In this issue:

• Your Insights are Needed

• IL Finances Receive Negative Outlook

• Still Waiting for Illinois' Financial Statements

• Bringing Financial and Medical Minds Together

• Pamphlets Travel to Miami

• CEO to Speak at Glencoe LWV Luncheon

YOUR INSIGHTS ARE NEEDED!
The IFTA will have two strategic planning meetings this month.  On Monday, June 12, a meeting will be held in downtown Chicago.  MB Financial's President & CEO, Mitch Feiger, has graciously offered to host a meeting on Monday, June 19, at his Rosemont office.  At the meetings, we will be discussing our Illinois strategy, fund raising and future events' planning.  Each meeting will be different, so feel free to attend both.  Please R.S.V.P. by contacting Darlene Porteus at 847-835-5200 or dporteus@truthinaccounting.org.

IL FINANCES RECEIVE NEGATIVE OUTLOOK
"A leading Wall Street bond house Thursday issued a negative outlook toward the state government's finances because of concerns over the billions of dollars owed to Illinois' public pension systems..."  To read the whole article, click here.

STILL WAITING FOR ILLINOIS' FINANCIAL STATEMENTS
According to GASB's Statement of Concepts, "If financial reports are to be useful, they must be issued soon enough after the reported events to affect decisions."  Unfortunately, Illinois' financial statements were not available to the governor or legislators during this year's budget process.  Illinois' last fiscal year ended June 30, 2005, but more than 11 months later financial statements have not been issued.  When IFTA asked when these statements would be issued, the State Comptroller's office could not give a specific date, but stated, "...we are hoping that it will be in the next few weeks."

BRINGING FINANCIAL AND MEDICAL MINDS TOGETHER
On April 27 and 28, the Institute for Truth in Accounting successfully hosted a seminar titled, "Medicare's Financial Crisis" at the Chicago Club.  IFTA advisory board member, Roger Nelson, sponsored the seminar and IFTA advisory panel member, Tom Prince, was the seminar's main organizer.  The seminar brought together professionals to discuss the true cost of the Medicare program.  A focus of the seminar was to determine how adequate funds can be provided to healthcare providers in the future.  Nine experts presented the nature and progress of the problem the nation faces and reported new approaches that might help the Medicare crisis. 

One attendee commented: "Bringing financial and medical minds together within the context of this Institute is very much needed."

For Medicare Seminar summary, please click here.

"THE FINANCIAL STATE OF THE UNION" PAMPHLETS TRAVEL TO MIAMI
Two hundred and fifty copies of IFTA's publication, "The Financial State of the Union?" were packaged and shipped to the 20th Annual International Conference on New Developments in Governmental Financial Management in Miami.  Jim Wesberry, an international consultant on government accounting, requested the booklets for this event.  This pamphlet can be viewed online by clicking The Financial State of the Union?

Contact Darlene Porteus at 847-835-5200 or dporteus@truthinaccounting.org to receive hard copies of this pamphlet.  Please let us know if you have any other distribution ideas.

CEO TO SPEAK AT GLENCOE LWV LUNCHEON
Sheila A. Weinberg, Founder & CEO of the Institute for Truth in Accounting, will be the guest speaker of the Glencoe League Women Voters' summer luncheon on July 12. Ms. Weinberg will be discussing Illinois state government's financial condition and its impact on educational finances.

Check out Sheila's Blog for more information about the Institute for Truth in Accounting's upcoming schedule and feel free to leave comments. Things happen daily, so check back often!

Institute for Truth in Accounting
1500 Skokie Blvd, Suite 304
Northbrook, Illinois  60062
p: 847-849-5035  f: 847-849-5036

If you have reached this newsletter in error, please respond to dporteus@truthinaccounting.org with the word "Unsubscribe" in the subject line.