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 ?
An RHc level [greater than]29 means there is no chance the child is experiencing a deficiency of iron.
The total amount of interest deficiency interest and delinquency interest of P100,000 is in effect equal to the basic deficiency tax due of P100,000.
The metabolism of numerous neurotransmitters, aldehyde oxidases and monoamines is reported to be reduced among the children having iron deficiency anemia4.
He said all iodine deficiency disorders (IDD) could be prevented with just one teaspoon of iodine consumed in tiny amounts on regular basis over lifetime at a very little cost.
Combined Factor V and FVIII deficiency was described in 1954 for the first time.
Clot solubility test for factor XIII deficiency using 30% urea solution was also put up for every patient.
A delegation from the Iodine Deficiency Organisation including Dr.
Mahmood Fikri, Assistant Undersecretary for Health Policies, reassured the ministry's efforts in establishing a surveillance system for iodine deficiency.
If the auditor determines that a deficiency, or a combination of deficiencies, in internal control is not a material weakness, the auditor should consider whether prudent officials, having knowledge of the same facts and circumstances, would likely reach the same conclusion.
Federal comparative surveys can find two types of understatement: (1) missed deficiencies, which can occur when a state surveyor fails to cite a deficiency altogether, or (2) cases where state surveyors cite deficiencies at too low a level.
In August 2006, the Joint Aeronautical Logistics Commanders (JALC) sponsored the Navy, Marine Corps, Army, Air Force, Coast Guard, and Defense Contract Management Agency (DCMA) to develop a Joint Deficiency Reporting System (JDRS), based on NAVAIR's NAMDRP program.
The risk of iron deficiency in children aged 1-3 years is highest among those with the independent risk factors of overweight or not attending day care or preschool, according to a study of 960 children in the fourth National Health and Nutrition Examination Survey