Auditing, Attestation, and Financial Reporting for an Early American Charity

2017 ◽  
Vol 44 (2) ◽  
pp. 27-46
Author(s):  
Michael Braswell ◽  
Roger B. Daniels
Keyword(s):  
Financial Reporting ◽  
Agency Costs ◽  
Governance Structure ◽  
Social Costs ◽  
Limited Resources ◽  
Public And Private ◽  
Early American ◽  
Financial Condition ◽  
The City

ABSTRACT Our study examines assurance and attestation practices of the Charleston Orphan House from 1790 to 1825 and represents a response to Alchian and Demsetz's (1972) call for research into the nature of stewardship and agency costs among nonprofits by providing evidence of the largely unexplored early American practices (Moussalli 2008; Sargiacomo and Gomes 2011). We document the origins of the assurance and attestation techniques used to legitimize the Charleston Orphan House and to minimize the agency costs faced by its public and private funders. We find that assurance and attestation practices were reflected in the routine publication of the Committee on Accounts reports that served as vital elements of a governance structure that enabled the municipality and philanthropists to monitor the financial condition of the institution. These oversight efforts helped minimize agency costs that naturally arose between the Orphan House and resource providers, making it possible for the City of Charleston and private funders to efficiently allocate limited resources to mitigate social costs of managing the post-revolutionary orphan problem. Our findings provide new insights into early assurance and attestation practices and support Alchian and Demsetz's (1972) conjecture that nonprofits face similar economic motivations for utilizing financial reporting, auditing, and attestation as monitoring mechanisms as do their profit-seeking counterparts.

EARLY AMERICAN CORPORATE REPORTING AND EUROPEAN CAPITAL MARKETS: THE CASE OF THE ILLINOIS CENTRAL RAILROAD, 1851–1861

2006 ◽  
Vol 33 (1) ◽  
pp. 3-24 ◽  
Author(s):  
Dale L. Flesher ◽  
Gary J. Previts ◽  
William D. Samson
Keyword(s):  
Social Contract ◽  
Financial Reporting ◽  
Annual Reports ◽  
Venture Capitalists ◽  
The Public ◽  
Early American ◽  
Corporate Reporting ◽  
New Development ◽  
Capital Intensive ◽  
General Community

This study of the annual reports of the Illinois Central Railroad (IC) from the 1850s supports a conclusion that the statements, as to form and content, were developed to serve the needs of two classes of investors and to inform the general community of the activities of the company. The need to report to the public as to the success of the company's role in its “social contract” to develop the state required details of a demographic nature, which were provided by the land commissioner. Operating results provided evidence of the ability to service the debts held by European investors and to inform British venture capitalists of the extent of the company's operations. This communication with the distant capital providers was a new development in financial reporting as the capital-intensive railroads experienced management and ownership separation on a scale not seen before. In summary, the IC provided annual reports more detailed and informative than those of other corporations of the period because of a need to provide European investors with evidence of management's activities.

THE STOCKHOLDER REVIEW COMMITTEE OF THE CHESAPEAKE AND OHIO CANAL COMPANY, 1828–1857: EVIDENCE OF CHANGES IN FINANCIAL REPORTING AND CORPORATE GOVERNANCE

2006 ◽  
Vol 33 (1) ◽  
pp. 125-143 ◽  
Author(s):  
Robert W. Russ ◽  
Gary J. Previts ◽  
Edward N. Coffman
Keyword(s):  
Corporate Governance ◽  
19Th Century ◽  
Financial Reporting ◽  
Financial Management ◽  
Governance Structure ◽  
The Political ◽  
Review Committee ◽  
Corporate Governance Structure ◽  
Corporate Form ◽  
The 19Th Century

Canal companies were among the first enterprises to be organized in the corporate form and to require large amounts of capital. This paper examines the stockholder review committee of a 19th century corporation, the Chesapeake and Ohio Canal Company (C&O), and discusses how the C&O used this corporate governance structure to monitor and improve financial management and operations. A major strength was the concern and dedication of the stockholders to the company, while a major weakness was the political control exerted by the State of Maryland. The paper provides an historical perspective on corporate governance in the 19th century. This research contributes to the literature by providing detailed workings and practices of a stockholder review committee. The paper documents corporate governance efforts in archival sources that provide an early example of accountability required in a corporate charter and the manner in which the stockholders carried out this responsibility.

They Protect Us from Computer Fraud: Who Protects Us from Them? SafeNet, Inc.: A Case of Fraudulent Financial Reporting

2015 ◽  
Vol 30 (4) ◽  
pp. 353-372 ◽  
Author(s):  
Leisa L. Marshall ◽  
James Cali
Keyword(s):  
Financial Reporting ◽  
Internal Control ◽  
Stock Options ◽  
Governance Structure ◽  
Fraud Triangle ◽  
Fraudulent Financial Reporting ◽  
Corporate Governance Structure ◽  
Chief Operating Officer ◽  
Tone At The Top ◽  
Prevention Methods

ABSTRACT This case focuses on fraudulent financial reporting as related to the tone at the top, primarily the chief operating officer, Carole Argo, of SafeNet, Inc. (SafeNet). This case provides students a real-world example by which to apply basic fraud concepts including the fraud triangle, fraud prevention, and red flags (fraud symptoms). Students analyze SafeNet to identify deficiencies and prevention methods, from the perspective of COSO's (2013) Internal Control—Integrated Framework's internal control objectives, components, and principles. Students also analyze SafeNet's corporate governance structure by comparing SafeNet's Board of Directors and its subcommittees pre- and post-SOX. Students learn of stock options as a form of compensation. However, this case does not focus on the details of accounting for stock options. This case is appropriate for students with the financial accounting principles course background. This case was classroom tested in a basic fraud examination course and an internal auditing course. Students' responses in both courses support the use of the case as a learning tool.

