Pete,
Well, looks like it's time to take a look again...
I see a $3.1 million loss from their stock and bond speculations in 2008. They also took an additional pension fund hit for their employees. (poor bastards) I wonder if their real estate holdings have been reevaluated and devalued 20% this last year.... probably not.
I remember we'd talked about Credit Susse or some disco duck bank talking them into doing short term stock speculation to make up for losses last year. Looks like that didn't work out too well.
They said that they are in GOOD financial shape. What I can't figure out is the "total assets" - "total liabilities" = a NEGATIVE net worth of
-$409,378. The "()" means negative on their statement. What's "good" financially about that?
Could somebody recheck this? They had a net worth of about $2.4 million a few years ago - has this speculation and mkt drop put them negative? I see they STILL call it "unrealized loss."
My real question is: Did their 2007 net assets go from +$6.950 million to -$409K in 2008? (see pages 27 and 28, Statement of Activities)
One thing to make note of is this is a snapshot of Dec 31st, 2008. Since then the mkt has gotten much worse, but then has come back and is now at about the same level as when this report was written. So we're about where the report says we are now.
Sure hope the mkt rallies and puts them back in the black!
I'm not an accountant, so could be wrong about what I'm seeing.
T
