All posts tagged reality blog

CAFR SCHOOL: School Districts And The Lottery

This is an advanced lesson in government corruption – in legal, organized crime.

Covered here are the CAFR’s for the “Rim Of The World” school district in San Bernadino County, and for the California State Lottery.

With this information, anyone should be able to read their own school district CAFR which will be similar in its structure according to generally accepted government accounting practices.

LINKS (as mentioned in the presentation):

CAFR SCHOOL Commingled Funds –
http://www.youtube.com/watch?v=XIl5QJqX2Lo

MAYOR OF SALT LAKE ADMITS TO CAFR #1 –
http://www.youtube.com/watch?v=ve2WFZYo1KY&feature=player_embedded

MAYOR OF SALT LAKE ADMITS TO CAFR #2 –
http://www.youtube.com/watch?v=D4WbhvD-0no&feature=related

THE CORPORATION NATION –
http://www.youtube.com/watch?playnext=1&index=0&feature=&v=yX8UhqyHKZk&list=PL6D032AA2E55759C1

THE GREAT PENSION FUND HOAX –
http://www.youtube.com/watch?v=fhkWueEjewM

SPECIAL TAX DISTRICTS (THE SHERIFF WHO SOLD HIS COUNTY) –
http://www.youtube.com/watch?v=6_-XMTauRsA

CAFR SCHOOL What is Wall Street? –
http://www.youtube.com/watch?v=2__ZsQSQirc

THE ONLY GAME IN TOWN –
https://realitybloger.wordpress.com/2011/11/01/walter-burien-the-only-game-in-town/

— Articles on my blog:

CAFR SCHOOL #1 – Wisconsin State CAFR –
https://realitybloger.wordpress.com/2011/03/01/wisconsins-real-financial-situation-explained/

CAFR SCHOOL #2 – City CAFR’s –
https://realitybloger.wordpress.com/2011/03/03/cafr-school-a-lesson-in-financial-accounting/

CAFR SCHOOL #3 – Minnesota State CAFR –
https://realitybloger.wordpress.com/2011/03/03/cafr-school-a-lesson-in-financial-accounting/

THE SENATE: HOW MUCH DOES IT COST? –
https://realitybloger.wordpress.com/2011/04/04/the-senate-how-much-does-it-cost/

THE UNITED STATES: A CORPORATION –
https://realitybloger.wordpress.com/2010/12/18/the-united-states-a-corporation/

Also visit Walter Burien at:

CAFR1.COM

Thank you for learning!

–Clint Richardson (realitybloger.wordpress.com)
–Tuesday, December 14, 2011

12 Comments

by realitybloger on December 14, 2011 • Permalink

Posted in Comprehensive Annual Financial Reports

Tagged audit, cafr, CAFR1, clint richardson, corruption, financial report, government corruption, government crime, legal action, mayor, organized crime, property tax, reality blog, school district, the corporation nation, treasurer, Walter Burien

Posted by realitybloger on December 14, 2011

https://realitybloger.com/2011/12/14/cafr-school-school-districts-and-the-lottery/

Walter Burien: The Only Game In Town

Thankfully, my esteemed mentor, teacher, and friend has released his documentary free for public consumption.

He asks to only link the video, not copy, as the DVD will be for sale soon.

Please support him if you can at his website:

CAFR1.COM

–Clint Richardson (realitybloger.wordpress.com)
–October 1, 2011

6 Comments

by realitybloger on November 1, 2011 • Permalink

Posted in Comprehensive Annual Financial Reports, Walter Burien

Tagged cafr, clint for president, clint richardson, commingled fund, Comprehensive Annual Financial Reports, corruption, Government Wealth, pension fund, reality blog, tax retirement fund, the biggest game in town, the corporation nation, Walter Burien

Posted by realitybloger on November 1, 2011

https://realitybloger.com/2011/11/01/walter-burien-the-only-game-in-town/

Who’s Responsible For Federal Crime?

As I have pointed out many times, there is only one elected official in the Executive Branch of the Federal Government. That official – the President – then appoints each cabinet member and other bureaucracies that in turn appoint (hire) a full staff for themselves. Elect one person, and you are stuck with millions of appointed people.

Does this still sound like a representative government to you?

I don’t think so either.

In fact, as I was interviewing former New Jersey Senator Dick Larossa today, we came up with a fantastic idea…

We, the people have only allowed one man through election to be the President of the United States. We have, in fact, granted him or her complete command of the military, and total autonomy over the Executive Branch of government.

And herein lies the solution.

You see, every time someone screws up or commits treason in any of the Executive Departments of the Federal Government, the responsibility for this crime rests solely on the person who appointed that office-holder. That person is the President of the United States. Not the Vice-President, for he or she is simply the appointed running-mate of the President. You don’t really vote for that office. They are just along for the ride.

Let’s put this into perspective here:

1) If my child commits a crime, as the parent I must be responsible for that crime as the parent or legal guardian of that child.

2) If I have a power of attorney over my mother or father due to their old age and incapacity to care for themselves, I am also responsible for their actions, and must pay for their antics.

3) If I am the CEO of a corporation, I am responsible for the actions of my employees. I hire them, or I hire the person who hires them.

The theory here is to place all responsibility and punishment for any actions taken in any Presidential appointed office on the President of the United States who appointed them – with the intent and full knowledge that if you run for President, you are guilty until proven innocent of any crime committed in your Departments.

The politicians and attorneys would scurry away like cockroaches, scared of the light, and actually afraid of being in power. Only an honest man would take on a public position such as this. And the opportunistic slime who currently inhabit the bureaucracy of the Federal Government would quickly crumble and fade away.

As it currently stands, the president can get away with just about anything because he can always blame one of his appointments as the patsy or guilty party. In this way, massive crime can be committed with total deny-ability.

So, from now on, I say Obama and any future elected President (including myself) is automatically responsible for his or her staff’s actions, until proven to be innocent. After all, he is the only guy we elected!

Oh, and that just happens to include EVERYTHING that happens in the:

Is this really too much to ask?

–Clint Richardson (realitybloger.wordpress.com)
–Thursday, August 4th, 2011

2 Comments

by realitybloger on August 5, 2011 • Permalink

Posted in united states

Tagged 2012 election, cafr1.com the corporation nation, clint richardson, Executive Branch department, president, presidential candidates, reality blog, responsibility and transparency, Walter Burien

Posted by realitybloger on August 5, 2011

https://realitybloger.com/2011/08/05/whos-responsible-for-federal-crime/

Clint For President In 2012

If you haven’t heard…

I am running for President of the United States (Incorporated).

After such a close race in the 2008 campaign, I am hopeful for 2012. Please watch this Channel 3 news video about my 2008 campaign: (link) http://cafr1.com/WB4President.html

And please visit my new website and read why I am really, truly running for president! I think you’ll find that this is an idea who’s time has come…

The Un-Campaign is located here: (link) http://clint4p.com/

Why vote for the same Republican and Democratic candidates, and expect different results? Isn’t this the infamous definition of insanity? If something is broken, fix it!

Why the United States “Incorporated”?

Listen to the newly elected, Tea Party, junior Congressman Allan West tell you in his own words: (link) https://realitybloger.wordpress.com/2011/08/01/congressman-confirms-united-states-is-a-corporation/

“…the President is the Chief Executive Officer (CEO) of this corporation called the United States of America”.

Also, check out my latest documentary: “The Great Pension Fund Hoax” at: (link) http://thecorporationnation.com/

I know where the money is, and after watching this, you will too!

I need your help to make this Un-Campaign into a serious thorn in the side of mainstream politics…

Thank you,

Clint Richardson
Presidential Candidate 2012
The Unincorporated Non-Party

4 Comments

by realitybloger on August 1, 2011 • Permalink

Posted in Comprehensive Annual Financial Reports, Government Wealth, Voting

Posted by realitybloger on August 1, 2011

https://realitybloger.com/2011/08/01/clint-for-president-in-2012/

CAFR Confession

A friend and listener to our local AM station took our interview with the mayor of Salt Lake County, where he admits to the county CAFR and over $650 million in extra fund balances. He also included the CAFR pages I read from as reference.

Though I already posted the interview (audio only), I feel like this is the most important public official confession as to the wealth of the government as shown in government’s financial statements.

