"Ambassador" wrote
The financial statement (2006) of the USCF is a LIE.


If you say so.



You can call that loony, but I'd call that ACCURATE. The market value
of the building is not as expressed, due to deed restrictions. This
overstatment of value allows CRIMINAL FRAUD to occur. The fraud with
the building allows the USCF to cover up loses.



I'm not privy to those financials, or under what accounting method they were
prepared. It is not normal accounting policy to book up the assets to
market values, although there may be a footnote disclosing that value if
it's material and of importance to the financials and their users.

If the accounting for the building is within the accepted accounting method,
then nothing criminal or fraudulent has occured.

That you are aware of differences with the reported book value of the
building and it's actual value, you are surely among those who won't place
reliance on those financials.




--
Paul Thomas, CPA