Sheila A. Weinberg founded the Institute for Truth in Accounting in 2002. With the Board of Directors, she is responsible for setting the strategic direction for the organization. The Institute’s mission is to encourage private and public entities to produce financial reports that are comprehensive, comprehensible and transparent as well as to inform the public of the importance of truthful accounting. The Institute’s initial focus was to encourage the largest fiscal organization in the world, the U.S. federal government, to become the leader in providing public and elected officials with the financial information needed to make knowledgeable decisions. The Institute has recently expanded its focus to include budgeting and accounting issues of Illinois, as well as other state governments. Weinberg works with members of Congress to bring greater transparency to federal financial reporting. |
6/11/2013
Here we are, nearly a year after Illinois’ last
fiscal year ended in June 2012, and the state
still hasn’t filed its annual financial report for
that year. Forty seven of the 50 states have
reported fiscal 2012 results, but not Illinois. |
5/21/2013
Citizens could become casualties of an
underestimated financial burden |
5/20/2013
Other Post-Employment Benefits are more than
any other state according to TIA's Sheila
Weinberg |
5/17/2013
Reboot Illinois COO lists top reasons IL pension
reform matters |
5/14/2013
Who is going to stop Gov. Quinn from
misleading citizens of Illinois? |
4/29/2013
$45k McCormick Foundation grant to expand
collaboration with journalists, $80k Searle
Freedom Trust to promote TIA's State Data Lab |
4/19/2013
Economist and director of the Connecticut
Center for Economic Analysis found CT has
some of the highest total liabilities of any state |
4/16/2013
It has been 291 days since IL's 2012 fiscal year
ended — their Comprehensive Annual Financial
Report (CAFR) is nowhere to be found |
3/25/2013
Truth in Accounting mentioned in MassFiscal,
GoLocalWorcester |
3/19/2013
GARS Online provides efficient, effective,
and easy access to all U.S. Generally
Accepted Accounting Principles |
3/18/2013
MaryJo Webster shares tips on how to
navigate through your state's financial
plans |
3/15/2013
Pension Solution Requires Truth In
Accounting |
3/14/2013
SEC exposes Illinois' misleading reports
on pensions while Greece cleans up its
financial data |
3/13/2013
A new, easy-to-understand guide to how
state and local governments finance and
account for their business activities |
3/12/2013
by Sheila A. Weinberg |
3/12/2013
Federal regulators order Illinois to stop
misleading investors about the public
pension condition. |
3/12/2013
SEC Says Illinois Hid Pension Troubles |
3/11/2013
CalPERS’s corruption, insider dealing, and
politicized investments have overwhelmed
taxpayers with debt. |
3/8/2013
Report highlights the uphill struggle faced by
state pension plans nationwide |
3/6/2013
Bottom 5 Sinkhole States Have Worst Debts |
3/4/2013
Unemployment data updated for 2012 |
2/19/2013
"List of Lasts" making the rounds in
Connecticut |
2/14/2013
State Rep Dale Kooyenga demands GAAP
accounting in Wisconsin |
2/8/2013
Hawaii's tax burden is third worst behind
Connecticut and Illinois |
1/31/2013
Heartland Institute |
1/31/2013
BGA finds a flood of red ink is crashing over
Chicago-area suburbs |
1/20/2013
A private task force working on state budget
issues recently released a report on the state of
New York. Challenges facing this state are
shared by others, and some of the most
important risks can be better understood using
State Data Lab. |
1/18/2013
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1/17/2013
Updated Washington State figures from IFTA |
1/9/2013
IFTA Cited in Newspaper Ad |
1/2/2013
States with higher debt loads continue to
experience higher outmigration. |
12/19/2012
My Fellow Americans: As we approach January
29, 2013 to hear the President deliver his State
of the Union address, our state of our union is
in trouble. |
12/19/2012
So-called "Fiscal Cliff" Negotiations Impact
State Aid |
12/17/2012
During the Great Recession, many state
governments used borrowings from the federal
government as one source of cash, but those
bills have been coming due. |
12/9/2012
Governments have a long-term cash shortfall which will require either higher taxes or a reduction in services. |
10/2/2012
Below Download the Report Or Obtain Hard Copy of 2010 Financial State of the States. |
9/24/2012
Generational theft is the crime of the century. We sensed 40 years ago the younger generation was not paying enough attention to public
policy, so we quietly found a way to maintain our lifestyle and charge it to the next generation. |
9/23/2012
Sheila Weinberg on KUSA-TV Denver:
Give the public the information they need to make informed voting decisions |
9/17/2012
Gregory Anton, AICPA Chairman of the Board of Directors, offers a non-partisan and clear analysis into why the financial statements provide a different perspective compared to the annual budget. |
9/14/2012
Former U.S. Comptroller General David Walker discusses why the financial deterioration of the country keeps him up at night. |
9/4/2012
California could be the leader of real pension reform by rejecting the flawed national accounting standards for public pensions, measuring pension liabilities using government bond yields, and linking part of the benefit to investment performance. |
8/29/2012
"While enjoying dinner at The Heartland Institute’s 28th Anniversary Benefit Dinner, seated next to me were two women whose impressive work over a period of a few years produced the recent Financial State of the States Report." Read more. |
8/18/2012
The “fiscal cliff” is quickly approaching, but President Obama, Gov. Romney, and Congressional leaders have not revealed their specific plans to avoid it – if they have one. |
8/16/2012
"Financial State of the States"
Wednesday, August 29, 2012
11:30 a.m. - 1:00 p.m.
