Financial Statements

The Second Epistle to the Corinthians says that those who give to the church must do so willingly and freely, for "God loves a cheerful giver." Yet even the most generous contributor might turn tight-fisted after discovering that the person entrusted to collect contributions to the church is often also the one who takes them to the bank and files the financial statements. And that often leads to widespread embezzlement. Even in church, temptation and opportunity can lead to shocking levels of sin. Just ask the authors of a recent study by researchers at Villanova University.

If you haven't started saving for retirement, or you've been saving but you're not sure it's enough for your old age, or you're so busy working that you don't have the time to think about your finances at all, then you may need a personal financial planner.But -- and this is an important "but" -- be careful which planner you choose.Personal financial planning was introduced into the world of financial services in the mid-1970s and became an overnight rage because it put so many finance-related skills to work.

The state-owned Hyatt Regency Chesapeake Bay resort in Cambridge continues to deplete a reserve fund to cover its semiannual debt payments because it is not making enough money. The state withdrew $2 million from the reserve June 1, cutting the fund's balance nearly in half to $2.3 million, according to a June 4 letter to the Maryland Economic Development Corp., which owns the golf resort hotel and conference center on the Choptank River. MEDCO financed the hotel's construction in 2002, issuing more than $120 million in tax-exempt revenue bonds, which are designed to be paid for out of the revenue a project creates.

As summer began last year, with the Grand Prix of Baltimore about three months away, organizers had sold no tickets. They had landed no sponsorships. And they hadn't put out a single advertisement. Financier J.P. Grant and his group, Race On LLC, swooped in to save a troubled race - which one business had left in financial ruin and another failed to even launch - and pulled off what Grant called a "90-day miracle. " This year, they say they won't need divine intervention.

A petition drive seeking a referendum on a proposal to remake the City Council into 18 single-member districts is in danger of failing because the drive's leaders did not file financial disclosure statements with the election board.The city Board of Supervisors of Elections is scheduled to meet Monday to decide the fate of the petition effort.Last week, city Finance Director William R. Brown Jr. wrote a letter to elections board officials saying he could not certify the 15,159 signatures turned in Aug. 12 by the drive's organizers.

A petition drive seeking a referendum on a proposal to remake the Baltimore City Council into 18 single-member districts is in danger of failing because the drive's leaders did not file financial disclosure statements with the election board.The city Board of Supervisors of Elections is scheduled to meet Monday to decide the fate of the petition effort.Last week, city Finance Director William R. Brown Jr. wrote a letter to elections board officials saying he could not certify the 15,159 signatures turned in Aug. 12 by the drive's organizers.

Mayoral hopeful M. Theresa DeGraff admitted yesterday not filing an overdue financial statement with the Board of Supervisors of Elections -- a requirement of elected officials in Annapolis.The city board has found that DeGraff, a Ward 7 Republican, violated city election laws when she failed to file a campaign finance report due last July. DeGraff can't be an official candidate for mayor until she corrects the problem, board chairman Richard E. Israel said."Obviously, it's a mistake. It's my responsibility, and we'll fix it," DeGraff said, adding that an amended report will be filed no later than Monday.

Baltimore Housing Commissioner Daniel P. Henson III yesterday filed a financial disclosure statement with the city Department of Legislative Reference, along with a check for $45 to cover late-filing penalty charges.The disclosure statement, required under a city statute, was due to be filed in November, but because Henson missed that deadline he was required to pay the penalty. The report covers the one-year period ending June 30, 1996.The disclosure shows Henson owes about $50,000 to Struever Bros.

The head of the Baltimore panel that oversees city officials' financial disclosure requirements has failed to submit her own mandated statements since 2006. Dana P. Moore, a Baltimore lawyer who was appointed to a volunteer position on the city's Board of Ethics in 2004 and became its chairwoman four years later, filed financial disclosure statements in 2005 and 2006, but not before or since, according to a review of City Hall records by The Baltimore Sun. She will be subject to a $250 fine for each of three missing forms.

The Baltimore Opera had more sold-out performances in 1995-1996 than any other season, and this fiscal year's financial statements were the best in the company's 46-year history.Net assets reached $91,000, revenues were just under $3.6 million, expenses were $3.5 million, and for the first time, ticket sales exceeded production costs by $125,000.Total ticket revenues were $2,212,237 -- an increase of 42 percent over the previous year. There was an increase of 41 percent in single ticket sales and a 29 percent increase in subscription revenue.