Please pass this on…

–

Also, learn more about government Comprehensive Annual Financial Reports (CAFR’s) with CAFR School, here:

–

Part 1: The State of Wisconsin CAFR –

https://realitybloger.wordpress.com/2011/03/01/wisconsins-real-financial-situation-explained/

–

Part 2: Introduction to CAFR – City of Aurora, Co –

https://realitybloger.wordpress.com/2011/03/03/cafr-school-a-lesson-in-financial-accounting/

–

Part 3: Advanced study – State of Minnesota CAFR –

https://realitybloger.wordpress.com/2011/03/09/cafr-school-part-2-minnesotas-state-cafrs-explained/

–

Now compare these to your own local, county state, and school district CAFR’s.

–Clint Richardson (realitybloger.wordpress.com)
–Tuesday, July 12, 2011

8 Comments

by realitybloger on July 12, 2011 • Permalink

Posted in Comprehensive Annual Financial Reports, Walter Burien

Tagged 9-11, 911, 911 truth, Activism, Afghanistan, alex jones, alex jones comprehensive annual financial report, All that’s necessary for the forces of evil to win in the world is for enough good men to do nothing, america, aurora, bill of rights, bush, cafr, CAFR1, cafr1.com, california, city of comprehensive annual financial report, clint richardson, coast to coast 060110, comprehensive annual financial report, congress, conspiracy, conspiracy theory, constitution, corrupt, crisis, depopulation, down the rabbit hole, economy, End The Fed, false flag, fbi, federal, federal reserve, financial state of wisconsin, funds, george noory walter burien, george noory walter burien 060110, government, government coruption, government investment in stock, government investments, Government Wealth, hidden money, infowars, infowars.com interview with walter burien, institutional funds, is america bankrupt, is bankrupt, jesse ventura conspiracy theory, legislature, martha stewart living, Minnesota assets, Minnesota finance, money, monsanto, net assets, new world order, obama, oil, pension fund, politic, president, protest, reality blog, reality blogger, red pill blue pill, religion, senate, sovereignty, state bankruptcy, state of comprehensive annual financial report, tax retirement fund, taxretirement.com, terror, terrorist, the corporation nation, the corportaion nation, the great pension fund hoax, trf, united nations, united states, vote, Walter Burien, war, War on Terror, was walter burien cut off, We Are Change, wisconsin bankrupt, world war 3

Posted by realitybloger on July 12, 2011

https://realitybloger.com/2011/07/12/cafr-confession/

Government’s Conflict Of Interest

As I was going through my emails, I got yet another request from someone who wanted me to sign a petition to send to my political “representative” in office, asking politely to stop funding big oil companies. I sighed in disillusionment, trying to think of a way to make people understand that this form of political action is absolutely useless in a corporate government.

I am so saddened as of late that these types of “petitions” are the focus of so much wasted energy. Writing, calling, and even worse… emailing your “representative” in this kind of futile effort is the worst part of our mutually controlled opposition. The sense of satisfaction and patriotism that is felt by these actions is indeed exactly the desired effect of these actions. They accomplish nothing, and yet makes whole groups feel a sense of accomplishment. A petition has NO legal jurisdiction. A letter is scanned and then filed in the trash, while emails are dumped into a folder on a digital archive never to be seen again.

What a game we play – pawns moving around exactly as we are lead, never changing anything, begging our masters to do what’s right and to start representing us. It’s pathetic!

Don’t you understand? The government owns Exxon Mobile. It has controlling stock interest in the company. It owns British Petroleum, Chevron, and any other petroleum based companies you can think of. If it didn’t have a major or controlling financial interest in BP, that gulf oil spill would have been immediately cleaned up! It wouldn’t have cost the government anything to force this corporation to clean up its mess.

Don’t you Understand? Of course the government gives billions and billions in R&D grants to Pharmaceuticals and medical companies. Government owns those as well, both national and international. It hands these subsidies to these companies because it is profitable for government!!! It must do this to justify its tax collections.

Don’t you understand? They wont stop giving their own profitable businesses subsidies (taxpayer money) just because you say pretty please. They wont stop making a profit to save a few square miles of farmland or housing. And they certainly wont change anything just because a bunch of pussified patriots sign a piece of paper demanding it.

And so, I have compiled this list of just the New York State Retirement Fund’s holdings in Pharmaceuticals, oil companies, the media, and other industries. This is only one out of over 200,000 governments, Federal, state, and local. And if just one single government owns this much in these companies, the answers to the following questions should be as clear as day… government owns and profits from these corporations, and passes the laws which regulate them and to guarantee those profits, regardless of what the public wants. The answer to all questions is simple… it’s just business.

Why are pharmaceuticals and medical companies out of control and killing people? Why is cancer the number one most profitable business, despite proven cures? Why are vaccines soon to be mandatory without one shred of evidence as to them being medically sound? Why are banks allowed to charge practically unlimited interest despite usury laws? Why are banks allowed to foreclose on millions and millions of homes? Why are banks allowed to ignore state laws in lieu of federal laws? Why are products made in China all over the stinking place? Why are dangerous and poisonous products being imported into America? Why is the American market so saturated with foreign products? Why was Exxon and BP not required to clean up their historical oil spills? Why is oil still being used when such vast and wonderful alternatives are all around us? Why is the media lying and misinforming us at every turn, supporting government in every way?

All of these questions are answered by this simple realization…

Government owns it all!!!

Government is in a direct conflict of interest by being major majority shareholder (owner) of all significant corporations, both foreign and domestic.

The following is the New York Pension System holdings in major corporations around the world in 2009. This incomplete list and a 2010 list can be downloaded here:

http://www.osc.state.ny.us/retire/about_us/annual_report_2010/index.php

I challenge you to find a company this government doesn’t own stock in!

-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=

Company # of shares Market Value 2009

–Oil and Energy–

Exxon Mobil Corp       18,125,534            1,234,348,865
Chevron Corp                          7,698,784    517,666,219
ConocoPhillips                         6,003,030                 235,078,655
Schlumberger Ltd                            4,624,733                  187,856,654
BP plc – Sponsored ADR          202,055                  8,102,406
Royal Dutch Shell plc – A    1,816,523                 40,904,335
Royal Dutch Shell plc – A       2,842,162         63,886,007
Royal Dutch Shell plc – A              84,900                    3,761,070
Royal Dutch Shell plc – B                 35,812                   1,561,761
Royal Dutch Shell plc – B                1,553,412               34,088,987
American Electric Power Co Inc    1,785,207                 45,094,329
PG&E Corp                                         1,249,975        47,774,045
Questar Corp                                        802,950     23,630,819
Occidental Petroleum Corp             2,913,414                  162,131,489
Walter Energy Inc                                188,400    4,308,708
Rio Tinto Ltd                                         136,488                     5,364,638
Rio Tinto plc                                          352,517    11,874,086
Praxair Inc                                           1,153,745                   77,635,501
Marathon Oil Corp     2,683,221 70,541,880
Southwest Gas Corp                            129,220     2,722,665
Southwestern Energy Company    1,532,452     45,498,500
National Oilwell Varco Inc             1,757,094 50,446,169
National Fuel Gas Company             290,140 8,898,594
Murphy Oil Corp                                 849,129    38,015,505
Petro-Canada                                        315,730     8,499,603
Petro-Canada                                     49,900        1,326,342
Petrohawk Energy Corp       60,100     1,155,723
Petrol Ofisi A.S.                                   268,128        612,205
Petroleo Brasileiro – ADR                     2,330          70,995
Petroleo Brasileiro S.A. – ADR          88,940    2,179,030
El Paso Corp                                     2,900,913    18,130,706
El Paso Electric Company 104,540    1,472,969
Petroleum Development Corp            32,465 383,412
Petroplus Holdings AG                       118,882     1,673,894
Petroquest Energy Inc                         88,900     213,360
FirstEnergy Corp                               1,146,792       44,266,171
Diamond Offshore Drilling Inc     324,678    20,409,259
Frontier Oil Corp                                  721,302     9,225,453
Forest Laboratories Inc                   1,580,235     34,701,961
Forest Oil Corp                                     367,300        4,829,995
Gulfmark Offshore Inc                         28,900    689,554
Gulfport Energy Corp                            11,000                          25,520
Gas Natural SDG                                   116,361 1,589,728
OGE Energy Corp                                385,853        9,191,018
Oil & Natural Gas Corp Ltd                547,011        8,411,905
Oil Search Ltd                                    2,186,952    7,992,540
Cairn Energy plc       475,999    14,839,441
Oil States International Inc             188,040        2,523,497
Electricite De France (EDF)              505,068        19,805,545
Gaz De France                                       863,514        29,636,703
Scottish & Southern Energy plc          511,473    8,130,299
Tokyo Electric Power Company         359,150    8,945,115
Tokyo Electron Ltd                               363,650                  13,401,701
Tokyo Gas Company                         2,375,746    8,298,394
China Petroleum Chemical       3,982,000                 2,548,480
China Power Int Dvlp Ltd           6,012,000 1,194,643
China Coal Energy Company    416,000       307,035
China Oilfield Services          212,000        167,685
China Shenhua Energy Co    341,000       768,240
Chiyoda Chemical Engineering       935,400    4,962,535
Chubu Electric Power Co Inc          241,917                   5,314,973
Shanghai Electric Grp Co Ltd    12,052,000                    3,467,866
Shinsei Bank Ltd     1,450,154    1,453,531
Nissan Chemical Industries Ltd      41,500    344,958
China Coal Energy Company – H   416,000    307,035
Hong Kong & China Gas Co Ltd    5,485,330                     8,649,127
Hong Kong Electric Holds Ltd    3,200,500       18,996,516
Mitsubishi Electric Corp                 3,036,548       13,557,939
Mitsubishi Gas Chemical CO Inc          4,000    17,009

