Management certification of financial statements sample letter,the divine secrets of the ya ya sisterhood watch online free,online lessons spanish - 2016 Feature

In my opinion, the attached financial statements for the year ended 30 June 2003 give a true and fair view of the matters required by the Finance Minister's Orders made under the Financial Management and Accountability Act 1997. The major administered activities of Treasury are directed towards achieving the three outcomes described in Note 1 to the Financial Statements. Sign up for our E-mail Program, and you can begin to receive updated fund reports and prospectuses online rather than through the mail. New Jersey tax-free municipal bonds rose strongly over the six-month period ended August 31, 2011. With long-term municipal yields higher than comparable Treasury yields, long-term tax-free securities are a very attractive alternative, particularly for investors in the highest tax brackets. Municipal issuance thus far in 2011 totaled only about $163 billion, according to The Bond Buyer. Many states continue to face fiscal difficulties and have been forced to raise taxes and fees and cut spending to close budget deficits.
In any event, the fiscal woes of state governments do not necessarily limit our tax-free investment opportunities. Finally, the municipal market continues to show remarkable resilience in the face of a steady drumbeat of negative publicity, negative cash flow, and political challenges to tax exemption. New Jersey benefits from solid fundamentals, including a diverse economy and high wealth levels.
New Jersey’s significant long-term liabilities continue to pressure its fiscal stability.
Moody’s Investors Service and Fitch downgraded their ratings on the state over the past six months.
All three ratings agencies have assigned stable outlooks, however, reflecting recent progress in stabilizing the state’s fiscal condition. The New Jersey Tax-Free Bond Fund returned 5.97% for the six-month period ended August 31, 2011, slightly trailing the return of its Lipper peer group average. The municipal bond market has rebounded following fairly lackluster performance early in the year. 8% due to the downgrade of New Jersey’s credit rating, which caused our state appropriation bond holdings to fall into the A category. Trading activity during the period was below average given a lack of new issues in New Jersey’s municipal market, and finding opportunities for coupon and maturity reinvestment proved challenging. Health care remained the fund’s largest credit sector and continues to offer attractive yields relative to other sectors with comparable ratings. While we are pleased with the improved performance of and sentiment toward municipal bonds, we acknowledge that the credit and economic environment for municipalities likely will be challenging. State and local government liabilities such as pension benefits and health care costs are a growing long-term concern. The committee chairman has day-to-day responsibility for managing the portfolio and works with committee members in developing and executing the fund’s investment program. Federal funds rate: The interest rate charged on overnight loans of reserves by one financial institution to another in the United States.
Lipper averages: The averages of available mutual fund performance returns for specified time periods in categories defined by Lipper. Yield curve: A graphic depiction of the relationship between yields and maturity dates for a set of similar securities. This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records).


The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You should also be aware that the expenses shown in the table highlight only your ongoing costs and do not reflect any transaction costs, such as redemption fees or sales loads. Investment Transactions, Investment Income, and Distributions Income and expenses are recorded on the accrual basis.
Income tax-related interest and penalties, if incurred, would be recorded as income tax expense. Credits The fund earns credits on temporarily uninvested cash balances held at the custodian, which reduce the fund’s custody charges. Valuation Methods Debt securities are generally traded in the over-the-counter (OTC) market. Valuation Inputs Various inputs are used to determine the value of the fund’s financial instruments. Observable inputs are those based on market data obtained from sources independent of the fund, and unobservable inputs reflect the fund’s own assumptions based on the best information available. In accordance with federal tax regulations, the fund recognized capital losses in the current period for tax purposes that had been recognized in the prior fiscal year for financial reporting purposes.
At August 31, 2011, the cost of investments for federal income tax purposes was $236,605,000.
In addition, the fund has entered into service agreements with Price Associates and a wholly owned subsidiary of Price Associates (collectively, Price).
The fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. On March 9, 2011, the fund’s Board of Trustees (Board) unanimously approved the continuation of the investment advisory contract (Contract) between the fund and its investment advisor, T. The Board considered the nature, quality, and extent of the services provided to the fund by the Advisor. Board concluded that it was satisfied with the nature, quality, and extent of the services provided by the Advisor. The Board reviewed the fund’s management fee rate, operating expenses, and total expense ratio and compared them with fees and expenses of other comparable funds based on information and data supplied by Lipper. It is not possible to estimate the amounts of any eventual payments, which may be required in relation to these claims. Details of planned activities for the year can be found in the Treasury Portfolio Budget Statements and Portfolio Additional Estimates Statements for 2002-03, which have been tabled in Parliament.
They are not guarantees of performance or investment results and should not be taken as investment advice.
The fund’s long-term relative performance remains favorable compared with other New Jersey municipal debt funds. After a strong start to the year, job growth faltered in the spring, and the national unemployment rate remains stubbornly high at around 9%. As our reporting period closed, Fed Chairman Ben Bernanke indicated that the central bank would contemplate the possible deployment of additional tools to stimulate the economy. However, we continue to have longer-term concerns about potentially onerous future pension obligations and other retirement benefits. There are thousands of unique municipal issuers in a variety of sectors, many of which also have good credit profiles. Based on 2010 per capita personal income at 125% of the national average, New Jersey is the third-richest state in the country.


New Jersey also faces substantial liabilities for pension and other post-employment benefits (OPEB) and has repeatedly underfunded its annual required contribution for pensions. Several factors have driven the municipal market’s strong performance in recent months.
Treasuries spurred by renewed recession fears and a global flight to quality amid the spreading European debt crisis also benefited municipal bond prices. Longer bonds with very short calls also underperformed due to their poor convexity, a measure of how bonds respond to changes in interest rates. The fund’s cash balance rose slightly as holdings matured and we sold other issues based on our negative credit outlook over the longer term. Our other allocations remained broadly unchanged, with education and leasing rounding out the top three sectors. Rowe Price’s strong credit research capabilities have been and will remain an asset for our investors. For example, a fund with a duration of five years would fall about 5% in price in response to a one-percentage-point rise in interest rates, and vice versa.
The weighted average maturity may take into account the interest rate readjustment dates for certain securities.
Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes. You may compare the ongoing costs of investing in the fund with other funds by contrasting this 5% hypothetical example and the 5% hypothetical examples that appear in the shareholder reports of the other funds. To the extent a fund charges transaction costs, however, the total cost of owning that fund is higher. Rowe Price State Tax-Free Income Trust (the trust), is registered under the Investment Company Act of 1940 (the 1940 Act). On the basis of the information provided, the Board concluded that the fees paid by the fund under the Contract were reasonable. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. We remain underweight in GO debt in favor of revenue bonds, as the state and local governments still face difficulties in balancing budgets. We continue to conduct proprietary research and assign our own independent credit ratings before making investment decisions. New issues will not only offer an opportunity for reinvestment but will also test the market’s appetite for historically low yields. We sold out of our remaining tobacco-related position, reflecting our negative outlook for the sector.



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management certification of financial statements sample letter



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