NYC OTB pleads its case

[freddymo]

Originally Posted by Kasept

It was Matt Hegarty who did the forensic accounting that uncovered the unusual treatment of the surcharge.

Wow the case revolves around the expert opinion of a columnist vs. partners at a highly respected accounting firm, which is paid 1/2 a million bucks to do an audit. I didn't realize Hegarty was an CPA in his past life.You learn something everyday. Which firm did Hegarty work for when he was in the accounting field, Delotte? This "unusual treament" must have escaped the teams of accountants that audit OTB financials.. Steve perhaps it would serve the community well if the facts were repped appropiately. Hear say from columnists isn't responsible even if they prove to be 100% correct in their assessment.Again, I am with you in your disdain for the ploy just think there is way more to it.

[pointman]

Originally Posted by freddymo

Wow the case revolves around the expert opinion of a columnist vs. partners at a highly respected accounting firm, which is paid 1/2 a million bucks to do an audit. I didn't realize Hegarty was an CPA in his past life.You learn something everyday. Which firm did Hegarty work for when he was in the accounting field, Delotte? This "unusual treament" must have escaped the teams of accountants that audit OTB financials.. Steve perhaps it would serve the community well if the facts were repped appropiately. Hear say from columnists isn't responsible even if they prove to be 100% correct in their assessment.Again, I am with you in your disdain for the ploy just think there is way more to it.

Freddy, you don't think that OTB's accountants message the numbers most favorable to OTB? Any businessman knows that just because expenses are written as off does not mean that the money is necessarily lost or unavailable for use. When Donald Trump was bancrupt, do you think he couldn't write checks to his employees, stay in first class hotel suites or ride around in limosines?

Why shouldn't people, including columnists, analyze the claims by OTB, isn't this done all the time? Don't we see columnists analyzing the proposed healthcare bill to find its hidden costs on a daily basis?

People have a right to question whether OTB is actually in a dire situation and if so, what the cause of it is. For example, OTB has been a place for politicians to stick their friends, relatives and supporters for years who were unqualified and paid unreasonable salaries, shouldn't such bad business practices be taken into consideration when they are asking others to take less to try to solve their problematic bottem line that they created themselves?

[freddymo]

Originally Posted by pointman

Freddy, you don't think that OTB's accountants message the numbers most favorable to OTB? Any businessman knows that just because expenses are written as off does not mean that the money is necessarily lost or unavailable for use. When Donald Trump was bancrupt, do you think he couldn't write checks to his employees, stay in first class hotel suites or ride around in limosines?

Why shouldn't people, including columnists, analyze the claims by OTB, isn't this done all the time? Don't we see columnists analyzing the proposed healthcare bill to find its hidden costs on a daily basis?

People have a right to question whether OTB is actually in a dire situation and if so, what the cause of it is. For example, OTB has been a place for politicians to stick their friends, relatives and supporters for years who were unqualified and paid unreasonable salaries, shouldn't such bad business practices be taken into consideration when they are asking others to take less to try to solve their problematic bottem line that they created themselves?

I don't think accountants in this day in message numbers for PUBLIC entities. My best friend is an audit partner at Delotte and on there Board..There is zero chance he is signing a public company's audit that is BS. An audit starts Jan1 and ends Dec31 on a company like OTB with constant reporting. Now private companys are completely different story.

As for if people should question OTB and there business model and practices OF COURSE THEY SHOULD. I am not an OTB supporter but I really hope there is more to story then Matt Hegarty's opinions on accounting theory..

[philcski]

Originally Posted by freddymo

I don't think accountants in this day in message numbers for PUBLIC entities. My best friend is an audit partner at Delotte and on there Board..There is zero chance he is signing a public company's audit that is BS. An audit starts Jan1 and ends Dec31 on a company like OTB with constant reporting. Now private companys are completely different story.

As for if people should question OTB and there business model and practices OF COURSE THEY SHOULD. I am not an OTB supporter but I really hope there is more to story then Matt Hegarty's opinions on accounting theory..

Since when is NYCOTB a public company?

[freddymo]

Originally Posted by philcski

Since when is NYCOTB a public company?

Since day 1:

While the concept of an off-track betting system was approved by New York City voters in a 1963 referendum by a three-to-one margin, the official history of the New York City Off-Track Betting Corporation began on April 22, 1970. That is the date that Governor Nelson Rockefeller signed into law two pieces of legislation which established the structure of off-track wagering. NYCOTB was designated to operate as a public-benefit corporation, a relatively new form of governmental entity run along the lines of a private enterprise whose profits accrue back to the taxpayers in the form of public revenue. The mission given us was three-fold: to raise needed revenue for the City and State, to combat organized crime's hold on gambling by providing a legal alternative and to help New York State's racing industry.