–Automobile Industry–

General Motors Corp                     1,869,290    3,626,423
Ford Motor Company                      7,547,012     19,848,642
Toyota Motor Company                  1,764,412                    55,735,197
Toyota Industries Corp                       177,163    3,757,786
Toyota Tsusho Corp     143,200       1,371,542
Honda Motor – ADR                         188,000                     4,455,600
Honda Motor Company                 1,297,926    30,421,167
Mazda Motor Corp                             715,000       1,187,203
Nissan Motors Japanese Ord       4,282,864       15,176,697
Mitsubishi Corp                                  859,769       11,185,615
Mitsubishi Motors Corp    271,000       342,969
Hyundai Motor Company Ltd           30,860    1,238,193
Volvo AB – A Shares                             81,950                         434,170
Volvo AB – B Shares       183,135       968,031
Volkswagen AG                                     21,483       6,560,285
Volkswagen AG – Preferred               16,006                         921,026
Harley-Davidson Inc                        796,512     10,665,296
Yamaha Corp                                       42,813           414,823
Yamaha Motor Company Ltd    184,000 1,630,050
CarMax Inc                                       1,128,900    14,043,516
Advance Auto Parts Inc                    492,883 20,247,634

–Pharmaceuticals and Healthcare–

Abbott Laboratories                      5,864,256    279,725,011
Baxter International Inc               2,975,728      152,416,788
Bayer AG                                             799,730 38,861,936
Pfizer Inc                                      26,880,813    366,116,673
Eli Lilly & Company                     3,904,933    130,463,812
Merck & Company Inc                  7,814,727       209,043,947
Merck KGaA                                       159,294    14,041,129
Teva Pharmaceutical Ind Ltd 613,430       27,635,022
Bristol-Myers Squibb Company 8,358,967 183,228,557
Metlife Inc                                        3,135,011    71,384,200
Colgate-Palmolive Company        1,968,159 116,082,018
Bristol-Myers Squibb Co    8,358,967     183,228,557
Roche Holding AG – Genuss          930,152                 127,777,796
Roche Holdings Ltd – ADR              49,000    1,682,807
Gilead Sciences Inc                       3,936,647       182,345,489
Glaxosmithkline plc                      6,465,941       100,789,027
Glaxosmithkline plc – ADR              32,400       1,006,668
Novartis AG – ADR                       145,280       5,495,942
Novartis AG – Regular               2,664,079                 100,935,336
Noven Pharmaceuticals Inc          452,987      4,294,317
Amgen Inc                                 4,272,238    211,561,226
Sanofi-Aventis    2,421,930 136,276,979
Sanofi-Aventis – ADR    81,400       2,273,502
Astrazeneca                                          22,055                         773,644
Astrazeneca plc                               1,833,135               64,400,614
Astrazeneca plc – Spons. ADR         123,711    4,385,555
3M Company                               2,536,317    126,105,681
UnitedHealth Group Inc              4,777,620     99,995,587
Tenet Healthcare Corp                 2,636,132    3,057,913
Pharmaceutical Prod Dvlpmt Inc 678,871    16,102,820
Pharmerica Corp                                 98,534    1,639,606
Humana Inc                                       930,895 24,277,742
St Jude Medical Inc                        1,575,296    57,230,504
AMN Healthcare Services    125,274    638,897
American Medical Sys Holds. Inc 259,590    2,894,429
American Physicians Capital Inc     26,420                     1,081,106
Watson Pharmaceuticals Inc          470,779 14,645,935
RehabCare Group Inc                         92,232    1,608,526
Reinsurance Grp of America Inc    522,133 16,911,888
Univ Health Serv Inc – Class B 203,950 7,819,443
Basilea Pharmaceutica 48,480    3,027,202
Savient Pharmaceuticals Inc 91,058    450,737
Nationwide Health Propts Inc    375,204      8,325,777
National Health Investors Inc 12,700    341,249
Natus Medical Inc    77,400     658,674
Chugai Pharmaceutical Co Ltd 290,158    4,876,605
Shire Pharmaceuticals Group 277,100    9,958,974
Health Care Reit Inc 393,735    12,044,354
Health Mangmnt Asc Inc – Cls A 797,100      2,056,518
Health Net Inc                                   409,340    5,927,243
Healthcare Realty Trust Inc    28,015    419,945
Healthcare Services Group Inc       194,790    2,916,006
HealthSpring Inc 309,519                    2,590,674
Healthways Inc                                  233,425                    2,047,137
MedCath Corp                                      41,245                        299,851
Medco Health Solutions Inc       2,204,279 91,124,894
Medical Properties Trust Inc          125,700 458,805
Mediceo Holdings Company Ltd     56,700                       603,338
Medicines Company 5,400 58,536
Medicis Pharma Corp – Class A    370,640    4,584,817
Medtronic Inc                                4,208,522                124,025,143

