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entities generated gradually increasing revenue, but also
commensurate losses, in the 3 years preceding October 1, 1995.
The Sta-Home tax-exempt entities’ accounting firm prepared
unaudited combined financial statements. The results from
operations reported by the combined Sta-Home tax-exempt entities
on their returns for fiscal years ended September 30, 1991
through 1995, were:
Year Revenue Expenses Net Income (Loss)
1991 $11,736,061 $11,799,721 ($63,660)
1992 18,442,072 18,414,315 27,757
1993 25,162,701 25,208,255 (45,554)
1994 36,882,957 37,141,686 (258,729)
1995 44,101,849 44,535,239 (433,390)
According to those combined financial statements, the total
assets and liabilities of the Sta-Home tax-exempt entities for
those years were:
Year Assets Liabilities Deficit
1991 $3,203,759 $3,787,285 ($583,526)
1992 5,404,925 5,960,696 (555,771)
1993 6,910,710 7,639,855 (729,145)
1994 7,515,492 8,417,027 (901,535)
1995 10,736,407 12,144,655 (1,408,248)
To ease their financial statuses, the Sta-Home entities
required their employees–-including the Caracci family members
themselves--to forgo payment for the first 6 weeks of employment.
After that initial period, the employees were entitled to collect
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