[philcski]

Originally Posted by freddymo

Since day 1:

While the concept of an off-track betting system was approved by New York City voters in a 1963 referendum by a three-to-one margin, the official history of the New York City Off-Track Betting Corporation began on April 22, 1970. That is the date that Governor Nelson Rockefeller signed into law two pieces of legislation which established the structure of off-track wagering. NYCOTB was designated to operate as a public-benefit corporation, a relatively new form of governmental entity run along the lines of a private enterprise whose profits accrue back to the taxpayers in the form of public revenue. The mission given us was three-fold: to raise needed revenue for the City and State, to combat organized crime's hold on gambling by providing a legal alternative and to help New York State's racing industry.

A "public" company is one that has shareholders widely held and exchangeable on a public market and is required to disclose results via a 10K/10Q SEC filing. A "private" company that has one, or few, stakeholders that does not have to report results. Their accounting practices aren't necessarily required to be GAAP even if that's recommended for all companies. In this case, they have already proven to not adhere to GAAP, as they expense a cost that clearly has an offsetting revenue yet fail to realize the revenue and just claim the loss. You are confusing "public benefit" with "public". See where I'm going with this?

[freddymo]

Originally Posted by philcski

A "public" company is one that has shareholders widely held and exchangeable on a public market and is required to disclose results via a 10K/10Q SEC filing. A "private" company that has one, or few, stakeholders that does not have to report results. Their accounting practices aren't necessarily required to be GAAP even if that's recommended for all companies. In this case, they have already proven to not adhere to GAAP, as they expense a cost that clearly has an offsetting revenue yet fail to realize the revenue and just claim the loss. You are confusing "public benefit" with "public". See where I'm going with this?

I am Series 7 licensed..I know what a Public company is.. Everything about OTB financial situation is fully transparent including the BS mentioned in this article:
http://www.huffingtonpost.com/daniel..._b_251567.html

[Kasept]

Originally Posted by freddymo

Wow the case revolves around the expert opinion of a columnist vs. partners at a highly respected accounting firm, which is paid 1/2 a million bucks to do an audit. I didn't realize Hegarty was an CPA in his past life.You learn something everyday. Which firm did Hegarty work for when he was in the accounting field, Delotte? This "unusual treament" must have escaped the teams of accountants that audit OTB financials.. Steve perhaps it would serve the community well if the facts were repped appropiately. Hear say from columnists isn't responsible even if they prove to be 100% correct in their assessment.Again, I am with you in your disdain for the ploy just think there is way more to it.

Freddy,

Hegarty is racing media's single top business correspondant. His accumen on these topics is unquestioned. Do you think Steven Crist would base his columns on the topic on faulty, shoddy or uncertain conclusions? Come on...

[freddymo]

Originally Posted by Kasept

Freddy,

Hegarty is racing media's single top business correspondant. His accumen on these topics is unquestioned. Do you think Steven Crist would base his columns on the topic on faulty, shoddy or uncertain conclusions? Come on...

His accumen on accounting is hardily unquestioned..Again do you suspect Hegarty will be deemed an expert on such GAP?? and I would guess that Crist didn't just take Heggarty's word for it and actually researched the "questionable issues" with people that he could rely on to factually support his column..

Perhaps when you have an expert on accounting, formulate an opinion based on GAP we can challenge these practices until then.. I am going with the guys that are professionals and sign there name on the bottom line of the return, they are the ones FIRMLY on the hook

[Scav]

Originally Posted by freddymo

His accumen on accounting is hardily unquestioned..Again do you suspect Hegarty will be deemed an expert on such GAP?? and I would guess that Crist didn't just take Heggarty's word for it and actually researched the "questionable issues" with people that he could rely on to factually support his column..

Perhaps when you have an expert on accounting, formulate an opinion based on GAP we can challenge these practices until then.. I am going with the guys that are professionals and sign there name on the bottom line of the return, they are the ones FIRMLY on the hook

And in alot of trouble also

[freddymo]

Scavs you figure the CPA's screwed up? Your kidding right?

[Scav]

Originally Posted by freddymo

Scavs you figure the CPA's screwed up? Your kidding right?

I have no idea what is going on with this, the only interest I have in NY racing is Saratoga turf racing.

[gales0678]

Originally Posted by freddymo

His accumen on accounting is hardily unquestioned..Again do you suspect Hegarty will be deemed an expert on such GAP?? and I would guess that Crist didn't just take Heggarty's word for it and actually researched the "questionable issues" with people that he could rely on to factually support his column..

Perhaps when you have an expert on accounting, formulate an opinion based on GAP we can challenge these practices until then.. I am going with the guys that are professionals and sign there name on the bottom line of the return, they are the ones FIRMLY on the hook

just like the one's at arthur anderson freddy? do u remember Enron???