[WikiEN-l] Foundation audit -- contingencies
admin at bluejayfan.net
Mon Feb 11 02:34:18 UTC 2008
>"Note C - Contingencies
> In the normal course of business, the Organization receives
> various threats of litigation on a regular basis. In the
> opinion of management, the outcome of the pending
> lawsuits will not materially affect present operations or the
> financial stability of the Organization."
This is standard boilerplate language for an audit. It means there are no lawsuits on the horizon that are sufficiently credible to be worried about. The accountants can't risk saying "they'll never be sued" so they use that weaselly language. Go to www.sec.gov and pull up some corporate financial reports -- you'll see some with statements like that and others with statements about big lawsuits.
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