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8/16/2012
Public Debt Crisis Hits Hometown, Illinois - The $10 Million A Minute Bus Tour - State Data Lab website launch - Financial State of the States Second Edition now in print |
8/7/2012
Up to Us, a nationwide campus competition, is an opportunity for students to build a movement to address America’s long-term fiscal and economic challenges. |
8/7/2012
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8/4/2012
"We're trying to get our elected officials to tell us the truth about our finances," says Weinberg. |
8/2/2012
While it’s common knowledge that Illinois and Chicago’s government balance sheets are awash in debt, scores of small municipalities are the next casualties of a escalating public finance debt debacle brought on by mismanagement & out-of-control borrowing. |
7/23/2012
To set the stage for a presidential debate at Univ. of Denver, Truth in Accounting and Daniels College of Business host David Walker and Christina Romer to discuss restoring fiscal sanity to the federal government. |
7/13/2012
Governments have resisted climbing down from Fantasyland because using lower pension discount rates would explode their liabilities. When the FASB introduced its risk-free rate guidelines, many companies shifted workers to 401(k)s. |
7/11/2012
Citing a "drastic" drawdown of reserves, Moody's Investors Service Corp. late today downgraded Chicago Public Schools' debt by one notch, and warned a second hit is in the offing. |
7/2/2012
New, nationwide accounting rules adopted last week will force public pension funds to disclose that they are underfunded by hundreds of billions of dollars more than they now acknowledge. |
6/25/2012
It is common knowledge that the United States Federal Government has serious financial challenges, but it is less commonly known that the majority of the 50 states also have serious financial problems. |
6/25/2012
ANOTHER WIN FOR THE INSTITUTE FOR TRUTH IN ACCOUNTING -- CONGRATULATIONS SHELIA |
6/21/2012
Spring 2012 e-newsletter |
6/17/2012
"Many times legislation the state estimates is going to save money in the long run ends up costing the state," said Weinberg. |
6/15/2012
Truth in Accounting's new Financial State of the States Report: Show-Me state vs. Land of Lincoln |
6/11/2012
See Your State's Financial State of the State at: StateBudgetWatch.org |
6/11/2012
Today the Institute for Truth in Accounting announces Mitchell Feiger has joined their Advisory Board. |
6/7/2012
Listen to Sheila Weinberg interview on http://www.beyondthebeltway.com/ |
6/1/2012
Michigan has a pension and health care legacy cost crisis. The governor and Legislature must stop ignoring the problem and fix it. |
5/30/2012
Ad hoc IFTA Advisor Rick Skiba weighs in on recent Daily Herald Letter to the Editor |
5/24/2012
"By law, the federal government can't tell the truth," says accountant Sheila Weinberg of the Chicago-based Institute for Truth in Accounting.