–Banks and Investments–

Morgan Stanley                        4,301,770               97,951,303
Goldman Sachs Group Inc/The   1,961,585    207,967,242
Goldman Sachs Ssga Em Mrkts 8,934,287    102,501,423
Wells Fargo & Company       16,257,120       231,501,389
Bank of America Corp                 23,819,237       162,447,196
Citigroup Inc                           18,601,505    47,061,808
Citigroup Inc Depository Shares    199,368    3,046,343
American Express Company       4,249,664    57,922,920
American Financial Group Inc       492,854    7,910,307
Visa Inc – Class A                              390,400 21,706,240
Mastercard Inc – Class A                 306,830 51,387,888
Zions BanCorp                                   558,029 5,485,425
Fifth Third Bancorp                       2,678,672    7,821,722
Fannie Mae                                             6,000 4,200
Freddie Mac                                            6,100    4,636
Hartford Financ Serv Grp Inc      1,099,070                   8,627,700
Hudson City Bancorp Inc 2,946,851 34,448,688
Western Union Company             2,656,147    33,387,768
Siemens AG                                         757,252    43,473,647
Experian Group Ltd                        1,034,174    6,474,091
Equifax Inc                                           626,161    15,309,636
Equinix Inc                                             13,800       774,870
State Street Corp                             1,867,120    57,469,954
People’s United Financial Inc      1,234,207    22,178,700
Fidelity Nat Financial Inc – Cls A 839,867                  16,385,805
Fidelity Nat Info Services Inc      657,748 11,971,014
Westpac Banking Corp                     298,305 3,956,638
Axis Bank Ltd                                      191,458       1,565,891
Discover Financial Services    1,874,548    11,828,398
Softbank Corp                                 3,664,300 46,596,748
Solera Holdings Inc                           556,652    13,793,837
Signature Bank                                   210,333    5,937,701
HSBC Holdings plc                        8,349,382    47,271,967
HSBC Holdings plc    1,389,200    7,645,081
HSBC Holdings plc – Rights    893,766 1,806,322
Royal Bank of Canada                       169,300                   4,949,214
Royal Bank of Scotland             6,330,271     2,223,006
Royal Bank of Scotland, Rights 6,427,941                                 -0-
Allied Irish Banks    1,216,447                      969,046
National Australia Bank                1,406,252 19,638,984
Aust & New Zealand Bank Group 701,045    7,671,606
Commonwealth Bank of Australia    19,794 477,637
National Bank of Canada                  161,300                    5,161,497
National Bank of Greece    102,386                     1,551,051
Deutsche Bank AG – ADR    9,800          398,370
Deutsche Bank AG – Registered     654,969        26,888,105
Credit Suisse Group    1,174,244 35,793,762
Credit Suisse Group – Spons ADR         300 9,147
Bank Montreal Quebec                   428,291    11,230,235
Bank Mutual Corp                               94,860 859,432
Bank of Baroda                                   542,734 2,506,942
Bank of Communications             1,376,000 955,210
Bank of Cyprus Ltd                              51,909    157,826
Bank of East Asia                           2,605,019    5,028,527
Bank of Hawaii Corp                         192,499    6,348,617
Bank of India                                      934,270 4,040,186
Bank of New York Mellon Corp 4,420,585    124,881,526
Credit Agricole S.A.                            311,625                    3,439,044
Credit Saison Company 14,918    144,241
Bank of Nova Scotia                          149,900 3,701,779
First Bancorp Puerto Rico    143,010 609,223
Bank Yokohama Ltd Japan Ord     903,100    3,821,968
Hiroshima Bank Ltd/The                   13,000                         49,357
Bank of Kyoto Ltd/The                       73,000 614,924
Osaka Gas Company Ltd               2,035,146 6,346,309
Bank of China Ltd – H 8,527,000       2,827,663
Ind Comm Bank of China Ltd      4,464,000       2,321,280
China Citic Bank – H                        484,000       182,983
China Construction Bank – H    4,331,000       2,458,890
China Merchants Bank – H             283,000    494,428
Shizuoka Bank                        183,000    1,637,866
Shinsei Bank Ltd                       1,450,154       1,453,531
Chiba Bank                                  176,500                     866,685
Cheung Kong (Holdings)              3,376,000    29,077,161
Hang Seng Bank Ltd                         328,500    3,308,313
Hanmi Financial Corp    55,300 71,890
Mitsubishi UFJ Financial Grp 6,409,847                 30,890,829
Mitsubishi UFJ Lease & Fin Co Ltd    1,600    33,370
Bangkok Bank                                    554,400    1,172,424
Bangkok Bank Public Co Ltd          446,200 937,316
Siam Comm Bank Public Co Ltd    376,900                       579,192
Malayan Banking Berhad                802,525       849,745
Malayan Banking Berhad – Rights 361,136 -0-
Blackrock Inc 7,135 927,835
Blackstone Group Lp/The             1,289,215 9,346,809
Zurich Financial Services                      9,387 1,486,829
Aetna Inc                                           1,881,924 45,787,211
Cincinnati Financial Corp                 736,150 16,835,751
First American Corp                           496,770    13,169,373
First Bancorp Puerto Rico                 143,010 609,223
First Cash Financial Services Inc    48,800 728,096
First Commonwealth Finan Corp 394,940       3,503,118
First Financial – 144A GDR 48,113 444,083
First Financial Bancorp                        62,100                       591,813
First Financial Bankshares Inc           54,475    2,624,061
First Financial Holding Company 978,455    451,546
First Financial Holdings Inc           23,950       183,218
First Horizon National Corp          766,191    8,228,888
First Mercury Financial Corp            213,900    3,088,716
First Midwest Bancorp Inc            280,825       2,412,287
First Niagara Financial Group Inc   414,400 4,516,960
First Potomac Realty Trust    75,284    553,337
First Quantum Minerals Ltd                 6,400    180,583
First Solar Inc                                        39,400 5,228,380
Discover Financial Services            1,874,548 11,828,398

–The Media–

Walt Disney Company/The 7,975,404 144,833,337
News Corp – Class A                      7,746,798     51,283,803
Time Warner Cable Inc                 1,476,825 36,625,251
Time Warner Inc       4,885,448 94,289,152
CBS Corp – Class B                            3,518,760 13,512,038
General Electric Company              39,551,471    399,865,372
Sony Corp    811,290                 16,411,435
Sony Financial Holdings Inc                         24 63,906
Vivendi Universal                           2,414,568       63,876,002
Viacom Inc – Class B                         2,363,387    41,075,666
Discovery Commun Inc – Series A       79,244    1,269,489
Discovery Commun Inc – Series C       78,831 1,154,874
Marvel Entertainment Inc    175,800 4,667,490
Comcast Corp – Class A                   10,473,672 142,860,886
Comcast Corp – Special Class A            20,259 260,733
DreamWorks Anim SKG Inc – A    285,700    6,182,548
DISH Network Corp – Class A           475,200 5,279,472
DIRECTV Group Inc/The 2,048,939 46,695,320
Dolby Laboratories Inc – Class A         419,110    14,295,842
British Sky Broadcasting               3,626,650     22,534,452
Deluxe Corp                                            263,202    2,534,635
Warner Music Group Corp                     16,700       39,245
Virgin Media Inc                                    280,696                1,347,341
New York Times Company/The        356,178    1,609,925
Cinemark Holdings Inc                         373,718    3,509,212
Hitachi Ltd                                           5,368,600       14,458,313
Fujifilm Holdings Corp                         378,094    8,134,553
Netflix Inc    225,586    9,682,151
NETGEAR Inc                                           68,745 828,377
Gamestop Corp – Class A                      913,536    25,597,279
Ticketmaster Entertainment Inc 74,000    273,060
Tokyo Broadcasting System Hold Inc 18,900                 247,612

–Food and Beverage–

Monsanto Company     2,280,249    189,488,692
General Mills Inc                                  1,369,515 68,311,408
H.J. Heinz Company                            1,255,221       41,497,606
Hershey Company/The                          609,148    21,167,893
ConAgra Foods Inc                               1,997,457 33,697,100
Dr Pepper Snapple Group Inc              865,369       14,633,390
Coca-Cola West Japan                               3,500                     55,847
Coca-Cola Amatil                                      42,075       253,456
Coca-Cola Company/The                   7,633,116    335,475,448
Coca-Cola Enterprises Inc                  1,613,637    21,283,872
Pepsi Bottling Group Inc/The              756,262    16,743,641
PepsiAmericas Inc                                  349,239 6,024,373
Pepsico Inc    6,512,462 335,261,544
Groupe Danone                                       231,868    11,285,823
Nutrisystem Inc                                        59,400 847,638
AES Corp/The                                    2,510,794    14,587,713
Cracker Barrel Old Cntry Store Inc     50,067    1,433,919
McDonald’s Corp                                4,406,583 240,467,234
Wendys/Arbys Group Inc – Class A 1,743,327     8,768,935
Safeway Inc 2,981,340    60,193,255
Cosco Corp Singapore Ltd    320,000    172,609
Cosco Pacific Ltd                                  1,704,000    1,682,013
Smiths Group plc                                  1,327,512 12,729,661
Tesco                                                     12,932,819    61,803,212
Smithfield Foods Inc                              489,493    4,630,604
Smucker (J M) Company/The              545,201 20,319,641
Darden Restaurants Inc                         527,787 18,081,983
Yum! Brands Inc                                   2,110,315    57,991,456

–Telecom/Cellphone–

AT&T Inc                                             22,256,707    560,869,016
Verizon Communications Inc          10,831,468    327,110,334
Sprint Nextel Corp    9,777,244 34,904,759
Motorola Inc                                          9,547,354 40,385,307
Qwest Communications Int Inc       4,735,734    16,196,210
Vodafone Group plc – Spons ADR      109,595    1,909,145
Vodafone Group plc New                 56,080,988 98,670,972
Samsung Electronics Company Ltd          4,489 1,843,305
Ericsson LM Tele Co – Spons ADR       126,820 1,025,974
Ericsson LM Tele Co – B Shares         7,402,571    60,439,750
Nokia Oyj                                               2,005,360 23,643,146
Nokia Oyj Corp – Sponsored ADR         151,200       1,764,504
Manitoba Telecom Services Inc    38,800    985,304
Singapore Telecommun Ltd             23,712,699              39,463,971
France Telecom S.A.                             4,161,013    94,746,495
Deutsche Telekom AG – Registered 5,484,668             68,232,281
Tele Norte Leste Part – ADR                   770,711 10,666,640
Tele2 AB – B Shares                                   66,884    562,268
Telecom Corp of New Zealand         3,833,489       4,988,558
Telecom Egypt                                          133,000 350,087
Telecom Italia – RNC 1,380,285    1,404,691
Telecom Italia S.p.A.                         11,019,457    14,206,248
Telecommunication Sys Inc – Class A 411,900         3,777,123
Teleflex Inc                                            144,400    5,644,596
Telefonica S.A.                                      5,056,407    100,835,142
Telefonos De Mexico                            1,746,900    1,326,618
Telefonos De Mexico S.A. – ADR         294,600 4,430,784
Telekom Austria                                    1,067,724    16,160,836
Telekom Malaysia Berhad                   1,383,000 1,335,389
Telekomunikacja Polska S.A.                   48,243       257,585
Telekomunikasi Tbk PT                       1,385,900    905,543
Telemig Celular Participacoes – ADR       1,959 69,819
Telenor ASA                                           3,379,464    19,269,466
Telephone & Data Systems Inc             392,880              10,415,249
Teletech Holdings Inc                             533,062               5,805,045
Television Francaise (T.F.1)                     42,095    329,804
Teliasonera AB                                      1,050,823       5,033,396
Telkom South Africa                                  74,690                  828,501

