deficiency

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Related to color deficiency: protanopia, Color blind

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 ?
The first type of red-green color deficiency is known as protanomaly and affects the L-cones, creating a red weakness.
Schlanger in Los Angeles, as well as other practitioners throughout the country, to help patients with color deficiency," Stan Harper, CEO of Adventures in Color Technology, Ltd.
With our color vision enhancement lenses, and the addition of our genetic testing capabilities, we are striving to strengthen ColorMax's competitive market position, as well as to provide greater assistance to the estimated 12 million persons nationwide, and 250 million worldwide, who are handicapped by a color deficiency," Bailey added.
To learn more about ColorMax Technologies, obtain an Investor Fact Sheet or to learn more about color deficiency, visit the company's Web site at www.