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5/21/2012
$50,000 grant will support ongoing Institute projects |
5/2/2012
Sheila outlines the state of our states' finances and how we do not just have a federal debt problem but the fiscal crisis flows down to our states. Listen to the issues as they discuss potential solutions in the inaugural week of the Giving Legacy Show. |
5/1/2012
Taxpayers in Los Angeles are facing a major crisis if Mayor Antonio Villaraigosa and other officials do not begin to address the systemic, structural issues putting the city on the fast track to economic upheaval. |
4/29/2012
Why do governments use cash basis accounting to calculate their budgets? |
4/21/2012
The Daniels Fund Ethics Initiative seeks to strengthen the teaching of principle-based ethics to foster a high standard of ethics in students and ultimately beyond the campus and into the community. |
4/21/2012
That’s what researchers from the Federal Reserve Banks of Cleveland and Atlanta has been studying over the past year. The Municipal Financial Monitoring Team has been looking at how shocks to the municipal bond market could ripple into something larger. |
4/17/2012
Today the potholes don’t get fixed, the library hours are curtailed, the parks are closed, but the gold-plated pension and health benefits of our public servants get more costly every year. |
4/12/2012
The Truth, the Whole Truth, and Nothing But the Truth, in Accounting |
4/5/2012
Illinois Sen. Heather Steans (D-Chicago) and Rep. David Harris (R-Mount Prospect) joined Truth in Accounting at an April 2nd Legislative Workshop in Chicago, co-sponsored with the Illinois Chamber of Commerce. Click heading for full press release. |
4/4/2012
Here's what happened this past Winter at Truth in Accounting. |
3/12/2012
March 16, Purdue University at Indianapolis
"Covering the New American Austerity"
Panel moderated by Gail Marks Jarvis of the Chicago Tribune.
Read more for details. |
3/5/2012
Watch and listen to podcast here.
While Revolution PAC is a Ron Paul supporter, Sheila & Truth in Accounting do not endorse any candidate. |
2/18/2012
This is not an endorsement U.S. Rep. Ron Paul. Revolution PAC is mustering dozens of special guests for its February 25 Powercast. Weinberg will speak about government accounting and budgeting reforms.
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1/22/2012
Australia, New Zealand, and Canada have successfully adopted systems similar to Full Accrual Calculations and Techniques. How about us? |
1/17/2012
Numbers... Money... It’s all very confusing, and only affects those one percent guys out East, right? Wrong. Listen to Sheila Weinberg on KYGT Radio in Idaho Springs, CO. |
1/8/2012
Here are 12 half-truths that deserve to be debunked in 2012. |
12/13/2011
The state's inability to back off its ever more ambitious spending programs can’t help but raise question about just how sound Vermont’s long term finances are. |
11/20/2011
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11/13/2011
Truth in Accounting rules would help bring about the balanced budgets and fiscal responsibility Americans want. Why should we think a federal balanced-budget amendment would succeed? The answer is it would not succeed. |
11/12/2011
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11/12/2011
In 1990s the New Zealand federal government moved to using FACT based budgeting and accounting. |
11/4/2011
Counties’ Liability for Pension Benefits is Nil |
11/3/2011
We have Generation X and Generation Y. Let’s call the next one Generation Z — for Zero — because that is the chance they have of ever paying off debt being dumped on them by local, state and federal politicians.
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11/3/2011
Difficult, but possible |
11/2/2011
Read our Fall e-newsletter |
10/19/2011
The Institute joined DePaul University to host "Fiscally Speaking" presentations by Sheila Weinberg and David M. Walker, former US Comptroller General. |
9/2/2011
Ralf Seiffe, the Institute's Research Director passing. |
8/20/2011
Five Questions with Sheila Weinberg on KHVH. Listen to radio interview. |
8/18/2011
Illinois called a "Sinkhole" State for Massive Debt. Read more for video clip. |
8/7/2011
The respected Comptroller General for four presidents has died. |
8/6/2011
I posted this in May 2009, but now we are starting to live the nightmare.
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8/5/2011
Former U.S. Comptroller General David M. Walker Provides Comprehensive Recommendations to Put Nation's Finances in Order. Read more for full Report.
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8/4/2011
The piggy bank is empty. |
8/3/2011
It all depends on how you count. |
7/27/2011
According to a Treasury Department web page we are. |
7/25/2011
The art of federal government accounting |
7/16/2011
Unless Truth in Accounting is enacted |
6/27/2011
Today, the Institute for Truth in Accounting (IFTA) announces completion of a significant, comprehensive study of all 50 states' assets and liabilities, including pension and retirement healthcare obligations.