–Other Corporations of Note–

Diebold Inc                                        234,830              5,013,621
Halliburton Company                          3,077,890            47,614,958
Raytheon Company                               1,727,827    67,281,583
Hewlett-Packard Company                9,304,769    298,310,894
Home Depot Inc/The                          7,208,920 169,842,155
Fedex Corp                                             1,230,967 54,765,722
Allstate Corp/The                                 2,187,843 41,897,193
Amazon.Com Inc                                   1,316,841    96,708,803
Macy’s Inc                                              1,568,938 13,963,548
Sears Holdings Corp                                213,759 9,770,924
Procter & Gamble Company/The   10,837,108              510,319,416
Johnson & Johnson                           10,447,583             549,542,866
Du Pont (E I) De Nemours & Co 3,521,463               78,634,269
Dow Chemical Company/The          4,280,075    36,081,032
Dun & Bradstreet Corp/The                 207,093                15,946,161
Staples Inc                                              2,512,085 45,493,859
Alcoa Inc                                                  3,117,832    22,884,887
Canon Inc    2,236,920               63,866,704
Canon Marketing Japan Inc                   35,500                     498,157
Hitachi Ltd 5,368,600                14,458,313
Caterpillar Inc 2,111,648    59,041,678
H&R Block Inc                                      1,177,370 21,416,360

–Computers and Internet–

Microsoft Corp                                  28,680,246    526,856,119
Apple Inc                                               3,324,449       349,466,079
Texas Instruments Inc                       5,083,728    83,932,349
Google Inc – Class A                               974,378      339,142,007
Yahoo! Inc                                          5,126,172    65,666,263
Yahoo! Japan Corp                                    4,716     1,235,222
Intel Corp                                            22,345,858 336,305,163
Dell Inc                                                    7,713,130    73,120,472
International Business Mach Corp 5,099,897    494,129,020
McAfee Inc                                                758,725 25,417,288
Palm Inc                                                    401,500    3,460,930
Oracle Corp                                         13,566,613 245,148,697
Oracle Corp Japan                                  192,600 7,253,944
NVIDIA Corp    2,001,337 19,733,183
Advanced Micro Devices Inc             1,847,932               5,636,193
Cisco Systems Inc                             23,320,806    391,089,917
Intuit Inc                                               1,339,099 36,155,673
Microchip Technology Inc                    756,250    16,024,938
Micron Technology Inc                      3,774,261    15,323,500
Micros Systems Inc                                235,060    4,407,375
Casio Computer Japanese Ordinary     91,200    639,887
Electronic Arts Inc                               1,162,420 21,144,420
Activision Blizzard Inc 961,705                 10,059,434
THQ Inc                                                     123,910    376,686

–Alcohol, Coffee, and Cigarettes–

Starbucks Corp                                     2,453,460 27,257,941
Peet’s Coffee & Tea Inc                             23,620    510,664
Green Mntain Coffee Roasters Inc    272,425                 13,076,400
Imperial Tobacco Group plc              1,426,448    32,038,870
Philip Morris International Inc         6,731,683 239,513,281
British American Tobacco       1,137,258 26,293,331
Lorillard Inc       568,189 35,079,989
Reynolds American Inc       582,000    20,858,880
Altria Group Inc                                 6,925,183              110,941,432
Molson Coors Brewing Co – Class B   568,782 19,497,847
Anheuser-Busch InBev Npv              709,929 19,553,671
Anheuser-Busch InBev – Strip VVPR 225,008       896
Seagrams (is owned by Vivendi Universal) (See Media Listing)
Boston Beer Co Inc/The – Class A          21,950       457,877
Brown-Forman Corp – Class B              391,530       15,203,110
Castle A. M. & Company    39,400       351,448
Constellation Brands Inc – Class A      768,209    9,141,687
Diageo plc    907,367     10,229,018
Fortune Brands Inc                                  715,098       17,555,656
Heineken Holding Nv – Class A            386,719    9,390,942
Heineken Nv                                            206,448       5,865,762
Pernod Ricard S.A.                                  353,388       19,694,387

–The Stock Market (corporations)–

NYSE Euronext                                     1,044,464 18,695,906
NASDAQ OMX Group Inc                     539,840 10,570,067
Moody’s Corp    769,534    17,637,719
Barclays plc                                             1,278,276                    2,711,681

–Airlines–

Continental Airlines – Class B                313,800       2,764,578
Southwest Airlines Company              3,345,891                21,179,490
Delta Air Lines Inc                                      16,000                      90,080
JetBlue Airways Corp                               745,342 2,720,498
Airtran Holdings Inc                                470,680    2,141,594
Alaska Air Group Inc                                 191,600    3,366,412
All Nippon Airways                                      11,000    42,989
British Airways                                          398,483    804,201
Air China Ltd – H                                     446,000 143,871
Japan Airlines Corp                                  176,000 356,384
Singapore Airlines Ltd                             347,540    2,286,147
Cathay Pacific Airways                            702,000    697,471
Qantas Airways Ltd                                  220,300     267,097
Ryanair Holdings plc – Spons ADR      298,400    6,896,024
Auckland International Airport Ltd         34,621 33,789
Priceline.Com Inc 231,150 18,209,997

For more information on the Comprehensive Annual Financial Report, government wealth through investment, and this complete conflict of interest of government, please visit the following sites:

http://thecorporationnation.com/

https://realitybloger.wordpress.com/

http://cafr1.com/

http://cafrman.com/

Clint Richardson (realitybloger.wordpress.com)

Friday, May 6, 2011

15 Comments

by realitybloger on May 6, 2011 • Permalink

Posted in Comprehensive Annual Financial Reports, Government Wealth, Uncategorized, Walter Burien

Tagged cafr, cafr1.com, cafrman, clint richardson, comprehensive annual financial report, conflict of interest government, corporation nation, government corruption, government investments, government transparency, new york pension fund holdings, oil company, pension fund, reality blog, stock investment government, Walter Burien

Posted by realitybloger on May 6, 2011

https://realitybloger.com/2011/05/06/why/

CAFR School Part 2: Minnesota’s State CAFR Explained

Welcome back to CAFR School!

Part 2 will be a more advanced look into the CAFR. In this case, the state CAFR.

This is an explanation of the State of Minnesota Comprehensive Annual Financial Report (CAFR), for fiscal year ending June 30, 2010. This is the basic set up of most state CAFR’s. Most terms are the same throughout government financial reporting.

The report can be viewed here: http://www.mmb.state.mn.us/doc/acct/2010.pdf

Or, you can download the Minnesota CAFR from the states own website, here: http://www.mmb.state.mn.us/cafr-10

(Most of my comments are in red.) – Please follow along in the Minnesota CAFR. This article will not make much sense and you wont figure out how to read these things for yourself if you don’t follow along!

And now, on with the show…

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(Page 9) – Government-Wide Net Assets as listed (not including many funds and “off-balance sheet” investments and monies, as we will discuss further).

Financial Highlights

The assets of the state exceeded liabilities at June 30, 2010, by $10.9 billion (presented as net assets). Of this amount, a deficit of $2.9 billion was reported as unrestricted net assets.

(Note that this is showing only what the Minnesota government outrageously considers liabilities. But these are inevitably future liabilities. This means they are deducting monies as liabilities for things that have not been spent/paid yet. It is a trick that makes it appear that the government is not wealthy. For perspective… If you have $2,000 in your bank account today, do you write in your checking register (your own personal CAFR) that you have already spent money that you haven’t even written a check for yet, for liabilities and future bills that you might not have to pay for until 6 months to 10 years later? No!!!)