Early Debates

2018 ◽  
Author(s):  
Samuel Llano
Keyword(s):  
Eighteenth Century ◽  
Public Space ◽  
Domestic Space ◽  
Limited Resources ◽  
Public And Private ◽  
Conduct Manuals ◽  
The Public ◽  
Clear Cut ◽  
The Social ◽  
Undeserving Poor

This chapter provides an account of how organilleros elicited public anger because their activity did not fit into any of the social aid categories that had been in place since the late eighteenth century. Social aid in Spain relied on a clear-cut distinction between deserving and undeserving poor in order to rationalize the distribution of limited resources and reduce mendicancy on the streets. Organilleros could not, strictly speaking, be considered idle, since they played music, but their activity required no specific skills and was regarded with suspicion as a surrogate form of begging. The in-betweenness of the organillero caused further anger as it challenged attempts to establish a neat distinction between public and private spaces. On one hand, organillo music penetrated the domestic space, which conduct manuals of the nineteenth century configured as female; on the other, it brought women into the public space, which those manuals configured as male.

scholarly journals Urban Policies and Large Projects in Central City Areas: The Example of Madrid (Spain)

Urban Science ◽  
2021 ◽  
Vol 5 (2) ◽  
pp. 42
Author(s):  
Dolores Brandis García
Keyword(s):  
Urban Planning ◽  
20Th Century ◽  
Large Scale ◽  
Central City ◽  
Global Market ◽  
Late 20Th Century ◽  
Public And Private ◽  
Urban Policies ◽  
Starting Point ◽  
The City

Since the late 20th century major, European cities have exhibited large projects driven by neoliberal urban planning policies whose aim is to enhance their position on the global market. By locating these projects in central city areas, they also heighten and reinforce their privileged situation within the city as a whole, thus contributing to deepening the centre–periphery rift. The starting point for this study is the significance and scope of large projects in metropolitan cities’ urban planning agendas since the final decade of the 20th century. The aim of this article is to demonstrate the correlation between the various opposing conservative and progressive urban policies, and the projects put forward, for the city of Madrid. A study of documentary sources and the strategies deployed by public and private agents are interpreted in the light of a process during which the city has had a succession of alternating governments defending opposing urban development models. This analysis allows us to conclude that the predominant large-scale projects proposed under conservative policies have contributed to deepening the centre–periphery rift appreciated in the city.

scholarly journals Multi-level Governance in Refugee Housing and Integration Policy: a Model of Best Practice in Leverkusen

2021 ◽  
Author(s):  
Eli Auslender
Keyword(s):  
Best Practice ◽  
Collaborative Governance ◽  
Governance Structure ◽  
Integration Policy ◽  
German Government ◽  
Non Profit ◽  
Integration Management ◽  
Multi Level ◽  
The Moment ◽  
The City

AbstractThis paper will explore a model of best practice, the Leverkusen Model, as well as its impact on both the city and the refugees it serves by utilising key stakeholder interviews, civil servants, non-profits, and Syrian refugees living in Leverkusen. The core argument to be presented here is that the dynamic fluidity of the Leverkusen Model, where three bodies (government, Caritas, and the Refugee Council) collaborate to manage the governance responsibilities, allows for more expedited refugee integration into society. This paper utilises an analytical model of multi-level governance to demonstrate its functional processes and show why it can be considered a model of best practice. Started in 2002, the Leverkusen Model of refugee housing has not only saved the city thousands of euros per year in costs associated with refugee housing, but has aided in the cultivation of a very direct, fluid connection between government, civil society, and the refugees themselves. Leverkusen employs a different and novel governance structure of housing for refugees: with direct consultations with Caritas, the largest non-profit in Germany, as well as others, refugees who arrive in Leverkusen are allowed to search for private, decentralised housing from the moment they arrive, regardless of protection status granted by the German government. This paper fills a gap in the existing literature by addressing the adaptation of multi-level governance and collaborative governance in local refugee housing and integration management.

scholarly journals An Ecosystem Innovation Framework: Assessing Mobility as a Service in Budapest

2021 ◽  
Vol 13 (7) ◽  
pp. 3753
Author(s):  
Athena Roumboutsos ◽  
Ioanna Pagoni ◽  
Athena Tsirimpa ◽  
Amalia Polydoropoulou
Keyword(s):  
Urban Transport ◽  
Decision Makers ◽  
First Year ◽  
Negative Externalities ◽  
Modal Shift ◽  
Present Contribution ◽  
Public And Private ◽  
Document Collection ◽  
Smart Mobility ◽  
The City

