sheet direct effect of the The maintain taxpayers money to our obligations to international ACCOUNTING which is now used in the record keeping and reporting of the States fiscal balance The Nixon Administration is again attempting to strengthen its position in the international monetary circles at the expense of the American taxpayer and consumer. appropriate OF SYSTEM CASH What toExpect From Dollar Devaluation made ceremony but the may be permissive about it on the grounds that this sort of thing is merely ritualistic anyway. Or the judiciary may let common sense prevail temporarily obvious .. divine since its that only with assistance could restrain a U.S. Congress from profligatious spending. -- D.E. SCOTT Crossroads, U.S. A. anybody |