Corporation

The Anne Arundel Economic Development Corp. is offering loans to small businesses in conjunction with the U.S. Small Business Administration (SBA).The SBA just included the corporation as an approved lender in its 7(a) loan guarantee program. The corporation is the Baltimore area's first economic development organization to be included.Its new status allows the corporation to make SBA-guaranteed loans in addition to the direct loans it makes from the Arundel Business Loan Fund.The 7(a) program includes loans for $100,000 or less and loan programs for minorities and women.

The Bendix Field Engineering Corporation has been named Service Corporation of the Year by the Maryland/District of Columbia Minority Supplier Development Council.Bendix received the award for "outstanding services in support of minority business development" and "support and encouragement of minority business entrepreneurs."The MSDC promotes the increased share of minority suppliers and subcontractors among major corporations in the private sector.

A county judge has ordered the parties in a dispute over alleged racial discrimination at Gibson Island back to the negotiating table.The order, issued yesterday by Circuit Judge James C. Cawood Jr., comes two weeks after lawyers for the officials from Gibson Island's community association went to court seeking dismissal of a complaint filed by three island residents who allege systematic racial discrimination on the private enclave.The judge dismissed parts of the three residents' $8.2 million suit, including the portion alleging "de facto segregation," but he gave the plaintiffs 45 days to amend their segregation claim by specifying which laws would be violated under the club's alleged practices.

THE RICH are different. They have better plea bargains. Former Enron financial executive Andrew Fastow, whose scheming led to the implosion of the energy giant, and his wife, Lea, who worked briefly for Enron and helped him, are refusing to flip for prosecutors unless they can tag-team their jail terms. They want one parent at home with the kids while the other is in the slammer. This child-care plea bargain stalled last week in Houston when federal Judge David Hittner refused to guarantee that mom would be out before dad went in. Lea Fastow is supposedly a small fish in this billion-dollar collapse, and a five-month sentence might be about right, but Hittner wants a chance to see the extent of her involvement and, if he sees fit, impose a longer sentence - perhaps as long as three years.

Althage to head United Way driveKathryn Althage has been named chairwoman for the AlliedSignal Technical Services Corp.'s 1994 United Way Campaign.The corporation's goal is to collect $490,000. Last year's campaign netted $483,043 in employee contributions.

*TC Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.Q. I received some stock as a dividend on stocks I already owned. Is this stock dividend reportable at the amount it was on the date of distribution? Or is it not taxed until such time as it is sold?A. Generally, the value of the stock received as a stock dividend (similar to a stock split) is not reportable when received. But a corporation's distribution of stock in another corporation, or the right to buy stock in another corporation, is reportable and taxable.

Before the first witness could be called, a trial focusing on allegations of housing discrimination at Gibson Island was halted yesterdaywhen a tentative settlement was reached.Attorneys in the case yesterday refused to discuss details of the deal, saying it will not befinal until today. Officers of the Gibson Island Corp., the organization that bought the island 50 years ago for $150,000, were to meet last night to approve the settlement, the group's attorney said.The plaintiffs in the case -- white residents alleging a "subtle but extremely effective" system of discrimination against minorities at the private enclave -- said the settlement will allow all propertyowners to use the pool, golf course, marina and other facilities rented to the Gibson Island Club.

Volunteer board members of Anne Arundel County's economic development agency have paid themselves thousands of dollars over six years for supplying the nonprofit group with everything from legal advice and accounting work to stationery and computer software.The first independent audit of the Anne Arundel Economic Development Corp., released last week, as well as newly opened financial records and disclosures made in interviews, show that the agency has concealed apparent conflicts of interest while freely spending public money.

Service Corporation International, which bills itself as the world's largest funeral and cemetery concern, said yesterday that it will pay $14.8 million to 12 T. Rowe Price mutual funds to settle a lawsuit stemming from a surprise revenue shortfall disclosed in 1999. A Wall Street darling in the early 1990s, Service Corporation was accused by shareholders in 1999 of hiding its bleak revenue picture and the fact it was experiencing losses on prepaid funeral sales. The lawsuit also alleged that senior Service Corporation officials, including Robert L. Waltrip, chairman and chief executive, sold more than 2 million shares before the revenue figures were released to the public.

Maryland earned a spot among the top 10 states for economic development in a report card issued by the Corporation for Enterpnse Development. The state received an A rating for "performance," attributed to solid scores in job quality and equity and earnings. Maryland also received high marks for its low poverty rate and high college attainment. Another strong ranking came in "innovation assets," where the state scored first in both university and federal research and development. For more information, go to www.cfed.