Telecommunications Facilities Revenue Bond Funds, Iowa State University of Science and Technology, Independent Auditor's Report, Basic Financial Statements and Supplementary Information, June 30, 2006

State University Audit Report

Parking System Revenue Bond Funds, Iowa State University of Science and Technology, Independent Auditor's Reports, Basic Financial Statements and Supplemental Information, June 30, 2006

State University Audit Report

Ice Arena Facility Revenue Note Funds, Iowa State University of Science and Technology, Independent Auditor's Report, Basic Financial Information and Supplementary Information, June 30, 2006

State University Audit Report

Indoor Multipurpose Use and Training Facility Revenue Bond Funds, Iowa State University of Science and Technology, Independent Auditor's Report, Basic Financial Statements and Supplementary Information, June 30, 2006

State University Audit Report

Regulated Materials Facility Revenue Bond Funds, Iowa State University of Science and Technology, Independent Auditor's Report, Basic Financial Statement and Supplementary Information, June 30, 2006

State University Audit Report

Memorial Union Revenue Bond Funds, Iowa State University of Science and Technology, Independent Auditor's Report, Basic Financial Statements and Supplementary Information, June 30, 2006

State University Audit Report

Report of Recommendations to Iowa State University of Science and Technology on the Review of Selected General and Application Controls over the University's Student Financial Aid System, April 24 through May 12, 2006

State University Audit Report

City of West Branch, Independent Auditor's Reports, Basic Financial Statements and Supplementary Information, Schedule of Findings, June 30, 2006

City Audit Report

Muscatine County, Independent Auditor's Reports, Basic Financial Statements and Supplementary Information, Schedule of Findings and Questioned Costs, June 30, 2006

County Audit Report

Hiawatha Water Department, Independent Auditor's Reports, Financial Statement and Supplementary Information, Schedule of Findings, June 30, 2006

Other Audit Reports - Utilities

Neglected risks, financial innovation, and financial fragility

We present a standard model of financial innovation, in which intermediaries engineer securities with cash flows that investors seek, but modify two assumptions. First, investors (and possibly intermediaries) neglect certain unlikely risks. Second, investors demand securities with safe cash flows. Financial intermediaries cater to these preferences and beliefs by engineering securities perceived to be safe but exposed to neglected risks. Because the risks are neglected, security issuance is excessive. As investors eventually recognize these risks, they fly back to safety of traditional securities and markets become fragile, even without leverage, precisely because the volume of new claims is excessive.

Clarke Community School District, Independent Auditor's Reports, Basic Financial Statements and Supplementary Information, Schedule of Findings and Questioned Costs, June 30, 2006

Community School District Audit Report

City of Knoxville, Independent Auditor's Reports, Basic Financial Statements and Supplementary Information, Schedule of Findings and Questioned Costs, June 30, 2006

City Audit Report

Sheldon Community School District, Independent Auditor's Reports, Basic Financial Statements and Supplementary Information, Schedule of Findings, June 30, 2006

Community School District Audit Report