Truth in Accounting 2012 Winter Wrap

From the Institute for Truth in Accounting…

Weinberg speaks at Society of American Business Editors & Writers Annual Conference:

The Society of American Business Editors & Writers Annual Conference, March 15-17, featured appearances by prominent government officials and business professionals. Sheila Weinberg, Institute CEO, participated as a panelist on ‘Covering the New Austerity,’ moderated by Gail MarksJarvis, Chicago Tribune personal finance columnist.

Weinberg spoke before 75 business journalists about the Institute’s ‘Financial State of the States‘ study and provided guidance on various best practices budgeting and reporting solutions.

Involved are: Kevin Noblet, Managing Editor of Wealth Management, Dow Jones Newswires and SABEW President; Sheila Weinberg; Warren Watson, SABEW Executive Director.

Loyola University Chicago students analyze state and local governments:

The Institute is currently reviewing each state’s 2010 financial statements to update our ‘Financial State of the States’ study. In addition, various municipalities have asked us to review their financial information and present findings to trustees and other interested policy groups. This type of analysis can provide a more complete financial picture to town managers and trustees.

Truth in Accounting has reached out to various colleges, including De Paul University, University of Iowa and Loyola University Chicago for interns to work on these studies. The internships allow students to utilize their Accounting training, and at the same time build expeiences to secure future job opportunities.

Staffing for Institute projects currently includes Loyola alumni and undergraduate students: Shawn Cruce, Research Associate, and interns Brad Strauss and Lisa Jaraczewski. Also Mary Vail, University of Iowa.

Truth in Accounting appoints new Board members:

The Institute recently appointed three new Board members:

William A. Obenshain, Executive Director, The Center for Financial Services, DePaul University. Before joining DePaul, Obenshain spent 38 years in the financial services industry with Continental Bank and Bank of America.

Marilyn McCarthy, Founder and President, McCarthy Communications Group. McCarthy has 23 years of experience in public relations and corporate communications, and worked for top global asset management companies including Fidelity Investments and Columbia Wanger Asset Management.

Dr. Sri Ramamoorti, Associate Professor, School of Accountancy and Director, Center for Corporate Governance, Kennesaw State University. Dr. Ramamoorti specializes in corporate governance, risk management, external and internal auditing, internal controls, international financial reporting standards and forensic accounting.

In addition, Dennis H. Chookaszian joined the Truth in Accounting Advisory Board. Chookaszian, former Chairman and CEO of CNA Financial Corp. is also currently a board director of CME Group, Inc.

Truth in Accounting awarded Searle Freedom Trust grant:

For the third consecutive year, the Institute for Truth in Accounting has been awarded a grant from the Searle Freedom Trust.

The $80,000 grant will support the development of the State Data Lab website, a significant new resource for public policy groups, journalists and interested citizens eager to use non-partisan data to develop solutions to America’s fiscal crisis.

The State Data Lab portal, when completed, will allow users to easily obtain information about their state’s financial condition, business/economic climate, quality of life data/demographics, and research/analysis concerning public policy issues with a national scope. The site will allow users to compare their state to others.

Earlier grants from Searle were used to create the ‘Financial State of the States’ analysis and report, and also begin design of State Data Lab. The Institute is seeking additional grants needed to successfully develop and launch the site midyear 2012 in time to be used in the election cycle.

About the Institute for Truth in Accounting

The Institute for Truth in Accounting (IFTA) is dedicated to promoting honest, accurate, and transparent accounting at all levels of government and business. As a non-partisan, non-profit organization, the IFTA works to expose accounting deficiencies while promoting better, more accessible delivery of accurate government financial data—and, in turn, providing a foundation for more informed public policy. The IFTA provides its expertise to develop more effective accounting standards and deliver accurate government financial information to policymakers, opinion leaders, and citizens, so they can all work for a more secure financial future. To learn more, please visit our website at

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