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6/22/2011
Truth in Accounting and the Comeback America Initiative host the Fiscal Solutions Tour, 11:30 AM Luncheon Chicagoland Chamber of Commerce, 3:00 PM Seminar DePaul University Chicago Conference Center. Details to follow. |
5/30/2011
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5/19/2011
DSK will have his day in court but what's apparently undisputed is the cost of the room he occupied. One reader sees a larger meaning in a very large hotel bill. |
3/15/2011
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1/17/2011
Here's a link to the Pelican Post from Louisiana and a further link to a radio interview with the Institute's Sheila Weinberg. |
9/21/2010
Widely varying estimates of the total US debt and obligations agree on one thing: it's more--a lot more--than the $13.4 trillion the federal government reports. |
8/28/2010
Sunday, August 29, at 8:30 a.m. Truth in Accounting Founder & CEO, Sheila Weinberg, will appear on Fox Chicago Sunday. |
8/5/2010
Better late than never! |
7/31/2010
View her speech. |
7/5/2010
It's all a Ponzi scheme. |
7/4/2010
The government takes less money in now, but may save money in the long run. |
7/2/2010
How can the country operate without knowing the amount of the huge liabilities associated with these programs? |
5/18/2010
On Monday it was $12,974,895,930,216.56. |
5/17/2010
"We need mathematicians in Springfield," said Gov. Pat Quinn at a recent speech before fellow Democrats in Winnetka, Ill. |
5/13/2010
Quotes from Treasury, OMB and CBO about the bogus Trust Funds |
4/30/2010
See the numerous comments about this comparison.
From: Sheila - This reminds me of the comparison we made of federal accounting and Enron accounting. We will re-post that comparison soon. |
4/28/2010
Clinton says states are playing accounting tricks to balance their budgets. |
4/16/2010
Give me your guess on when you think it will reach $13 T. |
4/9/2010
Here's The Institute's Sheila Weinberg on CBS Channel 2 Chicago's Monsters & Money in the Morning. |
4/1/2010
New All-Time High!!! |
1/13/2010
Review Sheila's future engagements. |
12/16/2009
27,280 unique visitors went to truthin2010.org yesterday |
11/15/2009
LWV-Barrington Event at Cuba Township Community Room - 28000 West Cuba Road |
11/12/2009
The Institute's Sheila Weinberg will make another of her appearances on Chicago's WTTW Channel 11 at 7:00 CST this evening. |
10/19/2009
Sheila Weinberg comments on the legislation Gov. Pat Quinn signed Sunday to fully fund the Illinois Monetary Award Program, or MAP. |
10/16/2009
October 15 unique visitors to our website hits 24,455. |
10/15/2009
Watch Video of Truth in Accounting's CEO WTTW's Chicago Tonight. |
10/9/2009
Tom Hudson, First Business, interviews Mr. Nelson about the current debt and the outlook for the future. |
9/10/2009
An interested party asked me the following questions. |
9/8/2009
Here's a reference to the Institute's work on state accounting and finances. |
9/2/2009
Testimony at the GASB Hearing Recommends Recognizing Accrued Pension Liabilities |
8/31/2009
The article notes: . . (S)ome outside observers to question the independence of the board. For example, the CEO of the Institute for Truth in Accounting said at an April 2009 FASAB public hearing: “This seems like a form of jury tampering.” |
8/25/2009
Should A Liability Be Reported As a Liability? |
8/9/2009
Freedom Rings Radio hosted by Kenneth John is a live call-in talk show with guests heard every Monday morning at 9AM CST on WRMN 1410 AM, Elgin, Illinois |
8/7/2009
Watch our new videos on YouTube!!! |
7/23/2009
How much financial trouble is your state into? Unfortunately, nobody knows. |
7/22/2009
Our friend David Walker gives his views on the fiscal prospects of the federal takeover of health care. |
7/15/2009
The Institute's founder and CEO will appear on Chicago Tonight that clears on WTTW Channel 11 in Chicago. This is a great opportunity to tune into Chicago's "Window To The World". |
6/8/2009
A blog written by IFTA's founder & CEO appears on Assoc. of Gov't Accounting website. |
5/15/2009
THIS WEEK'S SHOW
Sheila Weinberg
Sunday, May 17th - 8AM - 9AM
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5/11/2009
Two Possible Nightmare Scenarios. Please let us know what you think. |
4/27/2009
How can your state be balancing its budget, but going further into debt? |
4/17/2009
Does this scare you? |
4/15/2009
That's for each man, woman and child in the U.S. |
4/14/2009
Why don't we receive donations online? |
4/13/2009
Federal Accounting Standards-Setting Process: Stacked Against the Public |
4/9/2009
It isn't a pretty picture and it is only getting worse. |
3/18/2009
The Governor continues using political math to balance the budget |
3/17/2009
Treasury Puts the Pedal to the Metal on Borrowing |
3/5/2009
How do we explain this massive amount to our readers? Please submit your ideas. |
3/4/2009
Bloomberg reports Chicago's transit system is in trouble and speculates it will foment another trillion dollar bailout. |
2/24/2009
Or is that Down, Down We Go?
