A financial services company that rates stocks and corporate and municipal bonds according to risk profiles. Additionally, Standard & Poor's produces and tracks the S&P indexes and publishes a variety of financial and investment reports.
A type of annuity that uses a portion of the principal to fund immediate monthly payments and then saves the remaining portion to fund a deferred annuity. The two funding methods let the annuity holder receive dependable income and simultaneously save for future needs. Using a split-funded annuity means that individuals do not have to wait for the annuity to reach the payout phase, because the stream of income begins immediately. At the same time, the annuity's remaining balance compounds tax deferred.
A tax penalty enacted on an individual for not paying enough of his or her total estimated tax and withholding. If an individual has an underpayment of estimated tax, they may be required to pay a penalty (on Form 2210). To avoid an underpayment penalty you must pay either 100% of last year's tax or 90 percent of this year's tax by combining estimated and withholding taxes.
1. Also referred to as a "bankruptcy-remote entity" whose operations are limited to the acquisition and financing of specific assets. The SPV is usually a subsidiary company with an asset/liability structure and legal status that makes its obligations secure even if the parent company goes bankrupt. 2. A subsidiary corporation designed to serve as a counterparty for swaps and other credit sensitive derivative instruments. Also called a "derivatives product company." |||Thanks to Enron, SPVs/SPEs are household words. These entities aren't all bad though. They were originally (and still are) used to isolate financial risk. A corporation can use such a vehicle to finance a large project without putting the entire firm at risk. Problem is, due to accounting loopholes, these vehicles became a way for CFOs to hide debt. Essentially, it looks like the company doesn't have a liability when they really do. As we saw with the Enron bankruptcy, if things go wrong, the results can be devastating.
An organizational pension program created by a company for the benefit of its employees. Also referred to as a "company pension plan". Funds deposited in a superannuation account will grow typically without any tax implications until retirement or withdrawal. These plans are usually either defined-benefit or defined-contribution plans.
An open market operation in which the Bank of Canada purchases securities that are repurchased by the seller the following day. This is designed to lower overnight interest rates and increase the money supply.|||In a SPRA, the Bank of Canada buys securities from a chartered bank and agrees to sell them back to the bank the next day. Because selling these securities requires the Bank of Canada to spend some cash, the money supply is increased and this helps decrease overnight interest rates. This is essentially an expansionary move by the Bank of Canada on the monetary system.
The deliberate act of reporting less income or revenue than was actually received, usually for income tax purposes. Under-reporting income in order to avoid taxes is an illegal practice. When people under report their incomes, the federal government loses tax revenue that could go towards social security, Medicare and other federal projects. Corporations are especially watched by auditors because of the large tax bills at stake each tax year. If caught under reporting, individuals and companies will be subject to penalties and, in extreme cases, criminal charges.Another element of the term’s use sometimes applies to public companies reporting lower revenues in a fiscal quarter than were actually recorded. If the company has already been reporting bad news and the stock is down, executives may try to take some revenue from the current quarter and push it into the next quarter. This way, the bad news can be “flushed out”, and the company can report an upside surprise in the coming quarter, potentially boosting the stock price. This practice is also illegal!
The action of one party, person or product being replaced by another that has become obsolete, incapacitated, retired or deceased. Ideally, a successor will fill the role of its predecessor, being fully compatible with all other entities in place and perfectly functional without any interruption in service. Since the Sarbanes-Oxley Act, planning for succession of a executive officer in a corporation has become a very important issue in the field of corporate governance. Ensuring that, in the event of a problem with one employee, a company will continue to function adequately creates tremendous value for shareholders.Family succession is the passing of one person's assets and role in the family onto an heir. With the increasing pace of technological change, when new products replace old ones, it is important those new ones can fill the role of the old products without interruption in service and without the need to replace other functional elements of a network of products.
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