From the CAFR…

Unrestricted net assets represents the amount available to the state to meet ongoing obligations to citizens and creditors. However, many of the resources have internally imposed designations, such as state statutory language, which limit resource use. These assets are not reported as restricted net assets because the limitations are imposed internally by the state, not externally imposed by sources such as creditors or the constitution. For discussion on the variances from prior year, see the Government-wide Financial Analysis section.

§ The state’s total net assets decreased by $1.2 billion (9.9 percent) during fiscal year 2010. Net assets of governmental activities decreased by $761 million (7.5 percent), while net assets of the business-type activities showed a decrease of $439 million (22.6 percent). For discussion on the variances from prior year, see the Government-wide Financial Analysis section.

(So the State claims that it is in the red here by over 2 billion dollars on its “government-wide {on-balance sheet}” statements. Let’s see how many hidden “off-balance sheet” investment funds we can find…)

Fund Level

§ At the end of the current fiscal year, governmental funds reported a combined ending fund balance of $2.8 billion, a decrease of $774 million compared to the prior year. Included in the ending fund balance is a General Fund unassigned deficit of $1.5 billion. For discussion on the variances from prior year, see the State Funds Financial Analysis section.

(But what about the other funds besides these governmental funds? Let’s see…)

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(Page 7) – Fund and Component Unit Definitions:

The state’s three discretely presented major component units are:

§ Housing Finance Agency

§ Metropolitan Council

§ University of Minnesota

The state’s six nonmajor component units are combined into a single column for reporting in the fund financial statements. These nonmajor component units are:

§ Agricultural and Economic Development Board

§ National Sports Center Foundation

§ Office of Higher Education

§ Public Facilities Authority

§ Rural Finance Authority

§ Workers’ Compensation Assigned Risk Plan

(We will come back to these later…)

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State Fund and Component Unit Financial Statements (definition of a “fund”)

A fund is a grouping of related self-balancing accounts used to maintain control over resources that have been segregated for specific activities or objectives. The state of Minnesota, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.

Fund financial statements present financial information in a format familiar to experienced users of governmental financial statements and reports. The fund financial statements focus on individual parts of the state, reporting the state’s operations in more detail than in the government-wide statements. Fund financial statements focus on the most significant funds within the state.

(Only experienced financial experts can read these reports… or angry citizens with nothing to lose like me!)

The state’s funds are divided into three categories:

Governmental Funds

Governmental funds record most of the basic services provided by the state and account for essentially the same functions as reported in the governmental activities in the government-wide financial statements. Unlike the government-wide financial statements, the fund financial statements focus on how money flows in and out of the funds during a fiscal year and spendable resources available at the end of the fiscal year.

Governmental funds are accounted for using the modified accrual basis of accounting, which recognizes revenues when they are available and measurable. Expenditures are generally recognized in the accounting period when the fund liability is incurred, if measurable. This approach is known as the flow of current financial resources measurement focus. These statements provide a detailed short-term view of the state’s finances that assists in determining whether there are more or less resources available and whether these financial resources will be adequate to meet the current needs of the state. Governmental funds include the General, special revenue, capital project, Debt Service, and Permanent funds.

The focus of governmental funds is narrower than that of the government-wide financial statements. It is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By comparing this financial financing decisions.

The basic financial statements include a reconciliation of governmental funds to governmental activities.

These reconciliations follow the governmental funds balance sheet and the governmental funds statement of revenues, expenditures, and changes in fund balances.

The state maintained 29 individual governmental funds. However, six of these funds were either moved to the General Fund or combined into another fund and one fund was split and a portion of the activity was moved to the General Fund as a result of implementing Governmental Accounting Standards Board (GASB) Statement No. 54, “Fund Balance Reporting and Governmental Fund Type Definitions.”

(So these funds can used and merged in any way that these government crooks see fit.)

Information is presented separately in the governmental funds balance sheet and in the governmental funds statement of revenues, expenditures, and changes in fund balances for the General and Federal funds, which are reported as major funds. Information from the remaining funds is combined into a single, aggregated column. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements included in this report.

(So they don’t report a major portion of the funds, investments, and wealth in the financial statements published to the taxpayers.)

The state adopts a biennial budget with annual appropriations for the majority of the activity reported in the General Fund. A budgetary comparison statement has been provided for the General Fund activity with appropriations included in the biennial budget to demonstrate compliance with this budget.

Proprietary Funds

When the state charges customers for the services it provides, whether to outside customers or to other agencies within the state, these services are generally reported in proprietary funds. Proprietary funds (enterprise and internal service) utilize accrual accounting which is the same method used by private sector businesses. Proprietary fund financial statements provide the same type of information as the government-wide financial statements, only in more detail.

Enterprise funds, a type of proprietary fund, are used to report activities that provide goods and services to outside (non-government) customers, including the general public. Internal service funds are an accounting device used to accumulate and allocate costs internally for goods and services provided by one program of the state to another. Because the activities reported by internal service funds predominantly benefit governmental functions rather than business-type functions, the internal service funds have been included within governmental activities in the government-wide financial statements.

(Enterprise funds are businesses run by the government, and citizens (the general public) are considered nothing more than outside customers!)

(Also, note that it tells us here that only certain funds, in this case the “internal service funds” are reported to the taxpayers; the general public. Make no mistake, government is a for-profit business and the people are just the customers… or chattel!)

The state maintains 17 individual proprietary funds. The State Colleges and Universities and Unemployment Insurance funds, both of which are considered major funds, are presented separately in the proprietary funds statement of net assets and in the proprietary funds statement of revenues, expenses, and changes in net assets. Information from the 8 nonmajor enterprise funds and the 7 internal service funds are combined into two separate aggregated columns. Individual fund data for each of these nonmajor proprietary funds is provided in the form of combining statements presented in this report.

Fiduciary Funds

Fiduciary funds are used to report activities when the state acts as a trustee or fiduciary to hold resources for the benefit of parties outside the state. The accrual basis of accounting is used for fiduciary funds and is similar to the accounting used for proprietary funds. The government-wide statements exclude fiduciary fund activities and balances because these assets are restricted in purpose and cannot be used by the state to finance its operations. The state must assure that the assets reported in fiduciary funds are used for their intended purposes.

The state maintains 21 individual fiduciary funds. The state’s fiduciary funds are the pension trust funds, the investment trust funds (which account for the transactions, assets, liabilities, and fund equity of the external investment pools), and the Agency Fund (which accounts for the assets held for distribution by the state as an agent for other governmental units, other organizations, or individuals). Individual fund detail is included in the combining financial statements included in this report.

Component Units

Component units are legally separate organizations for which the state is financially accountable. The government-wide financial statements present information for the component units in a single column on the statement of net assets. Also, some information on the statement of changes in net assets is aggregated for component units. The component units’ statements of net assets and statement of changes in net assets provide detail for each major component unit and aggregate the detail for nonmajor component units. Individual nonmajor component unit detail can be found in the combining financial statements included in this report.

(Remember… there is no real law that states these funds cannot be used for anything at all, and they can be transferred or even closed at any time, and the money transferred to other funds or to who knows where!)

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(Page 66) – Investments

The State Board of Investment (SBI) manages the majority of the state‟s investments. All investments undertaken by SBI are governed by the standards codified in Minnesota Statutes, Chapters 11A and 356A. Minnesota Statutes, Section 11A.24, broadly restricts investments of the primary government to obligations and stocks of United States and Canadian governments, their agencies and registered corporations, other international securities, short-term obligations of specified high quality, restricted participation as a limited partner in venture capital, real estate, or resource equity investments, and restricted participation in registered mutual funds.

Funds not invested by SBI are primarily Minnesota State Colleges and Universities‟ funds…

SBI is authorized to establish, and has established, combined investment funds used by participating public retirement and non-retirement funds. Retirement and non-retirement funds may not be commingled. Each investment fund has its own characteristics, including investment objective and risk characteristics. Within statutory requirements and based on detailed analysis of each fund, SBI has established investment guidelines and benchmarks for all funds under its management. These investment guidelines and benchmarks are tailored to the particular needs of each fund and specify investment objectives, risk tolerance, asset allocation, investment management structure, and specific performance standards.

