Posts Tagged ‘government’

This Settlement Rocks: Municipalities Can Claim A Portion Of $11.5M

Tuesday, July 14th, 2015
rock salt settlement - Rea & Associates - Ohio CPA Firm

Photo Courtesy Of WDTN.com
Morton Salt, Inc., and Cargill Inc., the only two companies that mine rock salt in Ohio for commercial sale, agreed to pay a settlement totaling $11.5 million, in an attempt to resolve allegations that the two companies divided rock salt between themselves in an attempt to drive up salt prices.

Mother Nature has never been shy about hammering Ohio with frigid temperatures and record-breaking snowfalls, which is why rock salt continues to be essential in our battle to keep the state’s roads and bridges free from ice. And if you thought your municipality was paying a premium to beef up its salt reserves in the past, you were probably right.

Get Your Money Back

Last month, Ohio Attorney General Mike DeWine announced that the Ohio Department of Transportation (ODOT), the Ohio Turnpike Commission and local government entities may be entitled to get some of the money back that they spent on rock salt between July 1, 2008, and June 30, 2011.

Morton Salt, Inc., and Cargill Inc., the only two companies that mine rock salt in Ohio for commercial sale, agreed to pay a settlement totaling $11.5 million, in an attempt to resolve allegations that the two companies divided rock salt between themselves in an attempt to drive up salt prices. While the companies continue to deny any wrongdoing, they did agree to pay back some of the funds that were charged to public entities across the state.

According to the Attorney General’s Office, all eligible public entities will receive a payment based upon their share of rock salt purchases.

How To Submit Your Claim

To submit a claim, you must complete the official online claim form or the official mail-in claim form no later than Aug. 7.

Your claim must include:

  • Contact information for the public entity making the claim
  • The details of your entity’s salt purchase for each season, including:
    • The quantity (in tons)
    • The cost per ton
    • Total dollars spent
    • Any additional information that may be relevant to your claim
  • Certification that your claim is correct and that you are authorized to submit the form on behalf of your public entity.

While you do not need to submit invoices or other documentation with your claim, you will likely need this documentation to accurately complete your claim. You can click here for answers to other frequently asked questions.

According to an official news release from the Ohio Attorney General, the antitrust lawsuit was brought against Morton and Cargill in Tuscarawas County on March 21, 2012, and alleged that the two companies agreed not to compete in an attempt to drive up the rock salt prices – a practice that persisted for nearly a decade, ending in 2010. As a result, ODOT, the Ohio Turnpike Commission and local government entities allegedly paid “above-market” prices for their rock salt supply, which is an essential resource that aids in their responsibility to keep all Ohioans safe by helping keep roadways, highways and bridges clear of ice.

“I believe that this settlement is a very positive result for the people of the state of Ohio. The millions that will be distributed to the state and to local governments would never have been returned to them if we had not filed this lawsuit and aggressively pursued this case,” said DeWine.

If you need help determining whether your public entity can claim a portion of this settlement or need help navigating the claims process, email Rea & Associates.

By Chad Welty, CPA (Medina office)

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What’s The IRS Up To During The Government Shutdown?

Tuesday, October 1st, 2013

We’ve read for weeks that a government shutdown was possible, but at 12 a.m. this morning, it happened. It has been 17 years since the last government shutdown, and you, along with the rest of the American people, are probably wondering how the shutdown will impact their lives. Fortunately, last week the Internal Revenue Service published “FY 2014 Shutdown Contingency Plan (During Lapsed Appropriations) Non-Filing Season,” a set of guidelines that explains what will go on at the IRS during a shutdown.  (more…)

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How Do You Stop School Credit Card Fraud?

Tuesday, October 9th, 2012

Is your school struggling with declining funding? If so, you’re probably worried about the top line. You’re closely watching what’s coming in. You’re exploring ways to generate revenue. But, you need to be equally worried about what’s going out.

Credit cards are one of the most common ways for funds to escape your district. This type of fraud is particularly destructive because it tends to be long-term, continuous and difficult to spot. Employee fraud is like a hole in a bucket – no matter how much water you add, slowly but surely, the water level keeps going down. However, if you understand where fraud may be taking place, you can take steps to deter it. (more…)

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