Smart Mobility and the introduction of innovation in the complex and dynamic actor ecosystem of urban transport is faced with the need to manage change in order to secure sustainability and protect against negative externalities. The present contribution provides decision-makers with a tool to assess innovation strategies and monitor change over time. The proposed EcoSystem Innovation Framework (ESIF) is applied to a flagship innovation: Mobility as a Service (MaaS). The application concerns the City of Budapest, a location with highly-utilized resources and low car ownership, in contrast to other locations where MaaS is implemented. The ESIF is constructed through qualitative research (stakeholder workshops, interviews, document collection and analysis) for three (3) points in time: Summer 2018; Summer 2019 and end of 2020 (first year of the COVID-19 pandemic). The ESIF analysis was able to guide decision-makers and highlight potential future trends demonstrating the potential of the ESIF framework. For the City of Budapest, the ESIF highlighted the delicate balance in the promotion of MaaS, as the dichotomy between public and private on-demand mobility may trigger a negative modal shift. The COVID-19 pandemic has enhanced this potential. Despite public sector efforts, market opportunity has surfaced leading to contrasting interests in the ecosystem.

scholarly journals A Dynamic Information-Based Parking Guidance for Megacities considering Both Public and Private Parking

2017 ◽  
Vol 2017 ◽  
pp. 1-19 ◽  
Author(s):  
Jong-Ho Shin ◽  
Namhun Kim ◽  
Hong-bae Jun ◽  
Duck Young Kim
Keyword(s):  
Intelligent Transportation System ◽  
Guidance System ◽  
Simulation Test ◽  
Dynamic Information ◽  
Public And Private ◽  
Parking Management ◽  
Points Of View ◽  
Spatial Resources ◽  
The City ◽  
Infant Stage

The constantly increasing number of cars in the megacities is causing severe parking problems. To resolve this problem, many cities adopt parking guidance system as a part of intelligent transportation system (ITS). However, the current parking guidance system stays in its infant stage since the obtainable information is limited. To enhance parking management in the megacity and to provide better parking guidance to drivers, this study introduces an intelligent parking guidance system and proposes a new methodology to operate it. The introduced system considers both public parking and private parking so that it is designed to maximize the use of spatial resources of the city. The proposed methodology is based on the dynamic information related parking in the city and suggests the best parking space to each driver. To do this, two kinds of utility functions which assess parking spaces are developed. Using the proposed methodology, different types of parking management policies are tested through the simulation. According to the experimental test, it is shown that the centrally managed parking guidance can give better results than individually preferred parking guidance. The simulation test proves that both a driver’s benefits and parking management of a city from various points of view can be improved by using the proposed methodology.

scholarly journals The role of the nurse in the neonatal intensive care unit: between the ideal, the real and the possible

2011 ◽  
Vol 19 (2) ◽  
pp. 301-308 ◽  
Author(s):  
Liciane Langona Montanholi ◽  
Miriam Aparecida Barbosa Merighi ◽  
Maria Cristina Pinto de Jesus
Keyword(s):  
Intensive Care Unit ◽  
Intensive Care ◽  
Neonatal Intensive Care Unit ◽  
Neonatal Intensive Care ◽  
Public And Private ◽  
Public And Private Hospitals ◽  
The City ◽  
Social Phenomenology ◽  
The Ideal

The nurse is one of the professionals responsible for the care directed toward the physical, mental and social development of newborns in the Neonatal Intensive Care Unit. This study aimed to comprehend the experience of nurses working in a Neonatal Intensive Care Unit. Data collection was performed in 2008, through interviews with 12 nurses working in public and private hospitals of the city of São Paulo. The units of meaning identified were grouped into three categories: Developing actions; Perceiving their actions and Expectations. The analysis was based on social phenomenology. It was concluded that the overload of activities, the reduced number of staff, the lack of materials, equipment and the need for professional improvement are the reality of the work of the nurse in this sector. To supervise the care is the possible; integral care of the newborn, involving the parents, is the ideal desired.

A theoretical framework of the governance institutions of low-income housing in China

Urban Studies ◽  
2017 ◽  
Vol 55 (9) ◽  
pp. 1967-1982 ◽  
Author(s):  
Feng Deng
Keyword(s):  
Low Income ◽  
Rental Housing ◽  
Governance Structure ◽  
Theoretical Framework ◽  
Public Rental Housing ◽  
Governmental Intervention ◽  
Governance Institutions ◽  
The City ◽  
Important Form ◽  
Low Income Housing

This paper develops a theoretical framework for institutional analysis of the governance of low-income housing in the city. I focus on the provision of local public goods as a central issue for low-income housing. Factors that affect the governance structure from the efficiency perspective and the equity perspective, respectively, are explored. I argue that over-subsidisation is an important problem for income-redistribution institutions and, hence, public housing or social housing becomes an important form of governmental intervention in low-income housing. The framework is then applied to low-income housing in China. In particular, I analyse the governance structures of several major types of low-income housing including public rental housing, private low-income housing, work-unit compound and urban village.

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