(Isn’t it reassuring to know that the SBI is acting within the laws that it sets for itself? Somehow that just makes this theft seem like a gift from God, doesn’t it? I mean, really, as long as the federal and state laws say that the government can steel trillions and trillions of dollars from the taxpayers without any real public disclosure and then hide that money in these funds, all seems right with the world…)

(Note: This is sarcasm. God wouldn’t like this very much, me thinks.)

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(Page 66) – Synthetic Guaranteed Investment Contract (SGIC):

State Board of Investment (SBI) maintains a fully benefit-responsive SGIC for the Supplemental Investment Pool – Fixed Interest Account of the Pension Trust and Investment Trust Funds portfolio. The investment objective of the Fixed Interest Account is to protect investors in defined contribution and deferred compensation plans from loss of their original investment and to provide a competitive interest rate. On June 30, 2010, the SGIC had a portfolio of well diversified high quality investment grade fixed income securities with a fair value of $747,887,000 that is $37,692,000 in excess of the value protected by the wrap contract. The Fixed Income Account also includes a liquid investment pool and a guaranteed investment contract with fair values of $214,955,000 and $326,545,000, respectively. (Total = $1,289,387,000)

(Note: The author (me) is not sure if this is above and beyond what the state has reported in its Pension Fund Totals, so we won’t include this in our final total of this CAFR wealth. We’ll give it an honorable mention though, for sure! Wouldn’t want to double-count…)

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(Page 80 – 82) – Note 5 – Interfund Transactions

Primary Government

During normal operations, the state processes routine transactions between funds, including loans, expenditures, and transfers of resources for administrative and program services, debt service, and compliance with legal mandates. In the fund financial statements, these transactions are generally recorded as transfers in/transfers out and interfund receivables/payables. Transfers generally represent legally authorized transfers between funds authorized to receive revenue and funds authorized to make expenditures, and do not represent reimbursement of expenditures.

(So monies/investments are allowed to be moved around between funds. They say again here that the –law- says it’s OK to do this. So the question we should be asking our supposedly representative government is… Why don’t you “authorize” or change the legalities (not laws) so that this investment wealth can be used for the benefit of “We, the People” instead of you greedy bankers, attorneys, and politicians? I think that’s a fair question…)

————————————————————–

(Now we will list these funds out, and show where the real money is invested…)

(Note: All figures listed in this CAFR are “in thousands”, meaning I have added 3 zeros {,000} to all totals.)

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(Page 31) – “Major Governmental Funds” descriptions:

–General Fund – the fund accounts for all financial resources except those required to be accounted for in another fund.

–Federal Fund – The fund receives and disburses federal government grants and reimbursements. The fund is administered in accordance with grant agreements between the state and federal agencies.

(page 32) – Total for the General fund as listed on the “GOVERNMENTAL FUNDS BALANCE SHEET” is $3,916,496,000 as of June 30,2010.

(Note: Remember the Statement of Net Assets from above? It stated that, “Included in the ending fund balance is a General Fund unassigned deficit of $1.5 billion”. And yet here we see the actual balance in the fund is over $3.9 billion!!!)

(The Statement of Net Assets also claimed that, “At the end of the current fiscal year, governmental funds reported a combining ending fund balance of $2.8 billion, a decrease of $744 million compared to the prior year”. Obviously, this is a lie, as the balance of just the General Fund is again 3.9 billion!!!)

(page 32) – Total for the Federal fund as listed on the “GOVERNMENTAL FUNDS BALANCE SHEET” is $1,579,194,000 as of June 30,2010.

Note that while “Nonmajor Funds” are listed here too, we will be covering those funds individually in a moment…

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(Page 37) – “Major Proprietary Funds” descriptions:

State Colleges and Universities Fund – The fund accounts for the activities of Minnesota State Colleges and Universities (MnSCU). MnSCU is a system of public state universities and two-year colleges and is the largest system of higher education in the state. While the primary activity of MnSCU is to provide educational services, the fund also includes scholarships, student loans, bookstores, student living activities, research, and long-term debt.

Unemployment Insurance Fund – The fund receives unemployment taxes collected from employers and pays unemployment benefits to eligible individuals.

(Page 39) – Total for the State Colleges and Universities Fund as listed on the “STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS” is $1,723,766,000 as of June 30,2010.

(Page 39) – Total for the Unemployment Insurance Fund as listed on the “STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS” is at a negative – $266,135,000 as of June 30,2010.

Note that while “Nonmajor Enterprise Funds” and “Internal Service Funds” are listed here too, we will be covering those funds individually in a moment…

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(Page 47) – “Major Component Unit Funds” descriptions:

Housing Finance Agency – The agency provides money for loans and technical assistance for construction and rehabilitation of housing for families of low and moderate incomes.

Metropolitan Council – The council is responsible for coordinating the planning and development of the Twin Cities metropolitan area. The council also operates the metropolitan regional sewage treatment and disposal systems and the public transit system. The Metropolitan Sports Facilities Commission, a component unit of the council, operates the Hubert H. Humphrey Metrodome sports facility.

University of Minnesota – The multi-campus university provides undergraduate and graduate degrees, advanced research opportunities, and an extension service. The university includes several nonprofit foundations that provide resources which benefit the university.

(Note that these are the funds held by these government for-profit businesses (component units) and are NOT referring to the actual buildings, equipment, or other real assets associated with them. These are stating totals for cash and liquid investments.)

(Page 48) – Total for the Housing Finance Agency Fund as listed on the “STATEMENT OF NET ASSETS” is $1,723,766,000 as of June 30,2010.

(Page 48) – Total for the Metropolitan Council Fund as listed on the “STATEMENT OF NET ASSETS” is $1,872,301,000 as of June 30,2010.

(Page 48) – Total for the University of Minnesota Fund as listed on the “STATEMENT OF NET ASSETS” is $4,785,350,000 as of June 30,2010.

Note that while “Nonmajor Component Unit Funds” are listed here too, we will be covering those funds individually in a moment…

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(Page 125 – 127) – Risk Management Fund – Read this for an explanation of Self-Insurance. This is a fund built to pay for any lawsuits or torts brought against the state or its component units. This is the hoarding and investing of taxpayer dollars. So if you sue the state, you will be receiving taxpayer money or the return on this money from investments in this fund. (Total for this fund presented later as a Nonmajor Enterprise Fund.)

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(Page 131) – Budgetary Basis vs. GAAP explanation:

Actual revenues, transfers-in, expenditures, encumbrances, and transfers-out on the budgetary basis do not equal those on the GAAP basis in the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances for the General Fund. This inequality results primarily from the differences in the recognition of accruals, reimbursements, deferred revenue, intrafund transactions, and loan classifications, and from the budgetary basis of accounting for encumbrances. On the budgetary basis, encumbrances are recognized as expenditures in the year encumbered. The modified accrual basis of accounting recognizes expenditures when the goods or services are received, regardless of the year funds are encumbered. A reconciliation of the fund balances under the two basis of accounting for the General Fund is provided in the following table.

(Translation: Some government money and investments are not reported on the taxpayer budget, nor in the Statement of Net Assets we listed above on page 9. There are two different ways of financial reporting, one for the dumbed down masses who can barely balance their checkbook, and one for the elite power brokers in government and the corporate world.)

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(Page 142) – Actuarial Measures of Pension Funding Progress

The state of Minnesota is the employer for five defined benefit single employer plans that are administered by Minnesota State Retirement System (MSRS). MSRS prepares and publishes its own stand-alone comprehensive annual financial report (see Note 1 – Summary of Significant Accounting and Reporting Policies for the address).

(Note: When we look at the separate Pension Fund CAFR we see that the “employer” defined here as the State of Minnesota contributes/matches employee contributions to the pension fund system. So the state puts billions of taxpayer money (the state is supported by taxpayer money) into the pension fund for investment with no benefit for the taxpayers.)

The Elective State Officers Fund (ESOF) is excluded from the single employer plan disclosures since this plan is closed to new entrants and any former active employees have retired, terminated, or elected coverage under another plan.

Required supplementary information of funding progress is provided for the following plans:

§ Correctional Employees Retirement Fund (CERF)

§ Judicial Retirement Fund (JRF)

§ Legislative Retirement Fund LRF)

§ State Patrol Retirement Fund (SPRF)

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(Page 147 – 151) – Combining and Individual Fund Statements – Nonmajor Funds

Nonmajor Special Revenue, Debt Service, Permanent and Capital Projects Funds

(Page 151 – Chart) – COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES

(Note that these are reported “in thousands”, meaning we must add three zero’s {,ooo} to the end of each figure. These are the supposed totals for all the funds included in these categories.)

