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08-08-05 Council Meeting Minutes
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08-08-05 Council Meeting Minutes
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City Council - City Clerk
City Counci - Date
8/8/2005
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REGULAR MEETINGAUGUST 8, 2005 <br />C. O-T-D Corporation had lost key personnel in accounting and other levels due to <br />downsizing, including but not limited to the Chief Operation Officer, Mr. William Guinn. <br />D. Mr. Don Ureel, Chief Financial Officer, having suffered a stroke December 1999 had <br />retained asset documentation in the Hinsdale, IL office. <br />E. The assumption of accounting records from Mr. Ureel’s office in Hinsdale, IL in June <br />2001, it became apparent that a major audit of our fixed assets (personal property) was <br />required. <br />F. The audit required going through invoices and cancelled checks back to 1972 in order <br />to identify which equipment was still in use, what was the original cost and purchase date <br />of each. This process changed the number of identified assets from 36 (lumped by annual <br />dollars) to 254 (individual items) for calendar years 1972 to 1998. <br />G. The combined volume of records being reviewed, installation and initialization of the <br />new software and lack of personnel delayed preparation of the Application for Deduction <br />from Assessed Valuation for New Manufacturing Equipment in Economic Revitalization <br />Area. <br />H. The responsibility for these tasks lay on one (1) person, along with the continual daily <br />accounting functions. <br />SECTION II. The foregoing facts, taken together, lead the Common Council to conclude <br />that compelling reasons exist to waive the filing deadline. <br />SECTION III. The Common Council hereby waives the filing deadline of May 15th 2002 <br />and pursuant to Indiana Code 6-1.1-12.1-4.8 adopts this resolution that authorizes <br />acceptance. <br /> s/Charlotte D. Pfeifer <br /> Member of the Common Council <br />Councilmember Puzzello, Chairperson, Community and Economic Development <br />Committee, reported that this committee held a Public Hearing on this bill this afternoon <br />and voted to send it to the full Council with a favorable recommendation. <br />Ms. Jean Chapman, Controller, OTD Corporation, 3722 Foundation Court, South Bend, <br />Indiana, made the presentation for this bill. <br />Ms. Chapman advised that the OTD Corporation was approved for a five-year personal <br />property tax abatement on May 11, 1998, through resolution number 2621-98. OTD filed <br />their 2002 annual deduction application with the State of Indiana late. The filing <br />deadline was May 15, 2002, the petition was signed on May 29, 2002 and it was received <br />by the Department of Local Government Finance of June 3, 2002. The abatement was <br />denied by the State. OTD is requesting a resolution from the Common Council waiving <br />the filing date for the Deduction Application. The OTD Corporation purchased a new <br />accounting and manufacturing software program and lost key personnel in accounting <br />and other levels due to downsizing, including the Chief Operation Officer, Mr. William <br />Guinn. Mr. Don Ureel, Chief Financial Officer, suffered a stroke in December 1999 and <br />had retained asset documentation in the Hinsdale, IL office. In June 2001, OTD gained <br />the assumption of accounting records from Mr. Ureel’s office in Hinsdale, IL. It became <br />apparent that a major audit of the company’s fixed assets (personal property) was <br />required. The audit required going through invoices and cancelled checks back to 1972 <br />in order to identify which equipment was still in use, what was the original cost and <br />purchase date of each. Ms. Chapman stated that the combined volume of records being <br />reviewed, installation and initialization of new software and lack of personnel delayed <br />preparation of the Application for Deduction from Assessed Valuation for New <br />Manufacturing Equipment. <br />A Public Hearing was held on the Resolution at this time. <br />19 <br /> <br />
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