Daily Visitors to Truth in 2008 are increasing at an astronomical rate. Unfortunately, our federal debt is also increasing at an astronomical rate.
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1/30/2009
The Institute for Truth in Accounting is Here to Help Get Us Out of Our $100 Billion Hole |
1/9/2009
Hat Tip to Lt. Col. Larry Felts USAF (Ret.) |
11/25/2008
An article supporting Mark-to-Market accounting from City Journal. |
11/11/2008
The federal government is borrowing at the rate of $500 billion a month. Are we too big to fail? |
10/15/2008
Deficit reaches $454.8 billion.
True Debt reaches $57 trillion.
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10/14/2008
The Institute offers any blogger or web site administrator the free use of our debt counter. Here's one site which does. |
10/5/2008
Many observers of the financial crisis have suggested suspending mark-to-market accounting rules because they have exacerbated the situation, requiring a bigger bail out. Here's a well-reasoned, contrary view. |
10/4/2008
If you haven't seen the movie, here's the next best thing. |
10/1/2008
By Sheila Weinberg. Our country is heading toward a super-sub-prime crisis. It may be just a matter of time before the federal government hits fiscal foreclosure. |
9/30/2008
Wise observations on the curent economic conditions. |
9/29/2008
Now that the federal government has bailed out Fannie and Freddie, who's going to bail out the
federal government?
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9/24/2008
Here are more IFTA questions about the impending bail out. |
9/24/2008
Here's the letter Donna Rook of Chicago sent to her Representative and Senators. |
9/23/2008
Some questions about the bailout that occur to IFTA members |
9/22/2008
In the last generation, the Indian economy has remarkably benefitted from "de-socializing". Some say this was a result of Indians' exposure to the U.S. economy's vitality. Now they wonder where we are headed. |
9/11/2008
When I first started to investigate federal budgeting and accounting issues I was shocked to discover that the government did not prepare consolidated financial statements until 1995. Now there is a discussion going on.... |
9/10/2008
"Black Belt Patriot" author and actor Chuck Norris mentions how he learned about the real deficit. |
8/29/2008
Ben Alexander asks:Getting to a more personal level with the issues, what are the candidates' positions on the alternative minimum tax? |
8/25/2008
Kudos to the Peterson/Walker gang for the release of I.O.U.S.A. It is great to see I.O.U.S.A. out before the election. |
7/14/2008
IOUSA the movie premieres in August. See the trailer now! |
7/10/2008
Here is something YOU can do to start to bring the truth about our true financial condition to the candidates. |
7/8/2008
How can states balance their budgets and run deficits at the same time?---An Institute study. |
5/19/2008
How do state governments claim their budgets are balanced and run hundreds of millions of dollars of deficits at the same time? |
4/27/2008
Voters need to be given an honest calculation of how much the campaign promises will increase annual deficits. |
4/14/2008
Wake Up Accountants! - What Can You Do About Our $53 Trillion Hole |
3/17/2008
Truth in Accounting's response to Steve Chapman's commentary posted at: wwww.chicagotribune.com |
3/12/2008
The Institute for Truth in Accounting commends Comptroller General David Walker on his past and future public service. He bravely went where few, if any, government officials have gone before--he told the truth to the American public. |
2/15/2008
Today Comptroller General David Walker announced his retirement as of March 12. |
1/26/2008
ASK THE CANDIDATES QUESTIONS
Here are two key questions to ask:
***What are you going to do about our $55 trillion dollar debt?***With what money will you use to pay for your campaign promises?
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1/25/2008
Our dependency on foreign capital puts our country at the mercy of countries that may not have our best interest at heart. |
1/16/2008
What if Wal-Mart, General Motors, Capital One, Waste Management, Coca Cola and Sprint flunked audits of their financial statements? |
1/5/2008
I say the best change would be for the government to stop misleading budget practices. |
12/6/2007
I am pleased to announce that the launch of a campaign challenging presidential candidates to address one of our nation's most pressing issues: our skyrocketing national debt. |
11/23/2007
It all depends on how you count. The U.S. Treasury recently announced a budget deficit of $163 billion for the fiscal year ending Sept. 30, 2007. But how did they determine that amount? |
11/2/2007
Federal Accounting Standards Advisory Board chair Tom Allen stated, |
8/5/2007
Finally the truth is being told by an Illinois constitutional officer. According to various news stories Comptroller Daniel Hynes, the state's chief financial officer, stated that the last four state budgets have been billions of dollars out-of-balanced. |