SPECIAL REVENUE

-> $1,975,916,000

DEBT SERVICE

-> $764,447,000

PERMANENT SCHOOL

-> $694,452,000

CAPITAL PROJECTS

-> $205,002,000

TOTAL

-> $3,639,817,000

(Note that {in thousands} the “Net Change in Fund Balances” column (fourth row from bottom of graph) shows profits/increases of – $122,913,000 – $22,378,000 – $64,229,000 – and $108,739,000 – with the total profit for these funds listed at $318,259,000. This is how much money was added to these funds in fiscal year 2010 over fiscal year 2009)

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(Page 152 – 153) – gives a description of each “Special Revenue Fund”

Note the difference between the totals of the chart on (page 154 – 157) “NONMAJOR SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET”…

and the chart on (page 158 – 161) “COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES”

On the “COMBINING BALANCE SHEET” we can see that total fund balances are actually in the amount of $2,719,861,000… a difference of over $700,000,000 as compared to what is reported on the “COMBINING STATEMENT” chart.

(Always go with the higher figure, as again they are attaching future liabilities to the money they have today.)

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(Page 169) – gives a description of each “Capital Project Fund”

“COMBINING BALANCE SHEET” totals – $253,749,000

“COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES” totals – $205,002,000

So we can add almost $50 million to the total listed, taking the highest figure without “future obligations”.

(This is the actual holdings at the time of this report.)

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(Page 169) – gives a description of each “Nonmajor Enterprise Fund”

(Note that this is a new set of funds, not listed above, and including…)

Behavioral Services Fund

Enterprise Activities Fund

Giants Ridge Fund

Minnesota Correctional Industries Fund

911 Services Fund

Public Employees Insurance Fund

State Lottery Fund

State Operated Community Services Fund

(Page 174 – 175) – The “COMBINING STATEMENT OF NET ASSETS” {in thousands} chart shows $45,315,000 in these funds under the Totals column. So we can add that to our hidden wealth totals…

(Page 181) – gives a description of each Nonmajor Internal Service Fund, which includes the “Risk Management Fund” that we covered above as a self-insurance fund.

(Page 182 – 183) – The “COMBINING STATEMENT OF NET ASSETS” {in thousands} chart shows $320,436,000 in total fund balances, which in this case is the same as the COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS chart.

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PENSION TRUST FUNDS!!! – (Remember, Pension Funds are where the government diverts billions (trillions nationally) of taxpayer money, not just employee money.)

(Page 188 – 189) – Minnesota State Retirement System includes…

–Correctional Employees Retirement Fund

–Elective State Officers Fund

–Hennepin County Supplemental Retirement Fund

–Judicial Retirement Fund

–Legislative Retirement Fund

–Postretirement Health Care Benefits Fund

–State Deferred Compensation Fund

–State Employees Retirement Fund

–State Patrol Retirement Fund

–Unclassified Employees Retirement Fund

The Public Employees Retirement Association includes…

–Defined Contribution Fund

–Minneapolis Employees Retirement Fund

–Police and Fire Fund

–Public Employees Correctional Fund

–Public Employees Retirement Fund

–Volunteer Firefighter Retirement Fund

The Teachers Retirement Association includes…

–Teachers Retirement Fund

The State Colleges and Universities includes…

–Colleges and Universities Retirement Fund

(Again, these funds where not included above.)

(Page 190 – 193) COMBINING STATEMENT OF NET ASSETS shows totals for these pension funds listed at $45,746,335,000.

(Page 197) This represents an increase (profit) in the fund balances over 2009 of at least $4,336,688,000.

(Yes, yes… these are the retirement funds and they are designated for the employees. We can’t touch those, right? Again, this fund represents billions and billions of dollars of taxpayer money, and the investment return on these fund’s collective investments. This total shown represents the money and investments in the fund AFTER all liabilities to the employees are paid, and after future liabilities are considered. So you tell me whose money this really is… and before you answer that, consider the fact that at any time the President of the United States can create an Executive Order that states that all collective fund balances in the government pension funds are now the property of the Federal Government. If we don’t reclaim this through strict regulation and anti-federal shields in the name of the people and soon, it will be gone with the stroke of a pen. And all of these state employees who are so defensive of their pension funds now will have nothing left to defend. It will all be gone!)

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(Page 199) – “INVESTMENT TRUST FUNDS”

Supplemental Retirement Fund – The fund provides an investment vehicle for the assets of various public retirement plans and funds.

Investment Trust Fund – The fund provides an investment vehicle for external funds authorized to be invested by the state.

(Page 201) “STATEMENT OF CHANGES IN PLAN NET ASSETS” shows totals for these funds at $482,714,000.

This is an increase of $30,835,000 over fiscal year 2009, as listed under “Net Increase”.

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(Page 203) – “Agency Funds” description

Agency Fund – This fund accounts for resources held in a custodial capacity for other governmental units, private organizations, or individuals.

Totals listed at $124,220,000

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(Page 205) – “Nonmajor Component Unit Funds” descriptions…

(Note that this is not the value of the buildings, equipment, and other hard assets involved with these component units {state-run businesses}, these are the funds that each unit has in investment holdings in (liquid) assets and cash.)

Agricultural and Economic Development Board

National Sports Center Foundation

Office of Higher Education

Public Facilities Authority

Rural Finance Authority

Workers’ Compensation Assigned Risk Plan

(Page 206 – 207) The “COMBINING STATEMENT OF NET ASSETS” states that the totals for these funds are at $1,488,337,000

(Page 209) “Change in Net Assets” show and increase to these funds of $97,359,000 over fiscal year 2009.

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Last but not least, we have…

(Page 83) – Note 6 – Capital Assets:

Primary Government

The following table shows capital asset activity for the primary government:

(Page 83) – See Chart here entitled – “Primary Government Capital Asset Activity Government-wide Governmental Activities”

This is the value stated after depriciation for the following “capital assets”, which represents the physical equity in the following:

Land – Buildings, Structures, Improvements – Construction in Progress – Development in Progress – Infrastructure – Easements – Art and Historical Treasures

Total value listed here for these Capital Assets are $11,982,234,000

(Note: that these are not necessarily salable or liquidate-able assets, and so we will not include them in our total below, which will only represent fund, investment, and cash on hand as of June 30, 2010.)

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END OF REPORT

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So let’s total up what we have found in the Minnesota CAFR, and compare that total to what the state is reporting to its taxpaying citizens on the taxpayer budget report…

General fund $3,916,496,000

Federal fund $1,579,194,000

State Colleges and Universities Fund $1,723,766,000

Unemployment Insurance Fund (- $266,135,000)

Housing Finance Agency Fund $1,723,766,000

Metropolitan Council Fund $1,872,301,000

University of Minnesota Fund $4,785,350,000

Special Revenue Funds $2,719,861,000

Capital Projects Funds $253,749,000

Enterprise Funds $320,436,000

Pension Trust Funds $45,746,335,000

Investment Trust Funds $482,714,000

Agency Funds $124,220,000

Nonmajor Component Unit Funds $1,488,337,000

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TOTAL FUND BALANCES… $66,470,390,000

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Again, this is a look at the fund balances for the state, and should not be construed as a total look at what this CAFR has to offer in the form of hidden wealth and investments for Minnesota. It would take a guru of an accountant to figure all of this out…

But I think that we have proven without a doubt that the Minnesota state government is guilty of misrepresentation of its wealth to the taxpaying public when it releases its tax-payer budget every year, and when it states in its “government-wide statement of Net Assets” that it only has $10,865,096,000 in “Total Net Assets” including Capital Assets (chart on page 10).

This financial statement (CAFR) structure will look very similar on most state CAFR’s. The order may different, but the terms and fund group types will be virtually identical. You may have to look for this information, but a bit of logic and reason should get you through. The most difficult thing to succeed at is to push aside all of the redundant and pointless information and graphs in lieu of the real hidden gold.

For more information on the corporate government CAFR system, please visit these sites:

http://thecorporationnation.com/

http://cafr1.com/

http://cafrman.com/

http://taxretirement.com/

Happy treasure hunting to you and yours…

–Clint Richardson (realitybloger.wordpress.com)

Wednesday, March 9th, 2011

27 Comments

by realitybloger on March 9, 2011 • Permalink

Posted in Comprehensive Annual Financial Reports, conspiracy, Uncategorized