deficiency

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Deficiency

The amount by which a project's cash flow is not adequate to meet debt service.

Deficiency

1. The amount by which cash flow falls short of debt service. For example, if a company has $300,000 in current liabilities and only $250,000 in cash flow for a given year, its deficiency is $50,000.

2. In taxation, the amount by which one's tax liability exceeds what the individual person or organization reported. For example, if the IRS disallows certain deductions that the taxpayer applied, he/she will owe more in taxes than he/she reported on the return. Deficiency is the amount this taxpayer still owes to the IRS.

deficiency

1. The amount by which an individual's or an organization's tax liability as computed by the Internal Revenue Service exceeds the tax liability reported by the taxpayer.
2. The amount by which a firm's liabilities exceed assets.

deficiency

The amount due on a mortgage loan after adding all expenses of foreclosure and accrued interest to the principal balance of the loan and then deducting the sale price or lender-bid price for the property. The balance remaining, if any, may be collected by the lender by means of taking a deficiency judgment, unless prohibited by law or contract. Deficiency judgments may be collected just like any other judgment, through seizure of other assets or garnishment. There are two circumstances when a lender may not collect any deficiency:

1. In states with consumer protection statutes that outlaw deficiencies on first mortgages on a borrower's principal residence.

2. With mortgage loans designated as nonrecourse, meaning the lender and borrower agreed in advance that the property would stand for the debt and there would be no deficiency allowed in the event of foreclosure.

References in periodicals archive ?
First, the FVM audit deficiencies attributable to mergers and acquisitions activity increased to 49 percent in 2013, up from 45 percent in 2012 and an average of 9 percent from 2008 to 2011.
The eBook explains in easy language what it is to have special kinds of vitamin deficiencies and how they can best be overcome; how can malnutrition effect a person, not only the ones who starve due to shortage of food but also those who suffer from vitamin deficiencies even after taking three complete meals in a day.
The objective of the auditor is to appropriately communicate to those charged with governance and management deficiencies in internal control that the auditor has identified during the audit and that, in the auditor's professional judgment, are of sufficient importance to merit their respective attentions.
Most taxpayers are content to allow the IRS to use the offset method to eliminate deficiencies agreed to in an examination.
66-4(c), traditional relief is available only for deficiencies arising out of omitted items of income.
More than half of the disclosed control deficiencies were material weaknesses.
The national top 10 deficiencies list has not changed too dramatically over the past several years.
If a proposal meets--only meets--the requirements of an adequate or acceptable proposal, that particular aspect will not have any strengths, inadequacies, or deficiencies.
As a result, surveyors may use an example of inadequate assessment to write as many as six or seven additional deficiencies, potentially resulting in a citation of SqoC and major penalties,
6] deficiencies, aging, and exposure to toxic metals such as aluminum, in addition, degradation of heme by heme oxygenase, which increases with age and in the brains of AD patients, may be a factor in changes in the metabolism of iron and heme with age.
Half the 82 nursing homes in the San Fernando Valley have more than a dozen deficiencies of federal guidelines for health care, cleanliness and nutrition, according to a federal Web site launched Tuesday that tracks the nation's 17,000 nursing homes.