HW #3 – Personal Financial Statement Exercise (GROUP EXERCISE AND PRESENTATION) upload presentation PPTs to Blackboard assignments folder)
1) Choose a US Senator to analyze. A list of the wealthiest senators is posted to Blackboard. Make sure that they have a minimum of 15 assets and some liabilities reported publicly:
Use the historical personal financial data up through 2018 posted to https://www.opensecrets.org/personal-finances/methodology Historical data up through 2018 example: Ron Johnson- Net Worth – Personal Finances • OpenSecrets
And the most recent financial reports filed by each senator at: eFD: Home (senate.gov)
to create a presentation slide deck that creates a personal financial statement for the senator.
A sample presentation on Mike Crapo (Senator from Idaho) has been posted to give you some ideas
2) Use the Average of the High and Low Values reported for Assets, Liabilities, and
Income to estimate the value of financials reported. (Note: Primary Residences and
any associated home mortgages do not have to be reported, so you can either
lookup these from local property public records or values reported in the local press.
Income sources, aside from their congressional salary (which is public knowledge), are shown in the financial disclosures
and often include dividends, interest, rent, or other business income).
3) Construct a basic Statement of Financial Position and Statement of Cash Flows
using the most recent data available. You can use the Bureau of Labor Statistics
(BLS) Consumer Expenditure Survey (CES) for Higher Income Earners to estimate expenses. Refer to the Statistical Tables – Table #3 (Consumer expenditures in 2020 : BLS Reports: U.S. Bureau of Labor Statistics)